$MAR (+0.19%) | Marriott International Q3 Earnings Highlights:

🔹 Adj EPS: $2.26 (Est. $2.31) 🔴

🔹 Revenue: $6.26B (Est. $6.27B) 😕; UP +6% YoY

🔹 Adj Net Income: $638M; UP slightly

🔹 Adj EBITDA: $1.229B

FY'24 Guidance: 

🔹 Adj EPS: $9.19-$9.27 (Est. $9.36) 🔴

🔹 RevPAR Growth (Worldwide): 3%-4%

🔹 Gross Fee Revenue: $5.126B-$5.146B

🔹 Adjusted EBITDA: $4.93B-$4.96B

🔹 Net Rooms Growth: Approx. 6.5%

Q4'24 Outlook : 

🔹 Adjusted EPS: $2.31-$2.39

🔹 RevPAR Growth (Worldwide): 2%-3%

Q3 Revenue Per Available Room (const-fx):

🔹 Worldwide: UP +3.0%

🔹 U.S. & Canada: UP +2.1%

🔹 International: UP +5.4%

Revenue Breakdown: 

🔹 Base Management & Franchise Fees: $1.124B (UP +7% YoY, driven by RevPAR and unit growth) 

🔹 Incentive Management Fees: $159M (UP +11% YoY, primarily from international managed hotels)

🔹 Owned, Leased & Other Revenue: $381M (UP +5% YoY)

Development Pipeline & Operational Metrics: 

🔸 Net Room Additions: Approx. 16,000 rooms in Q3

🔸 Total Properties: Nearly 9,100 properties globally with 1,675,000 rooms

🔸 Worldwide Development Pipeline: 3,802 properties and 585,000 rooms, including 220,000 rooms under construction

🔸 Share Repurchases in Q3: 4.5M shares for $1.0B; YTD capital return of $3.9B through dividends and repurchases

Additional Financial Metrics: 

🔹 Operating Income: $944M (DOWN -14% YoY)

🔹 Interest Expense, Net: $168M (UP due to higher debt balances)

🔹 General & Administrative Expenses: $276M (UP, mainly due to operating and litigation reserves)

CEO Commentary - Anthony Capuano: 

🔸 "Marriott had another solid quarter with strong net room and fee growth. Our global RevPAR increased by 3%, with particularly strong gains in APEC and EMEA. Group RevPAR was a standout with a 10% rise in Q3, supporting our excellent business momentum."