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WKN: A3CTEY | ISIN: US04965M1062 | Ticker-Symbol:
NASDAQ
04.03.24
21:59 Uhr
19,180 US-Dollar
-0,310
-1,59 %
Branche
Hotels/Tourismus
Aktienmarkt
ASIEN
1-Jahres-Chart
ATOUR LIFESTYLE HOLDINGS LTD ADR Chart 1 Jahr
5-Tage-Chart
ATOUR LIFESTYLE HOLDINGS LTD ADR 5-Tage-Chart
GlobeNewswire (Europe)
580 Leser
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Atour Lifestyle Holdings Limited Reports Third Quarter of 2023 Unaudited Financial Results

  • Net revenues for the third quarter of 2023 increased by 93.1% year-over-year to RMB1,294 million (US$177 million), compared with RMB670 million for the same period of 2022.

  • Net income for the third quarter of 2023 was RMB262 million (US$36 million), compared with RMB111 million for the same period of 2022. Adjusted net income (non-GAAP)1 for the third quarter of 2023 increased by 144.7% year-over-year to RMB272 million (US$37 million), compared with RMB111 million for the same period of 2022.

  • EBITDA (non-GAAP)2 for the third quarter of 2023 was RMB370 million (US$51 million), compared with RMB171 million for the same period of 2022. Adjusted EBITDA (non-GAAP)3 for the third quarter of 2023 increased by 122.4% year-over-year to RMB380 million (US$52 million), compared with RMB171 million for the same period of 2022.

SHANGHAI, China, Nov. 16, 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 third quarter ended September 30, 2023.

Third Quarter of 2023 Operational Highlights

As of September 30, 2023, there were 1,112 hotels with a total of 128,681 hotel rooms in operation across Atour's hotel network, representing a rapid increase of 26.4% and 25.3% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of September 30, 2023, there were 577 manachised hotels under development in our pipeline.

The average daily room rate4 ("ADR") was RMB495 for the third quarter of 2023, compared with RMB424 for the third quarter of 2022 and RMB475 for the previous quarter. The ADR for the third quarter of 2023 recovered to 111.2% of 2019's level for the same period.

The occupancy rate4 was 82.4% for the third quarter of 2023, compared with 72.0% for the third quarter of 2022 and 77.1% for the previous quarter. The occupancy rate for the third quarter of 2023 recovered to 106.6% of 2019's level for the same period.

The revenue per available room4 ("RevPAR") was RMB424 for the third quarter of 2023, compared with RMB321 for the third quarter of 2022 and RMB384 for the previous quarter. The RevPAR for the third quarter of 2023 recovered to 117.8% of 2019's level for the same period.

The GMV5 generated from our scenario-based retail business was RMB302 million for the third quarter of 2023, representing an increase of 292.0% year-over-year.

"In the third quarter of 2023, we sustained our robust growth and delivered remarkable performance across our business lines," said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. "Our ADR and occupancy rate continued to rise significantly in the third quarter, boosting RevPAR to a record high. While maintaining strong momentum in hotel signings and openings, we also persisted in advancing product innovation. In November, we officially launched our new flagship product in the upper midscale segment, Atour 4.0 'With Nature.' Through comprehensive upgrades and unique deep-sleep-inspired amenities, Atour 4.0 creates a space infused with contentment and relaxation for our guests, reflecting our relentless pursuit of delivering the ultimate accommodation experience. Additionally, our scenario-based retail business achieved outstanding results this quarter, with GMV reaching a new record high. Leveraging our deep understanding of customers' real needs and our efficient mechanism for new product development, we successfully launched several blockbuster Atour Planet products, further solidifying our leading position in the sleep market. Moving forward, we will remain dedicated to Atour's original aspirations, guaranteeing exceptional customer experiences in accommodation and beyond while creating an intimate ambiance where people can warmly connect," Mr. Wang concluded.

Third Quarter of 2023 Unaudited Financial Results

Q3 2022 Q3 2023
(RMB in thousands)
Revenues:
Manachised hotels 427,038 781,112
Leased hotels 159,565 238,190
Retail revenues and others 83,510 274,802
Net revenues 670,113 1,294,104

Net revenues. Our net revenues for the third quarter of 2023 increased by 93.1% to RMB1,294 million (US$177 million) from RMB670 million for the same period of 2022, mainly driven by the robust growth in both hotel and scenario-based retail businesses.

  • Manachised hotels. Revenues from our manachised hotels for the third quarter of 2023 increased by 82.9% to RMB781 million (US$107 million) from RMB427 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 847 as of September 30, 2022, to 1,080 as of September 30, 2023. RevPAR of our manachised hotels surpassed 2019's level and increased to RMB418 for the third quarter of 2023 from RMB317 for the same period of 2022.

  • Leased hotels. Revenues from our leased hotels for the third quarter of 2023 increased by 49.3% to RMB238 million (US$33 million) from RMB160 million for the same period of 2022. This increase was primarily due to the growth of RevPAR, which surpassed 2019's level and increased to RMB571 for the third quarter of 2023 from RMB384 for the same period of 2022.

  • Retail revenues and others. Revenues from retail and others for the third quarter of 2023 increased by 229.1% to RMB275 million (US$38 million) from RMB84 million for the same period of 2022, with scenario-based retail revenues growing by 291.7% year-over-year to RMB235 million. This increase was driven by widespread recognition of our retail brand and compelling product offerings, as well as improved product development and distribution capabilities.
Q3 2022 Q3 2023
(RMB in thousands)
Operating costs and expenses:
Hotel operating costs (389,108) (616,537)
Other operating costs (44,945) (130,682)
Selling and marketing expenses (30,405) (112,273)
General and administrative expenses (45,591) (79,382)
Technology and development expenses (16,446) (20,367)
Total operating costs and expenses (526,495) (959,241)

Operating costs and expenses for the third quarter of 2023 were RMB959 million (US$131 million). Excluding the impact from share-based compensation expenses of RMB10 million, operating costs and expenses for the third quarter of 2023 increased by 80.3% to RMB949 million, compared with RMB526 million for the same period of 2022.

  • Hotel operating costs for the third quarter of 2023 increased by 58.4% to RMB617 million (US$85 million) from RMB389 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 60.5% of manachised and leased hotels' revenues for the third quarter of 2023, compared with 66.3% 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 third quarter of 2023 increased by 190.8% to RMB131 million (US$18 million) from RMB45 million for the same period of 2022, primarily driven by increased costs associated with the rapid growth of our scenario-based retail business. Other operating costs accounted for 47.6% of retail revenues and others for the third quarter of 2023, compared with 53.8% for the same period of 2022. The decrease was attributable to the improved profitability of our retail business.

  • Selling and marketing expenses for the third quarter of 2023 increased by 269.3% to RMB112 million (US$15 million) from RMB30 million for the same period of 2022. This increase was mainly due to the rapid growth of our scenario-based retail business particularly driven by online channels. Selling and marketing expenses accounted for 8.7% of net revenues for the third quarter of 2023, compared with 4.5% for the same period of 2022.

  • General and administrative expenses for the third quarter of 2023 were RMB79 million (US$11 million). Excluding the impact from share-based compensation expenses of RMB9 million, general and administrative expenses for the third quarter of 2023 increased by 53.3% to RMB70 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 5.4% of net revenues for the third quarter of 2023, compared with 6.8% for the same period of 2022.

  • Technology and development expenses for the third quarter of 2023 were RMB20 million (US$3 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 third quarter of 2023 was RMB6 million (US$1 million), compared with RMB5 million for the same period of 2022.

Income from operations for the third quarter of 2023 was RMB341 million (US$47 million), compared with RMB148 million for the same period of 2022.

Other expenses, net for the third quarter of 2023 was RMB1 million (US$0.2 million), which was generally in line with the same period of 2022.

Income tax expense for the third quarter of 2023 was RMB94 million (US$13 million), compared with RMB41 million for the same period of 2022.

Net income for the third quarter of 2023 was RMB262 million (US$36 million), compared with RMB111 million for the same period of 2022.

Adjusted net income (non-GAAP) for the third quarter of 2023 was RMB272 million (US$37 million), representing an increase of 144.7% compared with RMB111 million for the same period of 2022.

Basic and diluted income per share/American depositary share (ADS). For the third quarter of 2023, basic income per share was RMB0.63 (US$0.09), and diluted income per share was RMB0.63 (US$0.09). Basic income per ADS for the third quarter of 2023 was RMB1.89 (US$0.27), and diluted income per ADS was RMB1.89 (US$0.27).

EBITDA (non-GAAP) for the third quarter of 2023 was RMB370 million (US$51 million), compared with RMB171 million for the same period of 2022.

Adjusted EBITDA (non-GAAP) for the third quarter of 2023 was RMB380 million (US$52 million), representing an increase of 122.4% compared with RMB171 million for the same period of 2022.

Cash flows. Operating cash inflow for the third quarter of 2023 was RMB543 million (US$74 million). Investing cash outflow and financing cash outflow for the third quarter of 2023 were RMB779 million (US$107 million) and RMB98 million (US$13 million), respectively.

Cash and cash equivalents and restricted cash. As of September 30, 2023, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2.2 billion (US$301 million).

Debt financing. As of September 30, 2023, the Company had total outstanding borrowings of RMB72 million (US$10 million) and the unutilized credit facility available to the Company was RMB380 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 expense, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
4 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. 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 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 customers.

Conference Call

The Company will host a conference call at 8:00 AM U.S. Eastern time on Thursday, November 16, 2023 (or 9:00 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 registering, each participant will receive a set of participant dial-in numbers and a personal PIN in order to join the conference call.

Details for the conference call are as follows:

Event Title: Atour Third Quarter 2023 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BI7b474638520c4f9d93533dc6ffedd502

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 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 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.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, September 30,
2022 2023
RMB RMB USD1
Assets
Current assets
Cash and cash equivalents 1,589,161 2,197,677 301,217
Short-term investments 157,808 783,861 107,437
Accounts receivable 132,699 143,446 19,661
Prepayments and other current assets 133,901 246,319 33,761
Amounts due from related parties 53,630 117,830 16,150
Inventories 57,460 113,660 15,578
Total current assets 2,124,659 3,602,793 493,804
Non-current assets
Restricted cash 946 644 88
Contract costs 67,270 84,166 11,536
Property and equipment, net 360,300 305,979 41,938
Operating lease right-of-use assets 1,932,000 1,737,158 238,097
Intangible assets, net 5,537 4,643 636
Goodwill 17,446 17,446 2,391
Other assets 141,335 135,625 18,590
Deferred tax assets 112,533 85,238 11,683
Total non-current assets 2,637,367 2,370,899 324,959
Total assets 4,762,026 5,973,692 818,763
Liabilities and shareholders' equity
Current liabilities
Operating lease liabilities, current 319,598 301,967 41,388
Accounts payable 184,901 410,294 56,236
Deferred revenue, current 202,996 334,634 45,865
Salary and welfare payable 103,539 147,558 20,225
Accrued expenses and other payables 330,282 648,202 88,843
Income taxes payable 31,336 118,092 16,186
Short-term borrowings 142,828 70,000 9,594
Current portion of long-term borrowings 29,130 - -
Amounts due to related parties 3,004 2,326 319
Total current liabilities 1,347,614 2,033,073 278,656
Non-current liabilities
Operating lease liabilities, non-current 1,805,402 1,613,495 221,148
Deferred revenue, non-current 277,841 348,476 47,762
Long-term borrowings, non-current portion 2,000 2,000 274
Other non-current liabilities 141,763 180,887 24,793
Total non-current liabilities 2,227,006 2,144,858 293,977
Total liabilities 3,574,620 4,177,931 572,633

______________________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the third quarter of 2023 and as of September 30, 2023 are solely for readers' convenience and were calculated at the rate of US$1.00=RMB 7.2960, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on September 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, September 30,
2022 2023
RMB RMB USD1
Shareholders' equity
Class A ordinary shares 229 244 33
Class B ordinary shares 56 56 8
Additional paid in capital 1,286,189 1,500,836 205,707
Retained earnings (accumulated deficit) (78,304) 287,172 39,360
Accumulated other comprehensive income (loss) (10,865) 15,141 2,075
Total shareholders' equity attributable to shareholders of the Company 1,197,305 1,803,449 247,183
Non-controlling interests (9,899) (7,688) (1,053)
Total shareholders' equity 1,187,406 1,795,761 246,130
Commitments and contingencies - - -
Total liabilities and shareholders' equity 4,762,026 5,973,692 818,763
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 Nine Months Ended
September 30, September 30, September 30, September 30,
2022 2023 2022 2023
RMB RMB USD1 RMB RMB USD1
Revenues:
Manachised hotels 427,038 781,112 107,060 995,977 1,854,393 254,166
Leased hotels 159,565 238,190 32,647 414,020 645,024 88,408
Retail revenues and others 83,510 274,802 37,665 226,813 661,332 90,643
Net revenues 670,113 1,294,104 177,372 1,636,810 3,160,749 433,217
Operating costs and expenses:
Hotel operating costs (389,108) (616,537) (84,503) (1,037,383) (1,507,682) (206,645)
Other operating costs (44,945) (130,682) (17,912) (118,550) (323,157) (44,292)
Selling and marketing expenses (30,405) (112,273) (15,388) (85,937) (262,682) (36,004)
General and administrative expenses (45,591) (79,382) (10,880) (132,968) (346,036) (47,428)
Technology and development expenses (16,446) (20,367) (2,792) (50,216) (54,988) (7,537)
Total operating costs and expenses (526,495) (959,241) (131,475) (1,425,054) (2,494,545) (341,906)
Other operating income 4,816 6,475 887 31,583 43,653 5,983
Income from operations 148,434 341,338 46,784 243,339 709,857 97,294
Interest income 3,887 8,456 1,159 9,485 20,812 2,853
Gain from short-term investments 2,773 8,875 1,216 6,537 23,197 3,179
Interest expense (1,534) (723) (99) (4,855) (4,326) (593)
Other expenses, net (1,181) (1,471) (202) (3,059) (4,442) (609)
Income before income tax 152,379 356,475 48,858 251,447 745,098 102,124
Income tax expense (41,239) (94,408) (12,939) (72,762) (225,804) (30,949)
Net income 111,140 262,067 35,919 178,685 519,294 71,175
Less: net income (loss) attributable to non-controlling interests (190) 1,049 144 (1,692) 2,211 303
Net income attributable to the Company 111,330 261,018 35,775 180,377 517,083 70,872
Net income 111,140 262,067 35,919 178,685 519,294 71,175
Other comprehensive income
Foreign currency translation adjustments, net of nil income taxes 4,728 3,014 413 9,404 26,006 3,564
Other comprehensive income, net of income taxes 4,728 3,014 413 9,404 26,006 3,564
Total comprehensive income 115,868 265,081 36,332 188,089 545,300 74,739
Comprehensive income (loss) attributable to non-controlling interests (190) 1,049 144 (1,692) 2,211 303
Comprehensive income attributable to the Company 116,058 264,032 36,188 189,781 543,089 74,436
Net income per ordinary share
-Basic 0.30 0.63 0.09 0.48 1.28 0.18
-Diluted 0.30 0.63 0.09 0.48 1.25 0.17
Weighted average ordinary shares used in calculating net income per ordinary share
-Basic 376,970,454 412,683,043 412,683,043 376,970,454 403,206,606 403,206,606
-Diluted 376,970,454 416,140,935 416,140,935 376,970,454 414,425,523 414,425,523
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 Nine Months Ended
September 30, September 30, September 30, September 30,
2022 2023 2022 2023
RMB RMB USD1 RMB RMB USD1
Cash flows from operating activities:
Net cash generated from operating activities 179,713 543,072 74,434 318,695 1,424,637 195,263
Cash flows from investing activities:
Payment for purchases of property and equipment (6,699) (4,487) (615) (23,795) (31,897) (4,372)
Proceeds from disposal of property and equipment - 670 92 - 670 92
Payment for purchases of intangible assets (542) - - (1,142) - -
Payment for purchases of short-term investments (764,350) (2,494,000) (341,831) (1,850,550) (5,826,210) (798,549)
Proceeds from maturities of short-term investments 767,123 1,719,014 235,610 1,857,087 5,213,708 714,599
Net cash used in investing activities (4,468) (778,803) (106,744) (18,400) (643,729) (88,230)
Cash flows from financing activities:
Acquisition of non-controlling interest (350) - - (350) - -
Proceeds from borrowings - - - 169,000 40,000 5,482
Repayment of borrowings (3,000) (848) (116) (76,480) (141,958) (19,457)
Proceeds from stock option exercises - 53,159 7,286 - 53,159 7,286
Payment for dividends - (150,579) (20,639) - (150,579) (20,638)
Payment for initial public offering costs - - - (721) - -
Net cash (used in) generated from financing activities (3,350) (98,268) (13,469) 91,449 (199,378) (27,327)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 1,271 3,014 414 5,066 26,684 3,657
Net increase in cash, cash equivalents and restricted cash 173,166 (330,985) (45,365) 396,810 608,214 83,363
Cash and cash equivalents and restricted cash at the beginning of the period 1,263,173 2,529,306 346,670 1,039,529 1,590,107 217,942
Cash and cash equivalents and restricted cash at the end of the period 1,436,339 2,198,321 301,305 1,436,339 2,198,321 301,305
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 Nine Months Ended
September 30, September 30, September 30, September 30,
2022 2023 2022 2023
RMB RMB USD1 RMB RMB USD1
Net income (GAAP) 111,140 262,067 35,919 178,685 519,294 71,175
Share-based compensation expenses, net of tax effect of nil2 - 9,924 1,360 - 161,502 22,136
Adjusted net income (non-GAAP) 111,140 271,991 37,279 178,685 680,796 93,311
Three Months Ended Nine Months Ended
September 30, September 30, September 30, September 30,
2022 2023 2022 2023
RMB RMB USD1 RMB RMB USD1
Net income (GAAP) 111,140 262,067 35,919 178,685 519,294 71,175
Interest income (3,887) (8,456) (1,159) (9,485) (20,812) (2,853)
Interest expense 1,534 723 99 4,855 4,326 593
Income tax expense 41,239 94,408 12,940 72,762 225,804 30,949
Depreciation and amortization 20,854 21,413 2,935 61,449 65,599 8,991
EBITDA (non-GAAP) 170,880 370,155 50,734 308,266 794,211 108,855
Share-based compensation expenses, net of tax effect of nil2 - 9,924 1,360 - 161,502 22,136
Adjusted EBITDA (non-GAAP) 170,880 380,079 52,094 308,266 955,713 130,991

______________________________
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 Q3 2023Closed in Q3 2023As of
September 30, 2023
As of
September 30, 2023
Manachised hotels8121,080 123,831
Leased hotels-132 4,850
Total8131,112 128,681
As of September 30, 2023
Brand
PositioningPropertiesRooms
ManachisedLeased
A.T. HouseLuxury-1214
Atour SUpscale5489,430
ZHOTELUpscale1-52
AtourUpper midscale8352299,907
Atour XUpper midscale97-10,605
Atour LightMidscale9318,473
Total 1,08032128,681
Three Months
Ended

September 30, 2019
Three Months
Ended

September 30, 2022
Three Months
Ended

June 30, 2023
Three Months
Ended

September 30, 2023
Occupancy rate3 (in percentage)
Manachised hotels76.4% 72.0% 76.8% 82.2%
Leased hotels85.8% 71.6% 83.0% 86.6%
All hotels77.3% 72.0% 77.1% 82.4%
ADR3 (in RMB)
Manachised hotels432.1 419.5 468.1 489.4
Leased hotels550.5 506.3 611.5 629.9
All hotels445.4 424.3 474.8 495.4
RevPAR3 (in RMB)
Manachised hotels344.5 317.4 376.6 417.9
Leased hotels497.5 384.4 536.8 571.4
All hotels360.0 321.1 383.6 424.1

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3 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax inclusive room rates.


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