Hotel Operations - As of September 30, 2022, the company operated 8,402 hotels with a total of 797,489 rooms[5] - The company opened 429 hotels in Q3 2022, while closing 204 hotels during the same period[5] - The total number of hotels as of September 30, 2022, is 8,402, with 797,489 rooms and 2,313 hotels in the pipeline[48] - The total number of temporarily closed hotels as of September 30, 2022, is 4, due to renovations and seasonal closures[46] - The total number of hotels as of September 30, 2022, was 8,276, with a net increase of 225 hotels compared to the previous year[40] Financial Performance - Total revenue for Q3 2022 grew by 16.2% year-over-year to RMB 4.1 billion (approximately USD 575 million), aligning with previous guidance of 13% to 17% growth[2] - The net loss attributable to the company for Q3 2022 was RMB 717 million (approximately USD 101 million), compared to a net loss of RMB 137 million in Q3 2021[3] - Adjusted EBITDA for Q3 2022 was RMB 491 million (approximately USD 69 million), up from RMB 385 million in Q3 2021[4] - The company's operating profit for Q3 2022 was RMB 500 million (approximately USD 70 million), compared to RMB 72 million in Q3 2021 and RMB 8 million in Q2 2022, with an operating profit margin of 12.2%[16] - The company reported a significant increase in user data, with a notable rise in hotel management and franchise operations contributing to revenue growth[33] Revenue Metrics - Hotel revenue for Q3 2022 increased by 24.4% year-over-year to RMB 15.2 billion, while excluding Steigenberger Hotels AG, the growth was 21.6%[2] - Revenue from the Legacy-Huazhu segment in Q3 2022 was RMB 3,200 million, a year-over-year increase of 7.7% and a quarter-over-quarter increase of 28.4%[10] - The Legacy-DH segment reported revenue of RMB 932 million in Q3 2022, a year-over-year increase of 58.2% and a quarter-over-quarter increase of 1.2%[10] - The management franchise and licensed hotel revenue in Q3 2022 was RMB 1,313 million, a year-over-year increase of 16.4% and a quarter-over-quarter increase of 38.9%[11] Occupancy and Rates - The average daily rate (ADR) for Legacy-Huazhu hotels in Q3 2022 was RMB 254, compared to RMB 246 in Q3 2021[6] - The occupancy rate for all operating Legacy-Huazhu hotels in Q3 2022 was 76.0%, up from 71.9% in Q3 2021[6] - Average revenue per available room (RevPAR) in China recovered to 90% of 2019 levels in Q3 2022, driven by pent-up leisure travel demand during July and August, but slowed to 74% in October due to COVID-19 resurgence[9] - The average daily room rate for leased hotels increased by 19.7% year-over-year to €112.9 as of September 30, 2022[47] - The occupancy rate for leased hotels improved by 19.5 percentage points year-over-year to 67.4% as of September 30, 2022[47] Cash Flow and Debt - Operating cash inflow for Q3 2022 was RMB 452 million (approximately USD 64 million), while investment cash outflow was RMB 525 million (approximately USD 74 million)[21] - As of September 30, 2022, the total cash and cash equivalents amounted to RMB 5.2 billion (approximately USD 728 million) and restricted cash was RMB 400 million (approximately USD 6 million)[21] - The total debt balance as of September 30, 2022, was RMB 11.2 billion (approximately USD 1.6 billion), with available undrawn credit facilities of RMB 2.9 billion[21] - The company’s long-term debt rose to RMB 6,091 million as of September 30, 2022, from RMB 3,565 million as of December 31, 2021[32] Future Outlook - The company expects Q4 2022 revenue to grow by 7% to 11% year-over-year, or decline by 1% to 5% excluding DH[4] - The company plans to focus on cost control and cautious capital expenditure to ensure operational and cash flow safety amid ongoing COVID-19 challenges[9] - The company plans to expand its market presence and enhance customer retention strategies in the upcoming quarters[30] Non-GAAP Measures - The company believes that adjusted EBITDA better reflects the operational performance of its hotels, excluding the impact of stock-based compensation and unrealized gains or losses from equity securities[26] - The company emphasizes that EBITDA and adjusted EBITDA should not be viewed as indicators of future performance, as they do not account for depreciation, amortization, taxes, and interest expenses[27] - The company aims to enhance transparency in financial and operational decision-making by providing non-GAAP financial measures[25]
华住集团-S(01179) - 2022 Q3 - 季度财报