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Industry: Lodging Company: Starwood Hotels and Resorts Module 11: Adjusting Enterprise Operations

Industry: Lodging Company: Starwood Hotels and Resorts Module 11: Adjusting Enterprise Operations. Sarah Weatherburn. Comparable Companies . Inventory. Comprised principally of VOI of $182 million Residential inventory of $7 million Operating cycle that generally exceeds 12 months

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Industry: Lodging Company: Starwood Hotels and Resorts Module 11: Adjusting Enterprise Operations

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  1. Industry: Lodging Company: Starwood Hotels and Resorts Module 11: Adjusting Enterprise Operations Sarah Weatherburn

  2. Comparable Companies

  3. Inventory • Comprised principally of VOI of $182 million • Residential inventory of $7 million • Operating cycle that generally exceeds 12 months • Classified as a current asset consistent with industry practice. • VOIs and residential inventory is carried at lower of cost or net realizable value and includes capitalized interest. • Hotel inventory includes operating supplies and food and beverage inventory items. • Generally valued at lower of FIFO cost or market.

  4. Operating Leases

  5. Operating Leases

  6. Operating Leases

  7. Operating Leases

  8. Share-Based Compensation Note 21 – 2013 NO stock option granted in 2013

  9. Share-Based Compensation Note 22 - 2012

  10. Stock Based Compensation

  11. Stock-Based Compensation Dec 31, 2013 $79.45 Dec 31, 2012 $57.36

  12. Stock-Based Compensation

  13. Stock-Based Compensation

  14. Stock-Based Compensation

  15. Stock-Based Compensation

  16. Stock-Based Compensation

  17. Stock-Based Compensation

  18. Stock-Based Compensation Expense due to change in market price Expense due to exercise & cancellation

  19. Concerns/Looking Forward • Not sure what to do with a positive figure on Step 6 of Share Based compensation – does this mean the EPAT is understated? Seems unlikely……. • In addition, that would mean to decrease FEAT by 60million? • Does this have anything to do with the fact that no Stock options were granted in 2013? • Do I adjust WACC? No increased Debt?

  20. Questions?

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