Marriott International Inc/MD (MAR US) - Adj Highlights

In Millions of USD FY 2012 FY 2013 FY 2014

12 Months Ending 12/28/2012 2/31/2013 2/31/2014
Market Capitalization HISTORICAL_MARKET_CAP 11,341.6 14,706.6 21,840.6
- Cash & Equivalents CASH_AND_MARKETABLE_SECURITIES 88.0 126.0 104.0
+ Preferred & Other PREFERRED_EQUITY_&_MINORITY_INT 0.0 0.0 0.0
+ Total Debt SHORT_AND_LONG_TERM_DEBT 2,935.0 3,153.0 3,781.0
Enterprise Value ENTERPRISE_VALUE 14,188.6 17,733.6 25,517.6

Revenue, Adj SALES_REV_TURN 11,814.0 12,784.0 13,796.0

Growth %, YoY SALES_GROWTH -4.1 8.2 7.9
Gross Profit, Adj GROSS_PROFIT 1,624.0 1,764.0 1,966.0
Margin % GROSS_PROFIT 13.7 13.8 14.3
EBITDA, Adj EBITDA 1,093.0 1,115.0 1,307.0
Margin % EBITDA 9.3 8.7 9.5
Net Income, Adj EARN_FOR_COMMON 823.0 892.5 1,108.8
Margin % EARN_FOR_COMMON 7.0 7.0 8.0
EPS, Adj IS_DIL_EPS_CONT_OPS 2.48 2.85 3.74
Growth %, YoY IS_DIL_EPS_CONT_OPS 106.5 15.1 31.1

Cash from Operations CF_CASH_FROM_OPER 989.0 1,140.0 1,224.0

Capital Expenditures CAPITAL_EXPEND -437.0 -404.0 -411.0
Free Cash Flow CF_FREE_CASH_FLOW 552.0 736.0 813.0
 FY 2015 FY 2016 FY 2017 FY 2018 rrent/LTM 2019 Est 2020 Est
2/31/2015 2/31/2016 2/31/2017 2/31/2018 6/30/2019 2/31/2019 2/31/2020
17,182.4 31,922.7 48,740.6 36,812.7 41,818.7
96.0 858.0 383.0 316.0 284.0
0.0 0.0 0.0 0.0 0.0
4,107.0 8,506.0 8,238.0 9,347.0 11,440.0
21,193.4 39,570.7 56,595.6 45,843.7 52,974.7 18.01324
2.208483
14,486.0 17,072.0 20,452.0 20,758.0 20,655.0 21,007.1 21,907.7 8.44578
5.0 17.9 19.8 1.5 -0.4 1.2 4.3
2,123.0 2,626.0 3,813.0 3,674.0 3,334.0 11,208.1 13,317.2
14.7 15.4 18.6 17.7 16.1 53.4 60.8
1,498.0 1,917.0 2,255.0 2,545.0 2,502.0 3,613.3 3,827.5
10.3 11.2 11.0 12.3 12.1 17.2 17.5
833.7 1,067.5 1,707.0 1,823.3 1,562.7 1,967.6 2,148.8
5.8 6.3 8.3 8.8 7.6 9.4 9.8
3.06 3.61 4.49 5.14 4.54 6.03 6.68
-18.2 18.2 24.4 14.5 -4.6 17.1 10.9

1,430.0 1,682.0 2,227.0 2,357.0 1,810.0

-305.0 -199.0 -240.0 -556.0 -310.0 -475.3 -497.7
1,125.0 1,483.0 1,987.0 1,801.0 1,500.0 1,836.6 2,568.2
Marriott International Inc/MD (MAR US) - Adjusted
In Millions of USD except Per Share
12 Months Ending
Revenue
+ Sales & Services Revenue
+ Other Revenue
- Cost of Revenue
+ Cost of Goods & Services
Gross Profit
+ Other Operating Income
- Operating Expenses
+ Selling, General & Admin
+ General & Administrative
+ Research & Development
+ Depreciation & Amortization
+ Other Operating Expense
Operating Income (Loss)
- Non-Operating (Income) Loss
+ Interest Expense, Net
+ Interest Expense
- Interest Income
+ Foreign Exch (Gain) Loss
+ (Income) Loss from Affiliates
+ Other Non-Op (Income) Loss
Pretax Income (Loss), Adjusted
- Abnormal Losses (Gains)
+ Merger/Acquisition Expense
+ Disposal of Assets
+ Asset Write-Down
+ Impairment of Intangibles
+ Gain/Loss on Sale/Acquisition of Business
+ Legal Settlement
+ Restructuring
+ Sale of Investments
+ Other Abnormal Items
Pretax Income (Loss), GAAP
- Income Tax Expense (Benefit)
+ Current Income Tax
+ Deferred Income Tax
+ Tax Allowance/Credit
Income (Loss) from Cont Ops
- Net Extraordinary Losses (Gains)
+ Discontinued Operations
+ XO & Accounting Changes
Income (Loss) Incl. MI
 - Minority Interest
Net Income, GAAP
- Preferred Dividends
- Other Adjustments
Net Income Avail to Common, GAAP

Net Income Avail to Common, Adj

Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)

Basic Weighted Avg Shares

Basic EPS, GAAP
Basic EPS from Cont Ops
Basic EPS from Cont Ops, Adjusted

Diluted Weighted Avg Shares

Diluted EPS, GAAP
Diluted EPS from Cont Ops
Diluted EPS from Cont Ops, Adjusted

Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
EBITA
EBIT
Gross Margin
Operating Margin
Profit Margin
Current Profit
Sales per Employee
Dividends per Share
Total Cash Common Dividends
Capitalized Interest Expense
Depreciation Expense
Rental Expense
 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12/28/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017
SALES_REV_TURN 11,814.0 12,784.0 13,796.0 14,486.0 17,072.0 20,452.0
IS_SALES_AND_SERVICES_REVENUES 989.0 950.0 1,022.0 986.0 1,307.0 1,752.0
IS_OTHER_REVENUE 10,825.0 11,834.0 12,774.0 13,500.0 15,765.0 18,700.0
IS_COGS_TO_FE_AND_PP_AND_G 10,190.0 11,020.0 11,830.0 12,363.0 14,446.0 16,639.0
IS_COG_AND_SERVICES_SOLD 10,190.0 11,020.0 11,830.0 12,363.0 14,446.0 16,639.0
GROSS_PROFIT 1,624.0 1,764.0 1,966.0 2,123.0 2,626.0 3,813.0
IS_OTHER_OPER_INC 0.0 0.0 0.0 0.0 0.0 0.0
IS_OPERATING_EXPN 676.0 776.0 782.0 764.0 877.0 1,837.0
IS_SG&A_EXPENSE 582.0 649.0 659.0 634.0 704.0 921.0
IS_GENERAL_AND_ADMINISTRATIVE 582.0 649.0 659.0 634.0 704.0 921.0
IS_OPEX_R&D 0.0 0.0 0.0 — 0.0 0.0
IS_DEPRECIATION_AND_AMORTIZATION 102.0 127.0 123.0 139.0 168.0 229.0
IS_OTHER_OPERATING_EXPENSES -8.0 0.0 0.0 -9.0 5.0 687.0
IS_OPER_INC 948.0 988.0 1,184.0 1,359.0 1,749.0 1,976.0
IS_NONOP_INCOME_LOSS 139.0 98.0 64.0 126.0 167.0 -478.0
IS_NET_INTEREST_EXPENSE 120.0 97.0 85.0 138.0 177.0 250.0
IS_INT_EXPENSE 137.0 120.0 115.0 167.0 212.0 288.0
IS_INT_INC 17.0 23.0 30.0 29.0 35.0 38.0
IS_FOREIGN_EXCH_LOSS 0.0 0.0 0.0 0.0 0.0 0.0
INCOME_LOSS_FROM_AFFILIATES 13.0 1.0 -6.0 -16.0 -10.0 -40.0
IS_OTHER_NON_OPERATING_INC_LOSS 6.0 0.0 -15.0 4.0 0.0 -688.0
PRETAX_INC 809.0 890.0 1,120.0 1,233.0 1,582.0 2,454.0
IS_ABNORMAL_ITEM -40.0 -7.0 32.0 -22.0 398.0 -528.0
IS_MERGER_ACQUISITION_EXPENSE — — — 10.0 408.0 155.0
IS_GAIN_LOSS_DISPOSAL_ASSETS -27.0 -2.0 -4.0 15.0 -5.0 -683.0
IS_IMPAIRMENT_ASSETS — — 25.0 12.0 — —
IS_IMPAIR_OF_INTANG_ASSETS — — — — — —
IS_SALE_OF_BUSINESS — — — — — —
IS_LEGAL_LITIGATION_SETTLEMENT — — 11.0 -13.0 — —
IS_RESTRUCTURING_EXPENSES — — — — — —
IS_GAIN_LOSS_ON_INVESTMENTS -21.0 -9.0 — — — —
IS_OTHER_ONE_TIME_ITEMS 8.0 4.0 — -46.0 -5.0 —
PRETAX_INC 849.0 897.0 1,088.0 1,255.0 1,184.0 2,982.0
IS_INC_TAX_EXP 278.0 271.0 335.0 396.0 404.0 1,523.0
IS_CURRENT_INCOME_TAX_BENEFIT 36.0 200.0 314.0 257.0 300.0 1,583.0
IS_DEFERRED_INCOME_TAX_BENEFIT 242.0 71.0 21.0 139.0 104.0 -60.0
IS_TAX_VALN_ALLOWNCE_CREDITS — — 0.0 — — —
IS_INC_BEF_XO_ITEM 571.0 626.0 753.0 859.0 780.0 1,459.0
XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0 0.0 0.0
IS_DISCONTINUED_OPERATIONS 0.0 0.0 0.0 0.0 0.0 0.0
IS_EXTRAORD_ITEMS_&_ACCTG_CHNG 0.0 0.0 0.0 0.0 0.0 0.0
NI_INCLUDING_MINORITY_INT_RATIO 571.0 626.0 753.0 859.0 780.0 1,459.0
MIN_NONCONTROL_INTEREST_CREDITS 0.0 0.0 0.0 0.0 0.0 0.0
NET_INCOME 571.0 626.0 753.0 859.0 780.0 1,459.0
IS_TOT_CASH_PFD_DVD 0.0 0.0 0.0 0.0 0.0 0.0
OTHER_ADJUSTMENTS 0.0 0.0 0.0 0.0 0.0 0.0
EARN_FOR_COMMON 571.0 626.0 753.0 859.0 780.0 1,459.0

EARN_FOR_COMMON 823.0 892.5 1,108.8 833.7 1,067.5 1,707.0

IS_NET_ABNORMAL_ITEMS 252.0 266.5 355.8 -25.3 287.5 248.0
XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0 0.0 0.0

IS_AVG_NUM_SH_FOR_EPS 322.6 305.0 289.9 267.3 290.9 375.2

IS_EPS 1.77 2.05 2.60 3.22 2.68 3.89
IS_EARN_BEF_XO_ITEMS_PER_SH 1.77 2.05 2.60 3.22 2.68 3.89
IS_BASIC_EPS_CONT_OPS 2.55 2.93 3.82 3.12 3.67 4.55

IS_SH_FOR_DILUTED_EPS 332.9 313.0 296.8 272.8 295.7 379.9

IS_DILUTED_EPS 1.72 2.00 2.54 3.15 2.64 3.84
IS_DIL_EPS_BEF_XO 1.72 2.00 2.54 3.15 2.64 3.84
IS_DIL_EPS_CONT_OPS 2.48 2.85 3.74 3.06 3.61 4.49

ACCOUNTING_STANDARD US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

EBITDA 1,093.0 1,115.0 1,307.0 1,498.0 1,917.0 2,255.0
EBITDA_MARGIN 9.25 8.72 9.47 10.34 11.23 11.03
EBITA 1,000.0 1,008.0 1,172.0 1,366.0 1,760.0 2,024.0
EBIT 948.0 988.0 1,184.0 1,359.0 1,749.0 1,976.0
GROSS_MARGIN 13.75 13.80 14.25 14.66 15.38 18.64
OPER_MARGIN 8.02 7.73 8.58 9.38 10.24 9.66
PROF_MARGIN 6.97 6.98 8.04 5.76 6.25 8.35
CUR_PROFIT_JAPAN — — — — — —
ACTUAL_SALES_PER_EMPL 93,023.62 ### ### ### 75,373.07 ###
EQY_DPS 0.49 0.64 0.77 0.95 1.15 1.29
IS_TOT_CASH_COM_DVD 158.0 195.0 223.0 253.9 334.5 484.0
IS_CAP_INT_EXP 28.0 32.0 33.0 9.0 1.0 —
IS_DEPR_EXP 93.0 107.0 135.0 132.0 157.0 231.0
BS_CURR_RENTAL_EXPENSE 250.0 215.0 207.0 203.0 217.0 279.0
 FY 2018 Last 12M 2019 Est 2020 Est
2/31/2018 6/30/2019 2/31/2019 2/31/2020
20,758.0 20,655.0 21,007.1 21,907.7
1,635.0 1,599.0
19,123.0 19,056.0
17,084.0 17,321.0
17,084.0 17,321.0
3,674.0 3,334.0 11,208.1 13,317.2
0.0 0.0
1,413.0 1,215.0
927.0 914.0
927.0 914.0
0.0
226.0 224.0
260.0 77.0
2,261.0 2,119.0 2,926.8 3,156.8
21.0 252.0
318.0 356.0
340.0 379.0
22.0 23.0
0.0
-103.0 -77.0
-194.0 -27.0
2,240.0 1,867.0 2,482.1 2,784.8
-105.0 208.0
155.0 285.0
-189.0 -28.0
—
—
-71.0
—
—
—
—
2,345.0 1,659.0 2,482.1 2,784.8
438.0 252.0
547.0
-109.0
—
1,907.0 1,407.0 1,682.2 2,148.8
0.0 0.0
0.0 0.0
0.0 0.0
1,907.0 1,407.0
 0.0 0.0
1,907.0 1,407.0 1,682.2 2,148.8
0.0 0.0
0.0 0.0
1,907.0 1,407.0 1,682.2 2,148.8

1,823.3 1,562.7 1,967.6 2,148.8

-83.7 155.7
0.0 0.0

350.1 333.8
5.45 4.12 5.06 6.68
5.45 4.12 5.06 6.68
5.21 4.59 6.03 6.68

354.2 336.4
5.38 4.08 5.06 6.68
5.38 4.08 5.06 6.68
5.14 4.54 6.03 6.68

US GAAP
2,545.0 2,502.0 3,613.3 3,827.5
12.26 12.11 17.20 17.47
2,289.0
2,261.0 2,119.0 2,926.8 3,156.8
17.70 16.14 53.35 60.79
10.89 10.26 13.93 14.41
8.78 7.57 9.37 9.81
— 2,474.5 2,813.2
###
1.56 1.71 1.85 2.02
546.2 581.6
—
256.0
275.0 77.0
Marriott International Inc/MD (MAR US) - Standardized
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011
12 Months Ending 01/01/2010 2/31/201012/31/2011
Total Assets
+ Cash, Cash Equivalents & STI C&CE_AND 115.0 505.0 102.0
+ Cash & Cash Equivalents BS_CASH 115.0 505.0 102.0
+ ST Investments BS_MKT_S 0.0 0.0 0.0
+ Accounts & Notes Receiv BS_ACCT 838.0 938.0 875.0
+ Inventories BS_INVEN 1,444.0 1,489.0 11.0
+ Raw Materials INVTRY_R 0.0 0.0 —
+ Work In Process INVTRY_I 198.0 101.0 —
+ Finished Goods INVTRY_F 721.0 732.0 —
+ Other Inventory BS_OTHER 525.0 656.0 —
+ Other ST Assets OTHER_C 454.0 450.0 336.0
+ Prepaid Expenses BS_PREPA 68.0 81.0 54.0
+ Derivative & Hedging Assets BS_DERIV 0.0 0.0 0.0
+ Assets Held-for-Sale BS_ASSET — — —
+ Deferred Tax Assets BS_DEFE 255.0 246.0 282.0
+ Misc ST Assets BS_OTHE 131.0 123.0 0.0
Total Current Assets BS_CUR_ 2,851.0 3,382.0 1,324.0
+ Property, Plant & Equip, Net BS_NET_F 1,362.0 1,307.0 1,168.0
+ Property, Plant & Equip BS_GROSS 2,548.0 2,556.0 2,095.0
- Accumulated Depreciation BS_ACCU 1,186.0 1,249.0 927.0
+ LT Investments & Receivables BS_LT_IN 452.0 1,264.0 298.0
+ LT Receivables BS_LT_RE 452.0 1,264.0 298.0
+ Other LT Assets BS_OTHE 3,268.0 3,030.0 3,120.0
+ Total Intangible Assets BS_DISCL 1,606.0 1,643.0 1,721.0
+ Goodwill BS_GOOD 875.0 875.0 875.0
+ Other Intangible Assets OTHER_IN 731.0 768.0 846.0
+ Deferred Tax Assets BS_DEFER 1,020.0 932.0 873.0
+ Derivative & Hedging Assets BS_DERIV 1.0 1.0 0.0
+ Prepaid Pension Costs BS_PREPA — — —
+ Investments in Affiliates BS_INVES 249.0 250.0 265.0
+ Misc LT Assets OTHER_N 392.0 204.0 261.0
Total Noncurrent Assets BS_TOT_ 5,082.0 5,601.0 4,586.0
Total Assets BS_TOT_ 7,933.0 8,983.0 5,910.0

Liabilities & Shareholders' Equity

+ Payables & Accruals ACCT_PAY 1,081.0 1,326.0 1,198.0
+ Accounts Payable BS_ACCT_ 562.0 634.0 548.0
+ Accrued Taxes BS_TAXES 0.0 0.0 0.0
+ Interest & Dividends Payable BS_INTER 0.0 0.0 0.0
+ Other Payables & Accruals BS_ACCR 519.0 692.0 650.0
+ ST Debt BS_ST_B 64.0 138.0 355.0
+ ST Borrowings SHORT_TE 0.0 0.0 0.0
 + Current Portion of LT Debt BS_CURR_ 64.0 138.0 355.0
+ Other ST Liabilities OTHER_CU 1,142.0 1,037.0 1,005.0
+ Deferred Revenue ST_DEFE 0.0 0.0 0.0
+ Derivatives & Hedging BS_DERIV 0.0 0.0 0.0
+ Misc ST Liabilities OTHER_CU 1,142.0 1,037.0 1,005.0
Total Current Liabilities BS_CUR_L 2,287.0 2,501.0 2,558.0
+ LT Debt BS_LT_B 2,234.0 2,691.0 1,816.0
+ LT Borrowings LONG_TE 2,234.0 2,691.0 1,816.0
+ Other LT Liabilities OTHER_NO 2,270.0 2,206.0 2,317.0
+ Accrued Liabilities BS_ACCRU 0.0 0.0 0.0
+ Pension Liabilities PENSION_L 0.0 0.0 0.0
+ Pensions BS_PENSI 0.0 0.0 0.0
+ Other Post-Ret Benefits BS_OPRB_ 0.0 0.0 0.0
+ Deferred Revenue LT_DEFE 0.0 0.0 0.0
+ Deferred Tax Liabilities BS_DEFER 20.0 23.0 15.0
+ Derivatives & Hedging BS_DERIV 0.0 0.0 9.0
+ Misc LT Liabilities OTHER_NO 2,250.0 2,183.0 2,293.0
Total Noncurrent Liabilities NON_CUR 4,504.0 4,897.0 4,133.0
Total Liabilities BS_TOT_L 6,791.0 7,398.0 6,691.0
+ Preferred Equity and Hybrid Capital BS_PFD_E 0.0 0.0 0.0
+ Share Capital & APIC BS_SH_CA 3,590.0 3,649.0 2,518.0
+ Common Stock BS_COMM 5.0 5.0 5.0
+ Additional Paid in Capital BS_ADD_P 3,585.0 3,644.0 2,513.0
- Treasury Stock BS_AMT_ 5,564.0 5,348.0 6,463.0
+ Retained Earnings BS_PURE_ 3,103.0 3,286.0 3,212.0
+ Other Equity OTHER_I 13.00 -2.00 -48.00
Equity Before Minority Interest EQTY_BEF 1,142.0 1,585.0 -781.0
+ Minority/Non Controlling Interest MINORITY 0.0 0.0 0.0
Total Equity TOTAL_EQ 1,142.0 1,585.0 -781.0
Total Liabilities & Equity TOT_LIAB 7,933.0 8,983.0 5,910.0

Reference Items
Accounting Standard ACCOUNTUS GAAP US GAAP US GAAP
Shares Outstanding BS_SH_O 358.2 366.9 333.0
Pension Obligations BS_PENS — — —
Future Minimum Operating Lease Obligations BS_FUTUR 1,687.0 1,511.0 1,325.0
Capital Leases - Total BS_TOTAL 6.0 6.0 64.0
Options Granted During Period BS_OPTI 0.0 0.1 0.0
Options Outstanding at Period End BS_OPTIO 32.2 24.1 16.4
Net Debt NET_DEB 2,183.0 2,324.0 2,069.0
Net Debt to Equity NET_DEB 191.16 146.62 —
Tangible Common Equity Ratio TCE_RATI -7.33 -0.79 -59.73
Current Ratio CUR_RATI 1.25 1.35 0.52
Cash Conversion Cycle CASH_CO 68.19 58.69 29.06
Number of Employees NUM_OF_ ### ### ###
 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
2/28/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017 12/31/2018

88.0 126.0 104.0 96.0 858.0 383.0 316.0

88.0 126.0 104.0 96.0 858.0 383.0 316.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
1,028.0 1,081.0 1,100.0 1,103.0 1,695.0 1,973.0 2,133.0
10.0 0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
— 0.0 0.0 0.0 0.0 0.0 0.0
349.0 696.0 717.0 185.0 818.0 384.0 257.0
57.0 67.0 64.0 77.0 168.0 235.0 249.0
— 0.0 — — — — —
— 350.0 233.0 78.0 588.0 149.0 8.0
280.0 252.0 311.0 — — — —
12.0 27.0 109.0 30.0 62.0 0.0 0.0
1,475.0 1,903.0 1,921.0 1,384.0 3,371.0 2,740.0 2,706.0
1,539.0 1,543.0 1,460.0 1,029.0 2,335.0 1,793.0 1,956.0
2,530.0 2,448.0 2,378.0 1,926.0 3,320.0 2,890.0 3,473.0
991.0 905.0 918.0 897.0 985.0 1,097.0 1,517.0
180.0 142.0 215.0 215.0 245.0 142.0 125.0
180.0 142.0 215.0 215.0 245.0 142.0 125.0
3,148.0 3,206.0 3,269.0 3,454.0 18,189.0 19,171.0 18,909.0
1,989.0 2,005.0 2,245.0 2,394.0 16,868.0 17,751.0 17,419.0
874.0 874.0 894.0 943.0 7,598.0 9,207.0 9,039.0
1,115.0 1,131.0 1,351.0 1,451.0 9,270.0 8,544.0 8,380.0
676.0 647.0 530.0 672.0 116.0 93.0 171.0
0.0 0.0 — — — — —
— — — — 40.0 56.0 21.0
216.0 222.0 224.0 165.0 728.0 734.0 732.0
267.0 332.0 270.0 223.0 437.0 537.0 566.0
4,867.0 4,891.0 4,944.0 4,698.0 20,769.0 21,106.0 20,990.0
6,342.0 6,794.0 6,865.0 6,082.0 24,140.0 23,846.0 23,696.0

1,314.0 1,374.0 2,059.0 1,981.0 2,972.0 3,288.0 3,075.0

569.0 557.0 605.0 593.0 687.0 783.0 767.0
0.0 0.0 0.0 — 0.0 0.0 0.0
0.0 0.0 0.0 — 0.0 0.0 0.0
745.0 817.0 1,454.0 1,388.0 2,285.0 2,505.0 2,308.0
407.0 6.0 324.0 300.0 309.0 398.0 833.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0 5,510.0 8.32009
 407.0 6.0 324.0 300.0 309.0 398.0 833.0
1,052.0 1,295.0 677.0 952.0 1,866.0 2,121.0 2,529.0
0.0 0.0 0.0 0.0 0.0 0.0 2,529.0
0.0 0.0 — — — — —
1,052.0 1,295.0 677.0 952.0 1,866.0 2,121.0 0.0
2,773.0 2,675.0 3,060.0 3,233.0 5,147.0 5,807.0 6,437.0
2,528.0 3,147.0 3,457.0 3,807.0 8,197.0 7,840.0 8,514.0
2,528.0 3,147.0 3,457.0 3,807.0 8,197.0 7,840.0 8,514.0
2,326.0 2,387.0 2,548.0 2,632.0 5,439.0 6,617.0 6,520.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 — 40.0 40.0 35.0
0.0 0.0 0.0 — — — —
0.0 0.0 0.0 — — — —
0.0 0.0 0.0 0.0 0.0 583.0 3,663.0
18.0 14.0 16.0 16.0 1,020.0 605.0 485.0
0.0 0.0 — — — — —
2,308.0 2,373.0 2,532.0 2,616.0 4,379.0 5,389.0 2,337.0
4,854.0 5,534.0 6,005.0 6,439.0 13,636.0 14,457.0 15,034.0
7,627.0 8,209.0 9,065.0 9,672.0 18,783.0 20,264.0 21,471.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
2,590.0 2,721.0 2,807.0 2,826.0 5,813.0 5,775.0 5,819.0
5.0 5.0 5.0 5.0 5.0 5.0 5.0
2,585.0 2,716.0 2,802.0 2,821.0 5,808.0 5,770.0 5,814.0
7,340.0 7,929.0 9,223.0 11,098.0 6,460.0 9,418.0 12,185.0
3,509.0 3,837.0 4,286.0 4,878.0 6,501.0 7,242.0 8,982.0
-44.00 -44.00 -70.00 -196.00 -497.00 -17.00 -391.00
-1,285.0 -1,415.0 -2,200.0 -3,590.0 5,357.0 3,582.0 2,225.0
0.0 0.0 0.0 0.0 0.0 0.0 0.0
-1,285.0 -1,415.0 -2,200.0 -3,590.0 5,357.0 3,582.0 2,225.0 5,428.00
6,342.0 6,794.0 6,865.0 6,082.0 24,140.0 23,846.0 23,696.0

US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP

310.9 298.0 279.9 256.3 386.1 359.1 339.1
— 0.0 0.0 0.0 40.0 40.0 35.0
1,250.0 1,154.0 1,077.0 962.0 1,742.0 2,292.0 2,073.0
50.0 51.0 — — 173.0 171.0 163.0
0.3 0.1 0.1 — — 0.0 0.0
9.5 4.6 0.7 — — 0.0 0.0
2,847.0 3,027.0 3,677.0 4,011.0 7,648.0 7,855.0 9,031.0
— — — — 142.77 219.29 405.89
-75.21 -71.41 -96.21 -162.26 -158.29 -232.47 -242.06
0.53 0.71 0.63 0.43 0.65 0.47 0.42
9.71 11.70 — — — — —
### ### ### ### ### ### 176,000.00
Marriott International Inc/MD (MAR US) - Standardized
In Millions of USD e FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12 Months Ending 12/31/201012/31/2011 2/28/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016 2/31/2017
Cash from Operating Activities
+ Net In CF_NET_I 458.0 198.0 571.0 626.0 753.0 859.0 780.0 1,459.0
+ DepreciCF_DEPR 178.0 168.0 145.0 127.0 148.0 139.0 168.0 279.0
+ Non-CaNON_CASH 395.0 732.0 303.0 172.0 443.0 558.0 811.0 519.0
+ Stoc CF_STOC — — — — 109.0 113.0 212.0 181.0
+ Defe CF_DEF_I -27.0 113.0 224.0 73.0 71.0 143.0 76.0 887.0
+ Othe OTHER_NO 422.0 619.0 79.0 99.0 263.0 302.0 523.0 -549.0
+ Chg in CF_CHNG 120.0 -9.0 -30.0 215.0 -120.0 -126.0 -77.0 -30.0
+ (Inc) CF_CHANG — — 0.0 — 0.0 — — —
+ Inc ( INC_DEC_ 120.0 -9.0 -30.0 215.0 -120.0 -126.0 -77.0 -30.0
+ Net Ca CF_NET_ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash fromCF_CASH 1,151.0 1,089.0 989.0 1,140.0 1,224.0 1,430.0 1,682.0 2,227.0

Cash from Investing Activities

+ ChangeCHG_IN_F -249.0 -237.0 -625.0 -465.0 -41.0 247.0 -61.0 1,178.0
+ Disp DISP_FXD 114.0 20.0 65.0 0.0 435.0 673.0 218.0 1,418.0
+ Disp CF_DISPO 114.0 20.0 65.0 0.0 435.0 673.0 218.0 1,418.0
+ Disp CF_DISPO 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Acq o ACQUIS_F -363.0 -257.0 -690.0 -465.0 -476.0 -426.0 -279.0 -240.0
+ Acq o CF_PURC -307.0 -183.0 -437.0 -404.0 -411.0 -305.0 -199.0 -240.0
+ Acq o CF_ACQUI -56.0 -74.0 -253.0 -61.0 -65.0 -121.0 -80.0 0.0
+ Net Ch NET_CHG_ -35.0 1.0 123.0 54.0 -6.0 26.0 35.0 94.0
+ Dec i CF_DECR_ 18.0 110.0 155.0 77.0 0.0 92.0 67.0 187.0
+ Inc i CF_INCR_ -53.0 -109.0 -32.0 -23.0 -6.0 -66.0 -32.0 -93.0
+ Net Ca CF_NT_CS 0.0 0.0 0.0 0.0 -184.0 -137.0 -2,412.0 0.0
+ Cash CF_CASH_ 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Cash CF_CASH_ 0.0 0.0 0.0 0.0 -184.0 -137.0 -2,412.0 0.0
+ Cash CF_CASH 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ Other I OTHER_IN 20.0 -11.0 -83.0 -108.0 -82.0 231.0 29.0 -61.0
+ Net Ca CF_NET_C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash fromCF_CASH -264.0 -247.0 -585.0 -519.0 -313.0 367.0 -2,409.0 1,211.0

Cash from Financing Activities

+ DividenCF_DVD_P -43.0 -134.0 -191.0 -196.0 -223.0 -253.0 -374.0 -482.0
+ Cash FPROC_FR -595.0 179.0 750.0 249.0 622.0 325.0 2,521.0 -250.0
+ Cash CF_NET_C -425.0 325.0 184.0 311.0 0.0 — 0.0 0.0
+ Cash CF_PROC_ 215.0 118.0 936.0 345.0 629.0 790.0 2,847.0 60.0
+ Repa CF_PYMT_ -385.0 -264.0 -370.0 -407.0 -7.0 -465.0 -326.0 -310.0
+ Cash ( PROC_FR 141.0 -1,301.0 -966.0 -635.0 -1,332.0 -1,877.0 -534.0 -3,007.0
+ Incre CF_INCR_ 198.0 124.0 179.0 199.0 178.0 40.0 34.0 6.0
+ DecreCF_DECR -57.0 -1,425.0 -1,145.0 -834.0 -1,510.0 -1,917.0 -568.0 -3,013.0
+ Other FCF_OTHER 0.0 11.0 -11.0 -1.0 0.0 0.0 -124.0 -157.0
 + Net Ca CF_NET_C 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cash fromCFF_ACTI -497.0 -1,245.0 -418.0 -583.0 -933.0 -1,805.0 1,489.0 -3,896.0

Effect o CF_EFFE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Net ChangCF_NET_ 390.0 -403.0 -14.0 38.0 -22.0 -8.0 762.0 -458.0

Cash PaidCF_CASH_ 68.0 45.0 17.0 77.0 172.0 -218.0 293.0 636.0
Cash PaidCF_ACT_C 148.0 130.0 83.0 83.0 79.0 114.0 165.0 234.0

Reference Items
EBITDA EBITDA 873.0 694.0 1,085.0 1,115.0 1,307.0 1,489.0 1,536.0 2,783.0
Trailing 1 EBITDA_M 7.47 5.63 9.18 8.72 9.47 10.28 9.00 13.61
Net Cash PaCF_NET_C — — — — 184.0 137.0 2,412.0 0.0
Free CashCF_FREE 844.0 906.0 552.0 736.0 813.0 1,125.0 1,483.0 1,987.0
Free Cash CF_FREE 993.6 997.2 644.1 819.7 892.6 1,239.3 1,637.2 2,127.9
Free Cash FREE_CA 363.0 1,105.0 1,367.0 985.0 1,870.0 2,123.0 4,222.0 3,155.0
Free Cash FREE_CA 2.33 2.59 1.71 2.41 2.80 4.21 5.10 5.30
Price to F PX_TO_F 17.86 11.27 21.32 20.45 27.82 15.93 16.22 25.63
Cash FlowCASH_FL 2.51 5.50 1.73 1.82 1.63 1.66 2.16 1.53
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2018 Last 12M
2/31/2018 6/30/2019

1,907.0 1,407.0
284.0 265.0
242.0 493.0
184.0 181.0
-239.0 -143.0
297.0 455.0
-76.0 -214.0
—
-76.0 -214.0
0.0 0.0
2,357.0 1,810.0

-77.0 -265.0
479.0 45.0
479.0 45.0
0.0 0.0
-556.0 -310.0
-556.0 -310.0
0.0 0.0
35.0 15.0
48.0 25.0
-13.0 -10.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
-10.0 -90.0
0.0 0.0
-52.0 -340.0

-543.0 -579.0
1,120.0 1,404.0
0.0 0.0
1,646.0 2,160.0
-526.0 -756.0
-2,846.0 -2,399.0
4.0 6.0
-2,850.0 -2,405.0
-105.0 -135.0
 0.0 0.0
-2,374.0 -1,709.0

0.0 0.0

-69.0 -83.0

678.0 919.0
290.0 322.0

2,650.0 2,294.0
12.77 11.11
0.0
1,801.0 1,500.0
2,077.5 1,819.1
3,400.0 2,949.0
5.14 4.39
21.10 28.93
1.24 1.86
Marriott International Inc/MD (MAR US) - Profitability
In Millions of INR e FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12 Months Ending 01/01/2010 2/31/201012/31/2011 2/28/2012 2/31/2013 2/31/2014 2/31/2015 2/31/2016
Returns
Return on RETURN_ -27.44 33.59 — — — — — —
Return on RETURN_ -4.11 5.42 2.66 9.32 9.53 11.03 13.27 5.16
Return on RETURN_ -6.97 15.47 9.97 43.63 41.90 50.17 92.78 12.99
Return on RETURN_O -5.99 19.43 14.49 82.97 65.76 73.86 199.14 12.32

Margins
Gross MargGROSS_M 11.32 12.62 13.01 13.75 13.80 14.25 14.66 15.38
EBITDA Ma EBITDA_T 0.30 7.47 5.63 9.18 8.72 9.47 10.28 9.00
Operating OPER_MA -1.39 5.94 4.27 7.96 7.73 8.40 9.32 8.01
IncrementaINCREMEN -50.33 108.17 — — 4.95 16.90 27.68 0.70
Pretax MarPRETAX_I -3.83 4.71 2.89 7.19 7.02 7.89 8.66 6.94
Income befINC_BEF_ -3.24 3.92 1.61 4.83 4.90 5.46 5.93 4.57
Net IncomePROF_MA -3.17 3.92 1.61 4.83 4.90 5.46 5.93 4.57
Net Incom NET_INC -3.17 3.92 1.61 4.83 4.90 5.46 5.93 4.57

Additional
Effective TEFF_TAX_ — 16.88 44.38 32.74 30.21 30.79 31.55 34.12
Dvd PayoutDVD_PAYO — 16.59 68.18 27.67 31.15 29.61 29.56 42.89
SustainablSUSTAIN — 28.02 — — — — — —
 FY 2017 FY 2018
2/31/2017 2/31/2018

32.64 65.68
6.08 8.02
12.46 18.67
9.04 15.89

18.64 17.70
13.61 12.77
12.24 11.40
33.61 —
14.58 11.30
7.13 9.19
7.13 9.19
7.13 9.19

51.07 18.68
33.17 28.64
21.81 46.87
Marriott International Inc/MD (MAR US) - Liquidity
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 01/01/2010 12/31/201012/31/2011 2/28/2012 12/31/2013
Cash RatioCASH_RATIO 0.05 0.20 0.04 0.03 0.05
Current RaCUR_RATIO 1.25 1.35 0.52 0.53 0.71
Quick Rati QUICK_RATIO 0.42 0.58 0.38 0.40 0.45
CFO/Avg Cu CFO_TO_AVG_CURRENT_LIABILITIES 0.36 0.48 0.43 0.37 0.42
Common Equ COM_EQY_TO_TOT_ASSET 14.40 17.64 -13.21 -20.26 -20.83

Long-TermLT_DEBT_TO_TOT_EQY 195.62 169.78 — — —

Long-TermLT_DEBT_TO_TOT_CAP 64.94 60.97 130.65 153.21 181.07
Long-TermLT_DEBT_TO_TOT_ASSET 28.16 29.96 30.73 39.86 46.32

Total Debt/TOT_DEBT_TO_TOT_EQY 201.23 178.49 — — —

Total Debt/TOT_DEBT_TO_TOT_CAP 66.80 64.09 156.19 177.88 181.42
Total Debt/TOT_DEBT_TO_TOT_ASSET 28.97 31.49 36.73 46.28 46.41

CFO/Total C
L ASH_FLOW_TO_TOT_LIAB 12.78 15.56 16.28 12.97 13.89
CFO/CapECAP_EXPEND_RATIO 5.90 3.75 5.95 2.26 2.82
Altman's ZALTMAN_Z_SCORE 3.30 3.90 4.95 5.10 5.36

Total Line BS_TOTAL_LINE_OF_CREDIT 111,882.0 107,470.8 92,933.8 95,917.5 123,710.0

Total Ava BS_TOTAL_AVAIL_LINE_OF_CREDIT 92,209.4 103,983.8 75,302.9 67,580.7 72,061.1
Total Cre LINE_OF_CREDIT_UTILIZED_AMOUNT 5,407.6 3,487.0 17,630.9 27,514.6 51,648.9

Total Comm
BS_TOT_COM_PAPER_ISSUED — 0.0 17,577.8 27,459.8 51,587.1
 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.03 0.03 0.17 0.07 0.05
0.63 0.43 0.65 0.47 0.42
0.39 0.37 0.50 0.41 0.38
0.43 0.45 0.40 0.41 0.39
-32.05 -59.03 22.19 15.02 9.39

— — 153.01 218.87 382.65

218.66 736.36 59.13 66.33 73.57
50.36 62.59 33.96 32.88 35.93

— — 158.78 229.98 420.09

239.15 794.39 61.36 69.70 80.77
55.08 67.53 35.24 34.55 39.45

13.50 14.78 8.95 10.99 10.98

2.98 4.69 8.45 9.28 4.24
6.28 7.46 4.96 7.72 6.88

126,450.0 194,594.0 271,905.6 255,406.0 278,760.0

58,672.8 76,698.4 114,676.2 103,886.4 122,027.2
67,777.2 117,895.6 157,229.4 151,519.6 156,732.8

67,777.2 62,127.0 157,229.4 151,391.9 156,454.1