Atour Lifestyle Holdings Limited Reports Second Quarter of 2024 Unaudited Financial Results
Atour Lifestyle Holdings (NASDAQ: ATAT) reported strong Q2 2024 financial results. Net revenues increased 64.5% year-over-year to RMB1,797 million (US$247 million). Net income rose 27.1% to RMB304 million (US$42 million). The company's hotel network expanded to 1,412 hotels with 161,686 rooms, representing year-over-year increases of 36.6% and 34.3% respectively. Retail business GMV grew 157.6% to RMB620 million. Despite a slight decline in RevPAR due to high base effects, occupancy rates remained solid at 78.4%. The company maintains a positive outlook, expecting full-year 2024 net revenues to increase by 48% to 52% compared to 2023.
Atour Lifestyle Holdings (NASDAQ: ATAT) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Le entrate nette sono aumentate del 64,5% rispetto all'anno precedente, raggiungendo RMB 1.797 milioni (US$ 247 milioni). Il reddito netto è cresciuto del 27,1% a RMB 304 milioni (US$ 42 milioni). La rete alberghiera dell'azienda si è ampliata a 1.412 hotel con 161.686 camere, con aumenti annuali rispettivi del 36,6% e del 34,3%. Il GMV del business retail è cresciuto del 157,6% fino a RMB 620 milioni. Nonostante una leggera diminuzione del RevPAR a causa di effetti base elevati, i tassi di occupazione sono rimasti solidi al 78,4%. L'azienda mantiene una prospettiva positiva, prevedendo un aumento delle entrate nette per l'intero anno 2024 dal 48% al 52% rispetto al 2023.
Atour Lifestyle Holdings (NASDAQ: ATAT) reportó resultados financieros sólidos en el segundo trimestre de 2024. Los ingresos netos aumentaron un 64,5% en comparación con el año anterior, alcanzando RMB 1.797 millones (US$ 247 millones). La utilidad neta aumentó un 27,1% a RMB 304 millones (US$ 42 millones). La red hotelera de la compañía se expandió a 1.412 hoteles con 161.686 habitaciones, representando aumentos interanuales del 36,6% y 34,3% respectivamente. El GMV del negocio minorista creció un 157,6% hasta RMB 620 millones. A pesar de una ligera disminución en el RevPAR debido a efectos de alta base, las tasas de ocupación se mantuvieron sólidas en un 78,4%. La compañía mantiene una perspectiva positiva, esperando que los ingresos netos para todo el año 2024 aumenten entre el 48% y el 52% en comparación con 2023.
Atour Lifestyle Holdings (NASDAQ: ATAT)는 2024년 2분기 강력한 재무 실적을 발표했습니다. 순수익은 전년 대비 64.5% 증가하여 RMB 1,797백만(US$ 247백만)에 이르렀습니다. 순이익은 27.1% 증가하여 RMB 304백만(US$ 42백만)에 도달했습니다. 회사의 호텔 네트워크는 1,412개의 호텔과 161,686개의 객실로 확장되었으며, 각각 전년 대비 36.6% 및 34.3% 증가했습니다. 소매 비즈니스 GMV는 RMB 620백만으로 157.6% 성장했습니다. 높은 기준 효과로 인해 RevPAR이 약간 감소했음에도 불구하고 점유율은 78.4%로 견고하게 유지되었습니다. 회사는 긍정적인 전망을 유지하며, 2024년 전체 연간 순수익이 2023년 대비 48%에서 52% 증가할 것으로 예상하고 있습니다.
Atour Lifestyle Holdings (NASDAQ: ATAT) a rapporté de solides résultats financiers pour le deuxième trimestre de 2024. Les revenus nets ont augmenté de 64,5 % par rapport à l'année précédente, atteignant 1.797 millions de RMB (247 millions USD). Le bénéfice net a augmenté de 27,1 % pour atteindre 304 millions de RMB (42 millions USD). Le réseau hôtelier de l'entreprise s'est élargi à 1.412 hôtels avec 161.686 chambres, représentant des augmentations annuelles de 36,6 % et 34,3 % respectivement. Le GMV du secteur de la vente au détail a augmenté de 157,6 % pour atteindre 620 millions de RMB. Malgré une légère baisse du RevPAR en raison d'effets de base élevés, les taux d'occupation sont restés solides à 78,4 %. L'entreprise maintient une perspective positive, s'attendant à ce que les revenus nets de l'année entière 2024 augmentent de 48 % à 52 % par rapport à 2023.
Atour Lifestyle Holdings (NASDAQ: ATAT) berichtete über starke Finanzzahlen im 2. Quartal 2024. Die Nettoumsätze stiegen im Jahresvergleich um 64,5% auf 1.797 Millionen RMB (247 Millionen USD). Der Nettogewinn stieg um 27,1% auf 304 Millionen RMB (42 Millionen USD). Das Hotelnetzwerk des Unternehmens erweiterte sich auf 1.412 Hotels mit 161.686 Zimmern, was jährliche Zuwächse von 36,6% und 34,3% bedeutet. Der GMV des Einzelhandelsgeschäfts wuchs um 157,6% auf 620 Millionen RMB. Trotz eines leichten Rückgangs des RevPAR aufgrund hoher Basiseffekte blieb die Belegungsrate mit 78,4% stabil. Das Unternehmen hat eine positive Aussicht und erwartet, dass die Nettoumsätze für das Gesamtjahr 2024 im Vergleich zu 2023 um 48% bis 52% steigen werden.
- Net revenues increased 64.5% year-over-year to RMB1,797 million (US$247 million)
- Net income rose 27.1% to RMB304 million (US$42 million)
- Hotel network expanded to 1,412 hotels, a 36.6% year-over-year increase
- Retail business GMV grew 157.6% to RMB620 million
- Occupancy rate remained solid at 78.4%, reaching 101.7% of 2023's level
- Company expects full-year 2024 net revenues to increase by 48% to 52% compared to 2023
- RevPAR declined year-over-year from RMB384 to RMB359 due to high base effects
- Leased hotels revenue decreased by 17.9% to RMB180 million
- Hotel operating costs as a percentage of revenue increased from 60.2% to 64.3%
- Selling and marketing expenses increased from 8.6% to 12.5% of net revenues
Insights
Atour Lifestyle Holdings 's Q2 2024 results show robust growth across key metrics. Net revenues increased by
The retail segment is a standout performer, with revenues surging by
Overall, Atour's financial health appears strong, with a solid cash position of
Atour's rapid expansion in the Chinese hospitality market is impressive, with 1,412 hotels now in operation and a pipeline of 712 manachised hotels. The
The slight decline in RevPAR (from
Atour's innovative approach, blending hospitality with retail, sets it apart. The
Atour's performance reflects the robust recovery and growth of China's domestic travel market. The company's expansion strategy aligns well with the increasing demand for quality, branded accommodations among Chinese travelers. The rapid growth in manachised hotels suggests a scalable and capital-light model that's attractive to property owners.
The retail business's success, particularly in comforters (over
However, the increase in selling and marketing expenses (from
- A total of 1,412 hotels, or 161,686 hotel rooms, in operation as of June 30, 2024.
- Net revenues for the second quarter of 2024 increased by 64.5% year-over-year to RMB1,797 million (US$247 million), compared with RMB1,093 million for the same period of 2023.
- Net income for the second quarter of 2024 increased by
27.1% year-over-year to RMB304 million (US$42 million), compared with RMB239 million for the same period of 2023. - Adjusted net income (non-GAAP)1 for the second quarter of 2024 increased by 31.6% year-over-year to RMB328 million (US$45 million), compared with RMB249 million for the same period of 2023.
- EBITDA (non-GAAP)2 for the second quarter of 2024 increased by
25.3% year-over-year to RMB419 million (US$58 million), compared with RMB334 million for the same period of 2023. - Adjusted EBITDA (non-GAAP)3 for the second quarter of 2024 increased by 28.6% year-over-year to RMB443 million (US$61 million), compared with RMB344 million for the same period of 2023.
SHANGHAI, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter of 2024 Operational Highlights
As of June 30, 2024, there were 1,412 hotels with a total of 161,686 hotel rooms in operation across Atour’s hotel network, representing rapid increases of
The average daily room rate4 (“ADR”) was RMB441 for the second quarter of 2024, compared with RMB475 for the same period of 2023 and RMB430 for the first quarter of 2024.
The occupancy rate4 was
The revenue per available room4 (“RevPAR”) was RMB359 for the second quarter of 2024, compared with RMB384 for the same period of 2023 and RMB328 for the first quarter of 2024.
The GMV5 generated from our retail business was RMB620 million for the second quarter of 2024, representing an increase of
“Driven by the synergistic growth of our accommodation and retail businesses, we delivered a strong performance for the second quarter of 2024, further solidifying our industry leadership,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Our hotel network expansion maintained its vigorous momentum with 123 new openings in the second quarter, representing a new quarterly record. As of the end of the second quarter, we had a total of 1,412 hotels in operation, representing a
“Looking ahead to the second half of 2024, we will continue propelling progress with our deep understanding of and ability to fulfill customer needs. By consistently enhancing the ‘Chinese Experience’, we will promote comprehensive, high-quality growth across our Group’s businesses and brand portfolio,” concluded Mr. Wang.
Second Quarter of 2024 Unaudited Financial Results
(RMB in thousands) | Q2 2023 | Q2 2024 | ||
Revenues: | ||||
Manachised hotels | 626,483 | 1,026,979 | ||
Leased hotels | 219,524 | 180,333 | ||
Retail | 211,648 | 536,734 | ||
Others | 35,054 | 53,001 | ||
Net revenues | 1,092,709 | 1,797,047 | ||
Net revenues. Our net revenues for the second quarter of 2024 increased by
- Manachised hotels. Revenues from our manachised hotels for the second quarter of 2024 increased by
63.9% to RMB1,027 million (US$141 million ) from RMB626 million for the same period of 2023. This increase was primarily driven by our ongoing hotel network expansion and the rapid growth of our supply chain business. The total number of our manachised hotels increased from 1,001 as of June 30, 2023 to 1,382 as of June 30, 2024. RevPAR of our manachised hotels was RMB355 for the second quarter of 2024, compared with RMB377 for the same period of 2023.
- Leased hotels. Revenues from our leased hotels for the second quarter of 2024 decreased by
17.9% to RMB180 million (US$25 million ) from RMB220 million for the same period of 2023, primarily due to a decrease in the number of leased hotels as a result of our product mix optimization, as well as a decrease in RevPAR. RevPAR of our leased hotels was RMB503 for the second quarter of 2024, compared with RMB537 for the same period of 2023.
- Retail. Revenues from retail for the second quarter of 2024 increased by
153.6% to RMB537 million (US$74 million ) from RMB212 million for the same period of 2023. This increase was driven by widespread recognition of our retail brands and effective product innovation and development as we successfully broadened our range of product offerings. In the second quarter of 2024, comforters sales accounted for over20% of retail revenues, further accelerating the growth of our retail business.
- Others. Revenues from others for the second quarter of 2024 increased by
51.2% to RMB53 million (US$7 million ) from RMB35 million for the same period of 2023. This increase was driven by our fast-growing membership business.
Q2 2023 | Q2 2024 | ||||
(RMB in thousands) | |||||
Operating costs and expenses: | |||||
Hotel operating costs | (509,513 | ) | (775,753 | ) | |
Retail costs | (107,560 | ) | (265,003 | ) | |
Other operating costs | (13,261 | ) | (9,918 | ) | |
Selling and marketing expenses | (94,400 | ) | (224,607 | ) | |
General and administrative expenses | (73,450 | ) | (91,488 | ) | |
Technology and development expenses | (17,831 | ) | (32,952 | ) | |
Total operating costs and expenses | (816,015 | ) | (1,399,721 | ) | |
Operating costs and expenses for the second quarter of 2024 were RMB1,400 million (US
- Hotel operating costs for the second quarter of 2024 were RMB776 million (US
$107 million ), compared with RMB510 million for the same period of 2023. This increase was mainly due to the increase in variable costs, such as supply chain costs, associated with our ongoing hotel network expansion. Hotel operating costs accounted for64.3% of manachised and leased hotels’ revenues for the second quarter of 2024, compared with60.2% for the same period of 2023. This increase was due to a decrease in RevPAR attributable to the high base effect in the same period of 2023, as well as an increased share of revenue generated by the lower-margin supply chain business.
- Retail costs for the second quarter of 2024 were RMB265 million (US
$36 million ), compared with RMB108 million for the same period of 2023. This increase was associated with the rapid growth of our retail business. Retail costs accounted for49.4% of retail revenues for the second quarter of 2024, compared with50.8% for the same period of 2023. This decrease was attributable to an increasing contribution from higher-margin online sales.
- Other operating costs for the second quarter of 2024 were RMB10 million (US
$1.4 million ), compared with RMB13 million for the same period of 2023. - Selling and marketing expenses for the second quarter of 2024 were RMB225 million (US
$31 million ), compared with RMB94 million for the same period of 2023. This increase was mainly due to our enhanced investment in brand recognition and the effective development of online channels, aligned with the growth of our retail business. Selling and marketing expenses accounted for12.5% of net revenues for the second quarter of 2024, compared with8.6% for the same period of 2023.
- General and administrative expenses for the second quarter of 2024 were RMB91 million (US
$13 million ), including RMB15 million share-based compensation expenses, compared with RMB73 million, including RMB9 million share-based compensation expenses for the same period of 2023. Excluding the share-based compensation expenses, this increase was primarily due to an increase in labor costs. General and administrative expenses, excluding share-based compensation expenses, accounted for4.2% of net revenues for the second quarter of 2024, compared with5.9% for the same period of 2023.
- Technology and development expenses for the second quarter of 2024 were RMB33 million (US
$5 million ), compared with RMB18 million for the same period of 2023. This increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and retail business and improve customer experience. Technology and development expenses accounted for1.8% of net revenues for the second quarter of 2024, compared with1.6% for the same period of 2023.
Other operating income (expenses), net for the second quarter of 2024 was RMB6 million (US
Income from operations for the second quarter of 2024 was RMB391 million (US
Income tax expense for the second quarter of 2024 was RMB110 million (US
Net income for the second quarter of 2024 was RMB304 million (US
Adjusted net income (non-GAAP) for the second quarter of 2024 was RMB328 million (US
Basic and diluted income per share/American depositary share (ADS). For the second quarter of 2024, basic income per share was RMB0.73 (US
EBITDA (non-GAAP) for the second quarter of 2024 was RMB419 million (US
Adjusted EBITDA (non-GAAP) for the second quarter of 2024 was RMB443 million (US
Cash flows. Operating cash inflow for the second quarter of 2024 was RMB577 million (US
Cash and cash equivalents and restricted cash. As of June 30, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.3 billion (US
Debt financing. As of June 30, 2024, the Company had total outstanding borrowings of RMB92 million (US
Outlook
For the full year of 2024, the Company currently expects total net revenues to increase by
This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.
__________________________________
1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
2 EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
4 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. In the second quarter of 2024, no hotels were requisitioned for quarantine needs. ADR and RevPAR are calculated based on tax-inclusive room rates.
“ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
“Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
“RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.
5 “GMV” refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched, regardless of whether they are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.
Conference Call
The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, August 29, 2023 (or 7:00 PM Beijing/Hong Kong time on the same day).
A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.
For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registration, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.
Details for the conference call are as follows:
Event Title: Atour Second Quarter 2024 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BIbfa7010eae7841bcbc827b0194809f7c
Use of Non-GAAP Financial Measures
To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income, which is defined as net income excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.
The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis, excluding share-based compensation expenses, which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
The use of these non-GAAP measures has certain limitations, as the excluded items have been and will be incurred, and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
In addition, these measures may not be comparable to similarly titled measures utilized by other companies, as these companies may not calculate these measures in the same manner as the Company does.
About Atour Lifestyle Holdings Limited
Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings.
For more information, please visit https://ir.yaduo.com.
Investor Relations Contact
Atour Lifestyle Holdings Limited
Email: ir@yaduo.com
Piacente Financial Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677
—Financial Tables and Operational Data Follow—
ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||
As of | As of | |||||
December 31, | June 30, | |||||
2023 | 2024 | |||||
RMB | RMB | USD1 | ||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | 2,840,807 | 3,322,879 | 457,243 | |||
Short-term investments | 751,794 | 1,008,571 | 138,784 | |||
Accounts receivable | 162,101 | 165,286 | 22,744 | |||
Prepayments and other current assets | 251,900 | 264,441 | 36,388 | |||
Amounts due from related parties | 115,900 | 123,460 | 16,989 | |||
Inventories | 119,078 | 160,889 | 22,139 | |||
Total current assets | 4,241,580 | 5,045,526 | 694,287 | |||
Non-current assets | ||||||
Restricted cash | 946 | 1,106 | 152 | |||
Contract costs | 98,220 | 111,507 | 15,344 | |||
Property and equipment, net | 266,120 | 262,381 | 36,105 | |||
Operating lease right-of-use assets | 1,712,580 | 1,559,106 | 214,540 | |||
Intangible assets, net | 4,247 | 3,957 | 545 | |||
Goodwill | 17,446 | 17,446 | 2,401 | |||
Other assets | 100,939 | 90,960 | 12,517 | |||
Deferred tax assets | 144,947 | 193,091 | 26,570 | |||
Total non-current assets | 2,345,445 | 2,239,554 | 308,174 | |||
Total assets | 6,587,025 | 7,285,080 | 1,002,461 | |||
Liabilities and shareholders’ equity | ||||||
Current liabilities | ||||||
Operating lease liabilities, current | 295,721 | 310,466 | 42,722 | |||
Accounts payable | 594,545 | 669,883 | 92,179 | |||
Deferred revenue, current | 406,066 | 437,106 | 60,148 | |||
Salary and welfare payable | 189,823 | 179,166 | 24,654 | |||
Accrued expenses and other payables | 684,391 | 742,120 | 102,118 | |||
Income taxes payable | 136,201 | 106,381 | 14,639 | |||
Short-term borrowings | 70,000 | 90,000 | 12,384 | |||
Amounts due to related parties | 1,104 | 2,932 | 403 | |||
Total current liabilities | 2,377,851 | 2,538,054 | 349,247 | |||
Non-current liabilities | ||||||
Operating lease liabilities, non-current | 1,583,178 | 1,422,930 | 195,802 | |||
Deferred revenue, non-current | 369,455 | 433,037 | 59,588 | |||
Long-term borrowings, non-current portion | 2,000 | 2,000 | 275 | |||
Other non-current liabilities | 194,452 | 227,198 | 31,263 | |||
Total non-current liabilities | 2,149,085 | 2,085,165 | 286,928 | |||
Total liabilities | 4,526,936 | 4,623,219 | 636,175 |
__________________________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the second quarter of 2024 and as of June 30, 2024 are solely for readers’ convenience and were calculated at the rate of US
ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(All amounts in thousands, except share data and per share data, or otherwise noted) | |||||||||
As of | As of | ||||||||
December 31, | June 30, | ||||||||
2023 | 2024 | ||||||||
RMB | RMB | USD1 | |||||||
Shareholders’ equity | |||||||||
Class A ordinary shares | 244 | 258 | 36 | ||||||
Class B ordinary shares | 56 | 56 | 8 | ||||||
Additional paid in capital | 1,555,773 | 1,582,786 | 217,799 | ||||||
Retained earnings | 507,226 | 1,068,036 | 146,967 | ||||||
Accumulated other comprehensive income | 4,769 | 17,900 | 2,463 | ||||||
Total equity attributable to shareholders of the Company | 2,068,068 | 2,669,036 | 367,273 | ||||||
Non-controlling interests | (7,979 | ) | (7,175 | ) | (987 | ) | |||
Total shareholders’ equity | 2,060,089 | 2,661,861 | 366,286 | ||||||
Commitments and contingencies | - | - | - | ||||||
Total liabilities and shareholders’ equity | 6,587,025 | 7,285,080 | 1,002,461 |
ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||||
(All amounts in thousands, except share data and per share data, or otherwise noted) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||||||
RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
Revenues: | ||||||||||||||||||
Manachised hotels | 626,483 | 1,026,979 | 141,317 | 1,073,281 | 1,863,090 | 256,370 | ||||||||||||
Leased hotels | 219,524 | 180,333 | 24,815 | 406,834 | 348,382 | 47,939 | ||||||||||||
Retail | 211,648 | 536,734 | 73,857 | 324,581 | 953,325 | 131,182 | ||||||||||||
Others | 35,054 | 53,001 | 7,293 | 61,949 | 100,543 | 13,835 | ||||||||||||
Net revenues | 1,092,709 | 1,797,047 | 247,282 | 1,866,645 | 3,265,340 | 449,326 | ||||||||||||
Operating costs and expenses: | ||||||||||||||||||
Hotel operating costs | (509,513 | ) | (775,753 | ) | (106,747 | ) | (891,145 | ) | (1,437,922 | ) | (197,865 | ) | ||||||
Retail costs | (107,560 | ) | (265,003 | ) | (36,466 | ) | (169,077 | ) | (471,106 | ) | (64,826 | ) | ||||||
Other operating costs | (13,261 | ) | (9,918 | ) | (1,365 | ) | (23,398 | ) | (19,744 | ) | (2,717 | ) | ||||||
Selling and marketing expenses | (94,400 | ) | (224,607 | ) | (30,907 | ) | (150,409 | ) | (399,318 | ) | (54,948 | ) | ||||||
General and administrative expenses | (73,450 | ) | (91,488 | ) | (12,589 | ) | (266,654 | ) | (168,143 | ) | (23,137 | ) | ||||||
Technology and development expenses | (17,831 | ) | (32,952 | ) | (4,534 | ) | (34,621 | ) | (57,133 | ) | (7,862 | ) | ||||||
Total operating costs and expenses | (816,015 | ) | (1,399,721 | ) | (192,608 | ) | (1,535,304 | ) | (2,553,366 | ) | (351,355 | ) | ||||||
Other operating income (expenses), net | 29,948 | (5,943 | ) | (818 | ) | 37,178 | 4,066 | 560 | ||||||||||
Income from operations | 306,642 | 391,383 | 53,856 | 368,519 | 716,040 | 98,531 | ||||||||||||
Interest income | 7,513 | 12,396 | 1,706 | 12,356 | 25,915 | 3,566 | ||||||||||||
Gain from short-term investments | 8,968 | 10,945 | 1,506 | 14,322 | 20,537 | 2,826 | ||||||||||||
Interest expense | (1,676 | ) | (854 | ) | (118 | ) | (3,603 | ) | (1,527 | ) | (210 | ) | ||||||
Other expenses, net | (3,522 | ) | (85 | ) | (12 | ) | (2,971 | ) | (551 | ) | (76 | ) | ||||||
Income before income tax | 317,925 | 413,785 | 56,938 | 388,623 | 760,414 | 104,637 | ||||||||||||
Income tax expense | (78,770 | ) | (109,879 | ) | (15,120 | ) | (131,396 | ) | (198,800 | ) | (27,356 | ) | ||||||
Net income | 239,155 | 303,906 | 41,818 | 257,227 | 561,614 | 77,281 | ||||||||||||
Less: net income attributable to non-controlling interests | 965 | 254 | 35 | 1,162 | 804 | 111 | ||||||||||||
Net income attributable to the Company | 238,190 | 303,652 | 41,783 | 256,065 | 560,810 | 77,170 | ||||||||||||
Net income | 239,155 | 303,906 | 41,818 | 257,227 | 561,614 | 77,281 | ||||||||||||
Other comprehensive income | ||||||||||||||||||
Foreign currency translation adjustments, net of nil income taxes | 25,072 | 5,622 | 774 | 22,992 | 13,131 | 1,807 | ||||||||||||
Other comprehensive income, net of income taxes | 25,072 | 5,622 | 774 | 22,992 | 13,131 | 1,807 | ||||||||||||
Total comprehensive income | 264,227 | 309,528 | 42,592 | 280,219 | 574,745 | 79,088 | ||||||||||||
Comprehensive income attributable to non-controlling interests | 965 | 254 | 35 | 1,162 | 804 | 111 | ||||||||||||
Comprehensive income attributable to the Company | 263,262 | 309,274 | 42,557 | 279,057 | 573,941 | 78,977 | ||||||||||||
Net income per ordinary share | ||||||||||||||||||
—Basic | 0.59 | 0.73 | 0.10 | 0.64 | 1.36 | 0.19 | ||||||||||||
—Diluted | 0.57 | 0.73 | 0.10 | 0.62 | 1.35 | 0.19 | ||||||||||||
Weighted average ordinary shares used in calculating net income per ordinary share | ||||||||||||||||||
—Basic | 402,763,517 | 413,244,101 | 413,244,101 | 398,389,853 | 413,042,603 | 413,042,603 | ||||||||||||
—Diluted | 414,773,664 | 416,487,748 | 416,487,748 | 413,553,602 | 416,300,958 | 416,300,958 |
ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||
(In thousands of RMB, except share data and per share data, or otherwise noted) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||||||
RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||||
Net cash generated from operating activities | 519,908 | 576,641 | 79,347 | 881,565 | 719,877 | 99,061 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||
Payment for purchases of property and equipment | (9,791 | ) | (20,136 | ) | (2,771 | ) | (27,410 | ) | (32,751 | ) | (4,507 | ) | ||||||
Payment for purchases of intangible assets | - | - | - | - | (282 | ) | (39 | ) | ||||||||||
Payment for purchases of short-term investments | (2,003,860 | ) | (4,578,000 | ) | (629,953 | ) | (3,332,210 | ) | (7,242,000 | ) | (996,532 | ) | ||||||
Proceeds from maturities of short-term investments | 2,162,234 | 4,291,899 | 590,585 | 3,494,694 | 7,005,760 | 964,025 | ||||||||||||
Net cash generated from (used in) investing activities | 148,583 | (306,237 | ) | (42,139 | ) | 135,074 | (269,273 | ) | (37,053 | ) | ||||||||
Cash flows from financing activities: | ||||||||||||||||||
Proceeds from borrowings | - | - | - | 40,000 | 20,000 | 2,752 | ||||||||||||
Repayment of borrowings | (140,130 | ) | - | - | (141,110 | ) | - | - | ||||||||||
Net cash (used in) generated from financing activities | (140,130 | ) | - | - | (101,110 | ) | 20,000 | 2,752 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash | 25,072 | 4,227 | 582 | 23,670 | 11,628 | 1,600 | ||||||||||||
Net increase in cash and cash equivalents and restricted cash | 553,433 | 274,631 | 37,790 | 939,199 | 482,232 | 66,360 | ||||||||||||
Cash and cash equivalents and restricted cash at the beginning of the period | 1,975,873 | 3,049,354 | 419,605 | 1,590,107 | 2,841,753 | 391,038 | ||||||||||||
Cash and cash equivalents and restricted cash at the end of the period | 2,529,306 | 3,323,985 | 457,395 | 2,529,306 | 3,323,985 | 457,398 |
ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS | ||||||||||||||||||
(In thousands of RMB, except share data and per share data, or otherwise noted) | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||||||
RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
Net income (GAAP) | 239,155 | 303,906 | 41,818 | 257,227 | 561,614 | 77,281 | ||||||||||||
Share-based compensation expenses, net of tax effect of nil2 | 9,998 | 23,885 | 3,287 | 151,578 | 27,027 | 3,719 | ||||||||||||
Adjusted net income (non-GAAP) | 249,153 | 327,791 | 45,105 | 408,805 | 588,641 | 81,000 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||||
2023 | 2024 | 2023 | 2024 | |||||||||||||||
RMB | RMB | USD1 | RMB | RMB | USD1 | |||||||||||||
Net income (GAAP) | 239,155 | 303,906 | 41,818 | 257,227 | 561,614 | 77,281 | ||||||||||||
Interest income | (7,513 | ) | (12,396 | ) | (1,706 | ) | (12,356 | ) | (25,915 | ) | (3,566 | ) | ||||||
Interest expense | 1,676 | 854 | 118 | 3,603 | 1,527 | 210 | ||||||||||||
Income tax expense | 78,770 | 109,879 | 15,120 | 131,396 | 198,800 | 27,356 | ||||||||||||
Depreciation and amortization | 22,289 | 16,690 | 2,297 | 44,186 | 33,839 | 4,656 | ||||||||||||
EBITDA (non-GAAP) | 334,377 | 418,933 | 57,647 | 424,056 | 769,865 | 105,937 | ||||||||||||
Share-based compensation expenses | 9,998 | 23,885 | 3,287 | 151,578 | 27,027 | 3,719 | ||||||||||||
Adjusted EBITDA (non-GAAP) | 344,375 | 442,818 | 60,934 | 575,634 | 796,892 | 109,656 |
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2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.
Key Operating Data
Number of Hotels | Number of Rooms | ||||
Opened in Q2 2024 | Closed in Q2 2024 | As of June 30, 2024 | As of June 30, 2024 | ||
Manachised hotels | 123 | 12 | 1,382 | 157,225 | |
Leased hotels | - | 1 | 30 | 4,461 | |
Total | 123 | 13 | 1,412 | 161,686 |
Brand | Positioning | As of June 30, 2024 | ||
Properties | Rooms | |||
Manachised | Leased | |||
A.T. House | Luxury | - | 1 | 214 |
Atour S | Upscale | 66 | 5 | 10,421 |
ZHOTEL | Upscale | 1 | - | 52 |
Atour | Upper midscale | 1,040 | 23 | 122,944 |
Atour X | Upper midscale | 153 | - | 16,440 |
Atour Light | Midscale | 122 | 1 | 11,615 |
Total | 1,382 | 30 | 161,686 |
All Hotels in Operation | |||||
Three Months Ended June 30, 2023 | Three Months Ended March 31, 2024 | Three Months Ended June 30, 2024 | |||
Occupancy rate3 (in percentage) | |||||
Manachised hotels | |||||
Leased hotels | |||||
All hotels | |||||
ADR3 (in RMB) | |||||
Manachised hotels | 468.1 | 426.0 | 436.4 | ||
Leased hotels | 611.5 | 541.6 | 573.0 | ||
All hotels | 474.8 | 430.0 | 440.6 | ||
RevPAR3 (in RMB) | |||||
Manachised hotels | 376.6 | 323.7 | 354.5 | ||
Leased hotels | 536.8 | 455.2 | 503.3 | ||
All hotels | 383.6 | 327.9 | 358.7 |
Hotels in Operation for More Than 18 Months in Q2 20244 | |||||||||||||||||
Number of hotels | Same-hotel Occupancy3 (in percentage) | Same-hotel ADR3 (in RMB) | Same-hotel RevPAR3 (in RMB) | ||||||||||||||
Q2 2023 | Q2 2024 | Q2 2023 | Q2 2024 | Q2 2023 | Q2 2024 | Q2 2023 | Q2 2024 | ||||||||||
Manachised hotels | 859 | 859 | 77.9 | % | 80.1 | % | 471.3 | 445.5 | 384.6 | 370.8 | |||||||
Leased hotels | 30 | 30 | 83.1 | % | 83.7 | % | 613.7 | 572.8 | 540.0 | 503.1 | |||||||
All hotels | 889 | 889 | 78.1 | % | 80.3 | % | 477.8 | 451.1 | 391.3 | 376.5 |
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3 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. In the second quarter of 2024, no hotels were requisitioned for quarantine needs. ADR and RevPAR are calculated based on tax-inclusive room rates.
4 For any given quarter, we define “same-hotel” to be a hotel that has operated for a minimum of 18 calendar months as of the 15th day (inclusive) of any month within that quarter. The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the second quarter of 2024, compared to the corresponding metrics generated by these “same hotels” during the same period in 2023.
FAQ
What was Atour's (ATAT) net revenue for Q2 2024?
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What was Atour's (ATAT) occupancy rate for Q2 2024?
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