Financial Performance - Hotel revenue for Q1 2023 increased by 71.3% year-over-year to RMB 16.2 billion, and by 68.8% excluding Steigenberger Hotels GmbH[2] - Total revenue for Q1 2023 grew by 67.1% year-over-year to RMB 4.5 billion (approximately USD 652 million), exceeding previous guidance of 61% to 65% growth[2] - Net profit attributable to the company for Q1 2023 was RMB 990 million (approximately USD 144 million), compared to a net loss of RMB 630 million in Q1 2022[2] - EBITDA for Q1 2023 was RMB 1.6 billion (approximately USD 238 million), a significant improvement from a negative RMB 301 million in Q1 2022[2] - Adjusted EBITDA for Q1 2023 was RMB 1.7 billion (approximately USD 240 million), compared to a negative RMB 333 million in Q1 2022[3] - Operating profit for Q1 2023 was RMB 664 million (approximately USD 97 million), compared to an operating loss of RMB 708 million in Q1 2022 and an operating loss of RMB 93 million in the previous quarter[12] - The operating profit margin for Q1 2023 was 14.8%, compared to -26.4% in Q1 2022 and -2.5% in the previous quarter[12] - The company recorded other net profit of RMB 514 million (approximately USD 75 million) in Q1 2023, significantly up from RMB 59 million in Q1 2022 and a loss of RMB 65 million in the previous quarter[13] - Adjusted EBITDA for Q1 2023 reached RMB 1,651 million, compared to RMB (333) million in Q1 2022, indicating a strong recovery[30] Revenue Breakdown - Revenue from the Legacy-Huazhu segment in Q1 2023 was RMB 3.6 billion, a year-over-year increase of 58.0%[8] - Revenue from the Legacy-DH segment in Q1 2023 was RMB 886 million, a year-over-year increase of 118.2%[8] - The revenue from leased and owned hotels in Q1 2023 was RMB 2.9 billion, a year-over-year increase of 75.0%[9] - Total revenue for Q1 2023 reached RMB 4,480 million, a 21% increase from RMB 3,706 million in Q4 2022[25] Hotel Operations - As of March 31, 2023, the company operated 8,592 hotels with a total of 820,099 rooms[4] - The company opened 262 hotels and closed 209 hotels in Q1 2023, with 2,339 hotels in the pipeline[4] - As of March 31, 2023, Legacy-DH operates 128 hotels with a total of 26,172 rooms, including 15,497 rooms under lease and 10,675 rooms under management and franchise models[7] - The company signed over 670 new hotel contracts in Q1 2023, reflecting strong confidence from franchisees[7] Occupancy and Rates - Average daily rate (ADR) for Legacy-Huazhu hotels in Q1 2023 was RMB 277, up from RMB 224 in Q1 2022[5] - Occupancy rate for all operating Legacy-Huazhu hotels in Q1 2023 was 75.6%, compared to 59.2% in Q1 2022[5] - In Q1 2023, the average daily rate was €104, up from €88 in Q1 2022 and down from €122 in the previous quarter[7] - The occupancy rate for all operating Legacy-DH hotels in Q1 2023 was 53.5%, compared to 38.0% in Q1 2022 and 59.3% in the previous quarter[7] - Average revenue per available room (RevPAR) for leased and owned hotels rose to RMB 257, reflecting a 72.9% increase year-over-year[34] - Average daily room rate for leased and owned hotels increased to RMB 337, a 28.4% year-over-year growth[34] - The overall occupancy rate for all hotel categories was 76.7%, an increase of 15.7 percentage points year-over-year[36] Cash and Debt Position - As of March 31, 2023, total cash and cash equivalents amounted to RMB 9 billion (approximately USD 1.3 billion) and restricted cash was RMB 1.4 billion (approximately USD 202 million)[15] - Total debt as of March 31, 2023, was RMB 9.4 billion (approximately USD 1.4 billion), with net cash of RMB 957 million (approximately USD 139 million)[15] - Cash and cash equivalents rose significantly from RMB 3,583 million to RMB 8,963 million, an increase of 150.5%[23] Growth Strategies - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[25] - Huazhu Group emphasizes its growth strategies and ability to attract and retain customers in a competitive hospitality market[21] - The company has made significant investments in lease renovations, which contribute to its cost structure and influence EBITDA calculations[19] Non-GAAP Measures - The company uses non-GAAP financial measures, including adjusted net profit and adjusted EBITDA, to provide meaningful supplemental information about its performance[18] - Adjusted EBITDA excludes stock-based compensation and fair value changes of equity securities, providing a clearer view of the company's financial performance[20] - The use of non-GAAP measures like EBITDA and adjusted EBITDA has limitations, as they do not represent net profit or operating profit as defined by GAAP[20]
华住集团-S(01179) - 2023 Q1 - 季度业绩