Analysis of Reportable Segments
Marriott International Inc. operates in 4 segments: North American Full-Service; North American Limited-Service; Asia Pacific; and Other International.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
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Segment Profit Margin
Marriott International Inc., profit margin by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| North American Full-Service | |||||
| North American Limited-Service | |||||
| Asia Pacific | |||||
| Other International |
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).
The segment profit margin data reveals distinct trends across different regions over the five-year period from 2015 to 2019.
- North American Full-Service
- This segment demonstrated a steady increase in profit margin from 6.36% in 2015 to a peak of 8.82% in 2018, followed by a slight decline to 8.53% in 2019. The overall trend is positive, indicating improving profitability despite the minor decrease in the last year.
- North American Limited-Service
- This segment showed relatively stable and robust margins, beginning at 20.39% in 2015, experiencing a slight dip in 2016 to 19.6%, then rising consistently to reach 25.22% in 2019. The upward trend suggests strengthening profitability in this segment over the period.
- Asia Pacific
- Profit margins in the Asia Pacific segment demonstrated significant growth, starting at 18.99% in 2015 and increasing each year to a pronounced peak of 40.79% in 2018. However, there is a notable decrease to 31.03% in 2019, indicating a reduction in profitability after an exceptional performance in 2018.
- Other International
- The Other International segment showed a marked upward trend from 11.52% in 2015 to 25.15% in 2018, followed by a decline to 18.47% in 2019. This pattern suggests substantial growth in profitability up to 2018, with some contraction in the most recent year.
Overall, the data indicates that most segments experienced a peak in profit margin around 2018, with a slight decrease observed in 2019 across three of the four segments. North American Full-Service and North American Limited-Service segments maintained relatively consistent profitability improvements, while the Asia Pacific and Other International segments saw more pronounced volatility.
Segment Profit Margin: North American Full-Service
Marriott International Inc.; North American Full-Service; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Profits | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2019 Calculation
Segment profit margin = 100 × Profits ÷ Revenues
= 100 × ÷ =
- Profits
- The profits demonstrated a consistent upward trend from 561 million US dollars in 2015 to 1182 million in 2017, nearly doubling over the two-year span. Following 2017, the profits slightly decreased but remained relatively stable, registering 1153 million in 2018 and 1148 million in 2019.
- Revenues
- Revenues increased steadily from 8825 million US dollars in 2015 to a peak of 14300 million in 2017. However, from 2017 onwards, revenues showed a modest decline and then a slight recovery, decreasing to 13072 million in 2018 and increasing again to 13455 million in 2019.
- Segment Profit Margin
- The segment profit margin improved continuously from 6.36% in 2015 to 8.82% in 2018, indicating enhanced profitability relative to revenues. Despite a minor reduction in 2019 to 8.53%, the margin remained notably higher than in the initial years, reflecting sustained efficiency gains within the segment.
- Overall Analysis
- Over the five-year period, the segment experienced significant growth in both profits and revenues, particularly up to 2017. The peak in revenues in 2017 was followed by a slight decrease and subsequent recovery, suggesting some volatility or external influences affecting top-line performance. The segment profit margin's upward trajectory suggests improvements in cost management and operational efficiency. Although profits slightly declined after 2017, they stabilized at a level much higher than at the start of the period, demonstrating resilient profitability amid fluctuating revenues.
Segment Profit Margin: North American Limited-Service
Marriott International Inc.; North American Limited-Service; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Profits | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2019 Calculation
Segment profit margin = 100 × Profits ÷ Revenues
= 100 × ÷ =
The financial data for the North American Limited-Service segment reveals several notable trends across the five-year period from 2015 to 2019.
- Profits
- Profit figures exhibit generally positive growth over the period. Starting at $651 million in 2015, profits increased steadily to reach $816 million in 2017. There was a slight dip in 2018 to $786 million, followed by a recovery and a higher profit of $852 million in 2019. Overall, profits grew approximately 31% over the five years.
- Revenues
- Revenues showed a somewhat fluctuating pattern. From $3.19 billion in 2015, revenues rose annually through 2017, peaking at $4.002 billion. However, a significant decline occurred in 2018 as revenues dropped to $3.217 billion, followed by a modest rebound to $3.378 billion in 2019. Despite the volatility, 2019 revenues remained above the 2015 baseline.
- Segment profit margin
- The segment profit margin displays a positive upward trend, indicating improved profitability relative to revenues. The margin decreased slightly from 20.39% in 2015 to 19.6% in 2016, then returned to 20.39% in 2017. Subsequently, a marked improvement occurred with margins rising to 24.43% in 2018 and further to 25.22% in 2019. This suggests enhanced cost management or operational efficiency during the latter years.
In summary, the segment demonstrated solid profit growth despite some revenue volatility, particularly in 2018. The rising profit margins in the last two years indicate increasing profitability and potentially more effective expense control. The decline in revenue in 2018 may warrant further investigation to understand underlying causes, but the segment’s ability to maintain and grow profits during this period is notable.
Segment Profit Margin: Asia Pacific
Marriott International Inc.; Asia Pacific; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Profits | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2019 Calculation
Segment profit margin = 100 × Profits ÷ Revenues
= 100 × ÷ =
- Profit Trends
- The profits demonstrated a general upward trend from 2015 through 2018. Initially, profits rose significantly from 98 million US dollars in 2015 to 456 million US dollars in 2018. However, in 2019, profits declined to 369 million US dollars, marking a notable drop from the previous year.
- Revenue Trends
- Revenues showed consistent growth from 2015 until 2017, increasing sharply from 516 million US dollars to 1,344 million US dollars. In 2018, revenues decreased to 1,118 million US dollars but rebounded slightly in 2019 to 1,189 million US dollars, not reaching the peak achieved in 2017.
- Segment Profit Margin Trends
- The segment profit margin steadily increased from 2015 to 2018, improving from 18.99% to a peak of 40.79%, indicating enhanced profitability and operational efficiency. In 2019, this margin contracted to 31.03%, suggesting a reduction in profitability relative to revenues but still remaining significantly above the levels observed in 2015 to 2017.
- Overall Insights
- The data indicates robust growth in profitability and revenues from 2015 to 2017, accompanied by improving profit margins. The year 2018 marked a peak in both profits and profit margin, despite a decline in revenues compared to 2017. The subsequent year, 2019, saw a decrease in profits and profit margin despite a modest recovery in revenues, implying potential cost increases or other operational challenges affecting profitability.
Segment Profit Margin: Other International
Marriott International Inc.; Other International; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Profits | |||||
| Revenues | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
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).
1 2019 Calculation
Segment profit margin = 100 × Profits ÷ Revenues
= 100 × ÷ =
The analysis of the annual financial data for the segment reveals several notable trends over the five-year period ending December 31, 2019.
- Profits
- Profits within the segment exhibit a consistent upward trajectory from 2015 through 2018, increasing from 194 million US dollars to a peak of 570 million US dollars. However, in 2019, there is a decline to 435 million US dollars, indicating a reversal in the growth trend observed in the previous years.
- Revenues
- Revenues show a general increasing trend from 2015 to 2017, rising from 1,684 million US dollars to 2,658 million US dollars. This is followed by a decrease in 2018 to 2,266 million US dollars, and a modest recovery to 2,355 million US dollars in 2019. Despite fluctuations, overall revenues remain higher than the 2015 base level.
- Segment Profit Margin
- The segment profit margin percentage demonstrates significant improvement over the period, starting at 11.52% in 2015 and almost doubling to 25.15% in 2018. This indicates enhanced profitability efficiencies within the segment. However, the margin decreases thereafter to 18.47% in 2019, suggesting some pressure on profitability or cost structure adjustments during that year.
Overall, the segment experienced strong profit and margin growth through 2018, coinciding with rising revenues until 2017. The declines in profits, revenues, and margin in 2019 point to emerging challenges or shifts in market conditions that impacted financial performance at the end of the reporting period. The data underscores a period of robust growth followed by a notable setback, requiring further investigation into underlying causes affecting profitability and revenue generation.
Segment Capital Expenditures to Depreciation
Marriott International Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| North American Full-Service | |||||
| North American Limited-Service | |||||
| Asia Pacific | |||||
| Other International |
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).
The analysis of the annual reportable segment capital expenditures to depreciation ratios over the five-year period reveals varied dynamics across different geographic and service segments.
- North American Full-Service
- The ratio exhibits considerable volatility, starting at a high level of 2.18 in 2015, significantly dropping to 0.52 in 2016 and further declining to 0.19 in 2017. This low level suggests reduced capital expenditure relative to depreciation during this middle period. However, there is a sharp increase in 2018 to 3.54, the highest ratio across all segments and years, indicating a substantial rise in capital investments compared to depreciation. By 2019, the ratio decreases again to 1.36, suggesting a moderation but still elevated capital expenditure level relative to depreciation.
- North American Limited-Service
- This segment shows a generally increasing trend from 0.33 in 2015 to 0.38 in 2017, reflecting modest growth in capital expenditures relative to depreciation. The ratio then jumps to 1.00 in 2018, implying a significant escalation in investment activity. In 2019, the ratio slightly decreases to 0.89, maintaining a relatively high capital expenditure level compared to previous years but below the 2018 peak.
- Asia Pacific
- The Asia Pacific segment displays the lowest and most stable ratios over the time frame, fluctuating between 0.08 and 0.33. There is an initial decline from 2.20 in 2015 to 0.08 in 2016, suggesting a substantial reduction in capital investments relative to depreciation. For the subsequent years, the ratio remains consistently low, indicating conservative capital expenditure activity in relation to asset depreciation.
- Other International
- This segment shows variability with a relatively high starting point of 2.14 in 2015, dropping to 0.48 in 2017 and 0.57 in 2018, demonstrating reduced capital investment during this mid-period. However, there is a significant resurgence in 2019 with the ratio rising sharply to 2.31, indicating a renewed increase in capital expenditures exceeding depreciation significantly.
Overall, the data suggests that capital expenditure patterns relative to depreciation differ markedly by segment, with the North American Full-Service and Other International segments experiencing notable volatility and periods of intensified investment. The North American Limited-Service segment shows a gradual upward trajectory in investment levels, while the Asia Pacific segment maintains relatively low and stable capital expenditures in relation to depreciation throughout the period.
Segment Capital Expenditures to Depreciation: North American Full-Service
Marriott International Inc.; North American Full-Service; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation, amortization, and other | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, amortization, and other
= ÷ =
The financial data for the North American Full-Service segment over the five-year period ending in 2019 displays significant fluctuations in capital expenditures, depreciation and amortization, and the related ratio of segment capital expenditures to depreciation.
- Capital Expenditures
- The amount of capital expenditures exhibited considerable variability. From 2015 to 2017, there was a pronounced downward trend, with values decreasing sharply from 120 million US dollars in 2015 to a low of 21 million US dollars in 2017. However, this trend reversed substantially afterwards, with capital expenditures increasing to 290 million US dollars in 2018, nearly a 14-fold increase from the 2017 figure, followed by a slight decrease to 270 million in 2019. This indicates periods of restrained investment followed by aggressive capital commitment in later years.
- Depreciation, Amortization, and Other
- The depreciation and amortization expense generally trended upward, rising from 55 million US dollars in 2015 to 199 million in 2019. Notably, the expense more than doubled from 111 million in 2017 to 199 million in 2019, reflecting either increased asset base or higher amortization charges. A dip was observed in 2018 with a decrease to 82 million compared to 2017, although this was temporary.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio experienced considerable volatility. Starting at a high level of 2.18 in 2015, it plummeted to a low of 0.19 in 2017, indicating that capital spending was significantly lower relative to depreciation during this period. The ratio surged dramatically to 3.54 in 2018, coinciding with the spike in capital expenditures that year, before falling back to 1.36 in 2019. This pattern highlights a cycle of decreased investment relative to asset wear and tear, followed by a phase of intensified capital infusion.
Overall, the segment showed periods of constrained capital investment followed by substantial increases, while depreciation and amortization steadily increased with minor fluctuations. The ratio of capital expenditures to depreciation underscores these shifts, suggesting an investment strategy that cycles between maintenance and expansion phases.
Segment Capital Expenditures to Depreciation: North American Limited-Service
Marriott International Inc.; North American Limited-Service; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation, amortization, and other | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, amortization, and other
= ÷ =
- Capital Expenditures
- Capital expenditures for the segment showed a consistent upward trend over the five-year period, increasing from $7 million in 2015 to $17 million in 2019. This represents more than a doubling of investment in capital assets, with particularly notable increases between 2017 and 2018, and continuing growth into 2019.
- Depreciation, Amortization, and Other
- The depreciation and amortization expenses exhibited some variability. Initially, these expenses rose gradually from $21 million in 2015 to $26 million in 2017. However, a marked decline occurred in 2018, dropping to $15 million, followed by a moderate increase to $19 million in 2019. This fluctuation suggests changes in asset base or depreciation policies that impacted the recorded non-cash expenses during this period.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation experienced significant changes, increasing from a relatively low level of around 0.3 in the earlier years to a peak of 1.0 in 2018. This indicates that in 2018, capital spending matched depreciation expense, suggesting reinvestment at a level sufficient to maintain asset base. In 2019, the ratio slightly decreased to 0.89, remaining elevated compared to the beginning of the period. This trend points to a strategic shift favoring higher capital investment relative to asset consumption.
Segment Capital Expenditures to Depreciation: Asia Pacific
Marriott International Inc.; Asia Pacific; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation, amortization, and other | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, amortization, and other
= ÷ =
- Capital Expenditures
- The capital expenditures in the Asia Pacific segment showed considerable fluctuation over the period analyzed. The highest expenditure was in 2017 at 12 million US dollars, with a significant drop to 1 million US dollars in 2016. Following 2017, the expenditures declined steadily, reaching a low of 2 million US dollars by the end of 2019.
- Depreciation, Amortization, and Other Expenses
- Depreciation, amortization, and other expenses exhibited an increasing trend from 2015 through 2017, rising sharply from 5 million US dollars in 2015 to 36 million US dollars in 2017. After reaching this peak, these expenses decreased moderately over the following two years, resulting in a value of 25 million US dollars by the end of 2019.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation experienced notable changes throughout the period. It began at a high ratio of 2.2 in 2015, indicating capital expenditures significantly exceeded depreciation expenses. However, this ratio dropped dramatically to 0.08 in 2016 and remained below 0.4 for the subsequent years, reflecting that from 2016 onwards, capital expenditures were consistently lower than depreciation, suggesting a reduction in investment relative to asset consumption or amortization.
Segment Capital Expenditures to Depreciation: Other International
Marriott International Inc.; Other International; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation, amortization, and other | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
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).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation, amortization, and other
= ÷ =
- Capital Expenditures
- The capital expenditures showed initial volatility followed by a significant increase. From 2015 to 2016, capital expenditures decreased sharply by nearly 50%, moving from $75 million to $38 million. The levels remained relatively stable in 2017 and 2018 with slight increases and decreases, remaining around $40 million. However, in 2019, capital expenditures rose dramatically to $164 million, marking the highest value within the observed period.
- Depreciation, Amortization, and Other
- This expense category increased steadily over the years, starting at $35 million in 2015 and almost doubling to $87 million in 2017. In 2018 and 2019, the values slightly decreased or remained stable around $70 million, indicating some stabilization after the sharp rise two years earlier.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio exhibited considerable fluctuation during the period. In 2015, the ratio was high at 2.14, indicating capital expenditures were more than twice the depreciation expenses. It dropped significantly in 2016 to 0.84 and declined further in the subsequent years to reach a low of 0.48 in 2017. A minimal recovery began in 2018 with a ratio of 0.57, followed by a strong rebound in 2019 to 2.31, reflecting the sharp increase in capital expenditures relative to depreciation.
- Overall Insights
- The segment experienced volatility in its investment and expense patterns over the five-year period. Capital expenditure trends suggest a major reinvestment phase in 2019 after several years of restraint. Depreciation and amortization expenses increased initially but plateaued towards the end of the period, which may reflect the aging or completion of previous capital investments. The capital expenditures to depreciation ratio corroborates these observations, showing alternating periods of subdued investment activity and a pronounced spike in the final year of the period analyzed.
Revenues
Marriott International Inc., revenues by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| North American Full-Service | |||||
| North American Limited-Service | |||||
| Asia Pacific | |||||
| Other International | |||||
| Total segment | |||||
| Unallocated corporate | |||||
| Total |
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).
The segment revenues exhibit distinct trends across different regions and service categories over the five-year period under review.
- North American Full-Service
- Revenues demonstrated consistent growth from 2015 to 2017, increasing from 8,825 million US dollars to 14,300 million US dollars, marking a significant rise. However, there was a decline in 2018 to 13,072 million US dollars, followed by a modest recovery in 2019 to 13,455 million US dollars. Overall, the segment showed a strong upward trend with a slight fluctuation toward the end of the period.
- North American Limited-Service
- This segment experienced steady growth from 3,193 million US dollars in 2015 to 4,002 million US dollars in 2017. However, revenues declined sharply in 2018 to 3,217 million US dollars and showed a modest increase in 2019 to 3,378 million US dollars. This pattern indicates some volatility, particularly the notable drop in 2018.
- Asia Pacific
- The revenues in this region more than doubled from 516 million US dollars in 2015 to 1,344 million US dollars in 2017, reflecting rapid expansion. Nevertheless, the following two years witnessed a decline and then stabilization with revenues at 1,118 million US dollars in 2018 and 1,189 million US dollars in 2019. The initial strong growth phase was succeeded by a moderate decrease and stagnation.
- Other International
- This segment showed a similar pattern to Asia Pacific, with growth from 1,684 million US dollars in 2015 to 2,658 million US dollars in 2017, before declining to 2,266 million US dollars in 2018. Revenues partially recovered in 2019 to 2,355 million US dollars. The trend reflects an initial period of growth followed by a contraction and moderate recovery.
- Total Segment Revenues
- The aggregate of all reportable segments rose substantially from 14,218 million US dollars in 2015 to 22,304 million US dollars in 2017, demonstrating strong overall growth. However, the subsequent two years saw a decline to 19,673 million US dollars in 2018 and a slight increase to 20,377 million US dollars in 2019. This reflects the impacts of the declines in key segments during the latter years.
- Unallocated Corporate
- Unallocated corporate revenues or expenses increased significantly over the period, more than doubling from 268 million US dollars in 2015 to 499 million US dollars in 2016, and rising further to 1,085 million US dollars in 2018. This item decreased again in 2019 to 595 million US dollars. The changes indicate fluctuating corporate-level allocations or expenses that may have influenced total results.
- Total Revenues
- Overall total revenues followed a pattern similar to total segment revenues, increasing sharply from 14,486 million US dollars in 2015 to 22,894 million US dollars in 2017, before declining to 20,758 million US dollars in 2018 and remaining relatively flat into 2019 at 20,972 million US dollars. The peak in 2017 marks the highest revenue year, with a notable contraction afterward followed by stabilization.
Profits
Marriott International Inc., profits by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| North American Full-Service | |||||
| North American Limited-Service | |||||
| Asia Pacific | |||||
| Other International | |||||
| Total segment | |||||
| Unallocated corporate | |||||
| Interest expense, net of interest income | |||||
| Income taxes | |||||
| Total |
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).
The data reveals notable trends in the performance of various reportable segments over the five-year period ending December 31, 2019.
- North American Full-Service Segment
- There was substantial growth from 2015 to 2017, with profits increasing from $561 million to $1,182 million. However, from 2017 onward, the segment's profits plateaued and slightly declined, ending at $1,148 million in 2019. This suggests that while the segment experienced strong expansion initially, it faced challenges maintaining momentum in the later years.
- North American Limited-Service Segment
- This segment showed steady growth from 2015 through 2017, climbing from $651 million to $816 million. Although there was a slight drop in 2018 to $786 million, the segment recovered to $852 million by 2019. The overall trend reflects resilience and modest growth across the period.
- Asia Pacific Segment
- The Asia Pacific segment demonstrated pronounced growth between 2015 and 2018, increasing profits nearly fivefold from $98 million to $456 million. However, in 2019, a decline to $369 million was observed, which may indicate regional market challenges or increased competition.
- Other International Segment
- Profits in this segment increased steadily from $194 million in 2015 to a peak of $570 million in 2018, before decreasing to $435 million in 2019. This pattern mirrors that of the Asia Pacific segment, suggesting possible global or external factors impacting international operations.
- Total Segment
- Total segment profits grew consistently from $1,504 million in 2015 to $2,965 million in 2018. A slight decrease to $2,804 million in 2019 reflects the declines seen in the Asia Pacific and Other International segments, although North American segments showed stability overall.
- Unallocated Corporate
- The unallocated corporate component exhibited considerable volatility, starting with a loss of $111 million in 2015, deteriorating to a loss of $499 million in 2016, briefly turning to a gain of $357 million in 2017, but then dropping sharply again to losses of $302 million and $837 million in 2018 and 2019 respectively. This erratic behavior indicates fluctuating corporate expenses or adjustments not tied directly to the business segments.
- Interest Expense, Net of Interest Income
- Interest expense showed a consistent upward trend in net costs, increasing from $138 million in 2015 to $368 million in 2019. This steadily rising expense suggests increasing debt levels or higher borrowing costs over time.
- Income Taxes
- Income taxes fluctuated significantly, with an initial level near $400 million loss in 2015 and 2016, a sharp spike to a loss of $1,464 million in 2017, followed by a reduction to losses below $500 million in both 2018 and 2019. The spike in 2017 may correspond to one-time tax impacts or changes in tax policy.
- Total Profit
- Total profit after accounting for all segments, corporate items, interest, and taxes, experienced variability. Starting at $859 million in 2015, it decreased slightly to $780 million in 2016, then grew substantially to $1,372 million in 2017 and $1,907 million in 2018. In 2019, the total profit fell back to $1,273 million, reflecting the various segment and corporate influences discussed.
Depreciation, amortization, and other
Marriott International Inc., depreciation, amortization, and other by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| North American Full-Service | |||||
| North American Limited-Service | |||||
| Asia Pacific | |||||
| Other International | |||||
| Total segment | |||||
| Unallocated corporate | |||||
| Total |
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).
The analysis of depreciation, amortization, and other related financial data over the five-year period reveals notable trends and fluctuations across different geographic segments and the overall totals.
- North American Full-Service Segment
- This segment exhibits a generally increasing trend from 2015 to 2019, with a minor fluctuation in 2018. Starting at 55 million US dollars in 2015, the value rose significantly to 111 million in 2017, experienced a dip to 82 million in 2018, and then markedly jumped to 199 million in 2019. The sharp increase in the final year suggests significant investments or changes in asset base or amortization policies within this segment.
- North American Limited-Service Segment
- The values for this segment show moderate variability but lack a clear upward or downward trend. Beginning at 21 million in 2015, the value grew slightly to 26 million in 2017, then decreased to 15 million in 2018 before rising again to 19 million in 2019. The overall range remains relatively narrow, indicating stability with some short-term fluctuations possibly due to operational adjustments.
- Asia Pacific Segment
- This segment demonstrates a significant increase between 2015 and 2017, rising from 5 million to 36 million, followed by a decline in subsequent years to 25 million by 2019. The peak in 2017 suggests expansion or increased amortization activities which then normalized or reduced in following periods.
- Other International Segment
- The segment shows strong growth from 35 million in 2015 to 87 million in 2017, then a decrease to 70 and 71 million in 2018 and 2019 respectively. While there is a drop from the 2017 peak, the segment maintains a relatively high level compared to the start of the period, indicating sustained asset utilization or investment.
- Total Segment
- The aggregate of all geographic segments follows a similar pattern to individual segments, increasing substantially from 116 million in 2015 to 260 million in 2017. A decline to 193 million in 2018 is evident, followed by a sharp rise to the highest level of 314 million in 2019. This pattern suggests overall growth with cyclical fluctuations across the global operations.
- Unallocated Corporate
- Unallocated corporate amounts show minor variation, ranging between 21 million and 33 million over the five years. There is no clear trend, indicating stable corporate-level depreciation and amortization independent of segment-specific changes.
- Total (Including Unallocated)
- The comprehensive total amount increased steadily from 139 million in 2015 to 290 million in 2017, dipped to 226 million in 2018, and rose again to 341 million by 2019. This overall movement reflects the combined effect of segment growth and fluctuations in both segment-specific and corporate levels.
Capital expenditures
Marriott International Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| North American Full-Service | |||||
| North American Limited-Service | |||||
| Asia Pacific | |||||
| Other International | |||||
| Total segment | |||||
| Unallocated corporate | |||||
| Total |
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).
The analysis of the capital expenditures over the five-year period reveals distinct trends across different reportable segments as well as in the overall capital spending.
- North American Full-Service
- Capital expenditures fluctuated considerably, beginning with a notable amount of 120 million US dollars in 2015, followed by a sharp decline to 35 million in 2016 and further to 21 million in 2017. A substantial rebound occurred in 2018 and 2019, with expenditures rising to 290 million and remaining high at 270 million respectively.
- North American Limited-Service
- Spending exhibited a gradual upward trend, starting from a low base of 7 million US dollars in both 2015 and 2016, increasing modestly to 10 million in 2017, then continuing to rise to 15 million in 2018 and 17 million in 2019. This segment showed consistent incremental growth over the period.
- Asia Pacific
- Capital expenditures in this segment showed volatility, with a considerable drop from 11 million in 2015 to just 1 million in 2016, followed by a significant increase to 12 million in 2017. Subsequently, the expenditures declined again to 6 million in 2018 and further to 2 million in 2019, indicating an overall downward trend after 2017 despite earlier recovery.
- Other International
- Expenditures decreased in the second year from 75 million in 2015 to 38 million in 2016, then experienced a slight increase to 42 million in 2017, followed by a minor decline to 40 million in 2018. However, there was a pronounced increase in 2019 up to 164 million, marking a significant investment surge in the final year.
- Total Segment
- The aggregated segment capital expenditures mirrored the segment-specific patterns with initial declines from 213 million in 2015 down to the low 80 million range in 2016 and 2017. Thereafter, a strong recovery occurred in 2018, with expenditures jumping to 351 million, and further growth continued into 2019 reaching 453 million.
- Unallocated Corporate
- Unallocated corporate capital expenditures demonstrated a consistent increase from 92 million in 2015 to 118 million in 2016, and then to 155 million in 2017. This growth trend persisted in 2018, reaching 205 million, though a slight decline to 200 million was noted in 2019.
- Total Capital Expenditures
- The overall capital expenditures combined exhibited a clear upward trajectory after 2016. Starting from 305 million in 2015, spending decreased to a trough of 199 million in 2016, followed by growth to 240 million in 2017. A sharp increase occurred in 2018, with total expenditures more than doubling to 556 million, and continued growth into 2019 with capital spending reaching 653 million.
In summary, the data illustrates a period of restrained capital expenditures in 2016 and 2017 across most segments, followed by substantial increases in 2018 and 2019, particularly within the North American Full-Service and Other International segments. Unallocated corporate expenditures steadily rose over the period, contributing notably to the overall growth in capital spending. The trends indicate a strategic focus on increased investment in key geographic and service segments after a temporary contraction phase.