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File Home Insert Page Layout Formulas Data Review View Help Search 15 Share Comments X Cut This CE Copy 11 ~ A A al Wrap Text General Normal Bad Good Neutral AutoSum ~ Paste APO Format Painter Merge & Center $ ~ % 9 Conditional Format as Calculation sert Delete Format 1 Fill Formatting ~ Table Explanatory ... Followed Hy.. Clear Sort & Find & Ideas Clipboard Filter ~ Select Font Alignment Styles Cells Editing Ideas B44 X V fic 3. Which of the two companies has the financially stronger income statement? Explain your rationale thoroughly. N o Common Size Income Statements Consolidated Statements of Income - USD 12 Months Ended Consolidated Statements of Income - 12 Months Ended (S) USD ($) ($ in millions, except per share REVENUES: Dec. 31, 2018 % of Total revenue Dec. 31, 2017 % of Total revenue Dec. 31, 2016 % of Total revenues Dec. 31, 2018% of Total revenuec. 31, 2017% of Total revenuec. 31, 2010% of Total revenues Royalty fees $ 376,676,000 REVENUES Initial franchise and relicensing fees S 26,072,000 52,088,000 $ 23,038,000 $ 317,699,000 Procurement services $ 40,451,000 $ 19,720,000 Base management fees 1,140 1,102 806 Franchise fees S 1,586 649 Marketing and reservation system $ 499,625,000 $ 409,120,000 Incentive management fees $ 607 425 Other 42,791,000 Gross fee revenues 3,295 2,38 8 Recycle Total revenues $ 1,041,304,000 $ 36,438,000 $ 941,297,000 $ 25,526,000 $ 807,909,000 Contract investment amortization (58 ) (50) (40) OPERATING EXPENSES: Net fee revenues 3,580 S 3,245 2,348 Selling, general and administrative S 170,027,000 $ 165,821,000 $ 154,720,000 Owned, leased, and other revenue $ 1,125 Depreciation and amortization 14,330,000 Marketing and reservation system 534,266,000 $ 6,680,000 Cost reimbursement revenue $ 15,543 $ 11,934 15 Total operating expenses 718,623,000 $ 479,400,000 6,996,000 Total revenues 20,758 20,452 OPERATING COSTS AND EXPENSES $ 15,407 16 $ 651,901,000 $ 459,765,000 Impairment of goodwill (4,289,000) $ 621,481,000 Owned, leased, and other-direct 1,306 1,411 Gain on sale of assets, net 82,000 257,000 627,000 Depreciation, amortization, and other $ 226 229 901 921 119 Operating income $ 289,653,000 General, administrative, and other 927 386 Walker, V 20 OTHER INCOME AND EXPENSES, NET: $ 187,055,000 159 743 Interest expense 45,908,000 (7,452,000) $ 45,039,000 15,778 Interest income $ (5,920,000) Total operating expenses S $ 17,948 $ 11,834 13 ,983 Other (gain) loss Equity in net (income) loss of affiliates 5,323,000 S (3,229,000) (3,535,000) OPERATING INCOME S S 2.504 Total other income and expenses, net $ 40,436,000 (492,000 Gains and other income, net 688 1,424 45,216,000 4,546,000 S 38,915,000 Interest expense (340) (288) (234 ) Income before income taxes Income taxes 56,903,000 $ 249,217,000 $ 126,890,000 $ 148,140,000 Interest income 22 38 quity in earnings 103 40 35 Net income INCOME BEFORE INCOME TAXES 2,982 9 216,355,000 $ 122,327,000 $ 41,428,000 Basic earnings per share $ 106,712,000 Provision for income taxes (438 ) (1,523) 1,239 1,907 (431) Basic earnings per share (in dollars per NET INCOME 1,459 808 29 share 3.83 Diluted earnings per share (in dollars S 2.16 S 1.90 EARNINGS PER SHARE per share) 3.80 2.15 1.89 Earnings per share - basic 5.45 Earnings per share - diluted 5.38 3.8 3.84 S 2.78 Questions: 2.73 1. What are two accounts in the Choice Hotels income statement that show the biggest change over the past 3 years? What information in the 10-K report helps to explain these changes? MCG Sof Cent 38 2. What are two accounts in the Marriott income statement that show the biggest change over the past 3 years? What information in the 10-K report helps to explain these changes? Attachm 3. Which of the two companies has the financially stronger income statement? Explain your rationale thoroughly. Attachma Instructions Income Statement Balance Sheet Cash Flow Cost and Investing Budget and Forecast +