Atour Lifestyle Holdings Limited Q3 2024 Earnings Summary
Shanghai, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, announced its unaudited financial results for the third quarter ended September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 (USD) | Q3 2023 (USD) | YoY Change (%) |
|---|---|---|---|
| Total Revenue | 271 million | N/A | N/A |
| Net Income | 54 million | 37 million | 45.3% |
| Adjusted Net Income (non-GAAP) | 55 million | 39 million | 41.2% |
| EBITDA (non-GAAP) | 75 million | 53 million | 42.9% |
| Adjusted EBITDA (non-GAAP) | 76 million | 54 million | 40.0% |
The company demonstrated strong growth, with net revenues showing a 46.7% year-over-year increase, driven by the expanding hotel network and growing retail business.
Revenue Performance by Segment
| Segment | Q3 2024 (USD) | Q3 2023 (USD) | YoY Change (%) |
|---|---|---|---|
| Manachised Hotels | 168 million | N/A | 51.0% |
| Leased Hotels | 27 million | N/A | -20.4% |
| Retail | 68 million | N/A | 104.0% |
| Others | 7 million | N/A | 26.4% |
The retail segment experienced substantial growth with revenues increasing by 104.0% year-over-year, highlighting the strength of Atour's retail brands and effective product expansion.
Key Developments and Operational Highlights
- Total of 1,533 hotels and 175,199 rooms in the network as of September 30, 2024.
- A significant increase in manachised hotels, totaling 1,504, and a decrease in leased hotels due to optimization.
- Introduction of the new upscale brand, SAVHE Hotel.
Executive Comments
Mr. Haijun Wang, Founder, Chairman, and CEO, expressed satisfaction with the company's strong third-quarter performance. Key efforts included the notable expansion of the hotel network and the introduction of SAVHE Hotel, enhancing the company's brand in the upscale market. The retail segment also saw robust growth, marked by an increase in GMV driven by the Atour Planet initiatives.
Forward Guidance
Atour anticipates a total net revenue increase of 48% to 52% for the full year of 2024 compared with full-year 2023, reflecting strong market positioning and growth potential.
Stock Price Movement
Following the earnings release, Atour's stock experienced an increase of 4.19%.
Overall, Atour Lifestyle Holdings Limited delivered impressive financial results for the third quarter of 2024, marked by robust revenue growth across its hotel and retail segments, setting a strong foundation for continued expansion and strategic market positioning.
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