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WKN: 913070 | ISIN: US5719032022 | Ticker-Symbol: MAQ
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01.03.24
21:11 Uhr
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Marriott International, Inc.: Marriott International Reports Strong Fourth Quarter And Full Year 2023 Results

  • Fourth quarter 2023 comparable systemwide constant dollar RevPAR increased 7.2 percent worldwide, 3.3 percent in the U.S. & Canada, and 17.4 percent in international markets, compared to the 2022 fourth quarter;
  • Fourth quarter reported diluted EPS totaled $2.87, compared to reported diluted EPS of $2.12 in the year-ago quarter. Fourth quarter adjusted diluted EPS totaled $3.57, compared to fourth quarter 2022 adjusted diluted EPS of $1.96;
  • Fourth quarter reported net income totaled $848 million, compared to reported net income of $673 million in the year-ago quarter. Fourth quarter adjusted net income totaled $1,055 million, compared to fourth quarter 2022 adjusted net income of $622 million;
  • Adjusted EBITDA totaled $1,197 million in the 2023 fourth quarter, compared to fourth quarter 2022 adjusted EBITDA of $1,090 million;
  • The company added nearly 81,300 rooms globally during 2023, including approximately 17,500 rooms associated with the City Express transaction and more than 43,000 other rooms in international markets. Net rooms grew 4.7 percent from year-end 2022;
  • At the end of the year, Marriott's worldwide development pipeline totaled nearly 3,400 properties and roughly 573,000 rooms, including over 21,000 pipeline rooms approved, but not yet subject to signed contracts. More than 232,000 rooms in the pipeline were under construction as of the end of 2023;
  • For full year 2023, Marriott repurchased 21.5 million shares of common stock for $3.9 billion, including 4.7 million shares for $965 million in the fourth quarter. The company returned over $4.5 billion to shareholders through dividends and share repurchases in 2023.

BETHESDA, Md., Feb. 13, 2024 /PRNewswire/ -- Marriott International, Inc. (Nasdaq: MAR) today reported fourth quarter and full year 2023 results.

Anthony Capuano, President and Chief Executive Officer, said, "Our team delivered excellent results in 2023, as demand for our industry leading portfolio of properties and offerings around the world continued to grow. Full year global RevPAR1 rose 15 percent, net rooms grew 4.7 percent, and our fee-driven, asset-light business model generated record levels of cash.

"In the fourth quarter, worldwide RevPAR rose 7 percent. International RevPAR grew 17 percent, with particular strength in Asia Pacific and Europe.

"In the U.S. & Canada, fourth quarter RevPAR rose over 3 percent. Group revenue at our hotels increased 7 percent compared to the 2022 fourth quarter, driven by solid rate increases. While already significantly above 2019 levels, hotel leisure revenue rose again, up 2 percent. Business transient revenue at our hotels grew 3 percent from the year-ago quarter, with demand from large corporate customers continuing to make gains.

"Our development team had a stellar 2023, signing a record 164,000 organic rooms globally, including 37,000 rooms from our deal with MGM Resorts International, and our development pipeline reached a new high of roughly 573,000 rooms at year end. During the year, we added nearly 81,300 rooms to our distribution, with one in four organic rooms from conversions.

"The power of our unparalleled Marriott Bonvoy loyalty program continues to increase, with 196 million members at year end. We've continued to leverage our global portfolio and have expanded our co-brand credit card offerings, with 31 cards now across 11 countries. In 2023, global card spend increased a remarkable 11 percent over the prior year.

"In 2024, we expect another year of solid growth and significant shareholder returns. With normalizing RevPAR growth around the world, we anticipate a worldwide full year RevPAR increase of 3 to 5 percent and net rooms growth of 5.5 to 6 percent. We expect this should yield adjusted EBITDA of approximately $4.9 billion to $5.0 billion for the year and enable us to return $4.1 billion to $4.3 billion to shareholders after factoring in $500 million to purchase the Sheraton Grand Chicago."

Fourth Quarter 2023 Results
Base management and franchise fees totaled $1,026 million in the 2023 fourth quarter, a 9 percent increase compared to base management and franchise fees of $945 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth. Non-RevPAR-related franchise fees in the 2023 fourth quarter totaled $220 million, compared to $215 million in the year-ago quarter. The increase was largely driven by higher co-brand credit card fees.

Incentive management fees totaled $218 million in the 2023 fourth quarter, a 17 percent increase compared to $186 million in the 2022 fourth quarter. Managed hotels in international markets contributed two-thirds of the incentive fees earned in the quarter.

Owned, leased, and other revenue, net of direct expenses, totaled $151 million in the 2023 fourth quarter, compared to $101 million in the year-ago quarter. Results in the 2023 quarter included a $63 million ($47 million after-tax and $0.16 per share) termination fee related to a development project.

General, administrative, and other expenses for the 2023 fourth quarter totaled $330 million, compared to $236 million in the year-ago quarter. The year-over-year change reflects a $27 million ($20 million after-tax and $0.07 per share) litigation reserve related to an international hotel, as well as higher performance-related compensation expenses, professional fees, and bad debt reserves.

Interest expense, net, totaled $144 million in the 2023 fourth quarter, compared to $107 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.

In the 2023 fourth quarter, the provision for income taxes totaled a $267 million benefit, compared to a $218 million expense in the 2022 fourth quarter. The favorable year-over-year change is primarily due to international intellectual property restructuring transactions completed in the quarter resulting in $228 million ($0.77 per share) of benefits and a $223 million ($0.75 per share) favorable impact from the release of a tax valuation allowance.

Marriott's reported operating income totaled $718 million in the 2023 fourth quarter, compared to 2022 fourth quarter reported operating income of $996 million. Reported net income totaled $848 million in the 2023 fourth quarter, a 26 percent increase compared to 2022 fourth quarter reported net income of $673 million. Reported diluted earnings per share (EPS) totaled $2.87 in the quarter, compared to reported diluted EPS of $2.12 in the year-ago quarter.

Adjusted operating income in the 2023 fourth quarter totaled $992 million, compared to 2022 fourth quarter adjusted operating income of $926 million. Fourth quarter 2023 adjusted net income totaled $1,055 million, compared to 2022 fourth quarter adjusted net income of $622 million. Adjusted diluted EPS in the 2023 fourth quarter totaled $3.57, compared to adjusted diluted EPS of $1.96 in the year-ago quarter.

Adjusted results excluded cost reimbursement revenue, reimbursed expenses and merger-related charges and other expenses. See pages A-3 and A-11 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 $1,197 million in the 2023 fourth quarter, a 10 percent increase compared to fourth quarter 2022 adjusted EBITDA of $1,090 million. See page A-11 for the adjusted EBITDA calculation.

Selected Performance Information
Marriott added 558 properties (81,281 rooms) to its worldwide portfolio during 2023, including approximately 17,500 rooms associated with the City Express transaction and more than 43,000 other rooms in international markets. Sixty-three properties (9,430 rooms) exited the system during the year. At the end of the year, Marriott's global system totaled nearly 8,800 properties, with more than 1,597,000 rooms.

At the end of the year, the company's worldwide development pipeline totaled 3,379 properties with roughly 573,000 rooms, including 126 properties with over 21,000 rooms approved for development, but not yet subject to signed contracts. The year-end pipeline included 1,066 properties with more than 232,000 rooms under construction, or 41 percent, including approximately 37,000 rooms from the MGM deal.

In the 2023 fourth quarter, worldwide RevPAR increased 7.2 percent (a 7.6 percent increase using actual dollars) compared to the 2022 fourth quarter. RevPAR in the U.S. & Canada increased 3.3 percent (a 3.3 percent increase using actual dollars), and RevPAR in international markets increased 17.4 percent (an 18.7 percent increase using actual dollars).

Balance Sheet & Common Stock
At year-end 2023, Marriott's total debt was $11.9 billion and cash and equivalents totaled $0.3 billion, compared to $10.1 billion in debt and $0.5 billion of cash and equivalents at year-end 2022.

The company repurchased 4.7 million shares of common stock in the 2023 fourth quarter for $965 million. For full year 2023, Marriott repurchased 21.5 million shares for $3.9 billion. Year to date through February 9, the company has repurchased 1.3 million shares for $300 million.

Company Outlook


First Quarter 2024

vs First 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)

First Quarter 2024

Full Year 2024

Gross fee revenues

$1,190 to $1,205

$5,120 to $5,220

Owned, leased, and other revenue, net of direct expenses

$65 to $70

$320 to $330

General, administrative, and other expenses

$245 to $235

$1,035 to $1,015

Adjusted EBITDA1,2

$1,120 to $1,150

$4,880 to $5,010

Adjusted EPS - diluted2,3

$2.12 to $2.19

$9.18 to $9.52

Investment spending4


$1,000 to $1,200

Capital return to shareholders5


$4,100 to $4,300


1See pages A-12 and A-13 for the adjusted EBITDA calculations.

2Adjusted EBITDA and Adjusted EPS - diluted for first 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.

3Assumes the level of capital return to shareholders noted above.

4Includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.

5Factors 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 Tuesday, February 13, 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 February 13, 2025.

The telephone dial-in number for the conference call is US Toll Free: 800-245-3047, or Global: +1 203-518-9765. The conference ID is MAR4Q23. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, February 13, 2024, until 8:00 p.m. ET, Tuesday, February 20, 2024. To access the replay, call US Toll Free: 800-934-2730 or Global: +1 402-220-1141.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of February 13, 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; travel and lodging demand trends and expectations; our development pipeline and growth expectations; 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 8,800 properties across more than 30 leading brands in 139 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.

IRPR#1

Tables follow

1 All occupancy, Average Daily Rate (ADR), RevPAR and hotel revenue statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR, RevPAR and hotel revenue comparisons between 2023 and 2022 reflect properties that are comparable in both years.

MARRIOTT INTERNATIONAL, INC.

PRESS RELEASE SCHEDULES

TABLE OF CONTENTS

QUARTER 4, 2023







Consolidated Statements of Income - As Reported


A-1




Non-GAAP Financial Measures


A-3




Total Lodging Products by Ownership Type


A-4




Total Lodging Products by Tier


A-6




Key Lodging Statistics


A-7




Adjusted EBITDA


A-11




Adjusted EBITDA Forecast - First Quarter 2024


A-12




Adjusted EBITDA Forecast - Full Year 2024


A-13




Explanation of Non-GAAP Financial and Performance Measures


A-14

MARRIOTT INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED

FOURTH QUARTER 2023 AND 2022

(in millions except per share amounts, unaudited)

















As Reported


As Reported


Percent



Three Months Ended


Three Months Ended


Better/(Worse)



December 31, 2023


December 31, 2022


Reported 2023 vs. 2022

REVENUES







Base management fees


$ 321


$ 287


12

Franchise fees 1


705


658


7

Incentive management fees


218


186


17

Gross Fee Revenues


1,244


1,131


10

Contract investment amortization 2


(22)


(24)


8

Net Fee Revenues


1,222


1,107


10

Owned, leased, and other revenue 3


455


396


15

Cost reimbursement revenue 4


4,418


4,420


-

Total Revenues


6,095


5,923


3








OPERATING COSTS AND EXPENSES







Owned, leased, and other - direct 5


304


295


(3)

Depreciation, amortization, and other 6


51


46


(11)

General, administrative, and other 7


330


236


(40)

Merger-related charges and other


8


1


(700)

Reimbursed expenses 4


4,684


4,349


(8)

Total Expenses


5,377


4,927


(9)








OPERATING INCOME


718


996


(28)








Gains and other income, net 8


7


2


250

Interest expense


(153)


(115)


(33)

Interest income


9


8


13

Equity in earnings 9


-


-


-








INCOME BEFORE INCOME TAXES


581


891


(35)








Benefit (provision) for income taxes


267


(218)


222








NET INCOME


$ 848


$ 673


26








EARNINGS PER SHARE







Earnings per share - basic


$ 2.88


$ 2.13


35

Earnings per share - diluted


$ 2.87


$ 2.12


35








Basic Shares


294.3


316.5



Diluted Shares


295.6


317.9





1

Franchise fees include fees from our franchise 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 contracts with our owner and franchisee customers, and any related


impairments, accelerations, or write-offs.

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.

CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED

FULL YEAR 2023 AND 2022

(in millions except per share amounts, unaudited)

















As Reported


As Reported


Percent



Twelve Months Ended


Twelve Months Ended


Better/(Worse)



December 31, 2023


December 31, 2022


Reported 2023 vs. 2022

REVENUES







Base management fees


$ 1,238


$ 1,044


19

Franchise fees 1


2,831


2,505


13

Incentive management fees


755


529


43

Gross Fee Revenues


4,824


4,078


18

Contract investment amortization 2


(88)


(89)


1

Net Fee Revenues


4,736


3,989


19

Owned, leased, and other revenue 3


1,564


1,367


14

Cost reimbursement revenue 4


17,413


15,417


13

Total Revenues


23,713


20,773


14








OPERATING COSTS AND EXPENSES







Owned, leased, and other - direct 5


1,165


1,074


(8)

Depreciation, amortization, and other 6


189


193


2

General, administrative, and other 7


1,011


891


(13)

Merger-related charges and other


60


12


(400)

Reimbursed expenses 4


17,424


15,141


(15)

Total Expenses


19,849


17,311


(15)








OPERATING INCOME


3,864


3,462


12








Gains and other income, net 8


40


11


264

Interest expense


(565)


(403)


(40)

Interest income


30


26


15

Equity in earnings 9


9


18


(50)








INCOME BEFORE INCOME TAXES


3,378


3,114


8








Provision for income taxes


(295)


(756)


61








NET INCOME


$ 3,083


$ 2,358


31








EARNINGS PER SHARE







Earnings per share - basic


$ 10.23


$ 7.27


41

Earnings per share - diluted


$ 10.18


$ 7.24


41








Basic Shares


301.5


324.4



Diluted Shares


302.9


325.8





1

Franchise fees include fees from our franchise 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 contracts with our owner and franchisee customers, and any related


impairments, accelerations, or write-offs.

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


Twelve Months Ended






Percent






Percent


December 31,


December 31,


Better/


December 31,


December 31,


Better/


2023


2022


(Worse)


2023


2022


(Worse)

Total revenues, as reported

$ 6,095


$ 5,923




$ 23,713


$ 20,773



Less: Cost reimbursement revenue

(4,418)


(4,420)




(17,413)


(15,417)



Add: Impairments 1

-


-




-


5



Adjusted total revenues **

1,677


1,503




6,300


5,361















Operating income, as reported

718


996




3,864


3,462



Less: Cost reimbursement revenue

(4,418)


(4,420)




(17,413)


(15,417)



Add: Reimbursed expenses

4,684


4,349




17,424


15,141



Add: Merger-related charges and other

8


1




60


12



Add: Impairments 1

-


-




-


5



Adjusted operating income **

992


926


7 %


3,935


3,203


23 %













Operating income margin

12 %


17 %




16 %


17 %



Adjusted operating income margin **

59 %


62 %




62 %


60 %















Net income, as reported

848


673




3,083


2,358



Less: Cost reimbursement revenue

(4,418)


(4,420)




(17,413)


(15,417)



Add: Reimbursed expenses

4,684


4,349




17,424


15,141



Add: Merger-related charges and other

8


1




60


12



Add: Impairments 2

-


-




-


11



Less: Gains on investees' property sales 3

-


-




-


(23)



Less: Gain on asset dispositions 4

-


-




(24)


(2)



Income tax effect of above adjustments

(67)


19




(3)


69



Less: Income tax special items

-


-




(100)


30



Adjusted net income **

$ 1,055


$ 622


70 %


$ 3,027


$ 2,179


39 %













Diluted earnings per share, as reported

$ 2.87


$ 2.12




$ 10.18


$ 7.24



Adjusted diluted earnings per share**

$ 3.57


$ 1.96


82 %


$ 9.99


$ 6.69


49 %



**

Denotes non-GAAP financial measures. Please see pages A-14 and A-15 for information about our reasons for providing these alternative financial measures and the limitations


on their use.



1

Twelve months ended December 31, 2022 includes impairment charges reported in Contract investment amortization of $5 million.



2

Twelve months ended December 31, 2022 includes impairment charges reported in Contract investment amortization of $5 million and Equity in earnings of $6 million.



3

Gains on investees' property sales reported in Equity in earnings.



4

Gain on asset dispositions reported in Gains and other income, net.

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE

As of December 31, 2023









US & Canada

Total International

Total Worldwide


Properties

Rooms

Properties

Rooms

Properties

Rooms

Managed

624

215,246

1,422

360,717

2,046

575,963

Marriott Hotels

102

56,993

181

57,199

283

114,192

Sheraton

26

20,869

185

62,777

211

83,646

Courtyard

158

25,723

124

27,046

282

52,769

Westin

41

22,669

79

24,032

120

46,701

JW Marriott

23

13,189

73

25,940

96

39,129

The Ritz-Carlton

41

12,358

75

17,842

116

30,200

Renaissance

22

9,438

55

17,041

77

26,479

Four Points

1

134

86

24,130

87

24,264

Le Méridien

1

100

72

19,800

73

19,900

W Hotels

23

6,516

43

11,938

66

18,454

Residence Inn

73

11,857

9

1,116

82

12,973

St. Regis

11

2,169

46

10,053

57

12,222

Delta Hotels by Marriott

25

6,770

27

5,052

52

11,822

Fairfield by Marriott

6

1,431

78

9,858

84

11,289

Aloft

2

505

44

9,747

46

10,252

Gaylord Hotels

6

10,220

-

-

6

10,220

The Luxury Collection

6

2,296

40

7,819

46

10,115

AC Hotels by Marriott

8

1,512

68

8,465

76

9,977

Autograph Collection

9

2,862

24

3,728

33

6,590

Marriott Executive Apartments

-

-

36

5,171

36

5,171

SpringHill Suites

25

4,241

-

-

25

4,241

EDITION

5

1,379

14

2,779

19

4,158

Element

3

810

14

2,803

17

3,613

Protea Hotels

-

-

24

2,897

24

2,897

Moxy

1

380

8

1,551

9

1,931

Tribute Portfolio

-

-

10

1,283

10

1,283

TownePlace Suites

6

825

-

-

6

825

Bulgari

-

-

7

650

7

650

Franchised

5,259

752,630

1,210

218,830

6,469

971,460

Courtyard

901

120,381

118

21,929

1,019

142,310

Fairfield by Marriott

1,147

108,014

59

10,079

1,206

118,093

Residence Inn

787

93,862

32

4,279

819

98,141

Marriott Hotels

233

74,555

64

18,378

297

92,933

Sheraton

142

44,054

79

22,664

221

66,718

SpringHill Suites

522

60,533

-

-

522

60,533

Autograph Collection

144

28,459

122

25,474

266

53,933

TownePlace Suites

497

50,238

-

-

497

50,238

Westin

92

31,078

30

9,305

122

40,383

Four Points

153

22,831

69

11,877

222

34,708

Aloft

160

22,952

26

4,966

186

27,918

AC Hotels by Marriott

109

17,874

51

9,127

160

27,001

Renaissance

66

18,603

30

7,671

96

26,274

Moxy

34

6,192

95

17,921

129

24,113

Delta Hotels by Marriott

67

14,960

16

3,732

83

18,692

City Express by Marriott

-

-

150

17,431

150

17,431

Tribute Portfolio

66

10,725

40

4,870

106

15,595

The Luxury Collection

11

3,112

53

9,818

64

12,930

Le Méridien

24

5,389

22

5,740

46

11,129

Element

80

10,712

2

269

82

10,981

JW Marriott

12

6,072

12

2,733

24

8,805

Design Hotels

11

1,605

100

7,097

111

8,702

Protea Hotels

-

-

34

2,802

34

2,802

The Ritz-Carlton

1

429

-

-

1

429

W Hotels

-

-

1

246

1

246

Bulgari

-

-

2

161

2

161

Marriott Executive Apartments

-

-

2

154

2

154

Apartments by Marriott Bonvoy

-

-

1

107

1

107

MARRIOTT INTERNATIONAL, INC.

TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE

As of December 31, 2023









US & Canada

Total International

Total Worldwide


Properties

Rooms

Properties

Rooms

Properties

Rooms

Owned/Leased

13

4,339

37

8,776

50

13,115

Marriott Hotels

2

1,308

5

1,631

7

2,939

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

Residences

69

7,416

57

6,532

126

13,948

The Ritz-Carlton Residences

41

4,575

18

1,644

59

6,219

St. Regis Residences

10

1,198

13

1,777

23

2,975

W Residences

10

1,092

7

547

17

1,639

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

Timeshare*

72

18,839

21

3,906

93

22,745

Yacht*

-

-

1

149

1

149

Grand Total

6,037

998,470

2,748

598,910

8,785

1,597,380








*Timeshare and Yacht counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other."

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.

TOTAL LODGING PRODUCTS BY TIER

As of December 31, 2023









US & Canada

Total International

Total Worldwide

Total Systemwide

Properties

Rooms

Properties

Rooms

Properties

Rooms

Luxury

200

55,337

422

96,897

622

152,234

JW Marriott

35

19,261

86

29,169

121

48,430

JW Marriott Residences

-

-

1

62

1

62

The Ritz-Carlton

42

12,787

77

18,392

119

31,179

The Ritz-Carlton Residences

41

4,575

18

1,644

59

6,219

The Luxury Collection

17

5,408

96

18,020

113

23,428

The Luxury Collection Residences

1

91

3

115

4

206

W Hotels

25

7,295

46

12,849

71

20,144

W Residences

10

1,092

7

547

17

1,639

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

1,084

362,108

1,203

307,719

2,287

669,827

Marriott Hotels

337

132,856

250

77,208

587

210,064

Marriott Hotels Residences

-

-

4

981

4

981

Sheraton

168

64,923

268

87,271

436

152,194

Sheraton Residences

-

-

3

472

3

472

Westin

134

54,820

109

33,337

243

88,157

Westin Residences

3

266

2

353

5

619

Autograph Collection

153

31,321

151

29,563

304

60,884

Renaissance

88

28,041

87

25,217

175

53,258

Renaissance Residences

1

112

-

-

1

112

Le Méridien

25

5,489

94

25,540

119

31,029

Le Méridien Residences

-

-

1

62

1

62

Delta Hotels by Marriott

92

21,730

43

8,784

135

30,514

Tribute Portfolio

66

10,725

52

6,402

118

17,127

Gaylord Hotels

6

10,220

-

-

6

10,220

Design Hotels

11

1,605

100

7,097

111

8,702

Marriott Executive Apartments

-

-

38

5,325

38

5,325

Apartments by Marriott Bonvoy

-

-

1

107

1

107

Select

4,681

562,186

951

172,808

5,632

734,994

Courtyard

1,066

147,091

246

49,869

1,312

196,960

Fairfield by Marriott

1,153

109,445

137

19,937

1,290

129,382

Residence Inn

861

105,911

42

5,535

903

111,446

SpringHill Suites

547

64,774

-

-

547

64,774

Four Points

154

22,965

155

36,007

309

58,972

TownePlace Suites

503

51,063

-

-

503

51,063

Aloft

162

23,457

70

14,713

232

38,170

AC Hotels by Marriott

117

19,386

119

17,592

236

36,978

Moxy

35

6,572

103

19,472

138

26,044

Element

83

11,522

16

3,072

99

14,594

Protea Hotels

-

-

63

6,611

63

6,611

Midscale

-

-

150

17,431

150

17,431

City Express by Marriott

-

-

150

17,431

150

17,431

Timeshare*

72

18,839

21

3,906

93

22,745

Yacht*

-

-

1

149

1

149

Grand Total

6,037

998,470

2,748

598,910

8,785

1,597,380








*Timeshare and Yacht counts are included in this table by geographical location. For external reporting purposes, these offerings are captured within "Unallocated corporate and other."

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 December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Brand


2023

vs. 2022


2023

vs. 2022


2023

vs. 2022

JW Marriott


$216.01

4.3 %


67.2 %

0.5 %

pts.


$321.37

3.6 %

The Ritz-Carlton


$320.06

-1.1 %


64.0 %

0.4 %

pts.


$499.85

-1.7 %

W Hotels


$214.88

5.1 %


64.9 %

3.5 %

pts.


$331.27

-0.6 %

Composite US & Canada Luxury1


$282.21

2.0 %


66.4 %

0.9 %

pts.


$425.24

0.6 %

Marriott Hotels


$160.56

6.7 %


65.9 %

1.3 %

pts.


$243.70

4.7 %

Sheraton


$142.88

3.6 %


63.2 %

-0.2 %

pts.


$225.99

4.0 %

Westin


$165.74

4.3 %


65.9 %

0.2 %

pts.


$251.54

4.0 %

Composite US & Canada Premium2


$157.36

4.7 %


65.7 %

0.5 %

pts.


$239.69

3.9 %

US & Canada Full-Service3


$183.74

3.8 %


65.8 %

0.6 %

pts.


$279.23

2.9 %

Courtyard


$102.41

3.0 %


62.9 %

0.1 %

pts.


$162.88

2.8 %

Residence Inn


$137.50

1.9 %


72.6 %

-1.4 %

pts.


$189.41

3.9 %

Composite US & Canada Select4


$115.39

2.7 %


66.3 %

-0.6 %

pts.


$174.00

3.6 %

US & Canada - All5


$167.34

3.6 %


65.9 %

0.3 %

pts.


$253.83

3.1 %























Comparable Systemwide US & Canada Properties














Three Months Ended December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Brand


2023

vs. 2022


2023

vs. 2022


2023

vs. 2022

JW Marriott


$209.27

3.4 %


68.1 %

0.6 %

pts.


$307.46

2.5 %

The Ritz-Carlton


$317.65

-1.1 %


64.2 %

0.4 %

pts.


$494.90

-1.7 %

W Hotels


$214.88

5.1 %


64.9 %

3.5 %

pts.


$331.27

-0.6 %

Composite US & Canada Luxury1


$264.35

1.7 %


66.9 %

0.9 %

pts.


$395.05

0.3 %

Marriott Hotels


$130.26

6.4 %


63.3 %

1.3 %

pts.


$205.71

4.3 %

Sheraton


$111.56

4.4 %


61.2 %

0.4 %

pts.


$182.40

3.7 %

Westin


$150.71

4.2 %


66.2 %

1.2 %

pts.


$227.72

2.3 %

Composite US & Canada Premium2


$135.49

4.7 %


64.1 %

0.9 %

pts.


$211.50

3.3 %

US & Canada Full-Service3


$149.93

4.1 %


64.4 %

0.9 %

pts.


$232.88

2.7 %

Courtyard


$102.04

2.3 %


64.7 %

-0.3 %

pts.


$157.81

2.7 %

Residence Inn


$119.27

3.0 %


72.2 %

-0.3 %

pts.


$165.14

3.4 %

Fairfield by Marriott


$83.72

1.4 %


64.8 %

-0.9 %

pts.


$129.24

2.7 %

Composite US & Canada Select4


$101.83

2.5 %


67.2 %

-0.3 %

pts.


$151.55

3.0 %

US & Canada - All5


$121.68

3.3 %


66.0 %

0.2 %

pts.


$184.28

3.1 %


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 US & Canada Properties














Twelve Months Ended December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Brand


2023

vs. 2022


2023

vs. 2022



2023

vs. 2022

JW Marriott


$224.01

10.9 %


69.7 %

4.8 %

pts.


$321.24

3.2 %

The Ritz-Carlton


$323.71

0.2 %


65.3 %

1.3 %

pts.


$496.09

-1.7 %

W Hotels


$214.97

8.5 %


66.3 %

5.2 %

pts.


$324.33

0.0 %

Composite US & Canada Luxury1


$282.35

5.3 %


67.9 %

3.3 %

pts.


$416.06

0.2 %

Marriott Hotels


$166.07

14.3 %


69.5 %

4.6 %

pts.


$239.09

6.6 %

Sheraton


$149.43

14.2 %


67.1 %

5.1 %

pts.


$222.64

5.5 %

Westin


$170.97

10.3 %


69.0 %

3.2 %

pts.


$247.68

5.1 %

Composite US & Canada Premium2


$162.08

13.3 %


69.0 %

4.7 %

pts.


$235.05

5.5 %

US & Canada Full-Service3


$187.49

10.6 %


68.7 %

4.4 %

pts.


$272.81

3.5 %

Courtyard


$109.37

9.5 %


66.3 %

2.0 %

pts.


$164.96

6.1 %

Residence Inn


$147.26

6.1 %


76.3 %

0.2 %

pts.


$193.02

5.8 %

Composite US & Canada Select4


$122.12

8.3 %


69.6 %

1.5 %

pts.


$175.50

5.9 %

US & Canada - All5


$171.81

10.2 %


68.9 %

3.7 %

pts.


$249.25

4.3 %























Comparable Systemwide US & Canada Properties














Twelve Months Ended December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Brand


2023

vs. 2022


2023

vs. 2022



2023

vs. 2022

JW Marriott


$217.17

8.7 %


70.7 %

4.3 %

pts.


$307.33

2.2 %

The Ritz-Carlton


$321.09

0.5 %


65.5 %

1.5 %

pts.


$490.30

-1.7 %

W Hotels


$214.97

8.5 %


66.3 %

5.2 %

pts.


$324.33

0.0 %

Composite US & Canada Luxury1


$265.70

5.2 %


68.6 %

3.3 %

pts.


$387.44

0.1 %

Marriott Hotels


$138.12

13.0 %


67.1 %

4.5 %

pts.


$205.75

5.5 %

Sheraton


$118.69

13.0 %


64.9 %

4.5 %

pts.


$182.92

5.2 %

Westin


$156.38

11.0 %


69.3 %

4.3 %

pts.


$225.78

4.1 %

Composite US & Canada Premium2


$141.33

11.7 %


67.4 %

4.4 %

pts.


$209.70

4.4 %

US & Canada Full-Service3


$155.27

10.4 %


67.5 %

4.3 %

pts.


$229.92

3.4 %

Courtyard


$109.90

8.0 %


68.9 %

2.0 %

pts.


$159.44

4.8 %

Residence Inn


$127.73

6.7 %


76.2 %

0.6 %

pts.


$167.69

5.9 %

Fairfield by Marriott


$91.40

6.4 %


69.3 %

1.3 %

pts.


$131.95

4.4 %

Composite US & Canada Select4


$109.27

7.5 %


71.3 %

1.6 %

pts.


$153.17

5.1 %

US & Canada - All5


$128.25

8.9 %


69.8 %

2.7 %

pts.


$183.83

4.7 %


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 December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Region


2023

vs. 2022


2023

vs. 2022


2023

vs. 2022

Greater China


$85.33

87.4 %


68.9 %

23.6 %

pts.


$123.90

23.2 %

Asia Pacific excluding China


$124.20

10.8 %


72.3 %

3.2 %

pts.


$171.84

6.0 %

Caribbean & Latin America


$177.82

4.3 %


65.9 %

2.9 %

pts.


$269.64

-0.2 %

Europe


$170.44

9.3 %


70.8 %

3.1 %

pts.


$240.85

4.4 %

Middle East & Africa


$159.41

2.6 %


71.8 %

1.0 %

pts.


$222.06

1.2 %












International - All1


$125.46

20.1 %


70.3 %

10.3 %

pts.


$178.37

2.5 %












Worldwide2


$143.46

11.2 %


68.4 %

6.0 %

pts.


$209.60

1.4 %























Comparable Systemwide International Properties














Three Months Ended December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Region


2023

vs. 2022


2023

vs. 2022


2023

vs. 2022

Greater China


$80.49

80.9 %


68.0 %

22.3 %

pts.


$118.36

21.4 %

Asia Pacific excluding China


$125.45

13.3 %


72.3 %

3.1 %

pts.


$173.52

8.5 %

Caribbean & Latin America


$145.16

3.1 %


65.7 %

1.3 %

pts.


$221.11

1.1 %

Europe


$133.94

9.5 %


68.4 %

3.3 %

pts.


$195.71

4.1 %

Middle East & Africa


$147.10

4.0 %


70.3 %

0.6 %

pts.


$209.15

3.1 %












International - All1


$119.68

17.4 %


69.2 %

8.1 %

pts.


$173.08

3.6 %












Worldwide2


$121.06

7.2 %


67.0 %

2.6 %

pts.


$180.69

3.0 %


1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa.

2 Includes US & Canada - All and International - All.

MARRIOTT INTERNATIONAL, INC.

KEY LODGING STATISTICS

In Constant $












Comparable Company-Operated International Properties














Twelve Months Ended December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Region


2023

vs. 2022


2023

vs. 2022


2023

vs. 2022

Greater China


$88.18

80.3 %


68.9 %

22.4 %

pts.


$128.03

21.7 %

Asia Pacific excluding China


$117.33

41.9 %


69.5 %

11.5 %

pts.


$168.86

18.4 %

Caribbean & Latin America


$168.44

13.8 %


64.0 %

4.4 %

pts.


$263.19

6.0 %

Europe


$183.67

21.2 %


70.7 %

7.7 %

pts.


$259.65

8.0 %

Middle East & Africa


$128.99

12.5 %


67.6 %

3.2 %

pts.


$190.71

7.2 %












International - All1


$120.78

35.6 %


68.8 %

13.1 %

pts.


$175.62

9.7 %












Worldwide2


$142.69

21.2 %


68.8 %

9.1 %

pts.


$207.27

5.1 %























Comparable Systemwide International Properties














Twelve Months Ended December 31, 2023 and December 31, 2022



REVPAR


Occupancy


Average Daily Rate

Region


2023

vs. 2022


2023

vs. 2022


2023

vs. 2022

Greater China


$82.77

78.6 %


67.9 %

22.2 %

pts.


$121.91

20.2 %

Asia Pacific excluding China


$117.89

43.2 %


69.4 %

10.9 %

pts.


$169.93

20.7 %

Caribbean & Latin America


$142.85

13.9 %


64.7 %

4.2 %

pts.


$220.73

6.5 %

Europe


$142.88

21.8 %


68.7 %

8.3 %

pts.


$207.86

7.2 %

Middle East & Africa


$120.67

14.7 %


66.6 %

2.9 %

pts.


$181.18

9.7 %












International - All1


$116.81

32.6 %


67.9 %

11.7 %

pts.


$172.05

9.7 %












Worldwide2


$124.70

14.9 %


69.2 %

5.5 %

pts.


$180.24

5.8 %


1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa.

2 Includes US & Canada - All and International - All.

MARRIOTT INTERNATIONAL, INC.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

(in millions)












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











Change from 2022 Adjusted EBITDA **

45 %


20 %


16 %


10 %


21 %












Fiscal Year 2022


First
Quarter


Second
Quarter


Third
Quarter


Fourth
Quarter


Total

Net income, as reported

$ 377


$ 678


$ 630


$ 673


$ 2,358

Cost reimbursement revenue

(3,146)


(3,920)


(3,931)


(4,420)


(15,417)

Reimbursed expenses

3,179


3,827


3,786


4,349


15,141

Interest expense

93


95


100


115


403

Interest expense from unconsolidated joint ventures

1


2


2


1


6

Provision for income taxes

99


200


239


218


756

Depreciation and amortization

48


49


50


46


193

Contract investment amortization

24


19


22


24


89

Depreciation and amortization classified in reimbursed expenses

26


29


32


31


118

Depreciation, amortization, and impairments from unconsolidated joint ventures

13


3


7


4


27

Stock-based compensation

44


52


48


48


192

Merger-related charges and other

9


-


2


1


12

Gains on investees' property sales

(8)


(13)


(2)


-


(23)

Gain on asset dispositions

-


(2)


-


-


(2)

Adjusted EBITDA **

$ 759


$1,019


$ 985


$1,090


$ 3,853


** Denotes non-GAAP financial measures. Please see pages A-14 and A-15 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

FIRST QUARTER 2024

($ in millions)














Range




Estimated
First Quarter 2024



First Quarter 2023 **

Net income excluding certain items 1

$ 616


$ 638



Interest expense

160


160



Interest expense from unconsolidated joint ventures

2


2



Provision for income taxes

177


185



Depreciation and amortization

45


45



Contract investment amortization

20


20



Depreciation and amortization classified in reimbursed expenses

43


43



Depreciation, amortization, and impairments from unconsolidated joint ventures

4


4



Stock-based compensation

53


53



Adjusted EBITDA **

$ 1,120


$ 1,150


$ 1,098







Increase over 2023 Adjusted EBITDA **

2 %


5 %






** Denotes non-GAAP financial measures. See pages A-14 and A-15 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

$ 2,621


$ 2,718



Interest expense

680


680



Interest expense from unconsolidated joint ventures

7


7



Provision for income taxes

875


908



Depreciation and amortization

180


180



Contract investment amortization

100


100



Depreciation and amortization classified in reimbursed expenses

180


180



Depreciation, amortization, and impairments from unconsolidated joint ventures

17


17



Stock-based compensation

220


220



Adjusted EBITDA **

$ 4,880


$ 5,010


$ 4,656







Increase over 2023 Adjusted EBITDA **

5 %


8 %






** Denotes non-GAAP financial measures. See pages A-14 and A-15 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, and on the related conference call, 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 and schedules 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. 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, 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 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 related to equity investments 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 a one-time cost in the 2022 first quarter related to certain property-level adjustments related to compensation and transition costs associated with the Starwood merger, which we record in the "Merger-related charges and other" caption of our 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 also exclude 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 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.

MARRIOTT INTERNATIONAL, INC.
EXPLANATION OF NON-GAAP FINANCIAL AND PERFORMANCE MEASURES

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.

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 licensing fees.

SOURCE Marriott International, Inc.

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