Q3 2024 H World Group Ltd Earnings Call Transcript
Key Points
- H World Group Ltd (HTHT) achieved a record high of 774 hotel openings in the third quarter, demonstrating strong network expansion.
- The company maintained a healthy occupancy rate of 84.9% despite a decrease in RevPAR, indicating resilience in hotel operations.
- The number of room nights booked via the B2B platform increased by 41% year-over-year, showcasing growth in direct sales capabilities.
- H World Group Ltd (HTHT) reported a 20% year-over-year increase in the overall number of rooms, reaching close to 1.1 million.
- The company continues to focus on high-quality growth, closing low-quality hotels to enhance the overall service quality of its portfolio.
- RevPAR decreased by 8.1% year-over-year, impacted by high base ADR from the previous year and adverse weather conditions.
- The company incurred RMB81 million in one-off restructuring costs for its Deutsche Hospitality business, affecting financial performance.
- Adjusted EBITDA decreased by 9.5% year-over-year, reflecting challenges in maintaining profitability amidst restructuring efforts.
- Legacy-Huazhu's revenue from leased and owned hotels decreased by 10.4% due to hotel closures, impacting overall revenue growth.
- The macroeconomic environment led to stagnant recovery in China's business travel demand, affecting overall travel demand.
Good day and thank you for standing by. Welcome to H World third-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
It is now my pleasure to hand you over to the Senior IR Director of the company, Mr. Jason Chen. Please go ahead.
Thank you, Amber. Good morning, and good evening, everyone. Thanks for joining us today. Welcome to H World Group 2024 third-quarter earnings conference call. Joining us today is our Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; our CFO, Ms. Chen Hui; and our CSO, Ms. He Jihong. Following their prepared remarks, management will be available to answer your questions.
Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the
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