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
first quarter ended March 31, 2023.
First Quarter of 2023 Operational
Highlights
As of March 31, 2023, there were 968 hotels with
a total of 112,564 hotel rooms in operation across Atour’s hotel
network, representing a rapid increase of 23.3% year-over-year in
both hotels and rooms. As of March 31, 2023, there were 413
manachised hotels under development in our pipeline.
The average daily room rate4 (“ADR”) was
RMB443 for the first quarter of 2023, compared with RMB375 for the
first quarter of 2022 and RMB388 for the previous quarter. The ADR
for the first quarter of 2023 had recovered to 107.3% of 2019’s
level for the same period.
The occupancy rate4 was 72.5% for the first
quarter of 2023, compared with 50.0% for the first quarter of 2022
and 63.1% for the previous quarter. The occupancy rate for the
first quarter of 2023 had recovered to 109.5% of 2019’s level for
the same period.
The revenue per available room4 (“RevPAR”) was
RMB337 for the first quarter of 2023, compared with RMB199 for the
first quarter of 2022 and RMB259 for the previous quarter. The
RevPAR for the first quarter of 2023 had recovered to 118.3% of
2019’s level for the same period.
“We are pleased to commence 2023 with a strong
quarter, with both our hotel and scenario-based retail businesses
delivering remarkable results,” said Mr. Haijun Wang, Founder,
Chairman and CEO of Atour. “Our RevPAR for the first quarter
quickly rebounded to 118.3% of 2019’s level, while our ADR and
occupancy rate both exceeded those from 2019, demonstrating our
strong and sustainable recovery capabilities. Our quarterly new
signings reached a record high by virtue of our flourishing product
competitiveness and brand awareness. Meanwhile, our high-quality
lifestyle offerings in concert with our effective marketing
strategies and comprehensive distribution channels propelled robust
growth of our scenario-based retail business, driving its
single-quarter revenue to reach the RMB100 million milestone. Our
core value proposition originated with the goal to provide an
exceptional experience to customers during their stay with us,
which we further elevated to serve people who have diverse
lifestyles. We believe adhering to this creed will enhance our
competitive edge and enable us to explore new opportunities as we
grow.” Mr. Wang concluded.
First Quarter of 2023 Unaudited
Financial Results
|
|
|
|
|
Q1 2022 |
|
Q1 2023 |
(RMB in thousands) |
|
|
|
Revenues: |
|
|
|
Manachised hotels |
273,805 |
|
446,798 |
Leased hotels |
111,581 |
|
187,310 |
Retail revenues and
others |
66,728 |
|
139,828 |
Net
revenues |
452,114 |
|
773,936 |
|
|
|
|
Net revenues. Our net revenues
for the first quarter of 2023 increased by 71.2% to RMB774 million
(US$113 million) from RMB452 million for the same period of 2022,
mainly driven by the robust growth in both hotel business and
scenario-based retail business as we continued to recover rapidly
post pandemic since the beginning of 2023.
- Manachised hotels. Revenues from
our manachised hotels for the first quarter of 2023 increased by
63.2% to RMB447 million (US$65 million) from RMB274 million for the
same period of 2022. This increase was primarily driven by the
ongoing expansion of our hotel network and the recovery of RevPAR
post pandemic. The total number of our manachised hotels increased
from 752 as of March 31, 2022 to 935 as of March 31, 2023. RevPAR
of our manachised hotels surpassed the pre-pandemic level in 2019,
increasing to RMB331 for the first quarter of 2023 from RMB195 for
the same period of 2022.
- Leased hotels. Revenues from our
leased hotels for the first quarter of 2023 increased by 67.9% to
RMB187 million (US$27 million) from RMB112 million for the same
period of 2022. This increase was primarily due to the recovery of
RevPAR, driven by increased customer traffic and stronger
consumption post pandemic. RevPAR of our leased hotels surpassed
the pre-pandemic level in 2019, increasing to RMB464 for the first
quarter of 2023 from RMB257 for the same period of 2022.
- Retail revenues and others.
Revenues from retail and others for the first quarter of 2023
increased by 109.5% to RMB140 million (US$20 million) from RMB67
million for the same period of 2022. This increase was attributable
to the rapid growth of our scenario-based retail business, driven
by growing recognition of our retail brand and enhanced product
development and distribution capabilities.
|
|
|
|
|
Q1 2022 |
|
|
Q1 2023 |
|
(RMB in thousands) |
|
|
|
Operating costs and
expenses: |
|
|
|
Hotel operating costs |
(323,168 |
) |
|
(381,632 |
) |
Other operating costs |
(31,923 |
) |
|
(71,654 |
) |
Selling and marketing
expenses |
(23,776 |
) |
|
(56,009 |
) |
General and administrative
expenses |
(45,518 |
) |
|
(193,204 |
) |
Technology and development
expenses |
(17,808 |
) |
|
(16,790 |
) |
Total operating costs
and expenses |
(442,193 |
) |
|
(719,289 |
) |
|
|
|
|
|
|
Operating costs and expenses
for the first quarter of 2023 were RMB719 million (US$105 million).
Excluding the impact from share-based compensation expenses of
RMB142 million, operating costs and expenses for the first quarter
of 2023 increased by 30.6% to RMB578 million, compared with RMB442
million for the same period of 2022. RMB141 million of share-based
compensation expenses were recognized in general and administrative
expenses for the first quarter of 2023.
- Hotel operating costs for the first
quarter of 2023 increased by 18.1% to RMB382 million (US$56
million) from RMB323 million for the same period of 2022. This
increase was mainly due to the increase in variable costs (such as
labor cost and supply chain cost) associated with continued growth
of our hotel business as evidenced by the expansion of hotel
network and the recovery of RevPAR. Hotel operating costs accounted
for 49.3% of net revenues for the first quarter of 2023, compared
to 71.5% of net revenues for the same period of 2022.
- Other operating costs primarily
consist of costs for our scenario-based retail business and cost of
other revenues. Other operating costs for the first quarter of 2023
increased by 124.5% to RMB72 million (US$10 million) from RMB32
million for the same period of 2022, primarily driven by increased
costs alongside the rapid growth of scenario-based retail business.
Other operating costs accounted for 9.3% of net revenues for the
first quarter of 2023, compared to 7.1% of net revenues for the
same period of 2022.
- Selling and marketing expenses for
the first quarter of 2023 increased by 135.6% to RMB56 million
(US$8 million) from RMB24 million for the same period of 2022. This
increase was mainly driven by our increased investment in branding
initiatives and distribution channel development for our
scenario-based retail business. Selling and marketing expenses
accounted for 7.2% of net revenues for the first quarter of 2023,
compared to 5.3% of net revenues for the same period of 2022.
- General and administrative expenses
for the first quarter of 2023 were RMB193 million (US$28 million).
Excluding the impact from share-based compensation expenses of
RMB141 million, general and administrative expenses for the first
quarter of 2023 increased by 13.8% to RMB52 million, compared with
RMB46 million for the same period of 2022. General and
administrative expenses (excluding the impact from share-based
compensation expenses) accounted for 6.7% of net revenues for the
first quarter of 2023, compared to 10.1% of net revenues for the
same period of 2022.
- Technology and development expenses
for the first quarter of 2023 were RMB17 million (US$2 million),
which were generally in line with the same period of 2022.
Other operating income
primarily consists of income from government subsidies and
value-added tax related benefits. Other operating income for the
first quarter of 2023 increased by 133.3% to RMB7 million (US$1
million) from RMB3 million for the same period of 2022.
Income from operations for the
first quarter of 2023 was RMB62 million (US$9 million), compared
with RMB13 million for the same period of 2022.
Other income, net for the first
quarter of 2023 were RMB1 million (US$0.1 million), compared with
other expenses, net RMB0.1 million for the same period of 2022.
Income tax expense for the
first quarter of 2023 was RMB53 million (US$8 million) compared
with RMB8 million for the same period of 2022.
Net income for the first
quarter of 2023 was RMB18 million (US$3 million), compared with
RMB7 million for the same period of 2022.
Adjusted net income (non-GAAP),
which excluded share-based compensation expenses, for the first
quarter of 2023 was RMB160 million (US$23 million), representing an
increase of 2114.3% compared with RMB7 million for the same period
of 2022.
Basic and diluted income per
share/American depositary share (ADS). For the first
quarter of 2023, basic income per share was RMB0.05 (US$0.01), and
diluted income per share was RMB0.04 (US$0.01). Basic income per
ADS for the first quarter of 2023 was RMB0.15 (US$0.03), and
diluted income per ADS was RMB0.12 (US$0.03).
EBITDA (non-GAAP) for the first
quarter of 2023 was RMB90 million (US$13 million), compared with
RMB34 million for the same period of 2022.
Adjusted EBITDA (non-GAAP),
which excluded share-based compensation expenses from EBITDA, for
the first quarter of 2023 was RMB231 million (US$34 million),
representing an increase of 584.8% compared with RMB34 million for
the same period of 2022.
Cash flows. Operating cash
inflow for the first quarter of 2023 was RMB362 million (US$53
million). Investing cash outflow and financing cash inflow for the
first quarter of 2023 were RMB14 million (US$2 million) and RMB39
million (US$6 million), respectively.
Cash and cash equivalents and restricted
cash. As of March 31, 2023, the Company had a total
balance of cash and cash equivalents of RMB2.0 billion (US$288
million) and restricted cash of RMB1 million (US$0.1 million).
Debt financing. As of March 31,
2023, the Company had total outstanding indebtedness of RMB213
million (US$31 million) and the unutilized credit facility
available to the Company was RMB279 million.
____________________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 expenses, interest income, income tax
expense and depreciation and amortization.3 Adjusted EBITDA
(non-GAAP) is defined as EBITDA excluding share-based compensation
expenses.4 The ADR and RevPAR are calculated based on the tax
inclusive room rates.“ADR” (exclusive of requisitioned hotels)
refers to average daily room rate, which means room revenue divided
by the number of rooms in use;“Occupancy rate” (exclusive of
requisitioned hotels) refers to the number of rooms in use divided
by the number of available rooms for a given period;“RevPAR”
(exclusive of requisitioned hotels) 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.
Conference Call
The Company will host a conference call at 8:00
AM U.S. Eastern time on Thursday, May 18, 2023 (or 8:00 PM
Beijing/Hong Kong time on the same day). Details for the conference
call are as follows:
Event Title: Atour
First Quarter 2023 Earnings Conference
CallPre-registration Link:
https://register.vevent.com/register/BI335410124b26475998663da79bea6c57
All participants must pre-register for this
conference call using the link provided above. Upon registering,
each participant will receive a set of participant dial-in numbers
and a personal PIN, which will be used to join the conference
call.
Additionally, 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.
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 (loss), which is defined as net income (loss) excluding
share-based compensation expenses; EBITDA, which is defined as
earnings before interest expenses, 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 expense 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 expense
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 relevant 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
since such other 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 a 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 LimitedEmail:
ir@yaduo.com
Piacente Financial CommunicationsEmail:
Atour@tpg-ir.comTel: +86-10-6508-0677
— Financial Tables and Operational Data Follow
—
ATOUR LIFESTYLE HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in thousands, except share data
and per share data, or otherwise noted)
|
|
|
|
|
As of |
|
As of |
|
December 31, |
|
March 31, |
|
2022 |
|
2023 |
|
RMB |
|
RMB |
USD1 |
Assets |
|
|
|
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
1,589,161 |
|
1,974,927 |
287,572 |
Short-term investments |
157,808 |
|
158,374 |
23,061 |
Accounts receivable |
132,699 |
|
114,465 |
16,667 |
Prepayments and other current
assets |
133,901 |
|
222,112 |
32,342 |
Amounts due from related
parties |
53,630 |
|
102,885 |
14,981 |
Inventories |
57,460 |
|
65,079 |
9,476 |
Total current
assets |
2,124,659 |
|
2,637,842 |
384,099 |
Non-current
assets |
|
|
|
|
Restricted cash |
946 |
|
946 |
138 |
Contract costs |
67,270 |
|
72,278 |
10,524 |
Property and equipment,
net |
360,300 |
|
342,562 |
49,881 |
Operating lease right-of-use
assets |
1,932,000 |
|
1,868,615 |
272,091 |
Intangible assets, net |
5,537 |
|
5,238 |
763 |
Goodwill |
17,446 |
|
17,446 |
2,540 |
Other assets |
141,335 |
|
147,000 |
21,405 |
Deferred tax assets |
112,533 |
|
107,509 |
15,655 |
Total non-current
assets |
2,637,367 |
|
2,561,594 |
372,997 |
Total
assets |
4,762,026 |
|
5,199,436 |
757,096 |
|
|
|
|
|
Liabilities and
shareholders’ equity |
|
|
|
|
Current
liabilities |
|
|
|
|
Operating lease liabilities,
current |
319,598 |
|
321,370 |
46,795 |
Accounts payable |
184,901 |
|
217,904 |
31,731 |
Deferred revenue, current |
202,996 |
|
228,812 |
33,318 |
Salary and welfare
payable |
103,539 |
|
92,770 |
13,508 |
Accrued expenses and other
payables |
330,282 |
|
532,373 |
77,520 |
Income taxes payable |
31,336 |
|
61,049 |
8,889 |
Short-term borrowings |
142,828 |
|
181,848 |
26,479 |
Current portion of long-term
borrowings |
29,130 |
|
29,130 |
4,242 |
Amounts due to related
parties |
3,004 |
|
5,607 |
816 |
Total current
liabilities |
1,347,614 |
|
1,670,863 |
243,298 |
Non-current
liabilities |
|
|
|
|
Operating lease liabilities,
non-current |
1,805,402 |
|
1,742,358 |
253,707 |
Deferred revenue,
non-current |
277,841 |
|
290,302 |
42,271 |
Long-term borrowings,
non-current portion |
2,000 |
|
2,000 |
291 |
Other non-current
liabilities |
141,763 |
|
149,963 |
21,836 |
Total non-current
liabilities |
2,227,006 |
|
2,184,623 |
318,105 |
Total
liabilities |
3,574,620 |
|
3,855,486 |
561,403 |
____________________1 Translations of
balances in the consolidated financial statements from RMB into US$
for the first quarter of 2023 and as of March 31, 2023 are solely
for readers’ convenience and were calculated at the rate of
US$1.00=RMB6.8676 representing the exchange rate set forth in the
H.10 statistical release of the Federal Reserve Board on March 31,
2023.
ATOUR LIFESTYLE HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in thousands, except share data
and per share data, or otherwise noted)
|
|
|
|
As of |
As of |
|
December 31, |
March 31, |
|
2022 |
|
2023 |
|
RMB |
RMB |
USD1 |
Shareholders’
equity |
|
|
|
Class A ordinary shares |
229 |
|
229 |
|
33 |
|
Class B ordinary shares |
56 |
|
56 |
|
8 |
|
Additional paid in
capital |
1,286,189 |
|
1,427,769 |
|
207,899 |
|
Accumulated deficit |
(78,304 |
) |
(61,457 |
) |
(8,949 |
) |
Accumulated other
comprehensive loss |
(10,865 |
) |
(12,945 |
) |
(1,885 |
) |
Total equity
attributable to shareholders of the Company |
1,197,305 |
|
1,353,652 |
|
197,106 |
|
Non-controlling interests |
(9,899 |
) |
(9,702 |
) |
(1,413 |
) |
Total shareholders’
equity |
1,187,406 |
|
1,343,950 |
|
195,693 |
|
Commitments and
contingencies |
- |
|
- |
|
- |
|
Total liabilities and
shareholders’ equity |
4,762,026 |
|
5,199,436 |
|
757,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ATOUR LIFESTYLE HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME(All
amounts in thousands, except share data and per
share data, or otherwise noted)
|
|
|
Three Months Ended |
|
March 31, |
|
March 31, |
|
2022 |
|
|
2023 |
|
|
RMB |
|
RMB |
USD1 |
Revenues: |
|
|
|
|
Manachised hotels |
273,805 |
|
|
446,798 |
|
65,059 |
|
Leased hotels |
111,581 |
|
|
187,310 |
|
27,274 |
|
Retail revenues and
others |
66,728 |
|
|
139,828 |
|
20,361 |
|
Net
revenues |
452,114 |
|
|
773,936 |
|
112,694 |
|
Operating costs and
expenses: |
|
|
|
|
Hotel operating costs |
(323,168 |
) |
|
(381,632 |
) |
(55,570 |
) |
Other operating costs |
(31,923 |
) |
|
(71,654 |
) |
(10,434 |
) |
Selling and marketing
expenses |
(23,776 |
) |
|
(56,009 |
) |
(8,156 |
) |
General and administrative
expenses |
(45,518 |
) |
|
(193,204 |
) |
(28,133 |
) |
Technology and development
expenses |
(17,808 |
) |
|
(16,790 |
) |
(2,445 |
) |
Total operating costs
and expenses |
(442,193 |
) |
|
(719,289 |
) |
(104,738 |
) |
Other operating income |
3,099 |
|
|
7,230 |
|
1,053 |
|
Income from
operations |
13,020 |
|
|
61,877 |
|
9,009 |
|
Interest income |
1,917 |
|
|
4,843 |
|
705 |
|
Gain from short-term
investments |
1,760 |
|
|
4,110 |
|
598 |
|
Change in fair value of
short-term investments |
- |
|
|
1,244 |
|
181 |
|
Interest expenses |
(1,490 |
) |
|
(1,927 |
) |
(281 |
) |
Other (expenses) income,
net |
(53 |
) |
|
551 |
|
80 |
|
Income before income
tax |
15,154 |
|
|
70,698 |
|
10,292 |
|
Income tax expense |
(7,944 |
) |
|
(52,626 |
) |
(7,663 |
) |
Net
income |
7,210 |
|
|
18,072 |
|
2,629 |
|
Less: net (loss) income
attributable to non-controlling interests |
(614 |
) |
|
197 |
|
26 |
|
Net income
attributable to the Company |
7,824 |
|
|
17,875 |
|
2,603 |
|
|
|
|
|
|
Net
income |
7,210 |
|
|
18,072 |
|
2,629 |
|
Other comprehensive
loss |
|
|
|
|
Foreign currency translation
adjustments, net of nil income taxes |
(219 |
) |
|
(2,080 |
) |
(303 |
) |
Other comprehensive
loss, net of income taxes |
(219 |
) |
|
(2,080 |
) |
(303 |
) |
Total comprehensive
income |
6,991 |
|
|
15,992 |
|
2,326 |
|
Comprehensive (loss) income
attributable to non-controlling interests |
(614 |
) |
|
197 |
|
26 |
|
Comprehensive income
attributable to the Company |
7,605 |
|
|
15,795 |
|
2,300 |
|
Net income per ordinary
share |
|
|
|
|
—Basic |
0.02 |
|
|
0.05 |
|
0.01 |
|
—Diluted |
0.02 |
|
|
0.04 |
|
0.01 |
|
Weighted average ordinary
shares used in calculating net income per ordinary share |
|
|
|
|
—Basic |
376,970,454 |
|
|
393,958,225 |
|
393,958,225 |
|
—Diluted |
376,970,454 |
|
|
412,310,616 |
|
412,310,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATOUR LIFESTYLE HOLDINGS
LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS(All amounts in thousands, except
share data and per share data, or otherwise noted)
|
|
|
Three Months Ended |
|
March 31, |
|
March 31, |
|
2022 |
|
|
2023 |
|
|
RMB |
|
RMB |
USD1 |
Cash flows from
operating activities: |
|
|
|
|
Net cash (used in) generated from operating
activities |
(75,202 |
) |
|
361,657 |
|
52,664 |
|
Cash flows from
investing activities: |
|
|
|
|
Payment for purchases of
property and equipment |
(8,907 |
) |
|
(17,619 |
) |
(2,566 |
) |
Payment for purchases of
intangible assets |
(378 |
) |
|
- |
|
- |
|
Payment for purchases of
short-term investments |
(672,850 |
) |
|
(1,328,350 |
) |
(193,423 |
) |
Proceeds from maturities of
short-term investments |
674,610 |
|
|
1,332,460 |
|
194,021 |
|
Net cash used in
investing activities |
(7,525 |
) |
|
(13,509 |
) |
(1,968 |
) |
Cash flows from
financing activities: |
|
|
|
|
Proceeds from borrowings |
58,000 |
|
|
40,000 |
|
5,824 |
|
Repayment of borrowings |
(1,230 |
) |
|
(980 |
) |
(143 |
) |
Payment for initial public
offering costs |
(318 |
) |
|
- |
|
- |
|
Net cash generated
from financing activities |
56,452 |
|
|
39,020 |
|
5,681 |
|
Effect of exchange rate changes on cash and cash equivalents and
restricted cash |
(717 |
) |
|
(1,402 |
) |
(205 |
) |
Net (decrease)
increase in cash, cash equivalents and restricted
cash |
(26,992 |
) |
|
385,766 |
|
56,172 |
|
Cash and cash equivalents and
restricted cash at the beginning of the period |
1,039,529 |
|
|
1,590,107 |
|
231,538 |
|
Cash and cash
equivalents and restricted cash at the end of the
period |
1,012,537 |
|
|
1,975,873 |
|
287,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATOUR LIFESTYLE HOLDINGS
LIMITEDUNAUDITED RECONCILIATION OF GAAP AND
NON-GAAP RESULTS(All amounts in
thousands, except share data and per share data,
or otherwise noted)
|
|
|
Three Months Ended |
|
March 31, |
|
March 31, |
|
2022 |
|
|
2023 |
|
|
RMB |
|
RMB |
USD1 |
Net income (GAAP) |
7,210 |
|
|
18,072 |
|
2,629 |
|
Share-based compensation
expenses, net of tax effect of nil2 |
- |
|
|
141,580 |
|
20,616 |
|
Adjusted net income
(non-GAAP) |
7,210 |
|
|
159,652 |
|
23,245 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
March 31, |
|
2022 |
|
|
2023 |
|
|
RMB |
|
RMB |
USD1 |
Net income
(GAAP) |
7,210 |
|
|
18,072 |
|
2,629 |
|
Interest income |
(1,917 |
) |
|
(4,843 |
) |
(705 |
) |
Interest expenses |
1,490 |
|
|
1,927 |
|
281 |
|
Income tax expense |
7,944 |
|
|
52,626 |
|
7,663 |
|
Depreciation and
amortization |
19,042 |
|
|
21,897 |
|
3,188 |
|
EBITDA
(non-GAAP) |
33,769 |
|
|
89,679 |
|
13,056 |
|
Share-based compensation
expenses, net of tax effect of nil2 |
- |
|
|
141,580 |
|
20,616 |
|
Adjusted EBITDA
(non-GAAP) |
33,769 |
|
|
231,259 |
|
33,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________ 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 1Q23 |
Closed in 1Q23 |
As of March 31, 2023 |
|
As of March 31, 2023 |
Manachised hotels |
38 |
2 |
935 |
|
107,520 |
Leased hotels |
- |
- |
33 |
|
5,044 |
Total |
38 |
2 |
968 |
|
112,564 |
|
|
|
|
|
|
|
|
|
|
Brand |
Positioning |
Properties |
Rooms |
Manachised |
Leased |
|
A.T. House |
Luxury |
- |
1 |
214 |
Atour S |
Upscale |
48 |
9 |
8,878 |
ZHOTEL |
Upscale |
1 |
- |
52 |
Atour |
Upper midscale |
755 |
22 |
90,444 |
Atour X |
Upper midscale |
57 |
- |
6,077 |
Atour Light |
Midscale |
74 |
1 |
6,899 |
Total |
|
935 |
33 |
112,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2019 |
Three Months Ended March 31, 2022 |
|
Three Months Ended December 31, 2022 |
|
Three Months Ended March 31, 2023 |
|
Exclusive of requisitioned hotels3 |
Inclusive of requisitioned hotels |
|
Exclusive of requisitioned hotels3 |
Inclusive of requisitioned hotels |
|
Exclusive of requisitioned hotels3 |
Inclusive of requisitioned hotels |
Occupancy rate (in percentage) |
|
|
|
|
|
|
|
|
|
Manachised hotels |
64.4% |
49.9% |
48.0% |
|
62.8% |
59.5% |
|
72.1% |
70.9% |
Leased hotels |
78.6% |
50.9% |
54.0% |
|
67.3% |
69.0% |
|
80.4% |
80.4% |
All hotels |
66.2% |
50.0% |
48.3% |
|
63.1% |
60.0% |
|
72.5% |
71.3% |
|
|
|
|
|
|
|
|
|
|
ADR (in
RMB) |
|
|
|
|
|
|
|
|
|
Manachised hotels |
397.4 |
369.9 |
369.6 |
|
382.6 |
369.5 |
|
437.2 |
437.0 |
Leased hotels |
499.4 |
460.0 |
465.8 |
|
468.6 |
453.3 |
|
544.8 |
544.6 |
All hotels |
412.7 |
375.4 |
375.8 |
|
387.8 |
374.2 |
|
442.9 |
442.6 |
|
|
|
|
|
|
|
|
|
|
RevPAR(in RMB) |
|
|
|
|
|
|
|
|
|
Manachised hotels |
266.1 |
195.3 |
189.3 |
|
254.4 |
233.1 |
|
330.5 |
324.6 |
Leased hotels |
412.8 |
256.7 |
276.0 |
|
341.7 |
340.9 |
|
463.7 |
463.5 |
All hotels |
284.7 |
198.9 |
194.3 |
|
259.3 |
238.4 |
|
336.8 |
331.0 |
|
|
|
|
|
|
|
|
|
|
____________________3 Excludes, for purposes of calculating
these key operating metrics, approximately 963 thousand, 1,970
thousand, and 189 thousand room-nights related to 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 three months
ended March 31, 2022, December 31, 2022 and March 31, 2023,
respectively. The ADR and RevPAR are calculated based on tax
inclusive room rates.
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