Marriott International (MAR) FY2013 results: revenue $12.8 billion, up 8.2% on the year
Marriott International Inc. (MAR) reported revenue of $12.8 billion for fiscal 2013, the year ended 31 December 2013, up 8.2% on the year before. Net income was $626 million, up 9.6%, and diluted earnings per share $2.00. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2014.
Revenue
$12.8 billion
+8.2% on the year
FY2007FY2013
Operating margin
7.7%
8.0% a year earlier
FY2007FY2013
Net income
$626 million
+9.6% on the year
FY2007FY2013
Diluted EPS
$2.00
+16.3% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
12,784
11,814
12,317
+8.2%
Operating income
988
940
526
+5.1%
Operating margin
7.7%
8.0%
4.3%
Interest expense
120
137
164
-12.4%
Pre-tax income
897
849
356
+5.7%
Income tax
271
278
158
-2.5%
Effective tax rate
30.2%
32.7%
44.4%
Net income
626
571
198
+9.6%
Net margin
4.9%
4.8%
1.6%
Diluted EPS
$2.00
$1.72
$0.55
+16.3%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
1,140
989
1,089
+15.3%
Capital expenditure
296
437
183
-32.3%
Free cash flow
844
552
906
+52.9%
Free cash flow margin
6.6%
4.7%
7.4%
Cash from investing
-519
-585
-247
Cash from financing
-583
-418
-1,245
Depreciation and amortisation
127
102
144
+24.5%
Share-based compensation
116
94.0
103
+23.4%
Buybacks
834
1,145
1,425
-27.2%
Dividends paid
196
191
134
+2.6%
Dividend per share
n/a
$0.49
$0.39
Diluted shares, weighted
313m
333m
362m
-6.0%
Shares outstanding at period end
298m
311m
333m
-4.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
-1,415
-1,285
-781
Debt
3,147
2,935
2,171
+7.2%
Other liabilities
5,062
4,692
4,520
+7.9%
Total liabilities and equity
6,794
6,342
5,910
+7.1%
Fixed assets
1,543
1,539
1,168
+0.3%
Goodwill
874
874
875
0.0%
Intangible assets
1,131
1,115
846
+1.4%
Cash and equivalents
126
88.0
102
+43.2%
Inventory
n/a
10.0
11.0
Other assets
3,120
2,716
2,908
+14.9%
Total assets
6,794
6,342
5,910
+7.1%
10-K for the year ended 31 December 2013, filed 20 February 2014: the filing.