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.

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)

Net Income: Net income exhibited considerable volatility from 2015 through the first quarter of 2020. After a general upward trend from 2015 to early 2018, there was a marked variation with spikes notably in the first quarter of 2018 and mid-2018. However, a significant decline is observed in 2020, reflecting potential operational or market challenges.
Depreciation, Amortization, and Other: This expense saw fluctuations but remained relatively stable between 30 and 85 million US dollars per quarter until the end of 2019. A sharp increase was noted beginning in the first quarter of 2020, potentially linked to asset impairments or accelerated depreciation.
Share-Based Compensation: Share-based compensation costs remained fairly consistent, with moderate increases in mid-2016 and 2017, peaking near 95 million US dollars. The level saw a reduction in the latest periods of 2019 and early 2020, suggesting possible changes in incentive structures or stock-based compensation plans.
Income Taxes: Income tax expenses were highly volatile, with significant negative values indicating tax benefits or adjustments during various quarters, especially around late 2015, 2017, and 2018. Large positive spikes in tax expenses correspond to quarters of higher net income.
Liability for Guest Loyalty Program: The liability for the guest loyalty program showed irregular movements with sizeable increases and decreases. These fluctuations may relate to changes in customer engagement, program adjustments, or accounting estimations. Notably, negative values appear in late 2019, suggesting net reductions or program adjustments.
Contract Acquisition Costs: Contract acquisition costs were introduced in the data starting 2017 with consistent quarterly charges, demonstrating an ongoing investment in customer contracts or marketing efforts.
Merger-Related Charges: These charges were sporadically reported with one notable peak in 2016 and increased activity in 2019 and 2020, indicating periods of acquisition or integration expenses.
Working Capital Changes: Working capital changes exhibited high variability, oscillating between positive and negative values without a discernible long-term trend. This pattern suggests fluctuating operational cash flows and inventory or receivables management.
Gain on Asset Dispositions: Significant gains from asset dispositions were recorded in late 2017 and intermittently in following periods, indicating strategic divestments contributing positively to cash flows.
Other Adjustments: Other non-categorized adjustments varied widely, with no consistent trend, pointing to miscellaneous income or expenses affecting operating activities.
Adjustments to Reconcile Cash from Operating Activities: These adjustments generally increased over the periods, reflecting changes in non-cash expenses or working capital components contributing to operating cash flow reconciliation.
Net Cash Provided by Operating Activities: There was a steady increase in operating cash flow until 2018, peaking in mid-2017, followed by a decline in late 2019. The amounts remained robust overall, showing healthy operational performance despite volatility in net income.
Acquisition of Business, Net of Cash Acquired: A significant outflow occurred in mid-2016, corresponding to a major acquisition event, but little activity was recorded otherwise.
Capital Expenditures: Capital expenditures fluctuated seasonally but showed substantial increases in late 2017 and 2019, particularly notable was a large spike at mid-2018 and end of 2019, indicating intensified investment in fixed assets or property upgrades.
Dispositions: Proceeds from asset dispositions were irregular, with notable spikes in late 2017 and mid-2018, balancing capital expenditure outflows and contributing to investing cash inflows.
Loan Advances and Collections: Loan advances and collections showed sporadic activity with minor values, generally reflecting routine financing operations without significant impact on overall cash flows.
Commercial Paper / Credit Facility, Net: The company demonstrated strategic use of commercial paper and credit facilities with large positive inflows and repayments. Noteworthy are sizeable borrowings in 2016 and 2018, with repayments occurring irregularly, indicating flexibility in short-term financing management.
Issuance and Repayment of Long-Term Debt: Long-term debt issuance spiked in mid-2016 and through 2018, offset partially by consistent repayments. These trends suggest leveraging for acquisitions or capital projects with active debt management.
Issuance of Class A Common Stock: Equity issued was relatively minor and sporadic, with no significant capital raised through stock issuance over the periods analyzed.
Dividends Paid: Consistent dividend payments were maintained, showing steady shareholder returns despite fluctuations in earnings and cash flows.
Purchase of Treasury Stock: Shares repurchased show considerable and sustained activity until early 2020, indicating a focus on capital return strategies and potentially supporting share price stability.
Net Cash Provided by (Used in) Financing Activities: Financing cash flows oscillated significantly, with notable inflows in mid-2016 corresponding to debt issuance and commercial paper activities and sharp outflows primarily driven by share repurchases and dividend payments. A marked influx of cash from financing activities is observed in early 2020, likely a response to financial liquidity needs.
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash: The overall cash position showed small positive changes in early years, with sharp increases in mid-2016 followed by declines in late 2016 through 2018. The most dramatic increase occurred in early 2020, indicating a strategic cash accumulation possibly linked to preparing for economic uncertainties or operational disruptions.

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Marriott International Inc. (NASDAQ:MAR)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data