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 first
quarter ended March 31, 2016.
Highlights for the First Quarter of
2016
- Total revenues for the first quarter of 2016
were RMB993.1 million (US$154.0 million), an increase of
48.0% year-on-year.
- Gross profit for the first quarter of 2016 was
RMB747.3 million (US$115.9 million), an increase of 52.3%
year-on-year.
- Mobile revenues for the first quarter of
2016 were RMB752.5 million (US$116.7 million), an
increase of 88.8% year-on-year, representing 75.8% of total
revenues, compared to 59.4% in the corresponding period of
2015.
“Our mobile business continued to expand rapidly
on top of a very strong 2015,” said Zhenyu Chen, chief executive
officer of Qunar. “We are proud of the progress the team made in
the first quarter despite the headwinds we faced in our flight
business.”
First Quarter 2016 Financial
Results
Total revenues for the first
quarter of 2016 were RMB993.1 million (US$154.0 million),
an increase of 48.0% year-on-year.
Mobile revenues for the first
quarter of 2016 were RMB752.5 million (US$116.7 million),
an increase of 88.8% year-on-year, representing 75.8% of total
revenues.
Flight and flight related
revenues for the first quarter of 2016 were RMB558.2
million (US$86.6 million), an increase of 22.1% year-on-year
and a decrease of 12.3% quarter-on-quarter. Year-on-year flight and
flight related revenue growth was primarily due to an increase in
revenue per ticket and a slight increase in Total Estimated Flight
Ticket volume (TEFT). Quarter-on-quarter flight and flight
related revenue decrease was primarily due to a decrease in TEFT,
which was partially offset by an increase in revenue per
ticket.
Accommodation reservation
revenues were RMB299.7 million (US$46.5
million), an increase of 133.6% year-on-year and a decrease of
44.0% quarter-on-quarter. Excluding revenues generated from the
merchant model program, where revenues are booked on a gross basis,
accommodation reservation revenues were RMB293.1 million (US$45.5
million). Year-on-year accommodation reservation revenue growth was
primarily due to an increase in revenue per room night and an
increase in Total Estimated Hotel Room-night volume (TEHR).
Quarter-on-quarter accommodation reservation revenue decrease was
primarily due to a decrease in business volume from the merchant
model program.
Gross profit for the first
quarter of 2016 was RMB747.3 million (US$115.9 million),
an increase of 52.3% year-on-year. Gross margin for the first
quarter of 2016 was 75.2%, compared to 73.1% for the corresponding
period of 2015 and 60.8% for the fourth quarter of 2015. The
year-on-year and quarter-on-quarter increases in gross margin were
primarily due to the decrease in business volume from the merchant
model program which has a lower gross margin. The year-on-year
increase in gross profit was primarily due to the significant
increase in total revenues and the change in gross profit
margin.
Product development expenses
for the first quarter of 2016 were RMB812.2
million (US$126.0 million), an increase of 182.9%
year-on-year, primarily due to a significant increase in non-cash
share-based compensation expenses resulting from new options
granted under our new 2015 share incentive plan (the “2015
Incentive Program”) in the last quarter, which have higher fair
values compared with the outstanding options under our past
incentive programs. This increase was also due to higher salary,
welfare and other expenses associated with increases in average
headcount and average salary. Excluding share-based compensation
expenses, product development expenses were RMB283.2 million
(US$43.9 million), an increase of 5.9% year-on-year, and accounted
for 28.5% of total revenues, compared to 39.9% for the
corresponding period in 2015 and 25.0% for the fourth quarter of
2015.
Product sourcing expenses for
the first quarter of 2016 were RMB172.2 million (US$26.7
million), an increase of 38.5% year-on-year, primarily due to a
significant increase in share-based compensation expenses resulting
from new options granted under our 2015 Incentive Program.
Excluding share-based compensation expenses, product sourcing
expenses were RMB122.3 million (US$19.0 million), a decrease of
0.8% year-on-year, and accounted for 12.3% of total revenues,
compared to 18.4% for the corresponding period in 2015 and 15.0%
for the fourth quarter of 2015.
Sales and marketing expenses
for the first quarter of 2016 were RMB620.9
million (US$96.3 million), an increase of 89.4% year-on-year,
primarily due to stepped up discretionary expenditures to acquire
new mobile users through offline channels, an increase in
share-based compensation expenses resulting from new options
granted under our 2015 Incentive Program and, to a lesser degree,
an increase in salary and welfare expenses as a result of increased
headcount, which were slightly offset by a decrease in online
marketing expense as a result of controlled expenditure. 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 RMB506.3 million
(US$78.5 million), an increase of 58.1% year-on-year, and accounted
for 51.0% of total revenues, compared to 47.7% for the
corresponding period in 2015 and 45.5% for the fourth quarter of
2015.
General and administrative
expenses for the first quarter of 2016 were RMB181.4
million (US$28.1 million), an increase of 37.4% year-on-year,
primarily due to a significant increase in share-based compensation
expenses resulting from new options granted under our 2015
Incentive Program. Excluding share-based compensation expenses,
general and administrative expenses were RMB72.5 million (US$11.2
million), an increase of 2.8% year-on-year, and accounted for 7.3%
of total revenues, compared to 10.5% for the corresponding period
in 2015 and 10.3% for the fourth quarter of 2015.
Operating loss for the first
quarter of 2016 was RMB1,039.4 million (US$161.2
million), compared to RMB411.2 million for the
corresponding period in 2015 and RMB4,955.8 million for
the fourth quarter of 2015.
Operating loss on a non-GAAP
basis, which excludes share-based compensation expenses
of RMB802.3 million (US$124.4 million), was RMB237.0
million (US$36.8 million) for the first quarter of 2016,
compared to RMB291.0 million for the corresponding period
in 2015 and RMB453.3 million for the fourth quarter of
2015.
Operating margin (non-GAAP) for
the first quarter of 2016 was negative 23.9%, compared to negative
43.4% for the corresponding period in 2015 and negative 35.0% for
the fourth quarter of 2015. The year-on-year and quarter-on-quarter
decreases in operating loss were primarily due to strong revenue
and controlled operating expenditures.
Net loss attributable to Qunar’s
shareholders for the first quarter of 2016
was RMB1,076.5 million (US$166.9 million), compared
to RMB701.2 million for the corresponding period in 2015
and RMB5,091.0 million for the fourth quarter of 2015.
The quarter-on-quarter decrease in net loss was primarily due to a
decrease in one-time charges of share-based compensation expenses
resulting from our previously announced employee share exchange
program that became effective starting on December 14, 2015
(“Employee Share Exchange Program”). Basic and diluted net
loss per ADS for the first quarter of 2016 was RMB7.44
(US$1.14).
Adjusted net loss (non-GAAP),
defined as net loss excluding share-based compensation expenses
of RMB802.3 million (US$124.4 million), was RMB274.5
million (US$42.6 million) for the first quarter of 2016,
compared to adjusted net loss of RMB293.4 million for the
corresponding period in 2015 and adjusted net loss of RMB550.9
million for the fourth 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 RMB802.3 million
(US$124.4 million), was negative RMB174.8
million (US$27.1 million) for the first quarter of 2016,
compared to negative RMB262.5 million for the
corresponding period in 2015 and negative RMB443.5
million for the fourth quarter of 2015.
As of March 31, 2016, Qunar had total cash and
cash equivalents, restricted cash and funds receivable of
RMB4,583.8 million (US$710.9 million). The restricted cash
decreased by RMB1,050.5 million from December 31, 2015 since a
portion of the restricted cash was no longer considered as
restricted.
As of March 31, 2016, Qunar had 7,345,925
Class A ordinary shares and 427,001,247 Class B ordinary
shares outstanding.
Conference Call
Qunar's management will hold an earnings
conference call at 8:00 PM on June 15, 2016, U.S. Eastern Time
(8:00 AM on June 16, 2016, Beijing/Hong Kong Time).
Dial-in details for the earnings conference call
are as follows:
International: +65-6823-2299U.S.:
+1-631-514-2526UK: +44-20-3078-7622Hong Kong:
+852-5808-3202Mainland China: 400-120-0539
Passcode for all regions: 9329360
A replay of the conference call may be accessed
by phone at the following number until June 22, 2016:
International: +61-2-9641-7900Passcode:
9329360
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 States 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 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 March 31, 2016,
which was RMB6.4480 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.
Qunar Cayman
Islands Limited |
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
December 31, |
|
March 31, |
|
March 31, |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
(In
thousands except for number of shares and per share data) |
|
RMB |
|
RMB |
|
USD |
|
|
Audited |
|
Unaudited |
|
Unaudited |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
4,115,650 |
|
|
|
3,327,251 |
|
|
|
516,013 |
|
Restricted cash |
|
|
1,747,603 |
|
|
|
697,055 |
|
|
|
108,104 |
|
Funds receivable |
|
|
715,365 |
|
|
|
559,475 |
|
|
|
86,767 |
|
Short-term investments |
|
|
351,189 |
|
|
|
- |
|
|
|
- |
|
Accounts receivable,
net |
|
|
278,382 |
|
|
|
205,870 |
|
|
|
31,928 |
|
Due from related
parties |
|
|
813,123 |
|
|
|
397,406 |
|
|
|
61,632 |
|
Prepayments and other
current assets |
|
|
1,320,492 |
|
|
|
822,180 |
|
|
|
127,509 |
|
Total current assets |
|
|
9,341,804 |
|
|
|
6,009,237 |
|
|
|
931,953 |
|
|
|
|
|
|
|
|
Non-current assets: |
|
|
|
|
|
|
Due from related parties,
non-current |
|
|
- |
|
|
|
1,783,706 |
|
|
|
276,629 |
|
Property and equipment,
net |
|
|
232,085 |
|
|
|
229,010 |
|
|
|
35,516 |
|
Intangible assets,net |
|
|
12,689 |
|
|
|
12,361 |
|
|
|
1,917 |
|
Goodwill |
|
|
10,755 |
|
|
|
10,755 |
|
|
|
1,668 |
|
Long-term
investments,net |
|
|
712,967 |
|
|
|
748,016 |
|
|
|
116,007 |
|
Deferred tax assets,
non-current(*) |
|
|
80,624 |
|
|
|
86,296 |
|
|
|
13,383 |
|
Other non-current
assets |
|
|
114,621 |
|
|
|
136,928 |
|
|
|
21,236 |
|
Total non-current assets |
|
|
1,163,741 |
|
|
|
3,007,072 |
|
|
|
466,356 |
|
|
|
|
|
|
|
|
Total
assets |
|
|
10,505,545 |
|
|
|
9,016,309 |
|
|
|
1,398,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term loans |
|
|
643,500 |
|
|
|
643,500 |
|
|
|
99,798 |
|
Customer advances and
deposits |
|
|
280,962 |
|
|
|
265,108 |
|
|
|
41,115 |
|
Due to related parties |
|
|
1,961,500 |
|
|
|
169,939 |
|
|
|
26,355 |
|
Accounts payable |
|
|
31,720 |
|
|
|
34,367 |
|
|
|
5,330 |
|
Salaries and welfare
payable |
|
|
418,431 |
|
|
|
318,055 |
|
|
|
49,326 |
|
Income tax payable |
|
|
79,736 |
|
|
|
87,515 |
|
|
|
13,572 |
|
Accrued expenses and other
current liabilities |
|
|
3,134,951 |
|
|
|
2,080,139 |
|
|
|
322,602 |
|
Total current liabilities |
|
|
6,550,800 |
|
|
|
3,598,623 |
|
|
|
558,098 |
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
Due to related parties,
non-current |
|
|
- |
|
|
|
4,237,732 |
|
|
|
657,216 |
|
Deferred tax liability,
non-current(*) |
|
|
1,318 |
|
|
|
1,273 |
|
|
|
197 |
|
Long-term Debt |
|
|
2,658,357 |
|
|
|
- |
|
|
|
- |
|
Non-current liabilities |
|
|
91,702 |
|
|
|
94,737 |
|
|
|
14,693 |
|
Total non-current liabilities |
|
|
2,751,377 |
|
|
|
4,333,742 |
|
|
|
672,106 |
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
9,302,177 |
|
|
|
7,932,365 |
|
|
|
1,230,204 |
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
|
87 |
|
|
|
46 |
|
|
|
7 |
|
Class B ordinary shares |
|
|
2,638 |
|
|
|
2,690 |
|
|
|
417 |
|
Additional
paid-in capital |
|
|
10,647,579 |
|
|
|
11,624,670 |
|
|
|
1,802,833 |
|
Accumulated
other comprehensive income |
|
|
136,810 |
|
|
|
120,436 |
|
|
|
18,678 |
|
Statutory
reserves |
|
|
3,011 |
|
|
|
3,011 |
|
|
|
467 |
|
Accumulated
deficit |
|
|
(9,592,039 |
) |
|
|
(10,668,502 |
) |
|
|
(1,654,544 |
) |
Total Qunar Cayman Islands Limited's shareholders'
equity |
|
|
1,198,086 |
|
|
|
1,082,351 |
|
|
|
167,858 |
|
|
|
|
|
|
|
|
Noncontrolling
Interests |
|
|
5,282 |
|
|
|
1,593 |
|
|
|
247 |
|
|
|
|
|
|
|
|
Total equity |
|
|
1,203,368 |
|
|
|
1,083,944 |
|
|
|
168,105 |
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
10,505,545 |
|
|
|
9,016,309 |
|
|
|
1,398,309 |
|
|
|
|
|
|
|
|
*On November 20, 2015, the FASB issued ASU No.
2015-17, Balance Sheet Classification of Deferred Taxes. This
accounting standard requires deferred tax assets and liabilities,
along with related valuation allowances, to be classified as
noncurrent on the balance sheet. As a result, each tax jurisdiction
will now only have one net noncurrent deferred tax asset or
liability. This guidance has been adopted from 2016 and applied
retrospectively by the Company to the prior period presented
herein. |
|
Qunar Cayman
Islands Limited |
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
March 31, |
|
|
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
(In thousands except for number of shares and per
share(ADS) data) |
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
Flight and flight related |
|
|
|
457,266 |
|
|
|
636,153 |
|
|
|
558,217 |
|
|
|
86,572 |
|
|
Accommodation reservation |
|
|
|
128,288 |
|
|
|
535,099 |
|
|
|
299,715 |
|
|
|
46,482 |
|
|
Display advertising services |
|
|
|
21,135 |
|
|
|
31,139 |
|
|
|
24,045 |
|
|
|
3,729 |
|
|
Other services |
|
|
|
64,387 |
|
|
|
91,646 |
|
|
|
111,143 |
|
|
|
17,237 |
|
|
Total
revenues |
|
|
|
671,076 |
|
|
|
1,294,037 |
|
|
|
993,120 |
|
|
|
154,020 |
|
|
Cost of Revenues |
|
|
|
(180,547 |
) |
|
|
(507,424 |
) |
|
|
(245,831 |
) |
|
|
(38,125 |
) |
|
Gross
profit |
|
|
|
490,529 |
|
|
|
786,613 |
|
|
|
747,289 |
|
|
|
115,895 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Product developments (Note 1) |
|
|
|
(287,117 |
) |
|
|
(1,531,773 |
) |
|
|
(812,185 |
) |
|
|
(125,959 |
) |
|
Product sourcing (Note 1) |
|
|
|
(124,352 |
) |
|
|
(339,422 |
) |
|
|
(172,198 |
) |
|
|
(26,706 |
) |
|
Sales and marketing (Note 1) |
|
|
|
(327,855 |
) |
|
|
(872,803 |
) |
|
|
(620,900 |
) |
|
|
(96,293 |
) |
|
General and administrative
(Note 1) |
|
|
|
(132,061 |
) |
|
|
(2,998,420 |
) |
|
|
(181,388 |
) |
|
|
(28,131 |
) |
|
Online marketing expense for Baidu
Zhixin Cooperation |
|
|
|
(30,295 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Operating
loss |
|
|
|
(411,151 |
) |
|
|
(4,955,805 |
) |
|
|
(1,039,382 |
) |
|
|
(161,194 |
) |
|
Interest income(expenses), net |
|
|
|
521 |
|
|
|
(55,924 |
) |
|
|
(49,465 |
) |
|
|
(7,671 |
) |
|
Foreign exchange (loss) gain,
net |
|
|
|
(958 |
) |
|
|
(32,203 |
) |
|
|
20,724 |
|
|
|
3,214 |
|
|
Other income (loss), net |
|
|
|
1,943 |
|
|
|
(33,583 |
) |
|
|
2,052 |
|
|
|
318 |
|
|
Fair value change in warrant
liability |
|
|
|
(288,226 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Loss before
income taxes |
|
|
|
(697,871 |
) |
|
|
(5,077,515 |
) |
|
|
(1,066,071 |
) |
|
|
(165,333 |
) |
|
Income tax expense |
|
|
|
(3,878 |
) |
|
|
(11,547 |
) |
|
|
(7,774 |
) |
|
|
(1,206 |
) |
|
Equity in loss of affiliated
companies,net of tax |
|
|
|
- |
|
|
|
(3,719 |
) |
|
|
(3,018 |
) |
|
|
(468 |
) |
|
Net
loss |
|
|
|
(701,749 |
) |
|
|
(5,092,781 |
) |
|
|
(1,076,863 |
) |
|
|
(167,007 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interests |
|
|
|
516 |
|
|
|
1,813 |
|
|
|
400 |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Qunar Cayman Islands
Limited |
|
|
|
(701,233 |
) |
|
|
(5,090,968 |
) |
|
|
(1,076,463 |
) |
|
|
(166,945 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
for ordinary shares: |
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share—basic |
|
|
|
(1.95 |
) |
|
|
(12.30 |
) |
|
|
(2.48 |
) |
|
|
(0.38 |
) |
|
Net loss per ordinary
share—diluted |
|
|
|
(1.95 |
) |
|
|
(12.30 |
) |
|
|
(2.48 |
) |
|
|
(0.38 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS (each ADS represents three class B ordinary
shares): |
|
|
|
|
|
|
|
|
|
Net loss per ADS—basic |
|
|
|
(5.85 |
) |
|
|
(36.90 |
) |
|
|
(7.44 |
) |
|
|
(1.14 |
) |
|
Net loss per ADS—diluted |
|
|
|
(5.85 |
) |
|
|
(36.90 |
) |
|
|
(7.44 |
) |
|
|
(1.14 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary
shares: |
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
224,299,179 |
|
|
|
64,640,123 |
|
|
|
8,159,782 |
|
|
|
8,159,782 |
|
|
Diluted |
|
|
|
224,299,179 |
|
|
|
64,640,123 |
|
|
|
8,159,782 |
|
|
|
8,159,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B ordinary
shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
134,557,237 |
|
|
|
349,136,105 |
|
|
|
425,742,428 |
|
|
|
425,742,428 |
|
|
Diluted |
|
|
|
358,856,416 |
|
|
|
413,776,228 |
|
|
|
433,902,210 |
|
|
|
433,902,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1: Includes share-based compensation expenses as
follows: |
|
|
|
|
|
|
|
|
Product developments |
|
|
|
19,620 |
|
|
|
1,207,853 |
|
|
|
528,974 |
|
|
|
82,037 |
|
|
Product sourcing |
|
|
|
1,044 |
|
|
|
145,821 |
|
|
|
49,861 |
|
|
|
7,733 |
|
|
Sales and marketing |
|
|
|
7,699 |
|
|
|
283,567 |
|
|
|
114,647 |
|
|
|
17,780 |
|
|
General and administrative |
|
|
|
61,510 |
|
|
|
2,865,229 |
|
|
|
108,853 |
|
|
|
16,882 |
|
|
Total
share-based compensation expenses |
|
|
|
89,873 |
|
|
|
4,502,470 |
|
|
|
802,335 |
|
|
|
124,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of GAAP
and non-GAAP measures (in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
March 31, |
|
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Net
loss |
|
|
(701,749 |
) |
|
|
(5,092,781 |
) |
|
|
(1,076,863 |
) |
|
|
(167,007 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
|
89,873 |
|
|
|
4,502,470 |
|
|
|
802,335 |
|
|
|
124,432 |
|
|
Impairment loss of the
long-term investments |
|
|
- |
|
|
|
39,425 |
|
|
|
- |
|
|
|
- |
|
|
Online marketing
expense for Baidu Zhixin Cooperation |
|
|
30,295 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Fair Value change in
warrant liability |
|
|
288,226 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Adjusted net loss
(non-GAAP)(*) |
|
|
(293,355 |
) |
|
|
(550,886 |
) |
|
|
(274,528 |
) |
|
|
(42,575 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
3,878 |
|
|
|
11,547 |
|
|
|
7,774 |
|
|
|
1,206 |
|
|
Depreciation and
amortization |
|
|
25,516 |
|
|
|
29,378 |
|
|
|
32,329 |
|
|
|
5,014 |
|
|
Interest expense |
|
|
1,420 |
|
|
|
66,473 |
|
|
|
59,660 |
|
|
|
9,252 |
|
|
Adjusted EBITDA (non-GAAP)
(**) |
|
|
(262,541 |
) |
|
|
(443,488 |
) |
|
|
(174,765 |
) |
|
|
(27,103 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(411,151 |
) |
|
|
(4,955,805 |
) |
|
|
(1,039,382 |
) |
|
|
(161,194 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
|
89,873 |
|
|
|
4,502,470 |
|
|
|
802,335 |
|
|
|
124,432 |
|
|
Online marketing
expense for Baidu Zhixin Cooperation |
|
|
30,295 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Adjusted
operating loss(non-GAAP)(***) |
|
|
(290,983 |
) |
|
|
(453,335 |
) |
|
|
(237,047 |
) |
|
|
(36,762 |
) |
|
|
|
|
|
|
|
|
|
|
|
*Adjusted net loss (non-GAAP), defined as net loss excluding
share-based compensation expenses,impairment loss of the long-term
investments, online marketing expenses for Baidu Zhixin Cooperation
and fair value change in warrant liability. |
** 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, online
marketing expenses for Baidu Zhixin Cooperation and fair value
change in warrant liability. |
*** Adjusted operating loss(non-GAAP), defined as
operating loss excluding share-based compensation expenses and
online marketing expenses for Baidu Zhixin Cooperation . |
For investor inquiries, please contact:
Investor Relations
Qunar Cayman Islands Limited
Tel: +86-10-8967-6966
Email: ir@qunar.com
Grafico Azioni QUNAR CAYMAN ISLANDS LTD. (NASDAQ:QUNR)
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