Q2 2024 H World Group Ltd Earnings Call Transcript
Key Points
- H World Group Ltd (HTHT) opened its 10,000th hotel in China, achieving a significant milestone.
- The company saw a 21% year-over-year increase in the total number of room nights sold in China during the second quarter.
- HTHT's occupancy rate increased by 0.7 percentage points year-over-year, reflecting stable travel demand.
- The company opened 567 new hotels in the second quarter, maintaining strong hotel opening momentum.
- HTHT's adjusted EBITDA increased by 15% year-over-year to RMB2 billion, indicating strong financial performance.
- Legacy-Huazhu's RevPAR in the second quarter was RMB244, down 2% year-over-year.
- ADR was RMB296, down 2.9% year-over-year, indicating a decline in average daily rates.
- SG&A expenses increased by 24% year-over-year, driven by headcount normalization and share-based compensation.
- The company expects a mid-single-digit year-over-year decline in RevPAR for the third quarter of 2024.
- HTHT's guidance for third-quarter revenue growth is relatively modest, between 2% to 5% year-over-year.
Good day and thank you for standing by. Welcome to H World Second 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 second quarter earnings conference call. Joining us today is our Founder and Chairman, Mr. Ji Qi; our CEO, Mr. Jin Hui; and our CFO, Mr. Zou Jun.
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
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