Qunar Cayman Islands Limited (Nasdaq:QUNR) ("Qunar" or the
"Company"), China's leading online and mobile travel platform,
today announced its unaudited financial results for the fourth
quarter and fiscal year ended December 31, 2014.
Highlights for the Fourth Quarter and Fiscal Year
2014
Fourth Quarter
2014
- Total revenues for the fourth quarter of 2014
were RMB519.8 million (US$83.8 million), an increase of 107.1%
year-on-year.
- Mobile revenues for the fourth quarter of 2014
were RMB257.5 million (US$41.5 million), an increase of 400.7%
year-on-year, representing 49.5% of total revenues and 52.3% of
pay-for-performance ("P4P") revenues, compared to 20.5% and 22.6%,
respectively, in the corresponding period of 2013.
- Total Estimated Flight Ticket volume
(TEFT) and Total Estimated Hotel
Room-night volume (TEHR) for the fourth
quarter of 2014 were 24.6 million and 8.9 million, respectively, an
increase of 61.8% and 107.7% year-on-year.
Fiscal Year 2014
- Total revenues for fiscal year 2014 were
RMB1,756.8 million (US$283.1 million), an increase of 106.5%
year-on-year.
- Mobile revenues for fiscal year 2014
were RMB708.7 million (US$114.2 million), an increase of
434.9% year-on-year, representing 40.3% of total revenues and 42.5%
of P4P revenues, compared to 15.6% and 17.2%, respectively, in
fiscal year 2013.
- Total Estimated Flight Ticket
volume (TEFT) and Total
Estimated Hotel Room-night volume
(TEHR) for fiscal year 2014 were 83.9 million and
32.1 million, respectively, an increase of 64.0% and 98.1%
year-on-year.
"We finished a remarkable 2014, our first year as a public
company, with the third consecutive quarter of over 100%
year-on-year revenue growth," said Chenchao (CC) Zhuang, chief
executive officer and co-founder of Qunar. "We achieved robust
revenue growth in the fourth quarter across all our business lines,
driven by strong volume gains in both TEFT and TEHR, and healthy
quarter-on-quarter increases in revenue per ticket and revenue per
room night.
"Mobile continued to be the key driver of our business," Mr.
Zhuang added. "In Q4, for the first time mobile contributed about
half of our total revenues and accounted for 46% of TEFT, and 70%
of TEHR. We will continue our strategy to further grow our mobile
user base as well as increase our user frequency."
"We are pleased with the return on our investments in technology
and product sourcing throughout 2014," said Sam Sun, chief
financial officer of Qunar. "Direct sales accounted for 66% of our
total hotel volume for the quarter. We will continue to execute on
our plan and to drive Qunar's long-term growth with an aggressive
and deliberate investment approach."
Fourth Quarter 2014 Financial Results
Total revenues for the fourth quarter of 2014
were RMB519.8 million (US$83.8 million), an increase of
107.1% year-on-year and 3.7% quarter-on-quarter. Mobile
revenues for the fourth quarter of 2014
were RMB257.5million (US$41.5 million), an increase of
400.7% year-on-year, representing 49.5% of total revenues.
Pay-for-performance ("P4P") revenues for the
fourth quarter of 2014 were RMB492.5 million (US$79.4
million), an increase of 116.9% year-on-year and 3.4%
quarter-on-quarter.
Among the P4P revenues, flight and flight related
revenues for the fourth quarter of 2014 were RMB344.4
million (US$55.5 million), an increase of 116.1% year-on-year
and 10.4% quarter-on-quarter. Year-on-year P4P flight and flight
related revenue growth was primarily due to a 61.8% increase in
TEFT and a 33.6% increase in revenue per ticket. Quarter-on-quarter
P4P flight and flight related revenue growth was primarily due to
an 8.2% increase in TEFT and a 2.0% increase in revenue per
ticket.
P4P hotel revenues were RMB102.2
million (US$16.5 million), an increase of 76.8% year-on-year
and a decrease of 8.5% quarter-on-quarter. Year-on-year P4P hotel
revenue growth was primarily due to a 107.7% increase in TEHR and
was partially offset by a 14.9% decrease in revenue per room night.
The quarter-on-quarter P4P hotel revenue decrease was primarily due
to a 10.8% decrease in TEHR as a result of seasonality and was
partially offset by a 2.5% increase in revenue per room night.
Gross profit for the fourth quarter of 2014
was RMB382.1 million (US$61.6 million), an increase of
90.9% year-on-year. Gross margin for the fourth
quarter of 2014 was 73.5%, compared to 79.8% for the corresponding
period of 2013 and 72.4% for the third quarter of 2014. The
year-on-year increase in gross profit during the quarter was
primarily due to the significant increase in total revenues, and
was partially offset by an increase in online payment processing
fees, recorded in cost of revenues, which the Company began to
incur in the first quarter of 2014.
Product development expenses for the fourth
quarter of 2014 were RMB242.1 million (US$39.0 million),
an increase of 124.4% year-on-year, primarily due to an increase in
salary, welfare and other expenses associated with headcount
increases. Excluding share-based compensation expenses, product
development expenses were RMB225.5 million (US$36.4 million), an
increase of 125.7% year on year, and accounted for 43.4% of total
revenues, compared to 39.8% for the corresponding period of 2013
and 43.1% for the third quarter of 2014.
Product sourcing expenses for the fourth
quarter of 2014 were RMB110.6 million (US$17.8 million),
an increase of 273.9% year-on-year, primarily due to an increase in
product sourcing headcount. Excluding share-based compensation
expenses, product sourcing expenses were RMB108.8 million (US$17.5
million), an increase of 284.3% year-on-year, and accounted for
20.9% of total revenues, compared to 11.3% for the corresponding
period of 2013 and 19.8% for the third quarter of 2014.
Sales and marketing expenses for the fourth
quarter of 2014 were RMB278.9 million (US$44.9 million),
an increase of 167.6% year-on-year, primarily due to an increase in
salary and welfare expenses as a result of increased headcount, as
well as an increase in online marketing expenses and advertising
and other promotion expenses. The headcount expenses under sales
and marketing were primarily expenses related to staff with
operational functions, including call center staff, photographers,
editors, and staff engaged in operational data analysis. Excluding
share-based compensation expenses, sales and marketing expenses
were RMB274.7 million (US$44.3 million), an increase of 171.1%
year-on-year, and accounted for 52.9% of total revenues, compared
to 40.4% for the corresponding period of 2013 and 52.5% for the
third quarter of 2014.
Online marketing expenses for the Company's Baidu Zhixin
Cooperation for the fourth quarter of 2014
were RMB249.8 million (US$40.3 million), an increase of
6.0% quarter-on-quarter. The increase was primarily due to an
increase of the appraised fair value of warrants the Company
granted to Baidu under the Zhixin Cooperation Agreement. Online
marketing expenses from the Zhixin Cooperation Agreement were
non-cash expenses and recognized ratably over the period of service
required to earn each tranche of warrants based upon the estimated
exercisable number of the Baidu warrants and the fair
value of the warrants at each reporting date.
General and administrative expenses for the
fourth quarter of 2014 were RMB102.9 million (US$16.6
million), an increase of 73.9% year-on-year. The increase was
primarily due to an increase in share-based compensation, salary
and welfare expenses associated with headcount increases. Excluding
share-based compensation expenses, general and administrative
expenses were RMB60.1 million (US$9.7 million), an increase of
96.6% year-on-year, and accounted for 11.6% of total revenues,
compared to 12.2% for the corresponding period of 2013 and 11.7%
for the third quarter of 2014.
Contract termination loss provision, as a
result of a one-off event, for the fourth quarter of 2014 was
RMB64.5 million (US$10.4 million), compared to nil in the
corresponding period of 2013 and nil in the third quarter
of 2014.
Operating loss for the fourth quarter of 2014
was RMB666.6 million (US$107.4 million), compared
to RMB100.7 million in the corresponding period of 2013
and RMB575.1 million in the third quarter of 2014.
Operating losson a
non-GAAP basis, which excludes online marketing expenses
from the Zhixin Cooperation Agreement of RMB249.8 million,
share-based compensation expenses of RMB65.2 million, and
contract termination loss provision of RMB64.5 million,
for the fourth quarter of 2014 was RMB287.1
million (US$46.3 million). Operating margin
(non-GAAP) for the fourth quarter of 2014 was negative
55.2%, compared to negative 23.3% in the corresponding period of
2013 and negative 54.6% for the third quarter of 2014. The
year-on-year increase in operating loss was mainly attributable to
an increase in headcount and continued investment in product
development and product sourcing to drive business growth,
especially development of the Company's hotel direct business.
Net loss attributable to Qunar's shareholders
for the fourth quarter of 2014 was RMB675.5
million (US$108.9 million), compared to RMB121.6
million in the corresponding period of 2013 and RMB566.2
million for the third quarter of 2014. The increase in net
loss attributable to Qunar's shareholders was primarily due to
reasons mentioned above. Basic and diluted net loss
per ADS for the fourth quarter of 2014
was RMB5.67 (US$0.90).
Adjusted net loss (non-GAAP), defined as net
loss excluding online marketing expenses from the Zhixin
Cooperation Agreement of RMB249.8 million, share-based
compensation expenses of RMB65.2 million and contract
termination loss provision of RMB64.5 million, for the fourth
quarter of 2014 was RMB295.9 million (US$47.7 million),
compared to adjusted net loss of RMB79.4 million in the
corresponding period of 2013 and adjusted net loss of RMB264.7
million in the third quarter of 2014.
Adjusted EBITDA (non-GAAP), defined as net loss
before income taxes, interest expenses, depreciation and
amortization, further adjusted to exclude online marketing expenses
from the Zhixin Cooperation Agreement of RMB249.8 million,
share-based compensation expenses of RMB65.2 million and
contract termination loss provision of RMB64.5 million, for the
fourth quarter of 2014 was negative RMB268.8
million (US$43.3 million), compared to negative RMB46.5
million in the corresponding period of 2013 and
negative RMB245.4 million for the third quarter of
2014.
Fiscal Year 2014 Financial Results
Total revenues for fiscal year 2014
were RMB1,756.8 million (US$283.1 million), an increase
of 106.5% year-on-year. Mobile revenues for fiscal
year 2014 were RMB708.7 million (US$114.2 million), an
increase of 434.9% year-on-year, representing 40.3% of total
revenues. P4P revenues for fiscal year 2014
were RMB1,666.7 million (US$268.6 million), an increase
of 115.9% year-on-year.
Among the P4P revenues, flight and flight related
revenues for fiscal year 2014 were RMB1,171.2
million (US$188.8 million), an increase of 112.5%
year-on-year. Year-on-year P4P flight and flight related revenue
growth was primarily due to a 64.0% increase in TEFT and a 29.6%
increase in revenue per ticket.
P4P hotel revenues were RMB347.3
million (US$56.0 million), an increase of 79.0% year-on-year.
Year-on-year P4P hotel revenue growth was primarily due to a 98.1%
increase in TEHR and a 9.7% decrease in revenue per room night.
Gross profit for fiscal year 2014
was RMB1,301.9 million (US$209.8 million), an increase of
92.1% year-on-year. Gross margin for fiscal year
2014 was 74.1%, compared to 79.6% for 2013. The year-on-year
increase in gross profit was primarily due to the significant
increase in total revenues, and was partially offset by an increase
in online payment processing fees, recorded in cost of revenues,
which the Company began to incur in the first quarter of 2014.
Product development expenses for fiscal year
2014 were RMB774.5 million (US$124.8 million), an
increase of 142.8% year-on-year, primarily due to an increase in
salary, welfare and other expenses associated with headcount
increases. Excluding share-based compensation expenses, product
development expenses were RMB714.6 million (US$115.2 million), and
accounted for 40.7% of total revenues, compared to 35.0% for
2013.
Product sourcing expenses for fiscal year 2014
were RMB316.9 million (US$51.1 million), an increase of
371.1% year-on-year, primarily due to an increase in product
sourcing headcount. Excluding share-based compensation expenses,
product sourcing expenses were RMB313.9 million (US$50.6 million),
an increase of 381.9% year-on-year, and accounted for 17.9% of
total revenues, compared to 7.7% for 2013.
Sales and marketing expenses for fiscal year
2014 were RMB890.9 million (US$143.6 million), an
increase of 182.4% year-on-year, primarily due to an increase in
salary and welfare expenses as a result of increased headcount, as
well as an increase in online marketing expenses and advertising
and other promotion expenses. The headcount expenses under sales
and marketing were primarily expenses related to staff with
operational functions, including call center staff, photographers,
editors, and staff engaged in operational data analysis. Excluding
share-based compensation expenses, sales and marketing expenses
were RMB878.3million (US$141.6 million), an increase of 183.2%
year-on-year, and accounted for 50.0% of total revenues, compared
to 36.4% for 2013.
Online marketing expenses for the Company's Baidu Zhixin
Cooperation for fiscal year 2014 were RMB700.0
million (US$112.8 million), compared to nil for 2013, as the
cooperation was launched in January, 2014. Online marketing
expenses from the Zhixin Cooperation Agreement were non-cash
expenses and recognized ratably over the period of service required
to earn each tranche of warrants based upon the estimated
exercisable number of the Baidu warrants and the fair
value of the warrants at each reporting date.
General and administrative expenses for fiscal
year 2014 were RMB399.9 million (US$64.5 million), an
increase of 209.5% year-on-year, primarily due to an increase in
share-based compensation, salary and welfare expenses associated
with headcount increases. Excluding share-based compensation
expenses, general and administrative expenses were RMB209.0 million
(US$33.7 million), an increase of 122.7% year-on-year, and
accounted for 11.9% of total revenues, compared to 11.0% for
2013.
Operating loss for fiscal year 2014
was RMB1,844.8 million (US$297.3 million), compared
to RMB153.5 million for 2013.
Operating loss on a non-GAAP
basis, which excludes online marketing expenses from the
Zhixin Cooperation Agreement of RMB700.0 million, share-based
compensation expenses of RMB266.4 million, and non-cash
expenses relating to free user traffic contributed
by Baidu of RMB3.3 million and contract termination
loss provision of RMB64.5 million, for fiscal year 2014
was RMB810.7 million (US$130.7 million).
Operating margin (non-GAAP) for fiscal year 2014
was negative 46.1%, compared to negative 9.9% for 2013. The
increase in operating loss was mainly attributable to an increase
in headcount and continued investment in product development and
product sourcing to drive business growth, especially development
of the hotel direct business.
Net loss attributable to Qunar's shareholders
for fiscal year 2014 was RMB1,846.9 million (US$297.7
million), compared to RMB187.3 million for 2013. The
increase in net loss attributable to Qunar's shareholders was
primarily due to reasons mentioned above. Basic and diluted
net loss per ADS for fiscal year 2014
was RMB15.78 (US$2.55).
Adjusted net loss (non-GAAP), defined as net
loss excluding online marketing expenses from the Zhixin
Cooperation Agreement of RMB700.0 million, share-based
compensation expenses of RMB266.4 million and non-cash
expenses relating to free user traffic contributed by Baidu of
RMB3.3 million and contract termination loss provision of RMB64.5
million, for fiscal year 2014 was RMB812.8
million (US$131.0 million), compared to adjusted net loss
of RMB117.7 million for 2013.
Adjusted EBITDA (non-GAAP), defined as net loss
before income taxes, interest expenses, depreciation and
amortization, further adjusted to exclude online marketing expenses
from the Zhixin Cooperation Agreement of RMB700.0 million,
share-based compensation expenses of RMB266.4 million and
non-cash expenses relating to free user traffic contributed
by Baidu of RMB3.3 million and contract termination loss
provision of RMB64.5 million, for fiscal year 2014 was
negative RMB743.2 million (US$119.8 million), compared to
negative RMB51.7 million for 2013.
As of December 31, 2014, Qunar had cash, cash equivalents,
restricted cash, funds receivable and short-term investments
of RMB1.5 billion (US$235.8 million). Qunar entered into
a US$300 million revolving credit facility agreement with Baidu on
February 27, 2014. The agreement has a term of three years and any
drawdown bears an annual interest rate of 90% of the benchmark
lending rate published by the People's Bank of China and shall be
repaid within three years from the drawdown date. The Company may
repay its outstanding debt obligation at maturity either by cash or
by its shares. The applicable share conversion price will be
determined by the prevailing share price at the maturity date. On
March 12, 2015, Qunar drew down RMB 507 million from Baidu
according to the revolving credit facility agreement with the plan
to use the funds for the Company's operational and investment
needs. As of February 28, 2015, Qunar had 224,299,179 Class A
ordinary shares and 134,430,393 Class B ordinary shares
outstanding.
Business Outlook
For the first quarter of 2015, the Company expects year-on-year
revenue growth in the range of 85% to 90%. This forecast reflects
Qunar's current and preliminary view, which is subject to
change.
Conference Call
Qunar's management will hold an earnings conference call at 9:00
PM on March 16, 2015, U.S. Eastern Time (9:00 AM on March 17, 2015,
Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as
follows:
International: |
+65-6823-2299 |
U.S.: |
+1-631-514-2526 |
UK: |
+44-20-3078-7622 |
Hong Kong: |
+852-5808-3202 |
Mainland China: |
400-120-0539 |
|
|
Passcode for all regions: |
9030372 |
A replay of the conference call may be accessed by phone at the
following number until March 23, 2015:
International: |
+61-2-9641-7900 |
Passcode: |
9030372 |
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 Loss 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 and the Business Outlook section
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
fourth 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 our
relationships with users and travel service providers; the
execution of the business cooperation framework agreement
with Baidu; its plans to invest in the technology platform;
competition in our industry; fluctuations in general economic and
business conditions in China; and relevant government policies and
regulations relating to our industry. Further information regarding
these and other risks is included in our prospectus and other
documents filed with the 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 contract termination loss provisions
resulted from one-off event, and non-cash charges, including
share-based payments, depreciation and amortization, expenses
relating to free user traffic contributed by Baidu, Inc., and
online marketing expenses from the Zhixin Cooperation Agreement.
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,
2014, which was RMB6.2046 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 Cayman Islands Limited is the leading online and
mobile travel platform for the travel industry in China. Qunar's
goal is to empower Chinese travelers to define their travel
experience. Founded in May 2005 and headquartered
in Beijing, Qunar is committed to providing travelers with a
one-stop travel information source on both PC and mobile devices.
The Company enables travelers to find the best-value deals by
aggregating and processing highly fragmented travel product
information from tens of thousands of travel service providers into
an organized and user-friendly display through its proprietary
technology. According to research firm iResearch, Qunar has ranked
No. 1 among all non-state-owned online travel companies in China in
terms of monthly unique visitors since November 2010. Qunar's
mobile application "Qunar Travel" was ranked the most frequently
used mobile travel application in China by China Internet
Network Information Center in September 2012.
Leveraging its large user base and advanced technologies, the
Company provides an attractive value proposition to its customers,
which include travel service providers and display advertisers.
Qunar means "where to go" in Mandarin Chinese.
Qunar Cayman Islands
Limited |
Condensed Consolidated
Balance Sheets |
|
December 31, |
December 31, |
December 31, |
|
2013 |
2014 |
2014 |
(In thousands except for number of
shares and per share data) |
RMB |
RMB |
USD |
|
Audited |
Unaudited |
Unaudited |
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash
equivalents |
980,129 |
812,972 |
131,027 |
Restricted
cash |
163,506 |
236,929 |
38,186 |
Funds
receivable |
241,122 |
413,084 |
66,577 |
Short-term
investments |
485,945 |
-- |
-- |
Accounts
receivable, net |
99,892 |
165,404 |
26,658 |
Due from related
parties |
10,000 |
39,951 |
6,439 |
Prepayments and
other current assets |
66,104 |
259,734 |
41,862 |
Deferred tax
assets, current |
8,436 |
22,859 |
3,684 |
Total current
assets |
2,055,134 |
1,950,933 |
314,433 |
|
|
|
|
Non-current
assets: |
|
|
|
Property and
equipment, net |
45,690 |
149,307 |
24,064 |
Intangible
assets |
-- |
2,849 |
459 |
Long-term
Investment |
-- |
103,175 |
16,629 |
Other non-current
assets |
23,951 |
61,453 |
9,904 |
Total non-current
assets |
69,641 |
316,784 |
51,056 |
|
|
|
|
Total assets |
2,124,775 |
2,267,717 |
365,489 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY(DEFICIT) |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
Customer advances
and deposits |
164,679 |
258,992 |
41,742 |
Due to related
parties |
4,492 |
6,305 |
1,016 |
Accounts
payable |
5,087 |
19,813 |
3,193 |
Salaries and
welfare payable |
85,977 |
201,433 |
32,465 |
Income tax
payable |
5,764 |
22,821 |
3,678 |
Accrued expenses
and other current liabilities |
438,486 |
1,155,547 |
186,240 |
Warrant
liability |
-- |
701,776 |
113,106 |
Total current
liabilities |
704,485 |
2,366,687 |
381,440 |
|
|
|
|
Non-current
liabilities: |
|
|
|
Non-current
liabilities |
57,863 |
71,616 |
11,542 |
Total non-current
liabilities |
57,863 |
71,616 |
11,542 |
|
|
|
|
Total liabilities |
762,348 |
2,438,303 |
392,982 |
|
|
|
|
Shareholders'
equity(deficit): |
|
|
|
Class A ordinary
shares |
1,914 |
1,426 |
230 |
Class B ordinary
shares |
240 |
831 |
134 |
Additional
paid-in capital |
1,788,167 |
2,069,313 |
333,513 |
Accumulated other
comprehensive (loss)income |
(28,476) |
4,163 |
671 |
Accumulated
deficit |
(399,418) |
(2,246,319) |
(362,041) |
Total shareholders'
equity(deficit) |
1,362,427 |
(170,586) |
(27,493) |
|
|
|
|
Total liabilities and shareholders'
equity(deficit) |
2,124,775 |
2,267,717 |
365,489 |
|
|
|
|
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, |
|
2013 |
2014 |
2014 |
2014 |
2013 |
2014 |
2014 |
(In thousands except for number of
shares and per share(ADS) data) |
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|
Audited |
Unaudited |
Unaudited |
Unaudited |
Audited |
Unaudited |
Unaudited |
Revenues |
|
|
|
|
|
|
|
Pay-for-performance
services(*) |
227,082 |
476,397 |
492,520 |
79,380 |
772,114 |
1,666,653 |
268,616 |
Display advertising
services |
19,544 |
24,365 |
26,742 |
4,310 |
63,503 |
87,894 |
14,166 |
Other services(*) |
4,343 |
365 |
496 |
80 |
15,305 |
2,208 |
356 |
Total revenues |
250,969 |
501,127 |
519,758 |
83,770 |
850,922 |
1,756,755 |
283,138 |
Cost of Revenues |
(50,793) |
(138,223) |
(137,679) |
(22,190) |
(173,395) |
(454,902) |
(73,317) |
Gross profit |
200,176 |
362,904 |
382,079 |
61,580 |
677,527 |
1,301,853 |
209,821 |
Operating expenses: |
|
|
|
|
|
|
|
Product developments (Note
1) |
(107,905) |
(229,548) |
(242,101) |
(39,020) |
(319,021) |
(774,511) |
(124,829) |
Product sourcing (Note
1)(**) |
(29,572) |
(99,763) |
(110,557) |
(17,819) |
(67,271) |
(316,903) |
(51,076) |
Sales and marketing (Note
1)(**) |
(104,195) |
(266,210) |
(278,850) |
(44,942) |
(315,506) |
(890,861) |
(143,581) |
General and
administrative (Note 1) |
(59,184) |
(106,902) |
(102,893) |
(16,583) |
(129,209) |
(399,914) |
(64,454) |
Online marketing expense for
Baidu Zhixin Cooperation |
-- |
(235,575) |
(249,820) |
(40,264) |
-- |
(699,983) |
(112,817) |
Contract termination loss
provision |
-- |
-- |
(64,485) |
(10,393) |
-- |
(64,485) |
(10,393) |
Operating loss |
(100,680) |
(575,094) |
(666,627) |
(107,441) |
(153,480) |
(1,844,804) |
(297,329) |
Interest income, net |
3,455 |
6,923 |
4,677 |
754 |
4,757 |
31,329 |
5,049 |
Foreign exchange gain(loss),
net |
1,799 |
4,444 |
(7,452) |
(1,201) |
1,469 |
(20,739) |
(3,343) |
Other income, net |
72 |
1,371 |
1,720 |
277 |
1,057 |
4,873 |
785 |
Loss before income
taxes |
(95,354) |
(562,356) |
(667,682) |
(107,611) |
(146,197) |
(1,829,341) |
(294,838) |
Income tax expense |
(26,201) |
(3,885) |
(7,780) |
(1,254) |
(41,092) |
(17,560) |
(2,830) |
Net loss attributable to ordinary
shareholders |
(121,555) |
(566,241) |
(675,462) |
(108,865) |
(187,289) |
(1,846,901) |
(297,668) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share for ordinary
shares: |
|
|
|
|
|
|
|
Net loss per ordinary
share—basic |
(0.37) |
(1.59) |
(1.89) |
(0.30) |
(0.61) |
(5.26) |
(0.85) |
Net loss per ordinary
share—diluted |
(0.37) |
(1.59) |
(1.89) |
(0.30) |
(0.61) |
(5.26) |
(0.85) |
|
|
|
|
|
|
|
|
Loss per ADS(each
ADS represents three class B ordinary shares): |
|
|
|
|
|
|
Net loss per
ADS—basic |
(1.11) |
(4.77) |
(5.67) |
(0.90) |
(1.83) |
(15.78) |
(2.55) |
Net loss per
ADS—diluted |
(1.11) |
(4.77) |
(5.67) |
(0.90) |
(1.83) |
(15.78) |
(2.55) |
|
|
|
|
|
|
|
|
Weighted average number of
ordinary shares: |
|
|
|
|
|
|
|
Class A ordinary shares |
|
|
|
|
|
|
|
Basic |
303,022,271 |
251,652,499 |
238,411,887 |
238,411,887 |
299,524,536 |
266,696,495 |
266,696,495 |
Diluted |
303,022,271 |
251,652,499 |
238,411,887 |
238,411,887 |
299,524,536 |
266,696,495 |
266,696,495 |
|
|
|
|
|
|
|
|
Class B ordinary shares |
|
|
|
|
|
|
|
Basic |
25,407,065 |
104,241,891 |
118,570,933 |
118,570,933 |
6,403,973 |
84,713,813 |
84,713,813 |
Diluted |
328,429,336 |
355,894,390 |
356,982,820 |
356,982,820 |
305,928,509 |
351,410,308 |
351,410,308 |
|
|
|
|
|
|
|
|
Note 1: Includes
share-based compensation expenses as follows: |
|
|
|
|
|
|
Product developments |
(7,975) |
(13,802) |
(16,565) |
(2,670) |
(20,784) |
(59,884) |
(9,652) |
Product sourcing |
(1,259) |
(551) |
(1,761) |
(284) |
(2,117) |
(2,958) |
(477) |
Sales and marketing |
(2,854) |
(3,171) |
(4,127) |
(665) |
(5,417) |
(12,565) |
(2,025) |
General and administrative |
(28,606) |
(48,108) |
(42,775) |
(6,894) |
(35,389) |
(190,963) |
(30,778) |
Total share-based compensation
expenses |
(40,694) |
(65,632) |
(65,228) |
(10,513) |
(63,707) |
(266,370) |
(42,932) |
|
|
|
|
|
|
|
|
*Also includes revenue from
group-buying business, which was reclassified from "other revenue",
as the commission is earned on pay-for-performance basis.
Comparative amounts for the prior periods have been reclassified to
conform to the current period presentation. |
|
|
|
|
|
|
|
|
**Starting from year 2014,
certain expenses we incur to develop, maintain and monitor our
suppliers relationship were reclassified from "Sales and marketing
expenses" to "Product sourcing expenses". 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, |
|
2013 |
2014 |
2014 |
2014 |
2013 |
2014 |
2014 |
|
RMB |
RMB |
RMB |
USD |
RMB |
RMB |
USD |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Net loss attributable to
ordinary shareholders |
(121,555) |
(566,241) |
(675,462) |
(108,865) |
(187,289) |
(1,846,901) |
(297,668) |
Add: |
|
|
|
|
|
|
|
Share-based compensation
expenses |
40,694 |
65,632 |
65,228 |
10,513 |
63,707 |
266,370 |
42,932 |
Non-cash expenses relating to free user
traffic contributed by Baidu |
1,480 |
324 |
-- |
-- |
5,920 |
3,304 |
533 |
Online marketing expense for Baidu
Zhixin Cooperation |
-- |
235,575 |
249,820 |
40,264 |
-- |
699,983 |
112,817 |
Contract termination loss
provision |
-- |
-- |
64,485 |
10,393 |
-- |
64,485 |
10,393 |
Adjusted net loss
(non-GAAP)(*) |
(79,381) |
(264,710) |
(295,929) |
(47,695) |
(117,662) |
(812,759) |
(130,993) |
Add: |
|
|
|
|
|
|
|
Income tax expense |
26,201 |
3,885 |
7,780 |
1,254 |
41,092 |
17,560 |
2,830 |
Depreciation and amortization |
6,557 |
15,382 |
19,395 |
3,126 |
22,735 |
52,048 |
8,389 |
Interest expense |
82 |
-- |
-- |
-- |
2,166 |
-- |
-- |
Adjusted EBITDA
(non-GAAP) (**) |
(46,541) |
(245,443) |
(268,754) |
(43,315) |
(51,669) |
(743,151) |
(119,774) |
|
|
|
|
|
|
|
|
Operating loss |
(100,680) |
(575,094) |
(666,627) |
(107,441) |
(153,480) |
(1,844,804) |
(297,329) |
Add: |
|
|
|
|
|
|
|
Share-based compensation expenses |
40,694 |
65,632 |
65,228 |
10,513 |
63,707 |
266,370 |
42,932 |
Non-cash expenses relating to free user
traffic contributed by Baidu |
1,480 |
324 |
-- |
-- |
5,920 |
3,304 |
533 |
Online marketing expense for Baidu Zhixin
Cooperation |
-- |
235,575 |
249,820 |
40,264 |
-- |
699,983 |
112,817 |
Contract termination loss provision |
-- |
-- |
64,485 |
10,393 |
-- |
64,485 |
10,393 |
Adjusted operating
loss(non-GAAP)(***) |
(58,506) |
(273,563) |
(287,094) |
(46,271) |
(83,853) |
(810,662) |
(130,654) |
|
|
|
|
|
|
|
|
*Adjusted net loss (non-GAAP),
defined as net 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. |
** Adjusted EBITDA (non-GAAP),
defined as net loss before income taxes, interest expenses,
depreciation and amortization, further adjusted to exclude
share-based compensation expense, non-cash expenses relating to
free user traffic contributed by Baidu, Inc., online marketing
expenses for Baidu Zhixin Cooperation and contract termination loss
provision. |
*** Adjusted operating income
(loss)(non-GAAP), defined as operating income (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. |
|
|
|
|
|
|
|
|
CONTACT: For more information, please contact:
China
Xiaolu Zhu / Jenna Qian
Qunar Cayman Islands Limited
Tel: +86-10-5760-3609
Email: ir@qunar.com / press@qunar.com
Nick Beswick
Brunswick Group
Tel: +86-10-5960-8600
Email: qunar@brunswickgroup.com
U.S.
Rachel Hunter
Brunswick Group
Tel: +1-212-333-3810
Email: qunar@brunswickgroup.com
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