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

    Источник: Nasdaq GlobeNewswire / 28 мар 2024 05:00:38   America/Chicago

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

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

    Fourth Quarter and Full Year 2023 Operational Highlights

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

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

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

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

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

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


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

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

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

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

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

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

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

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

    • Hotel operating costs for the fourth quarter of 2023 increased by 106.0% year-over-year to RMB733 million (US$103 million) from RMB356 million for the same period of 2022. For full year 2023, hotel operating costs increased by 60.8% year-over-year to RMB2,241 million (US$316 million) from RMB1,393 million for full year 2022. The increases were mainly due to the increase in variable costs, such as supply chain costs, associated with the continued growth of our hotel business. Hotel operating costs accounted for 70.1% and 63.2% of manachised and leased hotels’ revenues for the fourth quarter and full year of 2023, respectively, compared with 70.7% and 72.8% for the same periods of 2022, respectively.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Debt financing. As of December 31, 2023, the Company had total outstanding borrowings of RMB72 million (US$10 million) and the unutilized credit facility available to the Company was RMB410 million.

    _________________________________

    1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
    2 EBITDA (non-GAAP) is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization.
    3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
    4 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. ADR and RevPAR are calculated based on tax inclusive room rates.
    “ADR” refers to the average daily room rate, which means room revenue divided by the number of rooms in use for a given period;
    “Occupancy rate” refers to the number of rooms in use divided by the number of available rooms for a given period;
    “RevPAR” refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.
    5 “GMV” refers to gross merchandise value, which is the total value of confirmed orders placed and paid for by our end customers with us or our franchisees, as the case may be, and sold as part of our retail business, where the ordered products have been dispatched and not returned, calculated based on the prices of the ordered products net of any discounts offered to our end customers.

    Conference Call

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

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

    For participants who wish to join the conference call via telephone, please pre-register using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN to join the conference call.

    Details for the conference call are as follows: 

    Event Title: Atour Fourth Quarter and Full Year 2023 Earnings Conference Call
    Pre-registration Link: https://register.vevent.com/register/BI70f0996472244e0e99374c5c3db7206f

    Use of Non-GAAP Financial Measures

    To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income (loss), which is defined as net income (loss) excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expense, interest income, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

    The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization comprise a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis excluding share-based compensation expenses which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

    The use of these non-GAAP measures has certain limitations as the excluded items have been and will be incurred and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

    In addition, these measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate these measures in the same manner as the Company does.

    About Atour Lifestyle Holdings Limited

    Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings.

    For more information, please visit https://ir.yaduo.com.

    Investor Relations Contact

    Atour Lifestyle Holdings Limited
    Email: ir@yaduo.com

    Piacente Financial Communications
    Email: Atour@tpg-ir.com
    Tel: +86-10-6508-0677


    —Financial Tables and Operational Data Follow—

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

    _________________________________

    1 Translations of balances in the consolidated financial statements from RMB into US$ for the fourth quarter of 2023 and as of December 31, 2023 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB 7.0999, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2023.



    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (All amounts in thousands, except share data and per share data, or otherwise noted)
           
      As of As of
      December 31, December 31,
      2022 2023
      RMB RMB USD1
    Shareholders’ equity      
    Class A ordinary shares 229  244  34 
    Class B ordinary shares 56  56  8 
    Additional paid in capital 1,286,189  1,555,773  219,126 
    Retained earnings (accumulated deficit) (78,304) 507,226  71,441 
    Accumulated other comprehensive income (loss) (10,865) 4,769  672 
    Total shareholders’ equity attributable to shareholders of the Company  1,197,305  2,068,068  291,281 
    Non-controlling interests (9,899) (7,979) (1,124)
    Total shareholders’ equity 1,187,406  2,060,089  290,157 
    Commitments and contingencies -  -  - 
    Total liabilities and shareholders’ equity 4,762,026  6,587,025  927,763 




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




    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands of RMB, except share data and per share data, or otherwise noted)
                 
      Three Months Ended Year Ended
      December 31, December 31, December 31, December 31,
      2022 2023
    		 2022 2023
      RMB RMB USD1 RMB RMB USD1
                 
    Cash flows from operating activities:            
    Net cash generated from (used in) operating activities  (35,018) 564,038  79,444  283,677  1,988,674  280,097 
    Cash flows from investing activities:            
    Payment for purchases of property and equipment (12,630) (9,827) (1,384) (36,425) (41,724) (5,877)
    Proceeds from disposal of property and equipment -  -  -  -  670  94 
    Payment for purchases of intangible assets (1,663) -  -  (2,805) -  - 
    Payment for purchases of short-term investments (1,080,450) (3,601,000) (507,190) (2,931,000) (9,427,210) (1,327,795)
    Proceeds from maturities of short-term investments 920,918  3,654,035  514,660  2,778,005  8,867,743  1,248,995 
    Net cash (used in) generated from investing activities (173,825) 43,208  6,086  (192,225) (600,521) (84,583)
    Cash flows from financing activities:            
    Proceeds from borrowings 30,000  -  -  199,000  40,000  5,634 
    Repayment of borrowings (58,000) -  -  (134,480) (141,958) (19,994)
    Proceeds from employee stock option exercises -  52,461  7,389  -  105,621  14,876 
    Payment for dividends -  -  -  -  (150,579) (21,209)
    Acquisition of non-controlling interest -  -  -  (350) -  - 
    Proceeds from initial public offering 400,068  -  -  400,068  -  - 
    Payment for initial public offering costs (7,207) -  -  (7,928) -  - 
    Net cash (used in) generated from financing activities 364,861  52,461  7,389  456,310  (146,916) (20,693)
    Effect of exchange rate changes on cash and cash equivalents and restricted cash (2,250) (16,275) (2,293) 2,816  10,409  1,470 
    Net increase in cash, cash equivalents and restricted cash 153,768  643,432  90,626  550,578  1,251,646  176,291 
    Cash and cash equivalents and restricted cash at the beginning of the period 1,436,339  2,198,321  309,626  1,039,529  1,590,107  223,961 
    Cash and cash equivalents and restricted cash at the end of the period 1,590,107  2,841,753  400,252  1,590,107  2,841,753  400,252 


    ATOUR LIFESTYLE HOLDINGS LIMITED
    UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
    (In thousands of RMB, except share data and per share data, or otherwise noted)
                 
      Three Months Ended Year Ended
      December 31, December 31, December 31, December 31,
      2022
    		 2023
    		 2022
    		 2023
      RMB RMB USD1 RMB RMB USD1
                 
    Net income (loss) (GAAP) (82,603) 219,763  30,953  96,082  739,057  104,094 
    Share-based compensation expenses, net of tax effect of nil2 163,193  2,476  349  163,193  163,978  23,096 
    Adjusted net income (non-GAAP) 80,590  222,239  31,302  259,275  903,035  127,190 
                 
      Three Months Ended Year Ended
      December 31, December 31, December 31, December 31,
      2022
    		 2023
    		 2022
    		 2023
      RMB RMB USD1 RMB RMB USD1
                 
    Net income (loss) (GAAP) (82,603) 219,763  30,953  96,082   739,057  104,094 
    Interest income (4,971) (8,757) (1,233) (14,456) (29,569) (4,165)
    Interest expense 1,646  679  96  6,501  5,005  705 
    Income tax expense 11,712  17,232  2,427  84,474  243,036  34,231 
    Depreciation and amortization 27,112  19,422  2,735  88,561  85,021  11,975 
    EBITDA (non-GAAP) (47,104) 248,339  34,978  261,162   1,042,550  146,840 
    Share-based compensation expenses 163,193  2,476  349  163,193  163,978  23,096 
    Adjusted EBITDA (non-GAAP) 116,089  250,815  35,327  424,355   1,206,528  169,936 
                       

    _________________________________

    2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

    Key Operating Data

     Number of Hotels Number of Rooms
     Opened in Q4 2023Closed in Q4 2023As of
    December 31, 2023    		  As of
    December 31, 2023
    Manachised hotels10021,178 133,291
    Leased hotels--32 4,630
    Total 10021,210 137,921


      As of December 31, 2023
    BrandPositioningPropertiesRooms
      ManachisedLeased 
    A.T. HouseLuxury-1214
    Atour SUpscale5789,628
    ZHOTELUpscale1-52
    AtourUpper midscale89822105,977
    Atour XUpper midscale114-12,140
    Atour LightMidscale10819,910
    Total 1,17832137,921


     Three Months
    Ended
    December 31,
    2019    		 Three Months
    Ended
    December 31,
    2022    		 Three Months
    Ended
    September 30,
    2023    		 Three Months
    Ended
    December 31,
    2023
            
    Occupancy rate3
    (in percentage)    		       
    Manachised hotels73.1% 62.8% 82.2% 78.2%
    Leased hotels83.3% 67.3% 86.6% 84.5%
    All hotels74.0% 63.1% 82.4% 78.4%
            
    ADR3 (in RMB)        
    Manachised hotels410.4 382.6 489.4 432.8
    Leased hotels532.8 468.6 629.9 557.9
    All hotels422.5 387.8 495.4 437.7
            
    RevPAR3 (in RMB)        
    Manachised hotels315.4 254.4 417.9 353.1
    Leased hotels471.3 341.7 571.4 495.3
    All hotels329.2 259.3 424.1 358.2


     Twelve Months
    Ended
    December 31, 2019    		 Twelve Months
    Ended
    December 31, 2022    		 Twelve Months
    Ended
    December 31, 2023
          
    Occupancy rate3
    (in percentage)    		     
    Manachised hotels72.3% 62.9% 77.6%
    Leased hotels83.0% 65.8% 83.6%
    All hotels73.4% 63.0% 77.8%
          
    ADR3 (in RMB)      
    Manachised hotels415.9 386.4 457.8
    Leased hotels530.1 465.0 587.2
    All hotels429.5 391.2 463.6
          
    RevPAR3 (in RMB)      
    Manachised hotels313.7 256.3 370.8
    Leased hotels463.7 330.6 517.2
    All hotels329.5 260.7 376.8

    _________________________________

    3 Excludes hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures. By the end of the second quarter of 2023, all of our hotels previously requisitioned by the government for quarantine purposes had been restored to our management, and no hotel was subject to requisition or closure due to COVID-19 restrictions during the fourth quarter of 2023 and as of December 31, 2023. ADR and RevPAR are calculated based on tax inclusive room rates.


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