mar-20221103
falseMARRIOTT INTERNATIONAL INC /MD/000104828600010482862022-11-032022-11-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________ 
FORM 8-K
_______________________________________  
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2022
 _______________________________________ 
https://cdn.kscope.io/9879028dba6bbacfe1498d2f87110e46-mar-20221103_g1.jpg
MARRIOTT INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
 _______________________________________ 
Delaware 1-1388152-2055918
(State or other jurisdiction
of incorporation)
 (Commission
File Number)
(IRS Employer
Identification No.)
7750 Wisconsin AvenueBethesdaMaryland20814
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (301380-3000
 _______________________________________ 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par valueMAR
Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.





Item 2.02.Results of Operations and Financial Condition.
Financial Results for the Quarter Ended September 30, 2022
Marriott International, Inc. (Marriott) issued a press release reporting financial results for the quarter ended September 30, 2022.
A copy of Marriott’s press release is attached as Exhibit 99 and incorporated by reference.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are furnished with this report:
99
104The cover page to this Current Report on Form 8-K, formatted in inline XBRL.

2


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   MARRIOTT INTERNATIONAL, INC.
Date: November 3, 2022
   By:  /s/ Felitia Lee
    Felitia Lee

    Controller and Chief Accounting Officer

3
Document
Exhibit 99

https://cdn.kscope.io/9879028dba6bbacfe1498d2f87110e46-marq22020pr_image1aa.jpg    https://cdn.kscope.io/9879028dba6bbacfe1498d2f87110e46-marq22020pr_image2aa.jpg
NEWS

MARRIOTT INTERNATIONAL REPORTS OUTSTANDING THIRD QUARTER 2022 RESULTS

Third quarter 2022 comparable systemwide constant dollar RevPAR increased 36.3 percent worldwide, 28.5 percent in the U.S. & Canada, and 66.1 percent in international markets, compared to the 2021 third quarter;

Third quarter 2022 comparable systemwide constant dollar RevPAR increased 1.8 percent worldwide and 3.5 percent in the U.S. & Canada, while RevPAR declined 2.4 percent in international markets, compared to the 2019 third quarter;

Third quarter reported diluted EPS totaled $1.94, compared to reported diluted EPS of $0.67 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $1.69, compared to third quarter 2021 adjusted diluted EPS of $0.99;

Third quarter reported net income totaled $630 million, compared to reported net income of $220 million in the year-ago quarter. Third quarter adjusted net income totaled $551 million, compared to third quarter 2021 adjusted net income of $327 million;

Adjusted EBITDA totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million;

The company added roughly 14,000 rooms globally during the third quarter, including approximately 8,700 rooms in international markets and nearly 3,900 conversion rooms;

At quarter end, Marriott’s worldwide development pipeline totaled over 3,000 properties and more than 502,000 rooms, including roughly 33,300 rooms approved, but not yet subject to signed contracts. Approximately 204,800 rooms in the pipeline were under construction as of the end of the 2022 third quarter;

During the third quarter, Marriott repurchased 6.2 million shares of common stock for $950 million. Year-to-date through October 31, the company has returned $1.9 billion to shareholders.

BETHESDA, MD – November 3, 2022 - Marriott International, Inc. (NASDAQ: MAR) today reported third quarter 2022 results.

Anthony Capuano, Chief Executive Officer, said, “We are very pleased to report another quarter of outstanding results. Global RevPAR1 more than fully recovered, rising nearly 2 percent above 2019. In
1 All occupancy, Average Daily Rate (ADR) and RevPAR statistics and estimates are 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. Occupancy, ADR and RevPAR comparisons between 2022 and 2021 reflect properties that are comparable in both years. Occupancy, ADR and RevPAR comparisons between 2022 and 2019 reflect properties that are defined as comparable as of September 30, 2022, 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.
1


the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world.

“In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter. Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage points below the same month in 2019. Leisure transient demand remained very robust, and group RevPAR more than fully recovered to 2019 levels in the quarter. Business transient demand, though still lagging in recovery, continued to improve.

“Our EMEA and CALA regions posted nearly 10 percent and 18 percent third quarter RevPAR growth over 2019, respectively. Demand in these regions was boosted by the strong U.S. dollar and the ramping of cross-border travel.

“In mid-October, we announced that we signed an agreement to acquire the City Express brand portfolio, marking our entry into the affordable midscale segment. We see meaningful opportunities to further expand the brand in the CALA region and globally, as we have successfully done with other brand acquisitions. Upon closing, we look forward to offering our guests more stay options and our owners and franchisees new opportunities to grow their portfolios.

“Our award-winning loyalty program, Marriott Bonvoy, hit 173 million members at the end of September. During the quarter, Bonvoy member penetration achieved record highs, reaching 60 percent in the U.S. & Canada and 53 percent globally. Co-brand cardholder acquisitions and total card spending worldwide have continued to grow meaningfully, increasing our third quarter co-brand card fees more than 20 percent compared to the year-ago quarter.

“While we are carefully monitoring macroeconomic trends, bookings across all our customer segments remain strong, contributing to the ongoing momentum in our business. We expect continued demand growth around the world in the fourth quarter and anticipate that global RevPAR could increase 2 percent to 4 percent compared to 2019.

“With our solid financial results and strong cash generation, we have already returned $1.9 billion to shareholders year-to-date through October 31. For full year 2022, we now expect to return more than $2.7 billion to our shareholders through dividends and share repurchases.”

Third Quarter 2022 Results
Marriott’s reported operating income totaled $958 million in the 2022 third quarter, compared to 2021 third quarter reported operating income of $545 million. Reported net income totaled $630 million in the 2022 third quarter, compared to 2021 third quarter reported net income of $220 million. Reported diluted earnings per share (EPS) totaled $1.94 in the quarter, compared to reported diluted EPS of $0.67 in the year-ago quarter.

2


Adjusted operating income in the 2022 third quarter totaled $815 million, compared to 2021 third quarter adjusted operating income of $527 million. Adjusted operating income in the 2021 third quarter excluded impairment charges of $11 million.

Third quarter 2022 adjusted net income totaled $551 million, compared to 2021 third quarter adjusted net income of $327 million. Adjusted diluted EPS in the 2022 third quarter totaled $1.69, compared to adjusted diluted EPS of $0.99 in the year-ago quarter. The 2022 third quarter adjusted results excluded special tax items of $30 million ($0.09 per share) and a $2 million ($0.01 per share) gain on an investee’s property sale. The 2021 third quarter adjusted results excluded a $122 million after-tax ($0.37 per share) loss on the extinguishment of debt and $8 million after-tax ($0.02 per share) of impairment charges.

Adjusted results also excluded cost reimbursement revenue, reimbursed expenses and restructuring, merger-related charges, and other expenses. See pages A-3 and A-12 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 $953 million in the 2022 third quarter, compared to base management and franchise fees of $723 million in the year-ago quarter. The year-over-year increase in these fees is primarily attributable to RevPAR increases due to the ongoing recovery in lodging demand, as well as unit growth. Other non-RevPAR related franchise fees in the 2022 third quarter totaled $192 million, compared to $173 million in the year-ago quarter, largely driven by higher credit card branding fees.

Incentive management fees totaled $106 million in the 2022 third quarter, compared to $53 million in the 2021 third quarter. Roughly two-thirds of the incentive management fees recognized in the quarter were earned at hotels in international markets.

Owned, leased, and other revenue, net of direct expenses, totaled $44 million in the 2022 third quarter, compared to $37 million in the year-ago quarter. The year-over-year increase in revenue net of expenses largely reflects the ongoing recovery in lodging demand, partially offset by $23 million of lower termination fees and a $19 million accrual related to a portfolio of 12 leased hotels in the U.S. & Canada.

Depreciation, amortization, and other expenses for the 2022 third quarter totaled $50 million, compared to $64 million in the year-ago quarter. Expenses in the 2021 third quarter included an $11 million impairment charge.

General, administrative, and other expenses for the 2022 third quarter totaled $216 million, compared to $212 million in the year-ago quarter.

Interest expense, net, totaled $93 million in the third quarter compared to $99 million in the year-ago quarter. The decrease is largely due to lower interest expense associated with lower debt balances.

3


Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million. See page A-12 for the adjusted EBITDA calculation.

Selected Performance Information
The company added 77 properties (14,071 rooms) to its worldwide lodging portfolio during the 2022 third quarter, including nearly 3,900 rooms converted from competitor brands and approximately 8,700 rooms in international markets. Thirty-five properties (7,440 rooms) exited the system during the quarter, including roughly 5,200 rooms in Russia. At quarter end, Marriott’s global lodging system totaled nearly 8,200 properties, with over 1,507,000 rooms.

At quarter end, the company’s worldwide development pipeline totaled 3,024 properties with more than 502,000 rooms, including 1,039 properties with approximately 204,800 rooms under construction, or 41 percent of the pipeline, and 233 properties with roughly 33,300 rooms approved for development, but not yet subject to signed contracts.

In the 2022 third quarter, worldwide RevPAR increased 36.3 percent (a 33.4 percent increase using actual dollars) compared to the 2021 third quarter. RevPAR in the U.S. & Canada increased 28.5 percent (a 28.3 percent increase using actual dollars), and RevPAR in international markets increased 66.1 percent (a 51.0 percent increase using actual dollars).

Balance Sheet
At quarter end, Marriott’s net debt was $8.4 billion, representing total debt of $9.4 billion less cash and cash equivalents of $1.0 billion. At year-end 2021, the company’s net debt was $8.7 billion, representing total debt of $10.1 billion less cash and cash equivalents of $1.4 billion.

In the third quarter, the company issued $1.0 billion of Series JJ Senior Notes due in 2027 with a 5.00 percent interest rate coupon.

Marriott Common Stock
Year-to-date through October 31, the company has repurchased 11.1 million shares for $1.7 billion at an average price of $153.21 per share.









4


2022 Outlook1
Fourth Quarter 2022
vs Fourth Quarter 2019
Full Year 2022
vs Full Year 2019
Comparable systemwide constant $ RevPAR
Worldwide+2% to +4%-5% to -3%
U.S. & Canada+4% to +6%-2% to flat
International-2% to flat-13% to -11%
Year-End 2022
vs Year-End 2021
Gross Rooms GrowthApprox. 4.5%
Deletions2
Approx. 1.5%
Net rooms growthApprox. 3.0%

The change in expected gross rooms growth compared to the company’s prior guidance primarily reflects lengthened construction timelines in Greater China resulting from extended lockdowns.

($ in millions, except EPS)Fourth Quarter 2022Full Year 2022
Gross fee revenues$1,070 to $1,090$4,017 to $4,037
Owned, leased, and other revenue, net of direct expensesApprox. $77Approx. $269
General, administrative, and other expenses$235 to $225$890 to $880
Adjusted EBITDA3,4
$1,007 to $1,037$3,770 to $3,800
Adjusted EPS – diluted4,5
$1.77 to $1.84$6.51 to $6.58
Investment spending6
Approx. $500
Capital return to shareholders7
More than $2,700

1The outlook provided above assumes that the $100 million City Express transaction does not close before year-end 2022.
2 The anticipated deletions rate includes 50bps related to the company’s suspension of its operations in Russia.
3 See pages A-13 & A-14 for the adjusted EBITDA calculation.
4 Adjusted EBITDA and Adjusted EPS – diluted for fourth quarter and full year 2022 do not include cost reimbursement revenue, reimbursed expenses, or restructuring, merger-related charges, and other expenses, each of which the company cannot forecast with sufficient accuracy, and which may be significant, and do not reflect any asset sales that may occur during the remainder of the year. Adjusted EPS – diluted for full year 2022 excludes impairments, gains on investees’ property sales, gains on asset dispositions, and special tax items reported in the first three quarters of 2022. See page A-3 for the Adjusted EPS – diluted calculation for the first three quarters of 2022.
5 Assumes the level of capital return to shareholders noted above.
6 Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.
7 Assumes the level of investment spending noted above and no asset sales that may 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 Thursday, November 3, 2022, at 8:00 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at http://
5


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 2, 2023.

The telephone dial-in number for the conference call is US Toll Free: 888-632-3384, or Global: +1 785-830-7975. The conference ID is MAR3Q22. A telephone replay of the conference call will be available from 1:00 p.m. ET, Thursday, November 3, 2022, until 8:00 p.m. ET, Thursday, November 10, 2022. To access the replay, call US Toll Free: 800-695-2533 or Global:
+1 402-530-9029.

Note on forward-looking statements: All statements in this press release and the accompanying schedules are made as of November 3, 2022. 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 possible effects on our business of the COVID-19 pandemic (COVID-19); our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; travel and lodging demand trends and expectations; occupancy, ADR and RevPAR recovery trends and expectations; our development pipeline, signings, rooms growth, deletions and conversions; our investment spending and capital return expectations; our expectations regarding the addition of the City Express brand portfolio to our system; 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 identify in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,200 properties under 30 leading brands spanning 138 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.

6


CONTACTS:
Melissa Froehlich Flood
Corporate Relations
(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
7


MARRIOTT INTERNATIONAL, INC.
PRESS RELEASE SCHEDULES
TABLE OF CONTENTS
QUARTER 3, 2022
Consolidated Statements of Income - As Reported
Non-GAAP Financial Measures
Total Lodging Products
Key Lodging Statistics
Adjusted EBITDA
Adjusted EBITDA Forecast - Fourth Quarter 2022
Adjusted EBITDA Forecast - Full Year 2022
Explanation of Non-GAAP Financial and Performance Measures




MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED
THIRD QUARTER 2022 AND 2021
(in millions except per share amounts, unaudited)

As ReportedAs ReportedPercent
Three Months EndedThree Months EndedBetter/(Worse)
September 30, 2022September 30, 2021
Reported 2022 vs. 2021
REVENUES
Base management fees$275 $190 45 
Franchise fees 1
678 533 27 
Incentive management fees106 53 100 
   Gross Fee Revenues1,059 776 36 
Contract investment amortization 2
(22)(21)(5)
   Net Fee Revenues1,037 755 37 
Owned, leased, and other revenue 3
345 241 43 
Cost reimbursement revenue 4
3,931 2,950 33 
   Total Revenues5,313 3,946 35 
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct 5
301 204 (48)
Depreciation, amortization, and other 6
50 64 22 
General, administrative, and other 7
216 212 (2)
Restructuring, merger-related charges, and other50 
Reimbursed expenses 4
3,786 2,917 (30)
   Total Expenses4,355 3,401 (28)
OPERATING INCOME958 545 76 
Gains and other income, net 8
— *
Loss on extinguishment of debt— (164)100 
Interest expense(100)(107)
Interest income (13)
Equity in earnings (losses) 9
(4)125 
INCOME BEFORE INCOME TAXES869 278 213 
Provision for income taxes(239)(58)(312)
NET INCOME$630 $220 186 
EARNINGS PER SHARE
   Earnings per share - basic$1.94 $0.67 190 
   Earnings per share - diluted$1.94 $0.67 190 
Basic Shares324.5 327.3 
Diluted Shares325.7 329.3 
*Calculated percentage is not meaningful
1Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, and residential branding fees.
2Contract investment amortization includes amortization of capitalized costs to obtain contracts with our owner and franchisee customers, and any related impairments, accelerations, or write-offs.
3Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4Cost 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.
5Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.
6Depreciation, 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.
7General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.
8Gains 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.
9Equity in earnings (losses) include our equity in earnings or losses of unconsolidated equity method investments.
A-1


MARRIOTT INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME - AS REPORTED
THIRD QUARTER YEAR-TO-DATE 2022 AND 2021
(in millions except per share amounts, unaudited)

As ReportedAs ReportedPercent
Nine Months Ended
Nine Months Ended
Better/(Worse)
September 30, 2022
September 30, 2021
Reported 2022 vs. 2021
REVENUES
Base management fees$757 $452 67 
Franchise fees 1
1,847 1,270 45 
Incentive management fees343 141 143 
   Gross Fee Revenues2,947 1,863 58 
Contract investment amortization 2
(65)(56)(16)
   Net Fee Revenues2,882 1,807 59 
Owned, leased, and other revenue 3
971 536 81 
Cost reimbursement revenue 4
10,997 7,068 56 
   Total Revenues14,850 9,411 58 
OPERATING COSTS AND EXPENSES
Owned, leased, and other - direct 5
779 507 (54)
Depreciation, amortization, and other 6
147 166 11 
General, administrative, and other 7
655 610 (7)
Restructuring, merger-related charges, and other11 (38)
Reimbursed expenses 4
10,792 7,005 (54)
   Total Expenses12,384 8,296 (49)
OPERATING INCOME2,466 1,115 121 
Gains and other income, net 8
50 
Loss on extinguishment of debt— (164)100 
Interest expense(288)(323)11 
Interest income 18 22 (18)
Equity in earnings (losses) 9
18 (24)175 
INCOME BEFORE INCOME TAXES2,223 632 252 
Provision for income taxes(538)(1)(53,700)
NET INCOME$1,685 $631 167 
EARNINGS PER SHARE
   Earnings per share - basic$5.15 $1.93 167 
   Earnings per share - diluted$5.13 $1.92 167 
Basic Shares327.0 327.0 
Diluted Shares 328.4 329.1 

1Franchise fees include fees from our franchise agreements, application and relicensing fees, licensing fees from our timeshare, credit card programs, and residential branding fees.
2Contract investment amortization includes amortization of capitalized costs to obtain contracts with our owner and franchisee customers, and any related impairments, accelerations, or write-offs.
3Owned, leased, and other revenue includes revenue from the properties we own or lease, termination fees, and other revenue.
4Cost 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.
5Owned, leased, and other - direct expenses include operating expenses related to our owned or leased hotels, including lease payments and pre-opening expenses.
6Depreciation, 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.
7General, administrative, and other expenses include our corporate and business segments overhead costs and general expenses.
8Gains 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.
9Equity in earnings (losses) 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 Ended
Nine Months Ended
September 30, 2022September 30, 2021Percent Better/(Worse)September 30, 2022September 30, 2021Percent Better/(Worse)
Total revenues, as reported$5,313 $3,946 $14,850 $9,411 
Less: Cost reimbursement revenue(3,931)(2,950)(10,997)(7,068)
Add: Impairments 1
— — — 
Adjusted total revenues **1,382 996 3,858 2,343 
Operating income, as reported958 545 2,466 1,115 
Less: Cost reimbursement revenue(3,931)(2,950)(10,997)(7,068)
Add: Reimbursed expenses3,786 2,917 10,792 7,005 
Add: Restructuring, merger-related charges, and other11 
Add: Impairments2
— 11 11 
Adjusted operating income **815 527 55%2,277 1,071 113%
Operating income margin18 %14 %17 %12 %
Adjusted operating income margin **59 %53 %59 %46 %
Net income, as reported630 220 1,685 631 
Less: Cost reimbursement revenue(3,931)(2,950)(10,997)(7,068)
Add: Reimbursed expenses3,786 2,917 10,792 7,005 
Add: Restructuring, merger-related charges, and other11 
Add: Impairments3
— 11 11 15 
Add: Loss on extinguishment of debt— 164 — 164 
Less: Gains on investees’ property sales4
(2)— (23)— 
Less: Gain on asset dispositions5
— — (2)— 
Income tax effect of above adjustments36 (39)50 (36)
Less: Income tax special items30 — 30 (98)
Adjusted net income **$551 $327 69%$1,557 $621 151%
Diluted earnings per share, as reported$1.94 $0.67 $5.13 $1.92 
Adjusted diluted earnings per share**$1.69 $0.99 71%$4.74 $1.89 151%

**Denotes non-GAAP financial measures. Please see pages A-15 and A-16 for information about our reasons for providing these alternative financial measures and the limitations on their use.

1 Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million.

2 Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million. Three months and nine months ended September 30, 2021 include impairment charges reported in Depreciation, amortization, and other of $11 million.

3 Nine months ended September 30, 2022 includes impairment charges reported in Contract investment amortization of $5 million and Equity in earnings (losses) of $6 million. Three months and nine months ended September 30, 2021 include impairment charges reported in Depreciation, amortization, and other of $11 million. Nine months ended September 30, 2021 includes impairment charges reported in Equity in earnings (losses) of $4 million.

4 Gains on investees’ property sales reported in Equity in earnings (losses).

5 Gain on asset dispositions reported in Gains and other income, net.
A-3


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS
As of September 30, 2022
US & CanadaTotal InternationalTotal Worldwide
UnitsRoomsUnitsRoomsUnitsRooms
Managed633 215,948 1,326 338,913 1,959 554,861 
Marriott Hotels105 57,675 190 55,416 295 113,091 
Sheraton26 21,338 184 62,324 210 83,662 
Courtyard168 27,063 106 23,035 274 50,098 
Westin40 21,865 76 23,543 116 45,408 
JW Marriott21 12,724 66 24,391 87 37,115 
Renaissance24 10,607 55 17,534 79 28,141 
The Ritz-Carlton39 11,648 66 16,451 105 28,099 
The Ritz-Carlton Serviced Apartments— — 715 715 
Four Points134 81 22,709 82 22,843 
Le Méridien100 70 19,524 71 19,624 
W Hotels23 6,516 38 10,246 61 16,762 
W Hotels Serviced Apartments— — 160 160 
Residence Inn76 12,199 1,116 85 13,315 
St. Regis10 1,977 38 8,905 48 10,882 
St. Regis Serviced Apartments— — 70 70 
The Luxury Collection2,296 47 8,268 53 10,564 
Aloft505 44 9,735 46 10,240 
Gaylord Hotels10,220 — — 10,220 
AC Hotels by Marriott1,165 68 8,466 75 9,631 
Fairfield by Marriott1,431 60 8,093 66 9,524 
Delta Hotels25 6,770 477 27 7,247 
Autograph Collection2,508 20 2,953 28 5,461 
Marriott Executive Apartments— — 34 4,866 34 4,866 
SpringHill Suites26 4,363 — — 26 4,363 
EDITION1,379 10 2,216 15 3,595 
Protea Hotels— — 26 3,151 26 3,151 
Element640 12 2,273 14 2,913 
Tribute Portfolio— — 947 947 
Moxy— — 887 887 
TownePlace Suites825 — — 825 
Bulgari— — 442 442 
Franchised5,093 732,399 844 170,834 5,937 903,233 
Courtyard859 114,576 112 21,050 971 135,626 
Fairfield by Marriott1,132 106,609 45 7,561 1,177 114,170 
Residence Inn769 91,811 24 3,282 793 95,093 
Marriott Hotels232 73,822 57 16,757 289 90,579 
Sheraton151 47,374 71 20,524 222 67,898 
SpringHill Suites502 58,181 — — 502 58,181 
TownePlace Suites477 48,594 — — 477 48,594 
Autograph Collection138 27,167 100 21,288 238 48,455 
Westin91 30,818 26 7,708 117 38,526 
Four Points156 23,613 61 10,155 217 33,768 
Renaissance64 18,071 29 7,544 93 25,615 
Aloft151 21,664 21 3,440 172 25,104 
AC Hotels by Marriott99 16,420 44 7,889 143 24,309 
Moxy26 4,913 84 15,894 110 20,807 
Delta Hotels61 13,996 11 2,557 72 16,553 
The Luxury Collection12 3,188 56 10,372 68 13,560 
Tribute Portfolio50 7,940 24 3,020 74 10,960 
Element77 10,291 269 79 10,560 
Le Méridien24 5,548 18 4,641 42 10,189 
JW Marriott12 6,072 11 2,714 23 8,786 
Protea Hotels— — 34 2,636 34 2,636 
Design Hotels1,302 10 1,060 19 2,362 
The Ritz-Carlton429 — — 429 
W Hotels— — 246 246 
Bulgari— — 161 161 
Marriott Executive Apartments— — 66 66 
A-4


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS
As of September 30, 2022
US & CanadaTotal InternationalTotal Worldwide
UnitsRoomsUnitsRoomsUnitsRooms
Owned/Leased26 6,483 38 9,209 64 15,692 
Courtyard19 2,814 894 23 3,708 
Marriott Hotels1,308 2,064 3,372 
Sheraton— — 1,830 1,830 
W Hotels779 665 1,444 
Westin1,073 — — 1,073 
Protea Hotels— — 912 912 
Renaissance317 505 822 
Autograph Collection1
— — 576 576 
The Ritz-Carlton— — 550 550 
JW Marriott— — 496 496 
The Luxury Collection2
— — 417 417 
Residence Inn192 140 332 
St. Regis— — 160 160 
Residences66 6,935 44 3,928 110 10,863 
The Ritz-Carlton Residences39 4,317 14 1,135 53 5,452 
St. Regis Residences10 1,082 1,065 19 2,147 
W Residences10 1,089 547 17 1,636 
Bulgari Residences— — 514 514 
Sheraton Residences— — 282 282 
Westin Residences266 275 
Marriott Hotels Residences— — 246 246 
The Luxury Collection Residences91 115 206 
EDITION Residences90 — — 90 
Le Méridien Residences— — 15 15 
Timeshare*72 18,839 20 3,862 92 22,701 
Grand Total5,890 980,604 2,272 526,746 8,162 1,507,350 
*Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured within “Unallocated corporate and other.”
1 Includes 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.
A-5


MARRIOTT INTERNATIONAL, INC.
TOTAL LODGING PRODUCTS
As of September 30, 2022
US & CanadaTotal InternationalTotal Worldwide
Total SystemwideUnitsRoomsUnitsRoomsUnitsRooms
Luxury194 53,677 395 91,021 589 144,698 
JW Marriott33 18,796 78 27,601 111 46,397 
The Ritz-Carlton40 12,077 68 17,001 108 29,078 
The Ritz-Carlton Residences39 4,317 14 1,135 53 5,452 
The Ritz-Carlton Serviced Apartments— — 715 715 
The Luxury Collection1
18 5,484 107 19,057 125 24,541 
The Luxury Collection Residences91 115 206 
W Hotels25 7,295 41 11,157 66 18,452 
W Residences10 1,089 547 17 1,636 
W Hotels Serviced Apartments— — 160 160 
St. Regis10 1,977 39 9,065 49 11,042 
St. Regis Residences10 1,082 1,065 19 2,147 
St. Regis Serviced Apartments— — 70 70 
EDITION1,379 10 2,216 15 3,595 
EDITION Residences90 — — 90 
Bulgari— — 603 603 
Bulgari Residences— — 514 514 
Full-Service1,062 360,085 1,009 278,276 2,071 638,361 
Marriott Hotels339 132,805 253 74,237 592 207,042 
Marriott Hotels Residences— — 246 246 
Sheraton177 68,712 259 84,678 436 153,390 
Sheraton Residences— — 282 282 
Westin132 53,756 102 31,251 234 85,007 
Westin Residences266 275 
Renaissance89 28,995 86 25,583 175 54,578 
Autograph Collection2
146 29,675 126 24,817 272 54,492 
Le Méridien25 5,648 88 24,165 113 29,813 
Le Méridien Residences— — 15 15 
Delta Hotels86 20,766 13 3,034 99 23,800 
Tribute Portfolio50 7,940 31 3,967 81 11,907 
Gaylord Hotels10,220 — — 10,220 
Marriott Executive Apartments— — 35 4,932 35 4,932 
Design Hotels1,302 10 1,060 19 2,362 
Limited-Service4,562 548,003 848 153,587 5,410 701,590 
Courtyard1,046 144,453 222 44,979 1,268 189,432 
Fairfield by Marriott1,138 108,040 105 15,654 1,243 123,694 
Residence Inn846 104,202 34 4,538 880 108,740 
SpringHill Suites528 62,544 — — 528 62,544 
Four Points157 23,747 142 32,864 299 56,611 
TownePlace Suites483 49,419 — — 483 49,419 
Aloft153 22,169 65 13,175 218 35,344 
AC Hotels by Marriott106 17,585 112 16,355 218 33,940 
Moxy26 4,913 89 16,781 115 21,694 
Element79 10,931 14 2,542 93 13,473 
Protea Hotels— — 65 6,699 65 6,699 
Timeshare*72 18,839 20 3,862 92 22,701 
Grand Total5,890 980,604 2,272 526,746 8,162 1,507,350 
*Timeshare property and room counts are included on this table in their geographical locations. For external reporting purposes, these counts are captured within “Unallocated corporate and other.”
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.
2 Includes 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.
A-6


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $

Comparable Company-Operated US & Canada Properties
Three Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Brand2022 vs. 20212022 vs. 20212022 vs. 2021
JW Marriott$180.19 37.9 %65.4 %12.7 %pts.$275.55 11.1 %
The Ritz-Carlton$305.22 19.7 %64.2 %8.0 %pts.$475.75 4.7 %
W Hotels$216.02 41.4 %66.3 %12.9 %pts.$325.85 13.8 %
Composite US & Canada Luxury1
$250.53 30.4 %65.9 %11.0 %pts.$380.42 8.6 %
Marriott Hotels$156.35 56.2 %69.9 %15.9 %pts.$223.61 20.8 %
Sheraton$147.72 45.1 %65.0 %11.5 %pts.$227.09 19.4 %
Westin$180.88 48.2 %72.0 %15.8 %pts.$251.20 15.6 %
Composite US & Canada Premium2
$158.27 51.0 %69.6 %15.2 %pts.$227.51 18.0 %
US & Canada Full-Service3
$177.95 44.2 %68.8 %14.3 %pts.$258.74 14.2 %
Courtyard$108.14 29.7 %68.2 %4.6 %pts.$158.66 21.0 %
Residence Inn$149.82 23.8 %79.3 %5.3 %pts.$188.89 15.5 %
Composite US & Canada Limited-Service4
$119.99 28.3 %71.5 %5.2 %pts.$167.75 18.9 %
US & Canada - All5
$164.32 41.2 %69.4 %12.2 %pts.$236.69 16.4 %

Comparable Systemwide US & Canada Properties
Three Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Brand2022 vs. 20212022 vs. 20212022 vs. 2021
JW Marriott$179.27 32.0 %67.2 %11.8 %pts.$266.65 8.8 %
The Ritz-Carlton$304.97 20.0 %64.7 %8.2 %pts.$471.23 4.8 %
W Hotels$216.02 41.4 %66.3 %12.9 %pts.$325.85 13.8 %
Composite US & Canada Luxury1
$239.73 29.4 %66.9 %11.1 %pts.$358.17 8.0 %
Marriott Hotels$135.07 43.6 %68.3 %13.5 %pts.$197.68 15.2 %
Sheraton$118.86 43.3 %65.4 %12.5 %pts.$181.88 15.8 %
Westin$157.14 41.9 %69.7 %13.1 %pts.$225.59 15.1 %
Composite US & Canada Premium2
$139.28 40.0 %68.3 %12.9 %pts.$203.80 13.6 %
US & Canada Full-Service3
$150.91 38.0 %68.2 %12.7 %pts.$221.34 12.3 %
Courtyard$113.54 24.8 %71.7 %5.7 %pts.$158.36 14.9 %
Residence Inn$132.62 18.2 %79.6 %2.8 %pts.$166.56 14.0 %
Fairfield by Marriott$97.28 14.2 %73.6 %3.7 %pts.$132.10 8.5 %
Composite US & Canada Limited-Service4
$112.93 20.4 %74.4 %4.5 %pts.$151.70 13.2 %
US & Canada - All5
$128.94 28.5 %71.8 %7.9 %pts.$179.58 14.3 %

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, and Gaylord Hotels. Systemwide also includes Le Méridien and Tribute Portfolio.
3Includes 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 Limited-Service.
A-7


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
Three Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Region2022 vs. 2021 2022 vs. 2021 2022 vs. 2021
Greater China$67.48 5.3 %59.3 %4.3 %pts.$113.87 -2.3 %
Asia Pacific excluding China$88.15 169.8 %62.7 %29.5 %pts.$140.52 42.9 %
Caribbean & Latin America$111.98 42.8 %59.1 %12.9 %pts.$189.46 11.8 %
Europe$188.55 93.1 %73.3 %24.5 %pts.$257.08 28.6 %
Middle East & Africa$97.67 43.3 %61.6 %10.1 %pts.$158.65 19.9 %
International - All1
$102.53 61.7 %63.1 %16.1 %pts.$162.61 20.4 %
Worldwide2
$129.91 49.5 %65.9 %14.4 %pts.$197.20 16.9 %

Comparable Systemwide International Properties
Three Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Region2022 vs. 2021 2022 vs. 2021 2022 vs. 2021
Greater China$64.78 8.2 %58.3 %5.4 %pts.$111.12 -1.8 %
Asia Pacific excluding China$87.91 139.3 %62.7 %27.2 %pts.$140.15 35.4 %
Caribbean & Latin America$96.11 45.0 %57.5 %12.6 %pts.$167.27 13.4 %
Europe$156.10 90.3 %72.0 %25.0 %pts.$216.92 24.1 %
Middle East & Africa$94.78 49.7 %62.0 %10.8 %pts.$152.92 23.7 %
International - All1
$101.37 66.1 %63.3 %17.3 %pts.$160.11 20.7 %
Worldwide2
$120.60 36.3 %69.2 %10.8 %pts.$174.19 15.1 %
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-8


MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated US & Canada Properties
Nine Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Brand2022 vs. 20212022 vs. 20212022 vs. 2021
JW Marriott$200.55 75.2 %64.6 %20.6 %pts.$310.43 19.2 %
The Ritz-Carlton$327.75 55.0 %64.1 %18.1 %pts.$511.32 11.3 %
W Hotels$227.42 77.4 %62.5 %20.8 %pts.$364.13 18.2 %
Composite US & Canada Luxury1
$272.45 68.5 %64.7 %20.5 %pts.$420.85 15.1 %
Marriott Hotels$143.07 112.4 %64.7 %25.1 %pts.$221.13 29.9 %
Sheraton$140.21 122.3 %62.7 %27.5 %pts.$223.50 24.9 %
Westin$163.54 98.9 %66.3 %25.4 %pts.$246.78 22.7 %
Composite US & Canada Premium2
$144.36 110.5 %64.1 %25.8 %pts.$225.03 26.0 %
US & Canada Full-Service3
$171.67 94.1 %64.3 %24.6 %pts.$267.09 19.7 %
Courtyard$99.02 59.2 %64.5 %10.3 %pts.$153.63 33.8 %
Residence Inn$140.23 39.6 %76.7 %7.7 %pts.$182.73 25.6 %
Composite US & Canada Limited-Service4
$111.63 54.5 %68.4 %10.6 %pts.$163.15 30.5 %
US & Canada - All5
$157.56 86.2 %65.3 %21.3 %pts.$241.46 25.3 %
Comparable Systemwide US & Canada Properties
Nine Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Brand2022 vs. 20212022 vs. 20212022 vs. 2021
JW Marriott$199.73 73.9 %66.4 %20.5 %pts.$300.65 20.1 %
The Ritz-Carlton$323.71 55.9 %64.1 %18.4 %pts.$505.36 11.1 %
W Hotels$227.42 77.4 %62.5 %20.8 %pts.$364.13 18.2 %
Composite US & Canada Luxury1
$258.25 69.3 %65.4 %20.6 %pts.$394.60 16.1 %
Marriott Hotels$122.83 84.9 %62.9 %20.6 %pts.$195.24 24.3 %
Sheraton$107.59 89.6 %60.4 %20.2 %pts.$178.00 26.1 %
Westin$145.90 90.5 %65.3 %22.8 %pts.$223.51 23.9 %
Composite US & Canada Premium2
$127.57 83.0 %63.1 %20.8 %pts.$202.21 22.6 %
US & Canada Full-Service3
$142.69 79.9 %63.4 %20.8 %pts.$225.20 20.9 %
Courtyard$101.82 46.9 %67.4 %10.5 %pts.$151.18 23.9 %
Residence Inn$120.73 29.6 %76.5 %5.5 %pts.$157.80 20.3 %
Fairfield by Marriott$86.91 31.9 %69.0 %8.0 %pts.$126.05 16.6 %
Composite US & Canada Limited-Service4
$102.00 38.0 %70.5 %8.6 %pts.$144.75 21.2 %
US & Canada - All5
$119.16 56.4 %67.5 %13.7 %pts.$176.60 24.6 %
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, 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 Limited-Service.

A-9



MARRIOTT INTERNATIONAL, INC.
KEY LODGING STATISTICS
In Constant $
Comparable Company-Operated International Properties
Nine Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Region2022 vs. 20212022 vs. 20212022 vs. 2021
Greater China$54.38 -18.2 %47.9 %-7.7 %pts.$113.51 -5.0 %
Asia Pacific excluding China$75.29 129.3 %55.5 %23.4 %pts.$135.72 32.4 %
Caribbean & Latin America$121.10 84.1 %59.7 %20.6 %pts.$202.84 20.7 %
Europe$146.25 187.8 %62.2 %33.7 %pts.$235.21 31.7 %
Middle East & Africa$110.94 66.7 %62.6 %16.0 %pts.$177.07 24.1 %
International - All1
$90.07 64.4 %55.7 %13.7 %pts.$161.76 24.0 %
Worldwide2
$120.00 76.4 %59.9 %17.1 %pts.$200.26 26.1 %

Comparable Systemwide International Properties
Nine Months Ended September 30, 2022 and September 30, 2021
REVPAROccupancyAverage Daily Rate
Region2022 vs. 20212022 vs. 20212022 vs. 2021
Greater China$52.09 -16.6 %47.0 %-7.0 %pts.$110.95 -4.2 %
Asia Pacific excluding China$75.03 116.9 %55.6 %22.6 %pts.$134.93 28.9 %
Caribbean & Latin America$100.89 89.2 %56.9 %19.6 %pts.$177.18 24.2 %
Europe$119.44 183.6 %59.8 %33.0 %pts.$199.71 27.2 %
Middle East & Africa