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For each ratio, explain how you calculated the ratio (The five ratios must be from at least three different ratios types as follows: Liquidity Ratios, Solvency Ratios, Activity Ratios, Profitability Ratios ,Investor Ratios, and Hospitality-Specific Ratios)
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Explain how ratio supports your definition of success for organization
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Explain how those decisions had affected the past performances.
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Or explain how those decisions could improve the future performance.
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Review and analyze the financial indicators and ratio on the following categories. Focus on how the financials change over time (for example, last two or three years.)
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Explain whether the change of financial ratios can explain the stock performance. For example, a decreasing Return on Equity could cause negative stock returns.)
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Explain how the financial data can support the investment decisions.
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Based on the above analysis, comment on the investment value of the stock. In particular, shall we invest in the stock?
MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year 2018, 2017, and 2016 $ in inillos) December 31, December 31, 1,907 S 1,459 $ 279 159 181 212 184 1239) 221 (152) 16 29x (IRSI (1241 (0 (687) 149 3,227 1761 209 (106) (261 2,357 1.614 (2,392) (199) (556) (240) 1,418 OPERATING ACTIVITIES Netinceme Adjustments to recile to cash provided by penting activities Depreciation, amortization, and other Share-based compensation Income taxes Ibility for saleyalty program Contract acquisition costs Muzyc-related charges Working capital changes (Cain) les on sei dispositions Other Net cash provided by operating activities INVESTING ACTIVITIES Acquisition of a business, net of cash acquired Capital expenditure's Diskositions Loun advances Loan onllections Olber Nel caso (used in provided by investing activiles FINANCING ACTIVITIES Conti p rodil Facility, nel Issuance of long-term deht Repayment of long term debt Issuance of Class A Stack Dividends paid Purchase of treasury stock Share-hased compensation withholding taxes Obat Net cash (used in provided hy financing activities DECREASE IN CASH, CASH BQUIVALENTS, AND RESTRICTED CASH CASH.CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) The 2018 me ncede beginning restricted cash of millonat comber 31, 2017, and ending restricted cashots 1131 (32) 18 (10) 152) (61) 1.211 (1) 12,3461 (129) 60 1.373 14X2 (326) (397) (3101 (513) (482) (3,013) (1571 (10) (374) 1568 (100) (24) 1.497 (3,896) (2,374) 1691 429 112 R$7 miliona the moment ses prices of our ne Shera waomber 11, 2018, which we present in the "Prepaid caperses and other and See Notes to Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS Fiscal Years-Ended 2018 and 2017 (S in millions) Deber 31. December 31, ASSETS Currunl assets Cash and equivalents Accounts and notes receivable.net Prepaid expenses and other) Asta Bedste 2.133 249 1.973 235 2.706 1.955 2.740 1.293 Preperty and equipment, met Tntangible assets Brands Contract acquisition costs and other in Goodwill 5.790 S.922 2.590 9.000 2.207 19,419 12.751 722 125 171 Equiry method investments (1) Noles tocciable, at Xeferred taxat Other noncurrent assets () 142 591 23,846 12 796 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Curcat portion of long-term debt Accounts payable 1) Accro ayroll anal box.lt Liability for guest loyalty program Accrued expenses and other it 967 783 1.345 2.529 2121 1.19 S RO 79.00 6437 514 2,932 2.819 2,372 2,610 Long term debe Liability for guest locally program Defend tax biltisch Deferred reveme Other Bo o tlibilities Shareholders' equity Class A Common Stock Additional paid in capital Retained camins Treasury stock. at cost Accumulated other comprehensiveluss 5.814 8.92 (12.1RS) 5,770 7,242 (9.418) (17) 3,582 25,846 (191) 2.225 23.036 Sex Fiat 13. Relais Party Trust low flood See Nates to Consolidated Financial Statement Table of Contents MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Years 2018, 2017, and 2016 ($ in millions) December 31, December 31, 2018 December 31, 2016 2017 1,907 $ 1,459 $ 808 (391) (311) 12 Net income Other comprehensive (loss) income: Foreign currency translation adjustments Derivative instrument adjustments, net of tax Unrealized (loss) gain on available-for-sale securities, net of tax Pension and postretirement adjustments, net of tax Reclassification of losses, net of tax Total other comprehensive (loss) income, net of tax Comprehensive income 478 (14) (2) 2 (8) 17 11 2 (370) 480 (301) 1,537 $ 1,939 $ 507 See Notes to Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME Fiscal Years 2018, 2017, and 2016 ($ in millions, except per share amounts) December 31, December 31, 2017 December 31, $ S REVENUES Base management fees (l) Franchise fees Incentive management fecs Ciross fee revenues Contract investment amortization ) Nel fee revenues Owned, leased, and other revenue (L) Cost reimbursement revenue (l) 806 1,157 425 1,140 1,849 649 3,638 (58) 3.580 1,635 15,543 20.758 1,102 1.586 607 3.295 (50) 2,388 (40) 3,245 1.752 15.455 20,452 2,348 1,125 11,934 15,407 1,306 1.411 226 229 OPERATING COSTS AND EXPENSES Ownod, lcased, and other direct Depreciation, amortization, and other (l) Gcncral, administrative, and other it) Merger-related costs and charges Reimbursed expenses !! 901 119 743 386 11,834 927 ISS 15,778 18,392 2,366 194 (340) 921 159 15,228 17.948 2,504 688 (288) 13.983 1,424 (234) 38 35 103 OPERATING INCOME Gains and other income, net (1) Interest expense Interest income Equity in eamings INCOME BEFORE INCOME TAXES Provision for income taxes NET INCOME EARNINGS PER SHARE Earnings per share-basic Earnings per share-diluted 2,345 (438) 1,907 40 2.982 (1.523) 1,459S 1,239 (431) 808 S 2.78 5.45 5.38 $ $ 3.89S 3.84 S 2.73 in Soe Footrote 1B. Related Party Transactions for disclosure of related party amounts. See Notes to Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year 2018, 2017, and 2016 $ in inillos) December 31, December 31, 1,907 S 1,459 $ 279 159 181 212 184 1239) 221 (152) 16 29x (IRSI (1241 (0 (687) 149 3,227 1761 209 (106) (261 2,357 1.614 (2,392) (199) (556) (240) 1,418 OPERATING ACTIVITIES Netinceme Adjustments to recile to cash provided by penting activities Depreciation, amortization, and other Share-based compensation Income taxes Ibility for saleyalty program Contract acquisition costs Muzyc-related charges Working capital changes (Cain) les on sei dispositions Other Net cash provided by operating activities INVESTING ACTIVITIES Acquisition of a business, net of cash acquired Capital expenditure's Diskositions Loun advances Loan onllections Olber Nel caso (used in provided by investing activiles FINANCING ACTIVITIES Conti p rodil Facility, nel Issuance of long-term deht Repayment of long term debt Issuance of Class A Stack Dividends paid Purchase of treasury stock Share-hased compensation withholding taxes Obat Net cash (used in provided hy financing activities DECREASE IN CASH, CASH BQUIVALENTS, AND RESTRICTED CASH CASH.CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period (1) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period (1) The 2018 me ncede beginning restricted cash of millonat comber 31, 2017, and ending restricted cashots 1131 (32) 18 (10) 152) (61) 1.211 (1) 12,3461 (129) 60 1.373 14X2 (326) (397) (3101 (513) (482) (3,013) (1571 (10) (374) 1568 (100) (24) 1.497 (3,896) (2,374) 1691 429 112 R$7 miliona the moment ses prices of our ne Shera waomber 11, 2018, which we present in the "Prepaid caperses and other and See Notes to Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED BALANCE SHEETS Fiscal Years-Ended 2018 and 2017 (S in millions) Deber 31. December 31, ASSETS Currunl assets Cash and equivalents Accounts and notes receivable.net Prepaid expenses and other) Asta Bedste 2.133 249 1.973 235 2.706 1.955 2.740 1.293 Preperty and equipment, met Tntangible assets Brands Contract acquisition costs and other in Goodwill 5.790 S.922 2.590 9.000 2.207 19,419 12.751 722 125 171 Equiry method investments (1) Noles tocciable, at Xeferred taxat Other noncurrent assets () 142 591 23,846 12 796 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Curcat portion of long-term debt Accounts payable 1) Accro ayroll anal box.lt Liability for guest loyalty program Accrued expenses and other it 967 783 1.345 2.529 2121 1.19 S RO 79.00 6437 514 2,932 2.819 2,372 2,610 Long term debe Liability for guest locally program Defend tax biltisch Deferred reveme Other Bo o tlibilities Shareholders' equity Class A Common Stock Additional paid in capital Retained camins Treasury stock. at cost Accumulated other comprehensiveluss 5.814 8.92 (12.1RS) 5,770 7,242 (9.418) (17) 3,582 25,846 (191) 2.225 23.036 Sex Fiat 13. Relais Party Trust low flood See Nates to Consolidated Financial Statement Table of Contents MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Fiscal Years 2018, 2017, and 2016 ($ in millions) December 31, December 31, 2018 December 31, 2016 2017 1,907 $ 1,459 $ 808 (391) (311) 12 Net income Other comprehensive (loss) income: Foreign currency translation adjustments Derivative instrument adjustments, net of tax Unrealized (loss) gain on available-for-sale securities, net of tax Pension and postretirement adjustments, net of tax Reclassification of losses, net of tax Total other comprehensive (loss) income, net of tax Comprehensive income 478 (14) (2) 2 (8) 17 11 2 (370) 480 (301) 1,537 $ 1,939 $ 507 See Notes to Consolidated Financial Statements. MARRIOTT INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF INCOME Fiscal Years 2018, 2017, and 2016 ($ in millions, except per share amounts) December 31, December 31, 2017 December 31, $ S REVENUES Base management fees (l) Franchise fees Incentive management fecs Ciross fee revenues Contract investment amortization ) Nel fee revenues Owned, leased, and other revenue (L) Cost reimbursement revenue (l) 806 1,157 425 1,140 1,849 649 3,638 (58) 3.580 1,635 15,543 20.758 1,102 1.586 607 3.295 (50) 2,388 (40) 3,245 1.752 15.455 20,452 2,348 1,125 11,934 15,407 1,306 1.411 226 229 OPERATING COSTS AND EXPENSES Ownod, lcased, and other direct Depreciation, amortization, and other (l) Gcncral, administrative, and other it) Merger-related costs and charges Reimbursed expenses !! 901 119 743 386 11,834 927 ISS 15,778 18,392 2,366 194 (340) 921 159 15,228 17.948 2,504 688 (288) 13.983 1,424 (234) 38 35 103 OPERATING INCOME Gains and other income, net (1) Interest expense Interest income Equity in eamings INCOME BEFORE INCOME TAXES Provision for income taxes NET INCOME EARNINGS PER SHARE Earnings per share-basic Earnings per share-diluted 2,345 (438) 1,907 40 2.982 (1.523) 1,459S 1,239 (431) 808 S 2.78 5.45 5.38 $ $ 3.89S 3.84 S 2.73 in Soe Footrote 1B. Related Party Transactions for disclosure of related party amounts. See Notes to Consolidated Financial Statements
