12 Weeks Ended September 12, 2003
---------------------------------
Synthetic
Lodging Fuel
Total
---------- ----------- --------
SALES
Base management fees
$ 86 $ -
$ 86
Franchise fees
61 -
61
Incentive management fees
18 -
18
Owned and leased properties
84 -
84
Other lodging revenue(1)
336 -
336
Cost reimbursements(2)
1,423 -
1,423
Synthetic fuel
- 93
93
---------- ----------- --------
Total Revenues
2,008 93
2,101
OPERATING COSTS AND EXPENSES
Owned and leased - direct(3)
91 -
91
Other lodging - direct(4)
313 -
313
Reimbursed costs
1,423 -
1,423
Administrative and other(5)
41 -
41
Synthetic fuel
- 96
96
---------- ----------- --------
Total Expenses
1,868 96
1,964
---------- ----------- --------
Segment Financial Results
$ 140 $ (3)
137
========== ===========
Corporate expenses
(35)
Interest expense
(26)
Interest income
31
Provision for loan losses
(1)
--------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES AND MINORITY
INTEREST
106
Benefit for income taxes
16
--------
INCOME FROM CONTINUING OPERATIONS
BEFORE MINORITY INTEREST
122
Minority Interest
(29)
--------
INCOME FROM CONTINUING OPERATIONS
93
Discontinued operations
Senior Living Services
Income from discontinued
operations, net of tax
1
Loss on disposal, net of tax
(1)
Marriott Distribution Services
Loss from discontinued operations,
net of tax
-
Exit costs, net of tax
(1)
--------
NET INCOME
$ 92
========
EARNINGS PER SHARE - Basic
Earnings from continuing
operations
$ 0.40
Loss from discontinued
operations
(0.01)
--------
Earnings per share
$ 0.39
========
EARNINGS PER SHARE - Diluted
Earnings from continuing
operations
$ 0.38
Loss from discontinued
operations
(0.01)
--------
Earnings per share
$ 0.37
========
Basic Shares
232.7
Diluted Shares
245.8
12 Weeks Ended September 6, 2002
--------------------------------------------
Percent
Synthetic Better/
Lodging Fuel
Total (Worse)
--------- -------- ---------- ---------
SALES
Base management fees
$ 82 $ -
$ 82
Franchise fees
55 -
55
Incentive management fees
25 -
25
Owned and leased properties
84 -
84
Other lodging revenue(1)
341 -
341
Cost reimbursements(2)
1,282 -
1,282
Synthetic fuel
- 55
55
--------- --------- ----------
Total Revenues
1,869 55
1,924
OPERATING COSTS AND EXPENSES
Owned and leased - direct(3)
86 -
86
Other lodging - direct(4)
286 -
286
Reimbursed costs
1,282 -
1,282
Administrative and other(5)
55 -
55
Synthetic fuel
- 87
87
--------- --------- ----------
Total Expenses
1,709 87
1,796
--------- --------- ----------
Segment Financial Results
$ 160 $ (32)
128 7
========= =========
Corporate expenses
(25)
Interest expense
(19)
Interest income
28
Provision for loan losses
-
----------
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES AND MINORITY INTEREST
112
Benefit for income taxes
2
-----------
INCOME FROM CONTINUING
OPERATIONS BEFORE
MINORITY INTEREST
114
Minority Interest
-
-----------
INCOME FROM CONTINUING
OPERATIONS
114 (18)
Discontinued operations
Senior Living Services
Income from discontinued
operations, net
of tax
10
Loss on disposal, net
of tax
-
Marriott Distribution Services
Loss from discontinued
operations, net
of tax
(2)
Exit costs, net of tax
(19)
-----------
NET INCOME
$ 103 (11)
===========
EARNINGS PER SHARE - Basic
Earnings from continuing
operations
$ 0.47 (15)
Loss from discontinued
operations
(0.04) 75
-----------
Earnings per share
$ 0.43 (9)
===========
EARNINGS PER SHARE - Diluted
Earnings from continuing
operations
$ 0.45 (16)
Loss from discontinued
operations
(0.04) 75
-----------
Earnings per share
$ 0.41 (10)
===========
Basic Shares
240.9
Diluted Shares
252.1
(1) Other lodging revenue includes timeshare revenue (including
note sale
gains and excluding base management fees and reimbursed
costs),
ExecuStay revenue, land rent income, and other
revenue.
(2) Cost reimbursements include reimbursements from lodging
properties
for Marriott funded operating expenses. Marriott
earns no markup on
these expenses.
(3) Owned and leased - direct expenses include operating
expenses of
owned or leased hotels including lease payments, pre-opening
expenses
and depreciation.
(4) Other lodging - direct expenses include administrative
and related
expenses of the timeshare (including timeshare development,
financing,
gains and joint venture results) and ExecuStay business
units, except
for reimbursed costs.
(5) Administrative and other expenses include lodging
segment overhead,
joint venture results, amortization, and gains and losses.
These do
not include any administrative and other expenses related
to either
the timeshare or ExecuStay business units.
MARRIOTT INTERNATIONAL, INC.
Financial Highlights
(in millions, except per share amounts)
36 Weeks Ended September 12, 2003
---------------------------------
Synthetic
Lodging Fuel
Total
---------- ----------- --------
SALES
Base management fees
$ 266 $ -
$ 266
Franchise fees
169 -
169
Incentive management fees
75 -
75
Owned and leased properties
260 -
260
Other lodging revenue(1)
926 -
926
Cost reimbursements(2)
4,233 -
4,233
Synthetic fuel
- 224
224
---------- ----------- --------
Total Revenues
5,929 224
6,153
OPERATING COSTS AND EXPENSES
Owned and leased - direct(3)
269 -
269
Other lodging - direct(4)
828 -
828
Reimbursed costs
4,233 -
4,233
Administrative and other(5)
137 -
137
Synthetic fuel
- 328
328
---------- ----------- --------
Total Expenses
5,467 328
5,795
---------- ----------- --------
Segment Financial Results
$ 462 $ (104)
358
========== ===========
Corporate expenses
(89)
Interest expense
(77)
Interest income
78
Provision for loan losses
(7)
--------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES AND MINORITY
INTEREST
263
Benefit (Provision) for income taxes
72
--------
INCOME FROM CONTINUING OPERATIONS
BEFORE MINORITY INTEREST
335
Minority Interest
(29)
--------
INCOME FROM CONTINUING OPERATIONS
306
Discontinued operations
Senior Living Services
Income from discontinued
operations, net of tax
9
Gain on disposal, net of tax
20
Marriott Distribution Services
Loss from discontinued operations,
net of tax
-
Exit costs, net of tax
(2)
--------
NET INCOME
$ 333
========
EARNINGS PER SHARE - Basic
Earnings from continuing
operations
$ 1.31
Earnings (loss) from discontinued
operations
0.12
--------
Earnings per share
$ 1.43
========
EARNINGS PER SHARE - Diluted
Earnings from continuing
operations
$ 1.25
Earnings (loss) from discontinued
operations
0.11
--------
Earnings per share
$ 1.36
========
Basic Shares
233.0
Diluted Shares
244.8
36 Weeks Ended September 6, 2002
--------------------------------------------
Percent
Synthetic
Better/
Lodging Fuel
Total (Worse)
--------- --------- ---------- ---------
SALES
Base management fees
$ 258 $ -
$ 258
Franchise fees
160 -
160
Incentive management fees
109 -
109
Owned and leased properties
273 -
273
Other lodging revenue(1)
966 -
966
Cost reimbursements(2)
3,887 -
3,887
Synthetic fuel
- 113
113
--------- --------- ----------
Total Revenues
5,653 113
5,766
OPERATING COSTS AND EXPENSES
Owned and leased - direct(3)
266 -
266
Other lodging - direct(4)
813 -
813
Reimbursed costs
3,887 -
3,887
Administrative and other(5)
182 -
182
Synthetic fuel
- 194
194
--------- --------- ----------
Total Expenses
5,148 194
5,342
--------- --------- ----------
Segment Financial Results
$ 505 $ (81)
$ 424 (16)
========= =========
Corporate expenses
(77)
Interest expense
(59)
Interest income
75
Provision for loan losses
-
----------
INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME
TAXES AND MINORITY INTEREST
363
Benefit (Provision) for
income taxes
(40)
----------
INCOME FROM CONTINUING
OPERATIONS BEFORE
MINORITY INTEREST
323
Minority Interest
-
----------
INCOME FROM CONTINUING
OPERATIONS
323 (5)
Discontinued operations
Senior Living Services
Income from discontinued
operations, net of tax
17
Gain on disposal, net of tax
-
Marriott Distribution Services
Loss from discontinued
operations, net of tax
(7)
Exit costs, net of tax
(19)
----------
NET INCOME
$ 314 6
==========
EARNINGS PER SHARE - Basic
Earnings from continuing
operations
$1.34 (2)
Earnings (loss) from
discontinued operations
(0.04) *
----------
Earnings per share
$1.30 10
==========
EARNINGS PER SHARE - Diluted
Earnings from continuing
operations
$ 1.27 (2)
Earnings (loss) from
discontinued operations
(0.04) *
----------
Earnings per share
$ 1.23 11
==========
Basic Shares
241.9
Diluted Shares
257.8
* Calculated percentage is not
meaningful.
(1) Other lodging revenue includes
timeshare revenue (including note sale
gains
and excluding base management fees and reimbursed costs),
ExecuStay
revenue, land rent income, and other revenue.
(2) Cost reimbursements include
reimbursements from lodging properties
for
Marriott funded operating expenses. Marriott earns no markup on
these
expenses.
(3) Owned and leased - direct
expenses include operating expenses of
owned
or leased hotels including lease payments, pre-opening expenses
and
depreciation.
(4) Other lodging - direct expenses
include administrative and related
expenses
of the timeshare (including timeshare development,
financing,
gains and joint venture results) and ExecuStay business
units,
except for reimbursed costs.
(5) Administrative and other
expenses include lodging segment overhead,
joint
venture results, amortization, and gains and losses. These do
not
include any administrative and other expenses related to either
the
timeshare or ExecuStay business units.
MARRIOTT INTERNATIONAL, INC.
Business Segments
($ in millions)
Twelve weeks ended
---------------------------------------
September 12, 2003 September 6, 2002
------------------ ------------------
SALES
Full-Service
$ 1,306
$ 1,194
Select-Service
236
231
Timeshare
328
297
Extended-Stay
138
147
---------------- ----------------
Total Lodging
2,008
1,869
Synthetic Fuel
93
55
---------------- ----------------
Total
$ 2,101
$ 1,924
================ ================
SEGMENT FINANCIAL RESULTS
Full-Service
$ 77
$ 76
Select-Service
28
27
Timeshare
23
40
Extended-Stay
12
17
---------------- ----------------
Total Lodging
140
160
Synthetic Fuel
(3)
(32)
---------------- ----------------
Total
$ 137
$ 128
================ ================
MARRIOTT INTERNATIONAL, INC.
Business Segments
($ in millions)
Thirty-six weeks ended
---------------------------------------
September 12, 2003 September 6, 2002
------------------ -----------------
SALES
Full-Service
$ 3,950
$ 3,714
Select-Service
699
676
Timeshare
888
847
Extended-Stay
392
416
---------------- ----------------
Total Lodging
5,929
5,653
Synthetic Fuel
224
113
---------------- ----------------
Total
$ 6,153
$ 5,766
================ ================
SEGMENT FINANCIAL RESULTS
Full-Service
$ 259
$ 265
Select-Service
81
95
Timeshare
85
110
Extended-Stay
37
35
---------------- ----------------
Total Lodging
462
505
Synthetic Fuel
(104)
(81)
---------------- ----------------
Total
$ 358
$ 424
================ ================
MARRIOTT
INTERNATIONAL, INC.
KEY LODGING STATISTICS
North American Comparable Company-Operated Properties (1)
--------------------------------------------------------------------------
12 Weeks Ended Sept. 12, 2003 vs. 12 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Brand
2003 vs. 2002 2003 vs. 2002 2003 vs.
2002
--------------------------------------------------------------------------
Marriott Hotels
& Resorts
$90.76 -1.3% 72.3% 0.3% pts. $125.56 -1.7%
The Ritz-Carlton
$139.04 5.6% 68.6% 4.9% pts. $202.63
-2.0%
Renaissance Hotels
& Resorts
$85.25 4.1% 68.8% 2.5% pts. $123.98
0.3%
Composite - Full-Service
$95.18 0.4% 71.4% 1.1% pts. $133.32
-1.2%
Residence Inn
$75.83 -2.7% 80.5% -1.0% pts. $94.19 -1.5%
Courtyard
$64.92 -3.2% 71.0% -2.0% pts. $91.42 -0.5%
TownePlace Suites
$50.42 -1.6% 78.1% -1.4% pts. $64.53
0.2%
Composite - Select-
Service & Extended-Stay
$66.24 -2.7% 73.9% -1.6% pts. $89.68 -0.6%
Composite - All
$84.62 -0.5% 72.3% 0.1% pts. $117.05 -0.7%
North American Comparable Systemwide Properties (1)
--------------------------------------------------------------------------
12 Weeks Ended Sept. 12, 2003 vs. 12 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Brand
2003 vs. 2002 2003 vs. 2002 2003 vs.
2002
--------------------------------------------------------------------------
Marriott Hotels
& Resorts
$85.76 -1.0% 70.6% 0.1% pts. $121.45 -1.2%
The Ritz-Carlton
$139.04 5.6% 68.6% 4.9% pts. $202.63
-2.0%
Renaissance Hotels
& Resorts
$80.76 2.6% 68.5% 2.5% pts. $117.81
-1.1%
Composite - Full-Service
$89.08 0.2% 70.2% 0.8% pts. $126.94
-1.0%
Residence Inn
$77.02 -1.8% 81.0% -0.4% pts. $95.05 -1.4%
Courtyard
$66.97 -2.0% 72.7% -1.4% pts. $92.15 -0.2%
Fairfield Inn
$47.28 -1.3% 71.1% -1.0% pts. $66.51
0.1%
TownePlace Suites
$49.95 -0.9% 77.8% -0.1% pts. $64.19 -0.8%
SpringHill Suites
$58.27 2.6% 71.7% 0.6% pts. $81.33
1.7%
Composite - Select-
Service & Extended-Stay
$62.78 -1.5% 74.5% -0.9% pts. $84.29 -0.4%
Composite - All
$74.32 -0.7% 72.6% -0.1% pts. $102.38 -0.5%
North American Comparable Company-Operated Properties (1)
--------------------------------------------------------------------------
36 Weeks Ended Sept. 12, 2003 vs. 36 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Brand
2003 vs. 2002 2003 vs. 2002 2003 vs.
2002
--------------------------------------------------------------------------
Marriott Hotels
& Resorts
$94.73 -3.5% 70.5% -0.8% pts. $134.39 -2.3%
The Ritz-Carlton
$155.62 -0.7% 66.8% 0.1% pts. $232.93 -0.9%
Renaissance Hotels
& Resorts
$88.59 -0.8% 67.1% 0.6% pts. $132.02 -1.6%
Composite - Full-Service
$99.71 -2.7% 69.7% -0.5% pts. $143.14 -2.0%
Residence Inn
$74.95 -3.0% 78.6% -0.4% pts. $95.41 -2.5%
Courtyard
$64.41 -3.8% 68.9% -1.5% pts. $93.44 -1.7%
TownePlace Suites
$45.34 -2.5% 71.2% -4.0% pts. $63.68
3.0%
Composite - Select-
Service & Extended-Stay
$65.12 -3.2% 71.3% -1.3% pts. $91.35 -1.5%
Total North America
$86.98 -2.9% 70.3% -0.8% pts. $123.81 -1.7%
North American Comparable Systemwide Properties (1)
--------------------------------------------------------------------------
36 Weeks Ended Sept. 12, 2003 vs. 36 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Brand
2003 vs. 2002 2003 vs. 2002 2003 vs.
2002
--------------------------------------------------------------------------
Marriott Hotels &
Resorts
$88.02 -3.1% 68.8% -0.6% pts. $127.93 -2.3%
The Ritz-Carlton
$155.62 -0.7% 66.8% 0.1% pts. $232.93 -0.9%
Renaissance Hotels &
Resorts
$81.99 -0.5% 66.1% 1.1% pts. $124.07 -2.3%
Composite - Full-Service
$91.70 -2.5% 68.3% -0.3% pts. $134.29 -2.1%
Residence Inn
$73.56 -2.0% 77.9% 0.0% pts. $94.48
-2.0%
Courtyard
$65.17 -2.4% 70.1% -0.8% pts. $92.99 -1.2%
Fairfield Inn
$42.84 -0.9% 65.9% -0.7% pts. $64.96
0.1%
TownePlace Suites
$45.92 -1.3% 72.0% -1.2% pts. $63.77
0.4%
SpringHill Suites
$56.51 2.7% 69.6% 0.8% pts. $81.19
1.5%
Composite - Select-
Service & Extended-Stay
$59.78 -1.7% 70.9% -0.5% pts. $84.27 -1.0%
Total North America
$73.72 -2.1% 69.8% -0.4% pts. $105.64 -1.6%
(1) Composite - All statistics include
properties for the Marriott Hotels
& Resorts,
Renaissance Hotels & Resorts, The Ritz-Carlton, Courtyard,
Residence
Inn, TownePlace Suites, Fairfield Inn, and SpringHill Suites
brands.
Select-Service and Extended-Stay composite statistics include
properties
for the Courtyard, Residence Inn, TownePlace Suites,
Fairfield
Inn and SpringHill Suites brands.
International Comparable Company-Operated Properties (1)
--------------------------------------------------------------------------
12 Weeks Ended Sept. 12, 2003 vs. 12 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Region
2003 vs. 2002 2003 vs. 2002 2003
vs. 2002
--------------------------------------------------------------------------
Caribbean & Latin
America
$78.62 8.7% 70.1% 4.4% pts. $112.10
2.0%
Continental Europe
$83.11 -5.1% 71.9% 0.0% pts. $115.56
-5.1%
United Kingdom
$117.53 -2.6% 81.3% 2.7% pts. $144.54
-5.8%
Middle East & Africa
$50.36 20.7% 74.3% 1.2% pts. $67.79
18.7%
Asia Pacific(3)
$50.52 -15.6% 64.5% -8.1% pts. $78.30 -5.0%
Total International
$73.03 -3.1% 70.1% -1.6% pts. $104.18 -0.9%
International Comparable Systemwide Properties(1)
--------------------------------------------------------------------------
12 Weeks Ended Sept. 12, 2003 vs. 12 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Region
2003 vs. 2002 2003 vs. 2002 2003
vs. 2002
--------------------------------------------------------------------------
Caribbean & Latin
America
$73.03 6.4% 67.1% 3.1% pts. $108.79
1.5%
Continental Europe
$80.35 -3.9% 68.1% 0.1% pts. $117.96
-4.1%
United Kingdom
$96.37 -0.8% 76.2% 0.7% pts. $126.45
-1.7%
Middle East & Africa
$49.58 22.6% 72.4% 2.1% pts. $68.43
18.9%
Asia Pacific(3)
$57.98 -11.0% 66.4% -6.4% pts. $87.39 -2.5%
Total International
$75.53 -2.1% 69.6% -1.3% pts. $108.56 -0.3%
International Comparable Company-Operated Properties(2)
--------------------------------------------------------------------------
36 Weeks Ended Sept. 12, 2003 vs. 36 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Region
2003 vs. 2002 2003 vs. 2002 2003 vs.
2002
-------------------------------------------------------------------------
Caribbean & Latin America
$88.86 10.0% 69.3% 4.3% $128.26
3.2%
Continental Europe
$76.32 -7.2% 66.0% -1.0% $115.63 -5.8%
United Kingdom
$106.13 -6.5% 73.4% -3.4% $144.56 -2.2%
Middle East & Africa
$44.31 6.6% 63.5% -2.2% $69.75
10.3%
Asia Pacific(3)
$48.85 -17.3% 60.5% -9.8% $80.68 -3.9%
Total International
$70.81 -4.8% 65.4% -3.1% $108.27 -0.3%
International Comparable Systemwide Properties(2)
--------------------------------------------------------------------------
36 Weeks Ended Sept. 12, 2003 vs. 36 Weeks Ended Sept. 6, 2002
----------------------------------------------------------------
Average Daily
REVPAR Occupancy
Rate
------ ---------
-------------
Region
2003 vs. 2002 2003 vs. 2002 2003 vs.
2002
-------------------------------------------------------------------------
Caribbean & Latin America
$82.64 8.6% 66.6% 3.5% $124.10
2.9%
Continental Europe
$73.45 -6.1% 62.5% -1.3% $117.60 -4.1%
United Kingdom
$85.66 -5.7% 69.5% -1.7% $123.33 -3.4%
Middle East & Africa
$43.67 10.0% 62.5% -0.3% $69.87
10.5%
Asia Pacific(3)
$55.83 -13.0% 63.3% -8.3% $88.26 -1.5%
Total International
$71.98 -4.2% 65.1% -2.7% $110.51 -0.2%
(1) Statistics are in constant dollars
and include results for June
through August.
Excludes North America.
(2) Statistics are in constant dollars
and include results for January
through August.
Excludes North America.
(3) Excludes Hawaii.
MARRIOTT INTERNATIONAL, INC.
Key Lodging Statistics
Total Lodging Products (3)
------------------------------------------------------------------------
Number of Number
of
Properties Rooms/Suites
Sept. 12, vs. Sept. 6, Sept. 12, vs. Sept. 6,
Brand
2003 2002 2003
2002
-------------------------------
--------------------------------------
Full-Service Lodging
--------------------
Marriott Hotels
& Resorts 469
+30 173,021 +10,491
The Ritz-Carlton
55 +7
17,794 +1,890
Renaissance
Hotels & Resorts 125
+2 45,673
+677
Ramada International
180 +37 25,202
+4,308
Select-Service Lodging
----------------------
Courtyard
608 +30 87,041
+4,139
Fairfield
Inn
519 +19 49,676
+1,705
SpringHill
Suites
106 +10 12,254
+1,227
Extended-Stay Lodging
---------------------
Residence
Inn
443 +32 52,781
+4,251
TownePlace
Suites
109 +6
11,224 +616
Marriott Executive
Apartments 12 +1
2,167 +159
Timeshare
----------
Marriott Vacation
Club
International
43 -2
7,392 +712
Horizons by
Marriott Vacation
Club
International
2 -
256 +110
The Ritz-Carlton
Club
4 -
228 +85
Marriott Grand
Residence Club 2
- 248
-
-----------------------------------------
Total
2,677 +172 484,957
+30,370
=========================================
(3) Total Lodging Products excludes
the 3,762 corporate housing rental
units.
MARRIOTT INTERNATIONAL, INC.
Non-GAAP Financial Measure Reconciliation
(in millions, except per share amounts)
The reconciliation of the effective
income tax rate from continuing
operations to the effective income
tax rate from continuing operations,
excluding the impact of our Synthetic
Fuel business, is as follows:
Third Quarter 2003
Continuing Operations
-------------------------------------
Income from Synthetic Excluding
Continuing Fuel
Synthetic
Operations Impact
Fuel
-------------------------------------
Pre tax income (loss)
$106 ($3)
$109
Tax Benefit/(Provision)
(36) 1
(37)
Tax Credits
52 52
-
-------- -------- --------
Total Tax Benefit/(Provision)
16 53
(37)
-------- -------- --------
Income from Continuing Operations
before Minority Interest
122 50
72
Minority Interest
(29) (29)
-
-------- -------- --------
Income from Continuing Operations
$93 $21
$72
======== ======== ========
Diluted Shares
245.8 245.8
245.8
Earnings per Share - Diluted
$0.38 $0.09
$0.29
Tax Rate
-15.3%
34.5%
Third Quarter 2002
Continuing Operations
-------------------------------------
Income from Synthetic Excluding
Continuing Fuel
Synthetic
Operations Impact
Fuel
-------------------------------------
Pre tax income (loss)
$112 ($32)
$144
Tax Benefit/(Provision)
(41) 11
(52)
Tax Credits
43 43
-
-------- -------- --------
Total Tax Benefit/(Provision)
2 54
(52)
-------- -------- --------
Income from Continuing Operations
before Minority Interest
114 22
92
Minority Interest
- -
-
-------- -------- --------
Income from Continuing Operations
$114 $22
$92
======== ======== ========
Diluted Shares
252.1 252.1
252.1
Earnings per Share - Diluted
$0.45 $0.09
$0.36
Tax Rate
-1.4%
36.5%
MARRIOTT INTERNATIONAL, INC.
Non-GAAP Financial Measure Reconciliation
(in millions, except per share amounts)
The reconciliation of the effective
income tax rate from continuing
operations to the effective income
tax rate from continuing operations,
excluding the impact of our Synthetic
Fuel business, is as follows:
Third Quarter YTD 2003
Continuing Operations
-------------------------------------
Income from Synthetic Excluding
Continuing Fuel
Synthetic
Operations Impact
Fuel
-------------------------------------
Pre tax income (loss)
$263 ($104)
$367
Tax Benefit/(Provision)
(90) 37
(127)
Tax Credits
162 162
-
-------- -------- --------
Total Tax Benefit/(Provision)
72 199
(127)
-------- -------- --------
Income from Continuing Operations
before Minority Interest
335 95
240
Minority Interest
(29) (29)
-
-------- -------- --------
Income from Continuing Operations
$306 $66
$240
======== ======== ========
Diluted Shares
244.8 244.8
244.8
Earnings per Share - Diluted
$1.25 $0.27
$0.98
Tax Rate
-27.4%
34.6%
Third Quarter YTD 2002
Continuing Operations
-------------------------------------
Income from Synthetic Excluding
Continuing Fuel
Synthetic
Operations Impact
Fuel
-------------------------------------
Pre tax income (loss)
$363 ($81)
$444
Tax Benefit/(Provision)
(131) 28
(159)
Tax Credits
91 91
-
-------- -------- --------
Total Tax Benefit/(Provision)
(40) 119
(159)
-------- -------- --------
Income from Continuing Operations
before Minority Interest
323 38
285
Minority Interest
- -
-
-------- -------- --------
Income from Continuing Operations
$323 $38
$285
======== ======== ========
Diluted Shares
257.8 257.8
257.8
Earnings per Share - Diluted
$1.27 $0.15
$1.12
Tax Rate
11.0%
36.0%
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