Name: Marriott International Inc. (NASDAQ:MAR) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Marriott International Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
Net income	31)	279)	387)	232)	375)	317)	503)	667)	420)	201)	392)	414)	365)	244)	70)	247)	219)	202)	210)	240)	207)
Depreciation, amortization, and other	175)	196)	68)	71)	68)	76)	65)	70)	73)	72)	68)	85)	65)	71)	36)	30)	31)	32)	31)	32)	44)
Share-based compensation	41)	49)	48)	50)	40)	44)	47)	51)	42)	42)	44)	47)	48)	95)	58)	31)	28)	29)	29)	31)	24)
Income taxes	(71)	(102)	4)	(95)	(7)	(82)	13)	(194)	24)	755)	(23)	14)	82)	75)	(60)	3)	58)	23)	21)	70)	29)
Liability for guest loyalty program	126)	94)	(63)	174)	52)	105)	55)	152)	208)	142)	32)	144)	60)	164)	48)	55)	76)	114)	18)	56)	45)
Contract acquisition costs	(39)	(55)	(47)	(37)	(56)	(42)	(39)	(42)	(29)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Merger-related charges	(12)	(51)	(5)	152)	(10)	53)	(14)	(7)	(16)	(7)	(19)	(62)	(36)	(59)	172)	—)	—)	—)	—)	—)	—)
Working capital changes	245)	131)	(25)	22)	(401)	25)	65)	(68)	(98)	(17)	104)	102)	(108)	(130)	(2)	61)	(106)	(49)	(9)	63)	(131)
Gain on asset dispositions	—)	(132)	(9)	(2)	(4)	(3)	(18)	(113)	(60)	(687)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other	18)	86)	94)	20)	94)	40)	18)	(62)	111)	19)	16)	32)	50)	(10)	12)	38)	27)	(1)	28)	(2)	44)
Adjustments to reconcile to cash provided by operating activities	483)	216)	65)	355)	(224)	216)	192)	(213)	255)	319)	222)	362)	161)	206)	264)	218)	114)	148)	118)	250)	55)
Net cash provided by operating activities	514)	495)	452)	587)	151)	533)	695)	454)	675)	520)	614)	776)	526)	450)	334)	465)	333)	350)	328)	490)	262)
Acquisition of a business, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2,412)	—)	—)	—)	(1)	—)	(136)
Capital expenditures	(59)	(418)	(93)	(76)	(66)	(94)	(74)	(324)	(64)	(85)	(51)	(56)	(48)	(67)	(54)	(36)	(42)	(87)	(59)	(84)	(75)
Dispositions	260)	391)	2)	—)	2)	19)	24)	328)	108)	936)	—)	171)	311)	165)	—)	49)	4)	61)	31)	334)	247)
Loan advances	(32)	(7)	(13)	(10)	—)	—)	—)	(1)	(12)	(8)	(37)	(20)	(28)	(8)	—)	(8)	(16)	(54)	—)	(2)	(10)
Loan collections	4)	2)	43)	2)	4)	1)	18)	24)	5)	96)	81)	3)	7)	6)	59)	—)	2)	71)	7)	7)	7)
Contract acquisition costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	(60)	(38)	(37)	(54)	(25)	(18)	(16)	(21)	(32)	(17)	(11)	(61)
Redemption of debt security	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	121)	—)
Other	(8)	(9)	(8)	(2)	(28)	(59)	(1)	38)	12)	(49)	2)	(12)	(4)	7)	10)	3)	9)	35)	60)	9)	6)
Net cash (used in) provided by investing activities	165)	(41)	(69)	(86)	(88)	(133)	(33)	65)	49)	830)	(43)	49)	184)	78)	(2,415)	(8)	(64)	(6)	21)	374)	(22)
Commercial paper/Credit Facility, net	1,317)	(226)	354)	158)	665)	(1,174)	338)	80)	627)	(430)	350)	138)	(33)	(292)	2,598)	(992)	51)	134)	(410)	(110)	246)
Issuance of long-term debt	—)	545)	11)	—)	841)	1,203)	—)	443)	—)	(1)	—)	—)	1)	(1)	—)	1,483)	—)	—)	790)	—)	—)
Repayment of long-term debt	(66)	(214)	(4)	(14)	(603)	(6)	(4)	(374)	(13)	(5)	(4)	(297)	(4)	(30)	(2)	(292)	(2)	(318)	(3)	(2)	(2)
Issuance of Class A Common Stock	—)	—)	1)	1)	5)	—)	—)	—)	4)	2)	1)	1)	2)	12)	6)	10)	6)	1)	8)	14)	17)
Dividends paid	(156)	(157)	(157)	(159)	(139)	(139)	(142)	(144)	(118)	(120)	(122)	(125)	(115)	(117)	(117)	(76)	(64)	(64)	(65)	(68)	(56)
Purchase of treasury stock	(150)	(432)	(600)	(431)	(797)	(337)	(840)	(858)	(815)	(908)	(777)	(746)	(582)	(320)	1)	(1)	(248)	(96)	(714)	(678)	(429)
Share-based compensation withholding taxes	(95)	(16)	(9)	(28)	(95)	—)	(4)	(6)	(95)	(13)	(9)	(36)	(99)	—)	—)	—)	—)	—)	—)	—)	—)
Other	—)	(1)	1)	(8)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(6)	(9)	(9)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	850)	(501)	(403)	(481)	(123)	(453)	(652)	(859)	(410)	(1,475)	(561)	(1,065)	(830)	(748)	2,480)	123)	(266)	(343)	(394)	(844)	(224)
Increase (decrease) in cash, cash equivalents, and restricted cash	1,529)	(47)	(20)	20)	(60)	(53)	10)	(340)	314)	(125)	10)	(240)	(120)	(220)	399)	580)	3)	1)	(45)	20)	16)

An analysis of the quarterly cash flow data reveals a pattern of strong operational cash generation, aggressive capital return to shareholders, and a strategic shift toward liquidity preservation during the first quarter of 2020.

Operating Cash Flow Dynamics: Net cash provided by operating activities remained consistently robust between 2015 and 2019, typically ranging from 300 million to 700 million dollars per quarter. While net income showed significant volatility—particularly a sharp decline to 31 million dollars by March 31, 2020—the net cash from operations remained resilient at 514 million dollars for that same period. This divergence was primarily driven by substantial positive adjustments in working capital (245 million dollars) and other reconciling items (483 million dollars), suggesting a concerted effort to optimize short-term liquidity during a period of declining profitability.
Investing Activities and Capital Deployment: Investing activities were characterized by a major strategic acquisition of 2.4 billion dollars in September 2016, which was offset by a surge in commercial paper and credit facility usage. A recurring pattern of asset dispositions is evident, with significant inflows such as 936 million dollars in December 2017 and 391 million dollars in December 2019. Capital expenditures generally remained stable between 30 million and 100 million dollars, with notable spikes in June 2018 (324 million dollars) and December 2019 (418 million dollars), indicating periodic intensive investment in infrastructure or property.
Financing and Capital Allocation: The financing strategy was dominated by aggressive share repurchases and consistent dividend payments. Treasury stock purchases were a primary use of cash, frequently exceeding 500 million dollars per quarter, peaking at 908 million dollars in December 2017. Dividends remained stable, trending upward from approximately 60 million dollars in 2015 to 156 million dollars by March 2020. To fund these activities and the 2016 acquisition, the company utilized a combination of long-term debt issuance and credit facilities. Significant debt issuances occurred in December 2018 (1.2 billion dollars) and March 2019 (841 million dollars).
Liquidity Position and Risk Management: A marked transition in liquidity management is observed in the final period of the analysis. On March 31, 2020, there was a substantial increase in cash, cash equivalents, and restricted cash totaling 1.5 billion dollars. This was achieved through a combination of 1.3 billion dollars in commercial paper and credit facility draws, a significant reduction in treasury stock purchases (down to 150 million dollars from previous highs), and continued operating cash flow. This indicates a pivot toward a defensive cash posture to ensure solvency amid the declining net income observed in the same quarter.

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Marriott International Inc. (NASDAQ:MAR)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data