Atour Lifestyle (US:ATAT)2025-03-25 10:09Financial Performance - Net revenues for Q4 2024 rose by 38.5% to RMB2,084 million (US$286 million) compared to RMB1,505 million in Q4 2023; full year revenues increased by 55.3% to RMB7,248 million (US$993 million) from RMB4,666 million in 2023[5][14] - Net income for Q4 2024 increased by 50.5% to RMB331 million (US$45 million) from RMB220 million in Q4 2023; full year net income rose by 72.2% to RMB1,273 million (US$174 million) from RMB739 million in 2023[5] - Adjusted EBITDA for Q4 2024 surged by 76.5% to RMB443 million (US$61 million) compared to RMB251 million in Q4 2023; full year adjusted EBITDA increased by 46.8% to RMB1,772 million (US$243 million) from RMB1,207 million in 2023[5] - Total revenues for the year ended December 31, 2024, increased by 55.5% to RMB 7,247,932, compared to RMB 4,665,967 for the previous year[46] - Net income attributable to the Company for the year ended December 31, 2024, was RMB 1,275,348, representing a 73% increase from RMB 737,137 in 2023[46] - Operating income for the year ended December 31, 2024, was RMB 1,622,302, a 75.7% increase from RMB 924,034 in 2023[46] - Adjusted net income (non-GAAP) for the full year of 2024 was RMB1,306 million (US$179 million), up 44.6% from RMB903 million in 2023[25] - EBITDA (non-GAAP) for the full year of 2024 was RMB1,739 million (US$238 million), a 66.8% increase from RMB1,043 million in 2023[28] Hotel Operations - As of December 31, 2024, Atour operated 1,619 hotels with 183,184 hotel rooms, reflecting year-over-year increases of 33.8% and 32.8% respectively[3] - The total number of hotels increased to 111 by the end of Q4 2024, with 1,619 rooms, compared to 86 hotels and 1,393 rooms at the end of Q4 2023[50] - The occupancy rate for Q4 2024 was 77.0%, a decrease from 78.4% in Q4 2023; full year occupancy rate was 77.4%, down from 77.8% in 2023[7] - The number of manachised hotels was 1,593, with an occupancy rate of 76.9% in Q4 2024[50] - Revenues from manachised hotels for the year ended December 31, 2024, reached RMB 4,148,752, up 53.5% from RMB 2,705,609 in 2023[46] Revenue Metrics - The average daily room rate (ADR) for Q4 2024 was RMB420, down from RMB438 in Q4 2023; full year ADR was RMB437 compared to RMB464 in 2023[6] - Revenue per available room (RevPAR) for Q4 2024 was RMB337, down from RMB358 in Q4 2023; full year RevPAR was RMB351 compared to RMB377 in 2023[8] - Average Daily Rate (ADR) for all hotels in Q4 2024 was RMB 420.2, down from RMB 437.7 in Q4 2023[50] - RevPAR for all hotels in Q4 2024 was RMB 336.9, compared to RMB 358.2 in Q4 2023, reflecting a decrease of 5.9%[50] Expenses - Selling and marketing expenses for the full year of 2024 were RMB973 million (US$133 million), accounting for 13.4% of net revenues, up from 10.1% in 2023[20] - General and administrative expenses for the full year of 2024 were RMB353 million (US$48 million), representing 4.5% of net revenues, down from 6.2% in 2023[20] - Technology and development expenses for the full year of 2024 were RMB134 million (US$18 million), accounting for 1.8% of net revenues, compared to 1.7% in 2023[20] Cash Flow and Equity - Operating cash inflow for the full year of 2024 was RMB1,726 million (US$236 million)[31] - As of December 31, 2024, the company had total cash and cash equivalents of RMB3.6 billion (US$496 million)[31] - Cash and cash equivalents at the end of the period increased to RMB 3,619,630, up from RMB 2,841,753 at the beginning of the period[48] - The total equity attributable to shareholders of the Company increased to RMB 2,956,230 as of December 31, 2024, compared to RMB 2,068,068 as of December 31, 2023[45] - Net cash generated from operating activities for the year ended December 31, 2024, was RMB 1,725,948, a decrease from RMB 1,988,674 in 2023[48] Future Outlook - Atour plans to enhance core capabilities and deepen synergy between accommodation and retail sectors to drive long-term growth in 2025[10] - The company expects total net revenues to increase by 25% for the full year of 2025 compared to 2024[33] Comprehensive Income - The Company reported a comprehensive income attributable to the Company of RMB 1,271,965 for the year ended December 31, 2024, compared to RMB 752,771 in 2023[46] - The Company’s retained earnings increased significantly to RMB 1,346,526 as of December 31, 2024, from RMB 507,226 as of December 31, 2023[45] Mergers and Acquisitions - The company merged its upscale hotel brand, ZHOTEL, with Atour S effective July 1, 2024, to streamline its brand portfolio[51]