[1] All occupancy and RevPAR statistics are comparable systemwide constant dollar and include hotels that have been temporarily closed due to COVID-19.
The year-over-year change largely reflects a $90 million impairment charge associated with several leased hotels in North America.General, administrative, and other expenses for the 2020 first quarter totaled $270 million, compared to $222 million in the year-ago quarter. These 2020 first quarter adjusted results included impairment charges, bad debt expense, and guarantee reserves of $138 million after-tax ($0.42 per share), related to COVID-19. Adjusted operating income in the 2020 first quarter included impairment charges, bad debt expense, and guarantee reserves of $180 million, related to COVID-19.First quarter 2020 adjusted net income totaled $85 million, compared to 2019 first quarter adjusted net income of $482 million. We are confident we have sufficient resources to manage through this evolving situation.“Our thoughts are with everyone who has been impacted by the pandemic. In early May, the company raised $920 million in additional liquidity through amendments to its co-brand credit card agreements with JPMorgan Chase & Co. and American Express. Marriott International, Inc. (NASDAQ: MAR) today reported first quarter 2020 results, which were dramatically impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19).Arne M. Sorenson, president and chief executive officer of Marriott International, said, “In the last few months we have seen the impact of COVID-19 spread throughout our business in an unprecedented way. To access the replay, call 404-537-3406. ET, Monday, May 18, 2020. Reported net income totaled $31 million in the 2020 first quarter, compared to 2019 first quarter reported net income of $375 million. Credit card branding fees were roughly flat year over year.Marriott recognized no incentive management fees in the 2020 first quarter, compared to incentive management fees of $163 million in the year-ago quarter. Marriott revenue for the quarter ending June 30, 2020 was $1.464B, a 72.4% decline year-over-year. While many of the company’s managed hotels earned incentive management fees in the quarter under the terms of their contracts, no incentive fees were recognized under accounting standards due to the significant uncertainty created by COVID-19 as to the extent to which the company will be entitled to such fees on a full year basis.Contract investment amortization for the 2020 first quarter totaled $25 million, compared to $14 million in the year-ago quarter. Marriott's shares, down 40.3% this year, fell 3% in premarket trading as the company also reported an 84.4% plunge in revenue per available room (RevPAR) - a … We have provided a few examples below that you can copy and paste to your site:Your data export is now complete. These are extremely challenging times, but I am confident that we will be able to successfully navigate through them.”Adjusted operating income in the 2020 first quarter totaled $192 million, compared to 2019 first quarter adjusted operating income of $655 million. Other non-RevPAR related franchises fees in the 2020 first quarter increased $7 million compared to the year-ago quarter, largely due to an increase in residential branding fees. Second Quarter 2020 Results Marriott’s reported operating loss totaled $154 million in the 2020 second quarter, compared to 2019 second quarter reported operating income of $409 million. The company expects to use the net proceeds from these transactions for general corporate purposes, including paying near-term debt maturities.As a result of the debt issuance and amendments to its co-brand credit card agreements, 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.The company repurchased 1.0 million shares of common stock in the 2020 first quarter for $150 million at an average price of $145.42 per share. The company's many leading brands include: Bulgari, The Ritz-Carlton?
See page A-2 for the calculation of adjusted results.Base management and franchise fees totaled $629 million in the 2020 first quarter, compared to base management and franchise fees of $732 million in the year-ago quarter.
The conference ID for the recording is 9462985. Occupancy was around 20 percent over the past two weeks in North American limited-service hotels, benefitting from leisure and drive-to demand.“As national, state and local restrictions around travel and business are gradually relaxed, we are preparing to welcome back our associates and guests. ET Backlinks from other websites are the lifeblood of our site and a primary source of new traffic.If you use our chart images on your site or blog, we ask that you provide attribution via a "dofollow" link back to this page. Marriott operates and franchises hotels and licenses vacation ownership resorts.
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