Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2020 Financial Results

   2021-03-16 08:03

NANJING, China, March 16, 2021 /PRNewswire/ — Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.

"In 2020, Tuniu’s unwavering focus helped us to achieve significant breakthroughs in our business. Under the pressure of COVID-19 related challenges, we continued to provide high-quality services that put the safety and interests of our customers first. In order to ensure the rapid recovery of our domestic travel business, we have adjusted our business focus, accelerated product upgrades, and explored new marketing and distribution channels. In the new year we will maintain our focus on developing better products, services, and technologies to offer integrated one-stop services for customers" said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "In 2020, we further strengthened our cost control measures and since the fourth quarter we continued to optimize our internal management system, which will help build a solid foundation for the company’s business development in 2021."



Fourth Quarter 2020 Results

Net revenues were RMB118.7 million (US$18.2 million[1]) in the fourth quarter of 2020, representing a year-over-year decrease of 73.7% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

  • Revenues from packaged tours were RMB83.1 million (US$12.7 million) in the fourth quarter of 2020, representing a year-over-year decrease of 75.9% from the corresponding period in 2019. The decrease was primarily due to the decline in travel to international destinations impacted by the outbreak and spread of COVID-19.
  • Other revenues were RMB35.6 million (US$5.5 million) in the fourth quarter of 2020, representing a year-over-year decrease of 66.7% from the corresponding period in 2019. The decrease was primarily due to the decline in service fees received from insurance companies and revenues generated from financial services.

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 6.5250 on December 31, 2020 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.

Cost of revenues was RMB70.8 million (US$10.9 million) in the fourth quarter of 2020, representing a year-over-year decrease of 69.8% from the corresponding period in 2019. As a percentage of net revenues, cost of revenues was 59.7% in the fourth quarter of 2020, compared to 52.0% in the corresponding period in 2019.

Gross margin was 40.3% in the fourth quarter of 2020, compared to a gross margin of 48.0% in the fourth quarter of 2019.

Operating expenses were RMB960.1 million (US$147.1 million) in the fourth quarter of 2020, representing a year-over-year increase of 47.5% from the corresponding period in 2019. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB35.8 million (US$5.5 million) in the fourth quarter of 2020. Non-GAAP[2] operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB924.3 million (US$141.6 million) in the fourth quarter of 2020, representing a year-over-year increase of 60.4%.

  • Research and product development expenses were RMB12.8 million (US$2.0 million) in the fourth quarter of 2020, representing a year-over-year decrease of 83.8%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.9 million (US$0.3 million), were RMB11.0 million (US$1.7 million) in the fourth quarter of 2020, representing a year-over-year decrease of 85.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB113.2 million (US$17.3 million) in the fourth quarter of 2020, representing a year-over-year decrease of 52.8%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB24.6 million (US$3.8 million), were RMB88.5 million (US$13.6 million) in the fourth quarter of 2020, representing a year-over-year decrease of 48.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in sales and marketing personnel related expenses.
  • General and administrative expenses were RMB844.8 million (US$129.5 million) in the fourth quarter of 2020, representing a year-over-year increase of 147.4%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB9.3 million (US$1.4 million), were RMB835.5 million (US$128.0 million) in the fourth quarter of 2020, representing a year-over-year increase of 149.2% from the corresponding period in 2019. The increase was primarily due to the provision provided for receivables with the amount of RMB0.8 billion recorded due to the COVID-19.

[2] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company’s financial results under GAAP.

Loss from operations was RMB912.2 million (US$139.8 million) in the fourth quarter of 2020, compared to a loss from operations of RMB434.2 million in the fourth quarter of 2019. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB875.8 million (US$134.2 million) in the fourth quarter of 2020.

Net loss was RMB921.8 million (US$141.3 million) in the fourth quarter of 2020, compared to a net loss of RMB401.4 million in the fourth quarter of 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB885.4 million (US$135.7 million) in the fourth quarter of 2020.

Net loss attributable to ordinary shareholders was RMB901.9 million (US$138.2 million) in the fourth quarter of 2020, compared to a net loss attributable to ordinary shareholders of RMB367.1 million in the fourth quarter of 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB865.6 million (US$132.7 million) in the fourth quarter of 2020.

As of December 31, 2020, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.6 billion (US$247.9 million). The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

Fiscal Year 2020 Results

Net revenues were RMB450.3 million (US$69.0 million) in 2020, representing a year-over-year decrease of 80.3% from 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

  • Revenues from packaged tours were RMB302.4 million (US$46.3 million) in 2020, representing a year-over-year decrease of 84.0% from 2019. The decrease was primarily due to the suspension of sale of packaged tours impacted by the outbreak and spread of COVID-19[3].
  • Other revenues were RMB147.9 million (US$22.7 million) in 2020, representing a year-over-year decrease of 62.5% from 2019. The decrease was primarily due to the decline in commissions received from other travel-related products and service fees received from insurance companies impacted by the outbreak and spread of COVID-19, as well as revenues generated from financial services.

[3] On January 24, 2020, the Ministry of Culture and Tourism of the People’s Republic of China issued a notice requiring travel agencies, including online travel agencies throughout the country to suspend the operation of organized tours and the provision of a combination of flight and hotel bookings. On July 14, 2020, the Ministry of Culture and Tourism of the People’s Republic of China issued another notice allowing travel agencies, including online travel agencies to resume the operation of organized tours and the provision of a combination of flight and hotel bookings within China, but outbound travel remains suspended.

Cost of revenues was RMB237.1 million (US$36.3 million) in 2020, representing a year-over-year decrease of 80.2% from 2019. As a percentage of net revenues, cost of revenues was 52.7% in 2020 compared to 52.6% in 2019.

Gross margin was 47.3% in 2020, compared to a gross margin of 47.4% in 2019.

Operating expenses were RMB1.6 billion (US$238.2 million) in 2020, representing a year-over-year decrease of 20.4% from 2019. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB102.2 million (US$15.7 million) in 2020. Non-GAAP operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB1.5 billion (US$222.5 million) in 2020, representing a year-over-year decrease of 15.5%.

  • Research and product development expenses were RMB100.5 million (US$15.4 million) in 2020, representing a year-over-year decrease of 66.9%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB7.6 million (US$1.2 million), were RMB92.9 million (US$14.2 million) in 2020, representing a year-over-year decrease of 67.9% from 2019. The decrease was primarily due to the decrease in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB372.0 million (US$57.0 million) in 2020, representing a year-over-year decrease of 59.7%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB77.8 million (US$11.9 million), were RMB294.2 million (US$45.1 million) in 2020, representing a year-over-year decrease of 60.8% from 2019. The decrease was primarily due to the decrease in sales and marketing personnel related expenses and promotion expenses.
  • General and administrative expenses were RMB1.1 billion (US$170.0 million) in 2020, representing a year-over-year increase of 48.0%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB16.8 million (US$2.6 million), were RMB1.1 billion (US$167.4 million) in 2020, representing a year-over-year increase of 55.1% from 2019. The increase was primarily due to the provision provided for receivables with the amount of RMB0.8 billion recorded due to the COVID-19.

Loss from operations was RMB1.3 billion (US$205.5 million) in 2020, compared to a loss from operations of RMB870.8 million in 2019. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$189.7 million) in 2020.

Net loss was RMB1.3 billion (US$205.9 million) in 2020, compared to a net loss of RMB729.4 million in 2019. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$190.1 million) in 2020.

Net loss attributable to ordinary shareholders was RMB1.3 billion (US$200.5 million) in 2020, compared to a net loss attributable to ordinary shareholders of RMB699.2 million in 2019. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB1.2 billion (US$184.6 million) in 2020.

Business Outlook

Tuniu’s business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the first quarter of 2021, the Company expects to generate RMB60.9 million to RMB69.6 million of net revenues, which represents 60% to 65% decrease year-over-year. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.

Appointment of New Director

Tuniu also announced that Mr. Haijin Cheng has been appointed as an independent director to the Company’s board of directors effective on March 17, 2021, replacing Ms. Cindy Chen who has resigned from the board effective on the same date. Mr. Haijin Cheng will also replace Ms. Cindy Chen as a member of the Company’s audit committee.

Mr. Haijin Cheng has extensive experience in internal auditing, financial management and strategic M&A with companies in a range of industries and countries. Mr. Cheng is the founder and president of Shanghai Huan Pu Management Consulting Co., which provides management advisory services to domestic and foreign companies. Prior to founding Huan Pu, Mr. Cheng served as the leader of the business development department in General Electric (China) Ltd, director of the business development department in Honeywell (China) Ltd., senior officer of the audit department in Bank of China (Hong Kong) and corporate accountant in C. P. Group of Thailand. Mr. Cheng currently serves as an independent director of Centre Testing International Group Co., Ltd. (300012.SZ), an A-share company listed on the Shenzhen Stock Exchange. Mr. Cheng is a Certified Public Accountant USA and received an MBA degree from Cornell University.

Conference Call Information

Tuniu’s management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 16, 2021, (8:00 pm, Beijing/Hong Kong Time, on March 16, 2021) to discuss the fourth quarter and fiscal year 2020 financial results.

To participate in the conference call, please dial the following numbers:

US:           

+1-888-346-8982

Hong Kong:    

+852-301-84992

Mainland China: 

4001-201203

International:   

+1-412-902-4272

Conference ID: Tuniu 4Q 2020 Earnings Call

A telephone replay will be available one hour after the end of the conference through March 23, 2021. The dial-in details are as follows:

US:        

+1-877-344-7529

International: 

+1-412-317-0088

Replay Access Code: 10152996

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and 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. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished 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. Any statements that are not historical facts, including statements about Tuniu’s beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu’s goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu’s products and services; its relationships with customers and travel suppliers; the Company’s ability to offer competitive travel products and services; Tuniu’s future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company’s structure, business and industry; the impact of the COVID-19 on Tuniu’s business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company’s business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

For investor and media inquiries, please contact:

China
Mary Chen
Investor Relations Director
Tuniu Corporation
Phone: +86-25-6960-9988
E-mail: [email protected]

(Financial Tables Follow)

 

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)

 December 31, 2019 

 December 31, 2020 

 December 31, 2020 

 RMB 

 RMB 

 US$ 

ASSETS

Current assets

        Cash and cash equivalents

295,463

213,538

32,726

        Restricted cash 

327,052

50,566

7,750

        Short-term investments

1,305,386

1,353,670

207,459

        Accounts receivable, net

529,983

264,134

40,480

        Amounts due from related parties

65,108

23,913

3,665

        Prepayments and other current assets  

1,300,284

378,704

58,038

Total current assets

3,823,276

2,284,525

350,118

Non-current assets

        Long-term investments

1,305,612

266,866

40,899

        Property and equipment, net

223,340

111,697

17,118

        Intangible assets, net

166,267

71,362

10,937

        Land use right, net

98,774

96,713

14,822

        Operating lease right-of-use assets, net

105,839

42,293

6,482

        Goodwill

232,007

232,007

35,557

        Other non-current assets

83,923

91,180

13,974

        Long-term amounts due from related parties

557,582

Total non-current assets

2,773,344

912,118

139,789

Total assets

6,596,620

3,196,643

489,907

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY

Current liabilities

        Short-term borrowings

203,845

60,679

9,299

        Accounts and notes payable 

1,311,963

705,838

108,174

        Amounts due to related parties

29,755

21,034

3,224

        Salary and welfare payable

112,511

47,487

7,278

        Taxes payable

12,207

6,004

920

        Advances from customers

1,113,879

208,762

31,994

        Operating lease liabilities, current

57,490

18,264

2,799

        Accrued expenses and other current liabilities

907,119

676,501

103,678

Total current liabilities

3,748,769

1,744,569

267,366

Non-current liabilities

        Operating lease liabilities, non-current

54,718

34,367

5,267

        Deferred tax liabilities

23,658

14,861

2,278

        Long-term borrowings

9,689

22,577

3,460

        Other non-current liabilities

10,947

3,054

468

Total non-current liabilities

99,012

74,859

11,473

Total liabilities

3,847,781

1,819,428

278,839

Redeemable noncontrolling interests

37,200

27,200

4,169

Equity

        Ordinary shares

249

249

38

        Less: Treasury stock

(310,942)

(302,916)

(46,424)

        Additional paid-in capital

9,113,512

9,125,689

1,398,573

        Accumulated other comprehensive income

293,784

275,012

42,147

        Accumulated deficit*

(6,385,974)

(7,713,355)

(1,182,123)

Total Tuniu Corporation shareholders’ equity

2,710,629

1,384,679

212,211

Noncontrolling interests

1,010

(34,664)

(5,312)

Total equity

2,711,639

1,350,015

206,899

Total liabilities, redeemable noncontrolling interests and equity

6,596,620

3,196,643

489,907

*On 1 January 2020, the Company adopted ASU No. 2016-13 (ASU 2016-13), "Financial Instruments – Credit Losses", and recognized a cumulative-effect
adjustment to the opening retained earnings at the adoption date.

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)

 Quarter Ended 

 Quarter Ended 

 Quarter Ended 

 Quarter Ended 

 December 31, 2019 

 September 30, 2020 

 December 31, 2020 

 December 31, 2020 

 RMB 

 RMB 

 RMB 

 US$ 

Revenues

        Packaged tours

344,325

86,413

83,143

12,742

        Others

106,958

37,132

35,566

5,451

Net revenues

451,283

123,545

118,709

18,193

Cost of revenues

(234,623)

(58,472)

(70,841)

(10,857)

Gross profit

216,660

65,073

47,868

7,336

Operating expenses

        Research and product development

(79,038)

(16,008)

(12,833)

(1,967)

        Sales and marketing

(239,898)

(49,869)

(113,162)

(17,343)

        General and administrative

(341,487)

(69,769)

(844,759)

(129,465)

        Other operating income

9,545

7,803

10,698

1,640

Total operating expenses

(650,878)

(127,843)

(960,056)

(147,135)

Loss from operations

(434,218)

(62,770)

(912,188)

(139,799)

Other income/(expenses)

        Interest and investment income/(loss)

38,766

(7,389)

(17,998)

(2,758)

        Interest expense

(11,372)

(6,483)

(5,657)

(867)

        Foreign exchange gains, net

3,272

12,779

11,002

1,686

        Other income/(loss), net

2,808

1,056

(914)

(140)

Loss before income tax expense

(400,744)

(62,807)

(925,755)

(141,878)

Income tax (expense)/benefit

(2,910)

1,037

3,853

590

Equity in income/(loss) of affiliates

2,223

(286)

124

19

Net loss

(401,431)

(62,056)

(921,778)

(141,269)

Net loss attributable to noncontrolling interests

(35,957)

(5,152)

(19,820)

(3,038)

Net income/(loss) attributable to redeemable noncontrolling
interests

123

(61)

(9)

Net loss attributable to Tuniu Corporation

(365,597)

(56,904)

(901,897)

(138,222)

Accretion on redeemable noncontrolling interests

(1,540)

Net loss attributable to ordinary shareholders

(367,137)

(56,904)

(901,897)

(138,222)

Net loss

(401,431)

(62,056)

(921,778)

(141,269)

Other comprehensive loss:

        Foreign currency translation adjustment, net of nil tax

(4,939)

(11,993)

(14,599)

(2,237)

Comprehensive loss

(406,370)

(74,049)

(936,377)

(143,506)

Net loss per ordinary share attributable to ordinary shareholders –
basic and diluted

(0.99)

(0.15)

(2.43)

(0.37)

Net loss per ADS – basic and diluted*

(2.97)

(0.45)

(7.29)

(1.11)

Weighted average number of ordinary shares used in computing
basic and diluted loss per share

369,797,249

370,298,762

370,460,479

370,460,479

Share-based compensation expenses included are as follows

        Cost of revenues

258

97

551

84

        Research and product development

839

287

1,094

168

        Sales and marketing

267

132

615

94

        General and administrative

5,500

1,626

8,562

1,312

Total

6,864

2,142

10,822

1,658

*Each ADS represents three of the Company’s ordinary shares.

 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)

 Year Ended 

 Year Ended 

 Year Ended 

 December 31, 2019 

 December 31, 2020 

 December 31, 2020 

 RMB 

 RMB 

 US$ 

Revenues

        Packaged tours

1,886,822

302,359

46,339

        Others

394,165

147,900

22,667

Net revenues

2,280,987

450,259

69,006

Cost of revenues

(1,200,012)

(237,065)

(36,332)

Gross profit

1,080,975

213,194

32,674

Operating expenses

        Research and product development

(303,561)

(100,514)

(15,404)

        Sales and marketing

(923,273)

(371,984)

(57,009)

        General and administrative

(749,404)

(1,109,340)

(170,014)

        Other operating income

24,419

27,849

4,268

Total operating expenses

(1,951,819)

(1,553,989)

(238,159)

Loss from operations

(870,844)

(1,340,795)

(205,485)

Other income/(expenses)

        Interest and investment income

156,862

3,526

540

        Interest expense

(34,052)

(32,266)

(4,945)

        Foreign exchange (losses)/gains, net

(1,131)

18,720

2,869

        Other income/(loss), net

18,509

(253)

(39)

Loss before income tax expense

(730,656)

(1,351,068)

(207,060)

Income tax (expense)/benefit

(949)

6,641

1,018

Equity in income of affiliates

2,223

797

122

Net loss

(729,382)

(1,343,630)

(205,920)

Net loss attributable to noncontrolling interests

(35,797)

(35,674)

(5,467)

Net income attributable to redeemable noncontrolling
interests

980

Net loss attributable to Tuniu Corporation

(694,565)

(1,307,956)

(200,453)

Accretion on redeemable noncontrolling interests

(4,634)

Net loss attributable to ordinary shareholders

(699,199)

(1,307,956)

(200,453)

Net loss

(729,382)

(1,343,630)

(205,920)

Other comprehensive income/(loss):

        Foreign currency translation adjustment, net of nil tax

9,705

(18,772)

(2,877)

Comprehensive loss

(719,677)

(1,362,402)

(208,797)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(1.89)

(3.53)

(0.54)

Net loss per ADS – basic and diluted*

(5.67)

(10.59)

(1.62)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

369,472,880

370,240,040

370,240,040

Share-based compensation expenses included are as follows:

        Cost of revenues

4,006

1,044

160

        Research and product development

12,057

4,349

667

        Sales and marketing

3,321

1,099

168

        General and administrative

42,352

13,972

2,141

Total

61,736

20,464

3,136

*Each ADS represents three of the Company’s ordinary shares.

 

Reconciliations  of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

 Quarter Ended December 31, 2020

 GAAP Result 

 Share-based
Compensation 

Amortization of acquired
intangible assets

Impairment of acquired
intangible assets

 Non-GAAP
Result 

Cost of revenues

(70,841)

551

(70,290)

Research and product development

(12,833)

1,094

782

(10,957)

Sales and marketing

(113,162)

615

1,710

22,322

(88,515)

General and administrative

(844,759)

8,562

709

(835,488)

Other operating income

10,698

10,698

Total operating expenses

(960,056)

10,271

3,201

22,322

(924,262)

Loss from operations

(912,188)

10,822

3,201

22,322

(875,843)

Net loss

(921,778)

10,822

3,201

22,322

(885,433)

Net loss attributable to ordinary shareholders

(901,897)

10,822

3,201

22,322

(865,552)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(2.43)

(2.34)

Net loss per ADS – basic and diluted

(7.29)

(7.02)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,460,479

370,460,479

 Quarter Ended September 30, 2020

 GAAP Result 

 Share-based
Compensation 

Amortization of acquired
intangible assets 

Impairment of acquired
intangible assets

 Non-GAAP
Result 

Cost of revenues

(58,472)

97

(58,375)

Research and product development

(16,008)

287

782

(14,939)

Sales and marketing

(49,869)

132

6,105

(43,632)

General and administrative

(69,769)

1,626

709

(67,434)

Other operating income

7,803

7,803

Total operating expenses

(127,843)

2,045

7,596

(118,202)

Loss from operations

(62,770)

2,142

7,596

(53,032)

Net loss

(62,056)

2,142

7,596

(52,318)

Net loss attributable to ordinary shareholders

(56,904)

2,142

7,596

(47,166)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.15)

(0.13)

Net loss per ADS – basic and diluted

(0.45)

(0.39)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,298,762

370,298,762

 Quarter Ended December 31, 2019

 GAAP Result 

 Share-based
Compensation 

Amortization of acquired
intangible assets 

Impairment of acquired
 intangible assets

 Non-GAAP
Result 

Cost of revenues

(234,623)

258

(234,365)

Research and product development

(79,038)

839

793

(77,406)

Sales and marketing

(239,898)

267

34,649

32,014

(172,968)

General and administrative

(341,487)

5,500

705

(335,282)

Other operating income

9,545

9,545

Total operating expenses

(650,878)

6,606

36,147

32,014

(576,111)

Loss from operations

(434,218)

6,864

36,147

32,014

(359,193)

Net loss

(401,431)

6,864

36,147

32,014

(326,406)

Net loss attributable to ordinary shareholders

(367,137)

6,864

36,147

32,014

(292,112)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.99)

(0.79)

Net loss per ADS – basic and diluted

(2.97)

(2.37)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

369,797,249

369,797,249

*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of
ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary
shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-
based awards as determined under the treasury stock method.

 

Reconciliations  of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

Year Ended December 31, 2020

 GAAP Result 

 Share-based
Compensation 

Amortization of acquired 
intangible assets 

Impairment of acquired 
intangible assets

 Non-GAAP
Result 

Cost of revenues

(237,065)

1,044

(236,021)

Research and product development

(100,514)

4,349

3,279

(92,886)

Sales and marketing

(371,984)

1,099

44,780

31,876

(294,229)

General and administrative

(1,109,340)

13,972

2,836

(1,092,532)

Other operating income

27,849

27,849

Total operating expenses

(1,553,989)

19,420

50,895

31,876

(1,451,798)

Loss from operations

(1,340,795)

20,464

50,895

31,876

(1,237,560)

Net loss

(1,343,630)

20,464

50,895

31,876

(1,240,395)

Net loss attributable to ordinary shareholders

(1,307,956)

20,464

50,895

31,876

(1,204,721)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(3.53)

(3.25)

Net loss per ADS – basic and diluted

(10.59)

(9.75)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,240,040

370,240,040

Year Ended December 31, 2019

 GAAP Result 

 Share-based
Compensation 

Amortization of acquired
intangible assets 

Impairment of acquired 
intangible assets

 Non-GAAP
Result 

Cost of revenues

(1,200,012)

4,006

(1,196,006)

Research and product development

(303,561)

12,057

2,332

(289,172)

Sales and marketing

(923,273)

3,321

137,882

32,014

(750,056)

General and administrative

(749,404)

42,352

2,816

(704,236)

Other operating income

24,419

24,419

Total operating expenses

(1,951,819)

57,730

143,030

32,014

(1,719,045)

Loss from operations

(870,844)

61,736

143,030

32,014

(634,064)

Net loss

(729,382)

61,736

143,030

32,014

(492,602)

Net loss attributable to ordinary shareholders

(699,199)

61,736

143,030

32,014

(462,419)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(1.89)

(1.25)

Net loss per ADS – basic and diluted

(5.67)

(3.75)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

369,472,880

369,472,880

*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to
ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of
share-based awards as determined under the treasury stock method.

 

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