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Atour Lifestyle Holdings Limited Reports First Quarter of 2024 Unaudited Financial Results
ATATAtour Lifestyle (ATAT) globenewswire.com·2024-05-23 10:10

Core Insights - Atour Lifestyle Holdings Limited reported significant growth in its financial performance for the first quarter of 2024, with net revenues increasing by 89.7% year-over-year to RMB1,468 million (US203million)andnetincomesoaringby1326.0203 million) and net income soaring by 1326.0% to RMB258 million (US36 million) [1][7][15]. Financial Performance - Net revenues for Q1 2024 reached RMB1,468 million (US203million),upfromRMB774millioninQ12023,drivenbygrowthinmanachisedhotelsandretailbusinesses[7][15].−NetincomeforQ12024wasRMB258million(US203 million), up from RMB774 million in Q1 2023, driven by growth in manachised hotels and retail businesses [7][15]. - Net income for Q1 2024 was RMB258 million (US36 million), a substantial increase from RMB18 million in Q1 2023 [15]. - Adjusted net income (non-GAAP) for Q1 2024 was RMB261 million (US36million),up63.436 million), up 63.4% from RMB160 million in Q1 2023 [15][16]. - EBITDA (non-GAAP) for Q1 2024 was RMB351 million (US49 million), representing a 291.3% increase from RMB90 million in Q1 2023 [16]. Operational Highlights - As of March 31, 2024, Atour operated 1,302 hotels with a total of 148,149 hotel rooms, marking a year-over-year increase of 34.5% in the number of hotels and 31.6% in hotel rooms [3][5]. - The average daily room rate (ADR) for Q1 2024 was RMB430, slightly down from RMB443 in Q1 2023 [3]. - The occupancy rate for Q1 2024 was 73.3%, compared to 72.5% in Q1 2023 [3]. - Revenue per available room (RevPAR) was RMB328 for Q1 2024, down from RMB337 in Q1 2023 [3]. Retail Business Performance - The gross merchandise value (GMV) from Atour's retail business was RMB495 million for Q1 2024, representing a remarkable increase of 277.4% year-over-year [4][5]. Revenue Breakdown - Revenues from manachised hotels increased by 87.1% to RMB836 million (US116million)inQ12024[7][8].−Revenuesfromleasedhotelsdecreasedby10.3116 million) in Q1 2024 [7][8]. - Revenues from leased hotels decreased by 10.3% to RMB168 million (US23 million) in Q1 2024, attributed to a decline in RevPAR and renovations [8]. - Retail revenues surged by 268.9% to RMB417 million (US58million)inQ12024,drivenbybrandrecognitionandimprovedproductofferings[8].CostandExpenses−TotaloperatingcostsandexpensesforQ12024wereRMB1,154million(US58 million) in Q1 2024, driven by brand recognition and improved product offerings [8]. Cost and Expenses - Total operating costs and expenses for Q1 2024 were RMB1,154 million (US160 million), up from RMB719 million in Q1 2023 [9][10]. - Hotel operating costs for Q1 2024 were RMB662 million (US92million),accountingfor65.992 million), accounting for 65.9% of revenues from manachised and leased hotels [10]. - Selling and marketing expenses increased significantly to RMB175 million (US24 million) in Q1 2024, reflecting enhanced investment in brand recognition [12]. Cash Flow and Debt - Operating cash inflow for Q1 2024 was RMB143 million (US20million)[16].−AsofMarch31,2024,thecompanyhadtotaloutstandingborrowingsofRMB92million(US20 million) [16]. - As of March 31, 2024, the company had total outstanding borrowings of RMB92 million (US13 million) and an unutilized credit facility of RMB420 million [17].