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 third
quarter ended September 30, 2015.
Highlights for the Third Quarter of
2015
- Total revenues for the third quarter of 2015
were RMB1,325.1 million (US$208.5 million), an increase
of 164.4% year-on-year.
- Gross profit for the third quarter of 2015
were RMB826.8 million (US$130.1 million), an increase of 127.8%
year-on-year.
- Mobile revenues for the third quarter of
2015 were RMB975.5 million (US$153.5 million), an
increase of 381.3% year-on-year, representing 73.6% of total
revenues, compared to 40.4% in the corresponding period of
2014.
- Total Estimated Flight Ticket
volume (TEFT) and Total
Estimated Hotel Room-night volume
(TEHR) for the third quarter of 2015 were 33.9
million and 22.0 million, respectively, an increase of 49.4% and
119.8% year-on-year.
“Q3 was another strong quarter for Qunar, with
year-on-year revenue growth reaching 164% and year-on-year gross
profit growth reaching 128%, the sixth consecutive quarter of over
100% revenue growth. The business fundamentals and growth momentum
of Qunar continued to be very strong,” said Chenchao (CC) Zhuang,
chief executive officer and co-founder of Qunar.
“With mobile revenues up 381% year-on-year and
hotel volume up 120% year-on-year in Q3, we are proud of the
capabilities of our team to execute on our strategy and to deliver
on our key initiatives quarter after quarter,” said Yilu Zhao,
chief financial officer of Qunar. “We also experienced substantial
margin improvement due to robust gross profit growth and
disciplined expenditures.”
“On October 26th, Baidu, Inc., the then largest
shareholder of the Company transferred the majority of their
ownership interest in the Company to Ctrip.com International, Ltd.
With Ctrip becoming our largest shareholder, the two teams are
currently exploring ways through which we can effectively cooperate
to further strengthen our fundamental capabilities and create
greater value for travelers, suppliers and shareholders,” added Mr.
Zhuang.
Third Quarter 2015 Financial
Results
Total revenues for the third
quarter of 2015 were RMB1,325.1 million (US$208.5
million), after deducting cash discounts and rebates from the
coupon programs in the amount of RMB190.9 million (US$30.0
million), an increase of 164.4% year-on-year and 50.4%
quarter-on-quarter.
Mobile revenues for the third
quarter of 2015 were RMB975.5 million (US$153.5 million),
an increase of 381.3% year-on-year, representing 73.6% of total
revenues.
Flight and flight related
revenues for the third quarter of 2015 were RMB596.6
million (US$93.9 million), an increase of 91.2% year-on-year
and 15.4% quarter-on-quarter.
Accommodation reservation
revenues were RMB550.7 million (US$86.6
million), an increase of 392.9% year-on-year and 112.7%
quarter-on-quarter. Excluding revenues generated from the merchant
model program, where revenues were booked on a gross basis,
accommodation reservation revenues were RMB322.4 million (US$50.7
million), an increase of 188.6% year-on-year.
Gross profit for the third
quarter of 2015 was RMB826.8 million (US$130.1 million),
an increase of 127.8% year-on-year. Gross margin for the third
quarter of 2015 was 62.4%, compared to 72.4% for the corresponding
period of 2014 and 72.0% for the second quarter of 2015. The
quarter-on-quarter and 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 during the quarter was primarily due to the
significant increase in total revenues.
Product development expenses
for the third quarter of 2015 were RMB408.8
million (US$64.3 million), an increase of 78.1% year-on-year,
primarily due to 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 RMB357.0 million (US$56.2 million), an
increase of 65.5% year-on-year, and accounted for 26.9% of total
revenues, compared to 43.1% for the corresponding period of 2014
and 37.5% for the second quarter of 2015.
Product sourcing expenses for
the third quarter of 2015 were RMB187.1 million (US$29.4
million), an increase of 87.5% year-on-year, primarily due to an
increase over the same period last year in product sourcing
headcount. Excluding share-based compensation expenses, product
sourcing expenses were RMB 184.2 million (US$29.0 million), an
increase of 85.7% year-on-year, and accounted for 13.9% of total
revenues, compared to 19.8% for the corresponding period of 2014
and 15.0% for the second quarter of 2015.
Sales and marketing expenses
for the third quarter of 2015 were RMB768.3
million (US$120.9 million), an increase of 188.6%
year-on-year, primarily due to stepped up discretionary
expenditures to acquire new mobile users through offline channels,
and to a lesser degree 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 RMB 756.9
million (US$119.1 million), an increase of 187.8% year-on-year, and
accounted for 57.1% of total revenues, compared to 52.5% for
the corresponding period of 2014 and 78.9% for the second quarter
of 2015.
General and administrative
expenses for the third quarter of 2015 were RMB123.6
million (US$19.4 million), an increase of 15.6% year-on-year,
primarily due to an increase in salary and welfare expenses
associated with headcount increases. Excluding share-based
compensation expenses, general and administrative expenses were
RMB76.2 million (US$12.0 million), an increase of 29.6%
year-on-year, and accounted for 5.8% of total revenues, compared to
11.7% for the corresponding period of 2014 and 10.0% for the second
quarter of 2015.
Operating loss for the third
quarter of 2015 was RMB661.1 million (US$104.0 million),
compared to RMB575.1 million in the corresponding period
of 2014 and RMB 695.2 million in the second quarter of
2015.
Operating loss on a non-GAAP
basis, which excludes share-based compensation expenses
of RMB113.4 million (US$17.8 million), was RMB547.6
million (US$86.2 million) for the third quarter of 2015,
compared to RMB273.6 million in the corresponding period of
2014 and RMB611.5 million in the second quarter of 2015.
Operating margin (non-GAAP) for the third quarter of 2015 was
negative 41.3%, compared to negative 54.6% in the corresponding
period of 2014 and negative 69.4% in the second quarter of 2015.
The year-on-year increase in operating loss was mainly attributable
to an ROI-driven, aggressive marketing strategy, and continued
investment in product development and product sourcing to
accelerate rapid market share gains, especially development of the
Company's hotel direct business. The quarter-on-quarter decrease in
operation loss was primarily due to strong revenue and gross profit
growth and controlled operating expenditures.
Net loss attributable
to Qunar’s shareholders for the third quarter of 2015
was RMB734.8 million (US$115.6 million), compared
to RMB566.2 million in the corresponding period of 2014
and RMB815.7 million in the second quarter of 2015. The
quarter–on-quarter decrease in net loss was primarily due to
reasons mentioned above. Basic and diluted net loss per ADS
for the third quarter of 2015 was RMB5.61 (US$0.87).
Adjusted net loss (non-GAAP),
defined as net loss excluding share-based compensation expenses
of RMB113.4 million (US$17.8 million) for the third quarter of
2015 was RMB624.2 million (US$98.2 million), compared to
adjusted net loss of RMB264.7 million in the
corresponding period of 2014 and adjusted net loss of RMB623.8
million in the second 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 RMB113.4 million (US$17.8
million) for the third quarter of 2015 was negative RMB537.3
million (US$84.5 million), compared to negative RMB245.4
million in the corresponding period of 2014 and
negative RMB575.3 million in the second quarter of
2015.
As of September 30, 2015, Qunar had cash and
cash equivalents, restricted cash, funds receivables and short-term
investment of RMB6,893.1 million (US$1,084.6
million).
Recent Events
On October 26th, Qunar announced the sale by
Baidu, Inc. (“Baidu”), the then largest shareholder of the Company,
of 178,702,519 Class A ordinary shares and 11,450,000 Class B
ordinary shares of its ownership interest in the Company to
Ctrip.com International, Ltd. (“Ctrip”). The exchange ratio is 1
Qunar ADS to 0.725 Ctrip ADSs. After the completion of the
transaction, Ctrip owns 190,152,519 Class B ordinary shares of
Qunar.
Following the sale of Baidu’s ownership
interest, Mr. James Jianzhang Liang, Ms. Jane Jie Sun, Ms. Maria
Maohua Sun and Mr. Xing Xiong were appointed to the Board of Qunar.
Ms. Helen He, Mr. Liang Zeng, Mr. Yuming He and Mr. Fang Wei
stepped down from the Board. These changes became effective on
October 26, 2015.
As of October 31, 2015, Qunar had 16,517,672
Class A ordinary shares and 380,941,440 Class B ordinary shares
outstanding.
Business Outlook
For the fourth quarter of 2015, Qunar expects
year-on-year revenue growth in the estimated range of 105% to 125%
and year-on-year growth of gross profit in the estimated range of
85% to 105%. These forecasts reflect Qunar's current and
preliminary view based on current market and operating conditions,
which is subject to change, and such change may be material.
Conference Call
Qunar's management will hold an earnings
conference call at 9:00 PM on November 24, 2015, U.S. Eastern Time
(10:00 AM on November 25, 2015, 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:
8635585
A replay of the conference call may be accessed by phone at the
following number until December 1, 2015:
International: +61-2-9641-7900Passcode:
8635585
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
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 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; the business
cooperation agreement with Baidu; 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 payments, depreciation and
amortization, online marketing expenses from the Zhixin Cooperation
Agreement and fair value change in warrant liability. 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
September 30, 2015, which was RMB6.3556 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 |
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets |
|
|
|
|
|
|
|
|
December 31, |
|
September
30 |
|
September
30 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
(In
thousands except for number of shares and per share data) |
|
RMB |
|
RMB |
|
USD |
|
|
Audited |
|
Unaudited |
|
Unaudited |
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
812,972 |
|
|
|
4,056,784 |
|
|
|
638,301 |
|
Restricted cash |
|
|
236,929 |
|
|
|
1,851,184 |
|
|
|
291,268 |
|
Funds receivable |
|
|
413,084 |
|
|
|
729,965 |
|
|
|
114,854 |
|
Short-term investments |
|
|
- |
|
|
|
255,121 |
|
|
|
40,141 |
|
Accounts receivable, net |
|
|
165,404 |
|
|
|
360,707 |
|
|
|
56,754 |
|
Due from related parties |
|
|
39,951 |
|
|
|
143,484 |
|
|
|
22,576 |
|
Prepayments and other current
assets |
|
|
259,734 |
|
|
|
845,834 |
|
|
|
133,085 |
|
Deferred tax assets, current |
|
|
22,859 |
|
|
|
28,044 |
|
|
|
4,412 |
|
Total current
assets |
|
|
1,950,933 |
|
|
|
8,271,123 |
|
|
|
1,301,391 |
|
|
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
|
|
Property and equipment, net |
|
|
149,307 |
|
|
|
208,919 |
|
|
|
32,872 |
|
Intangible assets,net |
|
|
2,849 |
|
|
|
12,936 |
|
|
|
2,035 |
|
Goodwill |
|
|
- |
|
|
|
10,755 |
|
|
|
1,692 |
|
Long-term investments,net |
|
|
103,175 |
|
|
|
610,605 |
|
|
|
96,074 |
|
Other non-current assets |
|
|
61,453 |
|
|
|
100,565 |
|
|
|
15,823 |
|
Total non-current
assets |
|
|
316,784 |
|
|
|
943,780 |
|
|
|
148,496 |
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,267,717 |
|
|
|
9,214,903 |
|
|
|
1,449,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
(DEFICIT) EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term loans |
|
|
- |
|
|
|
643,500 |
|
|
|
101,249 |
|
Customer advances and deposits |
|
|
258,992 |
|
|
|
340,852 |
|
|
|
53,630 |
|
Due to related parties |
|
|
6,305 |
|
|
|
1,240,317 |
|
|
|
195,153 |
|
Accounts payable |
|
|
19,813 |
|
|
|
42,083 |
|
|
|
6,622 |
|
Salaries and welfare payable |
|
|
201,433 |
|
|
|
420,600 |
|
|
|
66,178 |
|
Income tax payable |
|
|
22,821 |
|
|
|
27,557 |
|
|
|
4,336 |
|
Accrued expenses and other current
liabilities |
|
|
1,155,547 |
|
|
|
2,300,703 |
|
|
|
361,996 |
|
Warrant liability |
|
|
701,776 |
|
|
|
- |
|
|
|
- |
|
Total current
liabilities |
|
|
2,366,687 |
|
|
|
5,015,612 |
|
|
|
789,164 |
|
|
|
|
|
|
|
|
Non-current
liabilities: |
|
|
|
|
|
|
Deferred tax liability,
non-current |
|
|
- |
|
|
|
1,363 |
|
|
|
214 |
|
Long-term Debt |
|
|
- |
|
|
|
2,576,913 |
|
|
|
405,456 |
|
Non-current liabilities |
|
|
71,616 |
|
|
|
80,849 |
|
|
|
12,721 |
|
Total non-current
liabilities |
|
|
71,616 |
|
|
|
2,659,125 |
|
|
|
418,391 |
|
|
|
|
|
|
|
|
Total
liabilities |
|
|
2,438,303 |
|
|
|
7,674,737 |
|
|
|
1,207,555 |
|
|
|
|
|
|
|
|
(Deficit)
equity: |
|
|
|
|
|
|
Class A ordinary shares |
|
|
1,426 |
|
|
|
1,242 |
|
|
|
195 |
|
Class B ordinary shares |
|
|
831 |
|
|
|
1,243 |
|
|
|
196 |
|
Additional paid-in capital |
|
|
2,069,313 |
|
|
|
5,942,987 |
|
|
|
935,079 |
|
Accumulated other comprehensive
income |
|
|
4,163 |
|
|
|
85,206 |
|
|
|
13,406 |
|
Accumulated deficit |
|
|
(2,246,319 |
) |
|
|
(4,498,060 |
) |
|
|
(707,732 |
) |
Total Qunar Cayman Islands
Limited's shareholders' (deficit) equity |
|
|
(170,586 |
) |
|
|
1,532,618 |
|
|
|
241,144 |
|
|
|
|
|
|
|
|
Noncontrolling Interests |
|
|
- |
|
|
|
7,548 |
|
|
|
1,188 |
|
|
|
|
|
|
|
|
Total (deficit)
equity |
|
|
(170,586 |
) |
|
|
1,540,166 |
|
|
|
242,332 |
|
|
|
|
|
|
|
|
Total
liabilities and (deficit) equity |
|
|
2,267,717 |
|
|
|
9,214,903 |
|
|
|
1,449,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qunar Cayman
Islands Limited |
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
Three Months
Ended |
|
|
|
September
30, |
|
June 30, |
|
September
30, |
|
September
30, |
|
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
(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 |
|
|
|
312,054 |
|
|
|
516,974 |
|
|
|
596,555 |
|
|
|
93,863 |
|
|
Accommodation reservation |
|
|
|
111,732 |
|
|
|
258,865 |
|
|
|
550,673 |
|
|
|
86,644 |
|
|
Display advertising services |
|
|
|
24,365 |
|
|
|
25,931 |
|
|
|
39,740 |
|
|
|
6,253 |
|
|
Other services |
|
|
|
52,976 |
|
|
|
79,192 |
|
|
|
138,169 |
|
|
|
21,739 |
|
|
Total
revenues |
|
|
|
501,127 |
|
|
|
880,962 |
|
|
|
1,325,137 |
|
|
|
208,499 |
|
|
Cost of Revenues |
|
|
|
(138,223 |
) |
|
|
(246,909 |
) |
|
|
(498,357 |
) |
|
|
(78,412 |
) |
|
Gross
profit |
|
|
|
362,904 |
|
|
|
634,053 |
|
|
|
826,780 |
|
|
|
130,087 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Product developments (Note 1) |
|
|
|
(229,548 |
) |
|
|
(350,790 |
) |
|
|
(408,848 |
) |
|
|
(64,329 |
) |
|
Product sourcing (Note 1) |
|
|
|
(99,763 |
) |
|
|
(134,527 |
) |
|
|
(187,084 |
) |
|
|
(29,436 |
) |
|
Sales and marketing (Note 1) |
|
|
|
(266,210 |
) |
|
|
(702,675 |
) |
|
|
(768,304 |
) |
|
|
(120,886 |
) |
|
General and administrative
(Note 1) |
|
|
|
(106,902 |
) |
|
|
(134,391 |
) |
|
|
(123,595 |
) |
|
|
(19,447 |
) |
|
Online marketing expense for Baidu
Zhixin Cooperation |
|
|
|
(235,575 |
) |
|
|
(6,883 |
) |
|
|
- |
|
|
|
- |
|
|
Operating
loss |
|
|
|
(575,094 |
) |
|
|
(695,213 |
) |
|
|
(661,051 |
) |
|
|
(104,011 |
) |
|
Interest income(expenses), net |
|
|
|
6,923 |
|
|
|
(11,948 |
) |
|
|
(42,882 |
) |
|
|
(6,747 |
) |
|
Foreign exchange loss, net |
|
|
|
4,444 |
|
|
|
(1,289 |
) |
|
|
(29,656 |
) |
|
|
(4,666 |
) |
|
Other income, net |
|
|
|
1,371 |
|
|
|
4,895 |
|
|
|
1,584 |
|
|
|
248 |
|
|
Fair value change in warrant
liability |
|
|
|
- |
|
|
|
(109,761 |
) |
|
|
- |
|
|
|
- |
|
|
Loss before
income taxes |
|
|
|
(562,356 |
) |
|
|
(813,316 |
) |
|
|
(732,005 |
) |
|
|
(115,176 |
) |
|
Income tax expense |
|
|
|
(3,885 |
) |
|
|
(3,194 |
) |
|
|
(4,165 |
) |
|
|
(655 |
) |
|
Equity in loss of
affiliated companies, net of tax |
|
|
|
- |
|
|
|
(693 |
) |
|
|
(1,428 |
) |
|
|
(225 |
) |
|
Net
loss |
|
|
|
(566,241 |
) |
|
|
(817,203 |
) |
|
|
(737,598 |
) |
|
|
(116,056 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to noncontrolling interests |
|
|
|
- |
|
|
|
1,516 |
|
|
|
2,777 |
|
|
|
437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Qunar Cayman Islands
Limited |
|
|
|
(566,241 |
) |
|
|
(815,687 |
) |
|
|
(734,821 |
) |
|
|
(115,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share
for ordinary shares: |
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share—basic |
|
|
|
(1.59 |
) |
|
|
(2.22 |
) |
|
|
(1.87 |
) |
|
|
(0.29 |
) |
|
Net loss per ordinary
share—diluted |
|
|
|
(1.59 |
) |
|
|
(2.22 |
) |
|
|
(1.87 |
) |
|
|
(0.29 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS(each ADS represents three class B ordinary
shares): |
|
|
|
|
|
|
|
|
|
Net loss per ADS—basic |
|
|
|
(4.77 |
) |
|
|
(6.66 |
) |
|
|
(5.61 |
) |
|
|
(0.87 |
) |
|
Net loss per ADS—diluted |
|
|
|
(4.77 |
) |
|
|
(6.66 |
) |
|
|
(5.61 |
) |
|
|
(0.87 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary
shares: |
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
251,652,499 |
|
|
|
224,299,179 |
|
|
|
217,406,863 |
|
|
|
217,406,863 |
|
|
Diluted |
|
|
251,652,499 |
|
|
|
224,299,179 |
|
|
|
217,406,863 |
|
|
|
217,406,863 |
|
|
|
|
|
|
|
|
|
|
|
Class B ordinary
shares |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
104,241,891 |
|
|
|
143,459,651 |
|
|
|
176,259,169 |
|
|
|
176,259,169 |
|
|
Diluted |
|
|
355,894,390 |
|
|
|
367,758,830 |
|
|
|
393,666,032 |
|
|
|
393,666,032 |
|
|
|
|
|
|
|
|
|
|
|
Note 1: Includes share-based compensation expenses as
follows: |
|
|
|
|
|
|
|
|
|
Product developments |
|
|
|
13,802 |
|
|
|
20,339 |
|
|
|
51,813 |
|
|
|
8,152 |
|
|
Product sourcing |
|
|
|
551 |
|
|
|
2,128 |
|
|
|
2,871 |
|
|
|
452 |
|
|
Sales and marketing |
|
|
|
3,171 |
|
|
|
7,974 |
|
|
|
11,364 |
|
|
|
1,788 |
|
|
General and administrative |
|
|
|
48,108 |
|
|
|
46,363 |
|
|
|
47,378 |
|
|
|
7,455 |
|
|
Total
share-based compensation expenses |
|
|
|
65,632 |
|
|
|
76,804 |
|
|
|
113,426 |
|
|
|
17,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
|
|
September
30, |
|
June 30, |
|
September
30, |
|
September
30, |
|
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
|
RMB |
|
RMB |
|
RMB |
|
USD |
|
|
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Unaudited |
|
Net
loss |
|
|
(566,241 |
) |
|
|
(817,203 |
) |
|
|
(737,598 |
) |
|
|
(116,056 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
|
65,632 |
|
|
|
76,804 |
|
|
|
113,426 |
|
|
|
17,847 |
|
|
Non-cash expenses
relating to free user traffic contributed by Baidu |
|
|
324 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Online marketing
expense for Baidu Zhixin Cooperation |
|
|
235,575 |
|
|
|
6,883 |
|
|
|
- |
|
|
|
- |
|
|
Fair Value change in
warrant liability |
|
|
- |
|
|
|
109,761 |
|
|
|
- |
|
|
|
- |
|
|
Adjusted net
loss (non-GAAP)(*) |
|
|
(264,710 |
) |
|
|
(623,755 |
) |
|
|
(624,172 |
) |
|
|
(98,209 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
3,885 |
|
|
|
3,194 |
|
|
|
4,165 |
|
|
|
655 |
|
|
Depreciation and
amortization |
|
|
15,382 |
|
|
|
28,336 |
|
|
|
28,831 |
|
|
|
4,536 |
|
|
Interest expense |
|
|
- |
|
|
|
16,888 |
|
|
|
53,845 |
|
|
|
8,472 |
|
|
Adjusted EBITDA (non-GAAP)
(**) |
|
|
(245,443 |
) |
|
|
(575,337 |
) |
|
|
(537,331 |
) |
|
|
(84,546 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(575,094 |
) |
|
|
(695,213 |
) |
|
|
(661,051 |
) |
|
|
(104,011 |
) |
|
Add: |
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses |
|
|
65,632 |
|
|
|
76,804 |
|
|
|
113,426 |
|
|
|
17,847 |
|
|
Non-cash expenses
relating to free user traffic contributed by Baidu |
|
|
324 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Online marketing
expense for Baidu Zhixin Cooperation |
|
|
235,575 |
|
|
|
6,883 |
|
|
|
- |
|
|
|
- |
|
|
Adjusted
operating loss(non-GAAP)(***) |
|
|
(273,563 |
) |
|
|
(611,526 |
) |
|
|
(547,625 |
) |
|
|
(86,164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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 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 expense,
non-cash expenses relating to free user traffic contributed by
Baidu, Inc., 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,
non-cash expenses relating to free user traffic contributed by
Baidu, Inc. and online marketing expenses for Baidu Zhixin
Cooperation. |
For investor inquiries, please contact:
Xiaolu Zhu
Investor Relations
Qunar Cayman Islands Limited
Tel: +86-10-5764-6223
Email: ir@qunar.com
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