Marriott International (MAR) FY2011 results: revenue $12.3 billion, up 5.4% on the year
Marriott International Inc. (MAR) reported revenue of $12.3 billion for fiscal 2011, the year ended 30 December 2011, up 5.4% on the year before. Net income was $198 million, down 56.8%, and diluted earnings per share $0.55. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2012.
Revenue
$12.3 billion
+5.4% on the year
FY2007FY2011
Operating margin
4.3%
5.9% a year earlier
FY2007FY2011
Net income
$198 million
-56.8% on the year
FY2007FY2011
Diluted EPS
$0.55
-54.5% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
12,317
11,691
10,908
+5.4%
Operating income
526
695
-152
-24.3%
Operating margin
4.3%
5.9%
-1.4%
Interest expense
164
180
118
-8.9%
Pre-tax income
356
551
-418
-35.4%
Income tax
158
93.0
-65.0
+69.9%
Effective tax rate
44.4%
16.9%
n/a
Net income
198
458
-346
-56.8%
Net margin
1.6%
3.9%
-3.2%
Diluted EPS
$0.55
$1.21
-$0.97
-54.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
1,089
1,151
868
-5.4%
Capital expenditure
183
307
147
-40.4%
Free cash flow
906
844
721
+7.3%
Free cash flow margin
7.4%
7.2%
6.6%
Cash from investing
-247
-264
-69.0
Cash from financing
-1,245
-497
-818
Depreciation and amortisation
144
178
185
-19.1%
Share-based compensation
103
90.0
85.0
+14.4%
Buybacks
1,425
57.0
0.0
+2,400.0%
Dividends paid
134
43.0
63.0
+211.6%
Dividend per share
$0.39
$0.21
$0.09
+86.7%
Diluted shares, weighted
362m
378m
356m
-4.2%
Shares outstanding at period end
333m
367m
358m
-9.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
-781
1,585
996
Non-controlling interest
n/a
n/a
0.0
Debt
2,171
2,829
2,298
-23.3%
Other liabilities
4,520
4,569
4,639
-1.1%
Total liabilities and equity
5,910
8,983
7,933
-34.2%
Fixed assets
1,168
1,307
1,362
-10.6%
Goodwill
875
875
875
0.0%
Intangible assets
846
768
731
+10.2%
Cash and equivalents
102
505
115
-79.8%
Inventory
11.0
1,489
1,444
-99.3%
Other assets
2,908
4,039
3,406
-28.0%
Total assets
5,910
8,983
7,933
-34.2%
10-K for the year ended 30 December 2011, filed 16 February 2012: the filing.