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Refer to the selected financial data below for Activision. Calculate the dividend payout ratio for each of the years given. 2018 For the Years Ended

Refer to the selected financial data below for Activision. Calculate the dividend payout ratio for each of the years given.

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2018 For the Years Ended December 31, 2017 2016 2015 2014 Statement of Operations Data: Net revenues Net income (1) Basic net income per share Diluted net income per share Cash dividends declared per share Operating cash flows $ 7,500 $ 7,017 $ 6,608 $ 4,664 1,813 273 966 892 2.38 0.36 1.30 1.21 2.35 0.36 1.28 1.19 0.34 0.30 0.26 0.23 4,408 835 1.14 1.13 0.20 $ 1,790 $ 2.213 $ 2,155 $ 1.259 $ 1,331 Balance Sheet Data: Cash and investments (2) Total assets Long-term debt, net (3) Long-term debt, gross Net debt (4) $ 4,380 $ 4,775 $ 3.271 $ 1.840 $4,867 17,835 18,668 17,452 15.246 14,637 2,671 4,390 4,887 4,074 4,319 2,700 4,440 4,940 4,119 4,369 1,669 2.279

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