Common-Size Income Statement
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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Marriott International Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Fee Revenues
- The overall gross fee revenues as a percentage of revenues demonstrated a steady upward trend from 12.91% in 2015 to 18.23% in 2019. Base management fees initially remained stable around 4.8%, but increased to 5.63% by 2019. Franchise fees showed a consistent and notable rise from 5.89% in 2015 to 9.57% in 2019. Incentive management fees also increased over the period, peaking at 3.13% in 2018 before a slight decrease to 3.04% in 2019. Contract investment amortization only appeared as a small negative adjustment starting in 2018.
- Owned, Leased and Other Revenues
- Revenues from owned, leased, and other sources as a percentage of total revenues showed minor fluctuations, increasing from 6.81% in 2015 to 7.88% in 2018 before a slight decrease to 7.69% in 2019. Corresponding direct costs in this category remained fairly stable around -6.2%, indicating consistent margins for these operations.
- Cost Reimbursement Revenue and Expenses
- Cost reimbursement revenue as a percentage of revenues decreased steadily from 80.28% in 2015 to 74.38% in 2019. The reimbursed expenses as a negative percentage increased slightly during this time, indicating some volatility in the gross reimbursement margins. Overall cost of revenues as a percentage of revenues improved (decreased) from -85.34% in 2015 to -82.3% in 2018, then increased back to -84.66% in 2019, showing some inconsistencies in cost management or changes in operational structure.
- Profitability and Operating Metrics
- Gross profit margin exhibited improvement from 14.66% in 2015 to a peak of 17.7% in 2018, but dropped significantly to 15.34% in 2019. Depreciation and amortization as a percentage of revenues remained relatively low but increased to -1.63% in 2019, which impacted operating margins. General and administrative expenses were stable around -4.3% to -4.5%. Merger-related costs were notable in 2016 (-2.26%) but diminished in subsequent years to less than -1% by 2019.
- Operating Income and Related Items
- Operating income as a percentage of revenues peaked in 2018 at 11.4% after fluctuation between 8.01% and 10.3% in previous years but declined to 8.58% in 2019. Gains and other income showed a significant spike to 3.01% in 2017 before stabilizing below 1% in later years. Interest expense increased consistently from -1.15% in 2015 to -1.88% in 2019, suggesting rising cost of debt. Interest income slightly declined during the period. Equity in earnings showed variability, peaking at 0.5% in 2018 but falling back to near 0.06% in 2019.
- Income Before Taxes, Tax Provision, and Net Income
- Income before income taxes showed an upward trend from 8.66% in 2015, peaking at 12.39% in 2017 followed by a decline to 7.62% in 2019. The provision for income taxes was variable, with a large spike in 2017 (-6.39%) followed by reductions to -1.55% in 2019. Net income as a percentage of revenues was lowest in 2016 at 4.57%, peaked at 9.19% in 2018, and declined to 6.07% in 2019, reflecting the variability in operating income and tax factors.