- First quarter 2024 comparable systemwide constant dollar
RevPAR increased 4.2 percent worldwide, 1.5 percent in the U.S.
& Canada, and 11.1
percent in international markets, compared to the
2023 first quarter;
- First quarter reported diluted EPS totaled $1.93, compared to reported diluted EPS of
$2.43 in the year-ago quarter. First
quarter adjusted diluted EPS totaled $2.13, compared to first quarter 2023 adjusted
diluted EPS of $2.09;
- First quarter reported net income totaled $564 million, compared to reported net income of
$757 million in the year-ago quarter.
First quarter adjusted net income totaled $620 million, compared to first quarter 2023
adjusted net income of $648
million;
- Adjusted EBITDA totaled $1,142
million in the 2024 first quarter, compared to first quarter
2023 adjusted EBITDA of $1,098
million;
- The company added roughly 46,000 net rooms during the
quarter, including approximately 37,000 rooms under its agreement
with MGM Resorts International;
- At the end of the quarter, Marriott's worldwide
development pipeline totaled over 3,400 properties and nearly
547,000 rooms, including roughly 27,000 pipeline rooms approved,
but not yet subject to signed contracts. More than 202,000 rooms in
the pipeline were under construction as of the end of the first
quarter;
- Marriott repurchased 4.8 million shares of common
stock for $1.2 billion in the
first quarter. Year to date through April
26, the company has returned $1.7
billion to shareholders through dividends and share
repurchases.
For a summary of quarterly highlights, please visit:
https://mgscloud.marriott.com/public/hostedfiles/mnc/infographics/2024/q1/20240430_q124_infographic.pdf
BETHESDA, Md., May 1, 2024
/PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today
reported first quarter 2024 results.
Anthony Capuano, President and
Chief Executive Officer, said, "We were pleased with our results in
the quarter, which included both excellent net rooms growth and
cash generation. Worldwide RevPAR1 grew over 4 percent,
with gains in both occupancy and ADR. Our international markets
were particularly strong, posting RevPAR gains of 11 percent, led
by nearly 17 percent year-over-year growth in Asia Pacific excluding China.
"In the U.S. & Canada,
demand has normalized, with RevPAR increasing 1.5 percent. The
group segment was the stand-out in the quarter. Group RevPAR in the
region rose nearly 5 percent year-over-year, with growth in both
rate and occupancy.
"In February we celebrated the fifth anniversary of Marriott
Bonvoy, our powerful, award-winning travel and loyalty program.
With our steadfast focus on growing our membership base and
enhancing engagement with our members both on and off property, the
program now boasts around 203 million global members and remains a
key competitive advantage.
"We are excited about the launch of MGM Collection with Marriott
Bonvoy during the quarter, which added nearly 37,000 rooms to our
system from our strategic agreement with MGM Resorts
International. We have seen outstanding initial booking pace
and loyalty point redemptions across the collection.
"Our results in the first quarter highlight the resiliency of
our asset-light business model and the strength of our
brands. We are raising our full year earnings guidance and
now expect to return between $4.2
billion to $4.4 billion to
shareholders in 2024."
First Quarter 2024 Results
Base management and
franchise fees totaled $1,001 million
in the 2024 first quarter, a 7 percent increase compared to base
management and franchise fees of $932
million in the year-ago quarter. The increase is
primarily attributable to RevPAR increases and unit growth.
Non-RevPAR-related franchise fees in the 2024 first quarter totaled
$208 million, compared to
$197 million in the year-ago quarter.
The increase was largely driven by a 10 percent increase in
co-brand credit card fees, partially offset by lower residential
branding fees.
Incentive management fees totaled $209
million in the 2024 first quarter, a 4 percent increase
compared to $201 million in the 2023
first quarter. Managed hotels in international markets contributed
nearly two-thirds of the incentive fees earned in the quarter.
Owned, leased, and other revenue, net of direct expenses,
totaled $71 million in the 2024 first
quarter, compared to $75 million in
the year-ago quarter.
General, administrative, and other expenses for the 2024 first
quarter totaled $261 million,
compared to $202 million in the
year-ago quarter. The year-over-year change largely reflects higher
compensation and litigation expenses, as well as some unfavorable
timing of expenses during 2024. The 2023 first quarter expenses
included $20 million of favorable
one-time items.
Interest expense, net, totaled $153
million in the 2024 first quarter, compared to $111 million in the year-ago quarter. The
increase was largely due to higher interest expense associated with
higher debt balances.
In the 2024 first quarter, the provision for income taxes
totaled $163 million, a 22 percent
effective rate, compared to $87
million, a 10 percent effective rate, in the year-ago
quarter. The 2023 first quarter provision included a $103 million benefit primarily from the release
of reserves due to the completion of a prior year tax audit.
Marriott's reported operating income totaled $876 million in the 2024 first quarter, compared
to 2023 first quarter reported operating income of $951
million. Reported net income totaled $564 million in the 2024 first quarter, compared
to 2023 first quarter reported net income of $757 million. Reported diluted earnings per share
(EPS) totaled $1.93 in the quarter,
compared to reported diluted EPS of $2.43 in the year-ago quarter.
Adjusted operating income in the 2024 first quarter totaled
$952 million, compared to 2023 first
quarter adjusted operating income of $941
million. First quarter 2024 adjusted net income totaled
$620 million, compared to 2023 first
quarter adjusted net income of $648
million. Adjusted diluted EPS in the 2024 first quarter
totaled $2.13, compared to adjusted
diluted EPS of $2.09 in the year-ago
quarter. The 2023 first quarter adjusted results excluded a special
tax item of $100 million
($0.32 per share).
Adjusted results excluded cost reimbursement revenue, reimbursed
expenses and merger-related charges and other expenses. See pages
A-2 and A-8 of the press release schedules for the calculation of
adjusted results and the manner in which the adjusted measures are
determined in this press release.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) totaled $1,142
million in the 2024 first quarter, compared to first quarter
2023 adjusted EBITDA of $1,098
million. See page A-8 of the press release schedules for the
adjusted EBITDA calculation.
Selected Performance Information
The company added
roughly 46,000 net rooms during the quarter, including
approximately 37,000 rooms from its agreement with MGM Resorts
International.
At the end of the quarter, Marriott's global system totaled
nearly 8,900 properties, with more than 1,643,000 rooms.
At the end of the quarter, the company's worldwide development
pipeline totaled 3,419 properties with nearly 547,000 rooms,
including 155 properties with roughly 27,000 rooms approved
for development, but not yet subject to signed contracts. The
quarter-end pipeline included 1,089 properties with more than
202,000 rooms under construction. Fifty-seven percent of rooms in
the quarter-end pipeline are in international markets.
In the 2024 first quarter, worldwide RevPAR increased 4.2
percent (a 3.9 percent increase using actual dollars) compared to
the 2023 first quarter. RevPAR in the U.S. & Canada increased 1.5 percent (a 1.5 percent
increase using actual dollars), and RevPAR in international markets
increased 11.1 percent (a 9.8 percent increase using actual
dollars).
Balance Sheet & Common Stock
At the end of the
quarter, Marriott's total debt was $12.7
billion and cash and equivalents totaled $0.4 billion, compared to $11.9 billion in debt and $0.3 billion of cash and equivalents at year-end
2023.
Year to date through April 26, the
company has repurchased 6.2 million shares for $1.5 billion.
Company Outlook
|
|
Second Quarter 2024
vs Second Quarter 2023
|
Full Year 2024
vs Full Year 2023
|
Comparable systemwide constant
$
RevPAR growth
|
|
|
|
Worldwide
|
|
4% to 5%
|
3% to 5%
|
|
|
|
|
|
|
|
Year-End 2024
vs Year-End 2023
|
Net rooms growth
|
|
|
5.5% to 6%
|
|
|
|
|
($ in millions, except EPS)
|
|
Second Quarter 2024
|
Full Year 2024
|
Gross fee
revenues
|
|
$1,340 to
$1,355
|
$5,180 to
$5,280
|
Owned, leased, and
other revenue, net of direct expenses
|
|
Approx. $90
|
$335 to $345
|
General,
administrative, and other expenses
|
|
$258 to $253
|
$1,040 to
$1,020
|
Adjusted
EBITDA1,2
|
|
$1,295 to
$1,315
|
$4,960 to
$5,090
|
Adjusted EPS –
diluted2,3
|
|
$2.43 to
$2.48
|
$9.31 to
$9.65
|
Investment
spending4
|
|
|
$1,000 to
$1,200
|
Capital return to
shareholders5
|
|
|
$4,200 to
$4,400
|
|
1 See pages
A-9 and A-10 of the press release schedules for the adjusted EBITDA
calculations.
|
2 Adjusted
EBITDA and Adjusted EPS – diluted for second quarter and full year
2024 do not include cost reimbursement revenue, reimbursed
expenses, merger-related charges and other expenses, or any asset
sales that may occur during the year, each of which the company
cannot forecast with sufficient accuracy and without unreasonable
efforts, and which may be significant.
|
3 Assumes
the level of capital return to shareholders noted above.
|
4 Includes
capital and technology expenditures, loan advances, contract
acquisition costs, and other investing activities.
|
5 Factors in
the purchase of the Sheraton Grand Chicago and underlying land for
$500 million, $200 million of which is included in investment
spending. Assumes the level of investment spending noted
above and that no asset sales occur during the year.
|
Marriott International, Inc. (Nasdaq: MAR) will conduct its
quarterly earnings review for the investment community and news
media on Wednesday, May 1, 2024, at 8:30 a.m. Eastern Time (ET). The conference
call will be webcast simultaneously via Marriott's investor
relations website at http://www.marriott.com/investor, click on
"Events & Presentations" and click on the quarterly conference
call link. A replay will be available at that same website
until May 1, 2025.
The telephone dial-in number for the conference call is US Toll
Free: 800-274-8461, or Global: +1 203-518-9843. The conference ID
is MAR1Q24. A telephone replay of the conference call will be
available from 1:00 p.m. ET,
Wednesday, May 1, 2024, until 8:00 p.m.
ET, Wednesday, May 8, 2024. To access the replay,
call US Toll Free: 800-839-3735 or Global: +1 402-220-2977.
Note on forward-looking statements: All statements
in this press release and the accompanying schedules are made as of
May 1, 2024. We undertake no obligation to publicly update or
revise these statements, whether as a result of new information,
future events or otherwise. This press release and the accompanying
schedules contain "forward-looking statements" within the meaning
of federal securities laws, including statements related to our
RevPAR, rooms growth and other financial metric estimates, outlook
and assumptions; shareholder returns; our Marriott Bonvoy program;
the resiliency of our asset-light business model; our development
pipeline; and similar statements concerning anticipated future
events and expectations that are not historical facts. We caution
you that these statements are not guarantees of future performance
and are subject to numerous evolving risks and uncertainties that
we may not be able to accurately predict or assess, including the
risk factors that we describe in our Securities and Exchange
Commission filings, including our most recent Annual Report on Form
10-K or Quarterly Report on Form 10-Q. Any of these factors could
cause actual results to differ materially from the expectations we
express or imply in this press release.
Marriott International, Inc. (Nasdaq: MAR) is based in
Bethesda, Maryland, USA, and
encompasses a portfolio of nearly 8,900 properties across more than
30 leading brands in 141 countries and territories. Marriott
operates and franchises hotels and licenses vacation ownership
resorts all around the world. The company offers Marriott Bonvoy®,
its highly awarded travel program. For more information,
please visit our website at www.marriott.com, and for the latest
company news, visit www.marriottnewscenter.com. In addition,
connect with us on Facebook and @MarriottIntl on X and
Instagram.
Marriott encourages investors, the media, and others interested
in the company to review and subscribe to the information Marriott
posts on its investor relations website at
www.marriott.com/investor or Marriott's news center website at
www.marriottnewscenter.com, which may be material. The contents of
these websites are not incorporated by reference into this press
release or any report or document Marriott files with the SEC, and
any references to the websites are intended to be inactive textual
references only.
1 All occupancy, Average Daily Rate (ADR) and Revenue
Per Available Room (RevPAR) statistics and estimates are systemwide
constant dollar. Unless otherwise stated, all changes refer
to year-over-year changes for the comparable period. Occupancy, ADR
and RevPAR comparisons between 2024 and 2023 reflect properties
that are comparable in both years.
IRPR#1
Tables follow
MARRIOTT INTERNATIONAL, INC.
|
PRESS RELEASE SCHEDULES
|
TABLE OF CONTENTS
|
QUARTER 1, 2024
|
|
|
Consolidated Statements
of Income - As Reported
|
A-1
|
|
|
Non-GAAP Financial
Measures
|
A-2
|
|
|
Total Lodging Products
by Ownership Type
|
A-3
|
|
|
Total Lodging Products
by Tier
|
A-5
|
|
|
Key Lodging
Statistics
|
A-6
|
|
|
Adjusted
EBITDA
|
A-8
|
|
|
Adjusted EBITDA
Forecast - Second Quarter 2024
|
A-9
|
|
|
Adjusted EBITDA
Forecast - Full Year 2024
|
A-10
|
|
|
Explanation of Non-GAAP
Financial and Performance Measures
|
A-11
|
MARRIOTT INTERNATIONAL, INC.
|
CONSOLIDATED STATEMENTS OF INCOME - AS
REPORTED
|
FIRST QUARTER 2024 AND 2023
|
($ in millions except
per share amounts, unaudited)
|
|
|
|
|
|
|
|
As Reported
|
|
As Reported
|
|
Percent
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Better/(Worse)
|
|
March 31, 2024
|
|
March 31, 2023
|
|
Reported 2024 vs. 2023
|
REVENUES
|
|
|
|
|
|
Base management
fees
|
$
313
|
|
$
293
|
|
7
|
Franchise
fees1
|
688
|
|
639
|
|
8
|
Incentive management
fees
|
209
|
|
201
|
|
4
|
Gross Fee Revenues
|
1,210
|
|
1,133
|
|
7
|
Contract investment
amortization2
|
(23)
|
|
(21)
|
|
(10)
|
Net Fee Revenues
|
1,187
|
|
1,112
|
|
7
|
Owned, leased, and
other revenue3
|
357
|
|
356
|
|
—
|
Cost reimbursement
revenue4
|
4,433
|
|
4,147
|
|
7
|
Total Revenues
|
5,977
|
|
5,615
|
|
6
|
|
|
|
|
|
|
OPERATING COSTS AND EXPENSES
|
|
|
|
|
Owned, leased, and
other - direct5
|
286
|
|
281
|
|
(2)
|
Depreciation,
amortization, and other6
|
45
|
|
44
|
|
(2)
|
General,
administrative, and other7
|
261
|
|
202
|
|
(29)
|
Merger-related charges
and other
|
8
|
|
1
|
|
(700)
|
Reimbursed
expenses4
|
4,501
|
|
4,136
|
|
(9)
|
Total Expenses
|
5,101
|
|
4,664
|
|
(9)
|
|
|
|
|
|
|
OPERATING INCOME
|
876
|
|
951
|
|
(8)
|
|
|
|
|
|
|
Gains and other income,
net8
|
4
|
|
3
|
|
33
|
Interest
expense
|
(163)
|
|
(126)
|
|
(29)
|
Interest
income
|
10
|
|
15
|
|
(33)
|
Equity in
earnings9
|
—
|
|
1
|
|
(100)
|
|
|
|
|
|
|
INCOME BEFORE INCOME TAXES
|
727
|
|
844
|
|
(14)
|
|
|
|
|
|
|
Provision for income
taxes
|
(163)
|
|
(87)
|
|
(87)
|
|
|
|
|
|
|
NET INCOME
|
$
564
|
|
$
757
|
|
(25)
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
|
|
|
|
|
Earnings per
share - basic
|
$
1.94
|
|
$
2.44
|
|
(20)
|
Earnings per
share - diluted
|
$
1.93
|
|
$
2.43
|
|
(21)
|
|
|
|
|
|
|
Basic Shares
|
290.4
|
|
309.6
|
|
|
Diluted
Shares
|
291.6
|
|
311.0
|
|
|
|
|
|
|
|
|
1 Franchise fees include fees from our
franchise and license agreements, application and relicensing fees,
timeshare and yacht fees, co-branded credit card fees, and
residential branding fees.
|
2 Contract investment amortization includes
amortization of capitalized costs to obtain management, franchise,
and license contracts and any related impairments.
|
3 Owned, leased, and other revenue includes
revenue from the properties we own or lease, termination fees, and
other revenue.
|
4 Cost reimbursement revenue includes
reimbursements from properties for property-level and centralized
programs and services that we operate for the benefit of our hotel
owners. Reimbursed expenses include costs incurred by
Marriott for certain property-level operating expenses and
centralized programs and services.
|
5 Owned, leased, and other - direct expenses
include operating expenses related to our owned or leased hotels,
including lease payments and pre-opening expenses.
|
6 Depreciation, amortization, and other
expenses include depreciation for fixed assets, amortization of
capitalized costs incurred to acquire management, franchise, and
license agreements, and any related impairments, accelerations, or
write-offs.
|
7 General, administrative, and other
expenses include our corporate and business segments overhead costs
and general expenses.
|
8 Gains and other income, net includes gains
and losses on the sale of real estate, the sale of joint venture
interests and other investments, and adjustments from other equity
investments.
|
9 Equity in earnings include our equity in
earnings or losses of unconsolidated equity method
investments.
|
MARRIOTT INTERNATIONAL, INC.
|
NON-GAAP FINANCIAL MEASURES
|
($ in millions except
per share amounts)
|
|
|
|
|
|
|
The following table
presents our reconciliations of Adjusted operating income, Adjusted
operating income margin, Adjusted net income, and Adjusted
diluted earnings per share, to the most directly comparable GAAP
measure. Adjusted total revenues is used in the determination of
Adjusted operating
income margin.
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
Percent
|
|
March 31,
|
|
March 31,
|
|
Better/
|
|
2024
|
|
2023
|
|
(Worse)
|
Total revenues, as
reported
|
$
5,977
|
|
$
5,615
|
|
|
Less: Cost
reimbursement revenue
|
(4,433)
|
|
(4,147)
|
|
|
Adjusted total
revenues**
|
1,544
|
|
1,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income, as
reported
|
876
|
|
951
|
|
|
Less: Cost
reimbursement revenue
|
(4,433)
|
|
(4,147)
|
|
|
Add: Reimbursed
expenses
|
4,501
|
|
4,136
|
|
|
Add: Merger-related
charges and other
|
8
|
|
1
|
|
|
Adjusted operating
income**
|
952
|
|
941
|
|
1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income margin
|
15 %
|
|
17 %
|
|
|
Adjusted operating income
margin**
|
62 %
|
|
64 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income, as
reported
|
564
|
|
757
|
|
|
Less: Cost
reimbursement revenue
|
(4,433)
|
|
(4,147)
|
|
|
Add: Reimbursed
expenses
|
4,501
|
|
4,136
|
|
|
Add: Merger-related
charges and other
|
8
|
|
1
|
|
|
Income tax effect of
above adjustments
|
(20)
|
|
1
|
|
|
Less: Income tax
special items
|
—
|
|
(100)
|
|
|
Adjusted net
income**
|
$
620
|
|
$
648
|
|
(4) %
|
|
|
|
|
|
|
Diluted earnings per share, as
reported
|
$
1.93
|
|
$
2.43
|
|
|
Adjusted diluted earnings per
share**
|
$
2.13
|
|
$
2.09
|
|
2 %
|
|
|
|
|
|
|
**
Denotes non-GAAP financial measures.
Please see pages A-11 and A-12 for information about our reasons
for providing these alternative financial measures and the
limitations on their use.
|
|
MARRIOTT INTERNATIONAL, INC.
|
TOTAL LODGING PRODUCTS BY OWNERSHIP
TYPE
|
As of March 31, 2024
|
|
|
|
|
|
|
|
|
US & Canada
|
Total International1
|
Total Worldwide
|
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Managed
|
620
|
214,308
|
1,349
|
352,636
|
1,969
|
566,944
|
Marriott
Hotels
|
101
|
56,736
|
183
|
57,693
|
284
|
114,429
|
Sheraton
|
26
|
20,869
|
182
|
61,235
|
208
|
82,104
|
Courtyard
|
158
|
25,723
|
125
|
27,202
|
283
|
52,925
|
Westin
|
41
|
22,670
|
77
|
23,402
|
118
|
46,072
|
JW
Marriott
|
23
|
13,189
|
74
|
26,494
|
97
|
39,683
|
The
Ritz-Carlton
|
41
|
12,354
|
75
|
17,848
|
116
|
30,202
|
Renaissance
|
21
|
9,065
|
55
|
17,045
|
76
|
26,110
|
Four
Points
|
1
|
134
|
85
|
24,057
|
86
|
24,191
|
Le
Méridien
|
1
|
100
|
71
|
19,861
|
72
|
19,961
|
W
Hotels
|
23
|
6,516
|
42
|
11,800
|
65
|
18,316
|
Residence
Inn
|
72
|
11,713
|
9
|
1,116
|
81
|
12,829
|
St.
Regis
|
11
|
2,169
|
46
|
10,053
|
57
|
12,222
|
Delta Hotels by
Marriott
|
25
|
6,770
|
26
|
4,924
|
51
|
11,694
|
Fairfield by
Marriott
|
6
|
1,431
|
78
|
9,848
|
84
|
11,279
|
Gaylord
Hotels
|
6
|
10,220
|
—
|
—
|
6
|
10,220
|
Aloft
|
2
|
505
|
44
|
9,696
|
46
|
10,201
|
The Luxury
Collection
|
6
|
2,296
|
38
|
7,678
|
44
|
9,974
|
Autograph
Collection
|
9
|
2,862
|
15
|
3,021
|
24
|
5,883
|
Marriott
Executive Apartments
|
—
|
—
|
35
|
5,011
|
35
|
5,011
|
EDITION
|
5
|
1,379
|
14
|
2,779
|
19
|
4,158
|
SpringHill
Suites
|
24
|
4,080
|
—
|
—
|
24
|
4,080
|
Element
|
3
|
810
|
14
|
2,803
|
17
|
3,613
|
AC Hotels by
Marriott
|
8
|
1,512
|
10
|
1,649
|
18
|
3,161
|
Moxy
|
1
|
380
|
11
|
2,663
|
12
|
3,043
|
Protea
Hotels
|
—
|
—
|
23
|
2,824
|
23
|
2,824
|
Tribute
Portfolio
|
—
|
—
|
10
|
1,284
|
10
|
1,284
|
TownePlace
Suites
|
6
|
825
|
—
|
—
|
6
|
825
|
Bulgari
|
—
|
—
|
7
|
650
|
7
|
650
|
Owned/Leased
|
13
|
4,335
|
37
|
8,776
|
50
|
13,111
|
Marriott
Hotels
|
2
|
1,304
|
5
|
1,631
|
7
|
2,935
|
Courtyard
|
7
|
987
|
4
|
894
|
11
|
1,881
|
Sheraton
|
—
|
—
|
4
|
1,830
|
4
|
1,830
|
W
Hotels
|
2
|
779
|
2
|
665
|
4
|
1,444
|
Westin
|
1
|
1,073
|
—
|
—
|
1
|
1,073
|
Protea
Hotels
|
—
|
—
|
5
|
912
|
5
|
912
|
The
Ritz-Carlton
|
—
|
—
|
2
|
550
|
2
|
550
|
Renaissance
|
—
|
—
|
2
|
505
|
2
|
505
|
JW
Marriott
|
—
|
—
|
1
|
496
|
1
|
496
|
The Luxury
Collection
|
—
|
—
|
3
|
383
|
3
|
383
|
Autograph
Collection
|
—
|
—
|
5
|
361
|
5
|
361
|
Residence
Inn
|
1
|
192
|
1
|
140
|
2
|
332
|
Tribute
Portfolio
|
—
|
—
|
2
|
249
|
2
|
249
|
St.
Regis
|
—
|
—
|
1
|
160
|
1
|
160
|
MARRIOTT INTERNATIONAL, INC.
|
TOTAL LODGING PRODUCTS BY OWNERSHIP
TYPE
|
As of March 31, 2024
|
|
|
|
|
|
|
|
|
US & Canada
|
Total International1
|
Total Worldwide
|
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Franchised, Licensed, and Other
|
5,383
|
812,706
|
1,333
|
236,467
|
6,716
|
1,049,173
|
Courtyard
|
904
|
120,934
|
121
|
22,328
|
1,025
|
143,262
|
Fairfield by
Marriott
|
1,154
|
108,704
|
62
|
10,640
|
1,216
|
119,344
|
Residence
Inn
|
791
|
94,354
|
33
|
4,368
|
824
|
98,722
|
Marriott
Hotels
|
231
|
73,738
|
67
|
19,385
|
298
|
93,123
|
Sheraton
|
141
|
43,688
|
80
|
23,193
|
221
|
66,881
|
SpringHill
Suites
|
528
|
61,290
|
—
|
—
|
528
|
61,290
|
Autograph
Collection
|
148
|
32,999
|
134
|
26,519
|
282
|
59,518
|
TownePlace
Suites
|
502
|
50,708
|
—
|
—
|
502
|
50,708
|
Westin
|
93
|
31,432
|
31
|
9,774
|
124
|
41,206
|
Four
Points
|
151
|
22,582
|
73
|
12,722
|
224
|
35,304
|
AC Hotels by
Marriott
|
112
|
18,289
|
106
|
15,636
|
218
|
33,925
|
Aloft
|
161
|
23,140
|
26
|
4,966
|
187
|
28,106
|
Renaissance
|
68
|
19,157
|
30
|
7,671
|
98
|
26,828
|
MGM Collection
with Marriott Bonvoy**
|
12
|
26,210
|
—
|
—
|
12
|
26,210
|
Moxy
|
36
|
6,503
|
95
|
17,921
|
131
|
24,424
|
Timeshare*
|
72
|
18,839
|
21
|
3,906
|
93
|
22,745
|
Tribute
Portfolio
|
69
|
13,698
|
42
|
5,259
|
111
|
18,957
|
Delta Hotels by
Marriott
|
67
|
14,960
|
17
|
3,985
|
84
|
18,945
|
City Express by
Marriott
|
—
|
—
|
150
|
17,431
|
150
|
17,431
|
The Luxury
Collection
|
12
|
7,045
|
54
|
9,869
|
66
|
16,914
|
Le
Méridien
|
24
|
5,389
|
22
|
5,748
|
46
|
11,137
|
Element
|
81
|
10,833
|
2
|
269
|
83
|
11,102
|
Design
Hotels*
|
13
|
1,713
|
110
|
7,887
|
123
|
9,600
|
JW
Marriott
|
12
|
6,072
|
15
|
3,272
|
27
|
9,344
|
Protea
Hotels
|
—
|
—
|
33
|
2,748
|
33
|
2,748
|
The
Ritz-Carlton
|
1
|
429
|
—
|
—
|
1
|
429
|
W
Hotels
|
—
|
—
|
1
|
246
|
1
|
246
|
Marriott
Executive Apartments
|
—
|
—
|
3
|
242
|
3
|
242
|
Bulgari
|
—
|
—
|
2
|
161
|
2
|
161
|
The Ritz-Carlton
Yacht Collection*
|
—
|
—
|
1
|
149
|
1
|
149
|
Apartments by
Marriott Bonvoy
|
—
|
—
|
1
|
107
|
1
|
107
|
Four Points
Express
|
—
|
—
|
1
|
65
|
1
|
65
|
Residences
|
69
|
7,410
|
57
|
6,534
|
126
|
13,944
|
The Ritz-Carlton
Residences
|
41
|
4,569
|
18
|
1,644
|
59
|
6,213
|
St. Regis
Residences
|
10
|
1,198
|
13
|
1,777
|
23
|
2,975
|
W
Residences
|
10
|
1,092
|
7
|
549
|
17
|
1,641
|
Marriott Hotels
Residences
|
—
|
—
|
4
|
981
|
4
|
981
|
Westin
Residences
|
3
|
266
|
2
|
353
|
5
|
619
|
Bulgari
Residences
|
—
|
—
|
5
|
519
|
5
|
519
|
Sheraton
Residences
|
—
|
—
|
3
|
472
|
3
|
472
|
The Luxury
Collection Residences
|
1
|
91
|
3
|
115
|
4
|
206
|
Renaissance
Residences
|
1
|
112
|
—
|
—
|
1
|
112
|
EDITION
Residences
|
3
|
82
|
—
|
—
|
3
|
82
|
JW Marriott
Residences
|
—
|
—
|
1
|
62
|
1
|
62
|
Le Méridien
Residences
|
—
|
—
|
1
|
62
|
1
|
62
|
Grand Total
|
6,085
|
1,038,759
|
2,776
|
604,413
|
8,861
|
1,643,172
|
|
1
"International" refers to: (i) Europe,
Middle East & Africa, (ii) Greater China, (iii) Asia
Pacific excluding China, and (iv) Caribbean & Latin
America.
|
* Timeshare, Design
Hotels, and The Ritz-Carlton Yacht Collection counts are included
in this table by geographical location. For external reporting
purposes, these offerings are captured within "Unallocated
corporate and other."
|
** Excludes four MGM
Collection with Marriott Bonvoy properties (two Autograph
Collection, one Tribute Portfolio, and one The Luxury Collection)
which are presented in "Franchised, Licensed and Other" within
their respective brands.
|
In the above table,
under Owned/Leased, The Luxury Collection, Autograph Collection and
Tribute Portfolio include seven total properties that we acquired
when we purchased Elegant Hotels Group plc in December 2019 which
we currently intend to re-brand under such brands after the
completion of planned renovations.
|
MARRIOTT INTERNATIONAL, INC.
|
TOTAL LODGING PRODUCTS BY TIER
|
As of March 31, 2024
|
|
|
|
|
|
|
|
|
US & Canada
|
Total International1
|
Total Worldwide
|
Total
Systemwide
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Properties
|
Rooms
|
Luxury
|
201
|
59,260
|
425
|
97,919
|
626
|
157,179
|
JW
Marriott
|
35
|
19,261
|
90
|
30,262
|
125
|
49,523
|
JW Marriott
Residences
|
—
|
—
|
1
|
62
|
1
|
62
|
The
Ritz-Carlton
|
42
|
12,783
|
77
|
18,398
|
119
|
31,181
|
The Ritz-Carlton
Residences
|
41
|
4,569
|
18
|
1,644
|
59
|
6,213
|
The Ritz-Carlton
Yacht Collection*
|
—
|
—
|
1
|
149
|
1
|
149
|
The Luxury
Collection
|
18
|
9,341
|
95
|
17,930
|
113
|
27,271
|
The Luxury
Collection Residences
|
1
|
91
|
3
|
115
|
4
|
206
|
W
Hotels
|
25
|
7,295
|
45
|
12,711
|
70
|
20,006
|
W
Residences
|
10
|
1,092
|
7
|
549
|
17
|
1,641
|
St.
Regis
|
11
|
2,169
|
47
|
10,213
|
58
|
12,382
|
St. Regis
Residences
|
10
|
1,198
|
13
|
1,777
|
23
|
2,975
|
EDITION
|
5
|
1,379
|
14
|
2,779
|
19
|
4,158
|
EDITION
Residences
|
3
|
82
|
—
|
—
|
3
|
82
|
Bulgari
|
—
|
—
|
9
|
811
|
9
|
811
|
Bulgari
Residences
|
—
|
—
|
5
|
519
|
5
|
519
|
Premium
|
1,103
|
395,031
|
1,219
|
309,690
|
2,322
|
704,721
|
Marriott
Hotels
|
334
|
131,778
|
255
|
78,709
|
589
|
210,487
|
Marriott Hotels
Residences
|
—
|
—
|
4
|
981
|
4
|
981
|
Sheraton
|
167
|
64,557
|
266
|
86,258
|
433
|
150,815
|
Sheraton
Residences
|
—
|
—
|
3
|
472
|
3
|
472
|
Westin
|
135
|
55,175
|
108
|
33,176
|
243
|
88,351
|
Westin
Residences
|
3
|
266
|
2
|
353
|
5
|
619
|
Autograph
Collection
|
157
|
35,861
|
154
|
29,901
|
311
|
65,762
|
Renaissance
|
89
|
28,222
|
87
|
25,221
|
176
|
53,443
|
Renaissance
Residences
|
1
|
112
|
—
|
—
|
1
|
112
|
Le
Méridien
|
25
|
5,489
|
93
|
25,609
|
118
|
31,098
|
Le Méridien
Residences
|
—
|
—
|
1
|
62
|
1
|
62
|
Delta Hotels by
Marriott
|
92
|
21,730
|
43
|
8,909
|
135
|
30,639
|
MGM Collection
with Marriott Bonvoy**
|
12
|
26,210
|
—
|
—
|
12
|
26,210
|
Tribute
Portfolio
|
69
|
13,698
|
54
|
6,792
|
123
|
20,490
|
Gaylord
Hotels
|
6
|
10,220
|
—
|
—
|
6
|
10,220
|
Design
Hotels*
|
13
|
1,713
|
110
|
7,887
|
123
|
9,600
|
Marriott
Executive Apartments
|
—
|
—
|
38
|
5,253
|
38
|
5,253
|
Apartments by
Marriott Bonvoy
|
—
|
—
|
1
|
107
|
1
|
107
|
Select
|
4,709
|
565,629
|
960
|
175,402
|
5,669
|
741,031
|
Courtyard
|
1,069
|
147,644
|
250
|
50,424
|
1,319
|
198,068
|
Fairfield by
Marriott
|
1,160
|
110,135
|
140
|
20,488
|
1,300
|
130,623
|
Residence
Inn
|
864
|
106,259
|
43
|
5,624
|
907
|
111,883
|
SpringHill
Suites
|
552
|
65,370
|
—
|
—
|
552
|
65,370
|
Four
Points
|
152
|
22,716
|
158
|
36,779
|
310
|
59,495
|
TownePlace
Suites
|
508
|
51,533
|
—
|
—
|
508
|
51,533
|
Aloft
|
163
|
23,645
|
70
|
14,662
|
233
|
38,307
|
AC Hotels by
Marriott
|
120
|
19,801
|
116
|
17,285
|
236
|
37,086
|
Moxy
|
37
|
6,883
|
106
|
20,584
|
143
|
27,467
|
Element
|
84
|
11,643
|
16
|
3,072
|
100
|
14,715
|
Protea
Hotels
|
—
|
—
|
61
|
6,484
|
61
|
6,484
|
Midscale
|
—
|
—
|
151
|
17,496
|
151
|
17,496
|
City Express by
Marriott
|
—
|
—
|
150
|
17,431
|
150
|
17,431
|
Four Points
Express
|
—
|
—
|
1
|
65
|
1
|
65
|
Timeshare*
|
72
|
18,839
|
21
|
3,906
|
93
|
22,745
|
Grand Total
|
6,085
|
1,038,759
|
2,776
|
604,413
|
8,861
|
1,643,172
|
|
1
"International" refers to: (i) Europe,
Middle East & Africa, (ii) Greater China, (iii) Asia Pacific
excluding China, and (iv) Caribbean & Latin America.
|
* Timeshare, Design
Hotels, and The Ritz-Carlton Yacht Collection counts are included
in this table by geographical location. For external reporting
purposes, these offerings are captured within "Unallocated
corporate and other."
|
** Excludes four MGM
Collection with Marriott Bonvoy properties (two Autograph
Collection, one Tribute Portfolio, and one The Luxury Collection)
which are presented within their respective brands.
|
In the above table, The
Luxury Collection, Autograph Collection and Tribute Portfolio
include seven total properties that we acquired when we purchased
Elegant Hotels Group plc in December 2019 which we currently intend
to re-brand under such brands after the completion of planned
renovations.
|
MARRIOTT INTERNATIONAL, INC.
|
KEY LODGING STATISTICS
|
In Constant $
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Company-Operated US & Canada
Properties
|
|
|
Three Months Ended March 31, 2024 and March 31,
2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily Rate
|
Brand
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
JW Marriott
|
|
$ 261.98
|
|
3.3 %
|
|
71.2 %
|
|
0.6 %
|
pts.
|
|
$ 368.20
|
|
2.4 %
|
The
Ritz-Carlton
|
|
$ 350.65
|
|
1.3 %
|
|
65.0 %
|
|
-0.1 %
|
pts.
|
|
$ 539.57
|
|
1.4 %
|
W Hotels
|
|
$ 188.44
|
|
-1.0 %
|
|
58.6 %
|
|
1.1 %
|
pts.
|
|
$ 321.71
|
|
-2.9 %
|
Composite US & Canada
Luxury1
|
|
$
313.60
|
|
1.2 %
|
|
67.4 %
|
|
0.7 %
|
pts.
|
|
$
465.13
|
|
0.1 %
|
Marriott
Hotels
|
|
$ 156.77
|
|
4.5 %
|
|
66.3 %
|
|
1.0 %
|
pts.
|
|
$ 236.37
|
|
2.9 %
|
Sheraton
|
|
$ 154.05
|
|
11.2 %
|
|
66.1 %
|
|
3.9 %
|
pts.
|
|
$ 233.16
|
|
4.7 %
|
Westin
|
|
$ 154.61
|
|
3.4 %
|
|
64.1 %
|
|
0.4 %
|
pts.
|
|
$ 241.37
|
|
2.8 %
|
Composite US & Canada
Premium2
|
|
$
154.31
|
|
4.2 %
|
|
65.7 %
|
|
0.7 %
|
pts.
|
|
$
235.04
|
|
3.1 %
|
US & Canada
Full-Service3
|
|
$
188.09
|
|
3.1 %
|
|
66.0 %
|
|
0.7 %
|
pts.
|
|
$
284.86
|
|
2.0 %
|
Courtyard
|
|
$ 101.57
|
|
0.0 %
|
|
62.0 %
|
|
-0.4 %
|
pts.
|
|
$ 163.70
|
|
0.7 %
|
Residence
Inn
|
|
$ 143.38
|
|
-0.3 %
|
|
72.7 %
|
|
-2.0 %
|
pts.
|
|
$ 197.17
|
|
2.5 %
|
Composite US & Canada
Select4
|
|
$
116.51
|
|
0.4 %
|
|
65.9 %
|
|
-0.9 %
|
pts.
|
|
$
176.93
|
|
1.7 %
|
US & Canada -
All5
|
|
$
170.75
|
|
2.6 %
|
|
66.0 %
|
|
0.3 %
|
pts.
|
|
$
258.76
|
|
2.1 %
|
Comparable Systemwide US & Canada
Properties
|
|
|
Three Months Ended March 31, 2024 and March 31,
2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily Rate
|
Brand
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
JW Marriott
|
|
$ 248.38
|
|
2.7 %
|
|
71.2 %
|
|
-0.1 %
|
pts.
|
|
$ 349.05
|
|
2.9 %
|
The
Ritz-Carlton
|
|
$ 342.68
|
|
1.2 %
|
|
64.7 %
|
|
0.1 %
|
pts.
|
|
$ 529.45
|
|
1.1 %
|
W Hotels
|
|
$ 188.44
|
|
-1.0 %
|
|
58.6 %
|
|
1.1 %
|
pts.
|
|
$ 321.71
|
|
-2.9 %
|
Composite US & Canada
Luxury1
|
|
$
288.81
|
|
1.0 %
|
|
67.6 %
|
|
0.4 %
|
pts.
|
|
$
427.14
|
|
0.4 %
|
Marriott
Hotels
|
|
$ 129.54
|
|
3.0 %
|
|
63.4 %
|
|
0.2 %
|
pts.
|
|
$ 204.20
|
|
2.6 %
|
Sheraton
|
|
$ 112.52
|
|
6.7 %
|
|
61.5 %
|
|
1.5 %
|
pts.
|
|
$ 183.10
|
|
4.0 %
|
Westin
|
|
$ 148.48
|
|
2.3 %
|
|
65.7 %
|
|
0.4 %
|
pts.
|
|
$ 225.89
|
|
1.6 %
|
Composite US & Canada
Premium2
|
|
$
132.20
|
|
3.1 %
|
|
63.5 %
|
|
0.6 %
|
pts.
|
|
$
208.05
|
|
2.2 %
|
US & Canada
Full-Service3
|
|
$
149.61
|
|
2.7 %
|
|
64.0 %
|
|
0.6 %
|
pts.
|
|
$
233.78
|
|
1.8 %
|
Courtyard
|
|
$
98.88
|
|
-0.3 %
|
|
63.8 %
|
|
-1.2 %
|
pts.
|
|
$ 155.11
|
|
1.5 %
|
Residence
Inn
|
|
$ 118.41
|
|
0.5 %
|
|
72.0 %
|
|
-1.0 %
|
pts.
|
|
$ 164.47
|
|
1.9 %
|
Fairfield by
Marriott
|
|
$
79.35
|
|
-0.8 %
|
|
62.8 %
|
|
-1.4 %
|
pts.
|
|
$ 126.44
|
|
1.4 %
|
Composite US & Canada
Select4
|
|
$
99.21
|
|
0.3 %
|
|
66.5 %
|
|
-0.8 %
|
pts.
|
|
$
149.15
|
|
1.6 %
|
US & Canada -
All5
|
|
$
119.61
|
|
1.5 %
|
|
65.5 %
|
|
-0.3 %
|
pts.
|
|
$
182.63
|
|
1.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
Includes JW Marriott, The Ritz-Carlton, W
Hotels, The Luxury Collection, St. Regis, and EDITION.
|
2
Includes Marriott Hotels, Sheraton,
Westin, Renaissance, Autograph Collection, Delta Hotels by
Marriott, and Gaylord Hotels.
|
Systemwide also
includes Le Méridien and Tribute Portfolio.
|
3
Includes Composite US & Canada Luxury
and Composite US & Canada Premium.
|
4
Includes Courtyard, Residence Inn,
Fairfield by Marriott, SpringHill Suites, TownePlace Suites, Four
Points, Aloft, Element,
|
and AC Hotels by
Marriott. Systemwide also includes Moxy.
|
5
Includes US & Canada Full-Service and
Composite US & Canada Select.
|
MARRIOTT INTERNATIONAL, INC.
|
KEY LODGING STATISTICS
|
In Constant $
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable Company-Operated International
Properties
|
|
|
Three Months Ended March 31, 2024 and March 31,
2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily Rate
|
Region
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
Europe
|
|
$ 147.12
|
|
5.5 %
|
|
61.6 %
|
|
1.2 %
|
pts.
|
|
$ 238.86
|
|
3.4 %
|
Middle East &
Africa
|
|
$ 146.26
|
|
12.2 %
|
|
70.3 %
|
|
3.4 %
|
pts.
|
|
$ 207.97
|
|
6.9 %
|
Greater
China
|
|
$
82.48
|
|
6.0 %
|
|
65.2 %
|
|
2.3 %
|
pts.
|
|
$ 126.42
|
|
2.3 %
|
Asia Pacific excluding
China
|
|
$ 123.78
|
|
16.1 %
|
|
72.0 %
|
|
5.5 %
|
pts.
|
|
$ 171.86
|
|
7.2 %
|
Caribbean & Latin
America
|
|
$ 221.29
|
|
9.6 %
|
|
68.0 %
|
|
2.0 %
|
pts.
|
|
$ 325.25
|
|
6.4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International - All1
|
|
$
122.00
|
|
10.4 %
|
|
67.8 %
|
|
3.2 %
|
pts.
|
|
$
179.99
|
|
5.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$
142.87
|
|
6.3 %
|
|
67.0 %
|
|
2.0 %
|
pts.
|
|
$
213.20
|
|
3.2 %
|
Comparable Systemwide International
Properties
|
|
|
Three Months Ended March 31, 2024 and March 31,
2023
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily Rate
|
Region
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
|
2024
|
|
vs. 2023
|
Europe
|
|
$ 105.64
|
|
7.6 %
|
|
59.0 %
|
|
3.5 %
|
pts.
|
|
$ 179.02
|
|
1.2 %
|
Middle East &
Africa
|
|
$ 134.09
|
|
13.3 %
|
|
68.5 %
|
|
2.7 %
|
pts.
|
|
$ 195.75
|
|
8.8 %
|
Greater
China
|
|
$
76.87
|
|
6.0 %
|
|
64.4 %
|
|
2.3 %
|
pts.
|
|
$ 119.33
|
|
2.2 %
|
Asia Pacific excluding
China
|
|
$ 123.02
|
|
16.5 %
|
|
71.3 %
|
|
5.1 %
|
pts.
|
|
$ 172.51
|
|
8.2 %
|
Caribbean & Latin
America
|
|
$ 185.36
|
|
11.6 %
|
|
69.7 %
|
|
3.7 %
|
pts.
|
|
$ 265.96
|
|
5.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International - All1
|
|
$
114.88
|
|
11.1 %
|
|
65.9 %
|
|
3.4 %
|
pts.
|
|
$
174.24
|
|
5.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$
118.13
|
|
4.2 %
|
|
65.6 %
|
|
0.9 %
|
pts.
|
|
$
179.99
|
|
2.8 %
|
|
1
Includes Europe, Middle East &
Africa, Greater China, Asia Pacific excluding China, and Caribbean
& Latin America.
|
2
Includes US & Canada - All and
International - All.
|
MARRIOTT
INTERNATIONAL, INC.
NON-GAAP FINANCIAL
MEASURES
ADJUSTED
EBITDA
($ in
millions)
|
|
|
Fiscal Year 2024
|
|
First
Quarter
|
Net income, as
reported
|
$
564
|
Cost reimbursement
revenue
|
(4,433)
|
Reimbursed
expenses
|
4,501
|
Interest
expense
|
163
|
Interest expense from
unconsolidated joint ventures
|
2
|
Provision for income
taxes
|
163
|
Depreciation and
amortization
|
45
|
Contract investment
amortization
|
23
|
Depreciation and
amortization classified in reimbursed expenses
|
48
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
5
|
Stock-based
compensation
|
53
|
Merger-related charges
and other
|
8
|
Adjusted EBITDA **
|
$
1,142
|
|
|
Change from 2023 Adjusted EBITDA
**
|
4 %
|
|
Fiscal Year 2023
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
Net income, as
reported
|
$
757
|
|
$
726
|
|
$
752
|
|
$
848
|
|
$
3,083
|
Cost reimbursement
revenue
|
(4,147)
|
|
(4,457)
|
|
(4,391)
|
|
(4,418)
|
|
(17,413)
|
Reimbursed
expenses
|
4,136
|
|
4,366
|
|
4,238
|
|
4,684
|
|
17,424
|
Interest
expense
|
126
|
|
140
|
|
146
|
|
153
|
|
565
|
Interest expense from
unconsolidated joint ventures
|
1
|
|
1
|
|
3
|
|
1
|
|
6
|
Provision (benefit) for
income taxes
|
87
|
|
238
|
|
237
|
|
(267)
|
|
295
|
Depreciation and
amortization
|
44
|
|
48
|
|
46
|
|
51
|
|
189
|
Contract investment
amortization
|
21
|
|
22
|
|
23
|
|
22
|
|
88
|
Depreciation and
amortization classified in reimbursed expenses
|
31
|
|
38
|
|
39
|
|
51
|
|
159
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
4
|
|
3
|
|
6
|
|
6
|
|
19
|
Stock-based
compensation
|
37
|
|
56
|
|
54
|
|
58
|
|
205
|
Merger-related charges
and other
|
1
|
|
38
|
|
13
|
|
8
|
|
60
|
Gain on asset
dispositions
|
—
|
|
—
|
|
(24)
|
|
—
|
|
(24)
|
Adjusted EBITDA **
|
$
1,098
|
|
$
1,219
|
|
$
1,142
|
|
$
1,197
|
|
$
4,656
|
|
**
Denotes non-GAAP financial measures. Please see pages A-11 and A-12
for information about our reasons for providing these alternative
financial measures and the limitations on their use.
|
MARRIOTT INTERNATIONAL, INC.
|
NON-GAAP FINANCIAL MEASURES
|
ADJUSTED EBITDA FORECAST
|
SECOND QUARTER 2024
|
($ in
millions)
|
|
|
|
|
|
|
|
Range
|
|
|
|
Estimated
Second Quarter
2024
|
|
Second Quarter
2023
|
Net income excluding
certain items 1
|
$
698
|
|
$
713
|
|
|
Interest
expense
|
175
|
|
175
|
|
|
Interest expense from
unconsolidated joint ventures
|
2
|
|
2
|
|
|
Provision for income
taxes
|
245
|
|
250
|
|
|
Depreciation and
amortization
|
45
|
|
45
|
|
|
Contract investment
amortization
|
25
|
|
25
|
|
|
Depreciation and
amortization classified in reimbursed expenses
|
44
|
|
44
|
|
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
4
|
|
4
|
|
|
Stock-based
compensation
|
57
|
|
57
|
|
|
Adjusted EBITDA **
|
$
1,295
|
|
$
1,315
|
|
$
1,219
|
|
|
|
|
|
|
Increase over 2023 Adjusted EBITDA
**
|
6 %
|
|
8 %
|
|
|
|
** Denotes non-GAAP
financial measures. See pages A-11 and A-12 for information about
our reasons for providing these alternative financial measures and
the limitations on their use.
|
|
|
1
|
Guidance excludes cost
reimbursement revenue, reimbursed expenses, and merger-related
charges and other expenses, each of which the company cannot
forecast with sufficient accuracy and without unreasonable efforts,
and which may be significant, except for depreciation and
amortization classified in reimbursed expenses, which is included
in the caption "Depreciation and amortization classified in
reimbursed expenses" above. Guidance does not reflect any asset
sales that may occur during the year, which the company cannot
forecast with sufficient accuracy and without unreasonable efforts,
and which may be significant.
|
MARRIOTT INTERNATIONAL, INC.
|
NON-GAAP FINANCIAL MEASURES
|
ADJUSTED EBITDA FORECAST
|
FULL YEAR 2024
|
($ in
millions)
|
|
|
|
|
|
|
|
Range
|
|
|
|
Estimated
Full Year 2024
|
|
Full Year 2023
|
Net income excluding
certain items 1
|
$ 2,662
|
|
$ 2,759
|
|
|
Interest
expense
|
690
|
|
690
|
|
|
Interest expense from
unconsolidated joint ventures
|
7
|
|
7
|
|
|
Provision for income
taxes
|
897
|
|
930
|
|
|
Depreciation and
amortization
|
180
|
|
180
|
|
|
Contract investment
amortization
|
100
|
|
100
|
|
|
Depreciation and
amortization classified in reimbursed expenses
|
186
|
|
186
|
|
|
Depreciation,
amortization, and impairments from unconsolidated joint
ventures
|
17
|
|
17
|
|
|
Stock-based
compensation
|
221
|
|
221
|
|
|
Adjusted EBITDA **
|
$
4,960
|
|
$
5,090
|
|
$
4,656
|
|
|
|
|
|
|
Increase over 2023 Adjusted EBITDA
**
|
7 %
|
|
9 %
|
|
|
|
** Denotes non-GAAP
financial measures. See pages A-11 and A-12 for information about
our reasons for providing these alternative financial measures and
the limitations on their use.
|
|
|
1
|
Guidance excludes cost
reimbursement revenue, reimbursed expenses, and merger-related
charges and other expenses, each of which the company cannot
forecast with sufficient accuracy and without unreasonable efforts,
and which may be significant, except for depreciation and
amortization classified in reimbursed expenses, which is included
in the caption "Depreciation and amortization classified in
reimbursed expenses" above. Guidance does not reflect any asset
sales that may occur during the year, which the company cannot
forecast with sufficient accuracy and without unreasonable efforts,
and which may be significant.
|
MARRIOTT INTERNATIONAL,
INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE
MEASURES
In our press release and schedules, on the related conference
call, and in the infographic made available in connection with our
press release, we report certain financial measures that are not
required by, or presented in accordance with, United States generally accepted accounting
principles ("GAAP"). These non-GAAP financial
measures are labeled as "adjusted" and/or identified with the
symbol "**". We discuss the manner in which the non-GAAP measures
reported in this press release, schedules, and infographic are
determined and management's reasons for reporting these non-GAAP
measures below, and the press release schedules reconcile each to
the most directly comparable GAAP measures (with respect to the
forward-looking non-GAAP measures, to the extent available without
unreasonable efforts). Although management evaluates and presents
these non-GAAP measures for the reasons described below, please be
aware that these non-GAAP measures have limitations and should not
be considered in isolation or as a substitute for revenue,
operating income, net income, earnings per share, or any other
comparable operating measure prescribed by GAAP. In addition, we
may calculate and/or present these non-GAAP financial measures
differently than measures with the same or similar names that other
companies report, and as a result, the non-GAAP measures we report
may not be comparable to those reported by others.
Adjusted Operating Income and Adjusted Operating Income
Margin. Adjusted operating income and Adjusted operating
income margin exclude cost reimbursement revenue, reimbursed
expenses, merger-related charges and other expenses, and certain
non-cash impairment charges (when applicable). Adjusted operating
income margin reflects Adjusted operating income divided by
Adjusted total revenues. We believe that these are meaningful
metrics because they allow for period-over-period comparisons of
our ongoing operations before these items and for the reasons
further described below.
Adjusted Net Income and Adjusted Diluted Earnings Per
Share. Adjusted net income and Adjusted diluted earnings per
share reflect our net income and diluted earnings per share
excluding the impact of cost reimbursement revenue, reimbursed
expenses, merger-related charges and other expenses, certain
non-cash impairment charges (when applicable), and gains and losses
on asset dispositions made by us or by our joint venture investees
(when applicable). Additionally, Adjusted net income and Adjusted
diluted earnings per share exclude the income tax effect of the
above adjustments (calculated using an estimated tax rate
applicable to each adjustment) and income tax special items, which
in 2023 primarily related to the resolution of tax audits. We
believe that these measures are meaningful indicators of our
performance because they allow for period-over-period comparisons
of our ongoing operations before these items and for the reasons
further described below.
Adjusted Earnings Before Interest Expense, Taxes,
Depreciation and Amortization ("Adjusted EBITDA"). Adjusted
EBITDA reflects net income excluding the impact of the following
items: cost reimbursement revenue and reimbursed expenses, interest
expense, depreciation and amortization, provision (benefit) for
income taxes, merger-related charges and other expenses, and
stock-based compensation expense for all periods presented. When
applicable, Adjusted EBITDA also excludes certain non-cash
impairment charges and gains and losses on asset dispositions made
by us or by our joint venture investees.
In our presentations of Adjusted operating income and Adjusted
operating income margin, Adjusted net income and Adjusted diluted
earnings per share, and Adjusted EBITDA, we exclude merger-related
charges and other expenses as well as non-cash impairment charges
(if above a specified threshold) related to our management and
franchise contracts (if the impairment is non-routine), leases,
equity investments, and other capitalized assets, which we record
in the "Contract investment amortization," "Depreciation,
amortization, and other," and "Equity in earnings" captions of our
Condensed Consolidated Statements of Income (our "Income
Statements"), to allow for period-over period comparisons of our
ongoing operations before the impact of these items. We exclude
cost reimbursement revenue and reimbursed expenses, which relate to
property-level and centralized programs and services that we
operate for the benefit of our property owners. We do not operate
these programs and services to generate a profit over the long
term, and accordingly, when we recover the costs that we incur for
these programs and services from our property owners, we do not
seek a mark-up. For property-level services, our owners typically
reimburse us at the same time that we incur expenses. However, for
centralized programs and services, our owners may reimburse us
before or after we incur expenses, causing timing differences
between the costs we incur and the related reimbursement from
property owners in our operating and net income. Over the long
term, these programs and services are not designed to impact our
economics, either positively or negatively. Because we do not
retain any such profits or losses over time, we exclude the net
impact when evaluating period-over-period changes in our operating
results.
We believe that Adjusted EBITDA is a meaningful indicator of our
operating performance because it permits period-over-period
comparisons of our ongoing operations before these items. Our use
of Adjusted EBITDA also facilitates comparison with results from
other lodging companies because it excludes certain items that can
vary widely across different industries or among companies within
the same industry. For example, interest expense can be dependent
on a company's capital structure, debt levels, and credit ratings.
Accordingly, the impact of interest expense on earnings can vary
significantly among companies. The tax positions of companies can
also vary because of their differing abilities to take advantage of
tax benefits and because of the tax policies of the jurisdictions
in which they operate. As a result, effective tax rates and
provisions for income taxes can vary considerably among companies.
Our Adjusted EBITDA also excludes depreciation and amortization
expense, which we report under "Depreciation, amortization, and
other" as well as depreciation and amortization classified in
"Contract investment amortization," "Reimbursed expenses," and
"Equity in earnings" of our Income Statements, because companies
utilize productive assets of different ages and use different
methods of both acquiring and depreciating productive assets.
Depreciation and amortization classified in "Reimbursed expenses"
reflects depreciation and amortization of Marriott-owned assets,
for which we receive cash from owners to reimburse the company for
its investments made for the benefit of the system. These
differences can result in considerable variability in the relative
costs of productive assets and the depreciation and amortization
expense among companies. We exclude stock-based compensation
expense in all periods presented to address the considerable
variability among companies in recording compensation expense
because companies use stock-based payment awards differently, both
in the type and quantity of awards granted.
RevPAR. In addition to the foregoing non-GAAP financial
measures, we present Revenue per Available Room ("RevPAR") as a
performance measure. We believe RevPAR is a meaningful indicator of
our performance because it measures the period-over-period change
in room revenues for comparable properties. RevPAR relates to
property level revenue and may not be comparable to similarly
titled measures, such as revenues, and should not be viewed as
necessarily correlating with our fee revenue. We calculate RevPAR
by dividing room sales (recorded in local currency) for comparable
properties by room nights available for the period. We present
growth in comparative RevPAR on a constant dollar basis, which we
calculate by applying exchange rates for the current period to each
period presented. We believe constant dollar analysis provides
valuable information regarding our properties' performance as it
removes currency fluctuations from the presentation of such
results.
We define our comparable properties as our properties that were
open and operating under one of our hotel brands since the
beginning of the last full calendar year (since January 1, 2023 for the current period) and have
not, in either the current or previous year: (1) undergone
significant room or public space renovations or expansions, (2)
been converted between company-operated and franchised, or (3)
sustained substantial property damage or business interruption. Our
comparable properties also exclude MGM Collection with Marriott
Bonvoy, Design Hotels, The Ritz-Carlton Yacht Collection, and
timeshare properties.
Non-RevPAR Related Franchise Fees. In this press release,
we also discuss non-RevPAR related franchise fees, which include
co-branded credit card, timeshare and yacht fees, residential
branding fees, franchise application and relicensing fees, and
certain other non-hotel licensing fees.
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SOURCE Marriott International, Inc.