- Net revenues for the fourth quarter of 2022 increased by 5.8% year-over-year to RMB626 million (US$91 million), compared with RMB592 million for the same period of 2021. Net revenues for 2022 increased by 5.4% year-over-year to RMB2,263 million (US$328 million) compared with RMB2,148 million for 2021.
- Net loss for the fourth quarter of 2022 was RMB83 million (US$12 million). For 2022, net income was RMB96 million (US$14 million). Adjusted net income (non-GAAP)1, which excluded share-based compensation expenses from net income (loss), for the fourth quarter of 2022 increased by 199.8% to RMB81 million (US$12 million), compared with RMB27 million for the same period of 2021. Adjusted net income (non-GAAP) for 2022 increased by 85.6% year-over-year to RMB259 million (US$38 million) compared with RMB140 million for 2021.
- EBITDA (non-GAAP)2 for the fourth quarter of 2022 was negative RMB47 million (US$7 million). For 2022, EBITDA (non-GAAP) was RMB261 million (US$38 million). Adjusted EBITDA (non-GAAP)3, which excluded share-based compensation expenses from EBITDA, for the fourth quarter of 2022 increased by 82.2% to RMB116 million (US$17 million), compared with RMB64 million for the same period of 2021. Adjusted EBITDA (non-GAAP) for 2022 increased by 41.9% year-over-year to RMB424 million (US$62 million) compared with RMB299 million for 2021.
SHANGHAI, China, March 30, 2023 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022.
Fourth Quarter and Full Year 2022 Operational Highlights
As of December 31, 2022, there were 932 hotels with a total of 107,998 hotel rooms in operation across Atour’s hotel network, representing a rapid increase of 25% year-over-year in both hotels and rooms. As of December 31, 2022, there were 363 hotels under development in our pipeline.
The average daily room rate4 (“ADR”) was RMB388 for the fourth quarter of 2022, compared with RMB409 for the fourth quarter of 2021 and RMB424 for the previous quarter. The ADR for 2022 was RMB391, compared with RMB415 for the previous year.
The occupancy rate4 was 63.1% for the fourth quarter of 2022, compared with 65.1% for the fourth quarter of 2021 and 72.0% for the previous quarter. The occupancy rate for 2022 was 63.0%, compared with 67.7% for the previous year.
The revenue per available room4 (“RevPAR”) was RMB259 for the fourth quarter of 2022, compared with RMB282 for the fourth quarter of 2021 and RMB321 for the previous quarter. The RevPAR for 2022 was RMB261, compared with RMB295 for the previous year.
“I am delighted to report solid results for our first reporting period as a public company,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “For full-year 2022, we achieved a year-over-year increase of 5.4% in total revenues and recorded profitability for the fourth consecutive year. Our extensive hotel network and refined operations, as well as the distinctive lifestyle experiences we offer beyond accommodation, have empowered our rapid growth over the past decade. Moreover, these unique attributes have also aptly positioned us to capture growth opportunities in the post-pandemic era. We commenced 2023 with a defined roadmap to operate a total of 2,000 premier hotels by the end of 2025 and remain dedicated to delivering remarkable experiences to all of our customers, incremental value to our franchisees, and long-term growth to our shareholders,” Mr. Wang concluded.
Fourth Quarter and Full Year of 2022 Unaudited Financial Results
| Q4 2021 | Q4 2022 | 2021FY | 2022FY | |||||
| (RMB in thousands) | ||||||||
| Revenues: | ||||||||
| Manachised hotels | 346,336 | 364,866 | 1,220,301 | 1,360,843 | ||||
| Leased hotels | 154,430 | 138,909 | 630,238 | 552,929 | ||||
| Retail revenues and others | 91,352 | 122,398 | 297,038 | 349,211 | ||||
| Net revenues | 592,118 | 626,173 | 2,147,577 | 2,262,983 | ||||
Net revenues. Our net revenues for the fourth quarter of 2022 increased by 5.8% to RMB626 million (US$91 million) from RMB592 million for the same period of 2021, mainly driven by the increase in revenues from our manachised hotels and retail revenues and others. For 2022, net revenues increased by 5.4% to RMB2,263 million (US$328 million) from RMB2,148 million for 2021.
- Manachised hotels. Revenues from our manachised hotels for the fourth quarter of 2022 increased by 5.4% to RMB365 million (US$53 million) from RMB346 million for the same period of 2021. For 2022, revenues from our manachised hotels increased by 11.5% to RMB1,361 million (US$197 million) from RMB1,220 million for 2021. These increases were primarily driven by the ongoing expansion of our hotel network. The total number of our manachised hotels increased from 712 as of December 31, 2021 to 899 as of December 31, 2022.
- Leased hotels. Revenues from our leased hotels for the fourth quarter of 2022 decreased by 10.1% to RMB139 million (US$20 million) from RMB154 million for the same period of 2021. For 2022, revenues from our manachised hotels decreased by 12.3% to RMB553 million (US$80 million) from RMB630 million in 2021. These decreases were primarily due to diminished customer traffic and weakened consumption demand amid the resurgence of COVID-19 across China in 2022.
- Retail revenues and others. Revenues from retail and others for the fourth quarter of 2022 increased by 34.0% to RMB122 million (US$18 million) from RMB91 million for the same period of 2021. For 2022, revenues from retail and others increased by 17.6% to RMB349 million (US$51 million) from RMB297 million for 2021. These increases were attributable to the rapid growth of our scenario-based retail business, driven by our hotel network expansion as well as growing recognition of our retail brand and our increasing capabilities in private label product offerings.
| Q4 2021 | Q4 2022 | 2021FY | 2022FY | |||||
| (RMB in thousands) | ||||||||
| Operating costs and expenses: | ||||||||
| Hotel operating costs | (394,437) | (355,929) | (1,419,578) | (1,393,312) | ||||
| Other operating costs | (51,620) | (68,135) | (163,324) | (186,685) | ||||
| Selling and marketing expenses | (41,297) | (53,992) | (124,210) | (139,929) | ||||
| General and administrative expenses | (62,485) | (217,041) | (197,064) | (350,009) | ||||
| Technology and development expenses | (17,422) | (15,966) | (52,121) | (66,182) | ||||
| Pre-opening expenses | - | - | (17,595) | - | ||||
| Total operating costs and expenses | (567,261) | (711,063) | (1,973,892) | (2,136,117) | ||||
Operating costs and expenses for the fourth quarter of 2022 were RMB711 million (US$103 million), compared with RMB567 million for the same period of 2021. For 2022, total operating costs and expenses were RMB2,136 million (US$310 million), compared with RMB1,974 million for 2021. Excluding the impact from share-based compensation expenses of RMB163 million, operating costs and expenses for the fourth quarter of 2022 decreased by 3.4% to RMB548 million. For full-year 2022, operating costs and expenses were RMB1,973 million, excluding the impact from share-based compensation expenses, which were in line with 2021. RMB160 million of share-based compensation expenses was recognized in general and administrative expenses.
- Hotel operating costs for the fourth quarter of 2022 decreased by 9.8% to RMB356 million (US$52 million) from RMB394 million for the same period of 2021. For 2022, hotel operating costs decreased by 1.9% to RMB1,393 million (US$202 million) from RMB1,420 million for 2021. These decreases were mainly attributable to our effective control of both expenses and labor costs amid the pandemic’s resurgence, along with pandemic-related lease concessions we received from landlords during the period.
- Selling and marketing expenses for the fourth quarter of 2022 increased by 30.7% to RMB54 million (US$8 million) from RMB41 million for the same period of 2021. For 2022, selling and marketing expenses increased by 12.7% to RMB140 million (US$20 million) from RMB124 million for 2021. These increases were mainly driven by our increased investment in brand promotion and channel development for our scenario-based retail business.
- General and administrative expenses for the fourth quarter of 2022 were RMB217 million (US$31 million), compared with RMB62 million for the same period of 2021. For 2022, general and administrative expenses were RMB350 million (US$51 million), compared with RMB197 million for 2021. Excluding the impact from share-based compensation expenses of RMB160 million, general and administrative expenses for the fourth quarter of 2022 decreased by 9.5% to RMB57 million, and for full-year 2022 decreased by 3.8% to RMB190 million.
- Technology and development expenses for the fourth quarter of 2022 decreased by 8.4% to RMB16 million (US$2 million) from RMB17 million for the same period of 2021. For 2022, technology and development expenses increased by 27.0% to RMB66 million (US$10 million) from RMB52 million for 2021. The year-over-year increase was mainly attributable to our increased investments in technology systems and infrastructure to support our expanding hotel network and improve customer experience.
- Pre-opening expenses were not incurred in 2022 as there were no newly-leased hotels on our opening schedule.
Other operating income for the fourth quarter of 2022 decreased by 35.3% to RMB7 million (US$1 million) from RMB10 million for the same period of 2021. For 2022, other operating income increased by 70.3% to RMB38 million (US$6 million) from RMB22 million for 2021.
Loss from operations for the fourth quarter of 2022 was RMB78 million (US$11 million), compared with income from operations of RMB35 million for the same period of 2021. For 2022, income from operations was RMB165 million (US$24 million) from RMB196 million for 2021.
Other income, net for the fourth quarter of 2022 was RMB2 million (US$0.3 million) compared with RMB2 million for the same period of 2021. For 2022, other expense, net was RMB1 million (US$0.1 million) compared with other income, net of RMB0.3 million for 2021.
Income tax expense for the fourth quarter of 2022 was RMB12 million (US$2 million) compared with RMB13 million for the same period of 2021. For 2022, income tax expense was RMB84 million (US$12 million) compared with RMB64 million for 2021.
Net loss for the fourth quarter of 2022 was RMB83 million (US$12 million), compared with net income of RMB27 million for the same period of 2021. For 2022, net income was RMB96 million (US$14 million), compared with RMB140 million for 2021.
Adjusted net income (non-GAAP), which excluded share-based compensation expenses, for the fourth quarter of 2022 was RMB81 million (US$12 million), an increase of 199.8% compared with RMB27 million for the same period of 2021. For 2022, adjusted net income (non-GAAP) was RMB259 million (US$38 million), an increase of 85.6% year-over-year compared with RMB140 million for 2021.
Basic and diluted loss per share/American depositary share (ADS). For the fourth quarter of 2022, basic and diluted loss per share were both RMB0.21 (US$0.03). Basic and diluted loss per ADS for the fourth quarter of 2022 were both RMB0.64 (US$0.09).
For 2022, basic and diluted income per share were both RMB0.26 (US$0.04). Basic and diluted income per ADS were both RMB0.78 (US$0.11).
EBITDA (non-GAAP) for the fourth quarter of 2022 was negative RMB47 million (US$7 million), compared with RMB64 million for the same period of 2021. For 2022, EBITDA (non-GAAP) was RMB261 million (US$38 million) compared with RMB299 million for 2021.
Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses from EBITDA, for the fourth quarter of 2022 was RMB116 million (US$17 million), an increase of 82.2% compared with RMB64 million for the same period of 2021. For 2022, adjusted EBITDA (non-GAAP) was RMB424 million (US$62 million), an increase of 41.9% year-over-year compared with RMB299 million for 2021.
Cash flows. Operating cash outflow for the fourth quarter of 2022 was RMB35 million (US$5 million). Investing cash outflow and financing cash inflow for the fourth quarter of 2022 were RMB174 million (US$25 million) and RMB365 million (US$53 million), respectively.
For 2022, operating cash inflow was RMB284 million (US$41 million), compared with RMB418 million for 2021. Investing cash outflow for 2022 was RMB192 million (US$28 million), compared with RMB42 million for 2021. Financing cash inflow for 2022 was RMB456 million (US$66 million), compared with financing cash outflow of RMB161 million for 2021.
Cash and cash equivalents and restricted cash. As of December 31, 2022, the Company had a total balance of cash and cash equivalents of RMB1,589 million (US$230 million) and restricted cash of RMB1 million (US$0.1 million).
Debt financing. As of December 31, 2022, the Company had total outstanding indebtedness of RMB174 million (US$25 million) and the unutilized credit facility available to the Company was RMB279 million.
___________________________
Note:
1 Adjusted net income (non-GAAP) is calculated as net income plus share-based compensation expenses.
2 EBITDA (non-GAAP) is calculated as earnings before interest expenses, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is calculated as earnings before interest expenses, interest income, income tax expense, depreciation and amortization and share-based compensation expenses.
4 The ADR and RevPAR are calculated based on the tax inclusive room rates.
“ADR” refers to average daily room rate, which means room revenue divided by the number of rooms in use;
“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.
Conference Call
The Company will host a conference call at 8:00 a.m. (U.S. Eastern time) on Thursday, March 30, 2023 (or 8:00 p.m. Beijing/Hong Kong time on the same day) following the announcement.
Event Title: Atour Fourth Quarter and Full Year 2022 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BIe662368bb23042ab9fbc33f6244a11a5
All participants must pre-register for this conference call using the link provided above. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.
Additionally, 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.
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 expenses, 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 expense 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 expense attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis excluding share-based compensation expenses which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.
The use of these non-GAAP measures has certain limitations as the excluded items have been and will be incurred and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.
In addition, these measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate these measures in the same manner as the Company does.
About Atour Lifestyle Holdings Limited
Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop a scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings. For more information, please visit https://ir.yaduo.com.
Investor Relations Contact
Atour Lifestyle Holdings Limited
Email: ir@yaduo.com
Piacente Financial Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (In thousands of RMB, except share data and per share data, or otherwise noted) | ||||||
| As of | As of | |||||
| December 31, | December 31, | |||||
| 2021 | 2022 | |||||
| RMB'000 | RMB'000 | USD'0001 | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 1,038,583 | 1,589,161 | 230,407 | |||
| Short-term investments | - | 157,808 | 22,880 | |||
| Accounts receivable | 99,961 | 132,699 | 19,239 | |||
| Prepayments and other current assets | 167,161 | 133,901 | 19,414 | |||
| Amounts due from related parties | 51,937 | 53,630 | 7,776 | |||
| Inventories | 58,575 | 57,460 | 8,331 | |||
| Total current assets | 1,416,217 | 2,124,659 | 308,047 | |||
| Non-current assets | ||||||
| Restricted cash | 946 | 946 | 137 | |||
| Contract costs | 62,415 | 67,270 | 9,753 | |||
| Property and equipment, net | 439,015 | 360,300 | 52,239 | |||
| Operating lease right-of-use assets | - | 1,932,000 | 280,114 | |||
| Intangible assets, net | 3,820 | 5,537 | 803 | |||
| Goodwill | 17,446 | 17,446 | 2,529 | |||
| Other assets | 182,581 | 141,335 | 20,492 | |||
| Deferred tax assets | 122,707 | 112,533 | 16,315 | |||
| Total non-current assets | 828,930 | 2,637,367 | 382,382 | |||
| Total assets | 2,245,147 | 4,762,026 | 690,429 | |||
| Liabilities and equity | ||||||
| Current liabilities | ||||||
| Operating lease liabilities, current | - | 319,598 | 46,337 | |||
| Accounts payable | 161,277 | 184,901 | 26,808 | |||
| Deferred revenue | 233,735 | 202,996 | 29,432 | |||
| Salary and welfare payable | 95,238 | 103,539 | 15,012 | |||
| Accrued expenses and other payables | 447,380 | 330,282 | 47,886 | |||
| Income taxes payable | 46,176 | 31,336 | 4,543 | |||
| Short-term borrowings | 64,808 | 142,828 | 20,708 | |||
| Current portion of long-term borrowings | 1,000 | 29,130 | 4,223 | |||
| Amounts due to related parties | 1,772 | 3,004 | 436 | |||
| Total current liabilities | 1,051,386 | 1,347,614 | 195,385 | |||
| Non-current liabilities | ||||||
| Operating lease liabilities, non-current | - | 1,805,402 | 261,759 | |||
| Deferred revenue | 267,909 | 277,841 | 40,283 | |||
| Long-term borrowings, non-current portion | 43,630 | 2,000 | 290 | |||
| Other non-current liabilities | 317,607 | 141,763 | 20,554 | |||
| Total non-current liabilities | 629,146 | 2,227,006 | 322,886 | |||
| Total liabilities | 1,680,532 | 3,574,620 | 518,271 | |||
____________________________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2022 and full-year 2022 and as of December 31, 2022 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 6.8972 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 30, 2022.
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (In thousands of RMB, except share data and per share data, or otherwise noted) | |||||
| As of | As of | ||||
| December 31, | December 31, | ||||
| 2021 | 2022 | ||||
| RMB'000 | RMB'000 | USD'0001 | |||
| Equity | |||||
| Class A ordinary shares | 218 | 229 | 33 | ||
| Class B ordinary shares | 56 | 56 | 8 | ||
| Additional paid in capital | 764,502 | 1,286,189 | 186,480 | ||
| Accumulated deficit | (176,403) | (78,304) | (11,353) | ||
| Accumulated other comprehensive loss | (8,947) | (10,865) | (1,575) | ||
| Total equity attributable to shareholders of the Company | 579,426 | 1,197,305 | 173,593 | ||
| Non-controlling interests | (14,811) | (9,899) | (1,435) | ||
| Total equity | 564,615 | 1,187,406 | 172,158 | ||
| Commitments and contingencies | - | - | - | ||
| Total liabilities and shareholders’ equity | 2,245,147 | 4,762,026 | 690,429 | ||
| ATOUR LIFESTYLE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
| (In thousands of RMB, except share data and per share data, or otherwise noted) | ||||||||||||
| Quarter Ended | Year Ended | |||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||
| RMB'000 | RMB'000 | USD'0001 | RMB'000 | RMB'000 | USD'0001 | |||||||
| Revenues: | ||||||||||||
| Manachised hotels | 346,336 | 364,866 | 52,901 | 1,220,301 | 1,360,843 | 197,304 | ||||||
| Leased hotels | 154,430 | 138,909 | 20,140 | 630,238 | 552,929 | 80,167 | ||||||
| Retail revenues and others | 91,352 | 122,398 | 17,746 | 297,038 | 349,211 | 50,631 | ||||||
| Net revenues | 592,118 | 626,173 | 90,787 | 2,147,577 | 2,262,983 | 328,102 | ||||||
| Operating costs and expenses: | ||||||||||||
| Hotel operating costs | (394,437) | (355,929) | (51,605) | (1,419,578) | (1,393,312) | (202,011) | ||||||
| Other operating costs | (51,620) | (68,135) | (9,879) | (163,324) | (186,685) | (27,068) | ||||||
| Selling and marketing expenses | (41,297) | (53,992) | (7,828) | (124,210) | (139,929) | (20,288) | ||||||
| General and administrative expenses | (62,485) | (217,041) | (31,468) | (197,064) | (350,009) | (50,746) | ||||||
| Technology and development expenses | (17,422) | (15,966) | (2,315) | (52,121) | (66,182) | (9,594) | ||||||
| Pre-opening expenses | - | - | - | (17,595) | - | - | ||||||
| Total operating costs and expenses | (567,261) | (711,063) | (103,095) | (1,973,892) | (2,136,117) | (309,707) | ||||||
| Other operating income | 10,057 | 6,511 | 944 | 22,371 | 38,094 | 5,523 | ||||||
| Income (loss) from operation | 34,914 | (78,379) | (11,364) | 196,056 | 164,960 | 23,918 | ||||||
| Interest income | 2,723 | 4,971 | 721 | 6,722 | 14,456 | 2,097 | ||||||
| Gain from short-term investments | 2,361 | 1,918 | 278 | 8,745 | 8,455 | 1,226 | ||||||
| Interest expenses | (2,003) | (1,646) | (239) | (7,937) | (6,501) | (943) | ||||||
| Other income (expenses), net | 2,179 | 2,245 | 325 | 301 | (814) | (118) | ||||||
| Income (loss) before income tax | 40,174 | (70,891) | (10,279) | 203,887 | 180,556 | 26,180 | ||||||
| Income tax expense | (13,293) | (11,712) | (1,698) | (64,217) | (84,474) | (12,248) | ||||||
| Net (loss) income | 26,881 | (82,603) | (11,977) | 139,670 | 96,082 | 13,932 | ||||||
| Less: net loss attributable to non-controlling interests | (2,251) | (325) | (47) | (5,384) | (2,017) | (291) | ||||||
| Net income (loss) attributable to the Company | 29,132 | (82,278) | (11,930) | 145,054 | 98,099 | 14,223 | ||||||
| Less: accretion of redeemable Class A ordinary shares* | - | - | - | (15,115) | - | - | ||||||
| Net income (loss) available to shareholders of the Company | 29,132 | (82,278) | (11,930) | 129,939 | 98,099 | 14,223 | ||||||
| Net income (loss) | 26,881 | (82,603) | (11,977) | 139,670 | 96,082 | 13,932 | ||||||
| Other comprehensive (loss) income | ||||||||||||
| Foreign currency translation adjustments, net of nil income taxes | (5,088) | (11,322) | (1,642) | (8,947) | (1,918) | (279) | ||||||
| Other comprehensive (loss) income, net of income taxes | (5,088) | (11,322) | (1,642) | (8,947) | (1,918) | (279) | ||||||
| Total comprehensive income (loss) | 21,793 | (93,925) | (13,619) | 130,723 | 94,164 | 13,653 | ||||||
| Comprehensive loss attributable to non-controlling interests | (2,251) | (325) | (47) | (5,384) | (2,017) | (291) | ||||||
| Comprehensive income (loss) attributable to the Company | 24,044 | (93,600) | (13,572) | 136,107 | 96,181 | 13,944 | ||||||
| Net income (loss) per ordinary share | ||||||||||||
| —Basic | 0.08 | (0.21) | (0.03) | 0.40 | 0.26 | 0.04 | ||||||
| —Diluted | 0.08 | (0.21) | (0.03) | 0.40 | 0.26 | 0.04 | ||||||
| Weighted average ordinary shares used in calculating net income (loss) per ordinary share | ||||||||||||
| —Basic | 376,970,454 | 386,298,063 | 386,298,063 | 323,163,367 | 379,321,522 | 379,321,522 | ||||||
| —Diluted | 376,970,454 | 386,298,063 | 386,298,063 | 323,163,367 | 381,598,689 | 381,598,689 | ||||||
* Represent Series A Shares of Atour Shanghai prior to Restructuring
| 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) | ||||||||||||
| Quarter Ended | Year Ended | |||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||
| 2021 | 2022 | 2021 | 2022 | |||||||||
| RMB'000 | RMB'000 | USD'0001 | RMB'000 | RMB'000 | USD'0001 | |||||||
| Cash flows from operating activities: | ||||||||||||
| Net cash generated from (used in) operating activities | 137,156 | (35,018) | (5,077) | 417,879 | 283,677 | 41,129 | ||||||
| Cash flows from investing activities: | ||||||||||||
| Payment for purchases of property and equipment | (7,795) | (12,630) | (1,831) | (63,973) | (36,425) | (5,281) | ||||||
| Payment for purchases of intangible assets | (432) | (1,663) | (241) | (1,997) | (2,805) | (407) | ||||||
| Payment for purchases of short-term investments | (1,472,900) | (1,080,450) | (156,651) | (4,303,920) | (2,931,000) | (424,955) | ||||||
| Proceeds from maturities of short-term investments | 1,595,261 | 920,918 | 133,521 | 4,312,665 | 2,778,005 | 402,773 | ||||||
| Repayment of loans due from third parties | 7,000 | - | - | 15,000 | - | - | ||||||
| Net cash generated from (used in) investing activities | 121,134 | (173,825) | (25,202) | (42,225) | (192,225) | (27,870) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Acquisition of non-controlling interests | - | - | - | - | (350) | (51) | ||||||
| Proceeds from borrowings | - | 30,000 | 4,350 | 218,434 | 199,000 | 28,852 | ||||||
| Repayment of borrowings | (93,250) | (58,000) | (8,409) | (230,430) | (134,480) | (19,498) | ||||||
| Repurchase of ordinary shares | - | - | - | (111,260) | - | - | ||||||
| Distribution to shareholders | - | - | - | (20,645) | - | - | ||||||
| Proceeds from initial public offering | - | 400,068 | 58,004 | - | 400,068 | 58,005 | ||||||
| Payment for initial public offering costs | (4,357) | (7,207) | (1,045) | (17,179) | (7,928) | (1,149) | ||||||
| Net cash (used in) generated from financing activities | (97,607) | 364,861 | 52,900 | (161,080) | 456,310 | 66,159 | ||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (8,181) | (2,250) | (327) | (8,181) | 2,816 | 408 | ||||||
| Net increase in cash, cash equivalents and restricted cash | 152,502 | 153,768 | 22,294 | 206,393 | 550,578 | 79,826 | ||||||
| Cash and cash equivalents and restricted cash at the beginning of the period | 887,027 | 1,436,339 | 208,250 | 833,136 | 1,039,529 | 150,718 | ||||||
| Cash and cash equivalents and restricted cash at the end of the period | 1,039,529 | 1,590,107 | 230,544 | 1,039,529 | 1,590,107 | 230,544 | ||||||
| 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) | |||||||||||
| Quarter Ended | Year Ended | ||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||
| RMB'000 | RMB'000 | USD'0001 | RMB'000 | RMB'000 | USD'0001 | ||||||
| Net income (loss) (GAAP) | 26,881 | (82,603) | (11,977) | 139,670 | 96,082 | 13,932 | |||||
| Share-based compensation expenses | - | 163,193 | 23,661 | - | 163,193 | 23,661 | |||||
| Adjusted net income (non-GAAP) | 26,881 | 80,590 | 11,684 | 139,670 | 259,275 | 37,593 | |||||
| Quarter Ended | Year Ended | ||||||||||
| December 31, | December 31, | December 31, | December 31, | ||||||||
| 2021 | 2022 | 2021 | 2022 | ||||||||
| RMB'000 | RMB'000 | USD'0001 | RMB'000 | RMB'000 | USD'0001 | ||||||
| Net income (loss) (GAAP) | 26,881 | (82,603) | (11,977) | 139,670 | 96,082 | 13,932 | |||||
| Interest income | (2,723) | (4,971) | (721) | (6,722) | (14,456) | (2,097) | |||||
| Interest expenses | 2,003 | 1,646 | 239 | 7,937 | 6,501 | 943 | |||||
| Income tax expense | 13,293 | 11,712 | 1,698 | 64,217 | 84,474 | 12,248 | |||||
| Depreciation and amortization | 24,249 | 27,112 | 3,931 | 93,911 | 88,561 | 12,840 | |||||
| EBITDA (non-GAAP) | 63,703 | (47,104) | (6,830) | 299,013 | 261,162 | 37,866 | |||||
| Share-based compensation expenses | - | 163,193 | 23,661 | - | 163,193 | 23,661 | |||||
| Adjusted EBITDA (non-GAAP) | 63,703 | 116,089 | 16,831 | 299,013 | 424,355 | 61,527 | |||||
—Financial Tables and Operational Data Follow—
Key Operating Data
| Number of Hotels2 | Number of Rooms | ||||
| Opened in FY22 | Closed in FY22 | As of December 31, 2022 | As of December 31, 2022 | ||
| Manachised hotels | 191 | 4 | 899 | 102,945 | |
| Leased hotels | 0 | 0 | 33 | 5,053 | |
| Total | 932 | 107,998 | |||
| Brand | Positioning | Properties | Rooms | |
| Manachised | Leased | |||
| A.T. House | Luxury | 1 | 214 | |
| Atour S | Upscale | 45 | 9 | 8,235 |
| ZHOTEL | Upscale | 1 | 52 | |
| Atour | Upper midscale | 731 | 22 | 87,709 |
| Atour X | Upper midscale | 48 | 4,893 | |
| Atour Light | Midscale | 74 | 1 | 6,895 |
| Total | 899 | 33 | 107,998 | |
__________________________________
2Includes 53 hotels being requisitioned by the government for quarantine needs in response to the COVID-19 outbreak, which were not in operation as of December 31, 2022.
| Three Months Ended December 31, 2021 | Three Months Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | ||||||||||||||||
| Three Months Ended December 31, 2019 | Exclusive of requisitioned hotels3 | Inclusive of requisitioned hotels | Exclusive of requisitioned hotels3 | Inclusive of requisitioned hotels | Year Ended December 31, 2019 | Exclusive of requisitioned hotels3 | Inclusive of requisitioned hotels | Exclusive of requisitioned hotels3 | Inclusive of requisitioned hotels | ||||||||||
| Occupancy rate | |||||||||||||||||||
| (in percentage) | |||||||||||||||||||
| Manachised hotels | 73.1% | 65.0% | 63.9% | 62.8% | 59.5% | 72.3% | 67.4% | 66.8% | 62.9% | 60.6% | |||||||||
| Leased hotels | 83.3% | 65.9% | 66.7% | 67.3% | 69.0% | 83.0% | 70.8% | 71.1% | 65.8% | 67.2% | |||||||||
| All hotels | 74.0% | 65.1% | 64.1% | 63.1% | 60.0% | 73.4% | 67.7% | 67.0% | 63.0% | 60.9% | |||||||||
| ADR | |||||||||||||||||||
| (in RMB) | |||||||||||||||||||
| Manachised hotels | 410.4 | 401.5 | 398.8 | 382.6 | 369.5 | 415.9 | 407.4 | 405.2 | 386.4 | 379.0 | |||||||||
| Leased hotels | 532.8 | 522.5 | 515.6 | 468.6 | 453.3 | 530.1 | 517.0 | 513.3 | 465.0 | 463.2 | |||||||||
| All hotels | 422.5 | 409.3 | 406.3 | 387.8 | 374.2 | 429.5 | 415.2 | 412.7 | 391.2 | 383.9 | |||||||||
| RevPAR | |||||||||||||||||||
| (in RMB) | |||||||||||||||||||
| Manachised hotels | 315.4 | 275.9 | 269.4 | 254.4 | 233.1 | 313.7 | 288.1 | 283.7 | 256.3 | 243.2 | |||||||||
| Leased hotels | 471.3 | 369.0 | 369.1 | 341.7 | 340.9 | 463.7 | 388.1 | 387.5 | 330.6 | 336.9 | |||||||||
| All hotels | 329.2 | 281.8 | 275.5 | 259.3 | 238.4 | 329.5 | 294.9 | 290.5 | 260.7 | 248.1 | |||||||||
__________________________________
3Excludes, for purposes of calculating these key operating metrics, approximately 460 thousand, 1,970 thousand, 1,191 thousand, and 5,532 thousand room-nights related to hotel rooms that were 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 three months ended December 31, 2021 and 2022, and the year ended 2021 and 2022, respectively. The ADR and RevPAR are calculated based on tax inclusive room rates.
