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Atour Lifestyle Holdings Limited Reports First Quarter of 2023 Unaudited Financial Results

  • Net revenues for the first quarter of 2023 increased by 71.2% year-over-year to RMB774 million (US$113 million), compared with RMB452 million for the same period of 2022.

  • Net income for the first quarter of 2023 was RMB18 million (US$3 million), compared with RMB7 million for the same period of 2022. Adjusted net income (non-GAAP)1, which excluded share-based compensation expenses from net income, for the first quarter of 2023 increased by 2114.3% to RMB160 million (US$23 million), compared with RMB7 million for the same period of 2022.

  • EBITDA (non-GAAP)2 for the first quarter of 2023 was RMB90 million (US$13 million). Adjusted EBITDA (non-GAAP)3, which excluded share-based compensation expenses from EBITDA, for the first quarter of 2023 increased by 584.8% to RMB231 million (US$34 million), compared with RMB34 million for the same period of 2022.

SHANGHAI, China, May 18, 2023 (GLOBE NEWSWIRE) -- Atour Lifestyle Holdings Limited (“Atour” or the “Company”) (NASDAQ: ATAT), a leading hospitality and lifestyle company in China, today announced its unaudited financial results for the first quarter ended March 31, 2023.

First Quarter of 2023 Operational Highlights

As of March 31, 2023, there were 968 hotels with a total of 112,564 hotel rooms in operation across Atour’s hotel network, representing a rapid increase of 23.3% year-over-year in both hotels and rooms. As of March 31, 2023, there were 413 manachised hotels under development in our pipeline.

The average daily room rate4 (“ADR”) was RMB443 for the first quarter of 2023, compared with RMB375 for the first quarter of 2022 and RMB388 for the previous quarter. The ADR for the first quarter of 2023 had recovered to 107.3% of 2019’s level for the same period.

The occupancy rate4 was 72.5% for the first quarter of 2023, compared with 50.0% for the first quarter of 2022 and 63.1% for the previous quarter. The occupancy rate for the first quarter of 2023 had recovered to 109.5% of 2019’s level for the same period.

The revenue per available room4 (“RevPAR”) was RMB337 for the first quarter of 2023, compared with RMB199 for the first quarter of 2022 and RMB259 for the previous quarter. The RevPAR for the first quarter of 2023 had recovered to 118.3% of 2019’s level for the same period.

“We are pleased to commence 2023 with a strong quarter, with both our hotel and scenario-based retail businesses delivering remarkable results,” said Mr. Haijun Wang, Founder, Chairman and CEO of Atour. “Our RevPAR for the first quarter quickly rebounded to 118.3% of 2019’s level, while our ADR and occupancy rate both exceeded those from 2019, demonstrating our strong and sustainable recovery capabilities. Our quarterly new signings reached a record high by virtue of our flourishing product competitiveness and brand awareness. Meanwhile, our high-quality lifestyle offerings in concert with our effective marketing strategies and comprehensive distribution channels propelled robust growth of our scenario-based retail business, driving its single-quarter revenue to reach the RMB100 million milestone. Our core value proposition originated with the goal to provide an exceptional experience to customers during their stay with us, which we further elevated to serve people who have diverse lifestyles. We believe adhering to this creed will enhance our competitive edge and enable us to explore new opportunities as we grow.” Mr. Wang concluded.

First Quarter of 2023 Unaudited Financial Results

    
 Q1 2022 Q1 2023
(RMB in thousands)   
Revenues:   
Manachised hotels273,805 446,798
Leased hotels111,581 187,310
Retail revenues and others66,728 139,828
Net revenues452,114  773,936
    

Net revenues. Our net revenues for the first quarter of 2023 increased by 71.2% to RMB774 million (US$113 million) from RMB452 million for the same period of 2022, mainly driven by the robust growth in both hotel business and scenario-based retail business as we continued to recover rapidly post pandemic since the beginning of 2023.

  • Manachised hotels. Revenues from our manachised hotels for the first quarter of 2023 increased by 63.2% to RMB447 million (US$65 million) from RMB274 million for the same period of 2022. This increase was primarily driven by the ongoing expansion of our hotel network and the recovery of RevPAR post pandemic. The total number of our manachised hotels increased from 752 as of March 31, 2022 to 935 as of March 31, 2023. RevPAR of our manachised hotels surpassed the pre-pandemic level in 2019, increasing to RMB331 for the first quarter of 2023 from RMB195 for the same period of 2022.

  • Leased hotels. Revenues from our leased hotels for the first quarter of 2023 increased by 67.9% to RMB187 million (US$27 million) from RMB112 million for the same period of 2022. This increase was primarily due to the recovery of RevPAR, driven by increased customer traffic and stronger consumption post pandemic. RevPAR of our leased hotels surpassed the pre-pandemic level in 2019, increasing to RMB464 for the first quarter of 2023 from RMB257 for the same period of 2022.

  • Retail revenues and others. Revenues from retail and others for the first quarter of 2023 increased by 109.5% to RMB140 million (US$20 million) from RMB67 million for the same period of 2022. This increase was attributable to the rapid growth of our scenario-based retail business, driven by growing recognition of our retail brand and enhanced product development and distribution capabilities.
    
 Q1 2022  Q1 2023 
(RMB in thousands)   
Operating costs and expenses:   
Hotel operating costs(323,168) (381,632)
Other operating costs(31,923) (71,654)
Selling and marketing expenses(23,776) (56,009)
General and administrative expenses(45,518) (193,204)
Technology and development expenses(17,808) (16,790)
Total operating costs and expenses(442,193) (719,289)
      

Operating costs and expenses for the first quarter of 2023 were RMB719 million (US$105 million). Excluding the impact from share-based compensation expenses of RMB142 million, operating costs and expenses for the first quarter of 2023 increased by 30.6% to RMB578 million, compared with RMB442 million for the same period of 2022. RMB141 million of share-based compensation expenses were recognized in general and administrative expenses for the first quarter of 2023.

  • Hotel operating costs for the first quarter of 2023 increased by 18.1% to RMB382 million (US$56 million) from RMB323 million for the same period of 2022. This increase was mainly due to the increase in variable costs (such as labor cost and supply chain cost) associated with continued growth of our hotel business as evidenced by the expansion of hotel network and the recovery of RevPAR. Hotel operating costs accounted for 49.3% of net revenues for the first quarter of 2023, compared to 71.5% of net revenues for the same period of 2022.

  • Other operating costs primarily consist of costs for our scenario-based retail business and cost of other revenues. Other operating costs for the first quarter of 2023 increased by 124.5% to RMB72 million (US$10 million) from RMB32 million for the same period of 2022, primarily driven by increased costs alongside the rapid growth of scenario-based retail business. Other operating costs accounted for 9.3% of net revenues for the first quarter of 2023, compared to 7.1% of net revenues for the same period of 2022.

  • Selling and marketing expenses for the first quarter of 2023 increased by 135.6% to RMB56 million (US$8 million) from RMB24 million for the same period of 2022. This increase was mainly driven by our increased investment in branding initiatives and distribution channel development for our scenario-based retail business. Selling and marketing expenses accounted for 7.2% of net revenues for the first quarter of 2023, compared to 5.3% of net revenues for the same period of 2022.

  • General and administrative expenses for the first quarter of 2023 were RMB193 million (US$28 million). Excluding the impact from share-based compensation expenses of RMB141 million, general and administrative expenses for the first quarter of 2023 increased by 13.8% to RMB52 million, compared with RMB46 million for the same period of 2022. General and administrative expenses (excluding the impact from share-based compensation expenses) accounted for 6.7% of net revenues for the first quarter of 2023, compared to 10.1% of net revenues for the same period of 2022.

  • Technology and development expenses for the first quarter of 2023 were RMB17 million (US$2 million), which were generally in line with the same period of 2022.

Other operating income primarily consists of income from government subsidies and value-added tax related benefits. Other operating income for the first quarter of 2023 increased by 133.3% to RMB7 million (US$1 million) from RMB3 million for the same period of 2022.

Income from operations for the first quarter of 2023 was RMB62 million (US$9 million), compared with RMB13 million for the same period of 2022.

Other income, net for the first quarter of 2023 were RMB1 million (US$0.1 million), compared with other expenses, net RMB0.1 million for the same period of 2022.

Income tax expense for the first quarter of 2023 was RMB53 million (US$8 million) compared with RMB8 million for the same period of 2022.

Net income for the first quarter of 2023 was RMB18 million (US$3 million), compared with RMB7 million for the same period of 2022.

Adjusted net income (non-GAAP), which excluded share-based compensation expenses, for the first quarter of 2023 was RMB160 million (US$23 million), representing an increase of 2114.3% compared with RMB7 million for the same period of 2022.

Basic and diluted income per share/American depositary share (ADS). For the first quarter of 2023, basic income per share was RMB0.05 (US$0.01), and diluted income per share was RMB0.04 (US$0.01). Basic income per ADS for the first quarter of 2023 was RMB0.15 (US$0.03), and diluted income per ADS was RMB0.12 (US$0.03).

EBITDA (non-GAAP) for the first quarter of 2023 was RMB90 million (US$13 million), compared with RMB34 million for the same period of 2022.

Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses from EBITDA, for the first quarter of 2023 was RMB231 million (US$34 million), representing an increase of 584.8% compared with RMB34 million for the same period of 2022.

Cash flows. Operating cash inflow for the first quarter of 2023 was RMB362 million (US$53 million). Investing cash outflow and financing cash inflow for the first quarter of 2023 were RMB14 million (US$2 million) and RMB39 million (US$6 million), respectively.

Cash and cash equivalents and restricted cash. As of March 31, 2023, the Company had a total balance of cash and cash equivalents of RMB2.0 billion (US$288 million) and restricted cash of RMB1 million (US$0.1 million).

Debt financing. As of March 31, 2023, the Company had total outstanding indebtedness of RMB213 million (US$31 million) and the unutilized credit facility available to the Company was RMB279 million.

____________________
1 Adjusted net income (non-GAAP) is defined as net income excluding share-based compensation expenses.
2 EBITDA (non-GAAP) is defined as earnings before interest expenses, interest income, income tax expense and depreciation and amortization.
3 Adjusted EBITDA (non-GAAP) is defined as EBITDA excluding share-based compensation expenses.
4 The ADR and RevPAR are calculated based on the tax inclusive room rates.
“ADR” (exclusive of requisitioned hotels) refers to average daily room rate, which means room revenue divided by the number of rooms in use;
“Occupancy rate” (exclusive of requisitioned hotels) refers to the number of rooms in use divided by the number of available rooms for a given period;
“RevPAR” (exclusive of requisitioned hotels) refers to revenue per available room, which is calculated by total revenues during a period divided by the number of available rooms of our hotels during the same period.

Conference Call

The Company will host a conference call at 8:00 AM U.S. Eastern time on Thursday, May 18, 2023 (or 8:00 PM Beijing/Hong Kong time on the same day). Details for the conference call are as follows:

Event Title: Atour First Quarter 2023 Earnings Conference Call
Pre-registration Link: https://register.vevent.com/register/BI335410124b26475998663da79bea6c57

All participants must pre-register for this conference call using the link provided above. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at https://ir.yaduo.com, and a replay of the webcast will be available following the session.

Use of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with U.S. Generally-Accepted Accounting Principles (“GAAP”), the Company uses the following non-GAAP measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission: adjusted net income (loss), which is defined as net income (loss) excluding share-based compensation expenses; EBITDA, which is defined as earnings before interest expenses, interest income, income tax expense and depreciation and amortization; adjusted EBITDA, which is defined as EBITDA excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this release.

The Company believes that EBITDA is widely used by other companies in the hospitality industry and may be used by investors as a measure of the financial performance. Given the significant investments that the Company has made in leasehold improvements and other fixed assets of leased hotels, depreciation and amortization expense comprises a significant portion of the Company’s cost structure. The Company believes that EBITDA will provide investors with a useful tool for comparability between periods because it eliminates depreciation and amortization expense attributable to capital expenditures. Adjusted net income and adjusted EBITDA provide meaningful supplemental information regarding the Company’s performance by excluding share-based compensation expenses, as the investors can better understand the Company’s performance and compare business trends among different reporting periods on a consistent basis excluding share-based compensation expenses which are not expected to result in cash payment. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing the Company’s performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. The Company believes these non-GAAP financial measures are also useful to investors in allowing for greater transparency with respect to supplemental information used regularly by Company management in financial and operational decision-making. The accompanying tables provide more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

The use of these non-GAAP measures has certain limitations as the excluded items have been and will be incurred and are not reflected in the presentation of these non-GAAP measures. Each of these items should also be considered in the overall evaluation of the results. The Company compensates for these limitations by providing the relevant disclosure of the relevant items both in its reconciliations to the U.S. GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the performance of the Company.

In addition, these measures may not be comparable to similarly titled measures utilized by other companies since such other companies may not calculate these measures in the same manner as the Company does.

About Atour Lifestyle Holdings Limited

Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is a leading hospitality and lifestyle company in China, with a distinct portfolio of lifestyle hotel brands. Atour is the leading upper midscale hotel chain in China and is the first Chinese hotel chain to develop a scenario-based retail business. Atour is committed to bringing innovations to China’s hospitality industry and building new lifestyle brands around hotel offerings. For more information, please visit https://ir.yaduo.com.

Investor Relations Contact

Atour Lifestyle Holdings Limited
Email: ir@yaduo.com

Piacente Financial Communications
Email: Atour@tpg-ir.com
Tel: +86-10-6508-0677


— Financial Tables and Operational Data Follow —

 

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)

    
 As of As of
 December 31, March 31,
 2022 2023
 RMB RMBUSD1
Assets    
Current assets    
Cash and cash equivalents1,589,161 1,974,927287,572
Short-term investments157,808 158,37423,061
Accounts receivable132,699 114,46516,667
Prepayments and other current assets133,901 222,11232,342
Amounts due from related parties53,630 102,88514,981
Inventories57,460 65,0799,476
Total current assets2,124,659 2,637,842384,099
Non-current assets    
Restricted cash946 946138
Contract costs67,270 72,27810,524
Property and equipment, net360,300 342,56249,881
Operating lease right-of-use assets1,932,000 1,868,615272,091
Intangible assets, net5,537 5,238763
Goodwill17,446 17,4462,540
Other assets141,335 147,00021,405
Deferred tax assets112,533 107,50915,655
Total non-current assets2,637,367 2,561,594372,997
Total assets4,762,026 5,199,436757,096
     
Liabilities and shareholders’ equity    
Current liabilities    
Operating lease liabilities, current319,598 321,37046,795
Accounts payable184,901 217,90431,731
Deferred revenue, current202,996 228,81233,318
Salary and welfare payable103,539 92,77013,508
Accrued expenses and other payables330,282 532,37377,520
Income taxes payable31,336 61,0498,889
Short-term borrowings142,828 181,84826,479
Current portion of long-term borrowings29,130 29,1304,242
Amounts due to related parties3,004 5,607816
Total current liabilities1,347,614 1,670,863243,298
Non-current liabilities    
Operating lease liabilities, non-current1,805,402 1,742,358253,707
Deferred revenue, non-current277,841 290,30242,271
Long-term borrowings, non-current portion2,000 2,000291
Other non-current liabilities141,763 149,96321,836
Total non-current liabilities2,227,006 2,184,623318,105
Total liabilities3,574,620 3,855,486561,403

____________________
1 Translations of balances in the consolidated financial statements from RMB into US$ for the first quarter of 2023 and as of March 31, 2023 are solely for readers’ convenience and were calculated at the rate of US$1.00=RMB6.8676 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2023.


ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share data and per share data, or otherwise noted)

   
 As ofAs of
 December 31,March 31,
 2022 2023
 RMBRMB
USD1
Shareholders’ equity   
Class A ordinary shares229 229 33 
Class B ordinary shares56 56 8 
Additional paid in capital1,286,189 1,427,769 207,899 
Accumulated deficit(78,304)(61,457)(8,949)
Accumulated other comprehensive loss(10,865)(12,945)(1,885)
Total equity attributable to shareholders of the Company1,197,305 1,353,652 197,106 
Non-controlling interests(9,899)(9,702)(1,413)
Total shareholders’ equity1,187,406 1,343,950 195,693 
Commitments and contingencies- - - 
Total liabilities and shareholders’ equity4,762,026 5,199,436 757,096 
      
      

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except share data and per share data, or otherwise noted)

  
 Three Months Ended
 March 31, March 31,
 2022  2023 
 RMB RMBUSD1
Revenues:    
Manachised hotels273,805  446,798 65,059 
Leased hotels111,581  187,310 27,274 
Retail revenues and others66,728  139,828 20,361 
Net revenues452,114   773,936 112,694 
Operating costs and expenses:    
Hotel operating costs(323,168) (381,632)(55,570)
Other operating costs(31,923) (71,654)(10,434)
Selling and marketing expenses(23,776) (56,009)(8,156)
General and administrative expenses(45,518) (193,204)(28,133)
Technology and development expenses(17,808) (16,790)(2,445)
Total operating costs and expenses(442,193) (719,289)(104,738)
Other operating income3,099  7,230 1,053 
Income from operations13,020   61,877 9,009 
Interest income1,917  4,843 705 
Gain from short-term investments1,760  4,110 598 
Change in fair value of short-term investments-  1,244 181 
Interest expenses(1,490) (1,927)(281)
Other (expenses) income, net(53) 551 80 
Income before income tax15,154   70,698 10,292 
Income tax expense(7,944) (52,626)(7,663)
Net income7,210   18,072 2,629 
Less: net (loss) income attributable to non-controlling interests(614) 197 26 
Net income attributable to the Company7,824   17,875 2,603 
     
Net income 7,210   18,072 2,629 
Other comprehensive loss    
Foreign currency translation adjustments, net of nil income taxes(219) (2,080)(303)
Other comprehensive loss, net of income taxes(219) (2,080)(303)
Total comprehensive income6,991   15,992 2,326 
Comprehensive (loss) income attributable to non-controlling interests(614) 197 26 
Comprehensive income attributable to the Company7,605   15,795 2,300 
Net income per ordinary share    
—Basic0.02  0.05 0.01 
—Diluted0.02  0.04 0.01 
Weighted average ordinary shares used in calculating net income per ordinary share    
—Basic376,970,454  393,958,225 393,958,225 
—Diluted376,970,454  412,310,616 412,310,616 
        
        

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands, except share data and per share data, or otherwise noted)

  
 Three Months Ended
 March 31, March 31,
 2022  2023 
 RMB RMBUSD1
Cash flows from operating activities:    
Net cash (used in) generated from operating activities(75,202) 361,657 52,664 
Cash flows from investing activities:    
Payment for purchases of property and equipment(8,907) (17,619)(2,566)
Payment for purchases of intangible assets(378) - - 
Payment for purchases of short-term investments(672,850) (1,328,350)(193,423)
Proceeds from maturities of short-term investments674,610  1,332,460 194,021 
Net cash used in investing activities(7,525) (13,509)(1,968)
Cash flows from financing activities:    
Proceeds from borrowings58,000  40,000 5,824 
Repayment of borrowings(1,230) (980)(143)
Payment for initial public offering costs(318) - - 
Net cash generated from financing activities56,452   39,020 5,681 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(717) (1,402)(205)
Net (decrease) increase in cash, cash equivalents and restricted cash(26,992) 385,766 56,172 
Cash and cash equivalents and restricted cash at the beginning of the period1,039,529  1,590,107 231,538 
Cash and cash equivalents and restricted cash at the end of the period1,012,537   1,975,873 287,710 
        
        

ATOUR LIFESTYLE HOLDINGS LIMITED
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share data and per share data, or otherwise noted)

  
 Three Months Ended
 March 31, March 31,
 2022  2023 
 RMB RMBUSD1
Net income (GAAP)7,210  18,072 2,629 
Share-based compensation expenses, net of tax effect of nil2-  141,580 20,616 
Adjusted net income (non-GAAP)7,210  159,652 23,245 
     
  
 Three Months Ended
 March 31, March 31,
 2022  2023 
 RMB RMBUSD1
Net income (GAAP)7,210  18,072 2,629 
Interest income(1,917) (4,843)(705)
Interest expenses1,490  1,927 281 
Income tax expense7,944  52,626 7,663 
Depreciation and amortization19,042  21,897 3,188 
EBITDA (non-GAAP)33,769  89,679 13,056 
Share-based compensation expenses, net of tax effect of nil2-  141,580 20,616 
Adjusted EBITDA (non-GAAP)33,769  231,259 33,672 
        
        

_____________________
2 The share-based compensation expenses were recorded at entities in PRC. Share-based compensation expenses were non-deductible expenses in PRC. Therefore, there is no tax impact for share-based compensation expenses adjustment for non-GAAP financial measures.

Key Operating Data

    
 Number of Hotels Number of Rooms
 Opened in 1Q23Closed in 1Q23As of
March 31, 2023
  As of
March 31, 2023
Manachised hotels382935 107,520
Leased hotels--33 5,044
Total 382968  112,564
      


    
Brand
Positioning
PropertiesRooms
ManachisedLeased 
A.T. HouseLuxury-1214
Atour SUpscale4898,878
ZHOTELUpscale1-52
AtourUpper midscale7552290,444
Atour XUpper midscale57-6,077
Atour LightMidscale7416,899
Total 93533112,564
     
     


       
 Three Months Ended March 31, 2019
Three Months Ended
March 31, 2022

 Three Months Ended
December 31, 2022

 Three Months Ended
March 31, 2023

 Exclusive of requisitioned hotels3Inclusive of requisitioned hotels Exclusive of requisitioned hotels3
Inclusive of requisitioned hotels
 Exclusive of requisitioned hotels3Inclusive of requisitioned hotels
Occupancy rate
(in percentage)
         
Manachised hotels64.4%49.9%48.0% 62.8%59.5% 72.1%70.9%
Leased hotels78.6%50.9%54.0% 67.3%69.0% 80.4%80.4%
All hotels66.2%50.0%48.3% 63.1%60.0% 72.5%71.3%
          
ADR
(in RMB)
         
Manachised hotels397.4369.9369.6 382.6369.5 437.2437.0
Leased hotels499.4460.0465.8 468.6453.3 544.8544.6
All hotels412.7375.4375.8 387.8374.2 442.9442.6
          
RevPAR
(in RMB)
         
Manachised hotels266.1195.3189.3 254.4233.1 330.5324.6
Leased hotels412.8256.7276.0 341.7340.9 463.7463.5
All hotels284.7198.9194.3 259.3238.4 336.8331.0
          

____________________
3 Excludes, for purposes of calculating these key operating metrics, approximately 963 thousand, 1,970 thousand, and 189 thousand room-nights related to hotel rooms that were previously requisitioned by the government for quarantine needs in response to the COVID-19 outbreak or otherwise became unavailable due to temporary hotel closures in the three months ended March 31, 2022, December 31, 2022 and March 31, 2023, respectively. The ADR and RevPAR are calculated based on tax inclusive room rates.


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