Which of the two companies has the financially stronger income statement? Explain your rationale thoroughly. (Choice Hotels and Marriott International) **right click on image and select Copy Image Address and paste it in a new tab to view larger**

Choice Hotels 12 Months Ended Dec. 31, 2019 % of Total revenue Dec. 31, 2018 % of Total revenu Dec. 31, 2017 % of Total revenues 36.31% $388,151,000 $27,489,000 $61,429,000 $577,426,000 $20.282.000 $40,043,000 $1,114,820,000 34.82% $ 376,676,000 2.47% $ 26,072,000 5.51% $ 52,088,000 51.80% $ 543,677,000 1.82% $ 3.59% $ 42,791.000 100.00% $1,041,304,000 36.17% $ 341,745,000 2.50% $ 23,038,000 5.00% $ 40.451.000 52.21% $ 499,625,000 0.00% $ 4.11% $ 36,438,000 100.00% $941,297,000 2.45% 4.30% 53.08% 0.00% 3.87% 100.00% 17.93% $ Common Size Income Statements Consolidated Statements of Income USD ($) REVENUES: Royalty fees Initial franchise and relicensing fees Procurement services Marketing and reservation system Owned Hotels Other Total revenues OPERATING EXPENSES: Selling, general and administrative Depreciation and amortization Marketing and reservation system Owned Hotels Total operating expenses Impairment of goodwill Impairment of long-lived assets Loss on sale of business Gain on sale of assets, net Operating income OTHER INCOME AND EXPENSES, NET: Interest expense Interest income Loss on extinguishment of debt Other (gain) loss Equity in net income) loss of affiliates Total other income and expenses, net Income before income taxes Income taxes Net income Basic earnings per share: Basic earnings per share in dollars per $168,833,000 S18,828,000 $579,139.000 $14.448.000 $781,248,000 -$3,097,000 -$7,259,000 -$4,674,000 $100,000 $318,642,000 15.14% $ 170,027,000 1.69% $ 14,330,000 51.95% $ 534,266,000 1.30% $ 70.08% $ 718,623,000 -0.28% $ (4.289,000) -0.65% -0.42% 0.01% $ 82.000 28.58% $318,474,000 16.33% $ 165,821,000 1.38% $ 6,680.000 51.31% $ 479,400,000 0.00% $ 69.01% $ 651,901,000 -0.41% $ 0.00% 0.00% 0.01% $ 257.000 30.58% $289,653,000 17.62% 0.71% 50.93% 0.00% 69.26% 0.00% 0.00% 0.00% 0.03% 30.77% Marriott International Consolidated Statements of Income 12 Months Ended - USD ($) ($ in millions, except per share amounts) Dec. 31, 20% of Total revenue Dec. 31, 201% of Total revenu Dec. 31, 20 % of Total revenues REVENUES Base management fees $ 1,180 5.63% $ 1,140 5.49% $ 1.102 5.39% Franchise fees $ 2.006 9.57% $ 1,849 8.91% $ 1,586 7.75% Incentive management fees $ 637 3.04% $ 649 3.13% $ 607 2.97% Gross fee revenues $ 3,823 18.23% $ 3,638 17.53% $ 3,295 16.11% Contract investment amortization $ (62) -0.30% 5 (58) -0.28% $ (50) -0.24% Net fee revenues $ 3,761 3,580 17.25% $ 3,245 15.87% Owned, leased, and other revenue $ 1,612 7.69% $ 1.635 7.88% $ 1.752 8.57% Cost reimbursement revenue $ 15,599 74.38% $ 15.543 74.88% $ 15.455 75.57% Total revenues $ 20,972 100.00% $ 20,758 100.00% $ 20,452 100.00% OPERATING COSTS AND EXPENSES Owned, leased, and other-direct $ 1.316 6.28% $ 1,306 6.29% $ 1.411 6.90% Depreciation, amortization, and other $ 341 1.63% $ 226 1.09% $ 229 1.12% General, administrative, and other $ 938 4.47% $ 927 4.47% $ 921 4.50% Merger-related costs and charges $ 138 0.66% $ 155 0.75% $ 159 0.78% Reimbursed expenses $ 16,439 78.39% $ 15,778 76.01% $ 15,228 74.46% Total operating expenses $ 19,172 91.42% $ 18,392 88.60% $ 17,948 87.76% OPERATING INCOME $ 1,800 8.58% $ 2,366 11.40% $ 2,504 12.24% Gains and other income, net $ 154 0.73% $ 194 0.93% $ 688 3.36% $ (394) Interest expense -1.88% $ (340) -1.64% $ (288) -1.41% Interest income $ 26 0.12% $ 22 0.11% $ 38 0.19% Equity in earnings $ 13 0.06% $ 103 0.50% $ 40 0.20% INCOME BEFORE INCOME TAXES $ 1,599 2,345 11.30% $ 2,982 14.58% Provision for income taxes $ (326) -1.55% (438) -2.11% $ (1.523) -7.45% NET INCOME $ 1,273 6.07% $ 1,907 9.19% $ 1,459 7.13% 4.78% -0.63% $46,807,000 -$9.996,000 $7,188,000 -$4,862,000 $9,576,000 4.20% $ 45,908,000 -0.90% $ (7,452,000) 0.64% $ -0.44% $ 1.437,000 0.86% $ 5,323,000 4.41% $ 45,039,000 -0.72% $ (5,920,000) 0.00% $ 0.14% $ (3,229,000) 0.51% $ 4,546,000 7.62% 0.00% -0.34% 0.48% $48,713,000 $269.929.000 $47.051.000 $222,878,000 4.37% $45, 216,000 24.21% $273,258,000 4.22% $ 56,903,000 19.99% $216,355,000 4.34% $40,436,000 26.24% $249,217,000 5.46% $ 126,890,000 20.78% $122,327,000 4.30% 26.48% 13.48% 13.00% EARNINGS PER SHARE Earnings per share-basic Earnings per share - diluted $ $ 3.83 3.80 0.02% $ 0.02% $ 5.45 5.38 0.42% $ 2.38% $ 3.89 3.84 0.02% 0.02% share $4.00 0.00000035880% $ 3.83 0.00% $ 2.16 0.00000022947% Diluted earnings per share in dollars per share) $3.98 0.00000035701% $ 3.80 0.00% $ 2.15 0.00000022841%