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Marriott
🇺🇸 NASDAQ:MAR
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•
Jun 30, 2022

Marriott Q2 2022 Earnings Report

Reported outstanding results due to continued momentum in global lodging recovery.

Key Takeaways

Marriott International reported outstanding second quarter 2022 results, driven by increased demand across all customer segments and the easing of travel restrictions. Worldwide RevPAR surpassed 2019 levels in June, with a robust average daily rate and occupancy. The company resumed share repurchases and expects to return over $2.2 billion to shareholders in 2022.

Second quarter comparable systemwide constant dollar RevPAR increased 70.6 percent worldwide compared to the 2021 second quarter.

Second quarter reported diluted EPS totaled $2.06, compared to $1.28 in the year-ago quarter; adjusted diluted EPS totaled $1.80, compared to $0.79 in the second quarter 2021.

Second quarter reported net income totaled $678 million, compared to $422 million in the year-ago quarter; adjusted net income totaled $593 million, compared to $260 million in the second quarter 2021.

Adjusted EBITDA totaled $1,019 million in the 2022 second quarter, compared to $558 million in the second quarter 2021.

Total Revenue
$5.34B
Previous year: $3.15B
+69.5%
EPS
$1.8
Previous year: $0.79
+127.8%
Worldwide RevPAR growth
70.6%
Previous year: 262.6%
-73.1%
Adjusted EBITDA
$1.02B
Previous year: $558M
+82.6%
Total Debt
$8.8B
Previous year: $10.2B
-13.7%
Gross Profit
$1.23B
Previous year: $726M
+69.4%
Cash and Equivalents
$546M
Previous year: $664M
-17.8%
Free Cash Flow
$580M
Previous year: $59M
+883.1%
Total Assets
$24.6B
Previous year: $24.5B
+0.5%

Marriott

Marriott

Marriott Revenue by Segment

Marriott Revenue by Geographic Location

Forward Guidance

Marriott provided guidance for the third quarter and full year of 2022, including expectations for comparable systemwide constant dollar RevPAR, gross fee revenues, owned, leased, and other revenue, general and administrative expenses, adjusted EBITDA, and adjusted EPS.

Positive Outlook

  • Worldwide RevPAR flat to +3% vs Third Quarter 2019.
  • U.S. & Canada RevPAR +1% to +4% vs Third Quarter 2019.
  • Gross fee revenues $1,010 to $1,050 million for Third Quarter 2022.
  • Adjusted EBITDA $927 to $972 million for Third Quarter 2022.
  • Adjusted EPS diluted $1.59 to $1.69 for Third Quarter 2022.

Challenges Ahead

  • Worldwide RevPAR -6% to -3% vs Full Year 2019.
  • U.S. & Canada RevPAR -3% to flat vs Full Year 2019.
  • International RevPAR -13% to -10% vs Full Year 2019.
  • Gross fee revenues $3,930 to $4,030 million for Full Year 2022.
  • Adjusted EBITDA $3,682 to $3,792 million for Full Year 2022.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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