Atour Lifestyle Holdings Limited Reports Strong Q2 2024 Financial Results
Intellectia.AI2024-08-29
Atour Lifestyle Holdings Limited Reports Strong Q2 2024 Financial Results
Shanghai, Aug. 29, 2024 — Atour Lifestyle Holdings Limited (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the quarter ended June 30, 2024.
Key Financial Metrics (in USD)
| Metric | Q2 2024 | Q2 2023 | YoY Change | Q1 2024 | QoQ Change |
|---|---|---|---|---|---|
| Net Revenue | $247 million | $150 million | +64.5% | $215 million | +14.9% |
| Net Income | $42 million | $33 million | +27.1% | $37 million | +13.5% |
| Adjusted Net Income* | $45 million | $34 million | +31.6% | $39 million | +15.4% |
| EBITDA* | $58 million | $45 million | +25.3% | $51 million | +13.7% |
| Adjusted EBITDA* | $61 million | $47 million | +28.6% | $53 million | +15.1% |
| Basic Income per Share | $0.10 | $0.09 | +11.1% | $0.09 | +11.1% |
| Diluted Income per Share | $0.10 | $0.09 | +11.1% | $0.09 | +11.1% |
*Non-GAAP measures exclude share-based compensation expenses.
Interpretation : Atour's strong performance in the second quarter of 2024 is evident in significant year-over-year (YoY) growth across key financial metrics. The impressive increase in net revenue by 64.5% was driven primarily by the growth in manachised hotel and retail businesses. Despite challenges, net income saw a substantial increase, boosting investor confidence.
Revenue Breakdown by Segment (in USD)
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Manachised Hotels | $141 million | $86 million | +63.9% |
| Leased Hotels | $25 million | $30 million | -17.9% |
| Retail | $74 million | $29 million | +153.6% |
| Others | $7 million | $5 million | +51.2% |
Interpretation : The revenue increase in the manachised hotels and retail segments showcases Atour's successful expansion and diversified revenue streams. The growth is driven by a significant number of new hotel openings and a substantial rise in retail sales. However, the leased hotels segment saw a decline due to product mix optimization and decreased RevPAR.
Key Developments & Operational Highlights
- Hotel Network Expansion :
- 1,412 hotels with 161,686 rooms as of June 30, 2024.
- 123 new hotel openings in Q2 2024, setting a new quarterly record.
- Aim to reach 2,000 hotels by 2025.
- Retail Performance :
- GMV from retail increased by 157.6% YoY to RMB620 million.
- Operational Metrics :
- Average Daily Rate (ADR): RMB441, a decrease from RMB475 in Q2 2023.
- Occupancy Rate: 78.4%, an increase from 77.1% in Q2 2023.
- Revenue Per Available Room (RevPAR): RMB359, a decrease from RMB384 in Q2 2023.
Comments from Company Officers
"Driven by the synergistic growth of our accommodation and retail businesses, we delivered a strong performance for the second quarter of 2024, further solidifying our industry leadership," said Mr. Haijun Wang, Founder, Chairman, and CEO of Atour. "Looking ahead to the second half of 2024, we will continue propelling progress with our deep understanding of and ability to fulfill customer needs. By consistently enhancing the ‘Chinese Experience,' we will promote comprehensive, high-quality growth across our Group's businesses and brand portfolio."
Dividends and Share Repurchase Program
- Dividends : No dividends announced.
- Share Repurchase Program : No share repurchase program announced.
Forward Guidance
- The company expects total net revenues for the full year 2024 to increase by 48% to 52% compared to full-year 2023, based on current market conditions and preliminary estimates.
Stock Price Movement
- Post-earnings release, Atour’s stock observed a slight increase of approximately 0.03%.
Conference Call : The earnings call is scheduled for 7:00 AM U.S. Eastern Time on August 29, 2024, accessible via the company's investor relations website.
Conclusion
Atour Lifestyle Holdings Limited demonstrated robust growth in Q2 2024 across key financial and operational metrics, driven by its aggressive expansion strategy and strengthened retail performance. The outlook remains positive as the company continues to leverage its market leadership and innovate within the hospitality industry.
— Financial Tables and Operational Data Follow —
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