Huazhu Group Limited (NASDAQ: HTHT) (“Huazhu” or the “Company”), a
leading and fast-growing hotel group, today announced its unaudited
financial results for the fourth quarter and full year ended
December 31, 2019.
Fourth Quarter of 2019
Operational Highlights
- During the fourth quarter of 2019, Huazhu opened 630 hotels,
including 11 leased (“leased-and-operated”) hotels and 619
manachised (“franchised-and-managed”) hotels and franchised
hotels.
- The Company closed a total of 163 hotels, which included 20
leased hotels and 143 manachised and franchised hotels, during the
fourth quarter of 2019. This was mainly due to three reasons: a)
With strategic focus to upgrade product and service quality, Huazhu
temporarily closed 56 hotels for brand upgrade and business model
change purposes; and removed 42 hotels for non-compliance with
Huazhu’s brand and operating standards. b) Property-related issues,
including rezoning and expiry of leases, which resulted in the
closure of 33 hotels. c) 32 manachised hotels were closed due to
operating losses.
- The ADR, which is defined as the average daily rate for all
hotels in operation, was RMB232 in the fourth quarter of 2019,
compared with RMB230 in the fourth quarter of 2018 and RMB245 in
the previous quarter. The year-over-year increase of 0.9% was
primarily due to an increase in the proportion of mid- and up-scale
hotels with higher ADR in the Company’s brand mix. The sequential
decrease resulted mainly from seasonality.
- The occupancy rate for all hotels in operation was 82.2% in the
fourth quarter of 2019, compared with 85.2% in the fourth quarter
of 2018 and 87.7% in the previous quarter. The year-over-year
decrease of 3.0 percentage point was due to the soft macro economy
and a dilutive impact from newly-opened hotels. The sequential
decrease resulted mainly from seasonality.
- Blended RevPAR, defined as revenue per available room for all
hotels in operation, was RMB191 in the fourth quarter of 2019,
compared with RMB196 in the fourth quarter of 2018 and RMB215 in
the previous quarter. The year-over-year decrease of 2.7% was
mainly attributable to the soft macro economy. Excluding our soft
brands (Hi Inn, Elan, Starway, Madison and Grand Madison), the
blended RevPAR for the fourth quarter of 2019 would have declined
by 0.5% year-over-year. The sequential decrease resulted mainly
from seasonality.
- For all hotels which had been in operation for at least 18
months, the same-hotel RevPAR was RMB188 for the fourth quarter of
2019, representing a 5.4% decrease from RMB199 for the fourth
quarter of 2018, with a 2.7% decrease in ADR and a
2.4-percentage-point decrease in occupancy rate. The year-over-year
decrease was mainly due to macroeconomic softness and more
promotions.
Operational Highlights of full
year 2019
- For the full year of 2019, the company opened 43 leased hotels
and 1,672 manachised hotels and franchised hotels, and closed 54
leased hotels and 273 manachised and franchised hotels. As of
December 31, 2019, the Company had 688 leased and owned hotels,
4,519 manachised hotels, and 411 franchised hotels in operation in
437 cities in China and Singapore. The number of hotel rooms in
operation totaled 536,876, an increase of 27.0% from a year
ago.
- As of December 31, 2019, the Company had a total number of
2,262 hotels contracted or under construction, including 43 leased
hotels and 2,219 manachised and franchised hotels. The pipeline
represented 40% of the number of hotels in operation as the end of
2019.
- For the full year of 2019, the ADR for all hotels in operation
was RMB234, increasing 3.6% year-over-year from RMB226 in 2018. The
occupancy rate for all hotels in operation was 84.4%, compared with
87.3% in 2018. As a result, the blended RevPAR for all hotels in
operation was RMB198 in 2019, a 0.1% increase from RMB197 in 2018.
Excluding our soft brands, the blended RevPAR for 2019 would have
increased by 0.8% year-over-year.
- The same-hotel RevPAR was RMB194 in 2019, a 3.1% decrease from
RMB201 in 2018, with a 0.3% decrease in ADR and a
2.5-percentage-point decrease in occupancy rate. In 2019, the
economy hotels and the midscale and upscale hotels posted decreases
of 3.0% and 3.2% in same-hotel RevPAR, respectively.
- As of December 31, 2019, H Rewards (Huazhu’s loyalty program)
had approximately 153 million members, who contributed
approximately 76% of room nights sold during the full year of 2019
and approximately 85% of room nights were sold through the
Company’s own direct channels.
Ji Qi, founder, Executive Chairman and CEO of
Huazhu commented: “We concluded 2019 with strong hotel openings and
pipeline against a challenging macroeconomic background. Thanks to
our dedicated employees, our powerful brand portfolio and solid
execution, we have further expanded our market share and achieved
remarkable operational results.”
“Looking into 2020, the COVID-19 outbreak has
been a major public health emergency in China and worldwide. Our
top priority is the health and safety of our employees and
customers, and the operational sustainability of our hotels. Since
the start of the outbreak in China, we have set up a crisis task
force comprised of a centralized command center, supported by 18
regional sub-command centers. This task force communicates on a
daily basis to mobilize all available resources and co-ordinate
efforts from all parties from within and outside the Huazhu
network. The objectives are to keep our employees and customers
safe, keep providing emergency supplies to all our hotels, and to
keep our hotels open to our customers. In addition, we are
leveraging our internal information platform, a work app called
H-Tone™, to communicate and organize our collaborative efforts so
that our employees and franchisees have timely access to critical
information at their fingertips. Now, we have moved to the initial
recovery stage and are seeing gradual improvements in our hotel
operations. Thanks to our well-established operational platform and
multi-channel online and offline sales efforts, we maintain our
leading position and outperformed our peers in the hotel
industry.”
“Despite this temporary challenge and disruption
to our business, as the industry leader, we remain confident about
the long-term growth potential of China’s lodging industry and we
will capture this opportunity to further consolidate the hotel
industry. Huazhu will focus on our product qualities, innovative
technology applications and organizational capabilities, and will
strive to become a world-class hotel network.” Mr. Ji added.
Fourth Quarter and Full
Year of 2019 Financial Results
(RMB in millions) |
Q4 2018 |
Q3 2019 |
Q4 2019 |
2018FY |
2019FY |
Revenues: |
|
|
|
|
|
Leased and
owned hotels |
1,942 |
2,089 |
1,921 |
7,470 |
7,718 |
Manachised
and franchised hotels |
703 |
939 |
938 |
2,527 |
3,342 |
Others |
38 |
27 |
51 |
66 |
152 |
Net
revenues |
2,683 |
3,055 |
2,910 |
10,063 |
11,212 |
Net revenues for the fourth
quarter of 2019 were RMB2.9 billion (US$418 million), representing
an 8.5% year-over-year increase and a 4.7% sequential decrease. The
year-over-year increase was primarily attributable to our hotel
network expansion; the sequential decrease was due to
seasonality.
Net revenues for the full year of 2019 were
RMB11.2 billion (US$1.6 billion), representing an increase of 11.4%
from the full year of 2018.
Net revenues from leased and owned
hotels for the fourth quarter of 2019 were RMB1.9 billion
(US$276 million), representing a 1.1% year-over-year decrease and
an 8.0% sequential decrease. The year-over-year decrease was mainly
due to the decrease in RevPAR mainly caused by macroeconomic
softness and the decrease in number of hotels in operation mainly
caused by temporary hotel closures as product and brand upgrades
were implemented.
For the full year of 2019, net revenues from
leased and owned hotels were RMB7.7 billion (US$1.1 billion),
representing a 3.3% year-over-year increase.
Net revenues from manachised and
franchised hotels for the fourth quarter of 2019 were
RMB938 million (US$135 million), representing a 33.4%
year-over-year increase and a 0.1% sequential decrease.
For the full year of 2019, net revenues from
manachised and franchised hotels were RMB3.3 billion (US$480
million), representing a 32.3% year-over-year increase. These
hotels accounted for 29.8% of net revenues, compared to 25.1% of
net revenues for the full year of 2018.
Other revenues represent
revenues generated from businesses other than the hotel operation,
which mainly include revenues from the provision of IT products and
services to hotels and revenues from Huazhu Mall™, totaling RMB51
million (US$7 million) in the fourth quarter of 2019, compared to
RMB38 million in the fourth quarter of 2018 and RMB27 million in
the previous quarter.
For the full year of 2019, other revenues were
RMB152 million (US$22 million), compared to RMB66 million in
2018.
(RMB in millions) |
Q4 2018 |
Q3 2019 |
Q4 2019 |
2018FY |
2019FY |
Operating costs and expenses: |
|
|
|
|
|
Hotel operating costs |
1,737 |
1,834 |
1,879 |
6,476 |
7,190 |
Other operating costs |
8 |
11 |
21 |
15 |
57 |
Selling and marketing expenses |
108 |
113 |
134 |
348 |
426 |
General and administrative expenses |
269 |
277 |
330 |
851 |
1,061 |
Pre-opening expenses |
54 |
126 |
149 |
255 |
502 |
Total
operating costs and expenses |
2,176 |
2,361 |
2,513 |
7,945 |
9,236 |
Hotel operating costs for the
fourth quarter of 2019 were RMB1.9 billion (US$270 million),
compared to RMB1.7 billion in the fourth quarter of 2018 and RMB1.8
billion in the previous quarter, representing an 8.2%
year-over-year increase and a 2.5% sequential increase. Total hotel
operating costs excluding share-based compensation expenses
(non-GAAP) for the fourth quarter of 2019 were RMB1.9 billion
(US$269 million), representing 64.4% of net revenues, compared to
64.4% for the fourth quarter in 2018 and 59.7% for the previous
quarter. The sequential increase in the percentage was mainly due
to seasonality.
For the full year of 2019, hotel operating costs
were RMB7.2 billion (US$1.0 billion), compared to RMB6.5 billion in
2018. Excluding share-based compensation, hotel operating costs
(non-GAAP) were RMB7.2 billion (US$1.0 billion), representing 63.8%
of net revenues, compared to 64.1% in 2018.
Selling and marketing expenses
for the fourth quarter of 2019 were RMB134 million (US$19 million),
compared to RMB108 million in the fourth quarter of 2018 and RMB113
million in the previous quarter. Selling and marketing expenses
excluding share-based compensation expenses (non-GAAP) for the
fourth quarter of 2019 were RMB133 million (US$19 million), or 4.6%
of net revenues, compared to 4.0% for the fourth quarter of 2018
and 3.7% for the previous quarter. The year-over-year increase was
mainly due to the expansion of our sales and marketing team to
strengthen our direct sales channels at hotel and regional level,
increased bank charges for online payments, and higher commission
fees to online travel agencies.
For the full year of 2019, selling and marketing
expenses were RMB426 million (US$61 million), compared to RMB348
million in 2018. Selling and marketing expenses excluding
share-based compensation expenses (non-GAAP) were RMB423 million
(US$61 million), representing 3.8% of net revenues, compared to
3.5% in 2018. The higher selling and marketing expenses as
percentage of net revenues were due to reasons mentioned above.
General and administrative
expenses for the fourth quarter of 2019 were RMB330
million (US$47 million), compared to RMB269 million in the fourth
quarter of 2018 and RMB277 million in the previous quarter. General
and administrative expenses excluding share-based compensation
expenses (non-GAAP) for the fourth quarter of 2019 were RMB316
million (US$45 million), representing 10.8% of net revenues,
compared with 9.3% in the fourth quarter of 2018 and 8.4% in the
previous quarter. The year-over-year increase was mainly due to
one-time acquisition-related costs for the Deutsche Hospitality
acquisition of RMB66 million in the fourth quarter of 2019.
For the full year of 2019, general and
administrative expenses were RMB1.1 billion (US$152 million),
compared to RMB851 million in 2018. General and administrative
expenses excluding share-based compensation expenses (non-GAAP)
were RMB989 million (US$142 million), representing 8.9% of net
revenues, compared to 8.0% in 2018. The year-over-year increase was
mainly due to our investments to expand our hotel development
teams, upscale-brand hotels and IT capabilities and one-time
acquisition-related costs for the Deutsche Hospitality
acquisition.
Pre-opening expenses for the
fourth quarter of 2019 were RMB149 million (US$22 million),
representing a 175.9% year-over-year increase and an 18.3%
sequential increase.
Pre-opening expenses for the full year of 2019
were RMB502 million (US$72 million), compared to RMB255 million in
2018, representing a year-over-year increase of 96.9%. The increase
in pre-opening expenses was mainly attributable to the construction
of upscale-brand flag-ship hotels in 2019. Pre-opening expenses as
a percentage of net revenues were 4.5% in 2019, compared to 2.5% in
2018.
Other operating income, net for
the fourth quarter of 2019 was RMB89 million (US$13 million) mainly
related to subsidy income, compared to RMB85 million in the fourth
quarter of 2018 and RMB9 million in the previous quarter.
Other operating income, net for the full year of
2019 was RMB132 million (US$19 million), compared to RMB226 million
in 2018. The year-over-year decrease was mainly attributable to
one-time (i) the compensation of RMB35 million received from the
selling shareholders of Crystal Orange as the final settlement of
the sales and purchase transaction and (ii) the compensations
received or reversal of losses related to termination of certain
leased hotels of RMB93 million, in 2018, and (iii) partially offset
by an increase in subsidies income received related to taxes
paid.
Income from operations for the
fourth quarter of 2019 was RMB486 million (US$70 million), compared
to RMB592 million in the fourth quarter of 2018 and RMB703 million
in the previous quarter. Excluding share-based compensation
expenses, adjusted income from operations (non-GAAP) for the fourth
quarter of 2019 was RMB508 million (US$73 million), compared to
RMB619 million for the fourth quarter of 2018 and RMB734 million
for the previous quarter. Adjusted operating margin, defined as
adjusted income from operations (non-GAAP) as percentage of net
revenues, for the fourth quarter of 2019 was 17.4%, compared with
23.1% in the fourth quarter of 2018 and 24.0% in the previous
quarter. The year-over-year decrease in adjusted operating margin
was mainly due to our investments to accelerate our network
expansion, acquisition-related costs for the Deutsche Hospitality
acquisition as well as pre-opening expenses for our upscale
brands.
Income from operations for the full year of 2019
was RMB2.1 billion (US$304 million), compared to RMB2.3 billion in
2018. Excluding share-based compensation expenses, adjusted income
from operations (non-GAAP) for the full year of 2019 was RMB2.2
billion (US$319 million), compared to RMB2.4 billion for the full
year of 2018. The adjusted operating margin (non-GAAP) for the year
of 2019 was 19.8%, compared with 24.1% for the full year of 2018.
The decrease of the adjusted operating margin was mainly
attributable to our investments to accelerate our network
expansion, acquisition-related costs for the Deutsche Hospitality
acquisition as well as pre-opening expenses for our upscale
brands.
Other income, net for the
fourth quarter of 2019 was RMB45 million (US$6 million), compared
to RMB1 million for the fourth quarter of 2018 and RMB86 million
for the previous quarter.
Other income, net for the full year of 2019 was
RMB331 million (US$48 million), compared to RMB203 million in 2018.
The increase was mainly due to higher gains realized from our sales
of some equity securities in 2019.
Unrealized gains from fair value changes
of equity securities for the fourth quarter of 2019 was
RMB230 million (US$33 million), compared to unrealized losses from
fair value changes of equity securities of RMB756 million in the
fourth quarter of 2018 and unrealized gains from fair value changes
of equity securities of RMB28 million in the previous quarter.
For the full year of 2019, unrealized gains from
fair value changes of equity securities was RMB316 million (US$44
million), compared to unrealized losses from fair value changes of
equity securities of RMB914 million in 2018. Unrealized gains
(losses) from fair value changes of equity securities mainly
represents the unrealized gains (losses) from our investment in
equity securities with readily determinable fair values, such as
AccorHotels.
Income tax expense for the
fourth quarter of 2019 was RMB133 million (US$19 million), compared
to RMB106 million in the same period of 2018 and RMB191 million in
the previous quarter. For the full year of 2019, income tax expense
was RMB640 million (US$92 million), compared to RMB569 million in
2018.The change in our effective tax rate primarily reflected
certain non-taxable loss of the fair value changes in equity
securities investments.
Net income attributable to Huazhu Group
Limited for the fourth quarter of 2019 was RMB619 million
(US$89 million), compared to a net loss attributable to Huazhu
Group Limited of RMB419 million in the fourth quarter of 2018 and
net income attributable to Huazhu Group Limited of RMB431 million
in the previous quarter. Excluding share-based compensation
expenses and the unrealized gains (losses) from fair value changes
of equity securities, adjusted net income attributable to Huazhu
Group Limited (non-GAAP) for the fourth quarter of 2019 was RMB411
million (US$59 million), representing a 12.9% year-over-year
increase and a 5.3% sequential decrease.
Net income attributable to Huazhu Group Limited
for the full year of 2019 increased 147.1% to RMB1.8 billion
(US$254 million). Excluding share-based compensation expenses and
the unrealized gains (losses) from fair value changes of equity
securities, adjusted net income attributable to Huazhu Group
Limited (non-GAAP) for the full year of 2019 was RMB1.6 billion
(US$225 million), compared to RMB1.7 billion in 2018. The decrease
of 8.8% was mainly attributable to our investments to accelerate
our network expansion, acquisition-related costs for the Deutsche
Hospitality acquisition as well as pre-opening expenses for our
upscale brands.
Basic and diluted earnings per
share/ADS. For the fourth quarter of 2019, basic earnings
per share were RMB2.17 (US$0.31), and diluted earnings per share
were RMB2.07 (US$0.30). For the fourth quarter of 2019, excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities, adjusted basic
earnings per share (non-GAAP) were RMB1.44 (US$0.21) and adjusted
diluted earnings per share (non-GAAP) were RMB1.38 (US$0.20).
For the full year of 2019, basic earnings per
share were RMB6.22 (US$0.89) and diluted earnings per share were
RMB5.94 (US$0.85). For the full year of 2019, excluding share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities, adjusted basic earnings per share
(non-GAAP) were RMB5.50 (US$0.79), while adjusted diluted earnings
per share (non-GAAP) were RMB5.27 (US$0.76).
EBITDA (non-GAAP) for the
fourth quarter of 2019 was RMB1.1 billion (US$152 million),
compared with EBITDA (non-GAAP) of negative RMB46 million in the
fourth quarter of 2018 and positive RMB898 million in the previous
quarter. Excluding share-based compensation expenses and unrealized
gains (losses) from fair value changes of equity securities,
adjusted EBITDA (non-GAAP) for the fourth quarter of 2019 was
RMB854 million (US$122 million), representing a 15.9%
year-over-year increase and a 5.2% sequential decrease.
EBITDA (non-GAAP) for the full year of 2019
increased 56.5% to RMB3.6 billion (US$510 million). Excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities, adjusted EBITDA
(non-GAAP) for the full year of 2019 was RMB3.35 billion (US$481
million), compared with RMB3.27 billion in 2018, representing a
2.4% year-over-year increase. The year-over-year increase was
mainly due to the expansion of the Company’s hotel network, and the
higher proportion of manachised and franchised hotels. Adjusted
EBITDA margin (non-GAAP) for the year of 2019 was 29.9%, compared
with 32.5% for the full year of 2018.
Cash flow. Operating cash
inflow for the fourth quarter of 2019 was RMB979 million (US$140
million). Investing cash inflow for the fourth quarter was RMB635
million (US$91 million). Financing cash inflow for the fourth
quarter of 2019 was RMB7.9 billion (US$1.1 billion).
Operating cash inflow for the full year of 2019
was RMB3.3 billion (US$473 million), representing an increase of
8.0% from 2018. Investing cash outflow for the full year of 2019
was RMB285 million (US$41 million), compared to RMB6.3 billion in
2018. Financing cash inflow for the full year of 2019 was RMB6.0
billion (US$868 million), compared to RMB4.2 billion in 2018.
Cash and cash equivalents and Restricted
cash. As of December 31, 2019, the Company had a total
balance of cash and cash equivalents of RMB3.2 billion (US$465
million and restricted cash of RMB10.8 billion (US$1.5 billion).
The restricted cash balance mainly comprised of cash reserved for
the acquisition of Deutsche Hospitality totaling approximately
US$800 million, cash reserved for the refinancing of syndication
loan US$500 million, and US$220 million of cash pledged for certain
bank borrowings.
Debt financing. As of December
31, 2019, the Company had a total loan balance of RMB16.6 billion
(US$2.4 billion) and the unutilized credit facility available to
the Company was RMB1.7 billion. The short-term debt of RMB8.5
billion (US$1.2 billion) at December 31, 2019 mainly comprised of
(1) syndication loan US$500 million, (2) convertible note of US$472
million, (3) fully cash-backed bank debt of US$220 million, and (4)
short-term portion of long-term bank debts totaling US$28 million.
The syndication loan of US$500 million had been refinanced by a new
syndication bank loan due in December 2022. We classified the
convertible notes of US$472 million as short-term debt because the
convertible note holders have a right to put the convertible notes
back to the Company in November, 2020. At any time prior to the
close of business on the second scheduled trading day immediately
preceding the maturity date of the convertible notes (i.e.,
November 1, 2022), the convertible note holders have a right to
convert the notes into the Company’s ADSs at a predetermined
conversion rate, or be repaid with the principal amount of the
remaining notes on the maturity date. Up to March 26, 2020, the
unutilized credit facility available to the Company was RMB2.1
billion.
Completion of the Deutsche Hospitality
Acquisition and Related Credit ActivityOn January 2, 2020,
Huazhu closed the Deutsche Hospitality acquisition. As of December
31, 2019, Deutsche Hospitality had 119 hotels or 23,353 rooms, and
39 unopened hotels in 20 countries.
In connection with the Deutsche Hospitality
acquisition, China Lodging Holdings (HK) Limited, a subsidiary of
the Company, has signed a EUR440 million term facility and US$500
million revolving credit facility agreement for a term of 3 years
with a bank consortium led by JPMorgan Chase Bank, N.A., acting
through its Hong Kong Branch, Deutsche Bank AG, Singapore Branch
and Morgan Stanley Senior Funding, Inc. The EUR440 million term
facility was to fund the payment of all amounts payable under or in
connection with the acquisition. The US$500 million revolving
credit facility due in December 2022 was used to refinance the
outstanding principal amount under the credit facilities the
Company entered into in May 2017 in connection with the Company’s
acquisition of Crystal Orange Hotel Holdings Limited, which was due
in May 2020.
COVID-19 outbreak: response and
impact Since the COVID-19 outbreak in January 2020, we
have taken various preventative measures, such as intelligent
non-contact services, across our hotels to help protect our
employees and customers. In addition to timely delivery of needed
hotel supplies that were coordinated and managed by Huazhu’s
centralized procurement team, we have also offered temporary
franchise fee reductions and have helped our franchisees to obtain
lower-interest bank loans to help meet their short-term working
capital needs. We are working diligently to keep all of our hotels
in operation as long as we are allowed to keep them open.
The Chinese government has implemented strict
nationwide containment measures against COVID-19, including but not
limited to travel restrictions, lock-down of certain cities, hotel
closures, etc. Such containment measures negatively affected our
hotels’ occupancy and revenue. We have taken certain cost and cash
flow mitigation measures to counter the negative impact of the
lower revenue:
- Discussion with our leased hotel landlords for rent reduction
and deferment;
- Reduced or eliminated our discretionary spending including
marketing, non-essential training, and capital expenditures;
- Frozen new recruitments, streamlined our head office, and
placed a number of our hotel teams on a temporary furlough and/or
reduced workdays to adjust for the lower hotel occupancy.
The Chinese government also announced a number
of relief measures to Chinese companies, including but not limited
to encouraged rental waiver, reduction and delayed payment of
social insurance and taxes, continued support from financial
institutions, etc. These measures will partially offset the impact
of our revenue loss.
It is possible that closure of our hotels and
lower occupancy during this period, as a result of the Chinese
government containment measures mentioned above, may amount to a
technical event of default under our banking arrangements. We are
currently working with all relevant parties to seek waivers
wherever this is required. Since the outbreak, we have also
received further support from our banks in the form of additional
banking facilities and lower interest rates.
Due to the Chinese government’s effective
containment measures of COVID-19 and our employees’ great efforts
during this period, we have observed an initial recovery in our
hotel operations since early March. We believe we have been through
the lowest point when nearly 50% of our hotels in China were
required to close temporarily and occupancy rate dropped sharply to
about 10% during the Chinese New Year holiday. As of March 26,
2020, 93.5% of our hotels have resumed operations with an occupancy
rate 62% and continue to improve.
Since early March 2020, Deutsche Hospitality
hotel operations have also been affected from the wider spread of
COVID-19 in Europe. In order to contain the spread of COVID-19, the
local governments ordered a number of our hotels to be closed.
The German government announced certain relief
measures including the contribution by the German government to
salary costs of our furloughed employees, the details of which are
still being worked through. These government assistance measures
should help lessen the negative effects of these closures.
We have initiated a series of cost and cash flow
mitigation measures such as reduction in discretionary expenses,
headcount freeze, reduction and deferment of capital expenditures,
and rental payments, etc., to counter the impact due to hotel
closures. We have also reached out to our banks for additional bank
facilities to support our operations in Europe during this
period.
Guidance Due to the impact of
COVID-19, Huazhu now anticipates the gross opening of 1,600-1,800
hotels in 2020. In 2020, Huazhu is expected to close 350-450
hotels, including planned closure of 300-350 hotels and special
closure of 50-100 hotels impacted by COVID-19.
In the first quarter of 2020, Huazhu expects net
revenues to decline 15% to 20% year-over-year or 45% to 50% if
excluding the addition of Deutsche Hospitality. Given the
uncertainties amid the mix of recovery in China and wider spread of
COVID-19 outside of China, we are not able to provide meaningful
revenue guidance for the full year 2020 at this time. We will
continue to closely monitor these developments and provide more
updates when possible.
The above forecast reflects the Company’s
current and preliminary view, which is subject to change.
Conference CallHuazhu’s
management will host a conference call at 9 p.m. ET, Thursday,
March 26, 2020 (or 9 a.m. on Friday, March 27, 2020 in the
Shanghai/Hong Kong time zone) following the announcement. To
participate in the event by telephone, please dial +1 (845) 675
0437 (for callers in the US), +86 400 620 8038 (for callers in
China Mainland), +852 3018 6771 (for callers in Hong Kong) or +65
6713 5090 (for callers outside of the US, China Mainland, and Hong
Kong) and enter pass code 7678106. Please dial in approximately 10
minutes before the scheduled time of the call.
A recording of the conference call will be
available after the conclusion of the conference call through April
3, 2020. Please dial +1 (855) 452 5696 (for callers in the US) or
+61 2 8199 0299 (for callers outside the US) and entering pass code
7678106.
The conference call will also be webcast live
over the Internet and can be accessed by all interested parties at
the Company’s Web site, http://ir.huazhu.com.
Use of Non-GAAP Financial
MeasuresTo supplement the Company’s unaudited consolidated
financial results presented in accordance with U.S. GAAP, the
Company uses the following non-GAAP measures defined as non-GAAP
financial measures by the SEC: hotel operating costs excluding
share-based compensation expenses; general and administrative
expenses excluding share-based compensation expenses; selling and
marketing expenses excluding share-based compensation expenses;
adjusted income from operations excluding share-based compensation
expenses; adjusted net income attributable to Huazhu Group Limited
excluding share-based compensation expenses and unrealized gains
(losses) from fair value changes of equity securities; adjusted
basic and diluted earnings per share/ADS excluding share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities; EBITDA; and adjusted EBITDA excluding
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities. 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 these
non-GAAP financial measures provide meaningful supplemental
information regarding Company performance by excluding share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities that may not be indicative of Company
operating performance. The Company believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing Company 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. A limitation of using non-GAAP financial measures
excluding share-based compensation expenses and unrealized gains
(losses) from fair value changes of equity securities is that
share-based compensation expenses and unrealized gains (losses)
from fair value changes of equity securities have been and will
continue to be significant and recurring in the Company’s business.
Management compensates for these limitations by providing specific
information regarding the GAAP amounts excluded from each non-GAAP
measure. The accompanying tables have more details on the
reconciliations between GAAP financial measures that are most
directly comparable to non-GAAP financial measures.
The Company believes that EBITDA is a useful
financial metric to assess the operating and financial performance
before the impact of investing and financing transactions and
income taxes, given the significant investments that the Company
has made in leasehold improvements, depreciation and amortization
expense that comprise a significant portion of the Company’s cost
structure. In addition, the Company believes that EBITDA is widely
used by other companies in the lodging industry and may be used by
investors as a measure of financial performance. 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. The
Company also uses adjusted EBITDA, which is defined as EBITDA
before share-based compensation expenses and unrealized gains
(losses) from fair value changes of equity securities, to assess
operating results of the hotels in operation. The Company believes
that the exclusion of share-based compensation expenses and
unrealized gains (losses) from fair value changes of equity
securities helps facilitate year-on-year comparison of the results
of operations as the share-based compensation expenses and
unrealized gains (losses) from fair value changes of equity
securities may not be indicative of Company operating
performance.
The Company believes that unrealized gains and
losses from changes in fair value of equity securities are
generally meaningless in understanding our reported results or
evaluating our economic performance of our businesses. These gains
and losses have caused and will continue to cause significant
volatility in periodic earnings.
Therefore, the Company believes adjusted EBITDA
more closely reflects the performance capability of hotels. The
presentation of EBITDA and adjusted EBITDA should not be construed
as an indication that the Company’s future results will be
unaffected by other charges and gains considered to be outside the
ordinary course of business.
The use of EBITDA and adjusted EBITDA has
certain limitations. Depreciation and amortization expense for
various long-term assets (including land use rights), income tax,
interest expense and interest income have been and will be incurred
and are not reflected in the presentation of EBITDA. Share-based
compensation expenses and unrealized gains (losses) from fair value
changes of equity securities have been and will be incurred and are
not reflected in the presentation of adjusted EBITDA. 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 depreciation and amortization,
interest income, interest expense, income tax expense, share-based
compensation expenses, and unrealized gains (losses) from fair
value changes of equity securities and other relevant items both in
the reconciliations to the U.S. GAAP financial measures and in the
consolidated financial statements, all of which should be
considered when evaluating the performance of the Company.
The terms EBITDA and adjusted EBITDA are not
defined under U.S. GAAP, and neither EBITDA nor adjusted EBITDA is
a measure of net income, operating income, operating performance or
liquidity presented in accordance with U.S. GAAP. When assessing
the operating and financial performance, investors should not
consider these data in isolation or as a substitute for the
Company’s net income, operating income or any other operating
performance measure that is calculated in accordance with U.S.
GAAP. In addition, the Company’s EBITDA or adjusted EBITDA may not
be comparable to EBITDA or adjusted EBITDA or similarly titled
measures utilized by other companies since such other companies may
not calculate EBITDA or adjusted EBITDA in the same manner as the
Company does.
Reconciliations of the Company’s non-GAAP
financial measures, including EBITDA and adjusted EBITDA, to the
consolidated statement of operations information are included at
the end of this press release.
About Huazhu Group
LimitedHuazhu Group Limited is a leading hotel operator
and franchisor. As of December 31, 2019, Huazhu operated 5,618
hotels with 536,876 rooms in operation. Huazhu’s brands include Hi
Inn, Elan Hotel, HanTing Hotel, HanTing Premium Hotel, JI Hotel,
Starway Hotel, Orange Hotel Select, Crystal Orange Hotel, Manxin
Hotels & Resorts, Joya Hotel, and Blossom Hill Hotels &
Resorts. Huazhu also has the rights as master franchisee for
Mercure, Ibis and Ibis Styles, and co-development rights for Grand
Mercure and Novotel, in the pan-China region. Huazhu completed the
acquisition of Deutsche Hospitality on January 2, 2020, further
expanding our portfolio of brands to include Steigenberger Hotels
& Resorts, Maxx by Steigenberger, Jaz Hotel, Intercity Hotel
and Zleep Hotel.
Huazhu’s business includes leased and owned,
manachised and franchised models. Under the lease and ownership
model, Huazhu directly operates hotels typically located on leased
or owned properties. Under the manachise model, Huazhu manages
manachised hotels through the on-site hotel managers Huazhu
appoints and collects fees from franchisees. Under the franchise
model, Huazhu provides training, reservations and support services
to the franchised hotels, and collects fees from franchisees but
does not appoint on-site hotel managers. Huazhu applies a
consistent standard and platform across all of its hotels. As of
December 31, 2019, Huazhu operates 16 percent of its hotel rooms
under lease and ownership model, and 84 percent under manachise and
franchise models.
For more information, please visit the Company’s
website: http://ir.huazhu.com.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995: The information in this
release contains forward-looking statements which involve risks and
uncertainties, including statements regarding the Company’s capital
needs, business strategy and expectations. Any statements contained
herein that are not statements of historical fact may be deemed to
be forward-looking statements, which may be identified by
terminology such as “may,” “should,” “will,” “expect,” “plan,”
“intend,” “anticipate,” “believe,” “estimate,” “predict,”
“potential,” “forecast,” “project,” or “continue,” the negative of
such terms or other comparable terminology. Readers should not rely
on forward-looking statements as predictions of future events or
results. Any or all of the Company’s forward-looking statements may
turn out to be wrong. They can be affected by inaccurate
assumptions, risks and uncertainties and other factors which could
cause actual events or results to be materially different from
those expressed or implied in the forward-looking statements. In
evaluating these statements, readers should consider various
factors, including the anticipated growth strategies of the
Company, the future results of operations and financial condition
of the Company, the economic conditions of China, the regulatory
environment in China, the Company’s ability to attract customers
and leverage its brands, trends and competition in the lodging
industry, the expected growth of demand for lodging in China and
other factors and risks outlined in the Company’s filings with the
U.S. Securities and Exchange Commission, including its annual
report on Form 20-F and other filings. These factors may cause the
Company’s actual results to differ materially from any
forward-looking statement. In addition, new factors emerge from
time to time and it is not possible for the Company to predict all
factors that may cause actual results to differ materially from
those contained in any forward-looking statements. Any projections
in this release are based on limited information currently
available to the Company, which is subject to change. This release
also contains statements or projections that are based upon
information available to the public, as well as other information
from sources which the Company believes to be reliable, but it is
not guaranteed by the Company to be accurate, nor does the Company
purport it to be complete. The Company disclaims any obligation to
publicly update any forward-looking statements to reflect events or
circumstances after the date of this document, except as required
by applicable law.
1 Hotel turnover refers to total transaction value of room and
non-room revenues from Huazhu hotels (i.e., leased and operated,
manachised and franchised hotels).
2 The conversion of Renminbi (“RMB”) into United States dollars
(“US$”) is based on the exchange rate of US$1.00=RMB6.9618 on
December 31, 2019 as set forth in H.10 statistical release of the
U.S. Federal Reserve Board and available at
http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
---Financial Tables and Operational Data
Follow—
Huazhu Group
Limited |
Unaudited
Condensed Consolidated Balance Sheets |
|
|
December 31, 2018 |
|
December 31, 2019 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
(in
millions) |
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
4,262 |
|
3,234 |
|
465 |
|
Restricted cash |
622 |
|
10,765 |
|
1,546 |
|
Short-term investments |
89 |
|
2,908 |
|
418 |
|
Accounts receivable, net |
195 |
|
218 |
|
31 |
|
Loan receivables, net |
94 |
|
193 |
|
28 |
|
Amounts due from related parties |
176 |
|
182 |
|
26 |
|
Prepaid rent |
955 |
|
- |
|
- |
|
Inventories |
41 |
|
57 |
|
8 |
|
Other current assets |
540 |
|
699 |
|
100 |
|
Total
current assets |
6,974 |
|
18,256 |
|
2,622 |
|
|
|
|
|
|
|
|
Property
and equipment, net |
5,018 |
|
5,854 |
|
841 |
|
Intangible assets, net |
1,834 |
|
1,662 |
|
239 |
|
Operating
lease right-of-use assets |
- |
|
20,875 |
|
2,998 |
|
Land use
rights, net |
220 |
|
215 |
|
31 |
|
Long-term
investments |
6,152 |
|
1,929 |
|
277 |
|
Goodwill |
2,630 |
|
2,657 |
|
382 |
|
Loan
receivables, net |
189 |
|
280 |
|
40 |
|
Other
assets |
471 |
|
707 |
|
102 |
|
Deferred
tax assets |
505 |
|
548 |
|
79 |
|
Total
assets |
23,993 |
|
52,983 |
|
7,611 |
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term debt |
948 |
|
8,499 |
|
1,220 |
|
Accounts payable |
890 |
|
1,176 |
|
169 |
|
Amounts due to related parties |
75 |
|
95 |
|
14 |
|
Salary and welfare payables |
521 |
|
491 |
|
71 |
|
Deferred revenue |
1,005 |
|
1,179 |
|
169 |
|
Operating lease liabilities, current |
- |
|
3,082 |
|
443 |
|
Accrued expenses and other current liabilities |
1,607 |
|
1,856 |
|
267 |
|
Dividends payable |
658 |
|
678 |
|
97 |
|
Income tax payable |
265 |
|
231 |
|
33 |
|
Total
current liabilities |
5,969 |
|
17,287 |
|
2,483 |
|
|
|
|
|
|
|
|
Long-term
debt |
8,812 |
|
8,084 |
|
1,161 |
|
Deferred
rent |
1,507 |
|
- |
|
- |
|
Operating
lease liabilities, noncurrent |
- |
|
18,496 |
|
2,657 |
|
Deferred
revenue |
458 |
|
559 |
|
80 |
|
Other
long-term liabilities |
453 |
|
566 |
|
81 |
|
Deferred tax
liabilities |
475 |
|
491 |
|
71 |
|
Total
liabilities |
17,674 |
|
45,483 |
|
6,533 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Ordinary shares |
0 |
|
0 |
|
0 |
|
Treasury shares |
(107) |
|
(107) |
|
(15) |
|
Additional paid-in capital |
3,713 |
|
3,834 |
|
551 |
|
Retained earnings |
2,610 |
|
3,701 |
|
532 |
|
Accumulated other comprehensive income (loss) |
(42) |
|
(49) |
|
(7) |
|
Total Huazhu
Group Limited shareholders' equity |
6,174 |
|
7,379 |
|
1,061 |
|
Noncontrolling interest |
145 |
|
121 |
|
17 |
|
Total
equity |
6,319 |
|
7,500 |
|
1,078 |
|
Total
liabilities and equity |
23,993 |
|
52,983 |
|
7,611 |
|
Huazhu Group
Limited |
Unaudited
Condensed Consolidated Statements of Comprehensive
Income |
|
Quarter Ended |
|
Year Ended |
|
|
December 31, 2018 |
|
September 30, 2019 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(in
millions, except shares, per share and per ADS data) |
Revenues: |
|
|
|
|
|
|
|
Leased and owned hotels |
1,942 |
|
2,089 |
|
1,921 |
|
276 |
|
7,470 |
|
7,718 |
|
1,109 |
|
Manachised and franchised hotels |
703 |
|
939 |
|
938 |
|
135 |
|
2,527 |
|
3,342 |
|
480 |
|
Others |
38 |
|
27 |
|
51 |
|
7 |
|
66 |
|
152 |
|
22 |
|
Net
revenues |
2,683 |
|
3,055 |
|
2,910 |
|
418 |
|
10,063 |
|
11,212 |
|
1,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents |
(662) |
|
(664) |
|
(663) |
|
(95) |
|
(2,406) |
|
(2,624) |
|
(377) |
|
Utilities |
(87) |
|
(105) |
|
(91) |
|
(13) |
|
(399) |
|
(404) |
|
(58) |
|
Personnel costs |
(436) |
|
(466) |
|
(490) |
|
(70) |
|
(1,663) |
|
(1,854) |
|
(266) |
|
Depreciation and amortization |
(223) |
|
(243) |
|
(257) |
|
(37) |
|
(869) |
|
(960) |
|
(138) |
|
Consumables, food and beverage |
(179) |
|
(203) |
|
(215) |
|
(31) |
|
(673) |
|
(793) |
|
(114) |
|
Others |
(150) |
|
(153) |
|
(163) |
|
(24) |
|
(466) |
|
(555) |
|
(80) |
|
Total hotel operating costs |
(1,737) |
|
(1,834) |
|
(1,879) |
|
(270) |
|
(6,476) |
|
(7,190) |
|
(1,033) |
|
Other operating costs |
(8) |
|
(11) |
|
(21) |
|
(3) |
|
(15) |
|
(57) |
|
(8) |
|
Selling and marketing expenses |
(108) |
|
(113) |
|
(134) |
|
(19) |
|
(348) |
|
(426) |
|
(61) |
|
General and administrative expenses |
(269) |
|
(277) |
|
(330) |
|
(47) |
|
(851) |
|
(1,061) |
|
(152) |
|
Pre-opening expenses |
(54) |
|
(126) |
|
(149) |
|
(22) |
|
(255) |
|
(502) |
|
(72) |
|
Total
operating costs and expenses |
(2,176) |
|
(2,361) |
|
(2,513) |
|
(361) |
|
(7,945) |
|
(9,236) |
|
(1,326) |
|
Other
operating income (expense), net |
85 |
|
9 |
|
89 |
|
13 |
|
226 |
|
132 |
|
19 |
|
Income from
operations |
592 |
|
703 |
|
486 |
|
70 |
|
2,344 |
|
2,108 |
|
304 |
|
Interest
income |
32 |
|
46 |
|
39 |
|
6 |
|
148 |
|
160 |
|
23 |
|
Interest
expense |
(70) |
|
(72) |
|
(83) |
|
(12) |
|
(244) |
|
(315) |
|
(45) |
|
Other
(expense) income, net |
1 |
|
86 |
|
45 |
|
6 |
|
203 |
|
331 |
|
48 |
|
Unrealized
gains (losses) from fair value changes of equity securities |
(756) |
|
28 |
|
230 |
|
33 |
|
(914) |
|
316 |
|
44 |
|
Foreign
exchange (loss) gain |
(42) |
|
(108) |
|
69 |
|
10 |
|
(144) |
|
(35) |
|
(5) |
|
Income
(Loss) before income taxes |
(243) |
|
683 |
|
786 |
|
113 |
|
1,393 |
|
2,565 |
|
369 |
|
Income tax
expense |
(106) |
|
(191) |
|
(133) |
|
(19) |
|
(569) |
|
(640) |
|
(92) |
|
Gain (Loss)
from equity method investments |
(64) |
|
(60) |
|
(28) |
|
(4) |
|
(97) |
|
(164) |
|
(24) |
|
Net income
(loss) |
(413) |
|
432 |
|
625 |
|
90 |
|
727 |
|
1,761 |
|
253 |
|
Net (income)
loss attributable to noncontrolling interest |
(6) |
|
(1) |
|
(6) |
|
(1) |
|
(11) |
|
8 |
|
1 |
|
Net income
(loss) attributable to Huazhu Group Limited |
(419) |
|
431 |
|
619 |
|
89 |
|
716 |
|
1,769 |
|
254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments, net of tax |
20 |
|
(65) |
|
29 |
|
4 |
|
(169) |
|
(7) |
|
(1) |
|
Comprehensive income (loss) |
(393) |
|
367 |
|
654 |
|
94 |
|
558 |
|
1,754 |
|
252 |
|
Comprehensive (income) loss attributable to noncontrolling
interest |
(6) |
|
(1) |
|
(6) |
|
(1) |
|
(11) |
|
8 |
|
1 |
|
Comprehensive income (loss) attributable to Huazhu Group
Limited |
(399) |
|
366 |
|
648 |
|
93 |
|
547 |
|
1,762 |
|
253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) per share/ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
(1.48) |
|
1.51 |
|
2.17 |
|
0.31 |
|
2.54 |
|
6.22 |
|
0.89 |
|
Diluted |
(1.48) |
|
1.45 |
|
2.07 |
|
0.30 |
|
2.49 |
|
5.94 |
|
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
282,500,261 |
|
284,657,577 |
|
285,256,343 |
|
285,256,343 |
|
281,717,485 |
|
284,305,138 |
|
284,305,138 |
|
Diluted |
282,500,261 |
|
304,311,266 |
|
304,319,151 |
|
304,319,151 |
|
303,605,809 |
|
304,309,890 |
|
304,309,890 |
|
Huazhu Group
Limited |
Unaudited
Condensed Consolidated Statements of Cash Flows |
|
|
Quarter Ended |
|
Year Ended |
|
|
December 31, 2018 |
|
September 30, 2019 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
( in
millions) |
Operating
activities: |
|
|
|
|
|
|
|
Net (loss) income |
(413) |
|
432 |
|
625 |
|
90 |
|
727 |
|
1,761 |
|
253 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation |
27 |
|
31 |
|
22 |
|
3 |
|
83 |
|
110 |
|
15 |
|
Depreciation and amortization,and other |
236 |
|
257 |
|
273 |
|
39 |
|
919 |
|
1,019 |
|
146 |
|
Loss (Income) from equity method investments, net of dividends |
124 |
|
99 |
|
37 |
|
5 |
|
157 |
|
213 |
|
31 |
|
Investment (income) loss |
798 |
|
(6) |
|
(353) |
|
(51) |
|
1,009 |
|
(477) |
|
(68) |
|
Changes in operating assets andliabilities |
(225) |
|
20 |
|
387 |
|
56 |
|
58 |
|
482 |
|
69 |
|
Other |
27 |
|
174 |
|
(12) |
|
(2) |
|
96 |
|
185 |
|
27 |
|
Net cash
provided by operating activities |
574 |
|
1,007 |
|
979 |
|
140 |
|
3,049 |
|
3,293 |
|
473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
(312) |
|
(390) |
|
(459) |
|
(66) |
|
(1,195) |
|
(1,535) |
|
(221) |
|
Acquisitions, net of cash received |
(27) |
|
(23) |
|
(160) |
|
(23) |
|
(497) |
|
(244) |
|
(35) |
|
Purchase of long-term investments |
(366) |
|
(118) |
|
(63) |
|
(9) |
|
(4,960) |
|
(329) |
|
(47) |
|
Proceeds from maturity/sale of long-term investments |
4 |
|
533 |
|
1,281 |
|
184 |
|
177 |
|
2,002 |
|
288 |
|
Loan advances |
(55) |
|
(131) |
|
(76) |
|
(11) |
|
(320) |
|
(541) |
|
(78) |
|
Loan collections |
21 |
|
148 |
|
92 |
|
13 |
|
433 |
|
347 |
|
50 |
|
Other |
3 |
|
(8) |
|
20 |
|
3 |
|
16 |
|
15 |
|
2 |
|
Net cash
provided by (used in) investing activities |
(732) |
|
11 |
|
635 |
|
91 |
|
(6,346) |
|
(285) |
|
(41) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net proceeds from issuance of ordinary shares upon exercise of
options |
1 |
|
2 |
|
4 |
|
1 |
|
14 |
|
14 |
|
2 |
|
Proceeds from debt |
850 |
|
2 |
|
11,064 |
|
1,589 |
|
5,239 |
|
15,392 |
|
2,211 |
|
Repayment of debt |
(294) |
|
(605) |
|
(3,136) |
|
(450) |
|
(936) |
|
(8,682) |
|
(1,247) |
|
Dividend paid |
- |
|
- |
|
- |
|
- |
|
- |
|
(658) |
|
(95) |
|
Other |
(74) |
|
(37) |
|
(2) |
|
- |
|
(69) |
|
(21) |
|
(3) |
|
Net cash
provided by (used in) financing activities |
483 |
|
(638) |
|
7,930 |
|
1,140 |
|
4,248 |
|
6,045 |
|
868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash, cash equivalents and restricted
cash |
12 |
|
6 |
|
4 |
|
1 |
|
(23) |
|
62 |
|
9 |
|
Net increase
(decrease) in cash, cash equivalents and restricted cash |
337 |
|
386 |
|
9,548 |
|
1,372 |
|
928 |
|
9,115 |
|
1,309 |
|
Cash, cash
equivalents and restricted cash at the beginning of the period |
4,547 |
|
4,065 |
|
4,451 |
|
639 |
|
3,956 |
|
4,884 |
|
702 |
|
Cash, cash
equivalents and restricted cash at the end of the period |
4,884 |
|
4,451 |
|
13,999 |
|
2,011 |
|
4,884 |
|
13,999 |
|
2,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huazhu Group Limited |
Unaudited Reconciliation of GAAP and Non-GAAP
Results |
|
|
Quarter Ended December 31, 2019 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
|
(in
millions) |
Hotel
operating costs |
1,879 |
|
64.6% |
|
7 |
|
0.2% |
|
1,872 |
|
64.4% |
|
Other
operating costs |
21 |
|
0.7% |
|
- |
|
0.0% |
|
21 |
|
0.7% |
|
Selling
and marketing expenses |
134 |
|
4.6% |
|
1 |
|
0.0% |
|
133 |
|
4.6% |
|
General
and administrative expenses |
330 |
|
11.3% |
|
14 |
|
0.5% |
|
316 |
|
10.8% |
|
Pre-opening expenses |
149 |
|
5.1% |
|
- |
|
0.0% |
|
149 |
|
5.1% |
|
Total
operating costs and expenses |
2,513 |
|
86.3% |
|
22 |
|
0.7% |
|
2,491 |
|
85.6% |
|
Income
from operations |
486 |
|
16.7% |
|
22 |
|
0.7% |
|
508 |
|
17.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2019 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
US$ |
|
|
|
US$ |
|
|
|
US$ |
|
|
|
|
(in
millions) |
Hotel
operating costs |
270 |
|
64.6% |
|
1 |
|
0.2% |
|
269 |
|
64.4% |
|
Other
operating costs |
3 |
|
0.7% |
|
- |
|
0.0% |
|
3 |
|
0.7% |
|
Selling
and marketing expenses |
19 |
|
4.6% |
|
0 |
|
0.0% |
|
19 |
|
4.6% |
|
General
and administrative expenses |
47 |
|
11.3% |
|
2 |
|
0.5% |
|
45 |
|
10.8% |
|
Pre-opening expenses |
22 |
|
5.1% |
|
- |
|
0.0% |
|
22 |
|
5.1% |
|
Total
operating costs and expenses |
361 |
|
86.3% |
|
3 |
|
0.7% |
|
358 |
|
85.6% |
|
Income
from operations |
70 |
|
16.7% |
|
3 |
|
0.7% |
|
73 |
|
17.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September 30, 2019 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
|
(in
millions) |
Hotel
operating costs |
1,834 |
|
60.0% |
|
10 |
|
0.3% |
|
1,824 |
|
59.7% |
|
Other
operating costs |
11 |
|
0.4% |
|
- |
|
0.0% |
|
11 |
|
0.4% |
|
Selling
and marketing expenses |
113 |
|
3.7% |
|
1 |
|
0.0% |
|
112 |
|
3.7% |
|
General
and administrative expenses |
277 |
|
9.1% |
|
20 |
|
0.7% |
|
257 |
|
8.4% |
|
Pre-opening expenses |
126 |
|
4.1% |
|
- |
|
0.0% |
|
126 |
|
4.1% |
|
Total
operating costs and expenses |
2,361 |
|
77.3% |
|
31 |
|
1.0% |
|
2,330 |
|
76.3% |
|
Income
from operations |
703 |
|
23.0% |
|
31 |
|
1.0% |
|
734 |
|
24.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended December 31, 2018 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
|
(in
millions) |
Hotel
operating costs |
1,737 |
|
64.7% |
|
9 |
|
0.3% |
|
1,728 |
|
64.4% |
|
Other
operating costs |
8 |
|
0.3% |
|
- |
|
0.0% |
|
8 |
|
0.3% |
|
Selling
and marketing expenses |
108 |
|
4.0% |
|
1 |
|
0.0% |
|
107 |
|
4.0% |
|
General
and administrative expenses |
269 |
|
10.0% |
|
17 |
|
0.7% |
|
252 |
|
9.3% |
|
Pre-opening expenses |
54 |
|
2.0% |
|
- |
|
0.0% |
|
54 |
|
2.0% |
|
Total
operating costs and expenses |
2,176 |
|
81.0% |
|
27 |
|
1.0% |
|
2,149 |
|
80.0% |
|
Income
from operations |
592 |
|
22.1% |
|
27 |
|
1.0% |
|
619 |
|
23.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
|
(in
millions) |
Hotel
operating costs |
7,190 |
|
64.1% |
|
35 |
|
0.3% |
|
7,155 |
|
63.8% |
|
Other
operating costs |
57 |
|
0.5% |
|
- |
|
0.0% |
|
57 |
|
0.5% |
|
Selling
and marketing expenses |
426 |
|
3.8% |
|
3 |
|
0.0% |
|
423 |
|
3.8% |
|
General
and administrative expenses |
1,061 |
|
9.5% |
|
72 |
|
0.6% |
|
989 |
|
8.9% |
|
Pre-opening expenses |
502 |
|
4.5% |
|
- |
|
0.0% |
|
502 |
|
4.5% |
|
Total
operating costs and expenses |
9,236 |
|
82.4% |
|
110 |
|
0.9% |
|
9,126 |
|
81.5% |
|
Income
from operations |
2,108 |
|
18.8% |
|
110 |
|
1.0% |
|
2,218 |
|
19.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
US$ |
|
|
|
US$ |
|
|
|
US$ |
|
|
|
|
(in
millions) |
Hotel
operating costs |
1,033 |
|
64.1% |
|
5 |
|
0.3% |
|
1,028 |
|
63.8% |
|
Other
operating costs |
8 |
|
0.5% |
|
- |
|
0.0% |
|
8 |
|
0.5% |
|
Selling
and marketing expenses |
61 |
|
3.8% |
|
0 |
|
0.0% |
|
61 |
|
3.8% |
|
General
and administrative expenses |
152 |
|
9.5% |
|
10 |
|
0.6% |
|
142 |
|
8.9% |
|
Pre-opening expenses |
72 |
|
4.5% |
|
- |
|
0.0% |
|
72 |
|
4.5% |
|
Total
operating costs and expenses |
1,326 |
|
82.4% |
|
15 |
|
0.9% |
|
1,311 |
|
81.5% |
|
Income
from operations |
304 |
|
18.8% |
|
15 |
|
1.0% |
|
319 |
|
19.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
|
GAAP Result |
|
% of Net Revenues |
|
Share-based Compensation |
|
% of Net Revenues |
|
Non-GAAP Result |
|
% of Net Revenues |
|
|
RMB |
|
|
|
RMB |
|
|
|
RMB |
|
|
|
|
(in
millions) |
Hotel
operating costs |
6,476 |
|
64.4% |
|
27 |
|
0.3% |
|
6,449 |
|
64.1% |
|
Other
operating costs |
15 |
|
0.1% |
|
- |
|
0.0% |
|
15 |
|
0.1% |
|
Selling
and marketing expenses |
348 |
|
3.5% |
|
3 |
|
0.0% |
|
345 |
|
3.5% |
|
General
and administrative expenses |
851 |
|
8.5% |
|
53 |
|
0.5% |
|
798 |
|
8.0% |
|
Pre-opening expenses |
255 |
|
2.5% |
|
- |
|
0.0% |
|
255 |
|
2.5% |
|
Total
operating costs and expenses |
7,945 |
|
79.0% |
|
83 |
|
0.8% |
|
7,862 |
|
78.2% |
|
Income
from operations |
2,344 |
|
23.3% |
|
83 |
|
0.8% |
|
2,427 |
|
24.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Huazhu Group
Limited |
Unaudited
Reconciliation of GAAP and Non-GAAP Results |
|
|
Quarter Ended |
|
Year Ended |
|
|
December 31, 2018 |
|
September 30, 2019 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(in
millions, except shares, per share and per ADS data) |
Net income
(loss) attributable to Huazhu Group Limited (GAAP) |
(419) |
|
431 |
|
619 |
|
89 |
|
716 |
|
1,769 |
|
254 |
|
Share-based compensation expenses |
27 |
|
31 |
|
22 |
|
3 |
|
83 |
|
110 |
|
15 |
|
Unrealized (gains) losses from fair value changes of equity
securities |
756 |
|
(28) |
|
(230) |
|
(33) |
|
914 |
|
(316) |
|
(44) |
|
Adjusted
net income attributable to Huazhu Group Limited (non-GAAP) |
364 |
|
434 |
|
411 |
|
59 |
|
1,713 |
|
1,563 |
|
225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
earnings (losses) per share/ADS (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
1.29 |
|
1.52 |
|
1.44 |
|
0.21 |
|
6.08 |
|
5.50 |
|
0.79 |
|
Diluted |
1.23 |
|
1.46 |
|
1.38 |
|
0.20 |
|
5.77 |
|
5.27 |
|
0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares used in computation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
282,500,261 |
|
284,657,577 |
|
285,256,343 |
|
285,256,343 |
|
281,717,485 |
|
284,305,138 |
|
284,305,138 |
|
Diluted |
282,500,261 |
|
304,311,266 |
|
304,319,151 |
|
304,319,151 |
|
303,605,809 |
|
304,309,890 |
|
304,309,890 |
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Year Ended |
|
|
December 31, 2018 |
|
September 30, 2019 |
|
December 31, 2019 |
|
December 31, 2018 |
|
December 31, 2019 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
(in
millions, except per share and per ADS data) |
Net income (loss) attributable to Huazhu Group Limited
(GAAP) |
(419) |
|
431 |
|
619 |
|
89 |
|
716 |
|
1,769 |
|
254 |
|
Interest
income |
(32) |
|
(46) |
|
(39) |
|
(6) |
|
(148) |
|
(160) |
|
(23) |
|
Interest
expense |
70 |
|
72 |
|
83 |
|
12 |
|
244 |
|
315 |
|
45 |
|
Income
tax expense |
106 |
|
191 |
|
133 |
|
19 |
|
569 |
|
640 |
|
92 |
|
Depreciation and amortization |
229 |
|
250 |
|
266 |
|
38 |
|
891 |
|
991 |
|
142 |
|
EBITDA (non-GAAP) |
(46) |
|
898 |
|
1,062 |
|
152 |
|
2,272 |
|
3,555 |
|
510 |
|
Share-based compensation |
27 |
|
31 |
|
22 |
|
3 |
|
83 |
|
110 |
|
15 |
|
Unrealized (gains) losses from fair value changes of equity
securities |
756 |
|
(28) |
|
(230) |
|
(33) |
|
914 |
|
(316) |
|
(44) |
|
Adjusted EBITDA (non-GAAP) |
737 |
|
901 |
|
854 |
|
122 |
|
3,269 |
|
3,349 |
|
481 |
|
|
Huazhu Group Limited |
|
Operational Data |
|
|
|
|
|
As of |
|
|
December 31, |
September 30, |
December 31, |
|
2018 |
2019 |
2019 |
Total hotels in operation: |
4,230 |
5,151 |
5,618 |
Leased and owned hotels |
699 |
697 |
688 |
Manachised hotels |
3,309 |
4,087 |
4,519 |
Franchised hotels |
222 |
367 |
411 |
Total hotel rooms in operation |
422,747 |
504,414 |
536,876 |
Leased and owned hotels |
86,787 |
88,206 |
87,465 |
Manachised hotels |
314,932 |
387,174 |
418,700 |
Franchised hotels |
21,028 |
29,034 |
30,711 |
Number of cities |
403 |
420 |
437 |
|
|
|
|
Operating Metrics
|
For the
quarter ended |
|
|
December 31, |
September 30, |
December
31, |
yoy |
|
2018 |
2019 |
2019 |
change |
Average
daily room rate (in RMB) |
|
|
|
|
Leased and owned hotels |
275 |
|
288 |
|
277 |
|
0.9% |
|
Manachised and franchised hotels |
218 |
|
235 |
|
223 |
|
2.1% |
|
Blended |
230 |
|
245 |
|
232 |
|
0.9% |
|
Occupancy
rate (as a percentage) |
|
|
|
|
Leased and owned hotels |
86.7% |
|
90.0% |
|
84.7% |
|
-2.0pp |
|
Manachised and franchised hotels |
84.8% |
|
87.2% |
|
81.6% |
|
-3.1pp |
|
Blended |
85.2% |
|
87.7% |
|
82.2% |
|
-3.0pp |
|
RevPAR
(in RMB) |
|
|
|
|
Leased and owned hotels |
238 |
|
259 |
|
235 |
|
-1.4% |
|
Manachised and franchised hotels |
185 |
|
205 |
|
182 |
|
-1.7% |
|
Blended |
196 |
|
215 |
|
191 |
|
-2.7%(2) |
|
|
|
|
|
|
|
|
|
|
(2) Excluding our soft brands (Hi Inn, Elan,
Starway, Madison and Grand Madison), the blended RevPAR for 2019Q4
declined by 0.5% year-over-year.
|
For the full
year ended |
|
December 31, |
December 31, |
yoy |
|
2018 |
2019 |
change |
Average
daily room rate (in RMB) |
|
|
|
Leased and owned hotels |
267 |
|
276 |
|
3.6% |
|
Manachised and franchised hotels |
214 |
|
224 |
|
4.6% |
|
Blended |
226 |
|
234 |
|
3.6% |
|
Occupancy
rate (as a percentage) |
|
|
|
Leased and owned hotels |
89.0% |
|
87.0% |
|
-2.0% |
|
Manachised and franchised hotels |
86.9% |
|
83.8% |
|
-3.1% |
|
Blended |
87.3% |
|
84.4% |
|
-3.0% |
|
RevPAR
(in RMB) |
|
|
|
Leased and owned hotels |
237 |
|
240 |
|
1.2% |
|
Manachised and franchised hotels |
186 |
|
188 |
|
0.8% |
|
Blended |
197 |
|
198 |
|
0.1%(3) |
|
|
|
|
|
|
|
|
(3) Excluding our soft brands (Hi Inn, Elan,
Starway, Madison and Grand Madison), the blended RevPAR for 2019
grew by 0.8%.
Business Update by Segment
|
As of
December 31, 2019 |
|
Number of Hotels in Operation |
|
Number of Rooms in Operation |
Economy hotels |
3,485 |
|
290,615 |
HanTing Hotel |
2,372 |
|
224,626 |
Hi Inn |
465 |
|
28,153 |
Elan Hotel |
648 |
|
37,836 |
Midscale and upscale hotels |
2,133 |
|
246,261 |
HanTing Premium Hotel |
214 |
|
19,748 |
Ibis Hotel |
185 |
|
20,533 |
Ibis Styles Hotel |
55 |
|
6,681 |
Starway Hotel |
350 |
|
30,363 |
JI Hotel |
831 |
|
104,521 |
Orange Select Hotel |
248 |
|
28,821 |
Crystal Orange Hotel |
85 |
|
11,182 |
Manxin Hotels & Resorts |
46 |
|
4,133 |
Madison Hotel |
9 |
|
883 |
Mercure Hotel |
68 |
|
12,502 |
Novotel Hotel |
9 |
|
2,928 |
Grand Madison Hotel |
4 |
|
772 |
Joya Hotel |
6 |
|
1,250 |
Blossom Hill Hotels & Resorts |
17 |
|
648 |
Grand Mercure Hotel |
6 |
|
1,296 |
Total |
5,618 |
|
536,876 |
|
|
|
|
Same-hotel operational data by segment |
|
|
|
|
|
|
|
|
|
|
Number of hotels |
Same-hotel RevPAR |
Same-hotel ADR |
Same-hotel Occupancy |
|
|
As of |
For the quarter ended |
yoy |
For the quarter ended |
yoy |
For the quarter ended |
yoy |
|
|
December 31, |
December 31, |
change |
December 31, |
change |
December 31, |
change |
|
|
2018 |
2019 |
2018 |
2019 |
|
2018 |
2019 |
|
2018 |
|
2019 |
|
(p.p.) |
|
Economy hotels |
2,467 |
2,467 |
165 |
155 |
-6.2 |
% |
183 |
179 |
-2.4 |
% |
90.0 |
% |
86.5 |
% |
-3.5 |
|
Leased and owned hotels |
409 |
409 |
180 |
172 |
-4.4 |
% |
200 |
198 |
-0.7 |
% |
90.2 |
% |
86.9 |
% |
-3.3 |
|
Manachised and franchised hotels |
2,058 |
2,058 |
161 |
151 |
-6.7 |
% |
179 |
174 |
-2.9 |
% |
90.0 |
% |
86.4 |
% |
-3.6 |
|
Midscale and upscale hotels |
950 |
950 |
266 |
253 |
-4.7 |
% |
324 |
309 |
-4.4 |
% |
82.0 |
% |
81.8 |
% |
-0.2 |
|
Leased and owned hotels |
199 |
199 |
330 |
309 |
-6.3 |
% |
389 |
366 |
-5.9 |
% |
84.8 |
% |
84.4 |
% |
-0.3 |
|
Manachised and franchised hotels |
751 |
751 |
243 |
233 |
-4.1 |
% |
300 |
289 |
-3.8 |
% |
81.1 |
% |
80.9 |
% |
-0.2 |
|
Total |
3,417 |
3,417 |
199 |
188 |
-5.4 |
% |
228 |
222 |
-2.7 |
% |
87.3 |
% |
84.9 |
% |
-2.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of hotels |
Same-hotel RevPAR |
Same-hotel ADR |
Same-hotel Occupancy |
|
|
As of |
For the year ended |
yoy |
For the year ended |
yoy |
For the year ended |
yoy |
|
|
December 31, |
December 31, |
change |
December 31, |
change |
December 31, |
change |
|
|
2018 |
2019 |
2018 |
2019 |
|
2018 |
2019 |
|
2018 |
|
2019 |
|
(p.p.) |
|
Economy hotels |
2,467 |
2,467 |
170 |
164 |
-3.0 |
% |
184 |
184 |
0.3 |
% |
92.2 |
% |
89.1 |
% |
-3.1 |
|
Leased and owned hotels |
409 |
409 |
183 |
182 |
-0.4 |
% |
198 |
202 |
1.7 |
% |
92.0 |
% |
90.0 |
% |
-2.0 |
|
Manachised and franchised hotels |
2,058 |
2,058 |
166 |
160 |
-3.8 |
% |
180 |
180 |
-0.2 |
% |
92.2 |
% |
88.9 |
% |
-3.3 |
|
Midscale and upscale hotels |
950 |
950 |
269 |
261 |
-3.2 |
% |
323 |
317 |
-1.8 |
% |
83.4 |
% |
82.2 |
% |
-1.2 |
|
Leased and owned hotels |
199 |
199 |
332 |
317 |
-4.6 |
% |
385 |
374 |
-3.0 |
% |
86.3 |
% |
84.9 |
% |
-1.4 |
|
Manachised and franchised hotels |
751 |
751 |
245 |
239 |
-2.5 |
% |
298 |
294 |
-1.2 |
% |
82.3 |
% |
81.2 |
% |
-1.1 |
|
Total |
3,417 |
3,417 |
201 |
194 |
-3.1 |
% |
224 |
224 |
-0.3 |
% |
89.5 |
% |
87.0 |
% |
-2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact InformationInvestor RelationsTel: +86 (21) 6195
9561Email: ir@huazhu.comhttp://ir.huazhu.com
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