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Form 6-K Qunar Cayman Islands For: Sep 30

September 1, 2016 6:13 AM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2016

 

Commission File Number: 001-36144

 

QUNAR CAYMAN ISLANDS LIMITED

 

17th Floor, Viva Plaza, Building 18, Yard 29,

Suzhou Street, Haidian District

Beijing 100080

The People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x   Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

QUNAR CAYMAN ISLANDS LIMITED

 

 

 

 

 

 

By:

/s/ Xiaolu Zhu

 

Name:

Xiaolu Zhu

 

Title:

Chief Financial Officer

 

 

 

 

 

 

Date: September 1, 2016

 

 

 

2



 

Exhibit Index

 

Exhibit 99.1—Qunar Reports Second Quarter 2016 Financial Results

 

3


Exhibit 99.1

 

Qunar Reports Second Quarter 2016 Financial Results

 

BEIJING, August 31, 2016 (GLOBE NEWSWIRE) — 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 second quarter ended June 30, 2016.

 

Highlights for the Second Quarter of 2016

 

·                  Total revenues for the second quarter of 2016 were RMB1,030.8 million (US$155.1 million), an increase of 17.0% year-on-year.

 

·                  Gross profit for the second quarter of 2016 were RMB765.4 million (US$115.2 million), an increase of 20.7% year-on-year.

 

·                  Mobile revenues for the second quarter of 2016 were RMB774.0 million (US$116.5 million), an increase of 29.0% year-on-year, representing 75.1% of total revenues, compared to 68.1% in the corresponding period of 2015.

 

Second Quarter 2016 Financial Results

 

Total revenues for the second quarter of 2016 were RMB1,030.8 million (US$155.1 million), an increase of 17.0% year-on-year.

 

Mobile revenues for the second quarter of 2016 were RMB774.0 million (US$116.5 million), an increase of 29.0% year-on-year, representing 75.1% of total revenues.

 

Flight and flight related revenues for the second quarter of 2016 were RMB478.3 million (US$72.0 million), a decrease of 7.5% year-on-year and a decrease of 14.3% quarter-on-quarter. The year-on-year flight and flight related revenue decrease was primarily due to a decrease in Total Estimated Flight Ticket volume (TEFT) and slightly offset by an increase in revenue per ticket. The quarter-on-quarter flight and flight related revenue decrease was primarily due to decreases in TEFT.

 

Accommodation reservation revenues were RMB392.3 million (US$59.0 million), an increase of 51.6% year-on-year and an increase of 30.9% quarter-on-quarter. The year-on-year and quarter-on-quarter accommodation reservation revenue growth were primarily due to increases in revenue per room night and in Total Estimated Hotel Room-night volume (TEHR).

 

Gross profit for the second quarter of 2016 was RMB765.4 million (US$115.2 million), an increase of 20.7% year-on-year. Gross margin for the second quarter of 2016 was 74.2%, compared to 72.0% for the corresponding period of 2015 and 75.2% for the first quarter of 2016. The year-on-year increase in profit margin was driven by operational efficiencies. The year-on-year increase in gross profit was primarily due to increase in total revenues and the change in gross profit margin.

 

Product development expenses for the second quarter of 2016 were RMB516.6 million (US$77.7 million), an increase of 47.3% 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 fourth quarter of 2015, which have higher fair values compared with the outstanding options under our past incentive programs. The increase was partially offset by decreases in salary and welfare expenses associated with headcount decreases. Excluding share-based compensation expenses, product development expenses were RMB309.6 million (US$46.6 million), a decrease of 6.3% year-on-year, and accounted for 30.0% of total revenues, compared to 37.5% for the corresponding period in 2015 and 28.5% for the first quarter of 2016.

 



 

Product sourcing expenses for the second quarter of 2016 were RMB118.2 million (US$17.8 million), a decrease of 12.2% year-on-year, primarily due to decreases in salary, welfare and other expenses associated with headcount decreases, which were partially offset by 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 RMB105.7 million (US$15.9 million), a decrease of 20.1% year-on-year, and accounted for 10.3% of total revenues, compared to 15.0% for the corresponding period in 2015 and 12.3% for the first quarter of 2016.

 

Sales and marketing expenses for the second quarter of 2016 were RMB580.6 million (US$87.4 million), a decrease of 17.4% year-on-year, primarily due to a decrease in online marketing expenses as a result of controlled expenditure and improvement in operational efficiencies, which was partially offset by an increase in salary and welfare expenses as a result of increased headcount and, to a lesser degree, by an increase in share-based compensation expenses resulting from new options granted under our 2015 Incentive Program. Excluding share-based compensation expenses, sales and marketing expenses were RMB534.0 million (US$80.4 million), a decrease of 23.1% year-on-year, and accounted for 51.8% of total revenues, compared to 78.9% for the corresponding period in 2015 and 51.0% for the first quarter of 2016.

 

General and administrative expenses for the second quarter of 2016 were RMB149.1 million (US$22.4 million), an increase of 10.9% year-on-year. Excluding share-based compensation expenses, general and administrative expenses were RMB89.1 million (US$13.4 million), an increase of 1.2% year-on-year, and accounted for 8.6% of total revenues, compared to 10.0% for the corresponding period in 2015 and 7.3% for the first quarter of 2016.

 

Operating loss for the second quarter of 2016 was RMB599.0 million (US$90.1 million), compared to RMB695.2 million for the corresponding period in 2015 and RMB1,039.4 million for the first quarter of 2016.

 

Operating loss on a non-GAAP basis, which excludes share-based compensation expenses of RMB326.0 million (US$49.1 million), was RMB273.0 million (US$41.1 million) for the second quarter of 2016, compared to RMB611.5 million for the corresponding period in 2015 and RMB237.0 million for the first quarter of 2016.

 

Operating margin (non-GAAP) for the second quarter of 2016 was negative 26.5%, compared to negative 69.4% for the corresponding period in 2015 and negative 23.9% for the first quarter of 2016. The year-on-year decrease in operating loss was primarily due to strong revenue and controlled operating expenditures.

 

Net loss attributable to Qunar’s shareholders for the second quarter of 2016 was RMB698.8 million (US$105.1 million), compared to RMB815.7 million for the corresponding period in 2015 and RMB1,076.5 million for the first quarter of 2016. 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 second quarter of 2016 was RMB4.80 (US$0.72).

 

Adjusted net loss (non-GAAP), defined as net loss excluding share-based compensation expenses of RMB326.0 million (US$49.1 million), was RMB373.3 million (US$56.2 million) for the second quarter of 2016, compared to adjusted net loss of RMB623.8 million for the corresponding period in 2015 and adjusted net loss of RMB274.5 million for the first quarter of 2016.

 

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 RMB326.0 million (US$49.1 million), was negative RMB279.3 million (US$42.0 million) for the second quarter of 2016, compared to negative RMB575.3 million for the corresponding period in 2015 and negative RMB174.8 million for the first quarter of 2016.

 

As of June 30, 2016, Qunar had total cash and cash equivalents, restricted cash and funds receivable of RMB4,554.1 million (US$685.3 million). The restricted cash decreased by RMB1,037.4 million from December 31, 2015 since a portion of the restricted cash was no longer considered as restricted.

 

As of June 30, 2016, Qunar had 6 Class A ordinary shares and 437,150,861 Class B ordinary shares outstanding.

 



 

Recent Developments

 

On June 23, 2016, the Company announced that its board of directors (the “Board”) had received a preliminary non-binding “going-private” proposal (the “Proposal”) from Ocean Management Limited (“Ocean”).

 

On June 23, 2016, the Company’s board of directors formed a special committee (the “Special Committee”) comprised of three independent, disinterested directors, Mr. Jimmy Lai, Mr. Jianmin Zhu and Ms. Ying Shi, to consider the Proposal, with Mr. Jimmy Lai as the special committee chair.  The special committee has retained Duff & Phelps (Duff & Phelps Securities, LLC and Duff & Phelps, LLC) as its financial advisor and Kirkland & Ellis as its U.S. legal counsel in connection with its review and evaluation of the Proposal.

 

The Board cautions the Company’s shareholders and others considering trading the Company’s securities that the Special Committee is continuing its evaluation of the Proposal and that, at this time, no decisions have been made by the Special Committee with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made by Ocean, that any agreement will be executed with Ocean or that the Proposal or any comparable transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the Proposal or any other transaction, except as required under applicable law.

 

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 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 June 30, 2016, which was RMB6.6459 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.

 

For investor inquiries, please contact:

 

Investor Relations

Qunar Cayman Islands Limited

Tel: +86-10-8967-6966

Email: [email protected]

 

 



 

Qunar Cayman Islands Limited

Condensed Consolidated Balance Sheets

 

 

 

December 31,

 

June 30,

 

June 30,

 

 

 

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

 

3,323,497

 

500,082

 

Restricted cash

 

1,747,603

 

710,156

 

106,856

 

Funds receivable

 

715,365

 

520,482

 

78,316

 

Short-term investments

 

351,189

 

 

 

Accounts receivable, net

 

278,382

 

256,700

 

38,625

 

Due from related parties

 

813,123

 

548,525

 

82,536

 

Prepayments and other current assets

 

1,320,492

 

647,809

 

97,476

 

Total current assets

 

9,341,804

 

6,007,169

 

903,891

 

 

 

 

 

 

 

 

 

Non-current assets:

 

 

 

 

 

 

 

Due from related parties, non-current

 

 

2,357,142

 

354,676

 

Property and equipment, net

 

232,085

 

242,566

 

36,499

 

Intangible assets,net

 

12,689

 

12,132

 

1,825

 

Goodwill

 

10,755

 

10,755

 

1,618

 

Long-term investments,net

 

712,967

 

758,614

 

114,148

 

Deferred tax assets, non-current(*)

 

80,624

 

87,430

 

13,155

 

Other non-current assets

 

114,621

 

125,731

 

18,919

 

Total non-current assets

 

1,163,741

 

3,594,370

 

540,840

 

 

 

 

 

 

 

 

 

Total assets

 

10,505,545

 

9,601,539

 

1,444,731

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term loans

 

643,500

 

643,500

 

96,827

 

Customer advances and deposits

 

280,962

 

288,494

 

43,409

 

Due to related parties

 

1,961,500

 

607,861

 

91,464

 

Accounts payable

 

31,720

 

38,777

 

5,835

 

Salaries and welfare payable

 

418,431

 

169,715

 

25,537

 

Income tax payable

 

79,736

 

75,760

 

11,400

 

Accrued expenses and other current liabilities

 

3,134,951

 

2,044,152

 

307,580

 

Total current liabilities

 

6,550,800

 

3,868,259

 

582,052

 

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

 

Due to related parties, non-current

 

 

4,793,615

 

721,289

 

Deferred tax liability, non-current(*)

 

1,318

 

1,228

 

185

 

Long-term Debt

 

2,658,357

 

 

 

Non-current liabilities

 

91,702

 

97,787

 

14,714

 

Total non-current liabilities

 

2,751,377

 

4,892,630

 

736,188

 

 

 

 

 

 

 

 

 

Total liabilities

 

9,302,177

 

8,760,889

 

1,318,240

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

Class A ordinary shares

 

87

 

 

 

Class B ordinary shares

 

2,638

 

2,754

 

414

 

Additional paid-in capital

 

10,647,579

 

12,001,501

 

1,805,850

 

Accumulated other comprehensive income

 

136,810

 

199,595

 

30,033

 

Statutory reserves

 

3,011

 

3,011

 

453

 

Accumulated deficit

 

(9,592,039

)

(11,367,256

)

(1,710,416

)

Total Qunar Cayman Islands Limited’s shareholders’ equity

 

1,198,086

 

839,605

 

126,334

 

 

 

 

 

 

 

 

 

Noncontrolling Interests

 

5,282

 

1,045

 

157

 

 

 

 

 

 

 

 

 

Total equity

 

1,203,368

 

840,650

 

126,491

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

10,505,545

 

9,601,539

 

1,444,731

 

 


*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

 

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

 

 

2015

 

2016

 

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

 

516,974

 

558,217

 

478,292

 

71,968

 

Accommodation reservation

 

258,865

 

299,715

 

392,330

 

59,033

 

Display advertising services

 

25,931

 

24,045

 

21,377

 

3,217

 

Other services

 

79,192

 

111,143

 

138,841

 

20,891

 

Total revenues

 

880,962

 

993,120

 

1,030,840

 

155,109

 

Cost of Revenues

 

(246,909

)

(245,831

)

(265,462

)

(39,944

)

Gross profit

 

634,053

 

747,289

 

765,378

 

115,165

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Product developments (Note 1)

 

(350,790

)

(812,185

)

(516,557

)

(77,726

)

Product sourcing (Note 1)

 

(134,527

)

(172,198

)

(118,167

)

(17,780

)

Sales and marketing (Note 1)

 

(702,675

)

(620,900

)

(580,639

)

(87,368

)

General and administrative (Note 1)

 

(134,391

)

(181,388

)

(149,051

)

(22,428

)

Online marketing expense for Baidu Zhixin Cooperation

 

(6,883

)

 

 

 

Operating loss

 

(695,213

)

(1,039,382

)

(599,036

)

(90,137

)

Interest expenses, net

 

(11,948

)

(49,465

)

(52,481

)

(7,897

)

Foreign exchange (loss) gain, net

 

(1,289

)

20,724

 

(57,554

)

(8,660

)

Other income, net

 

4,895

 

2,052

 

3,684

 

554

 

Fair value change in warrant liability

 

(109,761

)

 

 

 

Loss before income taxes

 

(813,316

)

(1,066,071

)

(705,387

)

(106,140

)

Income tax (expense) benefit

 

(3,194

)

(7,774

)

5,754

 

866

 

Equity in loss (income) of affiliated companies,net of tax

 

(693

)

(3,018

)

331

 

50

 

Net loss

 

(817,203

)

(1,076,863

)

(699,302

)

(105,224

)

 

 

 

 

 

 

 

 

 

 

Net loss attributable to noncontrolling interests

 

1,516

 

400

 

548

 

82

 

Net loss attributable to Qunar Cayman Islands Limited

 

(815,687

)

(1,076,463

)

(698,754

)

(105,142

)

 

 

 

 

 

 

 

 

 

 

Loss per share for ordinary shares:

 

 

 

 

 

 

 

 

 

Net loss per ordinary share—basic

 

(2.22

)

(2.48

)

(1.60

)

(0.24

)

Net loss per ordinary share—diluted

 

(2.22

)

(2.48

)

(1.60

)

(0.24

)

 

 

 

 

 

 

 

 

 

 

Loss per ADS(each ADS represents three class B ordinary shares):

 

 

 

 

 

 

 

 

 

Net loss per ADS—basic

 

(6.66

)

(7.44

)

(4.80

)

(0.72

)

Net loss per ADS—diluted

 

(6.66

)

(7.44

)

(4.80

)

(0.72

)

 

 

 

 

 

 

 

 

 

 

Weighted average number of ordinary shares:

 

 

 

 

 

 

 

 

 

Class A ordinary shares 

 

 

 

 

 

 

 

 

 

Basic

 

224,299,179

 

8,159,782

 

7,280,854

 

7,280,854

 

Diluted

 

224,299,179

 

8,159,782

 

7,280,854

 

7,280,854

 

 

 

 

 

 

 

 

 

 

 

Class B ordinary shares 

 

 

 

 

 

 

 

 

 

Basic

 

143,459,651

 

425,742,428

 

428,256,657

 

428,256,657

 

Diluted

 

367,758,830

 

433,902,210

 

435,537,511

 

435,537,511

 

 

 

 

 

 

 

 

 

 

 

Note 1: Includes share-based compensation expenses as follows:

 

 

 

 

 

 

 

 

 

Product developments

 

20,339

 

528,974

 

206,967

 

31,143

 

Product sourcing

 

2,128

 

49,861

 

12,437

 

1,871

 

Sales and marketing

 

7,974

 

114,647

 

46,637

 

7,017

 

General and administrative

 

46,363

 

108,853

 

59,968

 

9,023

 

Total share-based compensation expenses

 

76,804

 

802,335

 

326,009

 

49,054

 

 



 

Reconciliations of GAAP and non-GAAP measures (in thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

June 30,

 

 

 

2015

 

2016

 

2016

 

2016

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

Unaudited

 

Unaudited

 

Unaudited

 

Unaudited

 

Net loss

 

(817,203

)

(1,076,863

)

(699,302

)

(105,224

)

Add:

 

 

 

 

 

 

 

 

 

Share-based compensation expenses

 

76,804

 

802,335

 

326,009

 

49,054

 

Online marketing expense for Baidu Zhixin Cooperation

 

6,883

 

 

 

 

Fair Value change in warrant liability

 

109,761

 

 

 

 

Adjusted net loss (non-GAAP)(*)

 

(623,755

)

(274,528

)

(373,293

)

(56,170

)

Add:

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

3,194

 

7,774

 

(5,754

)

(866

)

Depreciation and amortization

 

28,336

 

32,329

 

34,455

 

5,184

 

Interest expenses

 

16,888

 

59,660

 

65,312

 

9,827

 

Adjusted EBITDA (non-GAAP) (**)

 

(575,337

)

(174,765

)

(279,280

)

(42,025

)

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(695,213

)

(1,039,382

)

(599,036

)

(90,137

)

Add:

 

 

 

 

 

 

 

 

 

Share-based compensation expenses

 

76,804

 

802,335

 

326,009

 

49,054

 

Online marketing expense for Baidu Zhixin Cooperation

 

6,883

 

 

 

 

Adjusted operating loss(non-GAAP)(***)

 

(611,526

)

(237,047

)

(273,027

)

(41,083

)

 


*Adjusted net loss (non-GAAP), defined as net loss excluding share-based compensation expenses, 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, 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 .

 




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