MARRIOTT INTERNATIONAL INC (MAR) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
North American Full-Service						12,909	9,424	8,825
North American Limited-Service						3,219	2,894	3,193
Other International						2,288	1,663	1,684
Corporate						982	795	268
Other						1,054	631	516
Total revenues [+]	20,773	13,857	10,571	20,972	20,758	20,452	15,407	14,486
Franchise								984
Hotels								855
Reimbursements								11,630
Base management fees								698
Incentive management fees								319
Revenue growth [+]	49.9%	31.1%	-49.6%	1.0%	1.5%	32.7%	6.4%	5.0%
North American Full-Service						37.0%	6.8%	6.0%
North American Limited-Service						11.2%	-9.4%	7.8%
Other International						37.6%	-1.2%
Corporate						23.5%	196.6%	4.7%
Cost of goods sold [+]	16,420	11,284	9,725	18,010	17,294	17,027	13,240	11,630
Direct hotel costs								733
Gross profit	4,353	2,573	846	2,962	3,464	3,425	2,167	2,856
Gross margin	21.0%	18.6%	8.0%	14.1%	16.7%	16.7%	14.1%	19.7%
Selling, general and administrative [+]	891	823	762	938	927	921	743	634
General and administrative	891	823	762	938	927	921	743	634
Equity in earnings	18	-24	-141	13	103	40	9	16
Other operating expenses								872
EBITDA [+]	3,955	2,241	767	2,781	3,150	3,052	1,711	1,505
EBITDA growth	76.5%	192.2%	-72.4%	-11.7%	3.2%	78.4%	13.7%	14.6%
EBITDA margin	19.0%	16.2%	7.3%	13.3%	15.2%	14.9%	11.1%	10.4%
Depreciation	475	515	824	744	510	508	278	74
EBITA	3,480	1,726	-57	2,037	2,640	2,544	1,433	1,431
EBITA margin	16.8%	12.5%	-0.5%	9.7%	12.7%	12.4%	9.3%	9.9%
Amortization of intangibles								65
EBIT [+]	3,480	1,726	-57	2,037	2,640	2,544	1,433	1,366
EBIT growth	101.6%	-3128.1%	-102.8%	-22.8%	3.8%	77.5%	4.9%	17.3%
EBIT margin	16.8%	12.5%	-0.5%	9.7%	12.7%	12.4%	9.3%	9.4%
Non-recurring items				224	171
Interest expense, net [+]	377	392	418	368	318	250	199	138
Interest expense	403	420	445	394	340	288	234	167
Interest income	26	28	27	26	22	38	35	29
Other income (expense), net [+]	11	-154	9	154	194	688	5	27
Other	11	10	9	154	194	688	5	27
Pre-tax income	3,114	1,180	-466	1,599	2,345	2,982	1,239	1,255
Income taxes	756	81	-199	326	438	1,523	431	396
Tax rate	24.3%	6.9%	42.7%	20.4%	18.7%	51.1%	34.8%	31.6%
Net income	2,358	1,099	-267	1,273	1,907	1,459	808	859
Net margin	11.4%	7.9%	-2.5%	6.1%	9.2%	7.1%	5.2%	5.9%

Basic EPS [+]	$7.27	$3.36	($0.82)	$3.83	$5.45	$3.89	$2.78	$3.21
Growth	116.4%	-509.8%	-121.4%	-29.8%	40.1%	40.0%	-13.6%	23.7%
Diluted EPS [+]	$7.24	$3.34	($0.82)	$3.79	$5.38	$3.84	$2.73	$3.15
Growth	116.9%	-507.2%	-121.6%	-29.5%	40.2%	40.5%	-13.2%	24.1%

Dividends per share [+]	$1.00		$0.48	$1.85	$1.56	$1.29	$1.29	$0.95
Growth		-100.0%	-74.1%	18.6%	20.9%	0.3%	35.8%	23.0%

Shares outstanding (basic) [+]	324	327	326	333	350	375	291	267
Growth	-0.9%	0.4%	-2.1%	-5.0%	-6.7%	29.0%	8.8%	-7.8%
Shares outstanding (diluted) [+]	326	329	326	336	354	380	296	273
Growth	-1.1%	1.1%	-2.9%	-5.3%	-6.8%	28.5%	8.4%	-8.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.