AI English summary of an SEC filing — figures as filed
Marriott International MARThe company said its reported net income for Q1 2024 was $564 million (year-ago $757 million), and its reported diluted EPS was $1.93 (year-ago $2.43). Adjusted net income was $620 million (year-ago $648 million), and adjusted diluted EPS was $2.13 (year-ago $2.09).
Key points
AI summaryThe company said its reported net income for Q1 2024 was $564 million (year-ago $757 million), and its reported diluted EPS was $1.93 (year-ago $2.43). Adjusted net income was $620 million (year-ago $648 million), and adjusted diluted EPS was $2.13 (year-ago $2.09).
Marriott said base management and franchise fees for Q1 2024 were $1,001 million, up 7% from $932 million in the year-ago quarter. The company cited RevPAR growth and unit growth as the drivers of the increase, and said the tax provision for Q1 2023 included a $103 million benefit from the release of reserves.
The company said it added roughly 46,000 net rooms in Q1 2024, including approximately 37,000 rooms from its agreement with MGM Resorts International. Its worldwide development pipeline at quarter-end totaled 3,419 properties and nearly 547,000 rooms, and more than 202,000 rooms in the pipeline were under construction.
The company said it repurchased 4.8 million shares of common stock for $1.2 billion in Q1 2024. It said that, year to date through April 26, it had returned $1.7 billion to shareholders through dividends and share repurchases. The company expects to return between $4.2 billion and $4.4 billion to shareholders in 2024.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.
Marriott Q Q1 2024 reported net income $564 million, adjusted net income $620 million
The company said its reported net income for Q1 2024 was $564 million (year-ago $757 million), and its reported diluted EPS was $1.93 (year-ago $2.43). Adjusted net income was $620 million (year-ago $648 million), and adjusted diluted EPS was $2.13 (year-ago $2.09).
Source · Based on the filing body and exhibits
Base management and franchise fees $1,001 million, Q1 2023 tax benefit $103 million
Marriott said base management and franchise fees for Q1 2024 were $1,001 million, up 7% from $932 million in the year-ago quarter. The company cited RevPAR growth and unit growth as the drivers of the increase, and said the tax provision for Q1 2023 included a $103 million benefit from the release of reserves.
Source · Based on the filing body and exhibits
Adds roughly 46,000 net rooms in Q1 2024, development pipeline nearly 547,000 rooms
The company said it added roughly 46,000 net rooms in Q1 2024, including approximately 37,000 rooms from its agreement with MGM Resorts International. Its worldwide development pipeline at quarter-end totaled 3,419 properties and nearly 547,000 rooms, and more than 202,000 rooms in the pipeline were under construction.
Source · Based on the filing body and exhibits
Share repurchases $1.2 billion in Q1 2024, 2024 shareholder returns $4.2 billion to $4.4 billion
The company said it repurchased 4.8 million shares of common stock for $1.2 billion in Q1 2024. It said that, year to date through April 26, it had returned $1.7 billion to shareholders through dividends and share repurchases. The company expects to return between $4.2 billion and $4.4 billion to shareholders in 2024.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
You can verify the report’s figures and statements in the original filing on SEC EDGAR.