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WKN: A3CTEY | ISIN: US04965M1062 | Ticker-Symbol:
NASDAQ
24.05.24
22:00 Uhr
17,590 US-Dollar
+0,080
+0,46 %
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)
280 Leser
Artikel bewerten:
(1)

Atour Lifestyle Holdings Limited Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results

  • A total of 1,210 hotels or 137,921 hotel rooms in operation as of December 31, 2023.
  • Net revenues for the fourth quarter of 2023 increased by 140.4% year-over-year to RMB1,505 million (US$212 million), compared with RMB626 million for the same period of 2022. Net revenues for full year 2023 increased by 106.2% year-over-year to RMB4,666 million (US$657 million), compared with RMB2,263 million for full year 2022.
  • Net income for the fourth quarter of 2023 was RMB220 million (US$31 million), compared with net loss of RMB83 million for the same period of 2022. Net income for full year 2023 increased by 669.2% year-over-year to RMB739 million (US$104 million), compared with RMB96 million for full year 2022.
  • Adjusted net income (non-GAAP)1 for the fourth quarter of 2023 increased by 175.8% year-over-year to RMB222 million (US$31 million), compared with RMB81 million for the same period of 2022. Adjusted net income for full year 2023 increased by 248.3% year-over-year to RMB903 million (US$127 million), compared with RMB259 million for full year 2022.
  • EBITDA (non-GAAP)2 for the fourth quarter of 2023 was RMB248 million (US$35 million), compared with negative RMB47 million for the same period of 2022. EBITDA (non-GAAP) for full year 2023 increased by 299.2% year-over-year to RMB1,043 million (US$147 million), compared with RMB261 million for full year 2022.
  • Adjusted EBITDA (non-GAAP)3 for the fourth quarter of 2023 increased by 116.1% year-over-year to RMB251 million (US$35 million), compared with RMB116 million for the same period of 2022. Adjusted EBITDA (non-GAAP) for full year 2023 increased by 184.3% year-over-year to RMB1,207 million (US$170 million), compared with RMB424 million for full year 2022.

SHANGHAI, China, March 28, 2024 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited ("Atour" or the "Company") (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Operational Highlights

As of December 31, 2023, there were 1,210 hotels with a total of 137,921 hotel rooms in operation across Atour's hotel network, representing rapid increases of 29.8% and 27.7% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of December 31, 2023, there were 617 manachised hotels under development in our pipeline.

The average daily room rate4 ("ADR") was RMB438 for the fourth quarter of 2023, compared with RMB388 for the fourth quarter of 2022 and RMB495 for the previous quarter. The ADR for the fourth quarter of 2023 recovered to 103.6% of 2019's level for the same period. The ADR for full year 2023 was RMB464, compared with RMB391 for the previous year. The ADR for full year 2023 recovered to 107.9% of 2019's level.

The occupancy rate4 was 78.4% for the fourth quarter of 2023, compared with 63.1% for the fourth quarter of 2022 and 82.4% for the previous quarter. The occupancy rate for the fourth quarter of 2023 recovered to 105.9% of 2019's level for the same period. The occupancy rate for full year 2023 was 77.8%, compared with 63.0% for the previous year. The occupancy rate for full year 2023 recovered to 106.0% of 2019's level.

The revenue per available room4 ("RevPAR") was RMB358 for the fourth quarter of 2023, compared with RMB259 for the fourth quarter of 2022 and RMB424 for the previous quarter. The RevPAR for the fourth quarter of 2023 recovered to 108.8% of 2019's level for the same period. The RevPAR for full year 2023 was RMB377, compared with RMB261 for the previous year. The RevPAR for full year 2023 recovered to 114.4% of 2019's level.

The GMV5 generated from our retail business was RMB1,139 million for full year 2023, representing an increase of 298.3% year-over-year.

"We are pleased to deliver strong full-year results for 2023, as well as significant progress towards our goal to operate a nationwide network of 2,000 premier hotels by 2025 and establish the 'Chinese Experience' as the industry benchmark," said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. "In 2023, we exceeded our expansion target with 289 newly launched hotels and an expanded network of 1,210 hotels as of year-end. We also achieved high-quality, resilient RevPAR growth in the fourth quarter, with both ADR and OCC surpassing 2019's levels for the fourth consecutive quarter. Our midscale product, Atour Light 3.0, continued to capture consumer mindshare with its 'Life at Ease' concept. Since its launch, this offering has delivered excellent operational performance and customer experience within key business districts, laying a solid foundation as we advance Atour Light 3.0 toward its 1,000-hotel milestone. Meanwhile, Atour 4.0, our upper midscale offering, is progressing smoothly and is poised for an exceptional grand opening soon. On the retail side, our 'Deep Sleep' products emerged as a market powerhouse and our enhanced brand influence led to a year-over-year increase of approximately 300% in our retail business's GMV for 2023. In 2024, we remain committed to further enhancing Atour's product offerings and unlocking synergies between retail and accommodation while enriching our brand value to elevate the 'Chinese experience' to new heights," concluded Mr. Wang.


Fourth Quarter and Full Year of 2023 Unaudited Financial Results
(RMB in thousands)
Q4 2022 Q4 2023 FY2022 FY2023
Revenues:
Manachised hotels 364,866 851,216 1,360,843 2,705,609
Leased hotels 138,909 195,020 552,929 840,044
Retail 99,195 412,226 253,607 971,931
Others 23,203 46,756 95,604 148,383
Net revenues 626,173 1,505,218 2,262,983 4,665,967

Net revenues. Our net revenues for the fourth quarter of 2023 increased by 140.4% year-over-year to RMB1,505 million (US$212 million) from RMB626 million for the same period of 2022, mainly driven by the robust growth in both hotel and retail businesses. For full year 2023, net revenues increased by 106.2% year-over-year to RMB4,666 million (US$657 million) from RMB2,263 million for full year 2022.

  • Manachised hotels. Revenues from our manachised hotels for the fourth quarter of 2023 increased by 133.3% year-over-year to RMB851 million (US$120 million) from RMB365 million for the same period of 2022. For full year 2023, revenues from our manachised hotels increased by 98.8% year-over-year to RMB2,706 million (US$381 million) from RMB1,361 million for full year 2022. The increases were primarily driven by the ongoing expansion of our hotel network and the growth of our manachised hotels' RevPAR. The total number of our manachised hotels increased from 899 as of December 31, 2022, to 1,178 as of December 31, 2023. RevPAR of our manachised hotels surpassed 2019's level and increased to RMB353 and RMB371 for the fourth quarter and full year of 2023, respectively, compared with RMB254 and RMB256 for the same periods of 2022, respectively.

  • Leased hotels. Revenues from our leased hotels for the fourth quarter of 2023 increased by 40.4% year-over-year to RMB195 million (US$27 million) from RMB139 million for the same period of 2022. For full year 2023, revenues from our leased hotels increased by 51.9% year-over-year to RMB840 million (US$118 million) from RMB553 million for full year 2022. The increases were primarily due to the growth of our leased hotels' RevPAR, which surpassed 2019's level and increased to RMB495 and RMB517 for the fourth quarter and full year of 2023, respectively, compared with RMB342 and RMB331 for the same periods of 2022, respectively.

  • Retail. Revenues from retail for the fourth quarter of 2023 increased by 315.6% year-over-year to RMB412 million (US$58 million) from RMB99 million for the same period of 2022. For full year 2023, revenues from retail increased by 283.2% year-over-year to RMB972 million (US$137 million) from RMB254 million for full year 2022. The increases were driven by widespread recognition of our retail brands and compelling product offerings, as well as improved product development and distribution capabilities.

  • Others. Revenues from others for the fourth quarter of 2023 increased by 101.5% year-over-year to RMB47 million (US$7 million) from RMB23 million for the same period of 2022. For full year 2023, revenues from others increased by 55.2% year-over-year to RMB148 million (US$21 million) from RMB96 million for full year 2022. The increases were driven by our fast-growing membership business.

Q4 2022 Q4 2023 FY 2022 FY 2023
(RMB in thousands)
Operating costs and expenses:
Hotel operating costs (355,929) (733,208) (1,393,312) (2,240,890)
Retail costs (58,689) (232,041) (151,815) (513,326)
Other operating costs (9,446) (30,671) (34,870) (72,543)
Selling and marketing expenses (53,992) (206,913) (139,929) (469,595)
General and administrative expenses (217,041) (105,434) (350,009) (451,470)
Technology and development expenses (15,966) (22,300) (66,182) (77,288)
Total operating costs and expenses (711,063) (1,330,567) (2,136,117) (3,825,112)

Operating costs and expenses for the fourth quarter of 2023 were RMB1,331 million (US$187 million), including RMB2 million share-based compensation expenses, compared with RMB711 million, including RMB163 million share-based compensation expenses for the same period of 2022. Operating costs and expenses for full year 2023 were RMB3,825 million (US$539 million), including RMB164 million share-based compensation expenses, compared with RMB2,136 million, including RMB163 million share-based compensation expenses for full year 2022.

  • Hotel operating costs for the fourth quarter of 2023 increased by 106.0% year-over-year to RMB733 million (US$103 million) from RMB356 million for the same period of 2022. For full year 2023, hotel operating costs increased by 60.8% year-over-year to RMB2,241 million (US$316 million) from RMB1,393 million for full year 2022. The increases were 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 70.1% and 63.2% of manachised and leased hotels' revenues for the fourth quarter and full year of 2023, respectively, compared with 70.7% and 72.8% for the same periods of 2022, respectively.

  • Retail costs for the fourth quarter of 2023 increased by 295.4% year-over-year to RMB232 million (US$33 million) from RMB59 million for the same period of 2022. For full year 2023, retail costs increased by 238.1% year-over-year to RMB513 million (US$72 million) from RMB152 million for full year 2022. The increases were associated with the rapid growth of our retail business. Retail costs accounted for 56.3% and 52.8% of retail revenues for the fourth quarter and full year of 2023, respectively, compared with 59.2% and 59.9% for the same periods of 2022, respectively. The decreases were attributable to increasing contribution from higher-margin online sales.

  • Selling and marketing expenses for the fourth quarter of 2023 were RMB207 million (US$29 million), compared with RMB54 million for the same period of 2022. For full year 2023, selling and marketing expenses were RMB470 million (US$66 million), compared with RMB140 million for full year 2022. The increases were mainly due to our increased investment in brand awareness and online channel development associated with retail business.

  • General and administrative expenses for the fourth quarter of 2023 were RMB105 million (US$15 million), including RMB2 million share-based compensation expenses, compared with RMB217 million, including RMB160 million share-based compensation expenses for the same period of 2022. For full year 2023, general and administrative expenses were RMB451 million (US$64 million), including RMB162 million share-based compensation expenses, compared with RMB350 million, including RMB160 million share-based compensation expenses for full year 2022. The increases, excluding the impact from share-based compensation, were primarily due to increased costs related to management personnel and professional service expenses.

  • Technology and development expenses for the fourth quarter of 2023 were RMB22 million (US$3 million), compared with RMB16 million for the same period of 2022. For full year 2023, technology and development expenses were RMB77 million (US$11 million), compared with RMB66 million for full year 2022. The increases were mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network, retail business and customer experience improvements.

Other operating income primarily consists of income from government subsidies and value-added tax related benefits. Other operating income for the fourth quarter of 2023 was RMB40 million (US$6 million), compared with RMB7 million for the same period of 2022. For full year 2023, other operating income was RMB83 million (US$12 million), compared with RMB38 million for full year 2022.

Income from operations for the fourth quarter of 2023 was RMB214 million (US$30 million), compared with loss from operations of RMB78 million for the same period of 2022. For full year 2023, income from operations was RMB924 million (US$130 million), compared with RMB165 million for full year 2022.

Income tax expense for the fourth quarter of 2023 was RMB17 million (US$2 million), compared with RMB12 million for the same period of 2022. For full year 2023, income tax expense was RMB243 million (US$34 million), compared with RMB84 million for full year 2022.

Net income for the fourth quarter of 2023 was RMB220 million (US$31 million), compared with net loss of RMB83 million for the same period of 2022. For full year 2023, net income was RMB739 million (US$104 million), an increase of 669.2% year-over-year, compared with RMB96 million for full year 2022.

Adjusted net income (non-GAAP) for the fourth quarter of 2023 was RMB222 million (US$31 million), an increase of 175.8% year-over-year, compared with RMB81 million for the same period of 2022. For full year 2023, adjusted net income (non-GAAP) was RMB903 million (US$127 million), an increase of 248.3% year-over-year, compared with RMB259 million for full year 2022.

Basic and diluted income per share/American depositary share (ADS). For the fourth quarter of 2023, basic income per share was RMB0.53 (US$0.08), and diluted income per share was RMB0.53 (US$0.07). Basic income per ADS for the fourth quarter of 2023 was RMB1.60 (US$0.23), and diluted income per ADS was RMB1.59 (US$0.22). For full year 2023, basic income per share was RMB1.82 (US$0.26), and diluted income per share was RMB1.78 (US$0.25). Basic income per ADS was RMB5.45 (US$0.77), and diluted income per ADS was RMB5.33 (US$0.75).

EBITDA (non-GAAP) for the fourth quarter of 2023 was RMB248 million (US$35 million), compared with negative RMB47 million for the same period of 2022. For full year 2023, EBITDA (non-GAAP) was RMB1,043 million (US$147 million), an increase of 299.2% year-over-year, compared with RMB261 million for full year 2022.

Adjusted EBITDA (non-GAAP) for the fourth quarter of 2023 was RMB251 million (US$35 million), an increase of 116.1% year-over-year, compared with RMB116 million for the same period of 2022. For full year 2023, adjusted EBITDA (non-GAAP) was RMB1,207 million (US$170 million), an increase of 184.3% year-over-year, compared with RMB424 million for full year 2022.

Cash flows. Operating cash inflow for the fourth quarter of 2023 was RMB564 million (US$79 million). Investing cash inflow and financing cash inflow for the fourth quarter of 2023 were RMB43 million (US$6 million) and RMB52 million (US$7 million), respectively. For full year 2023, operating cash inflow was RMB1,989 million (US$280 million), compared with RMB284 million for full year 2022. Investing cash outflow for 2023 was RMB601 million (US$85 million), compared with RMB192 million for full year 2022. Financing cash outflow for 2023 was RMB147 million (US$21 million), compared with financing cash inflow of RMB456 million for full year 2022.

Cash and cash equivalents and restricted cash. As of December 31, 2023, the Company had a total balance of cash and cash equivalents and restricted cash of RMB2,842 million (US$400 million).

Debt financing. As of December 31, 2023, the Company had total outstanding borrowings of RMB72 million (US$10 million) and the unutilized credit facility available to the Company was RMB410 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 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 and not returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.

Conference Call

The Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, March 28, 2023 (or 7:00 PM Beijing/Hong Kong time on the same day).

A live webcast of the conference call will be available on the Company's investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registering, 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 2023 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BI70f0996472244e0e99374c5c3db7206f

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 financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprise 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 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,
2022 2023
RMB RMB USD1
Assets
Current assets
Cash and cash equivalents 1,589,161 2,840,807 400,119
Short-term investments 157,808 751,794 105,888
Accounts receivable 132,699 162,101 22,831
Prepayments and other current assets 133,901 251,900 35,480
Amounts due from related parties 53,630 115,900 16,324
Inventories 57,460 119,078 16,772
Total current assets 2,124,659 4,241,580 597,414
Non-current assets
Restricted cash 946 946 133
Contract costs 67,270 98,220 13,834
Property and equipment, net 360,300 266,120 37,482
Operating lease right-of-use assets 1,932,000 1,712,580 241,212
Intangible assets, net 5,537 4,247 598
Goodwill 17,446 17,446 2,457
Other assets 141,335 100,939 14,218
Deferred tax assets 112,533 144,947 20,415
Total non-current assets 2,637,367 2,345,445 330,349
Total assets 4,762,026 6,587,025 927,763
Liabilities and shareholders' equity
Current liabilities
Operating lease liabilities, current 319,598 295,721 41,651
Accounts payable 184,901 594,545 83,741
Deferred revenue, current 202,996 406,066 57,193
Salary and welfare payable 103,539 189,823 26,736
Accrued expenses and other payables 330,282 684,391 96,394
Income taxes payable 31,336 136,201 19,184
Short-term borrowings 142,828 70,000 9,859
Current portion of long-term borrowings 29,130 - -
Amounts due to related parties 3,004 1,104 155
Total current liabilities 1,347,614 2,377,851 334,913
Non-current liabilities
Operating lease liabilities, non-current 1,805,402 1,583,178 222,986
Deferred revenue, non-current 277,841 369,455 52,037
Long-term borrowings, non-current portion 2,000 2,000 282
Other non-current liabilities 141,763 194,452 27,388
Total non-current liabilities 2,227,006 2,149,085 302,693
Total liabilities 3,574,620 4,526,936 637,606

_________________________________

1 Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2023 and as of December 31, 2023 are solely for readers' convenience and were calculated at the rate of US$1.00=RMB 7.0999, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 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, December 31,
2022 2023
RMB RMB USD1
Shareholders' equity
Class A ordinary shares 229 244 34
Class B ordinary shares 56 56 8
Additional paid in capital 1,286,189 1,555,773 219,126
Retained earnings (accumulated deficit) (78,304) 507,226 71,441
Accumulated other comprehensive income (loss) (10,865) 4,769 672
Total shareholders' equity attributable to shareholders of the Company 1,197,305 2,068,068 291,281
Non-controlling interests (9,899) (7,979) (1,124)
Total shareholders' equity 1,187,406 2,060,089 290,157
Commitments and contingencies - - -
Total liabilities and shareholders' equity 4,762,026 6,587,025 927,763


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 Year Ended
December 31, December 31, December 31, December 31,
2022 2023
2022 2023
RMB RMB USD1 RMB RMB USD1
Revenues:
Manachised hotels 364,866 851,216 119,891 1,360,843 2,705,609 381,077
Leased hotels 138,909 195,020 27,468 552,929 840,044 118,318
Retail 99,195 412,226 58,061 253,607 971,931 136,894
Others 23,203 46,756 6,586 95,604 148,383 20,899
Net revenues 626,173 1,505,218 212,006 2,262,983 4,665,967 657,188
Operating costs and expenses:
Hotel operating costs (355,929) (733,208) (103,270) (1,393,312) (2,240,890) (315,623)
Retail costs (58,689) (232,041) (32,682) (151,815) (513,326) (72,300)
Other operating costs (9,446) (30,671) (4,320) (34,870) (72,543) (10,218)
Selling and marketing expenses (53,992) (206,913) (29,143) (139,929) (469,595) (66,141)
General and administrative expenses (217,041) (105,434) (14,850) (350,009) (451,470) (63,588)
Technology and development expenses (15,966) (22,300) (3,141) (66,182) (77,288) (10,886)
Total operating costs and expenses (711,063) (1,330,567) (187,406) (2,136,117) (3,825,112) (538,756)
Other operating income 6,511 39,526 5,567 38,094 83,179 11,716
Income from operations (78,379) 214,177 30,167 164,960 924,034 130,148
Interest income 4,971 8,757 1,233 14,456 29,569 4,165
Gain from short-term investments 1,918 11,322 1,595 8,455 34,519 4,862
Interest expense (1,646) (679) (96) (6,501) (5,005) (705)
Other (expenses) income, net 2,245 3,418 481 (814) (1,024) (145)
Income (loss) before income tax (70,891) 236,995 33,380 180,556 982,093 138,325
Income tax expense (11,712) (17,232) (2,427) (84,474) (243,036) (34,231)
Net income (loss) (82,603) 219,763 30,953 96,082 739,057 104,094
Less: net income (loss) attributable to non-controlling interests (325) (291) (41) (2,017) 1,920 270
Net income (loss) attributable to the Company (82,278) 220,054 30,994 98,099 737,137 103,824
Net income (loss) (82,603) 219,763 30,953 96,082 739,057 104,094
Other comprehensive income
Foreign currency translation adjustments, net of nil income taxes (11,322) (10,372) (1,461) (1,918) 15,634 2,202
Other comprehensive income (loss), net of income taxes (11,322) (10,372) (1,461) (1,918) 15,634 2,202
Total comprehensive income (loss) (93,925) 209,391 29,492 94,164 754,691 106,296
Comprehensive income (loss) attributable to non-controlling interests (325) (291) (41) (2,017) 1,920 270
Comprehensive income (loss) attributable to the Company (93,600) 209,682 29,533 96,181 752,771 106,026
Net income (loss) per ordinary share
-Basic (0.21) 0.53 0.08 0.26 1.82 0.26
-Diluted (0.21) 0.53 0.07 0.26 1.78 0.25
Weighted average ordinary shares used in calculating net income per ordinary share
-Basic 386,298,063 412,824,955 412,824,955 379,321,522 405,628,647 405,628,647
-Diluted 386,298,063 416,012,830 416,012,830 381,598,689 414,823,302 414,823,302


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 31, December 31, December 31, December 31,
2022 2023
2022 2023
RMB RMB USD1 RMB RMB USD1
Cash flows from operating activities:
Net cash generated from (used in) operating activities (35,018) 564,038 79,444 283,677 1,988,674 280,097
Cash flows from investing activities:
Payment for purchases of property and equipment (12,630) (9,827) (1,384) (36,425) (41,724) (5,877)
Proceeds from disposal of property and equipment - - - - 670 94
Payment for purchases of intangible assets (1,663) - - (2,805) - -
Payment for purchases of short-term investments (1,080,450) (3,601,000) (507,190) (2,931,000) (9,427,210) (1,327,795)
Proceeds from maturities of short-term investments 920,918 3,654,035 514,660 2,778,005 8,867,743 1,248,995
Net cash (used in) generated from investing activities (173,825) 43,208 6,086 (192,225) (600,521) (84,583)
Cash flows from financing activities:
Proceeds from borrowings 30,000 - - 199,000 40,000 5,634
Repayment of borrowings (58,000) - - (134,480) (141,958) (19,994)
Proceeds from employee stock option exercises - 52,461 7,389 - 105,621 14,876
Payment for dividends - - - - (150,579) (21,209)
Acquisition of non-controlling interest - - - (350) - -
Proceeds from initial public offering 400,068 - - 400,068 - -
Payment for initial public offering costs (7,207) - - (7,928) - -
Net cash (used in) generated from financing activities 364,861 52,461 7,389 456,310 (146,916) (20,693)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (2,250) (16,275) (2,293) 2,816 10,409 1,470
Net increase in cash, cash equivalents and restricted cash 153,768 643,432 90,626 550,578 1,251,646 176,291
Cash and cash equivalents and restricted cash at the beginning of the period 1,436,339 2,198,321 309,626 1,039,529 1,590,107 223,961
Cash and cash equivalents and restricted cash at the end of the period 1,590,107 2,841,753 400,252 1,590,107 2,841,753 400,252
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 31, December 31, December 31, December 31,
2022
2023
2022
2023
RMB RMB USD1 RMB RMB USD1
Net income (loss) (GAAP) (82,603) 219,763 30,953 96,082 739,057 104,094
Share-based compensation expenses, net of tax effect of nil2 163,193 2,476 349 163,193 163,978 23,096
Adjusted net income (non-GAAP) 80,590 222,239 31,302 259,275 903,035 127,190
Three Months Ended Year Ended
December 31, December 31, December 31, December 31,
2022
2023
2022
2023
RMB RMB USD1 RMB RMB USD1
Net income (loss) (GAAP) (82,603) 219,763 30,953 96,082 739,057 104,094
Interest income (4,971) (8,757) (1,233) (14,456) (29,569) (4,165)
Interest expense 1,646 679 96 6,501 5,005 705
Income tax expense 11,712 17,232 2,427 84,474 243,036 34,231
Depreciation and amortization 27,112 19,422 2,735 88,561 85,021 11,975
EBITDA (non-GAAP) (47,104) 248,339 34,978 261,162 1,042,550 146,840
Share-based compensation expenses 163,193 2,476 349 163,193 163,978 23,096
Adjusted EBITDA (non-GAAP) 116,089 250,815 35,327 424,355 1,206,528 169,936

_________________________________

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 Q4 2023Closed in Q4 2023As of
December 31, 2023
As of
December 31, 2023
Manachised hotels10021,178 133,291
Leased hotels--32 4,630
Total 10021,210 137,921
As of December 31, 2023
BrandPositioningPropertiesRooms
ManachisedLeased
A.T. HouseLuxury-1214
Atour SUpscale5789,628
ZHOTELUpscale1-52
AtourUpper midscale89822105,977
Atour XUpper midscale114-12,140
Atour LightMidscale10819,910
Total 1,17832137,921
Three Months
Ended

December 31,
2019
Three Months
Ended

December 31,
2022
Three Months
Ended

September 30,
2023
Three Months
Ended

December 31,
2023
Occupancy rate3
(in percentage)
Manachised hotels73.1% 62.8% 82.2% 78.2%
Leased hotels83.3% 67.3% 86.6% 84.5%
All hotels74.0% 63.1% 82.4% 78.4%
ADR3 (in RMB)
Manachised hotels410.4 382.6 489.4 432.8
Leased hotels532.8 468.6 629.9 557.9
All hotels422.5 387.8 495.4 437.7
RevPAR3 (in RMB)
Manachised hotels315.4 254.4 417.9 353.1
Leased hotels471.3 341.7 571.4 495.3
All hotels329.2 259.3 424.1 358.2
Twelve Months
Ended

December 31, 2019
Twelve Months
Ended

December 31, 2022
Twelve Months
Ended

December 31, 2023
Occupancy rate3
(in percentage)
Manachised hotels72.3% 62.9% 77.6%
Leased hotels83.0% 65.8% 83.6%
All hotels73.4% 63.0% 77.8%
ADR3 (in RMB)
Manachised hotels415.9 386.4 457.8
Leased hotels530.1 465.0 587.2
All hotels429.5 391.2 463.6
RevPAR3 (in RMB)
Manachised hotels313.7 256.3 370.8
Leased hotels463.7 330.6 517.2
All hotels329.5 260.7 376.8

_________________________________

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. By the end of the second quarter of 2023, all of our hotels previously requisitioned by the government for quarantine purposes had been restored to our management, and no hotel was subject to requisition or closure due to COVID-19 restrictions during the fourth quarter of 2023 and as of December 31, 2023. ADR and RevPAR are calculated based on tax inclusive room rates.


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