BETHESDA, Md., Nov. 6, 2020 /PRNewswire/ --
- Third quarter 2020 comparable systemwide constant dollar
RevPAR declined 65.9 percent worldwide, 65.4 percent
in North America and 67.4 percent
outside North America, compared to
the 2019 third quarter;
- Third quarter reported diluted EPS totaled $0.31, compared to reported diluted EPS of
$1.16 in the year-ago quarter. Third
quarter adjusted diluted EPS totaled $0.06, compared to third quarter 2019
adjusted diluted EPS of $1.47. Third quarter 2020 impairment charges
related to COVID-19 impacted reported and adjusted diluted EPS by
$0.07;
- Third quarter reported net income totaled $100 million, compared to reported net income of
$387 million in the year-ago quarter.
Third quarter adjusted net income totaled $20 million, compared to third quarter 2019
adjusted net income of $488 million.
Third quarter 2020 impairment charges related to COVID-19 impacted
reported and adjusted net income by $24
million after-tax;
- Adjusted EBITDA totaled $327
million in the 2020 third quarter, compared to third quarter
2019 adjusted EBITDA of $901
million;
- The company added more than 19,000 rooms globally during
the third quarter, including roughly 1,400 rooms converted from
competitor brands and approximately 7,600 rooms in international
markets. Net rooms grew 3.8 percent from the year-ago
quarter;
- At quarter-end, Marriott's worldwide development pipeline
totaled nearly 2,900 hotels and more than 496,000 rooms, including
roughly 25,000 rooms approved, but not yet subject to signed
contracts. Approximately 228,000 rooms in the pipeline were under
construction as of the end of the third quarter;
- As of the end of the third quarter, the company's net
liquidity totaled approximately $5.1
billion, representing roughly $1.5
billion in available cash balances, and $3.6 billion of unused borrowing capacity under
its revolving credit facility, less $30
million of commercial paper outstanding.
Marriott International, Inc. (NASDAQ: MAR) today reported third
quarter 2020 results, which were dramatically impacted by the
COVID-19 global pandemic and efforts to contain it (COVID-19).
Arne M. Sorenson, president and
chief executive officer of Marriott International, said, "While
COVID-19 is still significantly impacting our business, our results
for the third quarter showed continued improvement in demand trends
around the world. Worldwide RevPAR1 declined 66
percent in the quarter, a nearly 19-percentage point improvement
from the decline in the second quarter. Greater China continues to lead the recovery
and demonstrates the resiliency of travel demand, with third
quarter occupancy of 61 percent and RevPAR recovering to down 26
percent, a 35-percentage point improvement compared to the decline
in the second quarter. Third quarter occupancy at our hotels
in North America reached 37
percent, nearly double occupancy in the second quarter, primarily
driven by leisure, drive-to demand, with business and group
recovering more slowly. Globally, 94 percent of our hotels
are now open and welcoming guests.
"The Asia Pacific region led
deal signings in the third quarter, accounting for more than half
of all rooms signed globally, with the vast majority of those rooms
in Greater China. During the third quarter, we added more
than 19,000 rooms to our system, nearly 70 percent more than were
added in the second quarter, achieving 5 percent gross rooms growth
in the last 12 months. At quarter-end, approximately 228,000
rooms of our more than 496,000-room pipeline were under
construction. Progress on projects under construction largely
continues apace around the world, although we have designated a
slightly higher number of projects on hold given macroeconomic
uncertainty and discussions with our owners. For full year
2020, we now expect 2.5 to 3 percent net rooms growth, including
terminations of 1.5 to 2 percent. Assuming progress is made
in containing COVID-19, we would expect gross room additions in
2021 to accelerate compared to our expectations for 2020.
"Although the timing of a full recovery remains unpredictable,
we are pleased with the significant progress we have made in
restructuring and repositioning the company to successfully manage
through these challenging times. Financially, we have
strengthened our liquidity position, realigned our cost structure,
and minimized our cash burn. We have also remained keenly
focused on working with our hotel owners and franchisees to
significantly reduce hotel level costs and help preserve cash in
this extremely low revenue environment. Operationally, we
have elevated our health and cleanliness standards to establish
trust and credibility with travelers and to enhance the safety and
wellbeing of our associates and guests.
"We still have a long road ahead, but this crisis will come to
an end, and I believe travel will rebound quickly. I am
confident that the many steps we have taken this year, combined
with our unrivaled global portfolio, the strength of our
brands, and the power of Marriott Bonvoy position us very well now
and for the future."
Third Quarter 2020 Results
Marriott's reported
operating income totaled $252 million
in the 2020 third quarter, compared to 2019 third quarter reported
operating income of $607
million. Reported net income totaled $100 million in the 2020 third quarter, compared
to 2019 third quarter reported net income of $387 million. Reported diluted earnings per
share (EPS) totaled $0.31 in the
quarter, compared to reported diluted EPS of $1.16 in the year-ago quarter. Reported
results in the 2020 third quarter included impairment charges of
$32 million pretax ($24 million after-tax and $0.07 per share), related to COVID-19.
Adjusted operating income in the 2020 third quarter totaled
$147 million, compared to 2019 third
quarter adjusted operating income of $734
million. Adjusted operating income in the 2020 third
quarter included impairment charges of $32
million, related to COVID-19.
Third quarter 2020 adjusted net income totaled $20 million, compared to 2019 third quarter
adjusted net income of $488
million. Adjusted diluted EPS in the third quarter
totaled $0.06, compared to adjusted
diluted EPS of $1.47 in the year-ago
quarter. These 2020 third quarter adjusted results included
impairment charges of $24 million
after-tax ($0.07 per share), related
to COVID-19. Adjusted results exclude restructuring and
merger-related charges, cost reimbursement revenue, and reimbursed
expenses. See page A-3 for the calculation of adjusted
results.
Base management and franchise fees totaled $366 million in the 2020 third quarter, compared
to base management and franchise fees of $821 million in the year-ago quarter. The
year-over-year decline in these fees is primarily attributable to
RevPAR declines related to COVID-19 and a decrease in other
non-RevPAR related franchise fees. Other non-RevPAR related
franchise fees in the 2020 third quarter of $119 million were $26
million, or 18 percent, lower than the year-ago quarter,
largely due to lower credit card branding fees.
Incentive management fees totaled $31
million in the 2020 third quarter, compared to incentive
management fees of $134 million in
the year-ago quarter. The year-over-year decline in these
fees is primarily attributable to lower net house profits at many
hotels related to COVID-19. Roughly three-quarters of the
incentive management fees recognized in the quarter were earned at
hotels in the Asia Pacific
region.
Contract investment amortization for the 2020 third quarter
totaled $48 million, compared to
$16 million in the year-ago
quarter. The year-over-year change reflects impairments of
investments in management and franchise contracts related to
COVID-19.
Owned, leased, and other revenue, net of direct expenses,
totaled an $18 million loss in the
2020 third quarter, compared to $67
million of profit in the year-ago quarter as a result of
RevPAR declines related to COVID-19.
General, administrative, and other expenses for the 2020 third
quarter totaled $131 million,
compared to $220 million in the
year-ago quarter. Expenses in the 2020 third quarter reflect
the company's cost reduction efforts.
Restructuring and merger-related charges totaled $1 million in the third quarter compared to
$9 million in the third quarter of
2019. Charges in the third quarter of 2020 reflect
$40 million of costs related to the
company's organizational realignment, largely offset by a
$39 million reduction of the
non-tax-deductible accrual for the fine imposed by the U.K.
Information Commissioner's Office in relation to the data security
incident disclosed in November
2018.
Interest expense, net, totaled $107
million in the third quarter compared to $92 million in the year-ago quarter. The
increase is largely due to higher long-term debt balances and
higher interest expense associated with new debt issuances.
Adjusted earnings before interest, taxes, depreciation, and
amortization (EBITDA) totaled $327
million in the 2020 third quarter, compared to third quarter
2019 adjusted EBITDA of $901
million. See page A-11 for the adjusted EBITDA
calculation.
Selected Performance Information
The company added 127
new properties (19,064 rooms) to its worldwide lodging portfolio
during the 2020 third quarter, including roughly 1,400 rooms
converted from competitor brands and approximately 7,600 rooms in
international markets. Thirty-one properties (6,066 rooms)
exited the system during the quarter. At quarter-end,
Marriott's global lodging system totaled roughly 7,600 properties
and timeshare resorts, with nearly 1,414,000 rooms.
At quarter-end, the company's worldwide development pipeline
totaled 2,899 properties with more than 496,000 rooms, including
1,201 properties with approximately 228,000 rooms under
construction and 160 properties with roughly 25,000 rooms approved
for development, but not yet subject to signed contracts.
In the 2020 third quarter, worldwide RevPAR declined 65.9
percent (a 65.9 percent decline using actual dollars). North
American RevPAR declined 65.4 percent (a 65.4 percent decline using
actual dollars), and international RevPAR declined 67.4 percent (a
67.3 percent decline using actual dollars).
Balance Sheet and Liquidity
At quarter-end, Marriott's
net debt was $9.4 billion,
representing total debt of $11.0
billion less cash and cash equivalents of $1.6 billion. At year-end 2019, the
company's net debt was $10.7 billion,
representing total debt of $10.9
billion less cash and cash equivalents of $0.2 billion.
In the third quarter, the company issued $1.0 billion of Series GG Senior Notes due in
2032 with a 3.5 percent interest rate coupon.
The company's net liquidity was approximately $5.1 billion as of the end of the third quarter,
representing roughly $1.5 billion in
available cash balances, and $3.6
billion of unused borrowing capacity under its revolving
credit facility, less $30 million of
commercial paper outstanding.
The company halted share repurchases in February of this year
and suspended its quarterly dividend beginning in the second
quarter.
COVID-19
Due to the numerous uncertainties associated
with COVID-19, Marriott cannot presently estimate the financial
impact of this unprecedented situation, which is highly dependent
on the severity and duration of the pandemic and its impacts, but
expects that COVID-19 will continue to be material to the company's
results.
The company expects to provide additional information about the
current impact of COVID-19 on its business on its call later this
morning.
Marriott International, Inc. (NASDAQ: MAR) will conduct its
quarterly earnings review for the investment community and news
media on Friday, November 6, 2020 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 November 6, 2021.
The telephone dial-in number for the conference call is
706-679-3455 and the conference ID is 5783987. A telephone
replay of the conference call will be available from 2:00 p.m. ET, Friday,
November 6, 2020 until 8:00 p.m.
ET, Friday, November 13,
2020. To access the replay, call 404-537-3406. The
conference ID for the recording is 5783987.
Note on forward-looking statements: All statements
in this press release and the accompanying schedules are made as of
November 6, 2020. 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 the expected
effects on our business of the COVID-19 pandemic and efforts to
contain it (COVID-19); future performance of the company's hotels;
RevPAR, occupancy and demand estimates and trends; our development
pipeline, room additions, terminations and net rooms growth; our
liquidity 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 those we identify below and other risk factors
that we identify in our Securities and Exchange Commission filings,
including our most recent Quarterly Report on Form 10-Q. Risks that
could affect forward-looking statements in this press release
include the duration and scope of COVID-19, including the location
and extent of resurgences of the virus and the availability of
effective treatments or vaccines; its short and longer-term impact
on the demand for travel, transient and group business, and levels
of consumer confidence; actions governments, businesses and
individuals have taken or may take in response to the pandemic,
including limiting or banning travel and/or in-person gatherings or
imposing occupancy or other restrictions on lodging or other
facilities; the impact of the pandemic and actions taken in
response to the pandemic on global and regional economies, travel,
and economic activity, including the duration and magnitude of its
impact on unemployment rates and consumer discretionary spending;
the ability of our owners and franchisees to successfully navigate
the impacts of COVID-19; the pace of recovery when the pandemic
subsides or effective treatments or vaccines become available;
general economic uncertainty in key global markets and a worsening
of global economic conditions or low levels of economic growth; the
effects of steps we and our property owners and franchisees take to
reduce operating costs and/or enhance certain health and
cleanliness protocols at our hotels; the impacts of our employee
furloughs and reduced work week schedules implemented during
portions of 2020, our voluntary transition program and our other
restructuring activities; competitive conditions in the lodging
industry; relationships with clients and property owners; the
availability of capital to finance hotel growth and refurbishment;
the extent to which we experience adverse effects from data
security incidents; and changes in tax laws in countries in which
we earn significant income. 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 more than 7,500 properties under 30
leading brands spanning 132 countries and territories. Marriott
operates and franchises hotels and licenses vacation ownership
resorts all around the world. The company offers Marriott Bonvoyâ„¢,
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 Twitter and Instagram.
Marriott may post updates about COVID-19 and other matters on
its investor relations website at www.marriott.com/investor or
Marriott's news center website at www.marriottnewscenter.com.
Marriott encourages investors, the media, and others interested in
the company to review and subscribe to the information Marriott
posts on these websites, 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 and RevPAR statistics are comparable
systemwide constant dollar and include hotels that have been
temporarily closed due to COVID-19. Unless otherwise stated,
all changes refer to year-over-year changes for the comparable
period.
IRPR#1
Tables follow
MARRIOTT
INTERNATIONAL, INC.
|
PRESS RELEASE
SCHEDULES
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TABLE OF
CONTENTS
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QUARTER 3,
2020
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Consolidated
Statements of Income - As Reported
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A-1
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Non-GAAP Financial
Measures
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A-3
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Total Lodging
Products
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A-4
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Key Lodging
Statistics
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A-7
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Adjusted
EBITDA
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A-11
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Explanation of
Non-GAAP Financial and Performance Measures
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A-12
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MARRIOTT
INTERNATIONAL, INC.
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CONSOLIDATED
STATEMENTS OF INCOME - AS REPORTED
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THIRD QUARTER 2020
AND 2019
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(in millions except
per share amounts, unaudited)
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As
Reported
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As
Reported
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Percent
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Three Months
Ended
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Three Months
Ended
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|
Better/(Worse)
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September 30,
2020
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September 30,
2019
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|
Reported 2020 vs.
2019
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|
|
REVENUES
|
|
|
|
|
|
|
|
|
Base management
fees
|
|
$
87
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|
$
291
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|
(70)
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|
|
Franchise fees
1
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|
279
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|
530
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|
(47)
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|
Incentive management
fees
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31
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134
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|
(77)
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Gross Fee
Revenues
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397
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955
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(58)
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Contract investment
amortization 2
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(48)
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(16)
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(200)
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Net Fee
Revenues
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349
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939
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(63)
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Owned, leased, and
other revenue 3
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116
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393
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(70)
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Cost reimbursement
revenue 4
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1,789
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3,952
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(55)
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Total
Revenues
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2,254
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5,284
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|
(57)
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OPERATING COSTS
AND EXPENSES
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Owned, leased, and
other - direct 5
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134
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326
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59
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Depreciation,
amortization, and other 6
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53
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52
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(2)
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General,
administrative, and other 7
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131
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220
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40
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Restructuring and
merger-related charges
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1
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9
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89
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Reimbursed expenses
4
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1,683
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4,070
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59
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Total
Expenses
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2,002
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4,677
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57
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OPERATING
INCOME
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252
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607
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(58)
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Gains and other
income, net 8
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2
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10
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(80)
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Interest
expense
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(113)
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(100)
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(13)
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Interest
income
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6
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8
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(25)
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Equity in (losses)
earnings 9
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(20)
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2
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(1,100)
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INCOME BEFORE
INCOME TAXES
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127
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527
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(76)
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Provision for income
taxes
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(27)
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(140)
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81
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|
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NET
INCOME
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$
100
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$
387
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(74)
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EARNINGS PER
SHARE
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Earnings per
share - basic
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$
0.31
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$
1.17
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(74)
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Earnings per
share - diluted
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$
0.31
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$
1.16
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(73)
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Basic
Shares
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325.9
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329.9
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Diluted
Shares
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326.8
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332.5
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1
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Franchise fees
include fees from our franchise agreements, application and
relicensing fees, licensing fees from our timeshare, credit card
programs, and
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residential branding
fees.
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2
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Contract
investment amortization includes amortization of capitalized
costs to obtain contracts with our owner and franchisee customers,
and any related
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impairments,
accelerations, or write-offs.
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3
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Owned, leased, and
other revenue includes revenue from the properties we own or
lease, termination fees, and other revenue.
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4
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Cost reimbursement
revenue includes reimbursements from properties for
property-level and centralized programs and services that we
operate for the benefit of
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our hotel owners.
Reimbursed expenses include costs incurred by Marriott for
certain property-level operating expenses and centralized programs
and services.
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5
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Owned, leased, and
other - direct expenses include operating expenses related to
our owned or leased hotels, including lease payments and
pre-opening expenses.
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6
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Depreciation,
amortization, and other expenses include depreciation for fixed
assets, amortization of capitalized costs incurred to acquire
management, franchise,
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and license
agreements, and any related impairments, accelerations, or
write-offs.
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7
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General,
administrative, and other expenses include our corporate and
business segments overhead costs and general expenses.
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8
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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
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|
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other equity
investments.
|
|
|
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9
|
Equity in (loss)
earnings include our equity in earnings or losses of
unconsolidated equity method investments.
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|
|
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MARRIOTT
INTERNATIONAL, INC.
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME - AS REPORTED
|
|
|
THIRD QUARTER 2020
AND 2019
|
|
|
(in millions except
per share amounts, unaudited)
|
|
|
|
|
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|
|
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As
Reported
|
|
As
Reported
|
|
Percent
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
Better/(Worse)
|
|
|
|
|
September 30,
2020
|
|
September 30,
2019
|
|
Reported 2020 vs.
2019
|
|
|
REVENUES
|
|
|
|
|
|
|
|
|
Base management
fees
|
|
$
341
|
|
$
882
|
|
(61)
|
|
|
Franchise fees
1
|
|
876
|
|
1,505
|
|
(42)
|
|
|
Incentive management
fees
|
|
43
|
|
462
|
|
(91)
|
|
|
Gross Fee
Revenues
|
|
1,260
|
|
2,849
|
|
(56)
|
|
|
Contract investment
amortization 2
|
|
(94)
|
|
(45)
|
|
(109)
|
|
|
Net Fee
Revenues
|
|
1,166
|
|
2,804
|
|
(58)
|
|
|
Owned, leased, and
other revenue 3
|
|
445
|
|
1,186
|
|
(62)
|
|
|
Cost reimbursement
revenue 4
|
|
6,788
|
|
11,611
|
|
(42)
|
|
|
Total
Revenues
|
|
8,399
|
|
15,601
|
|
(46)
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING COSTS
AND EXPENSES
|
|
|
|
|
|
|
|
|
Owned, leased, and
other - direct 5
|
|
527
|
|
982
|
|
46
|
|
|
Depreciation,
amortization, and other 6
|
|
275
|
|
162
|
|
(70)
|
|
|
General,
administrative, and other 7
|
|
579
|
|
671
|
|
14
|
|
|
Restructuring and
merger-related charges
|
|
5
|
|
191
|
|
97
|
|
|
Reimbursed expenses
4
|
|
6,801
|
|
12,069
|
|
44
|
|
|
Total
Expenses
|
|
8,187
|
|
14,075
|
|
42
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
212
|
|
1,526
|
|
(86)
|
|
|
|
|
|
|
|
|
|
|
|
Gains and other
income, net 8
|
|
3
|
|
16
|
|
(81)
|
|
|
Interest
expense
|
|
(333)
|
|
(299)
|
|
(11)
|
|
|
Interest
income
|
|
20
|
|
20
|
|
-
|
|
|
Equity in (losses)
earnings 9
|
|
(54)
|
|
10
|
|
(640)
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) INCOME
BEFORE INCOME TAXES
|
|
(152)
|
|
1,273
|
|
(112)
|
|
|
|
|
|
|
|
|
|
|
|
Benefit (provision)
for income taxes
|
|
49
|
|
(279)
|
|
118
|
|
|
|
|
|
|
|
|
|
|
|
NET (LOSS)
INCOME
|
|
$
(103)
|
|
$
994
|
|
(110)
|
|
|
|
|
|
|
|
|
|
|
|
(LOSS) EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
(Loss)
Earnings per share - basic
|
|
$
(0.32)
|
|
$
2.97
|
|
(111)
|
|
|
(Loss)
Earnings per share - diluted
|
|
$
(0.32)
|
|
$
2.95
|
|
(111)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
Shares
|
|
325.7
|
|
334.4
|
|
|
|
|
Diluted Shares
10
|
|
325.7
|
|
337.2
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Franchise fees
include fees from our franchise agreements, application and
relicensing fees, licensing fees from our timeshare, credit card
programs, 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 (loss)
earnings include our equity in earnings or losses of
unconsolidated equity method investments.
|
|
|
|
10
|
Basic and fully
diluted weighted average shares outstanding used to calculate
(loss) earnings per share for the period in which we had a loss are
the same because
|
|
inclusion of
additional equivalents would be anti-dilutive.
|
|
|
|
|
|
|
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 (loss), and
Adjusted
|
|
|
diluted earnings
(loss) 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
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
Percent
|
|
|
|
|
|
Percent
|
|
|
|
September
30,
|
|
September
30,
|
|
Better/
|
|
September
30,
|
|
September
30,
|
|
Better/
|
|
|
|
2020
|
|
2019
|
|
(Worse)
|
|
2020
|
|
2019
|
|
(Worse)
|
|
|
Total revenues, as
reported
|
$
2,254
|
|
$
5,284
|
|
|
|
$
8,399
|
|
$
15,601
|
|
|
|
|
Less: Cost
reimbursement revenue
|
(1,789)
|
|
(3,952)
|
|
|
|
(6,788)
|
|
(11,611)
|
|
|
|
|
Adjusted total
revenues**
|
465
|
|
1,332
|
|
|
|
1,611
|
|
3,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income, as
reported
|
252
|
|
607
|
|
|
|
212
|
|
1,526
|
|
|
|
|
Less: Cost
reimbursement revenue
|
(1,789)
|
|
(3,952)
|
|
|
|
(6,788)
|
|
(11,611)
|
|
|
|
|
Add: Reimbursed
expenses
|
1,683
|
|
4,070
|
|
|
|
6,801
|
|
12,069
|
|
|
|
|
Add: Restructuring
and merger-related charges
|
1
|
|
9
|
|
|
|
5
|
|
191
|
|
|
|
|
Adjusted operating
income **
|
147
|
|
734
|
|
-80%
|
|
230
|
|
2,175
|
|
-89%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
margin
|
11%
|
|
11%
|
|
|
|
3%
|
|
10%
|
|
|
|
|
Adjusted operating
income margin **
|
32%
|
|
55%
|
|
|
|
14%
|
|
55%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss), as
reported
|
100
|
|
387
|
|
|
|
(103)
|
|
994
|
|
|
|
|
Less: Cost
reimbursement revenue
|
(1,789)
|
|
(3,952)
|
|
|
|
(6,788)
|
|
(11,611)
|
|
|
|
|
Add: Reimbursed
expenses
|
1,683
|
|
4,070
|
|
|
|
6,801
|
|
12,069
|
|
|
|
|
Add: Restructuring
and merger-related charges
|
1
|
|
9
|
|
|
|
5
|
|
191
|
|
|
|
|
Income tax effect of
above adjustments
|
25
|
|
(26)
|
|
|
|
(20)
|
|
(148)
|
|
|
|
|
Adjusted net
income (loss)**
|
$
20
|
|
$
488
|
|
-96%
|
|
$
(105)
|
|
$
1,495
|
|
-107%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share, as reported
|
$
0.31
|
|
$
1.16
|
|
|
|
$
(0.32)
|
|
$
2.95
|
|
|
|
|
Adjusted diluted
earnings (loss) per share**
|
$
0.06
|
|
$
1.47
|
|
-96%
|
|
$
(0.32)
|
|
$
4.43
|
|
-107%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Denotes non-GAAP
financial measures. Please see pages A-12 and A-13 for information
about our reasons for providing these alternative financial
measures and
|
|
the limitations on
their use.
|
|
|
|
|
|
|
|
|
|
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
TOTAL LODGING
PRODUCTS
|
As of September
30, 2020
|
|
|
|
|
|
|
|
|
North
America
|
Total
International
|
Total
Worldwide
|
|
Units
|
Rooms
|
Units
|
Rooms
|
Units
|
Rooms
|
Managed
|
752
|
237,107
|
1,255
|
324,089
|
2,007
|
561,196
|
Marriott
Hotels
|
115
|
62,210
|
176
|
51,626
|
291
|
113,836
|
Marriott Hotels
Serviced Apartments
|
-
|
-
|
1
|
154
|
1
|
154
|
Sheraton
|
28
|
23,609
|
191
|
64,360
|
219
|
87,969
|
Courtyard
|
232
|
36,900
|
105
|
22,878
|
337
|
59,778
|
Westin
|
41
|
22,349
|
71
|
21,720
|
112
|
44,069
|
JW
Marriott
|
20
|
12,192
|
61
|
22,692
|
81
|
34,884
|
Renaissance
|
25
|
11,051
|
58
|
18,109
|
83
|
29,160
|
The
Ritz-Carlton
|
38
|
11,404
|
62
|
16,008
|
100
|
27,412
|
The
Ritz-Carlton Serviced Apartments
|
-
|
-
|
5
|
713
|
5
|
713
|
Le
Méridien
|
2
|
160
|
74
|
20,856
|
76
|
21,016
|
Four
Points
|
1
|
134
|
76
|
20,041
|
77
|
20,175
|
Residence
Inn
|
107
|
16,199
|
6
|
701
|
113
|
16,900
|
W
Hotels
|
24
|
6,911
|
31
|
8,148
|
55
|
15,059
|
The Luxury
Collection
|
5
|
2,236
|
51
|
9,242
|
56
|
11,478
|
Gaylord
Hotels
|
6
|
9,918
|
-
|
-
|
6
|
9,918
|
St.
Regis
|
10
|
1,968
|
34
|
7,819
|
44
|
9,787
|
St. Regis
Serviced Apartments
|
-
|
-
|
1
|
70
|
1
|
70
|
Aloft
|
1
|
330
|
40
|
9,047
|
41
|
9,377
|
AC Hotels by
Marriott
|
5
|
901
|
68
|
8,323
|
73
|
9,224
|
Delta
Hotels
|
25
|
6,770
|
1
|
360
|
26
|
7,130
|
Fairfield by
Marriott
|
7
|
1,539
|
34
|
5,478
|
41
|
7,017
|
SpringHill
Suites
|
30
|
4,896
|
-
|
-
|
30
|
4,896
|
Marriott
Executive Apartments
|
-
|
-
|
33
|
4,814
|
33
|
4,814
|
Autograph
Collection
|
8
|
2,094
|
14
|
2,200
|
22
|
4,294
|
Protea
Hotels
|
-
|
-
|
33
|
4,043
|
33
|
4,043
|
EDITION
|
4
|
1,209
|
7
|
1,488
|
11
|
2,697
|
TownePlace
Suites
|
17
|
1,947
|
-
|
-
|
17
|
1,947
|
Element
|
1
|
180
|
7
|
1,421
|
8
|
1,601
|
Moxy
|
-
|
-
|
5
|
887
|
5
|
887
|
Tribute
Portfolio
|
-
|
-
|
5
|
453
|
5
|
453
|
Bulgari
|
-
|
-
|
5
|
438
|
5
|
438
|
Franchised
|
4,663
|
670,374
|
657
|
134,448
|
5,320
|
804,822
|
Courtyard
|
816
|
108,706
|
88
|
16,264
|
904
|
124,970
|
Fairfield by
Marriott
|
1,041
|
96,991
|
26
|
4,523
|
1,067
|
101,514
|
Residence
Inn
|
737
|
87,980
|
12
|
1,474
|
749
|
89,454
|
Marriott
Hotels
|
222
|
70,148
|
59
|
16,928
|
281
|
87,076
|
Sheraton
|
158
|
47,465
|
65
|
18,676
|
223
|
66,141
|
SpringHill
Suites
|
449
|
51,708
|
-
|
-
|
449
|
51,708
|
TownePlace
Suites
|
431
|
43,526
|
-
|
-
|
431
|
43,526
|
Westin
|
89
|
29,964
|
23
|
7,171
|
112
|
37,135
|
Autograph
Collection
|
111
|
22,074
|
62
|
12,258
|
173
|
34,332
|
Four
Points
|
159
|
24,027
|
55
|
8,722
|
214
|
32,749
|
Renaissance
|
62
|
17,823
|
28
|
7,691
|
90
|
25,514
|
Aloft
|
129
|
18,775
|
19
|
3,100
|
148
|
21,875
|
AC Hotels by
Marriott
|
66
|
11,102
|
35
|
6,269
|
101
|
17,371
|
Moxy
|
21
|
4,149
|
45
|
9,002
|
66
|
13,151
|
Delta
Hotels
|
48
|
10,612
|
7
|
1,706
|
55
|
12,318
|
The Luxury
Collection
|
11
|
2,794
|
47
|
8,702
|
58
|
11,496
|
Le
Méridien
|
19
|
4,320
|
16
|
4,225
|
35
|
8,545
|
JW
Marriott
|
13
|
5,947
|
6
|
1,624
|
19
|
7,571
|
Element
|
52
|
6,954
|
2
|
293
|
54
|
7,247
|
Tribute
Portfolio
|
23
|
4,027
|
17
|
1,947
|
40
|
5,974
|
Protea
Hotels
|
-
|
-
|
37
|
2,961
|
37
|
2,961
|
Design
Hotels
|
5
|
853
|
6
|
761
|
11
|
1,614
|
The
Ritz-Carlton
|
1
|
429
|
-
|
-
|
1
|
429
|
Bulgari
|
-
|
-
|
1
|
85
|
1
|
85
|
Marriott
Executive Apartments
|
-
|
-
|
1
|
66
|
1
|
66
|
MARRIOTT
INTERNATIONAL, INC.
|
TOTAL LODGING
PRODUCTS
|
As of September
30, 2020
|
|
|
|
|
|
|
|
|
North
America
|
Total
International
|
Total
Worldwide
|
|
Units
|
Rooms
|
Units
|
Rooms
|
Units
|
Rooms
|
Owned/Leased
|
26
|
6,483
|
40
|
9,161
|
66
|
15,644
|
Courtyard
|
19
|
2,814
|
4
|
894
|
23
|
3,708
|
Marriott
Hotels
|
2
|
1,308
|
5
|
1,631
|
7
|
2,939
|
Sheraton
|
-
|
-
|
4
|
1,830
|
4
|
1,830
|
W Hotels
|
2
|
779
|
2
|
665
|
4
|
1,444
|
Protea
Hotels
|
-
|
-
|
7
|
1,168
|
7
|
1,168
|
Westin
|
1
|
1,073
|
-
|
-
|
1
|
1,073
|
Renaissance
|
1
|
317
|
2
|
505
|
3
|
822
|
Autograph
Collection1
|
-
|
-
|
7
|
705
|
7
|
705
|
The
Ritz-Carlton
|
-
|
-
|
2
|
550
|
2
|
550
|
JW
Marriott
|
-
|
-
|
1
|
496
|
1
|
496
|
The Luxury
Collection2
|
-
|
-
|
4
|
417
|
4
|
417
|
Residence
Inn
|
1
|
192
|
1
|
140
|
2
|
332
|
St. Regis
|
-
|
-
|
1
|
160
|
1
|
160
|
Residences
|
60
|
6,318
|
35
|
2,919
|
95
|
9,237
|
The Ritz-Carlton
Residences
|
35
|
4,064
|
11
|
938
|
46
|
5,002
|
W
Residences
|
10
|
1,089
|
5
|
519
|
15
|
1,608
|
St. Regis
Residences
|
8
|
703
|
7
|
598
|
15
|
1,301
|
Bulgari
Residences
|
-
|
-
|
5
|
514
|
5
|
514
|
Westin
Residences
|
3
|
266
|
-
|
-
|
3
|
266
|
The Luxury Collection
Residences
|
2
|
151
|
3
|
115
|
5
|
266
|
Marriott Hotels
Residences
|
-
|
-
|
1
|
108
|
1
|
108
|
Autograph Collection
Residences
|
-
|
-
|
1
|
62
|
1
|
62
|
Sheraton
Residences
|
-
|
-
|
1
|
50
|
1
|
50
|
EDITION
Residences
|
2
|
45
|
-
|
-
|
2
|
45
|
Le Méridien
Residences
|
-
|
-
|
1
|
15
|
1
|
15
|
Timeshare*
|
72
|
18,905
|
19
|
3,850
|
91
|
22,755
|
Grand
Total
|
5,573
|
939,187
|
2,006
|
474,467
|
7,579
|
1,413,654
|
|
|
|
|
|
|
|
*Timeshare property
and room counts are included on this table in their geographical
locations. For external reporting purposes, these counts are
captured in the Corporate segment.
|
1Includes
five properties acquired when we purchased Elegant Hotels Group in
December 2019 which we currently intend to re-brand under the
Autograph Collection brand following the completion of planned
renovations.
|
2 Includes two properties acquired
when we purchased Elegant Hotels Group in December 2019 which we
currently intend to re-brand under The Luxury Collection brand
following the completion of planned renovations.
|
MARRIOTT
INTERNATIONAL, INC.
|
TOTAL LODGING
PRODUCTS
|
As of September
30, 2020
|
|
|
|
|
|
|
|
|
North
America
|
Total
International
|
Total
Worldwide
|
Total
Systemwide
|
Units
|
Rooms
|
Units
|
Rooms
|
Units
|
Rooms
|
Luxury
|
185
|
51,921
|
352
|
82,001
|
537
|
133,922
|
JW
Marriott
|
33
|
18,139
|
68
|
24,812
|
101
|
42,951
|
The
Ritz-Carlton
|
39
|
11,833
|
64
|
16,558
|
103
|
28,391
|
The Ritz-Carlton
Residences
|
35
|
4,064
|
11
|
938
|
46
|
5,002
|
The Ritz-Carlton
Serviced Apartments
|
-
|
-
|
5
|
713
|
5
|
713
|
The Luxury
Collection1
|
16
|
5,030
|
102
|
18,361
|
118
|
23,391
|
The Luxury Collection
Residences
|
2
|
151
|
3
|
115
|
5
|
266
|
W Hotels
|
26
|
7,690
|
33
|
8,813
|
59
|
16,503
|
W
Residences
|
10
|
1,089
|
5
|
519
|
15
|
1,608
|
St. Regis
|
10
|
1,968
|
35
|
7,979
|
45
|
9,947
|
St. Regis
Residences
|
8
|
703
|
7
|
598
|
15
|
1,301
|
St. Regis Serviced
Apartments
|
-
|
-
|
1
|
70
|
1
|
70
|
EDITION
|
4
|
1,209
|
7
|
1,488
|
11
|
2,697
|
EDITION
Residences
|
2
|
45
|
-
|
-
|
2
|
45
|
Bulgari
|
-
|
-
|
6
|
523
|
6
|
523
|
Bulgari
Residences
|
-
|
-
|
5
|
514
|
5
|
514
|
Full-Service
|
994
|
348,411
|
930
|
260,987
|
1,924
|
609,398
|
Marriott
Hotels
|
339
|
133,666
|
240
|
70,185
|
579
|
203,851
|
Marriott Hotels
Residences
|
-
|
-
|
1
|
108
|
1
|
108
|
Marriott Hotels
Serviced Apartments
|
-
|
-
|
1
|
154
|
1
|
154
|
Sheraton
|
186
|
71,074
|
260
|
84,866
|
446
|
155,940
|
Sheraton
Residences
|
-
|
-
|
1
|
50
|
1
|
50
|
Westin
|
131
|
53,386
|
94
|
28,891
|
225
|
82,277
|
Westin
Residences
|
3
|
266
|
-
|
-
|
3
|
266
|
Renaissance
|
88
|
29,191
|
88
|
26,305
|
176
|
55,496
|
Autograph
Collection2
|
119
|
24,168
|
83
|
15,163
|
202
|
39,331
|
Autograph Collection
Residences
|
-
|
-
|
1
|
62
|
1
|
62
|
Le
Méridien
|
21
|
4,480
|
90
|
25,081
|
111
|
29,561
|
Le Méridien
Residences
|
-
|
-
|
1
|
15
|
1
|
15
|
Delta
Hotels
|
73
|
17,382
|
8
|
2,066
|
81
|
19,448
|
Gaylord
Hotels
|
6
|
9,918
|
-
|
-
|
6
|
9,918
|
Tribute
Portfolio
|
23
|
4,027
|
22
|
2,400
|
45
|
6,427
|
Marriott Executive
Apartments
|
-
|
-
|
34
|
4,880
|
34
|
4,880
|
Design
Hotels
|
5
|
853
|
6
|
761
|
11
|
1,614
|
Limited-Service
|
4,322
|
519,950
|
705
|
127,629
|
5,027
|
647,579
|
Courtyard
|
1,067
|
148,420
|
197
|
40,036
|
1,264
|
188,456
|
Fairfield by
Marriott
|
1,048
|
98,530
|
60
|
10,001
|
1,108
|
108,531
|
Residence
Inn
|
845
|
104,371
|
19
|
2,315
|
864
|
106,686
|
SpringHill
Suites
|
479
|
56,604
|
-
|
-
|
479
|
56,604
|
Four
Points
|
160
|
24,161
|
131
|
28,763
|
291
|
52,924
|
TownePlace
Suites
|
448
|
45,473
|
-
|
-
|
448
|
45,473
|
Aloft
|
130
|
19,105
|
59
|
12,147
|
189
|
31,252
|
AC Hotels by
Marriott
|
71
|
12,003
|
103
|
14,592
|
174
|
26,595
|
Moxy
|
21
|
4,149
|
50
|
9,889
|
71
|
14,038
|
Element
|
53
|
7,134
|
9
|
1,714
|
62
|
8,848
|
Protea
Hotels
|
-
|
-
|
77
|
8,172
|
77
|
8,172
|
Timeshare*
|
72
|
18,905
|
19
|
3,850
|
91
|
22,755
|
Grand
Total
|
5,573
|
939,187
|
2,006
|
474,467
|
7,579
|
1,413,654
|
|
|
|
|
|
|
|
*Timeshare property
and room counts are included on this table in their geographical
locations. For external reporting purposes, these counts are
captured in the Corporate segment.
|
1 Includes two properties acquired
when we purchased Elegant Hotels Group in December 2019 which we
currently intend to re-brand under The Luxury Collection brand
following the completion of planned renovations.
|
2Includes
five properties acquired when we purchased Elegant Hotels Group in
December 2019 which we currently intend to re-brand under the
Autograph Collection brand following the completion of planned
renovations.
|
MARRIOTT
INTERNATIONAL, INC.
|
KEY LODGING
STATISTICS
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated North American Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Brand
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
JW
Marriott
|
|
$49.27
|
-75.0%
|
|
20.6%
|
-59.1%
|
pts.
|
|
$239.49
|
-3.3%
|
The
Ritz-Carlton
|
|
$101.50
|
-63.0%
|
|
27.2%
|
-44.4%
|
pts.
|
|
$373.43
|
-2.6%
|
W Hotels
|
|
$39.79
|
-81.5%
|
|
20.1%
|
-60.1%
|
pts.
|
|
$198.47
|
-26.0%
|
Composite North
American Luxury1
|
|
$68.69
|
-72.0%
|
|
22.4%
|
-54.4%
|
pts.
|
|
$306.91
|
-3.9%
|
Marriott
Hotels
|
|
$22.30
|
-85.4%
|
|
16.7%
|
-62.1%
|
pts.
|
|
$133.66
|
-31.0%
|
Sheraton
|
|
$18.36
|
-88.9%
|
|
13.8%
|
-68.2%
|
pts.
|
|
$132.85
|
-34.3%
|
Westin
|
|
$29.51
|
-83.2%
|
|
19.6%
|
-61.0%
|
pts.
|
|
$150.59
|
-30.9%
|
Composite North
American Premium2
|
|
$23.57
|
-84.9%
|
|
16.6%
|
-62.6%
|
pts.
|
|
$141.69
|
-27.9%
|
North American
Full-Service3
|
|
$32.60
|
-81.2%
|
|
17.8%
|
-61.0%
|
pts.
|
|
$183.28
|
-16.9%
|
Courtyard
|
|
$27.30
|
-73.8%
|
|
28.0%
|
-46.2%
|
pts.
|
|
$97.48
|
-30.6%
|
Residence
Inn
|
|
$61.60
|
-53.8%
|
|
48.6%
|
-33.5%
|
pts.
|
|
$126.85
|
-21.9%
|
Composite North
American Limited-Service4
|
$36.23
|
-67.7%
|
|
33.4%
|
-43.5%
|
pts.
|
|
$108.45
|
-25.5%
|
North American -
All5
|
|
$33.78
|
-78.0%
|
|
22.9%
|
-55.3%
|
pts.
|
|
$147.65
|
-24.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide North American Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Brand
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
JW
Marriott
|
|
$48.78
|
-74.6%
|
|
22.3%
|
-56.9%
|
pts.
|
|
$219.09
|
-9.8%
|
The
Ritz-Carlton
|
|
$98.97
|
-64.2%
|
|
26.8%
|
-45.7%
|
pts.
|
|
$369.90
|
-3.1%
|
W Hotels
|
|
$39.79
|
-81.5%
|
|
20.1%
|
-60.1%
|
pts.
|
|
$198.47
|
-26.0%
|
Composite North
American Luxury1
|
|
$64.56
|
-72.7%
|
|
22.9%
|
-54.6%
|
pts.
|
|
$281.82
|
-7.6%
|
Marriott
Hotels
|
|
$29.56
|
-77.8%
|
|
22.7%
|
-52.8%
|
pts.
|
|
$130.01
|
-26.3%
|
Sheraton
|
|
$25.44
|
-79.2%
|
|
23.2%
|
-53.5%
|
pts.
|
|
$109.64
|
-31.2%
|
Westin
|
|
$32.88
|
-78.9%
|
|
23.4%
|
-55.4%
|
pts.
|
|
$140.77
|
-28.8%
|
Composite North
American Premium2
|
|
$31.61
|
-77.0%
|
|
23.5%
|
-53.0%
|
pts.
|
|
$134.44
|
-25.3%
|
North American
Full-Service3
|
|
$35.29
|
-76.3%
|
|
23.4%
|
-53.2%
|
pts.
|
|
$150.54
|
-22.4%
|
Courtyard
|
|
$38.42
|
-64.2%
|
|
37.3%
|
-38.3%
|
pts.
|
|
$102.99
|
-27.5%
|
Residence
Inn
|
|
$69.28
|
-45.0%
|
|
58.9%
|
-23.7%
|
pts.
|
|
$117.62
|
-22.9%
|
Fairfield by
Marriott
|
|
$43.63
|
-51.5%
|
|
46.8%
|
-29.3%
|
pts.
|
|
$93.22
|
-21.2%
|
Composite North
American Limited-Service4
|
$48.02
|
-55.0%
|
|
46.3%
|
-31.5%
|
pts.
|
|
$103.80
|
-24.3%
|
North American -
All5
|
|
$42.85
|
-65.4%
|
|
37.0%
|
-40.3%
|
pts.
|
|
$115.82
|
-27.6%
|
|
|
|
|
|
|
|
|
|
|
|
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, Gaylord Hotels,
|
|
|
and Le
Méridien. Systemwide also includes Tribute
Portfolio.
|
|
|
|
|
|
|
|
|
3 Includes
Composite North American Luxury and Composite North American
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
North American Full-Service and Composite North American
Limited-Service.
|
|
|
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
KEY LODGING
STATISTICS
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated International Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Region
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
Greater
China
|
|
$64.48
|
-24.5%
|
|
62.6%
|
-9.6%
|
pts.
|
|
$103.05
|
-12.9%
|
Rest of Asia
Pacific
|
|
$26.73
|
-76.9%
|
|
24.3%
|
-51.2%
|
pts.
|
|
$110.24
|
-27.9%
|
Asia
Pacific
|
|
$47.18
|
-52.4%
|
|
45.0%
|
-28.7%
|
pts.
|
|
$104.83
|
-22.1%
|
|
|
|
|
|
|
|
|
|
|
|
Caribbean & Latin
America
|
|
$22.15
|
-78.2%
|
|
16.7%
|
-44.8%
|
pts.
|
|
$132.54
|
-19.9%
|
Europe
|
|
$33.34
|
-81.9%
|
|
18.0%
|
-62.5%
|
pts.
|
|
$185.36
|
-19.1%
|
Middle East &
Africa
|
|
$34.17
|
-61.6%
|
|
25.8%
|
-40.0%
|
pts.
|
|
$132.30
|
-2.0%
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$39.97
|
-65.7%
|
|
33.6%
|
-39.3%
|
pts.
|
|
$118.96
|
-25.5%
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$37.09
|
-72.2%
|
|
28.6%
|
-46.7%
|
pts.
|
|
$129.61
|
-26.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide International Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Region
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
Greater
China
|
|
$63.05
|
-25.6%
|
|
61.4%
|
-10.0%
|
pts.
|
|
$102.73
|
-13.4%
|
Rest of Asia
Pacific
|
|
$31.45
|
-73.1%
|
|
25.4%
|
-49.8%
|
pts.
|
|
$123.86
|
-20.5%
|
Asia
Pacific
|
|
$46.80
|
-53.8%
|
|
42.9%
|
-30.5%
|
pts.
|
|
$109.17
|
-21.0%
|
|
|
|
|
|
|
|
|
|
|
|
Caribbean & Latin
America
|
|
$15.61
|
-82.0%
|
|
14.7%
|
-45.0%
|
pts.
|
|
$106.24
|
-26.8%
|
Europe
|
|
$34.36
|
-78.6%
|
|
20.8%
|
-58.7%
|
pts.
|
|
$165.11
|
-18.0%
|
Middle East &
Africa
|
|
$31.93
|
-62.4%
|
|
25.3%
|
-40.7%
|
pts.
|
|
$126.03
|
-2.1%
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$37.42
|
-67.4%
|
|
30.7%
|
-41.9%
|
pts.
|
|
$122.06
|
-22.8%
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$41.24
|
-65.9%
|
|
35.1%
|
-40.8%
|
pts.
|
|
$117.44
|
-26.4%
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes
Asia Pacific, Caribbean & Latin America, Europe, and Middle
East & Africa.
|
|
|
|
|
|
2 Includes
North American - All and International - All.
|
|
|
|
|
|
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
KEY LODGING
STATISTICS
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated North American Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Brand
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
JW
Marriott
|
|
$78.89
|
-64.2%
|
|
28.6%
|
-51.0%
|
pts.
|
|
$275.88
|
-0.3%
|
The
Ritz-Carlton
|
|
$134.18
|
-56.6%
|
|
31.6%
|
-43.1%
|
pts.
|
|
$424.45
|
2.6%
|
W Hotels
|
|
$65.14
|
-68.6%
|
|
27.3%
|
-49.0%
|
pts.
|
|
$238.44
|
-12.3%
|
Composite North
American Luxury1
|
|
$104.13
|
-61.0%
|
|
29.4%
|
-47.5%
|
pts.
|
|
$354.32
|
1.9%
|
Marriott
Hotels
|
|
$48.95
|
-68.6%
|
|
26.9%
|
-50.7%
|
pts.
|
|
$181.88
|
-9.5%
|
Sheraton
|
|
$45.01
|
-71.7%
|
|
25.5%
|
-53.0%
|
pts.
|
|
$176.84
|
-12.8%
|
Westin
|
|
$52.49
|
-69.0%
|
|
27.7%
|
-50.3%
|
pts.
|
|
$189.19
|
-13.0%
|
Composite North
American Premium2
|
|
$48.24
|
-69.1%
|
|
26.5%
|
-51.0%
|
pts.
|
|
$181.95
|
-9.5%
|
North American
Full-Service3
|
|
$59.46
|
-66.6%
|
|
27.1%
|
-50.3%
|
pts.
|
|
$219.51
|
-4.7%
|
Courtyard
|
|
$37.53
|
-63.7%
|
|
30.9%
|
-41.6%
|
pts.
|
|
$121.62
|
-14.9%
|
Residence
Inn
|
|
$67.13
|
-48.5%
|
|
47.4%
|
-32.8%
|
pts.
|
|
$141.63
|
-13.0%
|
Composite North
American Limited-Service4
|
$45.59
|
-58.9%
|
|
35.5%
|
-39.6%
|
pts.
|
|
$128.43
|
-13.1%
|
North American -
All5
|
|
$54.93
|
-64.8%
|
|
29.8%
|
-46.8%
|
pts.
|
|
$184.08
|
-9.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide North American Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Brand
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
JW
Marriott
|
|
$76.36
|
-63.2%
|
|
28.5%
|
-49.6%
|
pts.
|
|
$267.95
|
0.8%
|
The
Ritz-Carlton
|
|
$130.37
|
-57.5%
|
|
31.0%
|
-43.9%
|
pts.
|
|
$419.97
|
2.5%
|
W Hotels
|
|
$65.14
|
-68.6%
|
|
27.3%
|
-49.0%
|
pts.
|
|
$238.44
|
-12.3%
|
Composite North
American Luxury1
|
|
$96.77
|
-61.6%
|
|
29.2%
|
-47.6%
|
pts.
|
|
$331.36
|
1.0%
|
Marriott
Hotels
|
|
$46.98
|
-64.8%
|
|
29.2%
|
-45.1%
|
pts.
|
|
$160.88
|
-10.6%
|
Sheraton
|
|
$39.79
|
-66.0%
|
|
29.7%
|
-43.7%
|
pts.
|
|
$134.01
|
-15.9%
|
Westin
|
|
$52.98
|
-65.5%
|
|
30.0%
|
-46.5%
|
pts.
|
|
$176.87
|
-12.0%
|
Composite North
American Premium2
|
|
$48.27
|
-64.6%
|
|
29.7%
|
-44.9%
|
pts.
|
|
$162.76
|
-11.0%
|
North American
Full-Service3
|
|
$53.70
|
-64.0%
|
|
29.6%
|
-45.2%
|
pts.
|
|
$181.40
|
-9.1%
|
Courtyard
|
|
$43.15
|
-58.4%
|
|
36.6%
|
-36.5%
|
pts.
|
|
$117.85
|
-16.9%
|
Residence
Inn
|
|
$68.90
|
-42.7%
|
|
54.6%
|
-25.1%
|
pts.
|
|
$126.21
|
-16.2%
|
Fairfield by
Marriott
|
|
$41.45
|
-50.8%
|
|
42.0%
|
-30.3%
|
pts.
|
|
$98.76
|
-15.3%
|
Composite North
American Limited-Service4
|
$49.43
|
-51.5%
|
|
43.4%
|
-31.5%
|
pts.
|
|
$113.93
|
-16.3%
|
North American -
All5
|
|
$51.16
|
-57.7%
|
|
37.8%
|
-37.0%
|
pts.
|
|
$135.36
|
-16.3%
|
|
|
|
|
|
|
|
|
|
|
|
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, Gaylord Hotels,
|
|
|
and Le
Méridien. Systemwide also includes Tribute
Portfolio.
|
|
|
|
|
|
|
|
|
3 Includes
Composite North American Luxury and Composite North American
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
North American Full-Service and Composite North American
Limited-Service.
|
|
|
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
KEY LODGING
STATISTICS
|
In Constant
$
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Company-Operated International Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Region
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
Greater
China
|
|
$42.51
|
-49.2%
|
|
41.2%
|
-27.1%
|
pts.
|
|
$103.11
|
-15.9%
|
Rest of Asia
Pacific
|
|
$42.06
|
-63.3%
|
|
30.6%
|
-42.5%
|
pts.
|
|
$137.40
|
-12.4%
|
Asia
Pacific
|
|
$42.30
|
-56.8%
|
|
36.4%
|
-34.1%
|
pts.
|
|
$116.34
|
-16.2%
|
|
|
|
|
|
|
|
|
|
|
|
Caribbean & Latin
America
|
|
$53.66
|
-57.8%
|
|
25.7%
|
-38.0%
|
pts.
|
|
$208.81
|
4.4%
|
Europe
|
|
$39.95
|
-73.9%
|
|
22.9%
|
-51.7%
|
pts.
|
|
$174.44
|
-15.1%
|
Middle East &
Africa
|
|
$48.31
|
-50.5%
|
|
34.2%
|
-32.0%
|
pts.
|
|
$141.20
|
-4.2%
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$43.71
|
-61.0%
|
|
32.2%
|
-37.9%
|
pts.
|
|
$135.63
|
-15.2%
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$48.91
|
-63.1%
|
|
31.1%
|
-42.0%
|
pts.
|
|
$157.20
|
-13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparable
Systemwide International Properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2020 and September 30, 2019
|
|
|
REVPAR
|
|
Occupancy
|
|
Average Daily
Rate
|
Region
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
|
2020
|
vs.
2019
|
Greater
China
|
|
$41.76
|
-49.8%
|
|
40.6%
|
-27.2%
|
pts.
|
|
$102.95
|
-16.1%
|
Rest of Asia
Pacific
|
|
$43.40
|
-62.1%
|
|
31.0%
|
-41.8%
|
pts.
|
|
$139.82
|
-11.0%
|
Asia
Pacific
|
|
$42.60
|
-57.1%
|
|
35.7%
|
-34.7%
|
pts.
|
|
$119.45
|
-15.3%
|
|
|
|
|
|
|
|
|
|
|
|
Caribbean & Latin
America
|
|
$41.44
|
-60.9%
|
|
24.2%
|
-37.7%
|
pts.
|
|
$171.10
|
0.0%
|
Europe
|
|
$37.10
|
-72.0%
|
|
23.9%
|
-49.3%
|
pts.
|
|
$155.31
|
-14.2%
|
Middle East &
Africa
|
|
$45.63
|
-51.0%
|
|
33.6%
|
-32.4%
|
pts.
|
|
$135.90
|
-3.6%
|
|
|
|
|
|
|
|
|
|
|
|
International -
All1
|
|
$41.27
|
-62.1%
|
|
30.6%
|
-39.0%
|
pts.
|
|
$134.98
|
-13.8%
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide2
|
|
$48.23
|
-59.0%
|
|
35.7%
|
-37.6%
|
pts.
|
|
$135.27
|
-15.6%
|
|
|
|
|
|
|
|
|
|
|
|
1 Includes
Asia Pacific, Caribbean & Latin America, Europe, and Middle
East & Africa.
|
|
|
|
|
|
2 Includes
North American - All and International - All.
|
|
|
|
|
|
|
|
|
|
MARRIOTT
INTERNATIONAL, INC.
|
|
NON-GAAP FINANCIAL
MEASURES
|
|
ADJUSTED
EBITDA
|
|
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
2020
|
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Total
|
|
|
|
Net income (loss), as
reported
|
$
31
|
|
$
(234)
|
|
$
100
|
|
$
(103)
|
|
|
|
Cost reimbursement
revenue
|
(3,797)
|
|
(1,202)
|
|
(1,789)
|
|
(6,788)
|
|
|
|
Reimbursed
expenses
|
3,877
|
|
1,241
|
|
1,683
|
|
6,801
|
|
|
|
Interest
expense
|
93
|
|
127
|
|
113
|
|
333
|
|
|
|
Interest expense from
unconsolidated joint ventures
|
3
|
|
1
|
|
12
|
|
16
|
|
|
|
(Benefit) provision
for income taxes
|
(12)
|
|
(64)
|
|
27
|
|
(49)
|
|
|
|
Depreciation and
amortization
|
150
|
|
72
|
|
53
|
|
275
|
|
|
|
Contract investment
amortization
|
25
|
|
21
|
|
48
|
|
94
|
|
|
|
Depreciation
classified in reimbursed expenses
|
26
|
|
27
|
|
27
|
|
80
|
|
|
|
Depreciation and
amortization from unconsolidated joint ventures
|
7
|
|
16
|
|
3
|
|
26
|
|
|
|
Share-based
compensation
|
41
|
|
50
|
|
49
|
|
140
|
|
|
|
Restructuring and
merger-related (recoveries) charges
|
(2)
|
|
6
|
|
1
|
|
5
|
|
|
|
Adjusted EBITDA
**
|
$
442
|
|
$
61
|
|
$
327
|
|
$
830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change from 2019
Adjusted EBITDA **
|
-46%
|
|
-94%
|
|
-64%
|
|
-69%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
2019
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Total
|
|
Net income, as
reported
|
$
375
|
|
$
232
|
|
$
387
|
|
$
279
|
|
$
1,273
|
|
Cost reimbursement
revenue
|
(3,756)
|
|
(3,903)
|
|
(3,952)
|
|
(3,988)
|
|
(15,599)
|
|
Reimbursed
expenses
|
3,892
|
|
4,107
|
|
4,070
|
|
4,370
|
|
16,439
|
|
Interest
expense
|
97
|
|
102
|
|
100
|
|
95
|
|
394
|
|
Interest expense from
unconsolidated joint ventures
|
2
|
|
1
|
|
3
|
|
2
|
|
8
|
|
Provision for income
taxes
|
57
|
|
82
|
|
140
|
|
47
|
|
326
|
|
Depreciation and
amortization
|
54
|
|
56
|
|
52
|
|
179
|
|
341
|
|
Contract investment
amortization
|
14
|
|
15
|
|
16
|
|
17
|
|
62
|
|
Depreciation
classified in reimbursed expenses
|
30
|
|
29
|
|
33
|
|
29
|
|
121
|
|
Depreciation and
amortization from unconsolidated joint ventures
|
7
|
|
8
|
|
5
|
|
9
|
|
29
|
|
Share-based
compensation
|
40
|
|
50
|
|
47
|
|
49
|
|
186
|
|
Gain on asset
dispositions
|
-
|
|
-
|
|
(9)
|
|
(134)
|
|
(143)
|
|
Restructuring and
merger-related (recoveries) charges
|
9
|
|
173
|
|
9
|
|
(53)
|
|
138
|
|
Adjusted EBITDA
**
|
$
821
|
|
$
952
|
|
$
901
|
|
$
901
|
|
$
3,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Denotes non-GAAP
financial measures. Please see pages A-12 and A-13 for information
about our reasons for providing these alternative financial
measures and
|
|
the limitations on
their use.
|
|
|
|
|
|
|
|
|
|
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"). We discuss management's reasons for reporting
these non-GAAP measures below, and the press release schedules
reconcile the most directly comparable GAAP measure to each
non-GAAP measure that we refer to. 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/loss,
earnings/loss 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, and restructuring and merger-related
(recoveries) 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/Loss and Adjusted Diluted Earnings/Loss Per
Share. Adjusted net income/loss and Adjusted diluted EPS
reflect our net income/loss and diluted earnings/loss per share
excluding the impact of cost reimbursement revenue, reimbursed
expenses, restructuring and merger-related (recoveries) charges,
and the income tax effect of these adjustments. We calculate the
income tax effect of the adjustments using an estimated tax rate
applicable to each adjustment. 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/loss excluding the impact of the following items: cost
reimbursement revenue and reimbursed expenses, interest expense,
depreciation (including depreciation classified in "Reimbursed
expenses," as discussed below), amortization, and benefit
(provision) for income taxes, restructuring and merger-related
(recoveries) charges, and share-based compensation expense for all
periods presented. When applicable, Adjusted EBITDA also excludes
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/loss, Adjusted diluted
EPS and Adjusted EBITDA, we exclude charges incurred under our
restructuring plans that we initiated beginning in the 2020 second
quarter to achieve cost savings in response to the decline in
lodging demand caused by COVID-19 and transition costs associated
with the Starwood merger, which we record in the "Restructuring and
merger-related charges" caption 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 hotel owners. We do not operate these programs and services
to generate a profit over the contract term, and accordingly, when
we recover the costs that we incur for these programs and services
from our hotel 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 hotel 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 and
facilitates our comparison of results before these items with
results from other lodging companies. We use Adjusted EBITDA to
evaluate 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 classified in "Reimbursed expenses"
and "Contract investment amortization" in our Consolidated
Statements of Income (our "Income Statements"), because companies
utilize productive assets of different ages and use different
methods of both acquiring and depreciating productive assets.
Depreciation classified in "Reimbursed expenses" reflects
depreciation 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 share-based compensation expense in all periods presented
to address the considerable variability among companies in
recording compensation expense because companies use share-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 do not
consider interruptions related to COVID-19 when determining which
properties to classify as comparable. 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.
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content:http://www.prnewswire.com/news-releases/marriott-international-reports-third-quarter-2020-results-301167677.html
SOURCE Marriott International, Inc.