Home > > Meituan reports 43.2% rise in in-store, hotel & travel businesses revenue in Q1

Meituan reports 43.2% rise in in-store, hotel & travel businesses revenue in Q1

05/23/2019| 5:22:19 PM|

GTV of the in-store, hotel & travel businesses grew by 15.1% to RMB46.4 billion in the three months ended March 31, 2019.

Meituan Dianping (Meituan) today announced its unaudited financial results for the three months ended March 31, 2019.

Financial Performance Highlights

In the three months ended March 31, 2019:

Total revenues increased by 70.1% year-over-year to RMB19.2 billion from RMB11.3 billion in the same period of 2018, benefiting from strong revenue growth across all major business segments, and decreased by 3.2% quarter-over-quarter from RMB19.8 billion in the three months ended December 31, 2018 due to seasonality.

Total gross profit increased by 57.8% year-over-year to RMB5.1 billion from RMB3.2 billion in the same period of 2018, resulting from our constant improvement in gross margin of our core businesses, and increased by 13.1% quarter-over-quarter from RMB4.5 billion in the three months ended December 31, 2018, driven primarily by narrowing loss of our new businesses.

Selling and marketing expenses as a percentage of total revenues decreased to 19.3% from 25.2% in the same period of 2018 and 22.9% in the three months ended December 31, 2018, attributable to economies of scale, healthy operating leverage, and our stronger brands.

Adjusted EBITDA and adjusted net loss were RMB458.9 million and RMB1.0 billion, respectively. Adjusted EBITDA turned to be positive, which is an important milestone we have achieved. Adjusted net loss continued to narrow from the three months ended December 31, 2018. Adjusted net loss as a percentage of revenues was negative 5.4%, compared to negative 8.7% in the three months ended March 31, 2018 and negative 9.4% in the three months ended December 31, 2018. The improvement in adjusted net loss and adjusted EBITDA was due to the continuous improvement in the operating margin of our core businesses as well as our ongoing efforts to streamline the operating losses of new initiatives.

Operating Highlights

In the three months ended March 31, 2019:

Total Gross Transaction Volume (GTV) on our platform grew by 27.9% to RMB138.4 billion from RMB108.2 billion in the same period of 2018.

Annual Transacting Users on our platform in the last twelve months ended March 31, 2019 grew by 26.4% to 411.8 million from 325.8 million in the last twelve months ended March 31, 2018. Average number of transactions per annual Transacting User on our platform increased to 24.8 transactions in the twelve months ended March 31, 2019 from 20.1 transactions in the twelve months ended March 31, 2018.

Annual Active Merchants on our platform grew by 27.3% to 5.8 million in the twelve months ended March 31, 2019 from 4.5 million in the twelve months ended March 31, 2018.

Overall monetization rate1 increased to 13.9% in the three months ended March 31, 2019 from 10.4% in the same period of 2018.

Business Highlights

In-store, hotel & travel

While GTV of the in-store, hotel & travel businesses grew by 15.1% to RMB46.4 billion in the three months ended March 31, 2019 from RMB40.3 billion in the same period of 2018, the monetization rate increased to 9.7% from 7.8%, which was primarily due to the increasing contribution of online marketing services revenue. As a result, revenues from the in-store, hotel & travel businesses increased by 43.2% to RMB4.5 billion in the three months ended March 31, 2019 from RMB3.1 billion in the same period of 2018. Gross profit from our in-store, hotel & travel businesses increased to RMB4.0 billion in the three months ended March 31, 2019 from RMB2.8 billion in the same period of 2018, while the gross margin expanded to 88.3% from 87.8%.

New initiatives and others

GTV from the new initiatives and others segment increased by 22.4% to RMB16.4 billion in the three months ended March 31, 2019 from RMB13.4 billion in the same period of 2018. Revenues from the new initiatives and others segment increased by 267.8% to RMB4.0 billion in the three months ended March 31, 2019 from RMB1.1 billion in the same period of 2018. Compared to the three months ended December 31, 2018, gross loss of the new initiatives and others segment continued to narrow in the three months ended March 31, 2019. Gross margin was negative 11.1% in the three months ended March 31, 2019, improving by 12.2 points on a quarter-over-quarter basis.

Read Original Report

TAGS: Meituan | financial results | hotels
©2019 广州力矩资讯科技有限公司 粤ICP备06070077号-2
Tell us more about yourself!