Huazhu Group Limited (NASDAQ: HTHT) (“Huazhu” or the “Company”), a
leading and fast-growing multi-brand hotel group in China, today
announced its unaudited financial results for the second quarter
ended June 30, 2019.
Second Quarter of 2019
Operational Highlights
- During the second quarter of 2019,
Huazhu opened 311 hotels, including 8 leased
(“leased-and-operated”) hotels and 303 manachised
(“franchised-and-managed”) hotels and franchised hotels.
- Huazhu closed a total of 42 hotels,
including 10 leased hotels and 32 manachised and franchised hotels,
during the second quarter of 2019. This was due to three
reasons:a) With strategic focus to upgrade product and
service quality, Huazhu temporarily closed 25 hotels for brand
upgrade and business model change purposes; and removed 1 hotel for
its non-compliance with Huazhu’s brand and operating
standards.b) Property-related issues, including rezoning and
expiry of leases, which resulted in the closure of 14
hotels.c) Two manachised hotels were closed due to operating
losses.
- As of June 30, 2019, Huazhu had 696
leased hotels, 3,692 manachised hotels, and 277 franchised hotels
in operation in 413 China cities. The number of hotel rooms in
operation totaled 463,296, an increase of 17.8% from a year ago.
The rooms under midscale and upscale brands accounted for 43% of
total rooms in operation, up 9 percentage points from 34% a year
ago.
- As of June 30, 2019, Huazhu had a
total number of 1,553 unopened pipeline hotels contracted or under
construction, including 55 leased hotels and 1,498 manachised and
franchised hotels. The unopened hotels in our pipeline represented
33% of the number of hotels in operation as of the end of Q2 2019
compared to 21% a year ago, a 12-percentage-point increase.
- The ADR, which is defined as the
average daily rate for all hotels in operation, was RMB236 in the
second quarter of 2019, compared with RMB226 in the second quarter
of 2018 and RMB221 in the previous quarter. The year-over-year
increase of 4.4% was due to both an increase in ADR of our mature
hotels (where mature means those of our hotels which have been in
operation for at least 18 months), as well as an increase in the
proportion of midscale and upscale hotels with higher ADR in
Huazhu’s brand mix. The sequential increase resulted mainly from
seasonality.
- The occupancy rate for all hotels
in operation was 86.9% in the second quarter of 2019, compared with
89.6% in the second quarter of 2018 and 80.6% in the previous
quarter. The year-over-year decrease of 2.7 percentage points was
due to the deepening China economic slowdown. The sequential
increase was mainly due to seasonality.
- RevPAR, defined as revenue per
available room for all hotels in operation, was RMB206 in the
second quarter of 2019, compared with RMB203 in the second quarter
of 2018 and RMB178 in the previous quarter. The year-over-year
increase of 1.3% was attributable to higher ADR. The sequential
increase was mainly due to seasonality.
- For all of our mature hotels, the
same-hotel RevPAR was RMB202 for the second quarter of 2019,
representing a 2.1% decrease from RMB206 for the second quarter of
2018, with a 0.4% increase in ADR and a 2.3-percentage-point
decrease in occupancy rate. The year-over-year weaker performance
was mainly due to macroeconomic softness.
- As of June 30, 2019, Huazhu’s
loyalty program had approximately 132 million members, who
contributed approximately 75% of room nights sold during the second
quarter of 2019, and approximately 84% of room nights were sold
through Huazhu’s direct channels.
“In the second quarter, our blended RevPAR
increased by 1.3% as a result of ADR increase. Thanks to the
remarkable performance of our Huazhu employees and strong brand
portfolio, our rapid hotel expansion continued despite a softening
economy. In the first half of 2019, we added 435 hotels net, with a
record high of 1,553 unopened hotels in our pipeline at the end of
Q2, mainly contributed by manachised and franchised hotels. 43% of
the total number of Huazhu rooms in operation were midscale and
upscale hotels, up from 34% in Q2 2018,” commented Ms. Jenny Zhang,
Chief Executive Officer of Huazhu.
“Furthermore, we continuously deliver better
experiences to meet our customers’ evolving needs. We just unveiled
our first HanTing 3.0 intelligent hotel this July. Its new design
and tech-driven services at reasonable prices have been
well-received by our customers and franchisees, and therefore we
expect this new model will fuel our accelerated economy hotel
expansion in the coming years. For the upscale segment, next year,
we will open four Joya hotels in the central business districts of
Shanghai, Hangzhou and Chengdu, with an oriental-style design
tailored for our business travelers. We believe our strong
performance, attractive brands and resilient business model will
further strengthen our position as a leading hotel consolidator,”
added Ms. Zhang.
Second Quarter of 2019
Financial Results
(RMB in
millions) |
Q2
2018 |
Q2
2019 |
Revenues: |
|
|
Leased and
owned hotels |
1,899 |
2,001 |
Manachised
and franchised hotels |
616 |
803 |
Others |
6 |
55 |
Net
revenues |
2,521 |
2,859 |
Net revenues for the second
quarter of 2019 were RMB2.9 billion (US$417 million), representing
a 13.4% year-over-year increase, primarily attributable to our
hotel network expansion and blended RevPAR growth.
Net revenues from leased and owned
hotels for the second quarter of 2019 were RMB2.0 billion
(US$292 million), representing a 5.4% year-over-year increase.
Net revenues from manachised and
franchised hotels for the second quarter of 2019 were
RMB803 million (US$117 million), representing a 30.4%
year-over-year increase. Net revenues from manachised and
franchised hotels accounted for 28.1% of Huazhu’s net revenues in
the second quarter of 2019, up from 24.4% a year ago.
(RMB in
millions) |
Q2
2018 |
Q2
2019 |
Operating costs and expenses: |
|
|
Hotel operating costs |
1,575 |
1,743 |
Other operating costs |
2 |
17 |
Selling and marketing expenses |
83 |
102 |
General and administrative expenses |
190 |
247 |
Pre-opening expenses |
66 |
122 |
Total
operating costs and expenses |
1,916 |
2,231 |
Hotel operating costs for the
second quarter of 2019 were RMB1.7 billion (US$253 million),
compared to RMB1.6 billion in the second quarter of 2018,
representing a 10.7% year-over-year increase. Total hotel operating
costs excluding share-based compensation expenses (non-GAAP) of
RMB10 million for the second quarter of 2019 represented 60.7% of
net revenues, compared to 62.2% for the second quarter in 2018. The
year-over-year improvement in this metric was mainly attributable
to the increased proportion of revenues from manachised and
franchised hotels, and also by continued diligent efforts by our
many Huazhu employees to deliver great customer experiences at
reasonable prices.
Selling and marketing expenses
for the second quarter of 2019 were RMB102 million (US$15 million),
compared to RMB83 million in the second quarter of 2018. Selling
and marketing expenses excluding share-based compensation expenses
(non-GAAP) for the second quarter of 2019 were RMB101 million
(US$15 million), representing 3.6% of net revenues, compared to
3.3% for the second quarter of 2018. The year-over-year increase
was mainly related to the expansion of our sales and marketing
team, increased bank charges for online payments, and higher
commission fees to online travel agencies.
General and administrative
expenses for the second quarter of 2019 were RMB247
million (US$36 million), compared to RMB190 million in the second
quarter of 2018. General and administrative expenses excluding
share-based compensation expenses (non-GAAP) for the second quarter
of 2019 were RMB227 million (US$33 million), representing 7.9% of
net revenues, compared with 7.1% of net revenues in the second
quarter of 2018. The year-over-year increase was mainly due to our
investments to expand our hotel development teams, upscale-brand
hotels and IT capabilities.
Pre-opening expenses for the
second quarter of 2019 were RMB122 million (US$18 million),
representing an 84.8% year-over-year increase, mainly involving our
upscale brand hotels.
Other operating income, net for
the second quarter of 2019 was RMB29 million (US$4 million),
compared to RMB66 million in the second quarter of 2018. The
year-over-year variance was mainly due to a one-off compensation
totaling RMB35 million received in the second quarter of 2018.
Income from operations for the
second quarter of 2019 was RMB657 million (US$96 million), compared
to RMB671 million in the second quarter of 2018. Excluding
share-based compensation expenses, adjusted income from operations
(non-GAAP) for the second quarter of 2019 was RMB688 million
(US$100 million), compared to RMB690 million for the second quarter
of 2018. The operating margin, defined as income from operations as
percentage of net revenues, for the second quarter of 2019 was
23.0%, compared with 26.6% in the second quarter of 2018; this was
primarily due to macroeconomic softness.
Other income, net for the
second quarter of 2019 was RMB135 million (US$20 million), compared
to RMB195 million for the second quarter of 2018. The
year-over-year decrease was mainly due to higher gains realized
from our sales of some equity securities during the second quarter
of 2018.
Unrealized gains from fair value changes
of equity securities for the second quarter of 2019 was
RMB149 million (US$22 million), compared to unrealized losses from
fair value changes of equity securities of RMB201 million in the
second quarter of 2018. These unrealized gains (losses) were mainly
related to our investments in Accor.
Net income attributable to Huazhu Group
Limited for the second quarter of 2019 was RMB613 million
(US$89 million), compared to RMB338 million in the second quarter
of 2018. Excluding share-based compensation expenses and the
unrealized gains (losses) from fair value changes of equity
securities, adjusted net income attributable to Huazhu Group
Limited (non-GAAP) for the second quarter of 2019 was RMB495
million (US$71 million), compared to RMB558 million in the second
quarter of 2018.
Basic and diluted earnings per
share/ADS for the second quarter of 2019, basic earnings
per share were RMB2.16 (US$0.31) and diluted earnings per share
were RMB2.05 (US$0.30). For the second quarter of 2019, excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities, adjusted basic
earnings per share (non-GAAP) were RMB1.74 (US$0.25) and adjusted
diluted earnings per share (non-GAAP) were RMB1.66 (US$0.24).
EBITDA (non-GAAP) for the
second quarter of 2019 was RMB1.2 billion (US$173 million),
compared with RMB745 million in the second quarter of 2018.
Excluding share-based compensation expenses and unrealized gains
(losses) from fair value changes of equity securities, adjusted
EBITDA (non-GAAP) for the second quarter of 2019 was RMB1.1 billion
(US$155 million), compared with RMB965 million for the second
quarter of 2018.
Cash flow. Operating cash
inflow for the second quarter of 2019 was RMB1.2 billion (US$169
million). Investing cash outflow for the second quarter of 2019 was
RMB553 million (US$81 million). Financing cash outflow for the
second quarter of 2019 was RMB1.1 billion (US$153 million).
Cash, cash equivalents and Restricted
cash. As of June 30, 2019, Huazhu had a total balance of
cash, cash equivalents and restricted cash of RMB4.1 billion
(US$592 million).
Debt financing. As of June 30,
2019, Huazhu had a total loan balance of RMB9.2 billion (US$1.3
billion) and the unutilized credit facility available to Huazhu was
RMB3.2 billion.
Adoption of New Lease Accounting
StandardsBeginning January 1, 2019, the Company adopted
Accounting Standards Update 2016-02, Leases (Topic 842) utilizing
the optional transition approach allowed under ASU 2018-11 and
applying the package of practical expedients. By applying ASU
2016-02 at January 1, 2019, as opposed to at the beginning of the
earliest period presented, the reporting for periods prior to
January 1, 2019 will continue to be reported in accordance with
Leases (Topic 840).
Share Repurchase
ProgramHuazhu’s Board of Directors has approved a share
repurchase program of up to US$750 million, effective for five
years. Under this program, Huazhu is authorized to repurchase in
open market or privately negotiated transactions its own
outstanding American Depositary Shares (“ADSs”) with an aggregate
value of up to US$750 million, depending on market conditions and
other factors, as well as in accordance with relevant rules under
United States securities regulations. The repurchase program does
not obligate Huazhu to make repurchases at any specific time.
Guidance Huazhu expects
net revenues for the third quarter to grow 9%-11% year-over-year.
For the full year of 2019, Huazhu adjusts the expected net revenues
growth range to 10%-12%.
The above forecast reflects Huazhu’s current and
preliminary view, which is subject to change.
Conference CallHuazhu’s
management will host a conference call at 9 p.m. ET, Wednesday,
August 21, 2019 (or 9 a.m. on Thursday, August 22, 2019 in the
Shanghai/Hong Kong time zone) following the announcement. To
participate in the event by telephone, please dial +1 (845) 675
0437 (for callers in the US), +86 400 620 8038 (for callers in
China Mainland), +852 3018 6771 (for callers in Hong Kong) or +65
6713 5090 (for callers outside of the US, China Mainland, and Hong
Kong) and enter pass code 5324018. Please dial in
approximately 10 minutes before the scheduled start of the
call.
A recording of the conference call will be
available after the conclusion of the conference call through
August 29, 2019. Please dial +1 (855) 452 5696 (for callers in the
US) or +61 2 8199 2099 (for callers outside the US) and entering
pass code 5324018.
The conference call will also be webcast live
over the Internet and can be accessed by all interested parties at
Huazhu’s website, http://ir.huazhu.com.
Use of Non-GAAP Financial
MeasuresTo supplement Huazhu’s unaudited consolidated
financial results presented in accordance with U.S. GAAP, Huazhu
uses the following non-GAAP measures defined as non-GAAP financial
measures by the SEC: hotel operating costs excluding share-based
compensation expenses; general and administrative expenses
excluding share-based compensation expenses; selling and marketing
expenses excluding share-based compensation expenses; adjusted
income from operations excluding share-based compensation expenses;
adjusted net income attributable to Huazhu Group Limited excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities; adjusted basic and
diluted earnings per share/ADS excluding share-based compensation
expenses and unrealized gains (losses) from fair value changes of
equity securities; EBITDA; and adjusted EBITDA excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities. 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. Huazhu believes that these
non-GAAP financial measures provide meaningful supplemental
information regarding Company performance by excluding share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities that may not be indicative of Company
operating performance. Huazhu believes that both management and
investors benefit from referring to these non-GAAP financial
measures in assessing Company performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management’s internal comparisons to Huazhu’s historical
performance. Huazhu 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. A
limitation of using non-GAAP financial measures excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities is that share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities have been and will continue to be
significant and recurring in Huazhu’s business. Management
compensates for these limitations by providing specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables have more details on the reconciliations
between GAAP financial measures that are most directly comparable
to non-GAAP financial measures.
Huazhu believes that EBITDA is a useful
financial metric to assess the operating and financial performance
before the impact of investing and financing transactions and
income taxes, given the significant investments that Huazhu has
made in leasehold improvements, depreciation and amortization
expense that comprise a significant portion of Huazhu’s cost
structure. In addition, Huazhu believes that EBITDA is widely used
by other companies in the lodging industry and may be used by
investors as a measure of financial performance. Huazhu believes
that EBITDA will provide investors with a useful tool for
comparability between periods because it eliminates depreciation
and amortization expense attributable to capital expenditures.
Huazhu also uses adjusted EBITDA, which is defined as EBITDA before
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities, to assess operating
results of the Huazhu hotels in operation. Huazhu believes that the
exclusion of share-based compensation expenses and unrealized gains
(losses) from fair value changes of equity securities helps
facilitate year-on-year comparison of the results of operations as
the share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities may not be indicative
of Company operating performance.
Huazhu believes that unrealized gains and losses
from changes in fair value of equity securities are generally
meaningless in understanding our reported results or evaluating our
economic performance of our businesses. These gains and losses have
caused and will continue to cause significant volatility in
periodic earnings.
Therefore, Huazhu believes adjusted EBITDA more
closely reflects the performance capability of hotels. The
presentation of EBITDA and adjusted EBITDA should not be construed
as an indication that Huazhu’s future results will be unaffected by
other charges and gains considered to be outside the ordinary
course of business.
The use of EBITDA and adjusted EBITDA has
certain limitations. Depreciation and amortization expense for
various long-term assets (including land use rights), income tax,
interest expense and interest income have been and will be incurred
and are not reflected in the presentation of EBITDA. Share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities have been and will be incurred, and
are not reflected in the presentation of adjusted EBITDA. Each of
these items should also be considered in the overall evaluation of
the results. Huazhu compensates for these limitations by providing
the relevant disclosure of the depreciation and amortization,
interest income, interest expense, income tax expense, share-based
compensation expenses, and unrealized gains (losses) from fair
value changes of equity securities and other relevant items both in
the reconciliations to the U.S. GAAP financial measures and in the
consolidated financial statements, all of which should be
considered when evaluating the performance of Huazhu.
The terms EBITDA and adjusted EBITDA are not
defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is
a measure of net income, operating income, operating performance or
liquidity presented in accordance with U.S. GAAP. When assessing
the operating and financial performance, investors should not
consider these data in isolation or as a substitute for Huazhu’s
net income, operating income or any other operating performance
measure that is calculated in accordance with U.S. GAAP. In
addition, Huazhu’s EBITDA or adjusted EBITDA may not be comparable
to EBITDA or adjusted EBITDA or similarly titled measures utilized
by other companies since such other companies may not calculate
EBITDA or adjusted EBITDA in the same manner as Huazhu does.
Reconciliations of Huazhu’s non-GAAP financial
measures, including EBITDA and adjusted EBITDA, to the consolidated
statement of operations information are included at the end of this
press release.
About Huazhu Group
LimitedHuazhu Group Limited is a leading hotel operator
and franchisor in China. As of June 30, 2019, Huazhu had 4,665
hotels or 463,296 rooms in operation. Huazhu’s brands include Hi
Inn, Elan Hotel, HanTing Hotel, HanTing Premium Hotel, JI Hotel,
Starway Hotel, Manxin Hotel, Joya Hotel, Orange Hotel Select,
Crystal Orange Hotel, and Vue Hotels and Resorts. Huazhu also has
the rights as master franchisee for Mercure, Ibis and Ibis Styles,
and co-development rights for Grand Mercure and Novotel, in
Pan-China region.
Huazhu’s business includes leased and owned,
manachised and franchised models. Under the lease and ownership
model, Huazhu directly operates hotels typically located on leased
or owned properties. Under the manachise model, Huazhu manages
manachised hotels through the on-site hotel managers it appoints
and collects fees from franchisees. Under the franchise model,
Huazhu provides training, reservation and support services to the
franchised hotels and collects fees from franchisees but does not
appoint on-site hotel managers. Huazhu applies a consistent
standard and platform across all of its hotels. As of June 30,
2019, Huazhu Group operates 19 percent of its hotel rooms under
lease and ownership model, 81 percent under manachise and franchise
models.
For more information, please visit Huazhu’s
website: http://ir.huazhu.com.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995: The information in this
release contains forward-looking statements which involve risks and
uncertainties, including statements regarding the Company’s capital
needs, business strategy and expectations. Any statements contained
herein that are not statements of historical fact may be deemed to
be forward-looking statements, which may be identified by
terminology such as “may,” “should,” “will,” “expect,” “plan,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “forecast,” “project,” or “continue,” the negative of
such terms or other comparable terminology. Readers should not rely
on forward-looking statements as predictions of future events or
results. Any or all of the Company’s forward-looking statements may
turn out to be wrong. They can be affected by inaccurate
assumptions, risks and uncertainties, and other factors which could
cause actual events or results to be materially different from
those expressed or implied in the forward-looking statements. In
evaluating these statements, readers should consider various
factors, including the anticipated growth strategies of the
Company, the future results of operations and financial condition
of the Company, economic conditions in China, the regulatory
environment in China, the Company’s ability to attract and retain
customers over time, the Company’s ability to leverage its brands,
business trends and competition in the lodging industry, the
expected growth of demand for lodging in China, and other factors
and risks outlined in the Company’s filings with the U.S.
Securities and Exchange Commission, including its annual report on
Form 20-F and other filings. These factors may cause the Company’s
actual results to differ materially from any forward-looking
statement. In addition, new factors emerge from time to time and it
is not possible for the Company to predict all factors that may
cause actual results to differ materially from those contained in
any forward-looking statements. Any projections in this release are
based on limited information currently available to the Company,
which is subject to change. This release also contains statements
or projections that are based upon information available to the
public, as well as other information from sources which the Company
believes to be reliable, but it is not guaranteed by the Company to
be accurate, nor does the Company purport it to be complete. The
Company disclaims any obligation to publicly update any
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by applicable
law.
Contact Information
Huazhu Investor RelationsTel: 86 (21) 6195
9561Email: ir@huazhu.comhttp://ir.huazhu.com
___________________________________1 Hotel
turnover refers to total transaction value of room and non-room
revenues from Huazhu hotels (i.e., leased and operated, manachised
and franchised hotels).2 The conversion of Renminbi (“RMB”) into
United States dollars (“US$”) is based on the exchange rate of
US$1.00=RMB6.8650 on June 28, 2019 as set forth in H.10 statistical
release of the U.S. Federal Reserve Board.
---Financial Tables and Operational Data
Follow—
Huazhu Group Limited |
Unaudited Condensed Consolidated Balance
Sheets |
|
|
December 31, 2018 |
|
June 30, 2019 |
|
RMB |
|
RMB |
|
US$ |
|
(in millions) |
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
4,262 |
|
|
3,346 |
|
|
487 |
|
Restricted cash |
622 |
|
|
719 |
|
|
105 |
|
Short-term investments |
89 |
|
|
76 |
|
|
11 |
|
Accounts receivable, net |
195 |
|
|
253 |
|
|
37 |
|
Loan receivables |
94 |
|
|
181 |
|
|
26 |
|
Amounts due from related parties |
176 |
|
|
243 |
|
|
35 |
|
Prepaid rent |
955 |
|
|
- |
|
|
- |
|
Inventories |
41 |
|
|
37 |
|
|
5 |
|
Other current assets |
540 |
|
|
634 |
|
|
92 |
|
Total current assets |
6,974 |
|
|
5,489 |
|
|
798 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
5,018 |
|
|
5,306 |
|
|
773 |
|
Intangible assets, net |
1,834 |
|
|
1,662 |
|
|
242 |
|
Operating lease right-of-use assets |
- |
|
|
20,914 |
|
|
3,046 |
|
Land use rights, net |
220 |
|
|
217 |
|
|
32 |
|
Long-term investments |
6,152 |
|
|
6,130 |
|
|
893 |
|
Goodwill |
2,630 |
|
|
2,657 |
|
|
387 |
|
Loan receivables |
189 |
|
|
293 |
|
|
43 |
|
Other assets |
471 |
|
|
521 |
|
|
76 |
|
Deferred tax assets |
505 |
|
|
500 |
|
|
73 |
|
Total assets |
23,993 |
|
|
43,689 |
|
|
6,363 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Short-term debt |
948 |
|
|
3,042 |
|
|
443 |
|
Accounts payable |
890 |
|
|
930 |
|
|
135 |
|
Amounts due to related parties |
75 |
|
|
99 |
|
|
14 |
|
Salary and welfare payables |
521 |
|
|
410 |
|
|
60 |
|
Deferred revenue |
1,005 |
|
|
1,154 |
|
|
168 |
|
Operating lease liabilities, current |
- |
|
|
2,875 |
|
|
419 |
|
Accrued expenses and other current liabilities |
1,607 |
|
|
1,665 |
|
|
243 |
|
Dividends payable |
658 |
|
|
- |
|
|
- |
|
Income tax payable |
265 |
|
|
255 |
|
|
37 |
|
Total current liabilities |
5,969 |
|
|
10,430 |
|
|
1,519 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
8,812 |
|
|
6,126 |
|
|
892 |
|
Deferred rent |
1,507 |
|
|
- |
|
|
- |
|
Operating lease liabilities, noncurrent |
- |
|
|
18,535 |
|
|
2,700 |
|
Deferred revenue |
458 |
|
|
475 |
|
|
69 |
|
Other long-term liabilities |
453 |
|
|
507 |
|
|
75 |
|
Deferred tax liabilities |
475 |
|
|
479 |
|
|
70 |
|
Total liabilities |
17,674 |
|
|
36,552 |
|
|
5,325 |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
Ordinary shares |
0 |
|
|
0 |
|
|
0 |
|
Treasury shares |
(107 |
) |
|
(107 |
) |
|
(16 |
) |
Additional paid-in capital |
3,713 |
|
|
3,778 |
|
|
550 |
|
Retained earnings |
2,610 |
|
|
3,329 |
|
|
485 |
|
Accumulated other comprehensive (loss) income |
(42 |
) |
|
(13 |
) |
|
(2 |
) |
Total Huazhu Group Limited shareholders’ equity |
6,174 |
|
|
6,987 |
|
|
1,017 |
|
Noncontrolling interest |
145 |
|
|
150 |
|
|
21 |
|
Total equity |
6,319 |
|
|
7,137 |
|
|
1,038 |
|
Total liabilities and equity |
23,993 |
|
|
43,689 |
|
|
6,363 |
|
|
|
|
|
|
|
|
|
|
Huazhu Group Limited |
Unaudited Condensed Consolidated Statements of
Comprehensive Income |
|
|
Quarter Ended |
|
June 30, 2018 |
|
March 31, 2019 |
|
June 30, 2019 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
(in millions, except share, per share and per ADS
data) |
Revenues: |
|
|
|
|
Leased and owned hotels |
1,899 |
|
|
1,706 |
|
|
2,001 |
|
|
292 |
|
Manachised and franchised hotels |
616 |
|
|
663 |
|
|
803 |
|
|
117 |
|
Others |
6 |
|
|
18 |
|
|
55 |
|
|
8 |
|
Net revenues |
2,521 |
|
|
2,387 |
|
|
2,859 |
|
|
417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
Hotel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
Rents |
(585 |
) |
|
(651 |
) |
|
(646 |
) |
|
(94 |
) |
Utilities |
(76 |
) |
|
(129 |
) |
|
(79 |
) |
|
(11 |
) |
Personnel costs |
(422 |
) |
|
(446 |
) |
|
(453 |
) |
|
(66 |
) |
Depreciation and amortization |
(219 |
) |
|
(223 |
) |
|
(237 |
) |
|
(34 |
) |
Consumables, food and beverage |
(170 |
) |
|
(174 |
) |
|
(201 |
) |
|
(29 |
) |
Others |
(103 |
) |
|
(112 |
) |
|
(127 |
) |
|
(19 |
) |
Total hotel operating costs |
(1,575 |
) |
|
(1,735 |
) |
|
(1,743 |
) |
|
(253 |
) |
Other operating costs |
(2 |
) |
|
(7 |
) |
|
(17 |
) |
|
(3 |
) |
Selling and marketing expenses |
(83 |
) |
|
(77 |
) |
|
(102 |
) |
|
(15 |
) |
General and administrative expenses |
(190 |
) |
|
(206 |
) |
|
(247 |
) |
|
(36 |
) |
Pre-opening expenses |
(66 |
) |
|
(104 |
) |
|
(122 |
) |
|
(18 |
) |
Total operating costs and expenses |
(1,916 |
) |
|
(2,129 |
) |
|
(2,231 |
) |
|
(325 |
) |
Other operating income (expense), net |
66 |
|
|
6 |
|
|
29 |
|
|
4 |
|
Income from operations |
671 |
|
|
264 |
|
|
657 |
|
|
96 |
|
Interest income |
40 |
|
|
33 |
|
|
41 |
|
|
6 |
|
Interest expense |
(59 |
) |
|
(77 |
) |
|
(83 |
) |
|
(12 |
) |
Other (expense) income, net |
195 |
|
|
65 |
|
|
135 |
|
|
20 |
|
Unrealized gains (losses) from fair value changes of equity
securities |
(201 |
) |
|
(90 |
) |
|
149 |
|
|
22 |
|
Foreign exchange gain (loss) |
(132 |
) |
|
(32 |
) |
|
35 |
|
|
4 |
|
Income (Loss) before income taxes |
514 |
|
|
163 |
|
|
934 |
|
|
136 |
|
Income tax expense |
(164 |
) |
|
(31 |
) |
|
(286 |
) |
|
(42 |
) |
Gain (Loss) from equity method investments |
(11 |
) |
|
(33 |
) |
|
(43 |
) |
|
(6 |
) |
Net income (loss) |
339 |
|
|
99 |
|
|
605 |
|
|
88 |
|
Net (income) loss attributable to noncontrolling interest |
(1 |
) |
|
7 |
|
|
8 |
|
|
1 |
|
Net income (loss) attributable to Huazhu Group Limited |
338 |
|
|
106 |
|
|
613 |
|
|
89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net of tax |
(167 |
) |
|
93 |
|
|
(64 |
) |
|
(9 |
) |
Comprehensive income (loss) |
172 |
|
|
192 |
|
|
541 |
|
|
79 |
|
Comprehensive (income) loss attributable to noncontrolling
interest |
(1 |
) |
|
7 |
|
|
8 |
|
|
1 |
|
Comprehensive income (loss) attributable to Huazhu Group
Limited |
171 |
|
|
199 |
|
|
549 |
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Losses) per share/ADS: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
1.20 |
|
|
0.37 |
|
|
2.16 |
|
|
0.31 |
|
Diluted |
1.14 |
|
|
0.36 |
|
|
2.05 |
|
|
0.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computation: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
281,495,301 |
|
|
283,251,520 |
|
|
284,029,267 |
|
|
284,029,267 |
|
Diluted |
303,962,764 |
|
|
293,449,989 |
|
|
304,526,084 |
|
|
304,526,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Huazhu Group Limited |
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
|
Quarter Ended |
|
June 30, 2018 |
|
March 31, 2019 |
|
June 30, 2019 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
(in millions) |
Operating activities: |
|
|
|
|
Net income |
339 |
|
|
99 |
|
|
605 |
|
|
88 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
19 |
|
|
26 |
|
|
31 |
|
|
4 |
|
Depreciation and amortization, and other |
230 |
|
|
237 |
|
|
252 |
|
|
37 |
|
Loss from equity method investments, net of dividends |
11 |
|
|
33 |
|
|
43 |
|
|
6 |
|
Investment (income) loss |
267 |
|
|
77 |
|
|
(194 |
) |
|
(28 |
) |
Changes in operating assets and liabilities |
250 |
|
|
(307 |
) |
|
382 |
|
|
56 |
|
Other |
24 |
|
|
(18 |
) |
|
42 |
|
|
6 |
|
Net cash provided by operating activities |
1,140 |
|
|
147 |
|
|
1,161 |
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
(162 |
) |
|
(384 |
) |
|
(301 |
) |
|
(45 |
) |
Acquisitions, net of cash received |
(39 |
) |
|
(36 |
) |
|
(25 |
) |
|
(4 |
) |
Purchase of long-term investments |
(153 |
) |
|
- |
|
|
(148 |
) |
|
(21 |
) |
Proceeds from maturity/sale of long-term investments |
105 |
|
|
188 |
|
|
- |
|
|
- |
|
Loan advances |
(50 |
) |
|
(186 |
) |
|
(149 |
) |
|
(22 |
) |
Loan collections |
95 |
|
|
40 |
|
|
66 |
|
|
10 |
|
Other |
10 |
|
|
0 |
|
|
4 |
|
|
1 |
|
Net cash used in investing activities |
(194 |
) |
|
(378 |
) |
|
(553 |
) |
|
(81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of ordinary shares upon exercise of
options |
12 |
|
|
1 |
|
|
7 |
|
|
1 |
|
Proceeds from debt |
76 |
|
|
2,644 |
|
|
1,682 |
|
|
245 |
|
Repayment of debt |
(637 |
) |
|
(2,186 |
) |
|
(2,756 |
) |
|
(401 |
) |
Dividend paid |
- |
|
|
(658 |
) |
|
- |
|
|
- |
|
Other |
14 |
|
|
5 |
|
|
13 |
|
|
2 |
|
Net cash used in financing activities |
(535 |
) |
|
(194 |
) |
|
(1,054 |
) |
|
(153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
31 |
|
|
(2 |
) |
|
54 |
|
|
8 |
|
Net increase (decrease) in cash, cash equivalents and restricted
cash |
442 |
|
|
(427 |
) |
|
(392 |
) |
|
(57 |
) |
Cash, cash equivalents and restricted cash at the beginning of the
period |
4,045 |
|
|
4,884 |
|
|
4,457 |
|
|
649 |
|
Cash, cash equivalents and restricted cash at the end of the
period |
4,487 |
|
|
4,457 |
|
|
4,065 |
|
|
592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Huazhu Group Limited |
Unaudited Reconciliation of GAAP and Non-GAAP
Results |
|
|
Quarter Ended June 30, 2019 |
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
RMB |
|
|
|
|
RMB |
|
|
|
|
RMB |
|
|
|
(in millions) |
Hotel operating costs |
1,743 |
|
61.0 |
% |
|
10 |
|
0.3 |
% |
|
1,733 |
|
60.7 |
% |
Other operating costs |
17 |
|
0.6 |
% |
|
- |
|
0.0 |
% |
|
17 |
|
0.6 |
% |
Selling and marketing expenses |
102 |
|
3.6 |
% |
|
1 |
|
0.0 |
% |
|
101 |
|
3.6 |
% |
General and administrative expenses |
247 |
|
8.6 |
% |
|
20 |
|
0.7 |
% |
|
227 |
|
7.9 |
% |
Pre-opening expenses |
122 |
|
4.3 |
% |
|
- |
|
0.0 |
% |
|
122 |
|
4.3 |
% |
Total operating costs and expenses |
2,231 |
|
78.1 |
% |
|
31 |
|
1.0 |
% |
|
2,200 |
|
77.1 |
% |
Income from operations |
657 |
|
23.0 |
% |
|
31 |
|
1.0 |
% |
|
688 |
|
24.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2019 |
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
US$ |
|
|
|
|
US$ |
|
|
|
|
US$ |
|
|
|
(in millions) |
Hotel operating costs |
253 |
|
61.0 |
% |
|
1 |
|
0.3 |
% |
|
252 |
|
60.7 |
% |
Other operating costs |
3 |
|
0.6 |
% |
|
- |
|
0.0 |
% |
|
3 |
|
0.6 |
% |
Selling and marketing expenses |
15 |
|
3.6 |
% |
|
0 |
|
0.0 |
% |
|
15 |
|
3.6 |
% |
General and administrative expenses |
36 |
|
8.6 |
% |
|
3 |
|
0.7 |
% |
|
33 |
|
7.9 |
% |
Pre-opening expenses |
18 |
|
4.3 |
% |
|
- |
|
0.0 |
% |
|
18 |
|
4.3 |
% |
Total operating costs and expenses |
325 |
|
78.1 |
% |
|
4 |
|
1.0 |
% |
|
321 |
|
77.1 |
% |
Income from operations |
96 |
|
23.0 |
% |
|
4 |
|
1.0 |
% |
|
100 |
|
24.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, 2019 |
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
RMB |
|
|
|
|
RMB |
|
|
|
|
RMB |
|
|
|
(in millions) |
Hotel operating costs |
1,735 |
|
72.7 |
% |
|
8 |
|
0.3 |
% |
|
1,727 |
|
72.4 |
% |
Other operating costs |
7 |
|
0.3 |
% |
|
- |
|
0.0 |
% |
|
7 |
|
0.3 |
% |
Selling and marketing expenses |
77 |
|
3.2 |
% |
|
1 |
|
0.0 |
% |
|
76 |
|
3.2 |
% |
General and administrative expenses |
206 |
|
8.6 |
% |
|
17 |
|
0.7 |
% |
|
189 |
|
7.9 |
% |
Pre-opening expenses |
104 |
|
4.4 |
% |
|
- |
|
0.0 |
% |
|
104 |
|
4.4 |
% |
Total operating costs and expenses |
2,129 |
|
89.2 |
% |
|
26 |
|
1.0 |
% |
|
2,103 |
|
88.2 |
% |
Income from operations |
264 |
|
11.1 |
% |
|
26 |
|
1.0 |
% |
|
290 |
|
12.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2018 |
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
RMB |
|
|
|
|
RMB |
|
|
|
|
RMB |
|
|
|
(in millions) |
Hotel operating costs |
1,575 |
|
62.5 |
% |
|
7 |
|
0.3 |
% |
|
1,568 |
|
62.2 |
% |
Other operating costs |
2 |
|
0.1 |
% |
|
- |
|
0.0 |
% |
|
2 |
|
0.1 |
% |
Selling and marketing expenses |
83 |
|
3.3 |
% |
|
1 |
|
0.0 |
% |
|
82 |
|
3.3 |
% |
General and administrative expenses |
190 |
|
7.5 |
% |
|
11 |
|
0.4 |
% |
|
179 |
|
7.1 |
% |
Pre-opening expenses |
66 |
|
2.6 |
% |
|
- |
|
0.0 |
% |
|
66 |
|
2.6 |
% |
Total operating costs and expenses |
1,916 |
|
76.0 |
% |
|
19 |
|
0.7 |
% |
|
1,897 |
|
75.3 |
% |
Income from operations |
671 |
|
26.6 |
% |
|
19 |
|
0.7 |
% |
|
690 |
|
27.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huazhu Group Limited |
Unaudited Reconciliation of GAAP and Non-GAAP
Results |
|
|
Quarter Ended |
|
June 30, 2018 |
|
March 31, 2019 |
|
June 30, 2019 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
(in millions, except share, per share and per ADS
data) |
Net income (loss) attributable to Huazhu Group Limited (GAAP) |
338 |
|
|
106 |
|
|
613 |
|
|
89 |
|
Share-based compensation expenses |
19 |
|
|
26 |
|
|
31 |
|
|
4 |
|
Unrealized (gains) losses from fair value changes of equity
securities |
201 |
|
|
90 |
|
|
(149 |
) |
|
(22 |
) |
Adjusted net income attributable to Huazhu Group Limited
(non-GAAP) |
558 |
|
|
222 |
|
|
495 |
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted earnings (losses) per share/ADS (non-GAAP) |
Basic |
1.98 |
|
|
0.79 |
|
|
1.74 |
|
|
0.25 |
|
Diluted |
1.87 |
|
|
0.76 |
|
|
1.66 |
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares used in computation |
Basic |
281,495,301 |
|
|
283,251,520 |
|
|
284,029,267 |
|
|
284,029,267 |
|
Diluted |
303,962,764 |
|
|
293,449,989 |
|
|
304,526,084 |
|
|
304,526,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
June 30, 2018 |
|
March 31, 2019 |
|
June 30, 2019 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
(in millions) |
Net income (loss) attributable to Huazhu Group Limited
(GAAP) |
338 |
|
|
106 |
|
|
613 |
|
|
89 |
|
Interest income |
(40 |
) |
|
(33 |
) |
|
(41 |
) |
|
(6 |
) |
Interest expense |
59 |
|
|
77 |
|
|
83 |
|
|
12 |
|
Income tax expense |
164 |
|
|
31 |
|
|
286 |
|
|
42 |
|
Depreciation and amortization |
224 |
|
|
231 |
|
|
245 |
|
|
36 |
|
EBITDA (non-GAAP) |
745 |
|
|
412 |
|
|
1,186 |
|
|
173 |
|
Share-based compensation |
19 |
|
|
26 |
|
|
31 |
|
|
4 |
|
Unrealized (gains) losses from fair value changes of equity
securities |
201 |
|
|
90 |
|
|
(149 |
) |
|
(22 |
) |
Adjusted EBITDA (non-GAAP) |
965 |
|
|
528 |
|
|
1,068 |
|
|
155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Huazhu Group Limited |
Operational Data |
|
|
|
|
|
As of |
|
|
June 30, |
March 31, |
June 30, |
|
2018 |
2019 |
2019 |
Total hotels in operation: |
3,903 |
|
4,396 |
|
4,665 |
|
Leased and owned hotels |
673 |
|
698 |
|
696 |
|
Manachised hotels |
3,024 |
|
3,470 |
|
3,692 |
|
Franchised hotels |
206 |
|
228 |
|
277 |
|
Total hotel rooms in operation |
393,417 |
|
439,614 |
|
463,296 |
|
Leased and owned hotels |
86,231 |
|
87,766 |
|
87,179 |
|
Manachised hotels |
287,398 |
|
330,568 |
|
351,128 |
|
Franchised hotels |
19,788 |
|
21,280 |
|
24,989 |
|
Number of cities |
384 |
|
404 |
|
413 |
|
|
|
|
|
|
For the quarter ended |
|
June 30, |
March 31, |
June 30, |
|
2018 |
2019 |
2019 |
Average daily room rate (in RMB) |
|
|
|
Leased and owned hotels |
270 |
|
258 |
|
281 |
|
Manachised hotels |
212 |
|
210 |
|
224 |
|
Franchised hotels |
248 |
|
237 |
|
246 |
|
Blended |
226 |
|
221 |
|
236 |
|
Occupancy rate (as a percentage) |
|
|
|
Leased and owned hotels |
91.4 |
% |
83.6 |
% |
89.4 |
% |
Manachised hotels |
89.8 |
% |
80.5 |
% |
87.1 |
% |
Franchised hotels |
78.7 |
% |
68.6 |
% |
75.1 |
% |
Blended |
89.6 |
% |
80.6 |
% |
86.9 |
% |
RevPAR (in RMB) |
|
|
|
Leased and owned hotels |
246 |
|
216 |
|
252 |
|
Manachised hotels |
190 |
|
169 |
|
195 |
|
Franchised hotels |
195 |
|
162 |
|
185 |
|
Blended |
203 |
|
178 |
|
206 |
|
|
|
As of June 30, 2019 |
|
Hotels in operation |
Unopened hotels in
pipeline |
Economy hotels |
2,990 |
433 |
Leased and owned hotels |
435 |
2 |
Manachised and franchised hotels |
2,555 |
431 |
Midscale and upscale hotels |
1,675 |
1,120 |
Leased and owned hotels |
261 |
53 |
Manachised and franchised hotels |
1,414 |
1,067 |
Total |
4,665 |
1,553 |
|
Hotel portfolio by brand |
|
|
As of June 30, 2019 |
|
Number of hotels in operation |
Number of rooms in operation |
Economy hotels |
2,990 |
265,025 |
HanTing Hotel |
2,331 |
222,983 |
Hi Inn |
415 |
25,535 |
Elan Hotel |
244 |
16,507 |
Midscale and upscale hotels |
1,675 |
198,271 |
JI Hotel |
666 |
85,385 |
Starway Hotel |
265 |
23,314 |
Joya Hotel |
6 |
1,250 |
Manxin Hotels & Resorts |
35 |
2,873 |
HanTing Premium Hotel |
129 |
11,861 |
Ibis Hotel |
159 |
18,698 |
Ibis Styles Hotel |
44 |
5,318 |
Mercure Hotel |
52 |
10,444 |
Novotel Hotel |
9 |
2,928 |
Grand Mercure Hotel |
8 |
1,622 |
Orange Select Hotel |
216 |
25,561 |
Crystal Orange Hotel |
66 |
8,377 |
Vue Hotels and Resorts |
20 |
640 |
Total hotels |
4,665 |
463,296 |
Note: Orange Hotel was rebranded as Orange Select during Q2
2019. |
Same-hotel operational data by segment |
|
Number of hotels |
Same-hotel RevPAR |
Same-hotel ADR |
Same-hotel Occupancy |
|
As of |
For the quarter ended |
yoy change |
For the quarter ended |
yoy change |
For the quarter ended |
yoy change |
|
June 30, |
June 30, |
June 30, |
June 30, |
|
2018 |
2019 |
2018 |
2019 |
|
2018 |
2019 |
|
2018 |
|
2019 |
|
(p.p.) |
Economy hotels |
2,489 |
2,489 |
175 |
171 |
-2.0 |
% |
185 |
187 |
0.9 |
% |
94.3 |
% |
91.6 |
% |
-2.7 |
Leased hotels |
424 |
424 |
189 |
191 |
0.6 |
% |
202 |
206 |
2.1 |
% |
94.0 |
% |
92.7 |
% |
-1.4 |
Manachised and franchised hotels |
2,065 |
2,065 |
171 |
166 |
-2.7 |
% |
181 |
182 |
0.6 |
% |
94.4 |
% |
91.3 |
% |
-3.0 |
Midscale and upscale hotels |
788 |
788 |
278 |
272 |
-2.4 |
% |
325 |
323 |
-0.7 |
% |
85.5 |
% |
84.1 |
% |
-1.4 |
Leased and owned hotels |
179 |
179 |
346 |
334 |
-3.5 |
% |
392 |
383 |
-2.2 |
% |
88.5 |
% |
87.3 |
% |
-1.2 |
Manachised and franchised hotels |
609 |
609 |
251 |
247 |
-1.8 |
% |
298 |
298 |
0.0 |
% |
84.3 |
% |
82.8 |
% |
-1.5 |
Total |
3,277 |
3,277 |
206 |
202 |
-2.1 |
% |
225 |
226 |
0.4 |
% |
91.7 |
% |
89.3 |
% |
-2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
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