UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER
PURSUANT TO RULE 13a-16
OR 15d-16 UNDER
THE SECURITIES EXCHANGE
ACT OF 1934
For the month of August 2024
Commission File Number:
001-40540
Atour Lifestyle Holdings
Limited
(Exact name of registrant
as specified in its charter)
1st floor, Wuzhong Building,
618 Wuzhong Road, Minhang
District,
Shanghai, 201103, People’s
Republic of China
(+86) 021-64059928
(Address of principal
executive office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
| |
Atour Lifestyle Holdings Limited |
| |
|
| |
By: |
/s/ HAIJUN WANG |
| |
|
Name: |
Haijun Wang |
| |
|
Title: |
Chairman of the Board of Director and Chief Executive Officer |
| |
|
| Date: August 29, 2024 |
Exhibit 99.1
Atour
Lifestyle Holdings Limited Reports Second Quarter of 2024 Unaudited Financial Results
| · | A
total of 1,412 hotels, or 161,686 hotel rooms, in operation as of June 30, 2024. |
| · | Net
revenues for the second quarter of 2024 increased by 64.5% year-over-year to RMB1,797 million
(US$247 million), compared with RMB1,093 million for the same period of 2023. |
| · | Net
income for the second quarter of 2024 increased by 27.1% year-over-year to RMB304 million
(US$42 million), compared with RMB239 million for the same period of 2023. |
| · | Adjusted
net income (non-GAAP)1
for the second quarter of 2024 increased by 31.6% year-over-year to RMB328
million (US$45 million), compared with RMB249 million for the same period of 2023. |
| · | EBITDA
(non-GAAP)2
for the second quarter of 2024 increased by 25.3% year-over-year to RMB419
million (US$58 million), compared with RMB334 million for the same period of 2023. |
| · | Adjusted
EBITDA (non-GAAP)3
for the second quarter of 2024 increased by 28.6% year-over-year to RMB443
million (US$61 million), compared with RMB344 million for the same period of 2023. |
SHANGHAI, August 29, 2024 -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT),
a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the second quarter ended June 30,
2024.
Second
Quarter of 2024 Operational Highlights
As
of June 30, 2024, there were 1,412 hotels with a total of 161,686 hotel rooms in operation across Atour’s hotel network,
representing rapid increases of 36.6% and 34.3% year-over-year in terms of the number of hotels and hotel rooms, respectively. As of
June 30, 2024, there were 712 manachised hotels under development in our pipeline.
The
average daily room rate4 (“ADR”) was RMB441 for the second quarter of 2024, compared with RMB475 for the
same period of 2023 and RMB430 for the first quarter of 2024.
The
occupancy rate4 was 78.4% for the second quarter of 2024, compared with 77.1% for the same period of 2023 and 73.3%
for the first quarter of 2024.
The
revenue per available room4 (“RevPAR”) was RMB359 for the second quarter of 2024, compared with RMB384
for the same period of 2023 and RMB328 for the first quarter of 2024.
The
GMV5 generated from our retail business was RMB620 million for the second quarter of 2024, representing an increase
of 157.6% year-over-year.
“Driven
by the synergistic growth of our accommodation and retail businesses, we delivered a strong performance for the second quarter of
2024, further solidifying our industry leadership,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Our
hotel network expansion maintained its vigorous momentum with 123 new openings in the second quarter, representing a new quarterly
record. As of the end of the second quarter, we had a total of 1,412 hotels in operation, representing a 36.6% year-over-year
increase, which accelerates the progress toward our goal of 2,000 premier hotels nationwide by 2025. In the second quarter, while
RevPAR declined year-over-year primarily due to a high base effect, our occupancy rate remained solid, reaching 101.7% of
2023’s level for the same period. Additionally, our retail business continued to deliver exceptional performance in the
second quarter, with GMV up by 157.6% year-over-year to RMB620 million, as a result of our efficient new product development and
ongoing product offering expansion.
“Looking ahead to the second half of 2024,
we will continue propelling progress with our deep understanding of and ability to fulfill customer needs. By consistently enhancing
the ‘Chinese Experience’, we will promote comprehensive, high-quality growth across our Group’s businesses and brand
portfolio,” concluded Mr. Wang.
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. In the second quarter of 2024, 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.
| Second Quarter
of 2024 Unaudited Financial Results |
| (RMB in thousands) | |
Q2 2023 | | |
Q2 2024 | |
| Revenues: | |
| | |
| |
| Manachised hotels | |
| 626,483 | | |
| 1,026,979 | |
| Leased hotels | |
| 219,524 | | |
| 180,333 | |
| Retail | |
| 211,648 | | |
| 536,734 | |
| Others | |
| 35,054 | | |
| 53,001 | |
| Net revenues | |
| 1,092,709 | | |
| 1,797,047 | |
Net
revenues. Our net revenues for the second quarter of 2024 increased by 64.5% to RMB1,797 million (US$247 million) from RMB1,093
million for the same period of 2023, mainly driven by the growth in manachised hotel and retail businesses.
| · | Manachised hotels. Revenues from
our manachised hotels for the second quarter of 2024 increased by 63.9% to RMB1,027 million
(US$141 million) from RMB626 million for the same period of 2023. This increase was primarily
driven by our ongoing hotel network expansion and the rapid growth of our supply chain business.
The total number of our manachised hotels increased from 1,001 as of June 30, 2023 to
1,382 as of June 30, 2024. RevPAR of our manachised hotels was RMB355 for the second
quarter of 2024, compared with RMB377 for the same period of 2023. |
| · | Leased
hotels. Revenues from our leased hotels for the second quarter of 2024 decreased by 17.9%
to RMB180 million (US$25 million) from RMB220 million for the same period of 2023, primarily
due to a decrease in the number of leased hotels as a result of our product mix optimization,
as well as a decrease in RevPAR. RevPAR of our leased hotels was RMB503 for the second quarter
of 2024, compared with RMB537 for the same period of 2023. |
| · | Retail. Revenues from retail for the second quarter of 2024 increased by 153.6% to RMB537
million (US$74 million) from RMB212 million for the same period of 2023. This increase was driven by widespread recognition of our
retail brands and effective product innovation and development as we successfully broadened our range of product offerings. In the
second quarter of 2024, comforters sales accounted for over 20% of retail revenues, further accelerating the growth of our retail
business. |
| · | Others.
Revenues from others for the second quarter of 2024 increased by 51.2% to RMB53 million
(US$7 million) from RMB35 million for the same period of 2023. This increase was driven by
our fast-growing membership business. |
| (RMB in thousands) | |
Q2 2023 | | |
Q2 2024 | |
| Operating costs and expenses: | |
| | |
| |
| Hotel operating costs | |
| (509,513 | ) | |
| (775,753 | ) |
| Retail costs | |
| (107,560 | ) | |
| (265,003 | ) |
| Other operating costs | |
| (13,261 | ) | |
| (9,918 | ) |
| Selling and marketing expenses | |
| (94,400 | ) | |
| (224,607 | ) |
| General and administrative expenses | |
| (73,450 | ) | |
| (91,488 | ) |
| Technology and development expenses | |
| (17,831 | ) | |
| (32,952 | ) |
| Total operating costs and expenses | |
| (816,015 | ) | |
| (1,399,721 | ) |
Operating
costs and expenses for the second quarter of 2024 were RMB1,400 million (US$193 million), including RMB24 million share-based
compensation expenses, compared with RMB816 million, including RMB10 million share-based compensation expenses for the same period of
2023.
| · | Hotel
operating costs for the second quarter of 2024 were RMB776 million (US$107 million),
compared with RMB510 million for the same period of 2023. This 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 64.3% of manachised and leased hotels’
revenues for the second quarter of 2024, compared with 60.2% for the same period of 2023.
This increase was due to a decrease in RevPAR attributable to the high base effect
in the same period of 2023, as well as an increased share of revenue generated by the lower-margin
supply chain business. |
| · | Retail costs for the second quarter
of 2024 were RMB265 million (US$36 million), compared with RMB108 million for the same period
of 2023. This increase was associated with the rapid growth of our retail business. Retail
costs accounted for 49.4% of retail revenues for the second quarter of 2024, compared with
50.8% for the same period of 2023. This decrease was attributable to an increasing contribution
from higher-margin online sales. |
| · | Other operating costs for the
second quarter of 2024 were RMB10 million (US$1.4 million), compared with RMB13 million for
the same period of 2023. |
| · | Selling and marketing expenses
for the second quarter of 2024 were RMB225 million (US$31 million), compared with RMB94 million
for the same period of 2023. This 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 12.5% of net revenues for the second quarter
of 2024, compared with 8.6% for the same period of 2023. |
| · | General and administrative expenses
for the second quarter of 2024 were RMB91 million (US$13 million), including RMB15 million
share-based compensation expenses, compared with RMB73 million, including RMB9 million share-based
compensation expenses for the same period of 2023. Excluding the share-based compensation
expenses, this increase was primarily due to an increase in labor costs. General and administrative
expenses, excluding share-based compensation expenses, accounted for 4.2% of net revenues
for the second quarter of 2024, compared with 5.9% for the same period of 2023. |
| · | Technology and development expenses
for the second quarter of 2024 were RMB33 million (US$5 million), compared with RMB18
million for the same period of 2023. This 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 1.8% of net revenues for the second quarter of 2024, compared with 1.6% for
the same period of 2023. |
Other
operating income (expenses), net for the second quarter of 2024 was RMB6 million (US$0.8 million) expenses, compared
with RMB30 million income for the same period of 2023. This decrease was primarily due to the decrease in government subsidies.
Income
from operations for the second quarter of 2024 was RMB391 million (US$54 million), compared with RMB307 million for the same
period of 2023.
Income
tax expense for the second quarter of 2024 was RMB110 million (US$15 million), compared with RMB79 million for the same period
of 2023.
Net
income for the second quarter of 2024 was RMB304 million (US$42 million), representing an increase of 27.1% year-over-year
compared with RMB239 million for the same period of 2023.
Adjusted
net income (non-GAAP) for the second quarter of 2024 was RMB328 million (US$45 million), representing an increase of 31.6%
year-over-year compared with RMB249 million for the same period of 2023.
Basic
and diluted income per share/American depositary share (ADS). For the second quarter of 2024, basic income per share
was RMB0.73 (US$0.10), and diluted income per share was RMB0.73 (US$0.10). Basic income per ADS for the second quarter of 2024 was RMB2.20
(US$0.30), and diluted income per ADS was RMB2.19 (US$0.30).
EBITDA
(non-GAAP) for the second quarter of 2024 was RMB419 million (US$58 million), representing an increase of 25.3% compared with
RMB334 million for the same period of 2023.
Adjusted
EBITDA (non-GAAP) for the second quarter of 2024 was RMB443 million (US$61 million), representing an increase of 28.6% compared
with RMB344 million for the same period of 2023.
Cash
flows. Operating cash inflow for the second quarter of 2024 was RMB577 million (US$79 million). Investing cash outflow for
the second quarter of 2024 was RMB306 million (US$42 million). There were no cash flows from financing activities for the second quarter
of 2024.
Cash
and cash equivalents and restricted cash. As of June 30, 2024, the Company had a total balance of cash and cash equivalents
and restricted cash of RMB3.3 billion (US$457 million).
Debt
financing. As of June 30, 2024, the Company had total outstanding borrowings of RMB92 million (US$13 million), and the
unutilized credit facility available to the Company was RMB450 million.
Outlook
For the full year of 2024, the Company currently expects total net revenues to increase by 48% to 52% compared with full-year
2023.
This outlook is based on current market conditions and the Company’s preliminary estimates, which are subject to changes.
Conference Call
The
Company will host a conference call at 7:00 AM U.S. Eastern time on Thursday, August 29, 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 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 Second Quarter 2024 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BIbfa7010eae7841bcbc827b0194809f7c
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 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 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
December 31, |
|
|
As
of
June 30, |
|
| |
|
2023 |
|
|
2024 |
|
| |
|
RMB |
|
|
RMB |
|
|
USD1 |
|
| Assets |
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
2,840,807 |
|
|
|
3,322,879 |
|
|
|
457,243 |
|
| Short-term investments |
|
|
751,794 |
|
|
|
1,008,571 |
|
|
|
138,784 |
|
| Accounts receivable |
|
|
162,101 |
|
|
|
165,286 |
|
|
|
22,744 |
|
| Prepayments and other current assets |
|
|
251,900 |
|
|
|
264,441 |
|
|
|
36,388 |
|
| Amounts due from related parties |
|
|
115,900 |
|
|
|
123,460 |
|
|
|
16,989 |
|
| Inventories |
|
|
119,078 |
|
|
|
160,889 |
|
|
|
22,139 |
|
| Total current assets |
|
|
4,241,580 |
|
|
|
5,045,526 |
|
|
|
694,287 |
|
| Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Restricted cash |
|
|
946 |
|
|
|
1,106 |
|
|
|
152 |
|
| Contract costs |
|
|
98,220 |
|
|
|
111,507 |
|
|
|
15,344 |
|
| Property and equipment, net |
|
|
266,120 |
|
|
|
262,381 |
|
|
|
36,105 |
|
| Operating lease right-of-use assets |
|
|
1,712,580 |
|
|
|
1,559,106 |
|
|
|
214,540 |
|
| Intangible assets, net |
|
|
4,247 |
|
|
|
3,957 |
|
|
|
545 |
|
| Goodwill |
|
|
17,446 |
|
|
|
17,446 |
|
|
|
2,401 |
|
| Other assets |
|
|
100,939 |
|
|
|
90,960 |
|
|
|
12,517 |
|
| Deferred tax assets |
|
|
144,947 |
|
|
|
193,091 |
|
|
|
26,570 |
|
| Total non-current assets |
|
|
2,345,445 |
|
|
|
2,239,554 |
|
|
|
308,174 |
|
| Total assets |
|
|
6,587,025 |
|
|
|
7,285,080 |
|
|
|
1,002,461 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease liabilities, current |
|
|
295,721 |
|
|
|
310,466 |
|
|
|
42,722 |
|
| Accounts payable |
|
|
594,545 |
|
|
|
669,883 |
|
|
|
92,179 |
|
| Deferred revenue, current |
|
|
406,066 |
|
|
|
437,106 |
|
|
|
60,148 |
|
| Salary and welfare payable |
|
|
189,823 |
|
|
|
179,166 |
|
|
|
24,654 |
|
| Accrued expenses and other payables |
|
|
684,391 |
|
|
|
742,120 |
|
|
|
102,118 |
|
| Income taxes payable |
|
|
136,201 |
|
|
|
106,381 |
|
|
|
14,639 |
|
| Short-term borrowings |
|
|
70,000 |
|
|
|
90,000 |
|
|
|
12,384 |
|
| Amounts due to related parties |
|
|
1,104 |
|
|
|
2,932 |
|
|
|
403 |
|
| Total current liabilities |
|
|
2,377,851 |
|
|
|
2,538,054 |
|
|
|
349,247 |
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease liabilities, non-current |
|
|
1,583,178 |
|
|
|
1,422,930 |
|
|
|
195,802 |
|
| Deferred revenue, non-current |
|
|
369,455 |
|
|
|
433,037 |
|
|
|
59,588 |
|
| Long-term borrowings, non-current portion |
|
|
2,000 |
|
|
|
2,000 |
|
|
|
275 |
|
| Other non-current liabilities |
|
|
194,452 |
|
|
|
227,198 |
|
|
|
31,263 |
|
| Total non-current liabilities |
|
|
2,149,085 |
|
|
|
2,085,165 |
|
|
|
286,928 |
|
| Total liabilities |
|
|
4,526,936 |
|
|
|
4,623,219 |
|
|
|
636,175 |
|
1 Translations of balances in the consolidated financial
statements from RMB into US$ for the second quarter of 2024 and as of June 30, 2024 are solely for readers’ convenience and were
calculated at the rate of US$1.00=RMB 7.2672, representing the exchange rate set forth in the H.10 statistical release of the Federal
Reserve Board on June 28, 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
December 31, |
|
|
As
of
June 30, |
|
| |
|
2023 |
|
|
2024 |
|
| |
|
RMB |
|
|
RMB |
|
|
USD1 |
|
| Shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Class A ordinary shares |
|
|
244 |
|
|
|
258 |
|
|
|
36 |
|
| Class B ordinary shares |
|
|
56 |
|
|
|
56 |
|
|
|
8 |
|
| Additional paid in capital |
|
|
1,555,773 |
|
|
|
1,582,786 |
|
|
|
217,799 |
|
| Retained earnings |
|
|
507,226 |
|
|
|
1,068,036 |
|
|
|
146,967 |
|
| Accumulated other comprehensive income |
|
|
4,769 |
|
|
|
17,900 |
|
|
|
2,463 |
|
| Total equity attributable to shareholders
of the Company |
|
|
2,068,068 |
|
|
|
2,669,036 |
|
|
|
367,273 |
|
| Non-controlling interests |
|
|
(7,979 |
) |
|
|
(7,175 |
) |
|
|
(987 |
) |
| Total shareholders’ equity |
|
|
2,060,089 |
|
|
|
2,661,861 |
|
|
|
366,286 |
|
| Commitments and contingencies |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total liabilities and shareholders’
equity |
|
|
6,587,025 |
|
|
|
7,285,080 |
|
|
|
1,002,461 |
|
ATOUR
LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All
amounts in thousands, except share data and per share data, or otherwise noted)
| | |
Three
Months Ended | | |
Six
Months Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD1 | | |
RMB | | |
RMB | | |
USD1 | |
| Revenues: | |
| | |
| | |
| | |
| | |
| | |
| |
| Manachised hotels | |
| 626,483 | | |
| 1,026,979 | | |
| 141,317 | | |
| 1,073,281 | | |
| 1,863,090 | | |
| 256,370 | |
| Leased hotels | |
| 219,524 | | |
| 180,333 | | |
| 24,815 | | |
| 406,834 | | |
| 348,382 | | |
| 47,939 | |
| Retail | |
| 211,648 | | |
| 536,734 | | |
| 73,857 | | |
| 324,581 | | |
| 953,325 | | |
| 131,182 | |
| Others | |
| 35,054 | | |
| 53,001 | | |
| 7,293 | | |
| 61,949 | | |
| 100,543 | | |
| 13,835 | |
| Net revenues | |
| 1,092,709 | | |
| 1,797,047 | | |
| 247,282 | | |
| 1,866,645 | | |
| 3,265,340 | | |
| 449,326 | |
| Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Hotel operating costs | |
| (509,513 | ) | |
| (775,753 | ) | |
| (106,747 | ) | |
| (891,145 | ) | |
| (1,437,922 | ) | |
| (197,865 | ) |
| Retail costs | |
| (107,560 | ) | |
| (265,003 | ) | |
| (36,466 | ) | |
| (169,077 | ) | |
| (471,106 | ) | |
| (64,826 | ) |
| Other operating costs | |
| (13,261 | ) | |
| (9,918 | ) | |
| (1,365 | ) | |
| (23,398 | ) | |
| (19,744 | ) | |
| (2,717 | ) |
| Selling and marketing expenses | |
| (94,400 | ) | |
| (224,607 | ) | |
| (30,907 | ) | |
| (150,409 | ) | |
| (399,318 | ) | |
| (54,948 | ) |
| General and administrative expenses | |
| (73,450 | ) | |
| (91,488 | ) | |
| (12,589 | ) | |
| (266,654 | ) | |
| (168,143 | ) | |
| (23,137 | ) |
| Technology and development expenses | |
| (17,831 | ) | |
| (32,952 | ) | |
| (4,534 | ) | |
| (34,621 | ) | |
| (57,133 | ) | |
| (7,862 | ) |
| Total operating costs and expenses | |
| (816,015 | ) | |
| (1,399,721 | ) | |
| (192,608 | ) | |
| (1,535,304 | ) | |
| (2,553,366 | ) | |
| (351,355 | ) |
| Other operating income (expenses), net | |
| 29,948 | | |
| (5,943 | ) | |
| (818 | ) | |
| 37,178 | | |
| 4,066 | | |
| 560 | |
| Income from operations | |
| 306,642 | | |
| 391,383 | | |
| 53,856 | | |
| 368,519 | | |
| 716,040 | | |
| 98,531 | |
| Interest income | |
| 7,513 | | |
| 12,396 | | |
| 1,706 | | |
| 12,356 | | |
| 25,915 | | |
| 3,566 | |
| Gain from short-term investments | |
| 8,968 | | |
| 10,945 | | |
| 1,506 | | |
| 14,322 | | |
| 20,537 | | |
| 2,826 | |
| Interest expense | |
| (1,676 | ) | |
| (854 | ) | |
| (118 | ) | |
| (3,603 | ) | |
| (1,527 | ) | |
| (210 | ) |
| Other expenses, net | |
| (3,522 | ) | |
| (85 | ) | |
| (12 | ) | |
| (2,971 | ) | |
| (551 | ) | |
| (76 | ) |
| Income before income tax | |
| 317,925 | | |
| 413,785 | | |
| 56,938 | | |
| 388,623 | | |
| 760,414 | | |
| 104,637 | |
| Income tax expense | |
| (78,770 | ) | |
| (109,879 | ) | |
| (15,120 | ) | |
| (131,396 | ) | |
| (198,800 | ) | |
| (27,356 | ) |
| Net income | |
| 239,155 | | |
| 303,906 | | |
| 41,818 | | |
| 257,227 | | |
| 561,614 | | |
| 77,281 | |
| Less: net income attributable to non-controlling
interests | |
| 965 | | |
| 254 | | |
| 35 | | |
| 1,162 | | |
| 804 | | |
| 111 | |
| Net income attributable to the Company | |
| 238,190 | | |
| 303,652 | | |
| 41,783 | | |
| 256,065 | | |
| 560,810 | | |
| 77,170 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 239,155 | | |
| 303,906 | | |
| 41,818 | | |
| 257,227 | | |
| 561,614 | | |
| 77,281 | |
| Other comprehensive income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments,
net of nil income taxes | |
| 25,072 | | |
| 5,622 | | |
| 774 | | |
| 22,992 | | |
| 13,131 | | |
| 1,807 | |
| Other comprehensive income, net of income
taxes | |
| 25,072 | | |
| 5,622 | | |
| 774 | | |
| 22,992 | | |
| 13,131 | | |
| 1,807 | |
| Total comprehensive income | |
| 264,227 | | |
| 309,528 | | |
| 42,592 | | |
| 280,219 | | |
| 574,745 | | |
| 79,088 | |
| Comprehensive income attributable to non-controlling
interests | |
| 965 | | |
| 254 | | |
| 35 | | |
| 1,162 | | |
| 804 | | |
| 111 | |
| Comprehensive income attributable to
the Company | |
| 263,262 | | |
| 309,274 | | |
| 42,557 | | |
| 279,057 | | |
| 573,941 | | |
| 78,977 | |
| Net income per ordinary share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| —Basic | |
| 0.59 | | |
| 0.73 | | |
| 0.10 | | |
| 0.64 | | |
| 1.36 | | |
| 0.19 | |
| —Diluted | |
| 0.57 | | |
| 0.73 | | |
| 0.10 | | |
| 0.62 | | |
| 1.35 | | |
| 0.19 | |
| Weighted average ordinary shares used in
calculating net income per ordinary share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| —Basic | |
| 402,763,517 | | |
| 413,244,101 | | |
| 413,244,101 | | |
| 398,389,853 | | |
| 413,042,603 | | |
| 413,042,603 | |
| —Diluted | |
| 414,773,664 | | |
| 416,487,748 | | |
| 416,487,748 | | |
| 413,553,602 | | |
| 416,300,958 | | |
| 416,300,958 | |
ATOUR
LIFESTYLE HOLDINGS LIMITED
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands of RMB, except share data and per share data, or otherwise noted)
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD1 | | |
RMB | | |
RMB | | |
USD1 | |
| Cash
flows from operating activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net
cash generated from operating activities | |
| 519,908 | | |
| 576,641 | | |
| 79,347 | | |
| 881,565 | | |
| 719,877 | | |
| 99,061 | |
| Cash
flows from investing activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Payment for purchases
of property and equipment | |
| (9,791 | ) | |
| (20,136 | ) | |
| (2,771 | ) | |
| (27,410 | ) | |
| (32,751 | ) | |
| (4,507 | ) |
| Payment for purchases
of intangible assets | |
| - | | |
| - | | |
| - | | |
| - | | |
| (282 | ) | |
| (39 | ) |
| Payment for purchases
of short-term investments | |
| (2,003,860 | ) | |
| (4,578,000 | ) | |
| (629,953 | ) | |
| (3,332,210 | ) | |
| (7,242,000 | ) | |
| (996,532 | ) |
| Proceeds from maturities
of short-term investments | |
| 2,162,234 | | |
| 4,291,899 | | |
| 590,585 | | |
| 3,494,694 | | |
| 7,005,760 | | |
| 964,025 | |
| Net
cash generated from (used in) investing activities | |
| 148,583 | | |
| (306,237 | ) | |
| (42,139 | ) | |
| 135,074 | | |
| (269,273 | ) | |
| (37,053 | ) |
| Cash
flows from financing activities: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Proceeds from borrowings | |
| - | | |
| - | | |
| - | | |
| 40,000 | | |
| 20,000 | | |
| 2,752 | |
| Repayment of borrowings | |
| (140,130 | ) | |
| - | | |
| - | | |
| (141,110 | ) | |
| - | | |
| - | |
| Net
cash (used in) generated from financing activities | |
| (140,130 | ) | |
| - | | |
| - | | |
| (101,110 | ) | |
| 20,000 | | |
| 2,752 | |
| Effect of exchange rate
changes on cash and cash equivalents and restricted cash | |
| 25,072 | | |
| 4,227 | | |
| 582 | | |
| 23,670 | | |
| 11,628 | | |
| 1,600 | |
| Net
increase in cash and cash equivalents and restricted cash | |
| 553,433 | | |
| 274,631 | | |
| 37,790 | | |
| 939,199 | | |
| 482,232 | | |
| 66,360 | |
| Cash and cash equivalents
and restricted cash at the beginning of the period | |
| 1,975,873 | | |
| 3,049,354 | | |
| 419,605 | | |
| 1,590,107 | | |
| 2,841,753 | | |
| 391,038 | |
| Cash
and cash equivalents and restricted cash at the end of the period | |
| 2,529,306 | | |
| 3,323,985 | | |
| 457,395 | | |
| 2,529,306 | | |
| 3,323,985 | | |
| 457,398 | |
ATOUR
LIFESTYLE HOLDINGS LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(In
thousands of RMB, except share data and per share data, or otherwise noted)
| | |
Three
Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD1 | | |
RMB | | |
RMB | | |
USD1 | |
| Net
income (GAAP) | |
| 239,155 | | |
| 303,906 | | |
| 41,818 | | |
| 257,227 | | |
| 561,614 | | |
| 77,281 | |
| Share-based
compensation expenses, net of tax effect of nil2 | |
| 9,998 | | |
| 23,885 | | |
| 3,287 | | |
| 151,578 | | |
| 27,027 | | |
| 3,719 | |
| Adjusted
net income (non-GAAP) | |
| 249,153 | | |
| 327,791 | | |
| 45,105 | | |
| 408,805 | | |
| 588,641 | | |
| 81,000 | |
| | |
Three
Months Ended | | |
Six Months
Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD1 | | |
RMB | | |
RMB | | |
USD1 | |
| Net income (GAAP) | |
| 239,155 | | |
| 303,906 | | |
| 41,818 | | |
| 257,227 | | |
| 561,614 | | |
| 77,281 | |
| Interest income | |
| (7,513 | ) | |
| (12,396 | ) | |
| (1,706 | ) | |
| (12,356 | ) | |
| (25,915 | ) | |
| (3,566 | ) |
| Interest expense | |
| 1,676 | | |
| 854 | | |
| 118 | | |
| 3,603 | | |
| 1,527 | | |
| 210 | |
| Income tax expense | |
| 78,770 | | |
| 109,879 | | |
| 15,120 | | |
| 131,396 | | |
| 198,800 | | |
| 27,356 | |
| Depreciation and amortization | |
| 22,289 | | |
| 16,690 | | |
| 2,297 | | |
| 44,186 | | |
| 33,839 | | |
| 4,656 | |
| EBITDA (non-GAAP) | |
| 334,377 | | |
| 418,933 | | |
| 57,647 | | |
| 424,056 | | |
| 769,865 | | |
| 105,937 | |
| Share-based compensation expenses | |
| 9,998 | | |
| 23,885 | | |
| 3,287 | | |
| 151,578 | | |
| 27,027 | | |
| 3,719 | |
| Adjusted EBITDA (non-GAAP) | |
| 344,375 | | |
| 442,818 | | |
| 60,934 | | |
| 575,634 | | |
| 796,892 | | |
| 109,656 | |
2 The share-based compensation expenses were recorded
at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for
share-based compensation expenses adjustment for non-GAAP financial measures.
Key Operating Data
| | |
Number
of Hotels | | |
Number
of Rooms | |
| | |
Opened
in Q2 2024 | | |
Closed
in Q2 2024 | | |
As
of
June 30, 2024 | | |
As
of
June 30, 2024 | |
| Manachised hotels | |
| 123 | | |
| 12 | | |
| 1,382 | | |
| 157,225 | |
| Leased hotels | |
| - | | |
| 1 | | |
| 30 | | |
| 4,461 | |
| Total | |
| 123 | | |
| 13 | | |
| 1,412 | | |
| 161,686 | |
| | |
| |
As of June 30, 2024 | |
| Brand | |
Positioning | |
Properties | | |
Rooms | |
| | |
| |
Manachised | | |
Leased | | |
| |
| A.T. House | |
Luxury | |
| - | | |
| 1 | | |
| 214 | |
| Atour S | |
Upscale | |
| 66 | | |
| 5 | | |
| 10,421 | |
| ZHOTEL | |
Upscale | |
| 1 | | |
| - | | |
| 52 | |
| Atour | |
Upper midscale | |
| 1,040 | | |
| 23 | | |
| 122,944 | |
| Atour X | |
Upper midscale | |
| 153 | | |
| - | | |
| 16,440 | |
| Atour Light | |
Midscale | |
| 122 | | |
| 1 | | |
| 11,615 | |
| Total | |
| |
| 1,382 | | |
| 30 | | |
| 161,686 | |
| | |
All Hotels
in Operation | |
| | |
Three
Months
Ended
June 30, 2023 | | |
Three
Months
Ended
March 31, 2024 | | |
Three
Months
Ended
June 30, 2024 | |
| Occupancy
rate3 (in percentage) | |
| | | |
| | | |
| | |
| Manachised hotels | |
| 76.8 | % | |
| 73.1 | % | |
| 78.2 | % |
| Leased hotels | |
| 83.0 | % | |
| 79.3 | % | |
| 83.7 | % |
| All hotels | |
| 77.1 | % | |
| 73.3 | % | |
| 78.4 | % |
| | |
| | | |
| | | |
| | |
| ADR3
(in RMB) | |
| | | |
| | | |
| | |
| Manachised hotels | |
| 468.1 | | |
| 426.0 | | |
| 436.4 | |
| Leased hotels | |
| 611.5 | | |
| 541.6 | | |
| 573.0 | |
| All hotels | |
| 474.8 | | |
| 430.0 | | |
| 440.6 | |
| | |
| | | |
| | | |
| | |
| RevPAR3
(in RMB) | |
| | | |
| | | |
| | |
| Manachised hotels | |
| 376.6 | | |
| 323.7 | | |
| 354.5 | |
| Leased hotels | |
| 536.8 | | |
| 455.2 | | |
| 503.3 | |
| All hotels | |
| 383.6 | | |
| 327.9 | | |
| 358.7 | |
| |
|
Hotels
in Operation for More Than 18 Months in Q2 20244 |
|
| |
|
Number of hotels |
|
|
Same-hotel
Occupancy3
(in percentage) |
|
|
Same-hotel
ADR3
(in RMB) |
|
|
Same-hotel
RevPAR3
(in RMB) |
|
| |
|
Q2 2023 |
|
|
Q2 2024 |
|
|
Q2 2023 |
|
|
Q2 2024 |
|
|
Q2 2023 |
|
|
Q2 2024 |
|
|
Q2 2023 |
|
|
Q2 2024 |
|
| Manachised hotels |
|
|
859 |
|
|
|
859 |
|
|
|
77.9 |
% |
|
|
80.1 |
% |
|
|
471.3 |
|
|
|
445.5 |
|
|
|
384.6 |
|
|
|
370.8 |
|
| Leased hotels |
|
|
30 |
|
|
|
30 |
|
|
|
83.1 |
% |
|
|
83.7 |
% |
|
|
613.7 |
|
|
|
572.8 |
|
|
|
540.0 |
|
|
|
503.1 |
|
| All hotels |
|
|
889 |
|
|
|
889 |
|
|
|
78.1 |
% |
|
|
80.3 |
% |
|
|
477.8 |
|
|
|
451.1 |
|
|
|
391.3 |
|
|
|
376.5 |
|
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. In the second quarter of 2024, no hotels were requisitioned
for quarantine needs. ADR and RevPAR are calculated based on tax-inclusive room rates.
4 For any given quarter, 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 quarter.
The OCC, ADR and RevPAR presented above represent such metrics generated by “same hotels” in the second quarter of 2024,
compared to the corresponding metrics generated by these “same hotels” during the same period in 2023.
Exhibit 99.2
Atour Lifestyle
Holdings Limited Announces 3-Year Annual Dividend Policy
SHANGHAI, August
29, 2024 /Globe Newswire/ -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading
hospitality and lifestyle company in China, today announced that, as a part of the Company’s ongoing efforts to enhance shareholder
value, its Board of Directors (the “Board”) has approved a three-year annual dividend policy (the “Annual Dividend
Policy”). Under the Annual Dividend Policy, the Company plans to declare and distribute dividends with an aggregate amount of no
less than 50% of its net income for the preceding financial year in each of the three financial years commencing this year. The exact
dividend amount will be determined at the Board’s discretion, based on its assessment of the Company’s actual and projected
results of operations, financial and cash position, capital requirements and other relevant factors.
In accordance with
the Annual Dividend Policy, the Board today declared a cash dividend of US$0.15 per ordinary share, or US$0.45 per American depositary
share (“ADS”), each representing three Class A ordinary shares. The aggregate amount of the cash dividend to be distributed
will be approximately US$62 million.
The cash dividend
will be payable in U.S. dollars on or around September 30, 2024 to the holders of record of the Company’s ordinary shares
(excluding certain Class A ordinary shares previously held by The Bank of New York Mellon, as the depositary bank, for bulk issuance
of ADSs reserved under the Company’s share incentive plan) and ADSs as of the close of trading on September 17, 2024 (U.S. Eastern
Time). Dividends to be paid to the Company’s ADS holders through the depositary will be subject to the terms of the deposit
agreement by and among the Company, the depositary, and the holders and beneficial owners of ADS issued thereunder, including the fees
and expenses payable thereunder.
As of June 30, 2024,
the Company had approximately RMB3.3 billion (US$457 million) in cash, cash equivalents and restricted cash.
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.
Safe Harbor Statement
This press release
contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations,
are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as "may,"
"will," "expect," "anticipate," "target," "aim," "estimate," "intend,"
"plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions.
Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially
from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors
is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release,
and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations
Contact
Atour Lifestyle Holdings
Limited
Email: ir@yaduo.com
Piacente Financial
Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677
Atour Lifestyle (NASDAQ:ATAT)
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