Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
-- A total of 1,619 hotels, or 183,184 hotel rooms, in operation as of
December 31, 2024.
-- Net revenues for the fourth quarter of 2024 increased by 38.5% to
RMB2,084 million (US$286 million), compared with RMB1,505 million for the
same period of 2023. Net revenues for the full year of 2024 increased by
55.3% to RMB7,248 million (US$993 million), compared with RMB4,666
million for the full year of 2023.
-- Net income for the fourth quarter of 2024 increased by 50.5% to RMB331
million (US$45 million), compared with RMB220 million for the same period
of 2023. Net income for the full year of 2024 increased by 72.2% to
RMB1,273 million (US$174 million), compared with RMB739 million for the
full year of 2023.
-- Adjusted net income (non-GAAP)1 for the fourth quarter of 2024 increased
by 49.9% to RMB333 million (US$46 million), compared with RMB222 million
for the same period of 2023. Adjusted net income (non-GAAP)1 for the full
year of 2024 increased by 44.6% to RMB1,306 million (US$179 million),
compared with RMB903 million for the full year of 2023.
-- EBITDA (non-GAAP)2 for the fourth quarter of 2024 increased by 77.2% to
RMB440 million (US$60 million), compared with RMB248 million for the same
period of 2023. EBITDA (non-GAAP)2 for the full year of 2024 increased by
66.8% to RMB1,739 million (US$238 million), compared with RMB1,043
million for the full year of 2023.
-- Adjusted EBITDA (non-GAAP)3 for the fourth quarter of 2024 increased by
76.5% to RMB443 million (US$61 million), compared with RMB251 million for
the same period of 2023. Adjusted EBITDA (non-GAAP)3 for the full year of
2024 increased by 46.8% to RMB1,772 million (US$243 million), compared
with RMB1,207 million for the full year of 2023.
SHANGHAI, March 25, 2025 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") $(ATAT)$, a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Operational Highlights
As of December 31, 2024, there were 1,619 hotels with a total of 183,184 hotel rooms in operation across Atour's hotel network, representing rapid increases of 33.8% and 32.8% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of December 31, 2024, there were 741 manachised hotels under development in our pipeline.
The average daily room rate(4) ("ADR") was RMB420 for the fourth quarter of 2024, compared with RMB438 for the same period of 2023 and RMB456 for the third quarter of 2024. The ADR for the full year of 2024 was RMB437, compared with RMB464 for the full year of 2023.
The occupancy rate4 was 77.0% for the fourth quarter of 2024, compared with 78.4% for the same period of 2023 and 80.3% for the third quarter of 2024. The occupancy rate for the full year of 2024 was 77.4%, compared with 77.8% for the full year of 2023.
The revenue per available room(4) ("RevPAR") was RMB337 for the fourth quarter of 2024, compared with RMB358 for the same period of 2023 and RMB380 for the third quarter of 2024. The RevPAR for the full year of 2024 was RMB351, compared with RMB377 for the full year of 2023.
The GMV(5) generated from our retail business was RMB912 million and RMB2,592 million for the fourth quarter and full year of 2024, representing increases of 84.5% and 127.7% year-over-year, respectively.
"In 2024, guided by the vision of "Chinese Experience, 2,000 Premier Hotels," we achieved dual improvements in both business scale and operational excellence, driving robust performance growth," said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. "Fueled by strong momentum in both our hotel and retail businesses, we continued to strengthen our brand presence and expand our hotel network, setting new records in both new hotel openings and signings for the year. Notably, Atour 4.0 further solidified its leadership in the upper midscale segment, while Atour Light 3.0 reached a significant milestone, surpassing 100 hotels in operation. Meanwhile, driven by increasing brand recognition and expanding product offerings, Atour Planet's full potential is steadily unlocking. Atour's retail business delivered remarkable results, with its full year GMV surging by 127.7% year-over-year to RMB2.59 billion.
"Looking ahead to 2025, we will continue to fortify our core capabilities, elevate our brand influence, and further deepen the synergy between our accommodation and retail sectors. By amplifying our position as the industry benchmark for the 'Chinese Experience,' we will propel the Group's sustained, long-term growth while achieving our expansion goals," concluded Mr. Wang.
Fourth Quarter and Full Year 2024Unaudited Financial
Results
Q4 2023 Q4 2024 FY 2023 FY 2024
--------- --------- --------- ---------
(RMB in thousands)
Revenues:
Manachised hotels 851,216 1,106,451 2,705,609 4,148,752
Leased hotels 195,020 164,050 840,044 701,963
Retail 412,226 765,169 971,931 2,198,198
Others 46,756 48,340 148,383 199,019
Net revenues 1,505,218 2,084,010 4,665,967 7,247,932
Net revenues. Our net revenues for the fourth quarter of 2024 increased by 38.5% to RMB2,084 million (US$286 million) from RMB1,505 million for the same period of 2023. The increase was mainly driven by the growth in manachised hotel and retail businesses.
For the full year of 2024, net revenues increased by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million for the full year of 2023.
-- Manachised hotels.Revenues from our manachised hotels for the fourth
quarter of 2024 increased by 30.0% to RMB1,106 million (US$152 million)
from RMB851 million for the same period of 2023. The increase was
primarily driven by our ongoing hotel network expansion and the growth of
our supply chain business. The total number of our manachised hotels
increased from 1,178 as of December 31, 2023 to 1,593 as of December 31,
2024.Revenues from our manachised hotels for the full year of 2024
increased by 53.3% to RMB4,149 million (US$568 million) from RMB2,706
million for the full year of 2023.
-- Leased hotels.Revenues from our leased hotels for the fourth quarter of
2024 decreased by 15.9% to RMB164 million (US$22 million) from RMB195
million for the same period of 2023. The decrease was primarily due to
the decrease in the number of leased hotels as a result of our product
mix optimization. The total number of our leased hotels decreased from 32
as of December 31, 2023 to 26 as of December 31, 2024.Revenues from our
leased hotels for the full year of 2024 decreased by 16.4% to RMB702
million (US$96 million) from RMB840 million for the full year of 2023.
-- Retail.Revenues from retail for the fourth quarter of 2024 increased by
85.6% to RMB765 million (US$105 million) from RMB412 million for the same
period of 2023. The increase was driven by widespread recognition of our
retail brands and effective product innovation and development as we
successfully broadened our product offerings.Revenues from retail for the
full year of 2024 increased by 126.2% to RMB2,198 million (US$301
million) from RMB972 million for the full year of 2023.
-- Others.Revenues from others for the fourth quarter of 2024 increased by
3.4% to RMB48 million (US$7 million) from RMB47 million for the same
period of 2023.Revenues from others for the full year of 2024 increased
by 34.1% to RMB199 million (US$27 million) from RMB148 million for the
full year of 2023.
Q4 2023 Q4 2024 FY 2023 FY 2024
---------- ---------- ---------- ----------
(RMB in thousands)
Operating costs and
expenses:
Hotel operating
costs (733,208) (794,039) (2,240,890) (3,108,158)
Retail costs (232,041) (385,576) (513,326) (1,083,709)
Other operating
costs (30,671) (16,966) (72,543) (44,524)
Selling and
marketing
expenses (206,913) (355,112) (469,595) (972,863)
General and
administrative
expenses (105,434) (102,470) (451,470) (352,590)
Technology and
development
expenses (22,300) (46,644) (77,288) (134,017)
Total operating
costs and
expenses (1,330,567) (1,700,807) (3,825,112) (5,695,861)
Operating costs and expenses for the fourth quarter of 2024 were RMB1,701 million (US$233 million), including RMB2 million share-based compensation expenses, compared with RMB1,331 million, including RMB2 million share-based compensation expenses for the same period of 2023.
Operating costs and expenses for the full year of 2024 were RMB5,696 million (US$780 million), including RMB33 million share-based compensation expenses, compared with RMB3,825 million, including RMB164 million share-based compensation expenses for the full year of 2023.
-- Hotel operating costs for the fourth quarter of 2024 were RMB794 million
(US$109 million), compared with RMB733 million for the same period of
2023. The 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 for 62.5% of manachised and
leased hotels' revenues for the fourth quarter of 2024, compared with
70.1% for the same period of 2023. The decrease was primarily due to the
decrease in the number of leased hotels as a result of our product mix
optimization.Hotel operating costs for the full year of 2024 were
RMB3,108 million (US$426 million), compared with RMB2,241 million for the
full year of 2023. Hotel operating costs accounted for 64.1% of
manachised and leased hotels' revenues for the full year of 2024,
compared with 63.2% for the full year of 2023.
-- Retail costs for the fourth quarter of 2024 were RMB386 million (US$53
million), compared with RMB232 million for the same period of 2023. The
increase was associated with the rapid growth of our retail business.
Retail costs accounted for 50.4% of retail revenues for the fourth
quarter of 2024, compared with 56.3% for the same period of 2023. The
decrease was attributable to the increasing contribution from
higher-margin products.Retail costs for the full year of 2024 were
RMB1,084 million (US$148 million), compared with RMB513 million for the
full year of 2023. Retail costs accounted for 49.3% of retail revenues
for the full year of 2024, compared with 52.8% for the full year of 2023.
-- Other operating costs for the fourth quarter of 2024 were RMB17 million
(US$2.3 million), compared with RMB31 million for the same period of
2023. Other operating costs for the full year of 2024 were RMB45 million
(US$6.1 million), compared with RMB73 million for the full year of 2023.
-- Selling and marketing expenses for the fourth quarter of 2024 were RMB355
million (US$49 million), compared with RMB207 million for the same period
of 2023. The 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 for 17.0% of net revenues for the fourth quarter of 2024,
compared with 13.7% for the same period of 2023. Selling and marketing
expenses for the full year of 2024 were RMB973 million (US$133 million),
compared with RMB470 million for the full year of 2023. Selling and
marketing expenses accounted for 13.4% of net revenues for the full year
of 2024, compared with 10.1% for the full year of 2023.
-- General and administrative expenses for the fourth quarter of 2024 were
RMB102 million (US$14 million), including RMB2 million share-based
compensation expenses, compared with RMB105 million, including RMB2
million share-based compensation expenses for the same period of 2023.
General and administrative expenses, excluding share-based compensation
expenses, accounted for 4.8% of net revenues for the fourth quarter of
2024, compared with 6.8% for the same period of 2023. General and
administrative expenses for the full year of 2024 were RMB353 million
(US$48 million), including RMB24 million share-based compensation
expenses, compared with RMB451 million, including RMB162 million
share-based compensation expenses for the full year of 2023. General and
administrative expenses, excluding share-based compensation expenses,
accounted for 4.5% of net revenues for the full year of 2024, compared
with 6.2% for the full year of 2023.
-- Technology and development expenses for the fourth quarter of 2024 were
RMB47 million (US$6 million), compared with RMB22 million for the same
period of 2023. The 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 for 2.2% of net
revenues for the fourth quarter of 2024, compared with 1.5% for the same
period of 2023. Technology and development for the full year of 2024
expenses were RMB134 million (US$18 million), compared with RMB77 million
for the full year of 2023. Technology and development expenses accounted
for 1.8% of net revenues for the full year of 2024, compared with 1.7%
for the full year of 2023.
Other operating income, net for the fourth quarter of 2024 was RMB31 million (US$4.2 million), compared with RMB40 million income for the same period of 2023. For the full year of 2024, other operating income was RMB70 million (US$9.6 million), compared with RMB83 million income for the full year of 2023.
Income from operations for the fourth quarter of 2024 was RMB414 million (US$57 million), compared with RMB214 million for the same period of 2023. For the full year of 2024, income from operations was RMB1,622 million (US$222 million), compared with RMB924 million for the full year of 2023.
Income tax expense for the fourth quarter of 2024 was RMB104 million (US$14 million), compared with RMB17 million for the same period of 2023. For the full year of 2024, income tax expense was RMB446 million (US$61 million), compared with RMB243 million for the full year of 2023.
Net income for the fourth quarter of 2024 was RMB331 million (US$45 million), representing an increase of 50.5% compared with RMB220 million for the same period of 2023. For the full year of 2024, net income was RMB1,273 million (US$174 million), representing an increase of 72.2% compared with RMB739 million for the full year of 2023.
Adjusted net income (non-GAAP) for the fourth quarter of 2024 was RMB333 million (US$46 million), representing an increase of 49.9% compared with RMB222 million for the same period of 2023. For the full year of 2024, adjusted net income (non-GAAP) was RMB1,306 million (US$179 million), representing an increase of 44.6% compared with RMB903 million for the full year of 2023.
Basic and diluted income per share/American depositary share $(ADS.AU)$. For the fourth quarter of 2024, basic income per share was RMB0.80 (US$0.11), and diluted income per share was RMB0.79 (US$0.11). For the fourth quarter of 2024, basic income per ADS was RMB2.40 (US$0.33), and diluted income per ADS was RMB2.37 (US$0.33).
For the full year of 2024, basic income per share was RMB3.08 (US$0.42), and diluted income per share was RMB3.06 (US$0.42). For the full year of 2024, basic income per ADS was RMB9.24 (US$1.26), and diluted income per ADS was RMB9.18 (US$1.26).
EBITDA (non-GAAP) for the fourth quarter of 2024 was RMB440 million (US$60 million), representing an increase of 77.2% compared with RMB248 million for the same period of 2023. For the full year of 2024, EBITDA (non-GAAP) was RMB1,739 (US$238 million), representing an increase of 66.8% compared with RMB1,043 million for the full year of 2023.
Adjusted EBITDA (non-GAAP) for the fourth quarter of 2024 was RMB443 million (US$61 million), representing an increase of 76.5% compared with RMB251 million for the same period of 2023. For the full year of 2024, adjusted EBITDA (non-GAAP) was RMB1,772 million (US$243 million), representing an increase of 46.8% compared with RMB1,207 million for the full year of 2023.
Cash flows. Operating cash inflow for the fourth quarter of 2024 was RMB573 million (US$79 million). Investing cash inflow for the fourth quarter of 2024 was RMB320 million (US$44 million). Financing cash outflow for the fourth quarter of 2024 was RMB25 million (US$3.5 million).
For the full year of 2024, operating cash inflow was RMB1,726 million (US$236 million). Investing cash outflow for the full year of 2024 was RMB521 million (US$71 million). Financing cash outflow for the full year of 2024 was RMB427 million (US$58 million).
Cash and cash equivalents and restricted cash. As of December 31, 2024, the Company had a total balance of cash and cash equivalents and restricted cash of RMB3.6 billion (US$496 million).
Debt financing. As of December 31, 2024, the Company had total outstanding borrowings of RMB62 million (US$8.5 million), and the unutilized credit facility available to the Company was RMB490 million.
Outlook
For the full year of 2025, the Company currently expects total net revenues to increase by 25% compared with the full year of 2024.
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 income, interest expense, 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. From the third quarter of 2023, 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 Tuesday, March 25, 2025 (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 Fourth Quarter and Full Year 2024 Earnings Conference Call
Pre-registration Link: https://register-conf.media-server.com/register/BI523003440c684eb28157a529995ef804
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 income, interest expense, 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, December 31,
2023 2024
------------ --------------------
RMB RMB USD(1)
Assets
Current assets
Cash and cash equivalents 2,840,807 3,618,451 495,726
Short-term investments 751,794 1,266,061 173,450
Accounts receivable 162,101 186,047 25,488
Prepayments and other current assets 251,900 331,632 45,433
Amounts due from related parties 115,900 146,120 20,018
Inventories 119,078 167,436 22,939
Total current assets 4,241,580 5,715,747 783,054
Non-current assets
Restricted cash 946 1,179 162
Contract costs 98,220 119,408 16,359
Property and equipment, net 266,120 213,676 29,273
Operating lease right-of-use assets 1,712,580 1,502,891 205,895
Intangible assets, net 4,247 6,373 873
Goodwill 17,446 17,446 2,390
Other assets 100,939 71,217 9,757
Deferred tax assets 144,947 230,877 31,630
Total non-current assets 2,345,445 2,163,067 296,339
Total assets 6,587,025 7,878,814 1,079,393
Liabilities and shareholders'
equity
Current liabilities
Operating lease liabilities, current 295,721 291,002 39,867
Accounts payable 594,545 693,783 95,047
Deferred revenue, current 406,066 453,986 62,196
Salary and welfare payable 189,823 225,687 30,919
Accrued expenses and other payables 684,391 882,009 120,835
Income taxes payable 136,201 221,649 30,366
Short-term borrowings 70,000 60,000 8,220
Amounts due to related parties 1,104 2,101 288
Total current liabilities 2,377,851 2,830,217 387,738
Non-current liabilities
Operating lease liabilities,
non-current 1,583,178 1,379,811 189,033
Deferred revenue, non-current 369,455 475,331 65,120
Long-term borrowings, non-current
portion 2,000 2,000 274
Other non-current liabilities 194,452 245,568 33,643
Total non-current liabilities 2,149,085 2,102,710 288,070
Total liabilities 4,526,936 4,932,927 675,808
__________________
(1) Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2024 and as of December 31, 2024 are solely for readers' convenience and were calculated at the rate of US$1.00=RMB 7.2993, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024.
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, December 31,
2023 2024
----------- ---------------------
RMB RMB USD(1)
Shareholders' equity
Class A ordinary shares 244 245 34
Class B ordinary shares 56 56 8
Additional paid in capital 1,555,773 1,608,017 220,297
Retained earnings 507,226 1,346,526 184,473
Accumulated other
comprehensive income 4,769 1,386 190
Total equity attributable to
shareholders of the
Company 2,068,068 2,956,230 405,002
Non-controlling interests (7,979) (10,343) (1,417)
Total shareholders' equity 2,060,089 2,945,887 403,585
Commitments and
contingencies - - -
Total liabilities and
shareholders' equity 6,587,025 7,878,814 1,079,393
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 Year Ended
---------------------------------------- ------------------------------------------
December 31, December 31, December 31, December 31,
2023 2024 2023 2024
----------- ------------------------- ----------- -------------------------
RMB RMB USD(1) RMB RMB USD(1)
Revenues:
Manachised hotels 851,216 1,106,451 151,583 2,705,609 4,148,752 568,377
Leased hotels 195,020 164,050 22,475 840,044 701,963 96,169
Retail 412,226 765,169 104,828 971,931 2,198,198 301,152
Others 46,756 48,340 6,623 148,383 199,019 27,265
Net revenues 1,505,218 2,084,010 285,509 4,665,967 7,247,932 992,963
Operating costs
and expenses:
Hotel operating
costs (733,208) (794,039) (108,783) (2,240,890) (3,108,158) (425,816)
Retail costs (232,041) (385,576) (52,824) (513,326) (1,083,709) (148,468)
Other operating
costs (30,671) (16,966) (2,324) (72,543) (44,524) (6,100)
Selling and
marketing
expenses (206,913) (355,112) (48,650) (469,595) (972,863) (133,282)
General and
administrative
expenses (105,434) (102,470) (14,038) (451,470) (352,590) (48,305)
Technology and
development
expenses (22,300) (46,644) (6,390) (77,288) (134,017) (18,360)
Total operating
costs and
expenses (1,330,567) (1,700,807) (233,009) (3,825,112) (5,695,861) (780,331)
Other operating
income, net 39,526 30,701 4,206 83,179 70,231 9,622
Income from
operations 214,177 413,904 56,706 924,034 1,622,302 222,254
Interest income 8,757 9,505 1,302 29,569 48,415 6,633
Gain from
short-term
investments 11,322 14,599 2,000 34,519 48,943 6,705
Interest expense (679) (727) (100) (5,005) (3,110) (426)
Other income
(expenses), net 3,418 (2,662) (365) (1,024) 2,465 338
Income before
income tax 236,995 434,619 59,543 982,093 1,719,015 235,504
Income tax
expense (17,232) (103,959) (14,242) (243,036) (446,031) (61,106)
Net income 219,763 330,660 45,301 739,057 1,272,984 174,398
Less: net (loss)
income
attributable to
non-controlling
interests (291) 511 70 1,920 (2,364) (324)
Net income
attributable to
the Company 220,054 330,149 45,231 737,137 1,275,348 174,722
Net income 219,763 330,660 45,301 739,057 1,272,984 174,398
Other
comprehensive
(loss) income
Foreign currency
translation
adjustments, net
of nil income
taxes (10,372) 17,731 2,429 15,634 (3,383) (463)
Other
comprehensive
(loss) income,
net of nil
income taxes (10,372) 17,731 2,429 15,634 (3,383) (463)
Total
comprehensive
income 209,391 348,391 47,730 754,691 1,269,601 173,935
Comprehensive
(loss) income
attributable to
non-controlling
interests (291) 511 70 1,920 (2,364) (324)
Comprehensive
income
attributable to
the Company 209,682 347,880 47,660 752,771 1,271,965 174,259
Net income per
ordinary share
--Basic 0.53 0.80 0.11 1.82 3.08 0.42
--Diluted 0.53 0.79 0.11 1.78 3.06 0.42
Weighted average
ordinary shares
used in
calculating net
income per
ordinary share
--Basic 412,824,955 414,732,181 414,732,181 405,628,647 413,681,482 413,681,482
--Diluted 416,012,830 419,182,770 419,182,770 414,823,302 417,229,238 417,229,238
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 Year Ended
----------------------------------- ----------------------------------------
December December
31, December 31, 31, December 31,
2023 2024 2023 2024
---------- --------------------- ---------- ------------------------
RMB RMB USD(1) RMB RMB USD(1)
Cash flows
from
operating
activities:
Net cash
generated
from
operating
activities 564,038 573,148 78,521 1,988,674 1,725,948 236,454
Cash flows
from
investing
activities:
Payment for
purchases of
property and
equipment (9,827) (359) (49) (41,724) (56,238) (7,705)
Proceeds from
disposal of
property and
equipment - 2,949 404 670 2,949 404
Payment for
purchases of
intangible
assets - (512) (70) - (1,941) (266)
Payment for
purchases of
short-term
investments (3,601,000) (6,430,180) (880,931) (9,427,210) (20,015,100) (2,742,057)
Proceeds from
maturities
of
short-term
investments 3,654,035 6,748,568 924,550 8,867,743 19,549,776 2,678,308
Net cash
(used in)
generated
from
investing
activities 43,208 320,466 43,904 (600,521) (520,554) (71,316)
Cash flows
from
financing
activities:
Proceeds from
borrowings - 40,000 5,480 40,000 60,000 8,220
Repayment of
borrowings - (70,000) (9,590) (141,958) (70,000) (9,590)
Proceeds from
employee
stock option
exercises 52,461 4,509 618 105,621 19,453 2,665
Payment for
dividends - - - (150,579) (436,048) (59,738)
Net cash
(used in)
generated
from
financing
activities 52,461 (25,491) (3,492) (146,916) (426,595) (58,443)
Effect of
exchange
rate changes
on cash and
cash
equivalents
and
restricted
cash (16,275) 9,398 1,288 10,409 (922) (126)
Net increase
in cash and
cash
equivalents
and
restricted
cash 643,432 877,521 120,221 1,251,646 777,877 106,569
Cash and cash
equivalents
and
restricted
cash at the
beginning of
the period 2,198,321 2,742,109 375,667 1,590,107 2,841,753 389,319
Cash and cash
equivalents
and
restricted
cash at the
end of the
period 2,841,753 3,619,630 495,888 2,841,753 3,619,630 495,888
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 Year Ended
--------------------------- ----------------------------------
December December
31, December 31, 31, December 31,
2023 2024 2023 2024
------- ---------------- --------- -------------------
RMB RMB USD(1) RMB RMB USD(1)
Net income
(GAAP) 219,763 330,660 45,301 739,057 1,272,984 174,398
Share-based
compensation
expenses, net
of tax effect
of nil(2) 2,476 2,483 340 163,978 32,792 4,492
Adjusted net
income
(non-GAAP) 222,239 333,143 45,641 903,035 1,305,776 178,890
Three Months Ended Year Ended
--------------------------- ----------------------------------
December December
31, December 31, 31, December 31,
2023 2024 2023 2024
------- ---------------- --------- -------------------
RMB RMB USD(1) RMB RMB USD(1)
Net income
(GAAP) 219,763 330,660 45,301 739,057 1,272,984 174,398
Interest
income (8,757) (9,505) (1,302) (29,569) (48,415) (6,633)
Interest
expense 679 727 100 5,005 3,110 426
Income tax
expense 17,232 103,959 14,242 243,036 446,031 61,106
Depreciation
and
amortization 19,422 14,243 1,951 85,021 65,232 8,937
EBITDA
(non-GAAP) 248,339 440,084 60,292 1,042,550 1,738,942 238,234
Share-based
compensation
expenses 2,476 2,483 340 163,978 32,792 4,492
Adjusted
EBITDA
(non-GAAP) 250,815 442,567 60,632 1,206,528 1,771,734 242,726
__________________
(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
Number of Hotels Rooms
--------------------------------------------- -------------
As of As of
Opened in Q4 Closed in Q4 December 31, December 31,
2024 2024 2024 2024
Manachised
hotels 110 21 1,593 179,469
Leased hotels 1 4 26 3,715
Total 111 25 1,619 183,184
As of December 31, 2024
Properties Rooms
-----------
Brand(3) Positioning Manachised Leased
A.T. House Luxury - 1 214
Atour S Upscale 79 4 11,684
Atour Upper midscale 1,191 18 138,589
Atour X Upper midscale 167 3 18,138
Atour Light Midscale 156 - 14,559
Total 1,593 26 183,184
All Hotels in Operation
--------------------------------------------------------
Three Months Three Months
Ended December Ended September Three Months Ended
31, 2023 30, 2024 December 31, 2024
----------------- ----------------- ------------------
Occupancy
rate(4) (in
percentage)
Manachised
hotels 78.2% 80.2% 76.9%
Leased hotels 84.5% 85.6% 84.7%
All hotels 78.4% 80.3% 77.0%
ADR(4) (in RMB)
Manachised
hotels 432.8 452.1 416.8
Leased hotels 557.9 586.6 551.1
All hotels 437.7 455.8 420.2
RevPAR(4) (in
RMB)
Manachised
hotels 353.1 375.6 333.2
Leased hotels 495.3 527.4 495.1
All hotels 358.2 379.5 336.9
All Hotels in Operation
--------------------------------------------
Twelve Months Ended Twelve Months Ended
December 31, 2023 December 31, 2024
--------------------- ---------------------
Occupancy rate(4) (in
percentage)
Manachised hotels 77.6% 77.2%
Leased hotels 83.6% 83.2%
All hotels 77.8% 77.4%
ADR(4) (in RMB)
Manachised hotels 457.8 433.0
Leased hotels 587.2 563.5
All hotels 463.6 436.8
RevPAR(4) (in RMB)
Manachised hotels 370.8 347.3
Leased hotels 517.2 495.0
All hotels 376.8 351.3
Hotels in Operation for More Than 18 Months in Q4
2024(5)
-------------------------------------------------------------------------
Same-hotel Same-hotel
Number of Occupancy(4) (in Same-hotel ADR(4) RevPAR(4) (in
hotels percentage) (in RMB) RMB)
------------ --------------------- ------------------ ----------------
Q4 Q4 Q4
2023 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 2023 Q4 2024
---- ------ ---------- --------- ------- --------- ----- ---------
Manachised
hotels 938 938 79.8% 79.0% 436.5 425.7 364.0 349.8
Leased
hotels 28 28 85.1% 84.4% 570.4 549.4 509.9 492.7
All hotels 966 966 80.0% 79.2% 441.7 430.2 369.3 354.7
Hotels in Operation for More Than 18 Months in 2024(5)
--------------------------------------------------------------------------
Same-hotel Same-hotel
Number of Occupancy(4) (in Same-hotel ADR(4) RevPAR(4) (in
hotels percentage) (in RMB) RMB)
------------ --------------------- ------------------- ----------------
2023 2024 2023 2024 2023 2024 2023 2024
---- ------ ----- ---- ------- ---------- ----- ---------
Manachised
hotels 968 968 78.2% 78.9% 459.1 439.9 374.9 360.5
Leased
hotels 30 30 83.7% 83.1% 588.8 561.5 519.6 492.5
All hotels 998 998 78.4% 79.0% 464.6 444.6 380.6 365.4
__________________
(3) Effective July 1, 2024, we merged our upscale hotel brand, ZHOTEL, with Atour S as part of our efforts to streamline and optimize our brand portfolio. Consequently, the key information for our Atour S brand in the table includes data for the hotel operated under ZHOTEL up to June 30, 2024.
(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. From the third quarter of 2023, no hotels were requisitioned for quarantine needs. ADR and RevPAR are calculated based on tax-inclusive room rates.
(5) For any given period, 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 period. The OCC, ADR and RevPAR presented above represent such metrics generated by "same hotels" in the given period, compared to the corresponding metrics generated by these "same hotels" during the same period in 2023.
(END) Dow Jones Newswires
March 25, 2025 06:00 ET (10:00 GMT)
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