Qunar Cayman Islands Limited (NASDAQ:QUNR) ("Qunar" or the
"Company"), China's leading mobile and online travel platform,
today announced its unaudited financial results for the fourth
quarter and fiscal year ended December 31, 2015.
Highlights for the
Fourth Quarter and Fiscal
Year 2015
Fourth Quarter 2015
- Total revenues for the fourth quarter of 2015
were RMB1,294.0 million (US$199.8 million), an increase
of 149.0% year-on-year.
- Gross profit for the fourth quarter of 2015
were RMB786.6 million (US$121.4 million), an increase of 105.9%
year-on-year.
- Mobile revenues for the fourth quarter of
2015 were RMB973.9 million (US$150.3 million), an
increase of 278.3% year-on-year, representing 75.3% of total
revenues, compared to 49.5% in the corresponding period of
2014.
Fiscal Year 2015
- Total revenues for fiscal year 2015
were RMB4,171.2 million (US$643.9 million), an increase
of 137.4% year-on-year.
- Gross profit for fiscal year 2015 were
RMB2,738.0 million (US$422.7 million), an increase of 110.3%
year-on-year.
- Mobile revenues for fiscal year 2015
were RMB2,948.0 million (US$455.1 million), an increase
of 316.1% year-on-year, representing 70.7% of total revenues,
compared to 40.3% in 2014.
“We are proud of what we have achieved in 2015
as total revenues grew 137.4% year-on-year with significant
progress across our business lines,” said Zhenyu Chen, chief
executive officer of Qunar. “We believe our team’s work in 2015 has
laid a solid foundation for Qunar to achieve balanced and
sustainable long term growth in 2016 and beyond.”
Fourth Quarter 2015
Financial Results
Total revenues for the fourth
quarter of 2015 were RMB1,294.0 million (US$199.8
million), an increase of 149.0% year-on-year.
Mobile revenues for the fourth
quarter of 2015 were RMB973.9 million (US$150.3 million),
an increase of 278.3% year-on-year, representing 75.3% of total
revenues.
Flight and flight related
revenues for the fourth quarter of 2015 were RMB636.2
million (US$98.2 million), an increase of 84.7% year-on-year
and 6.6% quarter-on-quarter. Year-on-year flight and flight related
revenue growth was primarily due to an increase in revenue per
ticket and an increase in Total Estimated Flight Ticket
volume (TEFT).
Accommodation reservation
revenues were RMB535.1 million (US$82.6
million), an increase of 423.6% year-on-year and remaining
relatively stable quarter-on-quarter. Excluding revenues generated
from the merchant model program, where revenues are booked on a
gross basis, accommodation reservation revenues were RMB312.7
million (US$48.3 million), an increase of 206.0% year-on-year.
Year-on-year accommodation reservation revenue growth was primarily
due to the increase in Total Estimated Hotel Room-night volume
(TEHR).
Gross profit for the fourth
quarter of 2015 was RMB786.6 million (US$121.4 million),
an increase of 105.9% year-on-year. Gross margin for the fourth
quarter of 2015 was 60.8%, compared to 73.5% for the corresponding
period of 2014 and 62.4% for the third quarter of 2015. The
quarter-on-quarter and year-on-year decreases in gross margin were
primarily due to the increase in certain accommodation reservation
revenues booked on a gross basis. The year-on-year increase in
gross profit during the quarter was primarily due to the
significant increase in total revenues.
Product development expenses
for the fourth quarter of 2015 were RMB1,531.8
million (US$236.5 million), an increase of 532.7%
year-on-year, primarily due to a significant increase in
share-based compensation expenses resulting from issuances under
our new 2015 share incentive plan and our previously announced
employee share exchange program that became effective starting on
December 14, 2015 (the “Employee Share Exchange Program”), and an
increase over the same period last year in salary, welfare and
other expenses associated with headcount increases. Excluding
share-based compensation expenses, product development expenses
were RMB323.9 million (US$50.0 million), an increase of 43.6%
year-on-year, and accounted for 25.0% of total revenues, compared
to 43.4% for the corresponding period of 2014 and 26.9% for the
third quarter of 2015.
Product sourcing expenses for
the fourth quarter of 2015 were RMB339.4 million (US$52.4
million), an increase of 207.0% year-on-year, primarily due to a
significant increase in share-based compensation expenses resulting
from issuances under our new 2015 share incentive plan and Employee
Share Exchange Program and an increase over the same period last
year in product sourcing headcount. Excluding share-based
compensation expenses, product sourcing expenses were RMB193.6
million (US$29.9 million), an increase of 77.9% year-on-year, and
accounted for 15.0% of total revenues, compared to 20.9% for the
corresponding period of 2014 and 13.9% for the third quarter of
2015.
Sales and marketing expenses
for the fourth quarter of 2015 were RMB872.8
million (US$134.7 million), an increase of 213.0%
year-on-year, primarily due to a significant increase in
share-based compensation expenses resulting from issuances under
our new 2015 share incentive plan and Employee Share Exchange
Program and stepped up discretionary expenditures to acquire new
mobile users through offline channels, and to a lesser degree due
to an increase in online marketing expenses as well as salary and
welfare expenses as a result of increased headcount. The headcount
expenses under sales and marketing were primarily expenses related
to personnel with operational functions, including our customer
service staff, photographers, editors, and staff responsible for
data analysis. Excluding share-based compensation expenses, sales
and marketing expenses were RMB589.2 million (US$91.0 million), an
increase of 114.5% year-on-year, and accounted for 45.5% of
total revenues, compared to 52.9% for the corresponding period of
2014 and 57.1% for the third quarter of 2015.
General and administrative
expenses for the fourth quarter of 2015
were RMB2,998.4 million (US$462.9 million), an increase
of 2,814.1% year-on-year, primarily due to a significant increase
in share-based compensation expenses and related professional
service fees resulting from issuances under our new 2015 share
incentive plan and Employee Share Exchange Program, and an increase
in salary and welfare expenses associated with headcount increase.
Excluding share-based compensation expenses, general and
administrative expenses were RMB133.2 million (US$20.6 million), an
increase of 121.5% year-on-year, and accounted for 10.3% of total
revenues, compared to 11.6% for the corresponding period of 2014
and 5.8% for the third quarter of 2015.
Operating loss for the fourth
quarter of 2015 was RMB4,955.8 million (US$765.0
million), compared to RMB666.6 million in the
corresponding period of 2014 and RMB661.1 million in the
third quarter of 2015.
Operating loss on a non-GAAP
basis, which excludes share-based compensation expenses
of RMB4,502.5 million (US$695.1 million), was RMB453.3
million (US$70.0 million) for the fourth quarter of 2015.
Operating margin (non-GAAP) for
the fourth quarter of 2015 was negative 35.0%, compared to negative
55.2% in the corresponding period of 2014 and negative 41.3% in the
third quarter of 2015. The year-on-year increase in operating loss
was mainly attributable to a ROI-driven, aggressive marketing
strategy, and continued investment in product development and
product sourcing to accelerate rapid market share gains, especially
with respect to the development of the Company's hotel direct
business. The quarter-on-quarter decrease in operating loss was
primarily due to strong revenue and controlled operating
expenditures.
Net loss attributable
to Qunar’s shareholders for the fourth quarter of 2015
was RMB5,091.0 million (US$785.9 million), compared
to RMB675.5 million in the corresponding period of 2014
and RMB734.8 million in the third quarter of 2015. The
quarter–on-quarter increase in net loss was primarily due to
share-based compensation expenses resulting from issuances under
our new 2015 share incentive plan and Employee Share Exchange
Program. Basic and diluted net loss per ADS for the fourth
quarter of 2015 was RMB36.90 (US$5.70).
Adjusted net loss (non-GAAP),
defined as net loss excluding share-based compensation expenses
of RMB4,502.5 million (US$695.1 million) and impairment loss
of long-term investments of RMB39.4 million (US$6.1 million),
was RMB550.9 million (US$85.0 million) for the fourth
quarter of 2015, compared to adjusted net loss of RMB295.9
million in the corresponding period of 2014 and adjusted net
loss of RMB624.2 million in the third quarter of
2015.
Adjusted EBITDA (non-GAAP),
defined as net loss before income tax expense, depreciation and
amortization, interest expense, further adjusted to exclude
share-based compensation expenses of RMB4,502.5 million
(US$695.1 million) and impairment loss of long-term investments of
RMB39.4 million (US$6.1 million), was negative RMB443.5
million (US$68.5 million) for the fourth quarter of 2015,
compared to negative RMB268.8 million in the
corresponding period of 2014 and negative RMB537.3
million in the third quarter of 2015.
Fiscal Year 2015
Financial Results
Total revenues for fiscal year
2015 were RMB4,171.2 million (US$643.9 million), an
increase of 137.4% year-on-year.
Mobile revenues for fiscal year
2015 were RMB2,948.0 million (US$455.1 million), an
increase of 316.1% year-on-year, representing 70.7% of total
revenues.
Flight and flight related
revenues for fiscal year 2015 were RMB2,206.9
million (US$340.7 million), an increase of 88.4% year-on-year.
Year-on-year flight and flight related revenue growth was primarily
due to an increase in revenue per ticket and an increase in
TEFT.
Accommodation reservation
revenues for fiscal year 2015 were RMB1,472.9
million (US$227.4 million), an increase of 324.1%
year-on-year. Excluding revenues generated from the merchant model
program, where revenues are booked on a gross basis, accommodation
reservation revenues were RMB956.9 million (US$147.7 million), an
increase of 175.5% year-on-year. Year-on-year accommodation
reservation revenue growth was primarily due to an increase in
TEHR.
Gross profit for fiscal year
2015 was RMB2,738.0 million (US$422.7 million), an
increase of 110.3% year-on-year. Gross margin for fiscal year 2015
was 65.6%, compared to 74.1% for 2014. The year-on-year decrease in
gross margin was primarily due to the increase in certain
accommodation reservation revenues booked on a gross basis. The
year-on-year increase in gross profit was primarily due to the
significant increase in total revenues.
Product development expenses
for fiscal year 2015 were RMB2,578.5 million (US$398.1
million), an increase of 232.9% year-on-year, primarily due to a
significant increase in share-based compensation expenses resulting
from issuances under our new 2015 share incentive plan and Employee
Share Exchange Program and an increase in salary, welfare and other
expenses associated with headcount increases. Excluding share-based
compensation expenses, product development expenses were RMB1,278.9
million (US$197.4 million), an increase of 79.0% year-on-year, and
accounted for 30.7% of total revenues, compared to 40.7% for
2014.
Product sourcing expenses for
fiscal year 2015 were RMB785.4 million (US$121.2 million), an
increase of 147.8% year-on-year, primarily due to a significant
increase in share-based compensation expenses resulting from
issuances under our new 2015 share incentive plan and Employee
Share Exchange Program and an increase in product sourcing
headcount. Excluding share-based compensation expenses, product
sourcing expenses were RMB633.5 million (US$97.8 million), an
increase of 101.8% year-on-year, and accounted for 15.2% of total
revenues, compared to 17.9% for 2014.
Sales and marketing expenses
for fiscal year 2015 were RMB2,671.6 million (US$412.4
million), an increase of 199.9% year-on-year, primarily due to a
significant increase in share-based compensation expenses resulting
from issuances under our new 2015 share incentive plan and Employee
Share Exchange Program, stepped up discretionary expenditures to
acquire new mobile users through offline channels, and to a lesser
degree due to an increase in online marketing expenses as well as
salary and welfare expenses as a result of increased headcount. The
headcount expenses under sales and marketing were primarily
expenses related to personnel with operational functions, including
our customer service staff, photographers, editors, and staff
responsible for data analysis. Excluding share-based compensation
expenses, sales and marketing expenses were RMB2,361.0 million
(US$364.5 million), an increase of 168.8% year-on-year, and
accounted for 56.6% of total revenues, compared to 50.0% for
2014.
General and administrative
expenses for fiscal year 2015 were RMB3,388.5
million (US$523.1 million), an increase of 747.3%
year-on-year, primarily due to a significant increase in
share-based compensation expenses resulting from issuances under
our new 2015 share incentive plan and Employee Share Exchange
Program and an increase in salary and welfare expenses associated
with headcount increases. Excluding share-based compensation
expenses, general and administrative expenses were RMB368.0 million
(US$56.8 million), an increase of 76.1% year-on-year, and accounted
for 8.8% of total revenues, compared to 11.9% for 2014.
Online marketing expenses for the
Company’s Baidu Zhixin Cooperation for fiscal year 2015
were RMB37.2 million (US$5.7 million), a decrease of 94.7%
year-on-year. The decrease was primarily due to the termination of
Baidu Zhixin Cooperation in the second quarter of 2015.
Operating loss for fiscal year
2015 was RMB6,723.2 million (US$1,037.9 million),
compared to RMB1,844.8 million for 2014.
Operating loss on a non-GAAP
basis, which excludes share-based compensation expenses
of RMB4,782.6 million (US$738.3 million) and online marketing
expenses from the Zhixin Cooperation Agreement of RMB37.2
million (US$5.7 million), was RMB1,903.5
million (US$293.8 million) for fiscal year 2015.
Operating margin (non-GAAP) for
fiscal year 2015 was negative 45.6%, compared to negative 46.1% for
2014. The year-on-year increase in operating loss was mainly
attributable to a ROI-driven, aggressive marketing strategy, and
continued investment in product development and product sourcing to
accelerate rapid market share gains, especially with respect to the
development of the Company's hotel direct business.
Fair value change in warrant
liability for fiscal year 2015 was RMB398.0 million
(US$61.4 million). Fair value change in warrant liability
represents changes in the fair value of Baidu warrants vested on
January 15, 2015. Such warrants were accounted for as a
liability until Baidu exercised the warrants in June 2015.
There was no such fair value change in the corresponding period of
2014.
Net loss attributable
to Qunar’s shareholders for fiscal year 2015
was RMB7,342.7 million (US$1,133.5 million), compared
to RMB1,846.9 million for 2014. Basic and diluted net
loss per ADS for fiscal year 2015 was RMB57.42 (US$8.85).
Adjusted net loss (non-GAAP),
defined as net loss excluding share-based compensation expenses
of RMB4,782.6 million (US$738.3 million), impairment loss of
long-term investments of RMB39.4 million (US$6.1 million), online
marketing expenses from the Zhixin Cooperation Agreement
of RMB37.2 million (US$5.7 million) and fair value change in
warrant liability of RMB398.0 million (US$61.4 million),
was RMB2,092.2 million (US$323.0 million) for fiscal year
2015, compared to adjusted net loss of RMB812.8
million for 2014.
Adjusted EBITDA (non-GAAP),
defined as net loss before income tax expense, depreciation and
amortization, interest expense, further adjusted to exclude
share-based compensation expenses of RMB4,782.6 million
(US$738.3 million), impairment loss of long-term investments of
RMB39.4 million (US$6.1 million), online marketing expenses from
the Zhixin Cooperation Agreement of RMB37.2 million (US$5.7
million) and fair value change in warrant liability of RMB398.0
million (US$61.4 million), was negative RMB1,818.7
million (US$280.8 million) for fiscal year 2015, compared to
negative RMB743.2 million for 2014.
As of December 31, 2015, Qunar had cash and cash
equivalents, restricted cash, funds receivables and short-term
investment of RMB6,929.8 million (US$1,069.8
million).
Recent Events
On January 4, 2016, Qunar announced changes to
its management, which became effective as of January 4, 2016. Mr.
Zhenyu Chen, Qunar’s Executive Vice President and Head of Mobile
Business Group, was appointed as Qunar’s chief executive
officer. Mr. Qiang Zhang, Qunar’s Executive Vice President
and Head of Destination Services Business Group, assumed the role
of its chief operating officer. Mr. Xiaolu Zhu, Qunar’s
Senior Director of Strategy and Investor Relations, was appointed
as Qunar's chief financial officer.
In addition, Qunar also announced changes to its
board of directors (the “Board”) which became effective as of
January 4, 2016. The new Board consists of five members,
namely Mr. James Liang, Mr. Zhenyu Chen, and three independent
directors, Mr. Jimmy Lai, Mr. Jianmin Zhu and Ms. Ying Shi.
As of February 29, 2016, Qunar had 7,345,925
Class A ordinary shares and 426,801,591 Class B ordinary shares
outstanding.
Conference Call
Qunar's management will hold an earnings
conference call at 8:00 PM on March 16, 2016, U.S. Eastern Time
(8:00 AM on March 17, 2016, Beijing/Hong Kong Time).
Dial-in details for the earnings conference call
are as follows:
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International: |
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+65-6823-2299 |
U.S.: |
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+1-631-514-2526 |
UK: |
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+44-20-3078-7622 |
Hong
Kong: |
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+852-5808-3202 |
Mainland
China: |
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400-120-0539 |
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Passcode for all regions: 2212593
A replay of the conference call may be accessed
by phone at the following number until March 23, 2016:
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International: |
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+61-2-9641-7900 |
Passcode: |
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2212593 |
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Additionally, a live and archived webcast of
this conference call will be available at
http://investor.qunar.com.
Forward-looking Statements
This announcement contains forward-looking
statements. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "confident" and
similar statements. Among other things, quotations from management
in this press release, as well as Qunar's strategic and
operational plans, contain forward-looking
statements. Qunar may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts,
including statements about Qunar's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the Company's goals and strategies; its future business
development, financial condition and results of operations; the
expected growth of the online travel markets in China; the
Company's expectations regarding demand for and market acceptance
of its products and services; its expectations regarding
relationships with users and travel service providers; its plans to
invest in the technology platform; competition in the industry;
fluctuations in general economic and business conditions in China;
and relevant government policies and regulations relating to the
industry. Further information regarding these and other risks is
included in the documents filed with the U.S. Securities and
Exchange Commission. All information provided in this press release
and in the attachments is as of the date of the press release,
and Qunar undertakes no duty to update such information,
except as required under applicable law.
About Non-GAAP Financial
Measures
To supplement Qunar's consolidated financial
results presented in accordance with United Statements Generally
Accepted Accounting Principles ("GAAP"), Qunar also uses adjusted
net income (loss), adjusted EBITDA and adjusted operating income
(loss) as additional non-GAAP financial measures. These non-GAAP
financial measures enable management to assess the Company's
operating results without considering the impact of noncash
charges, including share-based compensation expenses, depreciation
and amortization, online marketing expenses from the Zhixin
Cooperation Agreement, fair value change in warrant liability and
impairment loss of the long-term investments. Furthermore, these
non-GAAP financial measures eliminate the impact of items that
Qunar does not consider indicative of the performance of its
business.
Qunar presents these non-GAAP financial measures
because they are used by management to evaluate its operating
performance, formulate business plans, and make strategic decisions
on capital allocation. Qunar also believes that these non-GAAP
financial measures provide useful information to investors and
others in understanding and evaluating its operating performance
and consolidated results of operations in the same manner as
management and in comparing financial results across accounting
periods and to those of its peer companies. 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 GAAP. A limitation of
using these non-GAAP financial measures is that these non-GAAP
measures do not include all items that impact the Company's results
of operations for the period. The table captioned "Reconciliations
of GAAP and non-GAAP Measures" has more details on the
reconciliations between GAAP financial measures that are most
directly comparable to the non-GAAP financial measures.
Currency Convenience
Translation
The United States dollar (US$) amounts
disclosed in this press release are presented solely for the
convenience of the reader. The conversion of Renminbi (RMB) into
U.S. dollars is based on the exchange rate set forth in the H.10
statistical release of the Federal Reserve Bank of New York on
December 31, 2015, which was RMB6.4778 to US$1.00. The Company
makes no representation that any Renminbi or U.S. dollar amounts
could have been, or could be, converted into U.S. dollars or
Renminbi, as the case may be, at any particular rate, or at all.
The percentages stated are calculated based on the RMB amounts.
About Qunar
Qunar is China’s leading mobile and online
travel platform. With a commitment to building a travel ecosystem
serving the entire travel industry value chain, Qunar is evolving
the way people travel in a world increasingly enabled by
technology. Qunar addresses the needs of Chinese travelers and
travel service providers by efficiently matching industry supply
and demand through its proprietary technologies. By providing
technology infrastructure for travel service providers on mobile
and online platforms, Qunar integrates and offers the most
comprehensive selection of travel products and the most convenient
means to complete desired transactions for Chinese travelers.
Qunar means “where to go” in Mandarin
Chinese.
For more information, please visit
http://ir.qunar.com.
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Qunar Cayman
Islands Limited |
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Condensed
Consolidated Balance Sheets |
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December 31, |
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December 31, |
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December 31, |
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2014 |
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2015 |
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2015 |
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(In
thousands except for number of shares and per share data) |
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RMB |
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RMB |
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USD |
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Audited |
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Unaudited |
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Unaudited |
ASSETS |
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Current
assets: |
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Cash and cash equivalents |
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812,972 |
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4,115,650 |
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635,347 |
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Restricted cash |
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236,929 |
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1,747,603 |
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269,783 |
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Funds receivable |
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413,084 |
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715,365 |
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110,433 |
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Short-term investments |
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- |
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351,189 |
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54,214 |
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Accounts receivable, net |
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165,404 |
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278,382 |
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42,975 |
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Due from related parties |
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39,951 |
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813,123 |
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125,525 |
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Prepayments and other current
assets |
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259,734 |
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1,320,492 |
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203,849 |
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Deferred tax assets, current |
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22,859 |
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80,513 |
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12,429 |
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Total current
assets |
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1,950,933 |
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9,422,317 |
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1,454,555 |
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Non-current
assets: |
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Property and equipment, net |
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149,307 |
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232,085 |
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35,828 |
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Intangible assets, net |
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2,849 |
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12,689 |
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1,959 |
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Goodwill |
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- |
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10,755 |
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1,660 |
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Long-term investments, net |
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103,175 |
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712,967 |
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110,063 |
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Deferred tax assets,
non-current |
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111 |
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17 |
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Other non-current assets |
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61,453 |
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114,621 |
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17,694 |
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Total non-current
assets |
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316,784 |
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1,083,228 |
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167,221 |
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Total
assets |
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2,267,717 |
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10,505,545 |
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1,621,776 |
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LIABILITIES AND
(DEFICIT) EQUITY |
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Current
liabilities: |
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Short-term loans |
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- |
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643,500 |
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99,339 |
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Customer advances and deposits |
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258,992 |
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280,962 |
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43,373 |
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Due to related parties |
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6,305 |
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1,961,500 |
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302,803 |
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Accounts payable |
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19,813 |
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31,720 |
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4,898 |
|
Salaries and welfare payable |
|
|
201,433 |
|
|
|
418,431 |
|
|
|
64,595 |
|
Income tax payable |
|
|
22,821 |
|
|
|
79,736 |
|
|
|
12,309 |
|
Accrued expenses and other current
liabilities |
|
|
1,155,547 |
|
|
|
3,134,951 |
|
|
|
483,953 |
|
Warrant liability |
|
|
701,776 |
|
|
|
- |
|
|
|
- |
|
Total current
liabilities |
|
|
2,366,687 |
|
|
|
6,550,800 |
|
|
|
1,011,270 |
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
Deferred tax liability,
non-current |
|
|
- |
|
|
|
1,318 |
|
|
|
203 |
|
Long-term Debt |
|
|
- |
|
|
|
2,658,357 |
|
|
|
410,380 |
|
Non-current liabilities |
|
|
71,616 |
|
|
|
91,702 |
|
|
|
14,156 |
|
Total non-current
liabilities |
|
|
71,616 |
|
|
|
2,751,377 |
|
|
|
424,739 |
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
2,438,303 |
|
|
|
9,302,177 |
|
|
|
1,436,009 |
|
|
|
|
|
|
|
|
(Deficit)
equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
|
1,426 |
|
|
|
87 |
|
|
|
13 |
|
Class B ordinary shares |
|
|
831 |
|
|
|
2,638 |
|
|
|
407 |
|
Additional paid-in capital |
|
|
2,069,313 |
|
|
|
10,647,579 |
|
|
|
1,643,703 |
|
Accumulated other comprehensive
income |
|
|
4,163 |
|
|
|
136,810 |
|
|
|
21,120 |
|
Statutory reserves |
|
|
- |
|
|
|
3,011 |
|
|
|
465 |
|
Accumulated deficit |
|
|
(2,246,319 |
) |
|
|
(9,592,039 |
) |
|
|
(1,480,756 |
) |
Total Qunar Cayman Islands
Limited's shareholders' (deficit) equity |
|
|
(170,586 |
) |
|
|
1,198,086 |
|
|
|
184,952 |
|
|
|
|
|
|
|
|
Noncontrolling Interests |
|
|
- |
|
|
|
5,282 |
|
|
|
815 |
|
|
|
|
|
|
|
|
Total (deficit)
equity |
|
|
(170,586 |
) |
|
|
1,203,368 |
|
|
|
185,767 |
|
|
|
|
|
|
|
|
Total
liabilities and (deficit) equity |
|
|
2,267,717 |
|
|
|
10,505,545 |
|
|
|
1,621,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qunar Cayman
Islands Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
(In thousands except for number of shares and per
share(ADS) data) |
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Audited |
|
Unaudited |
|
Unaudited |
Revenues(*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Flight and flight related |
|
|
|
344,427 |
|
|
|
596,555 |
|
|
|
636,153 |
|
|
|
98,205 |
|
|
|
1,171,229 |
|
|
|
2,206,948 |
|
|
|
340,694 |
|
Accommodation reservation |
|
|
|
102,198 |
|
|
|
550,673 |
|
|
|
535,099 |
|
|
|
82,605 |
|
|
|
347,281 |
|
|
|
1,472,925 |
|
|
|
227,380 |
|
Display advertising services |
|
|
|
26,742 |
|
|
|
39,740 |
|
|
|
31,139 |
|
|
|
4,807 |
|
|
|
87,894 |
|
|
|
117,945 |
|
|
|
18,208 |
|
Other services |
|
|
|
46,391 |
|
|
|
138,169 |
|
|
|
91,646 |
|
|
|
14,148 |
|
|
|
150,351 |
|
|
|
373,394 |
|
|
|
57,642 |
|
Total
revenues |
|
|
|
519,758 |
|
|
|
1,325,137 |
|
|
|
1,294,037 |
|
|
|
199,765 |
|
|
|
1,756,755 |
|
|
|
4,171,212 |
|
|
|
643,924 |
|
Cost of Revenues |
|
|
|
(137,679 |
) |
|
|
(498,357 |
) |
|
|
(507,424 |
) |
|
|
(78,333 |
) |
|
|
(454,902 |
) |
|
|
(1,433,237 |
) |
|
|
(221,253 |
) |
Gross
profit |
|
|
|
382,079 |
|
|
|
826,780 |
|
|
|
786,613 |
|
|
|
121,432 |
|
|
|
1,301,853 |
|
|
|
2,737,975 |
|
|
|
422,671 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product developments (Note 1) |
|
|
|
(242,101 |
) |
|
|
(408,848 |
) |
|
|
(1,531,773 |
) |
|
|
(236,465 |
) |
|
|
(774,511 |
) |
|
|
(2,578,528 |
) |
|
|
(398,056 |
) |
Product sourcing (Note 1) |
|
|
|
(110,557 |
) |
|
|
(187,084 |
) |
|
|
(339,422 |
) |
|
|
(52,398 |
) |
|
|
(316,903 |
) |
|
|
(785,385 |
) |
|
|
(121,243 |
) |
Sales and marketing (Note 1) |
|
|
|
(278,850 |
) |
|
|
(768,304 |
) |
|
|
(872,803 |
) |
|
|
(134,738 |
) |
|
|
(890,861 |
) |
|
|
(2,671,637 |
) |
|
|
(412,430 |
) |
General and administrative
(Note 1) |
|
|
|
(102,893 |
) |
|
|
(123,595 |
) |
|
|
(2,998,420 |
) |
|
|
(462,876 |
) |
|
|
(399,914 |
) |
|
|
(3,388,467 |
) |
|
|
(523,089 |
) |
Online marketing expense for Baidu
Zhixin Cooperation |
|
|
|
(249,820 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(699,983 |
) |
|
|
(37,178 |
) |
|
|
(5,739 |
) |
Contract termination loss
provision |
|
|
|
(64,485 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
(64,485 |
) |
|
|
- |
|
|
|
Operating
loss |
|
|
|
(666,627 |
) |
|
|
(661,051 |
) |
|
|
(4,955,805 |
) |
|
|
(765,045 |
) |
|
|
(1,844,804 |
) |
|
|
(6,723,220 |
) |
|
|
(1,037,886 |
) |
Interest income(expenses), net |
|
|
|
4,677 |
|
|
|
(42,882 |
) |
|
|
(55,924 |
) |
|
|
(8,633 |
) |
|
|
31,329 |
|
|
|
(110,233 |
) |
|
|
(17,017 |
) |
Foreign exchange loss, net |
|
|
|
(7,452 |
) |
|
|
(29,656 |
) |
|
|
(32,203 |
) |
|
|
(4,971 |
) |
|
|
(20,739 |
) |
|
|
(64,106 |
) |
|
|
(9,896 |
) |
Other income(loss), net |
|
|
|
1,720 |
|
|
|
1,584 |
|
|
|
(33,583 |
) |
|
|
(5,184 |
) |
|
|
4,873 |
|
|
|
(25,161 |
) |
|
|
(3,884 |
) |
Fair value change in warrant
liability |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(397,987 |
) |
|
|
(61,439 |
) |
Loss before
income taxes |
|
|
|
(667,682 |
) |
|
|
(732,005 |
) |
|
|
(5,077,515 |
) |
|
|
(783,833 |
) |
|
|
(1,829,341 |
) |
|
|
(7,320,707 |
) |
|
|
(1,130,122 |
) |
Income tax expense |
|
|
|
(7,780 |
) |
|
|
(4,165 |
) |
|
|
(11,547 |
) |
|
|
(1,783 |
) |
|
|
(17,560 |
) |
|
|
(22,784 |
) |
|
|
(3,517 |
) |
Equity in loss of
affiliated companies,net of tax |
|
|
|
- |
|
|
|
(1,428 |
) |
|
|
(3,719 |
) |
|
|
(574 |
) |
|
|
- |
|
|
|
(5,840 |
) |
|
|
(902 |
) |
Net
loss |
|
|
|
(675,462 |
) |
|
|
(737,598 |
) |
|
|
(5,092,781 |
) |
|
|
(786,190 |
) |
|
|
(1,846,901 |
) |
|
|
(7,349,331 |
) |
|
|
(1,134,541 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interests |
|
|
|
- |
|
|
|
2,777 |
|
|
|
1,813 |
|
|
|
280 |
|
|
|
- |
|
|
|
6,622 |
|
|
|
1,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Qunar Cayman Islands
Limited |
|
|
|
(675,462 |
) |
|
|
(734,821 |
) |
|
|
(5,090,968 |
) |
|
|
(785,910 |
) |
|
|
(1,846,901 |
) |
|
|
(7,342,709 |
) |
|
|
(1,133,519 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
for ordinary shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share—basic |
|
|
|
(1.89 |
) |
|
|
(1.87 |
) |
|
|
(12.30 |
) |
|
|
(1.90 |
) |
|
|
(5.26 |
) |
|
|
(19.14 |
) |
|
|
(2.95 |
) |
Net loss per ordinary
share—diluted |
|
|
|
(1.89 |
) |
|
|
(1.87 |
) |
|
|
(12.30 |
) |
|
|
(1.90 |
) |
|
|
(5.26 |
) |
|
|
(19.14 |
) |
|
|
(2.95 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS(each ADS represents three class B ordinary
shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per ADS—basic |
|
|
|
(5.67 |
) |
|
|
(5.61 |
) |
|
|
(36.90 |
) |
|
|
(5.70 |
) |
|
|
(15.78 |
) |
|
|
(57.42 |
) |
|
|
(8.85 |
) |
Net loss per ADS—diluted |
|
|
|
(5.67 |
) |
|
|
(5.61 |
) |
|
|
(36.90 |
) |
|
|
(5.70 |
) |
|
|
(15.78 |
) |
|
|
(57.42 |
) |
|
|
(8.85 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
238,411,887 |
|
|
|
217,406,863 |
|
|
|
64,640,123 |
|
|
|
64,640,123 |
|
|
|
266,696,495 |
|
|
|
182,319,107 |
|
|
|
182,319,107 |
|
Diluted |
|
|
|
238,411,887 |
|
|
|
217,406,863 |
|
|
|
64,640,123 |
|
|
|
64,640,123 |
|
|
|
266,696,495 |
|
|
|
182,319,107 |
|
|
|
182,319,107 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B ordinary
shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
118,570,933 |
|
|
|
176,259,169 |
|
|
|
349,136,105 |
|
|
|
349,136,105 |
|
|
|
84,713,813 |
|
|
|
201,373,547 |
|
|
|
201,373,547 |
|
Diluted |
|
|
|
356,982,820 |
|
|
|
393,666,032 |
|
|
|
413,776,228 |
|
|
|
413,776,228 |
|
|
|
351,410,308 |
|
|
|
383,692,654 |
|
|
|
383,692,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Includes share-based compensation expenses as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product developments |
|
|
|
16,565 |
|
|
|
51,813 |
|
|
|
1,207,853 |
|
|
|
186,460 |
|
|
|
59,884 |
|
|
|
1,299,625 |
|
|
|
200,628 |
|
Product sourcing |
|
|
|
1,761 |
|
|
|
2,871 |
|
|
|
145,821 |
|
|
|
22,511 |
|
|
|
2,958 |
|
|
|
151,864 |
|
|
|
23,444 |
|
Sales and marketing |
|
|
|
4,127 |
|
|
|
11,364 |
|
|
|
283,567 |
|
|
|
43,775 |
|
|
|
12,565 |
|
|
|
310,604 |
|
|
|
47,949 |
|
General and administrative |
|
|
|
42,775 |
|
|
|
47,378 |
|
|
|
2,865,229 |
|
|
|
442,316 |
|
|
|
190,963 |
|
|
|
3,020,480 |
|
|
|
466,281 |
|
Total
share-based compensation expenses |
|
|
|
65,228 |
|
|
|
113,426 |
|
|
|
4,502,470 |
|
|
|
695,062 |
|
|
|
266,370 |
|
|
|
4,782,573 |
|
|
|
738,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Starting from January 2015, we present our revenues by
primary business lines of flight and flight related, accommodation
reservation, display advertising services and other services.
Comparative amounts for the prior periods have been reclassified to
conform to the current period presentation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of GAAP
and non-GAAP measures (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
Year
ended |
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
RMB |
|
RMB |
|
USD |
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
Net
loss |
|
|
(675,462 |
) |
|
|
(737,598 |
) |
|
|
(5,092,781 |
) |
|
|
(786,190 |
) |
|
|
(1,846,901 |
) |
|
|
(7,349,331 |
) |
|
|
(1,134,541 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
|
65,228 |
|
|
|
113,426 |
|
|
|
4,502,470 |
|
|
|
695,062 |
|
|
|
266,370 |
|
|
|
4,782,573 |
|
|
|
738,302 |
|
Impairment loss of the
long-term investments |
|
|
- |
|
|
|
- |
|
|
|
39,425 |
|
|
|
6,086 |
|
|
|
- |
|
|
|
39,425 |
|
|
|
6,086 |
|
Non-cash expenses
relating to free user traffic contributed by Baidu |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,304 |
|
|
|
- |
|
|
|
- |
|
Online marketing
expense for Baidu Zhixin Cooperation |
|
|
249,820 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
699,983 |
|
|
|
37,178 |
|
|
|
5,739 |
|
Fair Value change in
warrant liability |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
397,987 |
|
|
|
61,439 |
|
Contract termination
loss provision |
|
|
64,485 |
|
|
|
|
|
- |
|
|
|
|
|
64,485 |
|
|
|
- |
|
|
|
- |
|
Adjusted net
loss (non-GAAP)(*) |
|
|
(295,929 |
) |
|
|
(624,172 |
) |
|
|
(550,886 |
) |
|
|
(85,042 |
) |
|
|
(812,759 |
) |
|
|
(2,092,168 |
) |
|
|
(322,975 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
7,780 |
|
|
|
4,165 |
|
|
|
11,547 |
|
|
|
1,783 |
|
|
|
17,560 |
|
|
|
22,784 |
|
|
|
3,517 |
|
Depreciation and
amortization |
|
|
19,395 |
|
|
|
28,831 |
|
|
|
29,378 |
|
|
|
4,535 |
|
|
|
52,048 |
|
|
|
112,061 |
|
|
|
17,299 |
|
Interest expense |
|
|
- |
|
|
|
53,845 |
|
|
|
66,473 |
|
|
|
10,262 |
|
|
|
- |
|
|
|
138,626 |
|
|
|
21,400 |
|
Adjusted EBITDA (non-GAAP)
(**) |
|
|
(268,754 |
) |
|
|
(537,331 |
) |
|
|
(443,488 |
) |
|
|
(68,462 |
) |
|
|
(743,151 |
) |
|
|
(1,818,697 |
) |
|
|
(280,759 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(666,627 |
) |
|
|
(661,051 |
) |
|
|
(4,955,805 |
) |
|
|
(765,045 |
) |
|
|
(1,844,804 |
) |
|
|
(6,723,220 |
) |
|
|
(1,037,886 |
) |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
|
65,228 |
|
|
|
113,426 |
|
|
|
4,502,470 |
|
|
|
695,062 |
|
|
|
266,370 |
|
|
|
4,782,573 |
|
|
|
738,302 |
|
Non-cash expenses
relating to free user traffic contributed by Baidu |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,304 |
|
|
|
- |
|
|
|
- |
|
Online marketing
expense for Baidu Zhixin Cooperation |
|
|
249,820 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
699,983 |
|
|
|
37,178 |
|
|
|
5,739 |
|
Contract termination
loss provision |
|
|
64,485 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
64,485 |
|
|
|
- |
|
|
|
- |
|
Adjusted
operating loss(non-GAAP)(***) |
|
|
(287,094 |
) |
|
|
(547,625 |
) |
|
|
(453,335 |
) |
|
|
(69,983 |
) |
|
|
(810,662 |
) |
|
|
(1,903,469 |
) |
|
|
(293,845 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Adjusted net loss (non-GAAP), defined as net loss excluding
share-based compensation expenses,impairment loss of the long-term
investments, non-cash expenses relating to free user traffic
contributed by Baidu, Inc., online marketing expenses for Baidu
Zhixin Cooperation, fair value change in warrant liability and
contract termination loss provision. |
|
** Adjusted EBITDA (non-GAAP), defined as net loss before
income taxes, interest expenses, depreciation and amortization,
further adjusted to exclude share-based compensation expenses,
impairment loss of the long-term investments, non-cash expenses
relating to free user traffic contributed by Baidu, Inc., online
marketing expenses for Baidu Zhixin Cooperation, fair value change
in warrant liability and contract termination loss provision. |
|
*** Adjusted operating loss(non-GAAP), defined as operating
loss excluding share-based compensation expenses, non-cash expenses
relating to free user traffic contributed by Baidu, Inc., online
marketing expenses for Baidu Zhixin Cooperation and contract
termination loss provision. |
|
For investor inquiries, please contact:
Investor Relations
Qunar Cayman Islands Limited
Tel: +86-10-8967-6966
Email: ir@qunar.com
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