Hotel Operations - As of December 31, 2022, the company operated 8,543 hotels with a total of 809,478 rooms[2] - As of December 31, 2022, Legacy-Huazhu operated 8,411 hotels with a total of 783,174 rooms, including 2,544 hotels under development[5] - As of December 31, 2022, there were 2,580 hotels in the pipeline, including 2,544 from Legacy-Huazhu and 36 from Legacy-DH[4] - The company operates 13% of its hotel rooms under lease and ownership models, while 87% are managed through franchise and management agreements[25] - The economy hotel segment includes 4,948 hotels with 389,383 rooms and 1,066 hotels under development[48] - The mid-range hotel segment consists of 2,898 hotels with 317,117 rooms and 1,146 hotels in the pipeline[48] - The upscale hotel segment has 134 hotels with 21,609 rooms and 72 hotels under development[48] - The company has 3,257 Hanting hotels with 288,956 rooms and 652 hotels in the pipeline[48] - The company has 456 Haiyou hotels with 23,998 rooms and 170 hotels under development[48] - The company has 567 Xingcheng hotels with 47,378 rooms and 242 hotels in the pipeline[48] - The company has 1,694 Quanjing hotels with 199,581 rooms and 611 hotels under development[48] - The company has 85 Ibis Styles hotels with 8,864 rooms and 25 hotels in the pipeline[48] - The company has 10 other hotels with 3,584 rooms and 5 hotels under development[49] Financial Performance - In Q4 2022, hotel revenue increased by 10.5% year-over-year to RMB 13.1 billion, while full-year revenue rose by 9.3% to RMB 49.6 billion[2] - For the full year 2022, the company reported a full-year net loss of RMB 1.8 billion, down from a net loss of RMB 465 million in 2021[2] - The company expects Q1 2023 revenue to grow between 61% to 65% year-over-year, or 53% to 57% excluding DH[3] - For the full year 2023, the company projects revenue growth of 42% to 46%, or 46% to 50% excluding DH[20] - The company reported a total revenue for the year ended December 31, 2022, of RMB 13,862 million, a decrease from RMB 14,785 million in 2021, representing a decline of 6.2%[36] - The operating profit for the year ended December 31, 2022, was RMB (294) million, compared to RMB 164 million in 2021, indicating a significant decrease[36] - The net profit attributable to Huazhu Group Limited for the year ended December 31, 2022, was RMB (1,821) million, compared to RMB (465) million in 2021[36] Costs and Expenses - In Q4 2022, hotel operating costs were RMB 3.43 billion (approximately USD 496 million), an increase from RMB 3.2 billion in Q4 2021 and RMB 3.0 billion in Q3 2022[11] - For the full year 2022, hotel operating costs totaled RMB 12.26 billion (approximately USD 1.8 billion), compared to RMB 11.28 billion in 2021[12] - In Q4 2022, sales and marketing expenses were RMB 169 million (approximately USD 25 million), down from RMB 183 million in Q4 2021 and RMB 181 million in Q3 2022[12] - For the full year 2022, sales and marketing expenses were RMB 613 million (approximately USD 89 million), a decrease from RMB 641 million in 2021[12] - In Q4 2022, general and administrative expenses were RMB 440 million (approximately USD 64 million), slightly up from RMB 438 million in Q4 2021 and RMB 405 million in Q3 2022[13] - For the full year 2022, general and administrative expenses reached RMB 1.7 billion (approximately USD 243 million), compared to RMB 1.5 billion in 2021[13] EBITDA and Adjusted EBITDA - EBITDA for Q4 2022 was RMB 529 million, significantly up from RMB 46 million in Q4 2021[3] - The adjusted EBITDA for Q4 2022 was RMB 398 million, compared to RMB 278 million in Q4 2021[3] - The adjusted EBITDA for the year ended December 31, 2022, was RMB 610 million, down from RMB 1,571 million in 2021[36] - The company emphasizes the importance of EBITDA as a financial metric to assess operational and financial performance before financing transactions and tax impacts[23] - Adjusted EBITDA is defined as EBITDA excluding stock-based compensation and unrealized gains (losses) from equity securities, providing a clearer view of hotel operating performance[23] - The company believes that adjusted EBITDA better reflects the operational capabilities of its hotels, as it excludes significant fluctuations from stock-based compensation and equity securities[23] Cash Flow and Liquidity - As of December 31, 2022, total cash and cash equivalents amounted to RMB 3.6 billion (equivalent to $520 million)[19] - The net cash generated from operating activities for Q4 2022 was RMB 1,042 million, a significant increase from RMB 452 million in Q3 2022[31] - The company experienced a cash decrease of RMB 131 million in Q4 2022, following an increase of RMB 537 million in Q3 2022[32] - The total cash and cash equivalents at the end of Q4 2022 were RMB 5,086 million, down from RMB 5,217 million at the end of Q3 2022[32] Debt and Equity - As of December 31, 2022, total debt was RMB 9.9 billion (equivalent to $1.4 billion)[19] - Long-term debt rose significantly from RMB 3,565 million in 2021 to RMB 6,635 million in 2022, an increase of about 86.63%[28] - Total equity decreased from RMB 11,044 million in 2021 to RMB 8,803 million in 2022, a decline of approximately 20.03%[28] Hotel Performance Metrics - In Q4 2022, the average daily rate (ADR) for Legacy-Huazhu hotels was RMB 240, a slight increase from RMB 239 in Q4 2021, but a decrease from RMB 254 in Q3 2022[5] - The occupancy rate for all operating Legacy-Huazhu hotels in Q4 2022 was 66.2%, down from 68.2% in Q4 2021 and 76.0% in Q3 2022[5] - The average revenue per available room (RevPAR) for the Legacy-Huazhu business in Q4 2022 returned to approximately 83% of 2019 levels, with monthly figures of 74%, 87%, and 91% for October, November, and December respectively[20] - The average occupancy rate for the total portfolio was 66.7%, down 5.3 percentage points compared to the previous year[42] - The average daily room rate for managed and franchised hotels increased by 3.0% to RMB 231 for the year ending December 31, 2022[41] - The average daily room revenue for economy hotels decreased by 13.6% to $123 for the year ending December 31, 2022, compared to $142 for the year ending December 31, 2021[43]
华住集团-S(01179) - 2022 - 年度业绩