Marriott International Q2 2024: Revenue Growth Continues

TL;DR

Marriott's Q2 revenue up across management & franchise segments. Growth continues!

AI Summary

Marriott International Inc. reported its Q2 2024 results, with revenue for the six months ending June 30, 2024, showing increases in both its Management and Franchise segments compared to the same period in 2023. Specifically, the Management Service Base revenue grew, as did Franchise revenue, indicating continued operational strength and expansion in its core business lines.

Why It Matters

This filing provides insight into Marriott's performance in the second quarter of 2024, reflecting the company's ability to grow revenue in its key segments amidst the current economic climate.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• 2024-06-30 — End of Reporting Period (Indicates the timeframe for the financial data presented.)
• 2024-01-01 — Start of Reporting Period (Marks the beginning of the period covered by the report.)

Key Players & Entities

• Marriott International Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240731 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• mar-20240630.htm (10-Q) — 1231KB
• mar-q22024xexx101.htm (EX-10.1) — 66KB
• mar-q22024xexx311.htm (EX-31.1) — 10KB
• mar-q22024xexx312.htm (EX-31.2) — 10KB
• mar-q22024xexx32.htm (EX-32) — 8KB
• mar-20240630_g1.jpg (GRAPHIC) — 182KB
• 0001628280-24-033679.txt ( ) — 6397KB
• mar-20240630.xsd (EX-101.SCH) — 33KB
• mar-20240630_cal.xml (EX-101.CAL) — 59KB
• mar-20240630_def.xml (EX-101.DEF) — 178KB
• mar-20240630_lab.xml (EX-101.LAB) — 440KB
• mar-20240630_pre.xml (EX-101.PRE) — 292KB
• mar-20240630_htm.xml (XML) — 1034KB

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 14 Cautionary Statement 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 22

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

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 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24 Signature 25 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 REVENUES Base management fees $ 330 $ 318 $ 643 $ 611 Franchise fees 818 739 1,506 1,378 Incentive management fees 195 193 404 394 Gross fee revenues 1,343 1,250 2,553 2,383 Contract investment amortization ( 27 ) ( 22 ) ( 50 ) ( 43 ) Net fee revenues 1,316 1,228 2,503 2,340 Owned, leased, and other revenue 395 390 752 746 Cost reimbursement revenue 4,728 4,457 9,161 8,604 6,439 6,075 12,416 11,690 OPERATING COSTS AND EXPENSES Owned, leased, and other - direct 296 287 582 568 Depreciation, amortization, and other 47 48 92 92 General, administrative, and other 248 240 509 442 Merger-related charges and other 8 38 16 39 Reimbursed expenses 4,645 4,366 9,146 8,502 5,244 4,979 10,345 9,643 OPERATING INCOME 1,195 1,096 2,071 2,047 Gains and other income, net 4 2 8 5 Interest expense ( 173 ) ( 140 ) ( 336 ) ( 266 ) Interest income 9 ( 1 ) 19 14 Equity in earnings 5 7 5 8 INCOME BEFORE INCOME TAXES 1,040 964 1,767 1,808 Provision for income taxes ( 268 ) ( 238 ) ( 431 ) ( 325 ) NET INCOME $ 772 $ 726 $ 1,336 $ 1,483 EARNINGS PER SHARE Earnings per share – basic $ 2.70 $ 2.39 $ 4.64 $ 4.84 Earnings per share – diluted $ 2.69 $ 2.38 $ 4.62 $ 4.81 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net income $ 772 $ 726 $ 1,336 $ 1,483 Other comprehensive (loss) income Foreign currency translation adjustments ( 114 ) ( 77 ) ( 271 ) 7 Other adjustments, net of tax 3 8 13 6 Total other comprehensive (loss) income, net of tax ( 111 ) ( 69 ) ( 258 ) 13

View Full Filing

View this 10-Q filing on SEC EDGAR