MARRIOTT INTERNATIONAL INC /MD/ Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)

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Caution

All statements in this report are made as of the date this Form 10-Q is filed
with the U.S. Securities and Exchange Commission (the "SEC"). We undertake no
obligation to publicly update or revise these statements, whether as a result of
new information, future events or otherwise. We make forward-looking statements
in Management's Discussion and Analysis of Financial Condition and Results of
Operations and elsewhere in this report based on the beliefs and assumptions of
our management and on information available to us through the date this Form
10-Q is filed with the SEC. Forward-looking statements include information
related to the future effects on our business of the coronavirus pandemic
("COVID-19"); Revenue per Available Room ("RevPAR"), average daily rate ("ADR"),
occupancy and other future demand and recovery trends and expectations; our
expectations regarding rooms growth; our expectations regarding our ability to
meet our liquidity requirements; our capital expenditures and other investment
spending expectations; the timing of future dividends and share repurchases; and
other statements that are preceded by, followed by, or include the words
"believes," "expects," "anticipates," "intends," "plans," "estimates,"
"foresees," or similar expressions; and similar statements concerning
anticipated future events and expectations that are not historical facts.

We caution you that these statements are not guarantees of future performance
and are subject to numerous evolving risks and uncertainties that we may not be
able to accurately predict or assess, including the risks and uncertainties we
describe in our Annual Report on Form 10-K for the fiscal year ended
December 31, 2021 ("2021 Form 10-K"), Part II, Item 1A of this report, and other
factors we describe from time to time in our periodic filings with the SEC.

COMPANY AND OVERVIEW

We are a worldwide operator, franchisor, and licensor of hotel, residential, and
timeshare properties under numerous brand names at different price and service
points. Consistent with our focus on management, franchising, and licensing, we
own very few of our lodging properties. We discuss our operations in the
following reportable business segments: U.S. & Canada and International.

We earn base management fees and, under many agreements, incentive management
fees from the properties that we manage, and we earn franchise fees on the
properties that others operate under franchise agreements with us. In most
markets, base management and franchise fees typically consist of a percentage of
property-level revenue, or certain property-level revenue in the case of
franchise fees, while incentive management fees typically consist of a
percentage of net house profit after a specified owner return. For our hotels in
the Middle East and Africa, Asia Pacific excluding China, and Greater China
regions, incentive management fees typically consist of a percentage of gross
operating profit without adjustment for a specified owner return. Net house
profit is calculated as gross operating profit (also referred to as "house
profit") less non-controllable expenses such as property insurance, real estate
taxes, and furniture, fixtures, and equipment ("FF&E") reserves. Additionally,
we earn franchise fees for use of our intellectual property, including fees from
our co-brand credit card, timeshare, and residential programs.

Performance measures

We believe RevPAR, which we calculate by dividing room sales for comparable
properties by room nights available for the period, is a meaningful indicator of
our performance because it measures the period-over-period change in room
revenues for comparable properties. RevPAR may not be comparable to similarly
titled measures, such as revenues, and should not be viewed as necessarily
correlating with our fee revenue. We also believe occupancy and ADR, which are
components of calculating RevPAR, are meaningful indicators of our performance.
Occupancy, which we calculate by dividing occupied rooms by total rooms
available (including rooms in hotels temporarily closed due to issues related to
COVID-19), measures the utilization of a property's available capacity. ADR,
which we calculate by dividing property room revenue by total rooms sold,
measures average room price and is useful in assessing pricing levels.
Comparisons to prior periods are on a systemwide constant U.S. dollar basis for
comparable properties, unless otherwise stated. We calculate constant dollar
statistics by applying exchange rates for the current period to the prior
comparable period.

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We define our comparable properties as our properties that were open and
operating under one of our brands since the beginning of the last full calendar
year (since January 1, 2021 for the current period) and have not, in either the
current or previous year: (1) undergone significant room or public space
renovations or expansions, (2) been converted between company-operated and
franchised, or (3) sustained substantial property damage or business
interruption, with the exception of properties closed or otherwise experiencing
interruptions related to COVID-19, which we continue to classify as comparable.
The RevPAR, ADR, and occupancy comparisons between 2022 or 2021 and 2019, which
we discuss under the "Impact of COVID-19" caption below, reflect properties that
are defined as comparable as of March 31, 2022 or December 31, 2021,
respectively, even if in 2019 they were not open and operating for the full year
or did not meet all the other criteria listed above.

Impact of COVID-19

While COVID-19 continues to have a material impact on our business and industry,
global demand surged during the latter part of the 2022 first quarter in every
region except Greater China, after the emergence of the COVID-19 Omicron variant
dampened demand globally early in the year. In March 2022, worldwide RevPAR was
only 9.4 percent below March 2019, with occupancy reaching 63.6 percent and ADR
exceeding 2019 levels by 4.6 percent. The global recovery continues to be led by
robust leisure demand, which we expect to continue throughout 2022, and
travelers who continue to embrace multi-purpose trips, mixing remote work and
vacation time. The decline in business transient and group demand from
pre-pandemic 2019 levels improved meaningfully during the latter part of the
2022 first quarter when compared to the 2021 fourth quarter, though this demand
continues to lag in recovery. We have been encouraged by the strength of ADR,
which was at or above pre-pandemic 2019 levels in certain U.S. and International
markets during the 2022 first quarter, and we are optimistic about sustaining
strong ADR throughout 2022.

RevPAR in the 2022 first quarter compared to the 2021 first quarter improved
99.1 percent in our U.S. & Canada segment, 88.5 percent in our International
segment, and 96.5 percent worldwide. RevPAR in the 2022 first quarter compared
to pre-pandemic 2019 first quarter levels declined 14.5 percent in our U.S. &
Canada segment, 31.7 percent in our International segment, and 19.4 percent
worldwide. Compared to the 2019 first quarter, 2022 first quarter worldwide
occupancy was down 13.6 percentage points, while worldwide ADR was higher by 0.8
percent.

In the U.S. & Canada, the COVID-19 Omicron variant dampened demand at the
beginning of the quarter, though occupancy quickly improved, resulting in our
U.S. & Canada RevPAR in March 2022 being down only 3.9 percent when compared to
March 2019 levels. Leisure demand continued to be strong during the 2022 first
quarter, particularly at our luxury and resort hotels and in tertiary markets.
In urban destinations, where we have a large presence in the U.S. & Canada, the
decline in demand compared to 2019 levels improved by the end of the 2022 first
quarter when compared to the decline seen in the 2021 fourth quarter, though
these destinations continue to lag in recovery. In other parts of the world,
RevPAR continues to vary greatly by geographic market, and demand is heavily
impacted by the number of COVID-19 cases, vaccination rates, and the nature and
degree of government restrictions.

We continue to take measures to mitigate the negative financial and operational
impacts of COVID-19 for our hotel owners and our own business. At the property
level, we continue to work with owners and franchisees by adjusting renovation
requirements for certain properties and supporting owners and franchisees who
are working with their lenders to utilize FF&E reserves to meet working capital
needs. At the corporate level, we remain focused on managing our corporate
general and administrative costs and are being disciplined with respect to our
capital expenditures and other investment spending. As a result of our focus on
maximizing cash flow, managing expenses, and improving our credit profile,
combined with our strong 2022 first quarter results, we are resuming a cash
dividend sooner than anticipated. On May 2, 2022, our Board of Directors
declared a $0.30 per share quarterly cash dividend payable during the 2022
second quarter. Assuming the global demand environment continues to improve and
we are within our target leverage ratio range, we also would expect to resume
share repurchases in 2022.

As housing demand recovers from the lows seen in the early months of the pandemic, we have seen and continue to see industry-wide labor shortages, which pose challenges for hiring or rehiring for certain positions,

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mainly in some WE markets where demand has returned rapidly. In response, we have strengthened our recruitment and retention efforts and increased compensation where needed to maintain competitiveness.

The impact of COVID-19 on the Company remains fluid, as does our corporate and
property-level response. We believe COVID-19 will continue to have a material
negative impact on our future results for a period of time that we are currently
unable to predict. The overall operational and financial impact is highly
dependent on the risk factors disclosed under the heading "Risks Relating to
COVID-19" in Part I, Item 1A, "Risk Factors," of our 2021 Form 10-K and could be
affected by other factors we are not currently able to predict.

Starwood Data Security Incident

On November 30, 2018, we announced a data security incident involving
unauthorized access to the Starwood reservations database (the "Data Security
Incident"). The Starwood reservations database is no longer used for business
operations.

We are currently unable to estimate the range of total possible financial impact
to the Company from the Data Security Incident in excess of the expenses already
incurred. However, we do not believe this incident will impact our long-term
financial health. Although our insurance program includes coverage designed to
limit our exposure to losses such as those related to the Data Security
Incident, that insurance may not be sufficient or available to cover all of our
expenses or other losses (including fines and penalties) related to the Data
Security Incident. In addition, certain expenses by their nature (such as, for
example, expenses related to enhancing our cybersecurity program) are not
covered by our insurance program. We expect to incur significant expenses
associated with the Data Security Incident in future periods, primarily related
to legal proceedings and regulatory investigations (including possible
additional fines and penalties), increased expenses and capital investments for
information technology and information security and data privacy, and increased
expenses for compliance activities and to meet increased legal and regulatory
requirements. See Note 5 for additional information related to legal proceedings
and governmental investigations related to the Data Security Incident.

System growth and pipeline

At the end of the 2022 first quarter, our system had 8,048 properties (1,487,681
rooms), compared to 7,989 properties (1,479,179 rooms) at year-end 2021 and
7,662 properties (1,429,171 rooms) at the end of the 2021 first quarter. The
increase compared to year-end 2021 reflects gross additions of 75 properties
(11,799 rooms) and deletions of 16 properties (3,494 rooms). Approximately 22
percent of our 2022 first quarter gross room additions were conversions from
competitor brands. We expect full-year 2022 total gross rooms growth to approach
5.0 percent and net rooms growth of 3.5 to 4.0 percent.

At the end of the 2022 first quarter, we had more than 489,000 rooms in our
development pipeline, which includes approximately 201,400 hotel rooms under
construction and roughly 20,800 hotel rooms approved for development but not yet
under signed contracts. Over half of the rooms in our development pipeline are
outside U.S. & Canada.

Properties and Rooms

At March 31, 2022, we operated, franchised, and licensed the following
properties and rooms:

                            Managed                        Franchised/Licensed                      Owned/Leased                          Residential                             Total
                  Properties           Rooms        Properties                Rooms        Properties              Rooms        Properties              Rooms         Properties            Rooms
U.S. & Canada        636              218,211        5,026                   720,230            26                6,483              64                6,807           5,752               951,731
International      1,308              333,745          818                   166,821            38                9,199              40                3,484           2,204               513,249
Timeshare              -                    -           92                    22,701             -                    -               -                    -              92                22,701
Total              1,944              551,956        5,936                   909,752            64               15,682             104               10,291           8,048             1,487,681


Lodging Statistics

The following table shows RevPAR, occupancy and ADR statistics for comparable properties. System-wide statistics include data from our franchise properties, in addition to our company-operated properties.

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                                                         Three Months Ended 

March 31, 2022 and change from three months ended March 31, 2021

                                               RevPAR                                          Occupancy                                   Average Daily Rate
                                    2022                 vs. 2021                  2022                     vs. 2021                  2022               vs. 2021
Comparable Company-Operated
Properties
U.S. & Canada                  $     131.59                   154.7  %                 54.4  %              25.4  % pts.          $  242.05                    35.7  %
Greater China                  $      53.80                    (6.9) %                 41.9  %              (5.7) % pts.          $  128.30                     5.7  %
Asia Pacific excluding China   $      58.29                    66.6  %                 45.0  %              11.7  % pts.          $  129.59                    23.4  %

Caribbean & Latin America      $     130.79                   152.4  %                 57.5  %              26.7  % pts.          $  227.39                    35.5  %
Europe                         $      81.16                   401.9  %                 42.7  %              30.3  % pts.          $  190.20                    45.7  %
Middle East & Africa           $     128.71                    97.7  %                 66.1  %              23.5  % pts.          $  194.82                    27.3  %
International - All (1)        $      78.47                    75.1  %                 48.2  %              13.0  % pts.          $  162.88                    28.0  %
Worldwide (2)                  $     102.61                   114.1  %                 51.0  %              18.6  % pts.          $  201.25                    36.0  %
Comparable Systemwide
Properties
U.S. & Canada                  $      96.78                    99.1  %                 58.0  %              17.4  % pts.          $  166.82                    39.3  %
Greater China                  $      51.21                    (6.2) %                 41.3  %              (5.4) % pts.          $  123.87                     6.0  %
Asia Pacific excluding China   $      58.32                    62.0  %                 45.1  %              11.2  % pts.          $  129.18             

21.8%

Caribbean & Latin America      $     100.83                   166.6  %                 53.1  %              24.6  % pts.          $  190.02                    43.2  %
Europe                         $      63.76                   400.3  %                 38.9  %              27.7  % pts.          $  163.81                    44.6  %
Middle East & Africa           $     117.61                    99.4  %                 64.5  %              23.2  % pts.          $  182.20                    27.7  %
International - All (1)        $      71.11                    88.5  %                 46.2  %              14.8  % pts.          $  153.85                    28.3  %
Worldwide (2)                  $      89.18                    96.5  %                 54.5  %              16.6  % pts.          $  163.56                    36.5  %


(1)Includes Greater China, Asia Pacific excluding China, Caribbean & Latin America, Europeand Middle East & Africa.

(2)Includes WE & Canada and International – All.

CONSOLIDATED RESULTS

Our results in the 2022 first quarter continued to be impacted by COVID-19. See
the "Impact of COVID-19" section above for more information about the impact to
our business during the 2022 first quarter, and the discussion below for
additional analysis of our consolidated results of operations for the 2022 first
quarter compared to the 2021 first quarter.

Fee Revenues

                                                            Three Months Ended
                                                                                      Change
($ in millions)                      March 31, 2022      March 31, 2021            2022 vs. 2021
Base management fees                $          213      $           106      $        107       101  %
Franchise fees                                 500                  306               194        63  %
Incentive management fees                      102                   33                69       209  %
Gross fee revenues                             815                  445               370        83  %
Contract investment amortization               (24)                 (17)               (7)      (41) %
Net fee revenues                    $          791      $           428      $        363        85  %

The increase in base management fees in the first quarter of 2022 mainly reflects the increase in RevPAR due to the continued recovery in accommodation demand following the impacts of COVID-19.

The increase in franchise fees in the 2022 first quarter primarily reflected
higher RevPAR due to the ongoing recovery in lodging demand from the impacts of
COVID-19, higher co-brand credit card fees ($36 million), and unit growth ($25
million).

The increase in incentive management fees in the 2022 first quarter primarily
reflected higher profits at certain managed hotels due to the ongoing recovery
in lodging demand from the impacts of COVID-19.

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Owned, Leased, and Other

                                                                                 Three Months Ended
                                                                                                               Change
($ in millions)                                    March 31, 2022           March 31, 2021                  2022 vs. 2021
Owned, leased, and other revenue                  $          262          $           108          $        154             143  %
Owned, leased, and other - direct expenses                   197                      135                    62              46  %
Owned, leased, and other, net                     $           65          $           (27)         $         92                nm*

* The percentage change is not significant.

Owned, leased, and other revenue, net of direct expenses increased in the 2022
first quarter primarily due to net stronger results at our owned and leased
properties driven by the ongoing recovery in lodging demand from the impacts of
COVID-19 and $29 million of subsidies under German government COVID-19
assistance programs for certain of our leased hotels.

Cost Reimbursements

                                                         Three Months Ended
                                                                                   Change
    ($ in millions)                March 31, 2022      March 31, 2021           2022 vs. 2021
    Cost reimbursement revenue    $        3,146      $        1,780      $      1,366        77  %
    Reimbursed expenses                    3,179               1,833             1,346        73  %
    Cost reimbursements, net      $          (33)     $          (53)     $         20        38  %


Cost reimbursements, net (cost reimbursement revenue, net of reimbursed
expenses) varies due to timing differences between the costs we incur for
centralized programs and services and the related reimbursements we receive from
hotel owners and franchisees. Over the long term, our centralized programs and
services are not designed to impact our economics, either positively or
negatively.

The increase in cost reimbursements, net in the 2022 first quarter primarily
reflects higher revenue for our centralized programs and services and lower
insurance expense, partially offset by Loyalty Program activity, primarily due
to higher program expenses.

Other Operating Expenses

                                                                                   Three Months Ended
                                                                                                                  Change
($ in millions)                                       March 31, 2022           March 31, 2021                 2022 vs. 2021
Depreciation, amortization, and other                $       48              $            52          $        (4)             (8) %
General, administrative, and other                          208                          211                   (3)             (1) %
Restructuring, merger-related charges, and other              9                            1                    8             800  %


Non-operating income (expenses)

                                                                              Three Months Ended
                                                   March 31,                                              Change
($ in millions)                                       2022             March 31, 2021                 2022 vs. 2021
Gains and other income, net                       $       4          $             1          $         3             300  %

Interest expense                                        (93)                    (107)                  14              13  %
Interest income                                           5                        7                   (2)            (29) %
Equity in earnings (losses)                               2                      (12)                  14             117  %


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Income Taxes

                                                                               Three Months Ended
                                                                                                              Change
($ in millions)                                     March 31, 2022           March 31, 2021               2022 vs. 2021
(Provision) benefit for income taxes               $      (99)             $            16          $   (115)              nm*


* The percentage change is not significant.

Our tax provision changed in the 2022 first quarter, compared to our tax benefit
in the 2021 first quarter, primarily due to the increase in operating income
($101 million).

BUSINESS SEGMENTS

Our segment results in the 2022 first quarter continued to be impacted by
COVID-19. See the "Impact of COVID-19" section above for more information about
the impact to our business during the 2022 first quarter and the discussion
below for additional analysis of the operating results of our reportable
business segments.

                                                      Three Months Ended
                                                                                Change
      ($ in millions)           March 31, 2022      March 31, 2021           2022 vs. 2021
      U.S. & Canada
      Segment revenues         $        3,271      $        1,721      $      1,550        90  %
      Segment profit                      454                 143               311       217  %
      International
      Segment revenues                    675                 391               284        73  %
      Segment profit (loss)               131                 (23)              154       670  %


                                                            Properties                                                                             Rooms
                              March 31, 2022            March 31, 2021             vs. March 31, 2021            March 31, 2022         March 31, 2021              vs. March 31, 2021
U.S. & Canada                           5,752               5,519                   233              4  %             951,731             921,498                   30,233              3  %
International                           2,204               2,051                   153              7  %             513,249             484,931                   28,318              6  %


U.S. & Canada

WE & Canada First quarter 2022 segment profit increased primarily due to:

•$239 million of higher gross fee revenues, primarily reflecting higher
comparable systemwide RevPAR driven by increases in both ADR and occupancy and
higher profits at certain managed hotels due to the ongoing recovery in lodging
demand from the impacts of COVID-19, as well as unit growth;

• $33 million in higher cost reimbursement revenues, net of reimbursed expenses; and

•$24 million of higher owned, leased, and other revenue, net of direct expenses,
primarily reflecting net stronger results at owned and leased properties due to
the ongoing recovery in lodging demand from the impacts of COVID-19.

International

International segment profit for the first quarter of 2022, compared to the segment loss for the first quarter of 2021, mainly reflects:

•$90 million of higher gross fee revenues, primarily reflecting higher
comparable systemwide RevPAR driven by increases in both ADR and occupancy and
higher profits at certain managed hotels due to the ongoing recovery in lodging
demand from the impacts of COVID-19; and

•$63 million of higher owned, leased, and other revenue, net of direct expenses,
primarily reflecting net stronger results at owned and leased properties due to
the ongoing recovery in lodging demand from the

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COVID-19 impacts and subsidies under the German government’s COVID-19 assistance programs for some of our leased hotels.

STOCK-BASED COMPENSATION

See Note 3 for more information.

CASH AND CAPITAL RESOURCES

Our long-term financial objectives include diversifying our financing sources,
optimizing the mix and maturity of our long-term debt, and reducing our working
capital. At the end of the 2022 first quarter, our long-term debt had a weighted
average interest rate of 3.4 percent and a weighted average maturity of
approximately 6.6 years. Including the effect of interest rate swaps, the ratio
of our fixed-rate long-term debt to our total long-term debt was 0.8 to 1.0 at
the end of the 2022 first quarter.

We remain focused on preserving our financial flexibility and managing our debt maturities. We also remain focused on managing our general and administrative expenses as well as our capital and other capital expenditures.

We monitor the status of the capital markets and regularly evaluate the effect
that changes in capital market conditions may have on our ability to fund our
liquidity needs. We currently believe the Credit Facility, our cash on hand, and
our access to capital markets remain adequate to meet our liquidity
requirements.

Sources of Liquidity

Our Credit Facility

Our Credit Facility provides for up to $4.5 billion of aggregate borrowings for
general corporate needs, including working capital, capital expenditures,
letters of credit, acquisitions, and to support our commercial paper program if
and when we resume issuing commercial paper. Borrowings under the Credit
Facility generally bear interest at LIBOR (the London Interbank Offered Rate)
plus a spread, based on our public debt rating. We also pay quarterly fees on
the Credit Facility at a rate based on our public debt rating. We classify
outstanding borrowings under the Credit Facility and outstanding commercial
paper borrowings (if any) as long-term based on our ability and intent to
refinance the outstanding borrowings on a long-term basis. The Credit Facility
expires on June 28, 2024. As of March 31, 2022, we had total outstanding
borrowings under the Credit Facility of $0.8 billion and remaining borrowing
capacity of $3.7 billion. In April 2022, we repaid an additional $400 million of
outstanding borrowings under the Credit Facility, resulting in a borrowing
capacity of $4.1 billion.

We entered into amendments to the Credit Facility in April 2020 and January 2021
(the "Credit Facility Amendments"). The debt leverage covenant in the Credit
Facility, which is tested each quarter and was waived pursuant to the Credit
Facility Amendments through and including the fourth quarter of 2021, resumed
beginning with the quarter that ended March 31, 2022. The Credit Facility
Amendments adjusted the required leverage levels for this covenant starting at
5.50 to 1.00 for the test period that ended on March 31, 2022 and gradually
stepping down to 4.00 to 1.00 over the succeeding five fiscal quarters, as
further described in the Credit Facility. The Credit Facility Amendments also
amended certain other terms of the Credit Facility, including reducing the rate
floor for the LIBOR Daily Floating Rate and the Eurocurrency Rate.

Our outstanding public debt does not contain a corresponding financial covenant
or a requirement that we maintain certain financial ratios. We currently satisfy
the covenants in our Credit Facility.

Commercial paper

Due to changes to our credit ratings as a result of the impact of COVID-19 on
our business, we currently are not issuing commercial paper. As a result, we
have had to rely more on borrowings under the Credit Facility and issuance of
senior notes, which carry higher interest costs than commercial paper.

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Uses of silver

Cash, cash equivalents, and restricted cash totaled $1,067 million at March 31,
2022, a decrease of $354 million from year-end 2021, primarily reflecting Senior
Notes repayments ($399 million), Credit Facility repayments ($250 million),
financing outflows for employee stock-based compensation withholding taxes ($78
million), and capital and technology expenditures ($49 million), partially
offset by net cash provided by operating activities ($398 million).

Net cash provided by operating activities increased by $371 million in the 2022
first quarter compared to the 2021 first quarter, primarily due to the net
income recorded in the 2022 first quarter (adjusted for non-cash items). In
2020, we received $920 million of cash from the prepayment of certain future
revenues under the amendments to our existing U.S.-issued co-brand credit card
agreements, which reduced in the 2022 first quarter and 2021 first quarter, and
will in the future reduce, the amount of cash we receive from these card
issuers.

Our ratio of current assets to current liabilities was 0.5 to 1.0 at the end of
the 2022 first quarter. We have significant borrowing capacity under our Credit
Facility should we need additional working capital.

Capital expenditure and other investments

We made capital and technology expenditures of $49 million in the 2022 first
quarter and $30 million in the 2021 first quarter. We expect capital
expenditures and other investments will total approximately $600 million to $700
million for the 2022 full year, including capital and technology expenditures,
loan advances, contract acquisition costs, and other investing activities
(including approximately $250 million for maintenance capital spending and our
new headquarters).

Share Repurchases

We did not repurchase any shares of our common stock in the 2022 first quarter.
At March 31, 2022, 17.4 million shares remained available for repurchase under
Board approved authorizations. Assuming the global demand environment continues
to improve and we are within our target leverage ratio range, we would expect to
resume share repurchases in 2022.

Dividends

We did not declare any cash dividends in the 2022 first quarter. However, our
Board of Directors declared a quarterly cash dividend of $0.30 per share on May
2, 2022, payable on June 30, 2022 to stockholders of record on May 16, 2022.

Material cash needs

As of the end of the 2022 first quarter, there have been no material changes to
our cash requirements as disclosed in our 2021 Form 10-K. See Part II, Item 7,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," of our 2021 Form 10-K for more information about our cash
requirements. Also, see Note 6 for information on our long-term debt.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our preparation of financial statements in accordance with GAAP requires
management to make estimates and assumptions that affect reported amounts and
related disclosures. We have discussed those policies and estimates that we
believe are critical and require the use of complex judgment in their
application in our 2021 Form 10-K. We have made no material changes to our
critical accounting policies or the methodologies or assumptions that we apply
under them.

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