Business
Marriott International Reports First Quarter 2020 Results
BETHESDA, Md., May 11, 2020 /PRNewswire/ -- First quarter 2020 comparable systemwide constant dollar RevPAR declined 22.5 percent worldwide, 30.4 percent
About this update from Marriott International
[{"type":"text","content":"BETHESDA, Md., May 11, 2020 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nFirst quarter 2020 comparable systemwide constant dollar RevPAR declined 22.5 percent worldwide, 30.4 percent outside North America and 19.5 percent in North America; First quarter reported diluted EPS totaled $0.09, compared to $1.09 in the year-ago quarter. First quarter adjusted diluted EPS totaled $0.26, compared to first quarter 2019 adjusted diluted EPS of $1.41. First quarter 2020 reported and adjusted EPS included impairment charges, bad debt expense, and guarantee reserves of $0.45 and $0.42, respectively; First quarter reported net income totaled $31 million, compared to $375 million in the year-ago quarter. First quarter adjusted net income totaled $85 million, compared to first quarter 2019 adjusted net income of $482 million. First quarter 2020 reported and adjusted net income included impairment charges, bad debt expense, and guarantee reserves of $148 million after-tax and $138 million after-tax, respectively; Adjusted EBITDA totaled $442 million in the 2020 first quarter, compared to first quarter 2019 adjusted EBITDA of $821 million. First quarter 2020 adjusted EBITDA included $79 million of bad debt expense and guarantee reserves; The company added more than 14,500 rooms globally during the first quarter, including nearly 2,100 rooms converted from competitor brands and approximately 7,200 rooms in international markets. Net rooms grew 4.4 percent from a year ago; At quarter-end, Marriott's worldwide development pipeline totaled nearly 3,050 hotels and nearly 516,000 rooms, including more than 24,000 rooms approved, but not yet subject to signed contracts. Over 230,000 rooms in the pipeline were under construction as of the end of the first quarter; The company issued $1.6 billion of senior notes in April 2020 and raised $920 million in additional liquidity through amendments to its co-brand credit card agreements in early May 2020. Including these capital raises, the company's net liquidity has increased to approximately $4.3 billion as of May 8, representing roughly $3.9 billion in cash and cash equivalents, and $1.3 billion of unused borrowing capacity under its revolving credit facility, less $0.9 billion of commercial paper outstanding.Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2020 results, which were dramat...