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H World Group Limited Reports Second Quarter and Interim of 2023 Unaudited Financial Results

  • A total of 8,750 hotels or 844,417 hotel rooms in operation as of June 30, 2023.
  • Hotel turnover1 increased 72.0% year-over-year to RMB20.3 billion in the second quarter of 2023. Excluding Steigenberger Hotels GmbH and its subsidiaries (“DH”, or “Legacy-DH”), hotel turnover increased 78.1% year-over-year in the second quarter of 2023.
  • Revenue increased 63.5% year-over-year to RMB5.5 billion (US$762 million)2 in the second quarter of 2023, surpassing the revenue guidance previously announced of a 51% to 55% increase compared to the second quarter of 2022. Revenue from the Legacy-Huazhu segment in the second quarter of 2023 increased 76.6% year-over-year, exceeding the revenue guidance previously announced of a 64% to 68% increase.
  • Net income attributable to H World Group Limited was RMB1.0 billion (US$138 million) in the second quarter of 2023, compared with a net loss attributable to H World Group Limited of RMB350 million in the second quarter of 2022 and a net income attributable to H World Group Limited of RMB990 million in the previous quarter. Net income attributable to H World Group Limited from the Legacy-Huazhu segment was RMB993 million in the second quarter of 2023, compared with a net loss attributable to H World Group Limited from the Legacy-Huazhu segment of RMB298 million in the second quarter of 2022 and a net income attributable to H World Group Limited from the Legacy-Huazhu segment of RMB1.2 billion in the previous quarter.
  • EBITDA (non-GAAP) in the second quarter of 2023 was RMB1.7 billion (US$234 million), compared with a negative RMB213 million in the second quarter of 2022 and RMB1.6 billion in the previous quarter.
  • Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses and gains (losses) from fair value changes of equity securities from EBITDA (non-GAAP), was RMB1.8 billion (US$242 million) in the second quarter of 2023, compared with RMB53 million in the second quarter of 2022 and RMB1.7 billion in the previous quarter. Adjusted EBITDA from the Legacy-Huazhu segment, which is a segment measure, was RMB1.7 billion in the second quarter of 2023, compared with RMB23 million in the second quarter of 2022 and RMB1.7 billion in the previous quarter, which includes a gain of RMB0.5 billion realized due to the sale of all of the Company’s holdings of Accor shares.
  • For the third quarter of 2023, H World expects its revenue growth to be in the range of 43%-47% compared to the third quarter of 2022, or in the range of 49%-53% excluding DH. We raise our guidance for the full year of 2023, expecting revenue growth to be in the range of 48%-52% compared to the full year of 2022, and up from our previous guidance of 42%-46%, or in the range of 54%-58% excluding DH compared to the previous guidance of 46%-50% excluding DH.

SINGAPORE and SHANGHAI, China, Aug. 24, 2023 (GLOBE NEWSWIRE) -- H World Group Limited (NASDAQ: HTHT and HKEX: 1179) (“H World”, the “Company”, “we” or “our”), a key player in the global hotel industry, today announced its unaudited financial results in the second quarter and the first half ended June 30, 2023.

As of June 30, 2023, H World’s worldwide hotel network in operation totaled 8,750 hotels and 844,417 rooms, including 128 hotels from DH. During the second quarter of 2023, our Legacy-Huazhu business opened 374 hotels, including 2 leased and owned hotels, and 372 manachised and franchised hotels, and closed a total of 216 hotels, including 6 leased and owned hotels and 210 manachised and franchised hotels. As of June 30, 2023, H World had a total of 2,845 unopened hotels in the pipeline, including 2,808 hotels from the Legacy-Huazhu business and 37 hotels from the Legacy-DH business.

Legacy-Huazhu Only Second Quarter of 2023 Operational Highlights

As of June 30, 2023, Legacy-Huazhu had 8,622 hotels in operation, including 616 leased and owned hotels, and 8,006 manachised and franchised hotels. In addition, as of the same date, Legacy-Huazhu had 818,245 hotel rooms in operation, including 86,846 rooms under the lease and ownership model, and 731,399 rooms under the manachise and franchise models. Legacy-Huazhu also had 2,808 unopened hotels in its pipeline, including 15 leased and owned hotels, and 2,793 manachised and franchised hotels. The following discusses Legacy-Huazhu’s RevPAR, average daily room rate (“ADR”) and occupancy rate for its leased and owned hotels, as well as manachised and franchised hotels for the periods indicated.

  • The ADR was RMB305 in the second quarter of 2023, compared with RMB218 in the second quarter of 2022, RMB277 in the previous quarter, and RMB236 in the second quarter of 2019.

  • The occupancy rate for all the Legacy-Huazhu hotels in operation was 81.8% in the second quarter of 2023, compared with 64.6% in the second quarter of 2022, 75.6% in the previous quarter, and 86.9% in the second quarter of 2019.

  • Blended RevPAR was RMB250 in the second quarter of 2023, compared with RMB141 in the second quarter of 2022, RMB210 in the previous quarter, and RMB206 in the second quarter of 2019.

  • For all the Legacy-Huazhu hotels which had been in operation for at least 18 months, the same-hotel RevPAR was RMB251 in the second quarter of 2023, representing a 71.8% increase from RMB146 in the second quarter of 2022, with a 37.9% increase in ADR and a 16.3 percentage-point increase in occupancy rate.

Legacy-DH Only Second Quarter of 2023 Operational Highlights

As of June 30, 2023, Legacy-DH had 128 hotels in operation, including 80 leased hotels, and 48 manachised and franchised hotels. In addition, as of the same date, Legacy-DH had 26,172 hotel rooms in operation, including 15,497 rooms under the lease model, and 10,675 rooms under the manachise and franchise models. Legacy-DH also had 37 unopened hotels in the pipeline, including 26 leased hotels and 11 manachised and franchised hotels. The following discusses Legacy-DH’s RevPAR, ADR and occupancy rate for its leased as well as manachised and franchised hotels (excluding hotels temporarily closed) for the periods indicated. 

  • The ADR was EUR117 in the second quarter of 2023, compared with EUR110 in the second quarter of 2022 and EUR104 in the previous quarter.

  • The occupancy rate for all Legacy-DH hotels in operation was 67.1% in the second quarter of 2023, compared with 59.8% in the second quarter of 2022 and 53.5% in the previous quarter.

  • Blended RevPAR was EUR78 in the second quarter of 2023, compared with EUR66 in the second quarter of 2022 and EUR55 in the previous quarter.

Jin Hui, CEO of H World commented: “We are pleased to deliver another quarter of strong results, as the growth of travel demand further strengthened in the second quarter. For our Legacy-Huazhu business, RevPAR in Q2 2023 recovered to 121% of the Q2 2019 level. Breaking down into monthly numbers, our RevPAR in April, May and June 2023 recovered to 127%, 115% and 123% of the 2019 levels of the corresponding months, respectively. The strong recovery continues to be largely driven by ADR growth in the second quarter, which reflected a combination of product mix change and product upgrades, as well as market penetration and synergy via our regional offices. Continued increases in our franchisees’ confidence level led us to enjoy a historical high signing of over 1,000 new hotels during the quarter.”

“Regarding our business outside China, our Legacy-DH business recovery improved sequentially as RevPAR recovered to 111% of the 2019 level and EBITDA turned positive in the second quarter.”

Second Quarter and Interim of 2023 Unaudited Financial Results

(RMB in millions)Q2 2022Q1 2023Q2 2023H1 2022H1 2023
Revenue:     
Leased and owned hotels2,3612,8743,5924,0036,466
Manachised and franchised hotels9451,5541,8561,9343,410
Others765282126134
Total revenue3,3824,4805,5306,06310,010
      

Revenue in the second quarter of 2023 was RMB5.5 billion (US$762 million), representing a 63.5% year-over-year increase and a 23.4% sequential increase. Revenue from the Legacy-Huazhu segment in the second quarter of 2023 was RMB4.3 billion, representing a 76.6% year-over-year increase and a 21.0% sequential increase. The 76.6% year-over-year increase exceeds the previously announced revenue guidance of a 64% to 68% increase, which was mainly due to continued product upgrades and operational optimization via our regional headquarters, as well as the strong recovery in travel demand. Revenue from the Legacy-DH segment in the second quarter of 2023 was RMB1.2 billion, representing a 28.4% year-over-year increase and a 33.5% sequential increase. The year-over-year increase was mainly due to continued recovery of our business, and the sequential increase was mainly due to seasonality.

Revenue in the first half of 2023 was RMB10.0 billion (US$1.4 billion), representing an increase of 65.1% from the first half of 2022. Revenue from Legacy-Huazhu in the first half of 2023 was RMB7.9 billion, representing a 67.7% year-over-year increase. Revenue from the Legacy-DH segment in the first half of 2023 was RMB2.1 billion, representing a 55.9% year-over-year increase.

Revenue from leased and owned hotels in the second quarter of 2023 was RMB3.6 billion (US$495 million), representing a 52.1% year-over-year increase and a 25.0% sequential increase. Revenue from leased and owned hotels from the Legacy-Huazhu segment in the second quarter of 2023 was RMB2.5 billion, representing a 67.2% year-over-year increase. Revenue from leased and owned hotels from the Legacy-DH segment in the second quarter of 2023 was RMB1.1 billion, representing a 27.1% year-over-year increase.

In the first half of 2023, revenue from our leased and owned hotels was RMB6.5 billion (US$892 million), representing a 61.5% year-over-year increase. Revenue from our Legacy-Huazhu leased and owned hotels in the first half of 2023 was RMB4.5 billion, representing a 64.1% year-over-year increase. Revenue from our Legacy-DH leased and owned hotels in the first half of 2023 was RMB2.0 billion, representing a 55.9% year-over-year increase.

Revenue from manachised and franchised hotels in the second quarter of 2023 was RMB1.9 billion (US$256 million), representing a 96.4% year-over-year increase and a 19.4% sequential increase. Revenue from our Legacy-Huazhu segment from manachised and franchised hotels in the second quarter of 2023 was RMB1.8 billion, representing a 97.0% year-over-year increase. Revenue from manachised and franchised hotels from the Legacy-DH segment in the second quarter of 2023 was RMB26 million, representing a 62.5% year-over-year increase.

In the first half of 2023, revenue from manachised and franchised hotels was RMB3.4 billion (US$470 million), representing a 76.3% year-over-year increase. These hotels accounted for 34.1% of revenue, compared to 31.9% of revenue in the first half of 2022. Revenue from our Legacy-Huazhu manachised and franchised hotels in the first half of 2023 was RMB3.4 billion, representing a 76.9% year-over-year increase.

Other revenue represents revenue generated from businesses other than our hotel operations, which mainly includes revenue from the provision of IT products and services and Huazhu Mall™ and other revenue from the Legacy-DH segment, totaling RMB82 million (US$11 million) in the second quarter of 2023, compared to RMB76 million in the second quarter of 2022 and RMB52 million in the previous quarter.

In the first half of 2023, other revenue was RMB134 million (US$18 million), compared to RMB126 million in the first half of 2022.

(RMB in millions)Q2 2022Q1 2023Q2 2023H1 2022H1 2023
Operating costs and expenses:     
Hotel operating costs(2,972)(3,250)(3,482)(5,785)(6,732)
Other operating costs(15)(11)(6)(26)(17)
Selling and marketing expenses(142)(195)(262)(264)(457)
General and administrative expenses(368)(425)(477)(830)(902)
Pre-opening expenses(31)(9)(12)(57)(21)
Total operating costs and expenses(3,528)(3,890)(4,239)(6,962)(8,129)
           

Hotel operating costs in the second quarter of 2023 were RMB3.5 billion (US$480 million), compared to RMB3.0 billion in the second quarter of 2022 and RMB3.3 billion in the previous quarter. The year-over-year increase was mainly due to the rising occupancy rate in our hotels. Hotel operating costs from the Legacy-Huazhu segment in the second quarter of 2023 were RMB2.6 billion, which represented 58.9% of the quarter’s revenue, compared to RMB2.2 billion or 88.1% of the revenue in the second quarter in 2022 and RMB2.4 billion or 66.3% of the revenue for the previous quarter.

In the first half of 2023, hotel operating costs were RMB6.7 billion (US$929 million), compared to RMB5.8 billion in the first half of 2022. Hotel operating costs from Legacy-Huazhu in the first half of 2023 were RMB4.9 billion, which represented 62.2% of revenue, compared to 93.4% in the first half of 2022.

Selling and marketing expenses in the second quarter of 2023 were RMB262 million (US$36 million), compared to RMB142 million in the second quarter of 2022 and RMB195 million in the previous quarter. The increase was mainly due to the recovery of both Legacy-Huazhu and Legacy-DH businesses. Selling and marketing expenses from the Legacy-Huazhu segment in the second quarter of 2023 were RMB153 million, which represented 3.5% of this quarter’s revenue, compared to RMB65 million or 2.6% of revenue in the second quarter in 2022, and RMB117 million or 3.3% of revenue in the previous quarter.

In the first half of 2023, selling and marketing expenses were RMB457 million (US$63 million), compared to RMB264 million in 2022. Selling and marketing expenses from Legacy-Huazhu in the first half of 2023 were RMB270 million, which represented 3.4% of revenue, compared to RMB143 million or 3.0% of revenue in the first half of 2022.

General and administrative expenses in the second quarter of 2023 were RMB477 million (US$66 million), compared to RMB368 million in the second quarter of 2022 and RMB425 million in the previous quarter. General and administrative expenses from the Legacy-Huazhu segment in the second quarter of 2023 were RMB352 million, which represented 8.1% of this quarter’s revenue, compared to RMB267 million or 10.8% in the second quarter in 2022 and RMB312 million or 8.7% for the previous quarter.

In the first half of 2023, general and administrative expenses were RMB902 million (US$124 million), compared to RMB830 million in 2022. General and administrative expenses from Legacy-Huazhu in the first half of 2023 were RMB664 million, which represented 8.4% of revenue, compared to RMB613 million or 12.9% of revenue in the first half of 2022.

Pre-opening expenses in the second quarter of 2023 were primarily related to the Legacy-Huazhu segment and totaled RMB12 million (US$2 million), compared to RMB31 million in the second quarter of 2022 and RMB9 million in the previous quarter.

Pre-opening expenses in the first half of 2023 were RMB21 million (US$3 million), compared to RMB57 million in 2022. Pre-opening expenses from Legacy-Huazhu as a percentage of revenue were 0.3% in the first half of 2023, compared to 1.2% in the first half of 2022.

Other operating income, net in the second quarter of 2023 was RMB94 million (US$13 million), compared to RMB154 million in the second quarter of 2022 and RMB74 million in the previous quarter.

Other operating income, net in the first half of 2023 was RMB168 million (US$22 million), compared to RMB199 million in 2022.

Income from operations in the second quarter of 2023 was RMB1.4 billion (US$190 million), compared to income from operations of RMB8 million in the second quarter of 2022 and income from operations of RMB664 million in the previous quarter. Income from operations from the Legacy-Huazhu segment in the second quarter of 2023 was RMB1.3 billion, compared to income from operations of RMB21 million in the second quarter of 2022 and income from operations of RMB822 million in the previous quarter. The Legacy-DH segment had income from operations of RMB35 million in the second quarter of 2023, compared to losses from operations of RMB13 million in the second quarter of 2022 and losses from operations of RMB158 million in the previous quarter.

Income from operations in the first half of 2023 was RMB2.0 billion (US$281 million), compared to losses from operation of RMB700 million in 2022. Income from operations from Legacy-Huazhu in the first half of 2023 was RMB2.2 billion, compared to losses from operations of RMB395 million in 2022. Losses from operations from Legacy-DH in the first half of 2023 was RMB123 million, compared to losses of RMB305 million in 2022.

Operating margin, defined as income from operations as a percentage of revenue, was 25.0% in the second quarter of 2023, compared with 0.2% in the second quarter of 2022 and 14.8% for the previous quarter. Operating margin from the Legacy-Huazhu segment in the second quarter of 2023 was 31.1%, compared with 0.9% in the second quarter of 2022 and 22.9% in the previous quarter.

Operating margin in the first half of 2023 was 20.5%, compared with a negative 11.5% in 2022. Operating margin from Legacy-Huazhu in the first half of 2023 was 27.4%, compared with a negative 8.3% in 2022.

Other income, net in the second quarter of 2023 was RMB32 million (US$4 million), compared to RMB29 million in the second quarter of 2022 and RMB514 million for the previous quarter.

Other income, net in the first half of 2023 was RMB546 million (US$75 million) which was mainly due to gains from selling AccorHotels shares, compared to RMB88 million in 2022.

Losses from fair value changes of equity securities in the second quarter of 2023 were RMB19 million (US$3 million), compared to losses of RMB240 million in the second quarter of 2022, and gains of RMB13 million in the previous quarter. Gains (losses) from fair value changes of equity securities mainly represent the unrealized gains (losses) from our investment in equity securities with readily determinable fair values.

In the first half of 2023, losses from fair value changes of equity securities were RMB6 million (US$1 million), compared to losses of RMB186 million in 2022, which were mainly due to losses from holding AccorHotels shares. We sold all of the Company’s holdings of Accor shares in March 2023.

Income tax expense in the second quarter of 2023 was RMB308 million (US$42 million), compared to an income tax benefit of RMB299 million in the second quarter of 2022 and income tax expense of RMB194 million in the previous quarter.

In the first half of 2023, income tax expense was RMB502 million (US$69 million), compared to income tax benefit of RMB430 million in 2022.

Net income attributable to H World Group Limited in the second quarter of 2023 was RMB1.0 billion (US$138 million), compared with a net loss attributable to H World Group Limited of RMB350 million in the second quarter of 2022 and net income attributable to H World Group Limited of RMB990 million in the previous quarter. Net income attributable to H World Group Limited from the Legacy-Huazhu segment was RMB993 million in the second quarter of 2023, compared with a net loss attributable to H World Group Limited from the Legacy-Huazhu segment of RMB298 million in the second quarter of 2022 and net income attributable to H World Group Limited from the Legacy-Huazhu segment of RMB1.2 billion in the previous quarter.

Net income attributable to H World Group Limited in the first half of 2023 was RMB2.0 billion (US$276 million), compared with a net loss attributable to H World Group Limited of RMB980 million in 2022. Net income attributable to H World Group Limited from Legacy-Huazhu in the first half of 2023 was RMB2.1 billion, compared to a net loss attributable to H World Group Limited of RMB605 million in 2022.

EBITDA (non-GAAP) in the second quarter of 2023 was RMB1.7 billion (US$234 million), compared with a negative RMB213 million in the second quarter of 2022 and RMB1.6 billion in the previous quarter. Adjusted EBITDA (non-GAAP), which excluded share-based compensation expenses and gains (losses) from fair value changes of equity securities from EBITDA (non-GAAP), was RMB1.8 billion (US$242 million) in the second quarter of 2023, compared with RMB53 million in the second quarter of 2022 and RMB1.7 billion in the previous quarter. Adjusted EBITDA from the Legacy-Huazhu segment, which is a segment measure, was RMB1.7 billion in the second quarter of 2023, compared with RMB23 million in the second quarter of 2022 and RMB1.7 billion in the previous quarter, which includes a gain of RMB0.5 billion realized due to the sale of all of the Company’s holdings of Accor shares.

EBITDA (non-GAAP) in the first half of 2023 was RMB3.4 billion (US$461 million), compared with a negative RMB514 million in 2022. Excluding share-based compensation expenses and gains (losses) from fair value changes of equity securities, adjusted EBITDA (non-GAAP) in the first half of 2023 was RMB3.4 billion (US$470 million), compared with a negative RMB280 million in 2022. The adjusted EBITDA from Legacy-Huazhu in the first half of 2023 was RMB3.4 billion, compared with a negative RMB70 million in 2022.

Cash flow. Operating cash inflow in the second quarter of 2023 was RMB2.2 billion (US$311 million). Investing cash outflow in the second quarter of 2023 was RMB1.1 billion (US$158 million). The investing cash outflow was mainly due to the purchase of time deposits. Financing cash outflow in the second quarter of 2023 was RMB3.8 billion (US$528 million). The financing cash outflow was mainly due to the repayment of a Euro syndicated loan.

Operating cash inflow in the first half of 2023 was RMB4.1 billion (US$563 million), compared to RMB68 million in 2022. Investing cash inflow in the first half of 2023 was RMB849 million (US$118 million), compared to RMB145 million cash outflow in 2022. Financing cash outflow in the first half of 2023 was RMB2.4 billion (US$326 million), compared to RMB455 million in 2022.

Cash and cash equivalents and restricted cash. As of June 30, 2023, the Company had a total balance of cash and cash equivalents of RMB7.3 billion (US$1.0 billion) and restricted cash of RMB520 million (US$72 million).

Debt financing. As of June 30, 2023, the Company had a total debt and net cash balance of RMB5.8 billion (US$804 million) and RMB2.0 billion (US$277 million), respectively; the unutilized credit facility available to the Company was RMB2.8 billion.

Guidance
For the third quarter of 2023, H World expects its revenue growth to be in the range of 43%-47% compared to the third quarter of 2022, or in the range of 49%-53% excluding DH.

We raise our guidance for the full year of 2023, expecting revenue growth to be in the range of 48%-52% compared to the full year of 2022, and up from our previous guidance of 42%-46%, or in the range of 54%-58% excluding DH compared to the previous guidance of 46%-50% excluding DH.

The above forecast reflects the Company’s current and preliminary view, which is subject to change.

Conference Call
H World’s management will host a conference call at 9 p.m. U.S. Eastern time on Thursday, August 24, 2023 (9 a.m. Hong Kong time on Friday, August 25, 2023) following the announcement.

To join by phone, all participants must pre-register this conference call using the Participant Registration link of https://register.vevent.com/register/BId135226269b74b64b25b25d927db4f5e. Upon registration, each participant will receive details for the conference call, which include dial-in numbers, conference call passcode and a unique access PIN.

A live webcast of the call can be accessed at https://edge.media-server.com/mmc/p/d6tooa2u/lan/zhs or the Company’s website at https://ir.hworld.com/news-and-events/events-calendar.

A replay of the conference call will be available for twelve months from the date of the conference at the Company’s website, https://ir.hworld.com/news-and-events/events-calendar.

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 (“SEC”): adjusted net income (loss) attributable to H World Group Limited excluding share-based compensation expenses and gains (losses) from fair value changes of equity securities; adjusted basic and diluted earnings (losses) per share/ADS excluding share-based compensation expenses and gains (losses) from fair value changes of equity securities; EBITDA; adjusted EBITDA excluding share-based compensation expenses and 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 “Unaudited 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 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 gains (losses) from fair value changes of equity securities is that share-based compensation expenses and gains (losses) from fair value changes of equity securities have been and may 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 information provides investors with a useful tool for comparability between periods because it excludes depreciation and amortization expense attributable to capital expenditures. The Company also uses adjusted EBITDA to assess operating results of its hotels in operation. The Company believes that the exclusion of share-based compensation expenses and gains (losses) from fair value changes of equity securities helps facilitate year-over-year comparisons of the results of operations as the share-based compensation expenses and gains (losses) from fair value changes of equity securities may not be indicative of Company operating performance.

The Company believes that gains and losses from changes in fair value of equity securities are generally less significant in understanding the Company’s reported results or evaluating the economic performance of its businesses. These gains and losses have caused and may continue to cause significant volatility in reported periodic earnings.

Therefore, the Company believes adjusted EBITDA more closely reflects the financial performance capability of our 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 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 depreciation and amortization, interest income, interest expense, income tax expense, share-based compensation expenses, and 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 H World Group Limited
Originated in China, H World Group Limited is a key player in the global hotel industry. As of June 30, 2023, H World operated 8,750 hotels with 844,417 rooms in operation in 18 countries. H World’s brands include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels. In addition, H World 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.

H World’s business includes leased and owned, manachised and franchised models. Under the lease and ownership model, H World directly operates hotels typically located on leased or owned properties. Under the manachise model, H World manages manachised hotels through the on-site hotel managers that H World appoints, and H World collects fees from franchisees. Under the franchise model, H World provides training, reservations and support services to the franchised hotels, and collects fees from franchisees but does not appoint on-site hotel managers. H World applies a consistent standard and platform across all of its hotels. As of June 30, 2023, H World operates 12 percent of its hotel rooms under lease and ownership model, and 88 percent under manachise and franchise models.

For more information, please visit H World’s website: https://ir.hworld.com.

Safe Harbor Statement Under the U.S. Private Securities Litigation Reform Act of 1995: The information in this release contains forward-looking statements which involve risks and uncertainties. Such factors and risks include our anticipated growth strategies; our future results of operations and financial condition; economic conditions; the regulatory environment; our ability to attract and retain customers and leverage our brands; trends and competition in the lodging industry; the expected growth of demand for lodging; and other factors and risks detailed in our filings with the U.S. Securities and Exchange Commission. 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.

H World undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

—Financial Tables and Operational Data Follow—

H World Group Limited
Unaudited Condensed Consolidated Balance Sheets
 December 31, 2022
 June 30, 2023
 RMB
 RMBUS$3
 (in millions)
ASSETS      
Current assets:      
Cash and cash equivalents3,583  7,316  1,009 
Restricted cash1,503  520  72 
Short-term investments1,788  749  103 
Accounts receivable, net1,113  933  129 
Loan receivables, net134  126  17 
Amounts due from related parties, current178  131  18 
Inventories70  65  9 
Other current assets, net809  725  100 
Total current assets9,178  10,565  1,457 
    
Property and equipment, net6,784  6,403  883 
Intangible assets, net5,278  5,475  755 
Operating lease right-of-use assets28,970  28,865  3,981 
Finance lease right-of-use assets2,047  2,187  302 
Land use rights, net199  195  27 
Long-term investments1,945  2,199  303 
Goodwill5,195  5,327  735 
Amounts due from related parties, non-current6  16  2 
Loan receivables, net124  134  18 
Other assets, net688  664  91 
Deferred tax assets1,093  1,082  149 
Total assets61,507  63,112  8,703 
    
LIABILITIES AND EQUITY   
Current liabilities:   
Short-term debt3,288  4,765  657 
Accounts payable1,171  935  129 
Amounts due to related parties71  89  12 
Salary and welfare payables657  708  98 
Deferred revenue1,308  1,413  195 
Operating lease liabilities, current3,773  3,832  528 
Finance lease liabilities, current41  49  7 
Accrued expenses and other current liabilities2,337  3,336  460 
Income tax payable500  618  85 
Total current liabilities13,146  15,745  2,171 
    
Long-term debt6,635  1,065  147 
Operating lease liabilities, non-current27,637  27,520  3,795 
Finance lease liabilities, non-current2,513  2,703  373 
Deferred revenue828  936  129 
Other long-term liabilities977  1,057  146 
Deferred tax liabilities858  868  120 
Retirement benefit obligations110  116  16 
Total liabilities52,704  50,010  6,897 
    
Equity:   
Ordinary shares0  0  0 
Treasury shares(441) (441) (61)
Additional paid-in capital10,138  12,163  1,677 
Retained earnings(1,200) 805  111 
Accumulated other comprehensive income232  474  65 
Total H World Group Limited shareholders' equity8,729  13,001  1,792 
Noncontrolling interest74  101  14 
Total equity8,803  13,102  1,806 
Total liabilities and equity61,507  63,112  8,703 
         


H World Group Limited
Unaudited Condensed Consolidated Statements of Comprehensive Income
 Quarter Ended
 Six Months Ended
 June 30, 2022
 March 31, 2023
 June 30, 2023
 June 30, 2022
 June 30, 2023
 RMB
 RMB
 RMB
  US$
 RMB
 RMB
 US$
 (in millions, except shares, per share and per ADS data)
Revenue:       
Leased and owned hotels2,361  2,874  3,592  495  4,003  6,466  892 
Manachised and franchised hotels945  1,554  1,856  256  1,934  3,410  470 
Others76  52  82  11  126  134  18 
Total revenue3,382  4,480  5,530  762  6,063  10,010  1,380 
        
Operating costs and expenses:       
Hotel operating costs:       
Rents(1,012) (1,051) (1,088) (150) (2,038) (2,139) (295)
Utilities(123) (204) (137) (19) (278) (341) (47)
Personnel costs(899) (1,036) (1,131) (156) (1,737) (2,167) (299)
Depreciation and amortization(355) (346) (332) (46) (712) (678) (94)
Consumables, food and beverage(245) (278) (335) (46) (451) (613) (84)
Others(338) (335) (459) (63) (569) (794) (110)
Total hotel operating costs(2,972) (3,250) (3,482) (480) (5,785) (6,732) (929)
Other operating costs(15) (11) (6) (1) (26) (17) (2)
Selling and marketing expenses(142) (195) (262) (36) (264) (457) (63)
General and administrative expenses(368) (425) (477) (66) (830) (902) (124)
Pre-opening expenses(31) (9) (12) (2) (57) (21) (3)
Total operating costs and expenses(3,528) (3,890) (4,239) (585) (6,962) (8,129) (1,121)
Other operating income (expense), net154  74  94  13  199  168  22 
Income (loss) from operations8  664  1,385  190  (700) 2,049  281 
Interest income19  44  57  8  37  101  14 
Interest expense(90) (130) (94) (13) (199) (224) (31)
Other income (expense), net29  514  32  4  88  546  75 
Gains (losses) from fair value changes of equity securities(240) 13  (19) (3) (186) (6) (1)
Foreign exchange gains (losses)(402) 104  (5) (1) (463) 99  15 
Income (loss) before income taxes(676) 1,209  1,356  185  (1,423) 2,565  353 
Income tax (expense) benefit299  (194) (308) (42) 430  (502) (69)
Income (Loss) from equity method investments14  (15) (12) (2) (19) (27) (4)
Net income (loss)(363) 1,000  1,036  141  (1,012) 2,036  280 
Net (income) loss attributable to noncontrolling interest13  (10) (21) (3) 32  (31) (4)
Net income (loss) attributable to H World Group Limited(350) 990  1,015  138  (980) 2,005  276 
        
Gains (losses) arising from defined benefit plan, net of tax(0) -  -  -  (0) -  - 
Gains(losses) from fair value changes of debt securities, net of tax-  -  20  3  -  20  3 
Foreign currency translation adjustments, net of tax26  39  183  25  22  222  31 
Comprehensive income (loss)(337) 1,039  1,239  169  (990) 2,278  314 
Comprehensive (income) loss attributable to noncontrolling interest13  (10) (21) (3) 32  (31) (4)
Comprehensive income (loss) attributable to H World Group Limited(324) 1,029  1,218  166  (958) 2,247  310 
        
Earnings (Losses) per share:       
Basic(0.11) 0.31  0.32  0.04  (0.31) 0.63  0.09 
Diluted(0.11) 0.30  0.31  0.04  (0.31) 0.62  0.09 
        
Earnings (Losses) per ADS:       
Basic(1.13) 3.12  3.18  0.44  (3.15) 6.30  0.87 
Diluted(1.13) 3.05  3.11  0.43  (3.15) 6.16  0.85 
        
Weighted average number of shares used in computation:     
Basic3,108,693,946  3,174,229,716  3,187,331,990  3,187,331,990  3,113,771,581  3,180,817,047  3,180,817,047 
Diluted3,108,693,946  3,343,723,364  3,354,717,904  3,354,717,904  3,113,771,581  3,349,256,828  3,349,256,828 




H World Group Limited
Unaudited Condensed Consolidated Statements of Cash Flows
 Quarter Ended
 Six Months Ended
 June 30, 2022
 March 31, 2023
 June 30, 2023
 June 30, 2022
 June 30, 2023
 RMB
 RMB
 RMB
 US$
 RMB
 RMB
 US$
 ( in millions)
Operating activities:       
Net income (loss)(363) 1,000  1,036  141  (1,012) 2,036  280 
        
Share-based compensation26  27  34  5  48  61  8 
Depreciation and amortization,
and other
374  385  359  50  773  744  103 
Impairment loss91  -  80  11  91  80  11 
Loss (Income) from equity method investments, net of dividends(14) 15  68  9  66  83  11 
Investment (income) loss and foreign exchange (gain) loss531  (544) (96) (13) 474  (640) (88)
Changes in operating assets and liabilities(135) 1,020  712  102  (1,023) 1,732  240 
Other479  (59) 45  6  651  (14) (2)
Net cash provided by (used in) operating activities989  1,844  2,238  311  68  4,082  563 
          
Investing activities:         
Capital expenditures(143) (222) (171) (24) (568) (393) (54)
Acquisitions, net of cash received(3) -  -  -  (59) -  - 
Purchase of investments(0) (1) (961) (133) (77) (962) (133)
Proceeds from maturity/sale and return of investments186  2,200  2  0  562  2,202  304 
Loan advances(49) (34) (41) (6) (123) (75) (10)
Loan collections65  34  38  5  120  72  10 
Other0  4  1  0  0  5  1 
Net cash provided by (used in) investing activities56  1,981  (1,132) (158) (145) 849  118 
          
Financing activities:         
Net proceeds from issuance of ordinary shares-  1,973  -  -  -  1,973  272 
Payment of share repurchase(143) -  -  -  (334) -  - 
Proceeds from debt283  428  300  41  1,092  728  100 
Repayment of debt(313) (889) (4,103) (566) (775) (4,992) (688)
Dividend paid(416) -  -  -  (416) -  - 
Other(12) (50) (21) (3) (22) (71) (10)
Net cash provided by (used in) financing activities(601) 1,462  (3,824) (528) (455) (2,362) (326)
          
Effect of exchange rate changes on cash, cash equivalents and restricted cash87  (21) 202  28  71  181  25 
Net increase (decrease) in cash, cash equivalents and restricted cash531  5,266  (2,516) (347) (461) 2,750  380 
Cash, cash equivalents and restricted cash at the beginning of the period4,149  5,086  10,352  1,428  5,141  5,086  701 
Cash, cash equivalents and restricted cash at the end of the period4,680  10,352  7,836  1,081  4,680  7,836  1,081 


H World Group Limited
Unaudited Reconciliation of GAAP and Non-GAAP Results
 Quarter Ended
 Six Months Ended
 June 30, 2022
 March 31, 2023
 June 30, 2023
 June 30, 2022
 June 30, 2023
 RMB
 RMB
 RMB
 US$
 RMB
 RMB
 US$
 (in millions, except shares, per share and per ADS data)
Net income (loss) attributable to H World Group Limited (GAAP)(350) 990  1,015  138  (980) 2,005  276 
Share-based compensation expenses26  27  34  5  48  61  8 
(Gains) losses from fair value changes of equity securities240  (13) 19  3  186  6  1 
Adjusted net income (loss) attributable to H World Group Limited (non-GAAP)(84) 1,004  1,068  146  (746) 2,072  285 
          
          
Adjusted earnings (losses) per share (non-GAAP)       
Basic(0.03) 0.32  0.33  0.05  (0.24) 0.65  0.09 
Diluted(0.03) 0.31  0.33  0.05  (0.24) 0.64  0.09 
          
Adjusted earnings (losses) per ADS (non-GAAP)
Basic(0.27) 3.17  3.35  0.46  (2.40) 6.51  0.90 
Diluted(0.27) 3.09  3.27  0.45  (2.40) 6.36  0.88 
          
Weighted average number of shares used in computation       
Basic3,108,693,946  3,174,229,716  3,187,331,990  3,187,331,990  3,113,771,581  3,180,817,047  3,180,817,047 
Diluted3,108,693,946  3,343,723,364  3,354,717,904  3,354,717,904  3,113,771,581  3,349,256,828  3,349,256,828 
          
 Quarter Ended
 Six Months Ended
 June 30, 2022
 March 31, 2023
 June 30, 2023
 June 30, 2022
 June 30, 2023
 RMB
 RMB
 RMB
 US$
 RMB
 RMB
 US$
 (in millions, except per share and per ADS data)
Net income (loss) attributable to H World Group Limited (GAAP)(350) 990  1,015  138  (980) 2,005  276 
Interest income(19) (44) (57) (8) (37) (101) (14)
Interest expense90  130  94  13  199  224  31 
Income tax expense(299) 194  308  42  (430) 502  69 
Depreciation and amortization365  367  354  49  734  721  99 
EBITDA (non-GAAP)(213) 1,637  1,714  234  (514) 3,351  461 
Share-based compensation26  27  34  5  48  61  8 
(Gains) losses from fair value changes of equity securities240  (13) 19  3  186  6  1 
Adjusted EBITDA (non-GAAP)53  1,651  1,767  242  (280) 3,418  470 


H World Group Limited
Segment Financial Summary4
 Quarter Ended June 30, 2022
 Quarter Ended March 31, 2023
  Quarter Ended June 30, 2023
 Legacy- Huazhu Legacy- DH Legacy- Huazhu Legacy- DH
 Legacy- Huazhu Legacy- DH
 RMB RMB RMB RMB RMB RMB
 (in millions)(in millions)(in millions)
Leased and owned hotels1,475 886 2,020 854  2,466 1,126
Manachised and franchised hotels929 16 1,536 18  1,830 26
Others57 19 38 14  51 31
Revenue 2,461 921 3,594 886  4,347 1,183
            
Depreciation and amortization304 61 304 63  294 60
Adjusted EBITDA23 30 1,730 (79) 1,655 112


H World Group Limited
Segment Financial Summary
  Six Months Ended June
30, 2022
  Six Months Ended June 30, 2023
 Legacy- Huazhu
 Legacy- DH
 Legacy- Huazhu Legacy- DH
 RMB
 RMB
 RMB RMB
 (in millions)(in millions)
Leased and owned hotels2,733  1,270  4,486 1,980
Manachised and franchised hotels1,903  31  3,366 44
Others100  26  89 45
Revenue 4,736  1,327  7,941 2,069
       
Depreciation and amortization614  120  598 123
Adjusted EBITDA(70) (210) 3,385 33
          

Operating Results: Legacy-Huazhu(1)

 Number of hotels Number of rooms
 Opened
in Q2 2023
Closed(2)
in Q2 2023
Net added
in Q2 2023
As of
June 30, 2023
 As of
June 30, 2023
  
Leased and owned hotels2(6)(4)616 86,846
Manachised and franchised hotels372(210)162 8,006 731,399
Total374(216)158 8,622 818,245
(1)   Legacy-Huazhu refers to H World and its subsidiaries, excluding DH.
(2)   The reasons for hotel closures mainly included non-compliance with our brand standards, operating losses, and property-related issues. In Q2 2023, we temporarily closed 23 hotels for brand upgrade or business model change purposes.


 As of June 30, 2023
 Number of hotelsUnopened hotels in pipeline
Economy hotels4,8561,079
Leased and owned hotels3451
Manachised and franchised hotels4,5111,078
Midscale and upscale hotels(3)3,7661,729
Leased and owned hotels27114
Manachised and franchised hotels3,4951,715
Total8,6222,808

(3) This primarily includes midscale and upper-midscale hotels.

 For the quarter ended 
 June 30,March 31,June 30,yoy
 2022 2023 2023 change
Average daily room rate (in RMB)    
Leased and owned hotels243 337 384 57.7% 
Manachised and franchised hotels215 269 295 37.3% 
Blended218 277 305 39.8% 
Occupancy rate (as a percentage)    
Leased and owned hotels62.9% 76.3% 83.6% +20.7 p.p. 
Manachised and franchised hotels64.9% 75.5% 81.6% +16.7 p.p. 
Blended64.6% 75.6% 81.8% +17.2 p.p. 
RevPAR (in RMB)    
Leased and owned hotels153 257 321 109.7% 
Manachised and franchised hotels139 203 241 72.8% 
Blended141 210 250 77.0% 


 For the quarter ended
 June 30,June 30,yoy
 2019 2023 change
Average daily room rate (in RMB)   
Leased and owned hotels281 384 36.4% 
Manachised and franchised hotels225 295 30.9% 
Blended236 305 28.9% 
Occupancy rate (as a percentage)   
Leased and owned hotels89.4% 83.6% -5.8 p.p. 
Manachised and franchised hotels86.3% 81.6% -4.7 p.p. 
Blended86.9% 81.8% -5.1 p.p. 
RevPAR (in RMB)   
Leased and owned hotels252 321 27.6% 
Manachised and franchised hotels194 241 23.8% 
Blended206 250 21.4% 


Same-hotel operational data by class        
Mature hotels in operation for more than 18 months
 Number of hotelsSame-hotel RevPARSame-hotel ADRSame-hotel Occupancy
 As of
June 30,

For the quarter  For the quarter  For the quarter yoy
 ended
June 30,
yoy
change
ended
June 30,
yoy
change
ended
June 30,
change
 2022202320222023 20222023 2022 2023 (p.p.)
Economy hotels3,5673,56711819263.1%16823137.3%70.1%83.3%+13.2
Leased and owned hotels32532512423790.4%17827755.2%69.7%85.5%+15.8
Manachised and franchised hotels3,2423,24211718658.8%16722434.3%70.2%83.0%+12.8
Midscale and upscale hotels(3)2,6242,62417630975.6%28437833.4%62.1%81.7%+19.6
Leased and owned hotels253253194395104.1%33947941.3%57.2%82.6%+25.5
Manachised and franchised hotels2,3712,37117329570.3%27636231.2%62.8%81.6%+18.8
Total6,1916,19114625171.8%22130437.9%66.2%82.5%+16.3

(3) This primarily includes midscale and upper-midscale hotels.

Operating Results: Legacy-DH(4)

 Number of hotels Number of rooms Unopened hotels in pipeline
 Opened
in Q2 2023
Closed
in Q2 2023
Net added
in Q2 2023
As of
June 30, 2023(5)
 As of
June 30, 2023
 As of
June 30, 2023
 
Leased hotels---80 15,497 26
Manachised and franchised hotels---48 10,675 11
Total - - -128 26,172 37
(4)   Legacy-DH refers to DH.
(5)   As of June 30, 2023, a total of 3 hotels were temporarily closed: 1 hotel was closed due to flood damage; 1 hotel was closed due to repair work; and 1 hotel was not in operation due to a legal proceeding in progress.


 For the quarter ended 
 June 30,March 31,June 30,yoy
 2022 2023 2023 change
Average daily room rate (in EUR)    
Leased hotels113 108 119 6.1% 
Manachised and franchised hotels107 97 112 5.0% 
Blended110 104 117 5.6% 
Occupancy rate (as a percentage)    
Leased hotels61.2% 53.0% 69.4% +8.2 p.p. 
Manachised and franchised hotels57.9% 54.1% 63.8% +5.9 p.p. 
Blended59.8% 53.5% 67.1% +7.3 p.p. 
RevPAR (in EUR)    
Leased hotels69 57 83 20.3% 
Manachised and franchised hotels62 53 71 15.7% 
Blended66 55 78 18.5% 


Hotel Portfolio by Brand

 As of June 30, 2023
 HotelsRoomsUnopened hotels
 in operationin pipeline
Economy hotels4,872392,2311,092
HanTing Hotel3,340297,682700
Hi Inn44223,650160
Ni Hao Hotel21315,583188
Elan Hotel64231,1021
Ibis Hotel21922,31830
Zleep Hotels161,89613
Midscale hotels3,106337,3491,354
Ibis Styles Hotel929,39032
Starway Hotel59851,888225
JI Hotel1,839214,630838
Orange Hotel57761,441259
Upper midscale hotels61888,649331
Crystal Orange Hotel16721,74884
CitiGO Hotel345,3265
Manxin Hotel12111,47762
Madison Hotel648,20262
Mercure Hotel14824,66762
Novotel Hotel205,11415
IntercityHotel(6)5610,74236
MAXX (7)81,3735
Upscale hotels12920,64460
Jaz in the City35871
Joya Hotel71,234-
Blossom House562,60546
Grand Mercure Hotel91,8234
Steigenberger Hotels & Resorts(8)5414,3959
Luxury hotels162,3602
Steigenberger Icon(9)91,8471
Song Hotels75131
Others93,1846
Other hotels(10)93,1846
Total8,750844,4172,845

(6)   As of June 30, 2023, 5 operational hotels and 22 pipeline hotels of IntercityHotel were in China.
(7)   As of June 30, 2023, 3 operational hotels and 5 pipeline hotels of MAXX were in China.
(8)   As of June 30, 2023, 11 operational hotels and 3 pipeline hotels of Steigenberger Hotels & Resorts were in China.
(9)   As of June 30, 2023, 3 operational hotels of Steigenberger Icon were in China.
(10)  Other hotels include other partner hotels and other hotel brands in Yongle Huazhu Hotel & Resort Group (excluding Steigenberger Hotels & Resorts and Blossom House).

Contact Information
Investor Relations
Tel: +86 (21) 6195 9561
Email: ir@hworld.com
https://ir.hworld.com

_______________________

1 Hotel turnover refers to total transaction value of room and non-room revenue from H World 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$1.00=RMB7.2513 on June 30, 2023, as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
3 The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB7.2513 on June 30, 2023, 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.
4 The Company presents segment information after elimination of intercompany transactions.


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