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Atour Lifestyle Holdings Limited Reports Second Quarter of 2023 Unaudited Financial Results
来源: Nasdaq GlobeNewswire / 17 8月 2023 05:00:47 America/Chicago
- Net revenues for the second quarter of 2023 increased by 112.3% year-over-year to RMB1,093 million (US$151 million), compared with RMB515 million for the same period of 2022.
- Net income for the second quarter of 2023 was RMB239 million (US$33 million), compared with RMB60 million for the same period of 2022. Adjusted net income (non-GAAP)1, which excluded share-based compensation expenses from net income, for the second quarter of 2023 increased by 312.9% year-over-year to RMB249 million (US$34 million), compared with RMB60 million for the same period of 2022.
- EBITDA (non-GAAP)2 for the second quarter of 2023 was RMB334 million (US$46 million), compared with RMB104 million for the same period of 2022. Adjusted EBITDA (non-GAAP)3, which excluded share-based compensation expenses from EBITDA, for the second quarter of 2023 increased by 232.4% year-over-year to RMB344 million (US$47 million), compared with RMB104 million for the same period of 2022.
SHANGHAI, China, Aug. 17, 2023 (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, 2023.
Second Quarter of 2023 Operational Highlights
As of June 30, 2023, there were 1,034 hotels with a total of 120,404 hotel rooms in operation across Atour’s hotel network, representing a rapid increase of 24.0% and 24.2% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of June 30, 2023, there were 523 manachised hotels under development in our pipeline.
The average daily room rate4 (“ADR”) was RMB475 for the second quarter of 2023, compared with RMB362 for the second quarter of 2022 and RMB443 for the previous quarter. The ADR for the second quarter of 2023 recovered to 109.8% of 2019’s level for the same period.
The occupancy rate4 was 77.1% for the second quarter of 2023, compared with 65.5% for the second quarter of 2022 and 72.5% for the previous quarter. The occupancy rate for the second quarter of 2023 recovered to 103.6% of 2019’s level for the same period.
The revenue per available room4 (“RevPAR”) was RMB384 for the second quarter of 2023, compared with RMB251 for the second quarter of 2022 and RMB337 for the previous quarter. The RevPAR for the second quarter of 2023 recovered to 114.8% of 2019’s level for the same period.
The GMV5 generated from our scenario-based retail business was RMB267 million for the second quarter of 2023, representing an increase of 283.9% year-over-year.
“We are delighted to report a strong second quarter of 2023. Our remarkable performance in both hotel and scenario-based retail businesses further strengthened Atour’s competitiveness and leading position in the industry,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Our unwavering dedication to providing customers with exceptional experiences continued to differentiate Atour and enhance our brand awareness, resulting in high operating efficiency and full recovery across OCC, ADR and RevPAR. The new hotel signings reached a quarterly record high, propelling us towards our mid-term goal of having 2,000 premier hotels by 2025. Furthermore, we have been proactively discovering and satisfying customers’ evolving demands and have expanded our customer base beyond just accommodation, enabling us to promote the prosperity of our scenario-based retail business. Going forward, we will continue to uphold our commitment to providing a ‘Chinese experience’ while driving Atour’s healthy and sustainable growth,” Mr. Wang concluded.
Second Quarter of 2023 Unaudited Financial Results(RMB in thousands) Q2 2022 Q2 2023 Revenues: Manachised hotels 295,134 626,483 Leased hotels 142,874 219,524 Retail revenues and others 76,575 246,702 Net revenues 514,583 1,092,709 Net revenues. Our net revenues for the second quarter of 2023 increased by 112.3% to RMB1,093 million (US$151 million) from RMB515 million for the same period of 2022, mainly driven by the robust growth in both hotel and scenario-based retail businesses as we continued to recover rapidly since the beginning of 2023.
- Manachised hotels. Revenues from our manachised hotels for the second quarter of 2023 increased by 112.3% to RMB626 million (US$86 million) from RMB295 million for the same period of 2022. This increase was primarily driven by the ongoing expansion of our hotel network and the growth of RevPAR. The total number of our manachised hotels increased from 801 as of June 30, 2022, to 1,001 as of June 30, 2023. RevPAR of our manachised hotels surpassed 2019’s level and increased to RMB377 for the second quarter of 2023 from RMB246 for the same period of 2022.
- Leased hotels. Revenues from our leased hotels for the second quarter of 2023 increased by 53.6% to RMB220 million (US$30 million) from RMB143 million for the same period of 2022. This increase was primarily due to the rebound in RevPAR, which surpassed 2019’s level and increased to RMB537 for the second quarter of 2023 from RMB333 for the same period of 2022.
- Retail revenues and others. Revenues from retail and others for the second quarter of 2023 increased by 222.2% to RMB247 million (US$34 million) from RMB77 million for the same period of 2022, with scenario-based retail revenues growing by 297.8% year-over-year to RMB212 million. This increase was driven by widespread recognition of our retail brand and solid product positioning, as well as advanced product development and distribution capabilities.
Q2 2022Q2 2023 (RMB in thousands) Operating costs and expenses: Hotel operating costs (325,107 ) (509,513 ) Other operating costs (41,682 ) (120,821 ) Selling and marketing expenses (31,756 ) (94,400 ) General and administrative expenses (41,859 ) (73,450 ) Technology and development expenses (15,962 ) (17,831 ) Total operating costs and expenses (456,366 ) (816,015 ) Operating costs and expenses for the second quarter of 2023 were RMB816 million (US$113 million). Excluding the impact from share-based compensation expenses of RMB10 million, operating costs and expenses for the second quarter of 2023 increased by 76.6% to RMB806 million, compared with RMB456 million for the same period of 2022.
- Hotel operating costs for the second quarter of 2023 increased by 56.7% to RMB510 million (US$70 million) from RMB325 million for the same period of 2022. This increase was mainly due to the increase in variable costs, such as supply chain costs, associated with the continued growth of our hotel business. Hotel operating costs accounted for 60.2% of manachised and leased hotels’ revenues for the second quarter of 2023, compared with 74.2% for the same period of 2022. The decrease was attributable to the increase in hotel revenues driven by the ongoing expansion of our hotel network and the growth of RevPAR.
- Other operating costs primarily consist of costs for our scenario-based retail business and other businesses. Other operating costs for the second quarter of 2023 increased by 189.9% to RMB121 million (US$17 million) from RMB42 million for the same period of 2022, primarily driven by increased costs alongside the rapid growth of our scenario-based retail business. Other operating costs accounted for 49.0% of retail revenues and others for the second quarter of 2023, compared with 54.4% for the same period of 2022. The decrease was attributable to the improving profitability of our retail business.
- Selling and marketing expenses for the second quarter of 2023 increased by 197.3% to RMB94 million (US$13 million) from RMB32 million for the same period of 2022. This increase was mainly due to our increased investment in branding enhancement and the rapid growth of our scenario-based retail business through online channels. Selling and marketing expenses accounted for 8.6% of net revenues for the second quarter of 2023, compared with 6.2% for the same period of 2022.
- General and administrative expenses for the second quarter of 2023 were RMB73 million (US$10 million). Excluding the impact from share-based compensation expenses of RMB9 million, general and administrative expenses for the second quarter of 2023 increased by 54.0% to RMB64 million, compared with RMB42 million for the same period of 2022. General and administrative expenses, excluding the impact from share-based compensation expenses, accounted for 5.9% of net revenues for the second quarter of 2023, compared with 8.1% for the same period of 2022.
- Technology and development expenses for the second quarter of 2023 were RMB18 million (US$2.5 million), compared with RMB16 million for 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 second quarter of 2023 increased by 26.5% to RMB30 million (US$4 million) from RMB24 million for the same period of 2022.
Income from operations for the second quarter of 2023 was RMB307 million (US$42 million), compared with RMB82 million for the same period of 2022.
Other expenses, net for the second quarter of 2023 was RMB4 million (US$0.5 million), compared with RMB2 million for the same period of 2022.
Income tax expense for the second quarter of 2023 was RMB79 million (US$11 million), compared with RMB24 million for the same period of 2022.
Net income for the second quarter of 2023 was RMB239 million (US$33 million), compared with RMB60 million for the same period of 2022.
Adjusted net income (non-GAAP), which excluded share-based compensation expenses, for the second quarter of 2023 was RMB249 million (US$34 million), representing an increase of 312.9% compared with RMB60 million for the same period of 2022.
Basic and diluted income per share/American depositary share (ADS). For the second quarter of 2023, basic income per share was RMB0.59 (US$0.08), and diluted income per share was RMB0.57 (US$0.08). Basic income per ADS for the second quarter of 2023 was RMB1.77 (US$0.24), and diluted income per ADS was RMB1.71 (US$0.24).
EBITDA (non-GAAP) for the second quarter of 2023 was RMB334 million (US$46 million), compared with RMB104 million for the same period of 2022.
Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses from EBITDA, for the second quarter of 2023 was RMB344 million (US$47 million), representing an increase of 232.4% compared with RMB104 million for the same period of 2022.
Cash flows. Operating cash inflow for the second quarter of 2023 was RMB520 million (US$72 million). Investing cash inflow and financing cash outflow for the second quarter of 2023 were RMB149 million (US$20 million) and RMB140 million (US$19 million), respectively.
Cash and cash equivalents and restricted cash. As of June 30, 2023, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.5 billion (US$349 million).
Debt financing. As of June 30, 2023, the Company had total outstanding borrowings of RMB73 million (US$10 million) and the unutilized credit facility available to the Company was RMB260 million.
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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 The ADR and RevPAR are calculated based on the tax inclusive room rates.
“ADR” (exclusive of requisitioned or temporarily closed hotels) refers to the average daily room rate, which means room revenue divided by the number of rooms in use;
“Occupancy rate” (exclusive of requisitioned or temporarily closed hotels) refers to the number of rooms in use divided by the number of available rooms for a given period;
“RevPAR” (exclusive of requisitioned or temporarily closed 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.
5 “GMV” refers to gross merchandise value, which is the total value of confirmed orders placed by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, regardless of whether the products are delivered or returned, calculated based on the prices of the ordered products net of any discounts offered to our end customer.Conference Call
The Company will host a conference call at 8:00 AM U.S. Eastern time on Thursday, August 17, 2023 (or 8:00 PM Beijing/Hong Kong time on the same day). Details for the conference call are as follows:
Event Title: Atour Second Quarter 2023 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BIc21f7a19965e47678308aa5bed210058All 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 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 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 Limited
Email: ir@yaduo.comPiacente 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, 2022 2023 RMB RMB USD1 Assets Current assets Cash and cash equivalents 1,589,161 2,528,662 348,718 Short-term investments 157,808 - - Accounts receivable 132,699 124,641 17,189 Prepayments and other current assets 133,901 214,451 29,574 Amounts due from related parties 53,630 96,141 13,258 Inventories 57,460 85,141 11,741 Total current assets 2,124,659 3,049,036 420,480 Non-current assets Restricted cash 946 644 89 Contract costs 67,270 77,781 10,726 Property and equipment, net 360,300 330,994 45,646 Operating lease right-of-use assets 1,932,000 1,809,451 249,535 Intangible assets, net 5,537 4,942 682 Goodwill 17,446 17,446 2,406 Other assets 141,335 129,078 17,801 Deferred tax assets 112,533 97,447 13,439 Total non-current assets 2,637,367 2,467,783 340,324 Total assets 4,762,026 5,516,819 760,804 Liabilities and shareholders’ equity Current liabilities Operating lease liabilities, current 319,598 301,353 41,558 Accounts payable 184,901 339,768 46,858 Deferred revenue, current 202,996 267,169 36,844 Salary and welfare payable 103,539 118,103 16,287 Accrued expenses and other payables 330,282 545,805 75,270 Income taxes payable 31,336 88,475 12,201 Short-term borrowings 142,828 70,848 9,770 Current portion of long-term borrowings 29,130 - - Amounts due to related parties 3,004 727 100 Total current liabilities 1,347,614 1,732,248 238,888 Non-current liabilities Operating lease liabilities, non-current 1,805,402 1,673,638 230,805 Deferred revenue, non-current 277,841 323,437 44,604 Long-term borrowings, non-current portion 2,000 2,000 276 Other non-current liabilities 141,763 167,321 23,075 Total non-current liabilities 2,227,006 2,166,396 298,760 Total liabilities 3,574,620 3,898,644 537,648 _________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the second quarter of 2023 and as of June 30, 2023 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB7.2513 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on June 30, 2023.
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, 2022 2023 RMB RMB USD1 Shareholders’ equity Class A ordinary shares 229 243 34 Class B ordinary shares 56 56 8 Additional paid in capital 1,286,189 1,437,753 198,275 Retained earnings (accumulated deficit) (78,304 ) 176,733 24,373 Accumulated other comprehensive income (loss) (10,865 ) 12,127 1,671 Total shareholders’ equity attributable to shareholders of the Company 1,197,305 1,626,912 224,361 Non-controlling interests (9,899 ) (8,737 ) (1,205 ) Total shareholders’ equity 1,187,406 1,618,175 223,156 Commitments and contingencies - - - Total liabilities and shareholders’ equity 4,762,026 5,516,819 760,804
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, 2022 2023 2022 2023 RMB RMB USD1 RMB RMB USD1 Revenues: Manachised hotels 295,134 626,483 86,396 568,939 1,073,281 148,012 Leased hotels 142,874 219,524 30,274 254,455 406,834 56,105 Retail revenues and others 76,575 246,702 34,022 143,303 386,530 53,305 Net revenues 514,583 1,092,709 150,692 966,697 1,866,645 257,422 Operating costs and expenses: Hotel operating costs (325,107 ) (509,513 ) (70,265 ) (648,275 ) (891,145 ) (122,895 ) Other operating costs (41,682 ) (120,821 ) (16,662 ) (73,605 ) (192,475 ) (26,544 ) Selling and marketing expenses (31,756 ) (94,400 ) (13,018 ) (55,532 ) (150,409 ) (20,742 ) General and administrative expenses (41,859 ) (73,450 ) (10,129 ) (87,377 ) (266,654 ) (36,773 ) Technology and development expenses (15,962 ) (17,831 ) (2,459 ) (33,770 ) (34,621 ) (4,774 ) Total operating costs and expenses (456,366 ) (816,015 ) (112,533 ) (898,559 ) (1,535,304 ) (211,728 ) Other operating income 23,668 29,948 4,130 26,767 37,178 5,127 Income from operations 81,885 306,642 42,289 94,905 368,519 50,821 Interest income 3,681 7,513 1,036 5,598 12,356 1,704 Gain from short-term investments 2,004 8,968 1,237 3,764 14,322 1,975 Interest expense (1,831 ) (1,676 ) (231 ) (3,321 ) (3,603 ) (497 ) Other expenses, net (1,825 ) (3,522 ) (486 ) (1,878 ) (2,971 ) (410 ) Income before income tax 83,914 317,925 43,845 99,068 388,623 53,593 Income tax expense (23,579 ) (78,770 ) (10,863 ) (31,523 ) (131,396 ) (18,120 ) Net income 60,335 239,155 32,982 67,545 257,227 35,473 Less: net income (loss) attributable to non-controlling interests (888 ) 965 133 (1,502 ) 1,162 160 Net income attributable to the Company 61,223 238,190 32,849 69,047 256,065 35,313 Net income 60,335 239,155 32,982 67,545 257,227 35,473 Other comprehensive income Foreign currency translation adjustments, net of nil income taxes 4,895 25,072 3,458 4,676 22,992 3,171 Other comprehensive income, net of income taxes 4,895 25,072 3,458 4,676 22,992 3,171 Total comprehensive income 65,230 264,227 36,440 72,221 280,219 38,644 Comprehensive income (loss) attributable to non-controlling interests (888 ) 965 133 (1,502 ) 1,162 160 Comprehensive income attributable to the Company 66,118 263,262 36,307 73,723 279,057 38,484 Net income per ordinary share —Basic 0.16 0.59 0.08 0.18 0.64 0.09 —Diluted 0.16 0.57 0.08 0.18 0.62 0.09 Weighted average ordinary shares used in calculating
net income per ordinary share—Basic 376,970,454 402,763,517 402,763,517 376,970,454 398,389,853 398,389,853 —Diluted 376,970,454 414,773,664 414,773,664 376,970,454 413,553,602 413,553,602
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, 2022 2023 2022 2023 RMB RMB USD1 RMB RMB USD1 Cash flows from operating activities: Net cash generated from operating activities 214,184 519,908 71,699 138,982 881,565 121,573 Cash flows from investing activities: Payment for purchases of property and equipment (8,189 ) (9,791 ) (1,350 ) (17,096 ) (27,410 ) (3,780 ) Payment for purchases of intangible assets (222 ) - - (600 ) - - Payment for purchases of short-term investments (413,350 ) (2,003,860 ) (276,345 ) (1,086,200 ) (3,332,210 ) (459,533 ) Proceeds from maturities of short-term investments 415,354 2,162,234 298,186 1,089,964 3,494,694 481,940 Net cash generated from (used in) investing activities (6,407 ) 148,583 20,491 (13,932 ) 135,074 18,627 Cash flows from financing activities: Proceeds from borrowings 111,000 169,000 40,000 5,516 Repayment of borrowings (72,250 ) (140,130 ) (19,325 ) (73,480 ) (141,110 ) (19,460 ) Payment for initial public offering costs (403 ) (721 ) - - Net cash (used in) generated from financing activities 38,347 (140,130 ) (19,325 ) 94,799 (101,110 ) (13,944 ) Effect of exchange rate changes on cash and cash equivalents and restricted cash 4,512 25,072 3,457 3,795 23,670 3,265 Net increase in cash, cash equivalents and restricted cash 250,636 553,433 76,322 223,644 939,199 129,521 Cash and cash equivalents and restricted cash at the beginning of the period 1,012,537 1,975,873 272,485 1,039,529 1,590,107 219,286 Cash and cash equivalents and restricted cash at the end of the period 1,263,173 2,529,306 348,807 1,263,173 2,529,306 348,807
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, 2022 2023 2022 2023 RMB RMB USD1 RMB RMB USD1 Net income (GAAP) 60,335 239,155 32,982 67,545 257,227 35,473 Share-based compensation expenses, net of tax effect of nil2 - 9,998 1,379 - 151,578 20,904 Adjusted net income (non-GAAP) 60,335 249,153 34,361 67,545 408,805 56,377 Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2022 2023 2022 2023 RMB RMB USD1 RMB RMB USD1 Net income (GAAP) 60,335 239,155 32,982 67,545 257,227 35,473 Interest income (3,681) (7,513) (1,036) (5,598) (12,356) (1,704) Interest expense 1,831 1,676 231 3,321 3,603 497 Income tax expense 23,579 78,770 10,863 31,523 131,396 18,120 Depreciation and amortization 21,553 22,289 3,074 40,595 44,186 6,094 EBITDA (non-GAAP) 103,617 334,377 46,114 137,386 424,056 58,480 Share-based compensation expenses, net of tax effect of nil2 - 9,998 1,379 - 151,578 20,904 Adjusted EBITDA (non-GAAP) 103,617 344,375 47,493 137,386 575,634 79,384 _________________
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 2023 Closed in Q2 2023 As of
June 30, 2023As of
June 30, 2023Manachised hotels 70 4 1,001 115,427 Leased hotels - - 33 4,977 Total 70 4 1,034 120,404 Brand Positioning As of June 30, 2023 Properties Rooms Manachised Leased A.T. House Luxury - 1 214 Atour S Upscale 49 9 8,973 ZHOTEL Upscale 1 - 52 Atour Upper midscale 794 22 95,276 Atour X Upper midscale 78 - 8,473 Atour Light Midscale 79 1 7,416 Total 1,001 33 120,404 Three Months Ended
June 30, 2019Three Months Ended
June 30, 2022Three Months Ended
March 31, 2023Three Months Ended
June 30, 2023Occupancy rate3 (in percentage) Manachised hotels 73.2% 65.0% 72.1% 76.8% Leased hotels 84.0% 72.4% 80.4% 83.0% All hotels 74.4% 65.5% 72.5% 77.1% ADR3 (in RMB) Manachised hotels 417.6 357.4 437.2 468.1 Leased hotels 534.0 420.1 544.8 611.5 All hotels 432.6 361.8 442.9 474.8 RevPAR3 (in RMB) Manachised hotels 316.5 245.7 330.5 376.6 Leased hotels 471.0 332.8 463.7 536.8 All hotels 334.2 251.3 336.8 383.6 _________________
3 Excludes, for purposes of calculating these key operating metrics, approximately 1,813 thousand, 189 thousand, and 46 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 June 30, 2022, March 31, 2023 and June 30, 2023, respectively. The ADR and RevPAR are calculated based on tax inclusive room rates.
- Net revenues for the second quarter of 2023 increased by 112.3% year-over-year to RMB1,093 million (US$151 million), compared with RMB515 million for the same period of 2022.