EX-99 2 mar-2023q2xearningsrelease.htm EX-99 Document
Exhibit 99

marq22020pr_image1aa.jpg    marq22020pr_image2aa.jpg
NEWS

MARRIOTT INTERNATIONAL REPORTS SECOND QUARTER 2023 RESULTS
AND RAISES FULL YEAR OUTLOOK

Second quarter 2023 comparable systemwide constant dollar RevPAR increased 13.5 percent worldwide, 6.0 percent in the U.S. & Canada, and 39.1 percent in international markets, compared to the 2022 second quarter;

Second quarter reported diluted EPS totaled $2.38, compared to reported diluted EPS of $2.06 in the year-ago quarter. Second quarter adjusted diluted EPS totaled $2.26, compared to second quarter 2022 adjusted diluted EPS of $1.80;

Second quarter reported net income totaled $726 million, compared to reported net income of $678 million in the year-ago quarter. Second quarter adjusted net income totaled $690 million, compared to second quarter 2022 adjusted net income of $593 million;

Adjusted EBITDA totaled $1,219 million in the 2023 second quarter, compared to second quarter 2022 adjusted EBITDA of $1,019 million;

The company added approximately 33,100 rooms globally during the second quarter, including 17,300 rooms associated with the City Express transaction and roughly 11,200 other rooms in international markets. Marriott also added more than 2,800 conversion rooms;

At the end of the quarter, Marriott’s worldwide development pipeline totaled more than 3,100 properties and nearly 547,000 rooms, including roughly 31,500 of pipeline rooms approved, but not yet subject to signed contracts. More than 240,000 rooms in the pipeline, including approximately 37,000 rooms from the company’s deal with MGM Resorts International, were under construction as of the end of the second quarter;

Marriott repurchased 5.2 million shares of common stock for $903 million during the second quarter. Year to date through July 28, the company has returned $2.6 billion to shareholders through dividends and share repurchases.

BETHESDA, MD – August 1, 2023 - Marriott International, Inc. (NASDAQ: MAR) today reported second quarter 2023 results.

Anthony Capuano, President and Chief Executive Officer, said, “With continued momentum in demand for global travel, we posted another quarter of outstanding results. Second quarter worldwide RevPAR1 increased
1 All occupancy, Average Daily Rate (ADR) and RevPAR statistics and estimates are systemwide constant dollar. Unless otherwise stated, all changes refer to year-over-year changes for the comparable period. Occupancy, ADR and RevPAR comparisons between 2023 and 2022 reflect properties that are comparable in both years. Occupancy, ADR and RevPAR comparisons between 2023 and 2019 reflect properties that are defined as comparable as of June 30, 2023, even if they were not open and operating for the full year 2019 or they did not meet all the other criteria for comparable in 2019. Unless otherwise stated, all comparisons to pre-pandemic or 2019 are comparing to the same time period each year.
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13.5 percent, aided by significant growth in all of our international regions, where RevPAR rose 39 percent. Greater China rebounded quickly once travel restrictions were lifted in January, with second quarter RevPAR surpassing pre-pandemic levels.

“In the U.S. & Canada, RevPAR increased 6 percent, with many urban markets showing impressive growth in the second quarter. Within customer segments, group once again performed extremely well, with revenue rising 10 percent above 2022. Business transient revenue also saw strong year-over-year growth, driven by solid average daily rate growth. Leisure transient revenue rose as well, albeit more slowly, as more travelers from the region chose to visit overseas destinations.

“Our growth strategies are proving successful. During the quarter, we added approximately 33,100 rooms to our system, including 17,300 City Express rooms in the Caribbean & Latin America region, and our industry-leading pipeline grew to nearly 547,000 rooms, with more than 240,000 global rooms under construction. In June, we announced our planned entry into the affordable midscale extended stay space in the U.S. & Canada. Initial owner interest in our new offering has been tremendous.

“Just a few weeks ago, we announced our long-term strategic licensing agreement with MGM Resorts International and the creation of MGM Collection with Marriott Bonvoy. This transaction is consistent with our strategy to pursue deals that meet customer needs, increase our distribution, and enhance the value of Marriott Bonvoy, our powerful loyalty platform. We are excited to have 17 iconic MGM Resorts properties available on our robust digital channels beginning later this fall and to dramatically increase our footprint in Las Vegas, an important, high-barrier-to-entry U.S. market. With this deal, our 2023 full year net rooms growth expectation is now 6.4 percent to 6.7 percent.

“While conditions could change rapidly, booking trends remain solid. We are raising our full year rooms growth and earnings guidance and now expect to return $4.1 billion to $4.5 billion to shareholders in 2023.”

Second Quarter 2023 Results
Marriott’s reported operating income totaled $1,096 million in the 2023 second quarter, compared to 2022 second quarter reported operating income of $950 million. Reported net income totaled $726 million in the 2023 second quarter, compared to 2022 second quarter reported net income of $678 million. Reported diluted earnings per share (EPS) totaled $2.38 in the quarter, compared to reported diluted EPS of $2.06 in the year-ago quarter.

Adjusted operating income in the 2023 second quarter totaled $1,043 million, compared to 2022 second quarter adjusted operating income of $857 million. Second quarter 2023 adjusted net income totaled $690 million, compared to 2022 second quarter adjusted net income of $593 million. Adjusted diluted EPS in the 2023 second quarter totaled $2.26, compared to adjusted diluted EPS of $1.80 in the year-ago
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quarter. The 2022 second quarter adjusted results excluded $13 million ($11 million after-tax and $0.03 per share) of gains on investees’ property sales and a $2 million ($2 million after-tax and $0.01 per share) gain on an asset disposition.

Adjusted results also 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.

Base management and franchise fees totaled $1,057 million in the 2023 second quarter, a 13 percent increase compared to base management and franchise fees of $938 million in the year-ago quarter. The increase is primarily attributable to RevPAR increases and unit growth.

Incentive management fees totaled $193 million in the 2023 second quarter, a 43 percent increase compared to $135 million in the 2022 second quarter. Managed hotels in international markets contributed 61 percent of the fees earned in the quarter.

Owned, leased, and other revenue, net of direct expenses, totaled $103 million in the 2023 second quarter, compared to $83 million in the year-ago quarter. The year-over-year change largely reflects improved performance at owned and leased hotels. Results in the 2022 quarter included a $12 million expense accrual related to a portfolio of 12 leased hotels in the U.S. & Canada.

General, administrative, and other expenses for the 2023 second quarter totaled $240 million, compared to $231 million in the year-ago quarter.

Interest expense, net, totaled $141 million in the 2023 second quarter, compared to $89 million in the year-ago quarter. The increase was largely due to higher interest expense associated with higher debt balances.

Equity in earnings for the second quarter totaled $7 million, compared to $15 million in the year-ago quarter. Equity in earnings in the 2022 second quarter included $13 million of gains on joint ventures’ sales of hotels.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $1,219 million in the 2023 second quarter, compared to second quarter 2022 adjusted EBITDA of $1,019 million. See page A-11 for the adjusted EBITDA calculation.

Selected Performance Information
Marriott added 254 properties (33,097 rooms) to its worldwide lodging portfolio during the 2023 second quarter, including 17,300 rooms associated with the City Express transaction and roughly 11,200 other
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rooms in international markets. The company also added more than 2,800 conversion rooms. Seventeen properties (1,995 rooms) exited the system during the quarter. At the end of the quarter, Marriott’s global lodging system totaled nearly 8,600 properties, with over 1,565,000 rooms.

At the end of the quarter, the company’s worldwide development pipeline totaled 3,149 properties with nearly 547,000 rooms, including 199 properties with roughly 31,500 rooms approved for development, but not yet subject to signed contracts. The pipeline includes 1,066 properties with more than 240,000 rooms under construction, or 44 percent, including approximately 37,000 rooms from the MGM Resorts deal.

In the 2023 second quarter, worldwide RevPAR increased 13.5 percent (a 12.7 percent increase using actual dollars) compared to the 2022 second quarter. RevPAR in the U.S. & Canada increased 6.0 percent (a 5.7 percent increase using actual dollars), and RevPAR in international markets increased 39.1 percent (a 36.0 percent increase using actual dollars).

Balance Sheet & Common Stock
At the end of the quarter, Marriott’s total debt was $11.3 billion and cash and equivalents totaled $0.6 billion, compared to $10.1 billion in debt and $0.5 billion of cash and equivalents at year-end 2022.

Year to date through July 28, the company has repurchased 13.6 million shares for $2.3 billion.

Company Outlook
The company’s updated guidance for full year 2023 reflects relatively steady global economic conditions through the remainder of 2023, with continued resilience in travel demand. RevPAR growth is expected to remain higher internationally than in the U.S. & Canada, where there has been a return to more normal seasonal patterns, and year-over-year RevPAR growth is stabilizing.

Third Quarter 2023
vs Third Quarter 2022
Full Year 2023
vs Full Year 2022
Comparable systemwide constant $
RevPAR growth
Worldwide6% to 8%12% to 14%
U.S. & Canada2% to 4%7% to 9%
International17% to 19%28% to 30%
Year-End 2023
vs Year-End 2022
Net Rooms Growth6.4% to 6.7%

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($ in millions, except EPS)Third Quarter 2023Full Year 2023
Gross fee revenues$1,185 to $1,210$4,730 to $4,820
Owned, leased, and other revenue, net of direct expensesApprox. $65$330 to $335
General, administrative, and other expenses$250 to $240 $935 to $915
Adjusted EBITDA1,2
$1,105 to $1,140$4,535 to $4,650
Adjusted EPS – diluted2,3
$2.00 to $2.09$8.36 to $8.65
Investment Spending4
$900 to $1,000
Capital Return to Shareholders5
$4,100 to $4,500
1See pages A-12 and A-13 for the adjusted EBITDA calculations.
2Adjusted EBITDA and Adjusted EPS – diluted for third quarter and full year 2023 do not include cost reimbursement revenue, reimbursed expenses, merger-related charges and other expenses, special tax items, 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. Adjusted EPS – diluted for full year 2023 excludes a special tax item of $100 million reported in the first half of 2023. See page A-3 for the Adjusted EPS – diluted calculation for the first half of 2023.
3Assumes the level of capital return to shareholders noted above.
4Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.
5 Assumes the level of investment spending noted above and that no asset sales occur during the remainder of the year.

Marriott International, Inc. (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Tuesday, August 1, 2023, 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 August 1, 2024.

The telephone dial-in number for the conference call is US Toll Free: 800-267-6316, or Global: +1 203-518-9783. The conference ID is MAR2Q23. A telephone replay of the conference call will be available from 1:00 p.m. ET, Tuesday, August 1, 2023, until 8:00 p.m. ET, Tuesday, August 8, 2023. To access the replay, call US Toll Free: 800-839-3736 or Global:
+1 402-220-2978.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of August 1, 2023. 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; our growth prospects; the effect of changes in global economic conditions; travel and lodging demand trends and expectations; booking, occupancy, ADR and RevPAR trends and expectations; our development pipeline, deletions, and growth expectations; our planned entry into midscale extended stay; 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
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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 8,600 properties under 31 leading brands spanning 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 Twitter 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.

CONTACTS:
Melissa Froehlich Flood
Corporate Communications
(301) 380-4839
newsroom@marriott.com
Jackie Burka McConagha
Investor Relations
(301) 380-5126
jackie.mcconagha@marriott.com
Betsy Dahm
Investor Relations
(301) 380-3372
betsy.dahm@marriott.com

IRPR#1
Tables follow
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MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 2, 2023
Consolidated Statements of Income - As Reported
Non-GAAP Financial Measures
Total Lodging Products by Ownership Type
Total Lodging Products by Tier
Key Lodging Statistics
Adjusted EBITDA
Adjusted EBITDA Forecast - Third Quarter 2023
Adjusted EBITDA Forecast - Full Year 2023
Explanation of Non-GAAP Financial and Performance Measures





MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED
SECOND QUARTER 2023 AND 2022
(in millions except per share amounts, unaudited)
As ReportedAs ReportedPercent
Three Months EndedThree Months EndedBetter/(Worse)
June 30, 2023June 30, 2022Reported 2023 vs. 2022
REVENUES
Base management fees$318 $269 18 
Franchise fees1
739 669 10 
Incentive management fees193 135 43 
Gross Fee Revenues1,250 1,073 16 
Contract investment amortization2
(22)(19)(16)
Net Fee Revenues1,228 1,054 17 
Owned, leased, and other revenue3
390 364 
Cost reimbursement revenue4
4,457 3,920 14 
Total Revenues6,075 5,338 14 
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct5
287 281 (2)
Depreciation, amortization, and other6
48 49 
General, administrative, and other7
240 231 (4)
Merger-related charges and other38 — *
Reimbursed expenses4
4,366 3,827 (14)
Total Expenses4,979 4,388 (13)
OPERATING INCOME1,096 950 15 
Gains and other income, net8
— 
Interest expense(140)(95)(47)
Interest income(1)(117)
Equity in earnings9
15 (53)
INCOME BEFORE INCOME TAXES964 878 10 
Provision for income taxes(238)(200)(19)
NET INCOME$726 $678 7 
EARNINGS PER SHARE
  Earnings per share - basic$2.39 $2.06 16 
  Earnings per share - diluted$2.38 $2.06 16 
Basic Shares303.6 328.2 
Diluted Shares305.0 329.5 
* Calculated percentage is not meaningful.
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.

A-1


MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED
SECOND QUARTER YEAR-TO-DATE 2023 AND 2022
(in millions except per share amounts, unaudited)
As ReportedAs ReportedPercent
Six Months EndedSix Months EndedBetter/(Worse)
June 30, 2023June 30, 2022Reported 2023 vs. 2022
REVENUES
Base management fees$611 $482 27 
Franchise fees 1
1,378 1,169 18 
Incentive management fees394 237 66 
   Gross Fee Revenues2,383 1,888 26 
Contract investment amortization 2
(43)(43)— 
   Net Fee Revenues2,340 1,845 27 
Owned, leased, and other revenue 3
746 626 19 
Cost reimbursement revenue 4
8,604 7,066 22 
   Total Revenues11,690 9,537 23 
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct 5
568 478 (19)
Depreciation, amortization, and other 6
92 97 
General, administrative, and other 7
442 439 (1)
Merger-related charges and other39 (333)
Reimbursed expenses 4
8,502 7,006 (21)
   Total Expenses9,643 8,029 (20)
OPERATING INCOME2,047 1,508 36 
Gains and other income, net 8
(17)
Interest expense(266)(188)(41)
Interest income 14 11 27 
Equity in earnings 9
17 (53)
INCOME BEFORE INCOME TAXES1,808 1,354 34 
Provision for income taxes(325)(299)(9)
NET INCOME$1,483 $1,055 41 
EARNINGS PER SHARE
   Earnings per share - basic$4.84 $3.21 51 
   Earnings per share - diluted$4.81 $3.20 50 
Basic Shares306.6 328.3 
Diluted Shares308.0 329.8 
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.
.
A-2



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 EndedSix Months Ended
PercentPercent
June 30,June 30,Better/June 30,June 30,Better/
20232022(Worse)20232022(Worse)
Total revenues, as reported$6,075 $5,338 $11,690 $9,537 
Less: Cost reimbursement revenue(4,457)(3,920)(8,604)(7,066)
Add: Impairments1
— — — 
Adjusted total revenues**
1,618 1,418 3,086 2,476 
Operating income, as reported1,096 950 2,047 1,508 
Less: Cost reimbursement revenue(4,457)(3,920)(8,604)(7,066)
Add: Reimbursed expenses4,366 3,827 8,502 7,006 
Add: Merger-related charges and other38 — 39 
Add: Impairments1
— — — 
Adjusted operating income**
1,043 857 22%1,984 1,462 36%
Operating income margin18 %18 %18 %16 %
Adjusted operating income margin**
64 %60 %64 %59 %
Net income, as reported726 678 1,483 1,055 
Less: Cost reimbursement revenue(4,457)(3,920)(8,604)(7,066)
Add: Reimbursed expenses4,366 3,827 8,502 7,006 
Add: Merger-related charges and other38 — 39 
Add: Impairments2
— — — 11 
Less: Gains on investees' property sales3
— (13)— (21)
Less: Gain on asset dispositions 4
— (2)— (2)
Income tax effect of above adjustments17 23 18 14 
Less: Income tax special items— — (100)— 
Adjusted net income**
$690 $593 16%$1,338 $1,006 33%
Diluted earnings per share, as reported$2.38 $2.06 $4.81 $3.20 
Adjusted diluted earnings per share**
$2.26 $1.80 26%$4.35 $3.05 43%
** 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 Six months ended June 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million.
2 Six months ended June 30, 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.
A-3


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE
As of June 30, 2023
US & CanadaTotal InternationalTotal Worldwide
PropertiesRoomsPropertiesRoomsPropertiesRooms
Managed632 216,276 1,384 351,187 2,016 567,463 
 Marriott Hotels 103 57,239 172 53,864 275 111,103 
 Sheraton 26 20,869 184 61,857 210 82,726 
 Courtyard 167 27,077 117 25,152 284 52,229 
 Westin 40 21,868 80 24,666 120 46,534 
 JW Marriott 22 12,886 72 25,603 94 38,489 
 The Ritz-Carlton 40 12,077 75 17,824 115 29,901 
 Renaissance 23 10,245 54 17,327 77 27,572 
 Four Points 134 85 23,643 86 23,777 
 Le Méridien 100 72 20,037 73 20,137 
 W Hotels 23 6,516 39 10,399 62 16,915 
 Residence Inn 73 11,857 1,116 82 12,973 
 St. Regis 11 2,169 43 9,780 54 11,949 
 Delta Hotels by Marriott 25 6,770 27 4,956 52 11,726 
 Fairfield by Marriott 1,431 71 8,877 77 10,308 
 The Luxury Collection 2,296 41 7,983 47 10,279 
 Gaylord Hotels 10,220 — — 10,220 
 Aloft 505 44 9,624 46 10,129 
 AC Hotels by Marriott 1,512 68 8,466 76 9,978 
 Autograph Collection 2,870 23 3,514 32 6,384 
 Marriott Executive Apartments — — 36 5,159 36 5,159 
 SpringHill Suites 25 4,241 — — 25 4,241 
 Element 810 14 2,952 17 3,762 
 EDITION 1,379 11 2,309 16 3,688 
 Protea Hotels — — 25 3,081 25 3,081 
 Moxy 380 1,092 1,472 
 Tribute Portfolio — — 1,252 1,252 
 TownePlace Suites 825 — — 825 
 Bulgari — — 654 654 
Franchised5,192 744,050 1,117 204,600 6,309 948,650 
 Courtyard 885 118,187 114 21,276 999 139,463 
 Fairfield by Marriott 1,140 107,312 51 8,966 1,191 116,278 
 Residence Inn 783 93,400 28 3,719 811 97,119 
 Marriott Hotels 233 74,401 63 18,167 296 92,568 
 Sheraton 144 44,781 74 21,831 218 66,612 
 SpringHill Suites 511 59,267 — — 511 59,267 
 Autograph Collection 141 27,559 115 24,514 256 52,073 
 TownePlace Suites 489 49,571 — — 489 49,571 
 Westin 92 31,075 27 7,858 119 38,933 
 Four Points 156 23,629 62 10,449 218 34,078 
 Aloft 158 22,580 22 3,607 180 26,187 
 AC Hotels by Marriott 105 17,320 49 8,665 154 25,985 
 Renaissance 64 18,075 30 7,671 94 25,746 
 Moxy 31 5,797 92 17,323 123 23,120 
 City Express by Marriott— — 149 17,300 149 17,300 
 Delta Hotels by Marriott 63 14,273 13 2,998 76 17,271 
 Tribute Portfolio 58 9,364 34 4,050 92 13,414 
 The Luxury Collection 11 3,112 52 9,602 63 12,714 
 Le Méridien 25 5,749 20 5,244 45 10,993 
 Element 80 10,712 269 82 10,981 
 JW Marriott 12 6,072 12 2,733 24 8,805 
 Design Hotels 10 1,385 70 5,187 80 6,572 
 Protea Hotels — — 33 2,622 33 2,622 
 The Ritz-Carlton 429 — — 429 
 W Hotels — — 246 246 
 Bulgari — — 161 161 
 Marriott Executive Apartments — — 142 142 
A-4



MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY OWNERSHIP TYPE
As of June 30, 2023
US & CanadaTotal InternationalTotal Worldwide
PropertiesRoomsPropertiesRoomsPropertiesRooms
Owned/Leased14 4,656 38 9,209 52 13,865 
 Marriott Hotels 1,308 2,064 3,372 
 Courtyard 987 894 11 1,881 
 Sheraton — — 1,830 1,830 
 W Hotels 779 665 1,444 
 Westin 1,073 — — 1,073 
 Protea Hotels — — 912 912 
 Renaissance 317 505 822 
 The Ritz-Carlton — — 550 550 
 JW Marriott — — 496 496 
 The Luxury Collection — — 383 383 
 Autograph Collection — — 361 361 
 Residence Inn 192 140 332 
 Tribute Portfolio — — 249 249 
 St. Regis — — 160 160 
Residences68 7,199 51 5,187 119 12,386 
 The Ritz-Carlton Residences 40 4,431 17 1,506 57 5,937 
 St. Regis Residences 10 1,196 12 1,562 22 2,758 
 W Residences 10 1,089 547 17 1,636 
 Westin Residences 266 353 619 
 Bulgari Residences — — 514 514 
 Sheraton Residences — — 282 282 
 Marriott Hotels Residences — — 246 246 
 The Luxury Collection Residences 91 115 206 
 EDITION Residences 90 — — 90 
 Le Méridien Residences — — 62 62 
 JW Marriott Residences 36 — — 36 
 Timeshare* 72 18,839 21 3,906 93 22,745 
 Yacht*   1 149 1 149 
Grand Total5,978 991,020 2,612 574,238 8,590 1,565,258 
*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.
A-5


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS BY TIER
As of June 30, 2023
US & CanadaTotal InternationalTotal Worldwide
Total SystemwidePropertiesRoomsPropertiesRoomsPropertiesRooms
Luxury198 54,648 408 93,792 606 148,440 
 JW Marriott 34 18,958 85 28,832 119 47,790 
 JW Marriott Residences 36 — — 36 
 The Ritz-Carlton 41 12,506 77 18,374 118 30,880 
 The Ritz-Carlton Residences 40 4,431 17 1,506 57 5,937 
 The Luxury Collection 17 5,408 96 17,968 113 23,376 
 The Luxury Collection Residences 91 115 206 
 W Hotels 25 7,295 42 11,310 67 18,605 
 W Residences 10 1,089 547 17 1,636 
 St. Regis 11 2,169 44 9,940 55 12,109 
 St. Regis Residences 10 1,196 12 1,562 22 2,758 
 EDITION 1,379 11 2,309 16 3,688 
 EDITION Residences 90 — — 90 
 Bulgari — — 815 815 
 Bulgari Residences — — 514 514 
Premium1,070 359,807 1,131 296,246 2,201 656,053 
 Marriott Hotels 338 132,948 241 74,095 579 207,043 
 Marriott Hotels Residences — — 246 246 
 Sheraton 170 65,650 262 85,518 432 151,168 
 Sheraton Residences — — 282 282 
 Westin 133 54,016 107 32,524 240 86,540 
 Westin Residences 266 353 619 
 Autograph Collection 150 30,429 143 28,389 293 58,818 
 Renaissance 88 28,637 86 25,503 174 54,140 
 Le Méridien 26 5,849 92 25,281 118 31,130 
 Le Méridien Residences — — 62 62 
 Delta Hotels by Marriott 88 21,043 40 7,954 128 28,997 
 Tribute Portfolio 58 9,364 45 5,551 103 14,915 
 Gaylord Hotels 10,220 — — 10,220 
 Design Hotels 10 1,385 70 5,187 80 6,572 
 Marriott Executive Apartments — — 38 5,301 38 5,301 
Select4,638 557,726 1,051 180,145 5,689 737,871 
 Courtyard 1,059 146,251 235 47,322 1,294 193,573 
 Fairfield by Marriott 1,146 108,743 122 17,843 1,268 126,586 
 Residence Inn 857 105,449 38 4,975 895 110,424 
 SpringHill Suites 536 63,508 — — 536 63,508 
 Four Points 157 23,763 147 34,092 304 57,855 
 TownePlace Suites 495 50,396 — — 495 50,396 
 Aloft 160 23,085 66 13,231 226 36,316 
 AC Hotels by Marriott 113 18,832 117 17,131 230 35,963 
 Moxy 32 6,177 98 18,415 130 24,592 
 City Express by Marriott— — 149 17,300 149 17,300 
 Element 83 11,522 16 3,221 99 14,743 
 Protea Hotels — — 63 6,615 63 6,615 
 Timeshare* 72 18,839 21 3,906 93 22,745 
 Yacht*   1 149 1 149 
Grand Total5,978 991,020 2,612 574,238 8,590 1,565,258 
*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.
A-6



MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
Three Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Brand2023vs. 20222023vs. 20222023vs. 2022
JW Marriott$239.29 3.4 %73.5 %1.2 %pts.$325.62 1.8 %
The Ritz-Carlton$341.14 -5.3 %68.0 %-2.8 %pts.$501.41 -1.4 %
W Hotels$245.95 -3.0 %69.7 %1.1 %pts.$352.76 -4.5 %
Composite US & Canada Luxury1
$294.05 -1.8 %70.8 %-0.6 %pts.$415.17 -1.0 %
Marriott Hotels$178.84 9.1 %74.0 %2.0 %pts.$241.71 6.2 %
Sheraton$165.07 10.0 %71.3 %3.7 %pts.$231.43 4.3 %
Westin$182.94 4.5 %72.4 %0.1 %pts.$252.54 4.4 %
Composite US & Canada Premium2
$174.50 8.2 %72.9 %2.0 %pts.$239.46 5.2 %
US & Canada Full-Service3
$200.09 4.9 %72.4 %1.5 %pts.$276.23 2.7 %
Courtyard$119.10 7.2 %70.9 %0.7 %pts.$168.00 6.2 %
Residence Inn$155.77 4.6 %79.4 %-0.8 %pts.$196.18 5.6 %
Composite US & Canada Select4
$131.11 6.7 %73.6 %0.4 %pts.$178.23 6.1 %
US & Canada - All5
$183.42 5.2 %72.7 %1.2 %pts.$252.26 3.4 %

Comparable Systemwide US & Canada Properties
Three Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Brand2023vs. 20222023vs. 20222023vs. 2022
JW Marriott$231.03 2.2 %73.9 %0.8 %pts.$312.77 1.1 %
The Ritz-Carlton$339.82 -4.6 %68.5 %-2.4 %pts.$496.03 -1.3 %
W Hotels$245.95 -3.0 %69.7 %1.1 %pts.$352.76 -4.5 %
Composite US & Canada Luxury1
$278.74 -1.4 %71.5 %-0.2 %pts.$389.71 -1.1 %
Marriott Hotels$149.83 9.1 %71.5 %2.8 %pts.$209.46 4.9 %
Sheraton$130.81 10.3 %69.4 %3.8 %pts.$188.57 4.3 %
Westin$167.26 6.0 %72.8 %1.6 %pts.$229.72 3.7 %
Composite US & Canada Premium2
$151.77 7.5 %71.2 %2.6 %pts.$213.20 3.6 %
US & Canada Full-Service3
$166.16 5.7 %71.2 %2.2 %pts.$233.29 2.3 %
Courtyard$119.91 6.6 %73.4 %0.9 %pts.$163.46 5.2 %
Residence Inn$135.41 5.7 %79.2 %-0.8 %pts.$170.95 6.8 %
Fairfield by Marriott$99.75 6.6 %73.7 %1.1 %pts.$135.38 5.0 %
Composite US & Canada Select4
$117.94 6.3 %75.3 %0.7 %pts.$156.71 5.4 %
US & Canada - All5
$137.93 6.0 %73.6 %1.3 %pts.$187.44 4.1 %
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.

A-7


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
Six Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Brand2023vs. 20222023vs. 20222023vs. 2022
JW Marriott$244.53 16.2 %72.4 %8.1 %pts.$337.98 3.1 %
The Ritz-Carlton$336.63 1.5 %66.5 %2.6 %pts.$506.40 -2.4 %
W Hotels$236.64 2.6 %64.5 %5.0 %pts.$367.07 -5.4 %
Composite US & Canada Luxury1
$300.81 7.5 %69.1 %5.2 %pts.$435.41 -0.7 %
Marriott Hotels$167.20 22.7 %69.8 %7.6 %pts.$239.52 9.3 %
Sheraton$157.27 21.1 %68.0 %8.3 %pts.$231.34 6.3 %
Westin$168.41 16.5 %68.3 %5.4 %pts.$246.75 7.2 %
Composite US & Canada Premium2
$163.84 21.9 %69.2 %8.2 %pts.$236.68 7.5 %
US & Canada Full-Service3
$193.16 16.7 %69.2 %7.6 %pts.$279.14 3.9 %
Courtyard$109.79 16.3 %66.6 %4.0 %pts.$164.85 9.4 %
Residence Inn$149.76 10.8 %77.1 %1.7 %pts.$194.23 8.4 %
Composite US & Canada Limited-Service4
$122.96 14.4 %70.0 %3.4 %pts.$175.68 8.9 %
US & Canada - All5
$176.19 16.3 %69.4 %6.6 %pts.$253.92 5.3 %

Comparable Systemwide US & Canada Properties
Six Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Brand2023vs. 20222023vs. 20222023vs. 2022
JW Marriott$235.59 13.0 %72.8 %7.0 %pts.$323.77 2.1 %
The Ritz-Carlton$332.42 2.1 %66.5 %3.0 %pts.$499.79 -2.5 %
W Hotels$236.64 2.6 %64.5 %5.0 %pts.$367.07 -5.4 %
Composite US & Canada Luxury1
$282.13 7.4 %69.6 %5.3 %pts.$405.18 -0.7 %
Marriott Hotels$139.24 20.4 %67.4 %7.4 %pts.$206.73 7.2 %
Sheraton$120.28 20.4 %65.0 %7.6 %pts.$185.11 6.2 %
Westin$157.19 17.1 %69.1 %6.3 %pts.$227.45 6.4 %
Composite US & Canada Premium2
$141.97 18.8 %67.3 %7.3 %pts.$210.86 5.8 %
US & Canada Full-Service3
$157.86 16.3 %67.6 %7.1 %pts.$233.54 4.0 %
Courtyard$109.49 13.9 %69.2 %3.9 %pts.$158.31 7.4 %
Residence Inn$126.70 10.4 %76.1 %1.2 %pts.$166.39 8.7 %
Fairfield by Marriott$89.84 10.7 %69.0 %2.8 %pts.$130.20 6.2 %
Composite US & Canada Limited-Service4
$108.40 12.3 %71.4 %3.1 %pts.$151.85 7.5 %
US & Canada - All5
$128.91 14.3 %69.8 %4.7 %pts.$184.64 6.5 %
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.


A-8



MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
Three Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Region2023vs. 2022 2023vs. 2022 2023vs. 2022
Greater China$90.90 124.5 %69.5 %27.9 %pts.$130.86 34.3 %
Asia Pacific excluding China$109.48 45.1 %67.0 %9.7 %pts.$163.43 24.1 %
Caribbean & Latin America$160.93 10.1 %62.8 %2.1 %pts.$256.25 6.4 %
Europe$205.13 24.2 %75.0 %5.8 %pts.$273.43 14.5 %
Middle East & Africa$116.06 20.0 %63.8 %4.2 %pts.$182.05 12.2 %
International - All1
$121.50 43.8 %68.2 %14.1 %pts.$178.06 14.0 %
Worldwide2
$148.66 19.9 %70.2 %8.5 %pts.$211.77 5.5 %

Comparable Systemwide International Properties
Three Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Region2023vs. 2022 2023vs. 2022 2023vs. 2022
Greater China$84.99 125.2 %68.5 %28.5 %pts.$124.03 31.5 %
Asia Pacific excluding China$111.21 47.6 %67.3 %9.3 %pts.$165.20 27.1 %
Caribbean & Latin America$138.71 11.9 %63.3 %1.6 %pts.$218.98 9.0 %
Europe$161.98 24.5 %73.8 %6.9 %pts.$219.59 12.8 %
Middle East & Africa$109.70 22.6 %63.0 %3.9 %pts.$174.24 15.0 %
International - All1
$119.21 39.1 %68.2 %12.4 %pts.$174.91 13.7 %
Worldwide2
$132.17 13.5 %71.9 %4.7 %pts.$183.79 6.0 %
1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa.
2 Includes US & Canada - All and International - All.


A-9


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
Six Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Region2023vs. 20222023vs. 20222023vs. 2022
Greater China$87.42 100.1 %67.1 %25.9 %pts.$130.35 22.8 %
Asia Pacific excluding China$113.94 73.2 %67.5 %16.9 %pts.$168.81 29.9 %
Caribbean & Latin America$178.07 25.3 %64.6 %6.2 %pts.$275.87 13.1 %
Europe$166.09 37.4 %68.0 %12.3 %pts.$244.08 12.5 %
Middle East & Africa$128.26 18.3 %66.9 %4.0 %pts.$191.80 11.3 %
International - All1
$118.74 51.9 %67.1 %16.5 %pts.$176.87 14.5 %
Worldwide2
$143.96 30.4 %68.1 %12.2 %pts.$211.32 7.2 %

Comparable Systemwide International Properties
Six Months Ended June 30, 2023 and June 30, 2022
REVPAROccupancyAverage Daily Rate
Region2023vs. 20222023vs. 20222023vs. 2022
Greater China$81.68 100.6 %66.0 %26.1 %pts.$123.72 21.3 %
Asia Pacific excluding China$113.64 73.5 %67.4 %16.2 %pts.$168.73 31.9 %
Caribbean & Latin America$152.12 26.0 %65.4 %6.6 %pts.$232.60 13.2 %
Europe$130.71 39.8 %65.6 %13.2 %pts.$199.11 11.7 %
Middle East & Africa$119.67 20.7 %65.6 %4.0 %pts.$182.48 13.4 %
International - All1
$114.17 49.5 %66.1 %15.4 %pts.$172.71 14.6 %
Worldwide2
$124.38 22.4 %68.7 %8.0 %pts.$181.11 8.1 %
1 Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europe, and Middle East & Africa.
2 Includes US & Canada - All and International - All.

A-10



MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA
(in millions)

Fiscal Year 2023
First
Quarter
Second
Quarter
Total
Net income, as reported$757 $726 $1,483 
Cost reimbursement revenue(4,147)(4,457)(8,604)
Reimbursed expenses4,136 4,366 8,502 
Interest expense126 140 266 
Interest expense from unconsolidated joint ventures
Provision for income taxes87 238 325 
Depreciation and amortization44 48 92 
Contract investment amortization21 22 43 
Depreciation and amortization classified in reimbursed expenses31 38 69 
Depreciation, amortization, and impairments from unconsolidated joint ventures
Stock-based compensation37 56 93 
Merger-related charges and other38 39 
Adjusted EBITDA **$1,098 $1,219 $2,317 
Change from 2022 Adjusted EBITDA **45 %20 %30 %

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 expenses3,179 3,827 3,786 4,349 15,141 
Interest expense93 95 100 115 403 
Interest expense from unconsolidated joint ventures
Provision for income taxes99 200 239 218 756 
Depreciation and amortization48 49 50 46 193 
Contract investment amortization24 19 22 24 89 
Depreciation and amortization classified in reimbursed expenses26 29 32 31 118 
Depreciation, amortization, and impairments from unconsolidated joint ventures13 27 
Stock-based compensation44 52 48 48 192 
Merger-related charges and other— 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.

A-11



MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
THIRD QUARTER 2023
($ in millions)
Range
Estimated
Third Quarter 2023

Third Quarter 2022 **
Net income excluding certain items 1
$602 $629 
Interest expense 140 140 
Interest expense from unconsolidated joint ventures
Provision for income taxes193 201 
Depreciation and amortization50 50 
Contract investment amortization23 23 
Depreciation and amortization classified in reimbursed expenses35 35 
Depreciation, amortization, and impairments from unconsolidated joint ventures
Stock-based compensation56 56 
Adjusted EBITDA **$1,105 $1,140 $985 
Increase over 2022 Adjusted EBITDA **12 %16 %

** 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.

1Guidance 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.
A-12



MARRIOTT INTERNATIONAL, INC.
NON-GAAP FINANCIAL MEASURES
ADJUSTED EBITDA FORECAST
FULL YEAR 2023
($ in millions)
Range
Estimated
Full Year 2023

Full Year 2022**
Net income excluding certain items 1
$2,635 $2,722 
Interest expense 568 568 
Interest expense from unconsolidated joint ventures
Provision for income taxes690 718 
Depreciation and amortization190 190 
Contract investment amortization90 90 
Depreciation and amortization classified in reimbursed expenses138 138 
Depreciation, amortization, and impairments from unconsolidated joint ventures 17 17 
Stock-based compensation201 201 
Adjusted EBITDA **$4,535 $4,650 $3,853 
Increase over 2022 Adjusted EBITDA **18 %21 %

** 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