Marriott (MAR) Tops Q4 EPS by 12c, Offers Outlook

2018 Full Year Outlook Both Including and Excluding the Impact of the New Revenue Standard

Full Year 2018 Outlook1

Full Year 2018 Excluding the

Impact of the New Revenue Standard1

Fee revenues

$3,535 million to $3,620 million

$3,560 million to $3,645 million

Contract Investment Amortization

Approx. $55 million

Approx. $0

Owned, leased, and other revenue, net of direct expenses

$285 million to $295 million

$310 million to $320 million

Depreciation, amortization, and other expenses

Approx. $230 million

Approx. $295 million

General, administrative, and other expenses

$935 million to $945 million

$925 million to $935 million

Operating income

$2,590 million to $2,695 million

$2,640 million to $2,745 million

Gains and other income

Approx. $45 million

Approx. $45 million

Net interest expense2

Approx. $305 million

Approx. $305 million

Equity in earnings (losses)

Approx. $40 million

Approx. $40 million

Earnings per share3

$5.11 to $5.34

$5.22 to $5.45

Tax rate4

22 percent