Marriott International Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Marriott International Inc. filed its Q1 2024 10-Q, detailing financial performance and operational segments.</b>

AI Summary

MARRIOTT INTERNATIONAL INC /MD/ (MAR) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Marriott International Inc. reported its Q1 2024 results on May 1, 2024. The filing covers the period ending March 31, 2024. Key financial segments include Management Services, Franchise, and Owned/Leased properties. The company's business address is 7750 Wisconsin Avenue, Bethesda, MD. The report details various financial instruments and contractual obligations.

Why It Matters

For investors and stakeholders tracking MARRIOTT INTERNATIONAL INC /MD/, this filing contains several important signals. This 10-Q filing provides a quarterly update on Marriott's financial health and operational performance, crucial for investors to assess recent trends. Understanding the breakdown of revenue by segment (Management Services, Franchise, Owned/Leased) is key to evaluating Marriott's core business drivers and growth strategies.

Risk Assessment

Risk Level: medium — MARRIOTT INTERNATIONAL INC /MD/ shows moderate risk based on this filing. The filing references a class action lawsuit related to a data security incident from November 2018, indicating potential ongoing legal and financial risks.

Analyst Insight

Investors should review the detailed financial statements and risk factors in this 10-Q to understand Marriott's current financial position and potential liabilities.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q Filing)
• 2024-05-01 — Filing Date (10-Q Filing)
• 1997-10-23 — Date of Name Change (Former Company Name)
• 2018-11-30 — Date of Data Security Incident (Class Action Lawsuit Context)

Key Players & Entities

• MARRIOTT INTERNATIONAL INC /MD/ (company) — Filer
• MAR (company) — Ticker Symbol
• 2024-05-01T00:00:00.000Z (date) — Filing Date
• 2024-03-31 (date) — Reporting Period End Date
• 7750 WISCONSIN AVENUE (address) — Business Address
• BETHESDA (location) — Business Address City
• MD (location) — Business Address State
• 20814 (postal_code) — Business Address Zip

FAQ

Risk Factors

• Class Action Lawsuits Related to Data Security Incident [medium — legal]: A class action lawsuit was filed in November 2018 related to a data security incident, indicating potential ongoing legal and financial risks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.01 — Which Registered Class A Common Stock, $0.01 par value MAR Nasdaq Global Select Mark

Filing Documents

• mar-20240331.htm (10-Q) — 916KB
• mar-q12024xexx101.htm (EX-10.1) — 69KB
• mar-q12024xexx102.htm (EX-10.2) — 69KB
• mar-q12024xexx103.htm (EX-10.3) — 72KB
• mar-q12024xexx311.htm (EX-31.1) — 10KB
• mar-q12024xexx312.htm (EX-31.2) — 10KB
• mar-q12024xexx32.htm (EX-32) — 8KB
• mar-20240331_g1.jpg (GRAPHIC) — 182KB
• 0001628280-24-019494.txt (&nbsp;) — 5663KB
• mar-20240331.xsd (EX-101.SCH) — 32KB
• mar-20240331_cal.xml (EX-101.CAL) — 59KB
• mar-20240331_def.xml (EX-101.DEF) — 175KB
• mar-20240331_lab.xml (EX-101.LAB) — 421KB
• mar-20240331_pre.xml (EX-101.PRE) — 282KB
• mar-20240331_htm.xml (XML) — 759KB

Financial Information (Unaudited)

Part I. Financial Information (Unaudited)

Financial Statements

Item 1. Financial Statements Condensed Consolidated Statements of Income 3 Condensed Consolidated Statements of Comprehensive Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Cautionary Statement 13

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 22

Risk Factors

Item 1A. Risk Factors 22

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 22

Other Information

Item 5. Other Information 22

Exhibits

Item 6. Exhibits 23 Signature 24 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

. Financial Statements

Item 1 . Financial Statements MARRIOTT INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 REVENUES Base management fees $ 313 $ 293 Franchise fees 688 639 Incentive management fees 209 201 Gross fee revenues 1,210 1,133 Contract investment amortization ( 23 ) ( 21 ) Net fee revenues 1,187 1,112 Owned, leased, and other revenue 357 356 Cost reimbursement revenue 4,433 4,147 5,977 5,615 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 286 281 Depreciation, amortization, and other 45 44 General, administrative, and other 261 202 Merger-related charges and other 8 1 Reimbursed expenses 4,501 4,136 5,101 4,664 OPERATING INCOME 876 951 Gains and other income, net 4 3 Interest expense ( 163 ) ( 126 ) Interest income 10 15 Equity in earnings — 1 INCOME BEFORE INCOME TAXES 727 844 Provision for income taxes ( 163 ) ( 87 ) NET INCOME $ 564 $ 757 EARNINGS PER SHARE Earnings per share – basic $ 1.94 $ 2.44 Earnings per share – diluted $ 1.93 $ 2.43 See Notes to Condensed Consolidated Financial Statements. 3 Table of Contents MARRIOTT INTERNATIONAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) (Unaudited) Three Months Ended March 31, 2024 March 31, 2023 Net income $ 564 $ 757 Other comprehensive (loss) income Foreign currency translation adjustments ( 157 ) 84 Other adjustments, net of tax 10 ( 2 ) Total other comprehensive (loss) income, net of tax ( 147 ) 82 Comprehensive income $ 417 $ 839 See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents MARRIOTT INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and equivalents $ 429 $ 338 Accounts and notes receivable, net 2,747 2,712 Prepaid expenses and other 274 261 3,450 3,311 Prop

View Full Filing

View this 10-Q filing on SEC EDGAR