omniture

Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2018 Financial Results

2019-02-28 17:53 8130

Non-GAAP[1] Net Income in 2018 Reached RMB10.9 million
Added 345 Offline Retail Stores During 2018[2]

NANJING, China, Feb. 28, 2019 /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, 2018.

Highlights for the Fourth Quarter of 2018

  • Revenues from packaged tours in the fourth quarter of 2018 increased by 23.3% year-over-year to RMB357.6 million (US$52.0[3] million).
  • Gross margin in the fourth quarter of 2018 was 57.3%, compared to a gross margin of 50.0% in the fourth quarter of 2017.
  • As of December 31, 2018, Tuniu had 29 local tour operators in total, including 3 newly launched local tour operators in China[4] since November 27, 2018.

Highlights for the Fiscal Year 2018

  • Non-GAAP net income was RMB10.9 million (US$1.6 million) in 2018, compared to a Non-GAAP net loss of RMB531.1 million in 2017.
  • Revenues from packaged tours in 2018 increased by 15.2% year-over-year to RMB1.8 billion (US$266.3 million).
  • Operating expenses in 2018 decreased by 25.7% year-over-year to RMB1.5 billion (US$221.7 million).
  • As of December 31, 2018, Tuniu had 509 offline retail stores in total, of which 345 were newly added since January 1, 2018.

[1] 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.

[2] The sections below entitled "Highlights for the Fourth Quarter of 2018" and "Highlights for the Fiscal Year of 2018" provide additional information about some key financial figures and operating data.

[3] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8755 on December 31, 2018 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.

[4] The 3 newly launched local tour operators in China are located in Lanzhou, Enshi and Nanchang.

Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer, said, "2018 has been a year filled with achievements and milestones. We perfected our sales and service networks, opened offline retail stores to improve our user acquisition ability and launched local tour operators to strengthen our service capability. Going forward in 2019, we will focus on the customer experience, because our customers are our greatest asset. We will continue to leverage Tuniu's core competitive advantage in packaged tour products to differentiate ourselves from our peers and to provide the best experience to our customers."

Ms. Maria Yi Xin, Tuniu's Chief Financial Officer, said, "We are pleased to announce Tuniu achieved non-GAAP profitability and positive operating cash flow for the full year 2018 for the first time since our listing, reflecting positive changes in Tuniu as a result of the implementation of our core strategies. In 2019, we will continue to leverage our leading position and our competitive advantage in China's online leisure travel market to unlock additional value for our customers and shareholders."

Fourth Quarter 2018 Results

Net revenues were RMB471.2 million (US$68.5 million) in the fourth quarter of 2018, representing a year-over-year increase of 0.3% from the corresponding period in 2017.

  • Revenues from packaged tours were RMB357.6 million (US$52.0 million) in the fourth quarter of 2018, representing a year-over-year increase of 23.3% from the corresponding period in 2017. The increase was primarily due to the growth of organized tours.
  • Other revenues were RMB113.6 million (US$16.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 36.8% from the corresponding period in 2017. The decrease was primarily due to the decline in revenues generated from financial services and service fees received from insurance companies.

Cost of revenues was RMB201.0 million (US$29.2 million) in the fourth quarter of 2018, representing a year-over-year decrease of 14.4% from the corresponding period in 2017. As a percentage of net revenues, cost of revenues was 42.7% in the fourth quarter of 2018 compared to 50.0% in the corresponding period in 2017.

Gross profit was RMB270.2 million (US$39.3 million) in the fourth quarter of 2018, representing a year-over-year increase of 14.9% from the corresponding period in 2017. The increase was primarily due to the increase in efficiency resulting from economies of scale.

Operating expenses were RMB373.3 million (US$54.3 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.1% from the corresponding period in 2017. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB46.9 million (US$6.8 million) in the fourth quarter of 2018. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB326.4 million (US$47.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.8%.

  • Research and product development expenses were RMB75.9 million (US$11.0 million) in the fourth quarter of 2018, representing a year-over-year decrease of 31.8%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB2.8 million (US$0.4 million), were RMB73.1 million (US$10.6 million) in the fourth quarter of 2018, representing a year-over-year decrease of 33.2% from the corresponding period in 2017. Research and product development expenses as a percentage of net revenues were 16.1% in the fourth quarter of 2018, decreasing from 23.7% in the corresponding period in 2017. The decrease was primarily due to the increase in efficiency resulting from economies of scale and refined management, and optimization of research and product development personnel.
  • Sales and marketing expenses were RMB209.1 million (US$30.4 million) in the fourth quarter of 2018, representing a year-over-year increase of 7.9%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB34.5 million (US$5.0 million), were RMB174.6 million (US$25.4 million) in the fourth quarter of 2018, representing a year-over-year increase of 9.6% from the corresponding period in 2017. Sales and marketing expenses as a percentage of net revenues were 44.4% in the fourth quarter of 2018, increasing from 41.2% in the corresponding period in 2017. The increase was primarily due to the expansion of customer loyalty program team and increased promotional campaigns on certain channels.
  • General and administrative expenses were RMB120.5 million (US$17.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 22.0%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB9.7 million (US$1.4 million), were RMB110.8 million (US$16.1 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.9% from the corresponding period in 2017. General and administrative expenses as a percentage of net revenues were 25.6% in the fourth quarter of 2018, decreasing from 32.9% in the corresponding period in 2017. The decrease was primarily due to the increase in operating efficiency resulting from economies of scale and refined management.

Loss from operations was RMB103.1 million (US$15.0 million) in the fourth quarter of 2018, compared to a loss from operations of RMB220.8 million in the fourth quarter of 2017. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB55.8 million (US$8.1 million) in the fourth quarter of 2018.

Net loss was RMB72.9 million (US$10.6 million) in the fourth quarter of 2018, compared to a net loss of RMB186.1 million in the fourth quarter of 2017. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB25.6 million (US$3.7 million) in the fourth quarter of 2018.

Net loss attributable to ordinary shareholders was RMB64.7 million (US$9.4 million) in the fourth quarter of 2018, compared to a net loss attributable to ordinary shareholders of RMB184.9 million in the fourth quarter of 2017. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB17.3 million (US$2.5 million) in the fourth quarter of 2018.

As of December 31, 2018, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.7 billion (US$245.8 million). 

Fiscal Year 2018 Results

Net revenues were RMB2.2 billion (US$325.8 million) in 2018, representing a year-over-year increase of 2.2% from 2017.

  • Revenues from packaged tours were RMB1.8 billion (US$266.3 million) in 2018, representing a year-over-year increase of 15.2% from 2017. The increase was primarily due to the growth of organized tours.
  • Other revenues were RMB409.5 million (US$59.6 million) in 2018, representing a year-over-year decrease of 32.1% from 2017. The decrease was primarily due to the decline in revenues generated from financial services and service fees received from insurance companies.

Cost of revenues was RMB1.1 billion (US$154.9 million) in 2018, representing a year-over-year increase of 4.0% from 2017. As a percentage of net revenues, cost of revenues was 47.5% in 2018 compared to 46.7% in 2017.

Gross profit was RMB1.2 billion (US$170.9 million) in 2018, representing a year-over-year increase of 0.6% from 2017. The increase was primarily due to the increase in efficiency resulting from economies of scale, which was partially offset by the decrease in other revenues.

Operating expenses were RMB1.5 billion (US$221.7 million) in 2018, representing a year-over-year decrease of 25.7% from 2017. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB208.8 million (US$30.4 million) in 2018. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB1.3 billion (US$191.3 million) in 2018, representing a year-over-year decrease of 27.4%.

  • Research and product development expenses were RMB315.2 million (US$45.8 million) in 2018, representing a year-over-year decrease of 41.7%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB10.9 million (US$1.6 million), were RMB304.3 million (US$44.3 million) in 2018, representing a year-over-year decrease of 42.9% from 2017. Research and product development expenses as a percentage of net revenues were 14.1% in 2018, decreasing from 24.7% in 2017. The decrease was primarily due to the increase in efficiency resulting from economies of scale and refined management, and optimization of research and product development personnel.
  • Sales and marketing expenses were RMB778.1 million (US$113.2 million) in 2018, representing a year-over-year decrease of 13.0%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB138.0 million (US$20.1 million), were RMB640.2 million (US$93.1 million) in 2018, representing a year-over-year decrease of 15.3% from 2017. Sales and marketing expenses as a percentage of net revenues were 34.7% in 2018, decreasing from 40.8% in 2017. The decrease was primarily due to the optimization of promotional expense structure and preference for marketing channels with higher ROI.
  • General and administrative expenses were RMB487.4 million (US$70.9 million) in 2018, representing a year-over-year decrease of 23.6%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB60.0 million (US$8.7 million), were RMB427.4 million (US$62.2 million) in 2018, representing a year-over-year decrease of 21.6% from 2017. General and administrative expenses as a percentage of net revenues were 21.8% in 2018, decreasing from 29.1% in 2017. The decrease was primarily due to the increase in operating efficiency resulting from economies of scale and refined management.

Loss from operations was RMB349.0 million (US$50.8 million) in 2018, compared to a loss from operations of RMB883.4 million in 2017. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB138.7 million (US$20.2 million) in 2018.

Net loss was RMB199.4 million (US$29.0 million) in 2018, compared to a net loss of RMB771.3 million in 2017. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB10.9 million (US$1.6 million) in 2018.

Net loss attributable to ordinary shareholders was RMB187.9 million (US$27.3 million) in 2018, compared to a net loss attributable to ordinary shareholders of RMB773.0 million in 2017. Non-GAAP net income attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB22.4 million (US$3.3 million) in 2018.

Business Outlook

For the first quarter of 2019, Tuniu expects to generate RMB432.5 million to RMB456.5 million of net revenues, which represents 5% to 10% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

Conference Call Information

Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on February 28, 2019, (9:00 pm, Beijing/Hong Kong Time, on February 28, 2019) to discuss the fourth quarter and fiscal year 2018 financial results.

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

US:

+1-888-346-8982

Hong Kong: 

+852-301-84992

China:      

4001-201203

International: 

+1-412-902-4272

Conference ID: Tuniu 4Q 2018 Earnings Call

A telephone replay will be available one hour after the end of the conference through March 7, 2019. The dial-in details are as follows:

US:        

+1-877-344-7529

International: 

+1-412-317-0088

Replay Access Code: 10129007

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 has over 2,200,000 stock keeping units (SKUs) of packaged tours, covering 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. 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; 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, 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, which excludes share-based compensation expenses and amortization 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 and amortization of acquired intangible assets is that share-based compensation expenses and amortization 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: ir@tuniu.com

(Financial Tables Follow)

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)


 December 31, 2017 


 December 31, 2018 


 December 31, 2018 


 RMB 


 RMB 


 US$ 







ASSETS






Current assets






  Cash and cash equivalents

484,101


560,356


81,500

  Restricted cash 

91,810


270,670


39,367

  Short-term investments

3,084,634


859,211


124,967

  Accounts receivable, net

286,627


347,547


50,549

  Amounts due from related parties

171,331


696,520


101,305

  Prepayments and other current assets  

939,463


1,673,584


243,413

  Yield enhancement products and accrued interest

31,337


-


-

Total current assets

5,089,303


4,407,888


641,101







Non-current assets






  Long-term investments

484,991


1,302,506


189,442

  Property and equipment, net

148,278


187,360


27,250

  Intangible assets, net

460,634


317,885


46,234

  Land use right, net

-


100,836


14,666

  Goodwill

147,639


159,409


23,185

  Yield enhancement products over one year and accrued interest

170,505


-


-

  Other non-current assets

156,455


81,039


11,787

Total non-current assets

1,568,502


2,149,035


312,564

Total assets

6,657,805


6,556,923


953,665







LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






  Accounts and notes payable 

852,500


1,305,610


189,893

  Amounts due to related parties

86,923


77,159


11,222

  Salary and welfare payable

187,561


104,480


15,196

  Taxes payable

32,036


23,316


3,391

  Advances from customers

1,210,615


1,058,946


154,017

  Accrued expenses and other current liabilities

373,690


533,144


77,544

  Amounts due to the individual investors of yield enhancement products

177,971


-


-

Total current liabilities

2,921,296


3,102,655


451,263







Non-current liabilities

42,481


40,416


5,878

Total liabilities

2,963,777


3,143,071


457,141







Mezzanine equity






Redeemable noncontrolling interests

96,719


69,319


10,082







Shareholders' equity






  Ordinary shares

248


249


36

  Less: Treasury stock

(185,419)


(304,535)


(44,293)

  Additional paid-in capital

9,013,793


9,061,979


1,318,010

  Accumulated other comprehensive income

272,386


284,079


41,318

  Accumulated deficit

(5,505,897)


(5,691,409)


(827,781)

Total Tuniu's shareholders' equity

3,595,111


3,350,363


487,290

Noncontrolling interests

2,198


(5,830)


(848)

Total Shareholders' equity

3,597,309


3,344,533


486,442

Total liabilities and shareholders' equity

6,657,805


6,556,923


953,665







 

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income

(All amounts in thousands, except per share information)


 Quarter Ended 


 Quarter Ended 


 Quarter Ended 


 Quarter Ended 


 December 31, 2017 


 September 30, 2018 


 December 31, 2018 


 December 31, 2018 


 RMB 


 RMB 


 RMB 


 US$ 









Revenues








  Packaged tours

290,054


632,723


357,619


52,014

  Others

179,832


130,408


113,616


16,525

Net revenues

469,886


763,131


471,235


68,539

Cost of revenues

(234,733)


(371,622)


(201,018)


(29,237)

Gross profit

235,153


391,509


270,217


39,302









Operating expenses








  Research and product development

(111,151)


(78,270)


(75,854)


(11,033)

  Sales and marketing

(193,696)


(209,563)


(209,094)


(30,411)

  General and administrative

(154,490)


(122,936)


(120,510)


(17,527)

  Other operating income

3,348


15,656


32,130


4,673

Total operating expenses

(455,989)


(395,113)


(373,328)


(54,298)

Loss from operations

(220,836)


(3,604)


(103,111)


(14,996)

Other income/(expenses)








  Interest and investment income, net

44,426


38,167


30,696


4,465

  Foreign exchange losses, net

(2,009)


(9,030)


(2,043)


(297)

  Other (loss)/income, net

(147)


1,293


(505)


(73)

(Loss)/Income before income tax expense

(178,566)


26,826


(74,963)


(10,901)

Income tax (expense)/benefit

(7,569)


1,126


2,025


295

Net (loss)/income

(186,135)


27,952


(72,938)


(10,606)

Net loss attributable to noncontrolling interests

(2,939)


(4,104)


(9,511)


(1,383)

Net (loss)/income attributable to redeemable
noncontrolling interests

(93)


831


(1,848)


(269)

Net (loss)/income attributable to Tuniu Corporation

(183,103)


31,225


(61,579)


(8,954)

Accretion on of redeemable noncontrolling interest

(1,757)


(204)


(3,082)


(448)

Net (loss)/income attributable to ordinary
shareholders

(184,860)


31,021


(64,661)


(9,402)









Net (loss)/income

(186,135)


27,952


(72,938)


(10,606)

Other comprehensive (loss)/income:








  Foreign currency translation adjustment, net of nil tax

(24,770)


16,342


1


-

Comprehensive (loss)/income

(210,905)


44,294


(72,937)


(10,606)









(Loss)/Income per share








Basic

(0.48)


0.08


(0.17)


(0.02)

Diluted

(0.48)


0.08


(0.17)


(0.02)









(Loss)/Income per ADS*








Basic

(1.44)


0.24


(0.51)


(0.06)

Diluted

(1.44)


0.24


(0.51)


(0.06)









Weighted average number of ordinary shares used in
computing basic (loss)/income per share

387,993,534


370,412,795


370,486,502


370,486,502

Weighted average number of ordinary shares used in
computing diluted (loss)/income per share

387,993,534


379,333,481


370,486,502


370,486,502









Share-based compensation expenses included are as follows








  Cost of revenues

230


614


392


57

  Research and product development

1,324


3,790


2,173


316

  Sales and marketing

201


556


333


48

  General and administrative

17,089


14,731


8,901


1,295

Total

18,844


19,691


11,799


1,716









*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, 2017 


 December 31, 2018 


 December 31, 2018 


 RMB 


 RMB 


 US$ 







Revenues






  Packaged tours

1,589,353


1,830,630


266,254

  Others

602,747


409,519


59,562

Net revenues

2,192,100


2,240,149


325,816

Cost of revenues

(1,024,206)


(1,065,022)


(154,901)

Gross profit

1,167,894


1,175,127


170,915







Operating expenses






  Research and product development

(541,126)


(315,222)


(45,847)

  Sales and marketing

(894,148)


(778,126)


(113,174)

  General and administrative

(637,795)


(487,372)


(70,885)

  Other operating income

21,749


56,599


8,232

Total operating expenses

(2,051,320)


(1,524,121)


(221,674)

Loss from operations

(883,426)


(348,994)


(50,759)

Other income/(expenses)






  Interest and investment income, net

130,250


152,929


22,243

  Foreign exchange losses, net

(2,394)


(11,729)


(1,706)

  Other (loss)/income, net

(121)


8,576


1,247

Loss before income tax expense

(755,691)


(199,218)


(28,975)

Income tax expense

(15,625)


(153)


(22)

Net loss

(771,316)


(199,371)


(28,997)

Net loss attributable to noncontrolling interests

(4,934)


(14,037)


(2,042)

Net income attributable to redeemable noncontrolling
interests

922


178


26

Net loss attributable to Tuniu Corporation

(767,304)


(185,512)


(26,981)

Accretion on redeemable noncontrolling interest

(5,725)


(2,422)


(352)

Net loss attributable to ordinary shareholders

(773,029)


(187,934)


(27,333)







Net loss

(771,316)


(199,371)


(28,997)

Other comprehensive income/(loss):






  Foreign currency translation adjustment, net of nil tax

(128,539)


11,693


1,701

Comprehensive loss

(899,855)


(187,678)


(27,296)







Loss per share






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

(2.04)


(0.50)


(0.07)

Net loss per ADS - basic and diluted*

(6.12)


(1.50)


(0.21)

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

378,230,039


377,744,381


377,744,381







Share-based compensation expenses included are as follows:






  Cost of revenues

1,075


1,483


216

  Research and product development

6,864


9,124


1,327

  Sales and marketing

1,650


1,305


190

  General and administrative

89,086


56,826


8,265

Total

98,675


68,738


9,998







*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, 2018


 GAAP  


 Share-based 


Amortization of acquired 


 Non-GAAP 


 Result 


 Compensation 


  intangible assets 


 Result 









Cost of revenues

(201,018)


392


-


(200,626)









Research and product development

(75,854)


2,173


589


(73,092)

Sales and marketing

(209,094)


333


34,163


(174,598)

General and administrative

(120,510)


8,901


781


(110,828)

Other operating income

32,130


-


-


32,130

Total operating expenses

(373,328)


11,407


35,533


(326,388)









Loss from operations

(103,111)


11,799


35,533


(55,779)









Net loss

(72,938)


11,799


35,533


(25,606)









Net loss attributable to ordinary shareholders

(64,661)


11,799


35,533


(17,329)









Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted (RMB)

(0.17)






(0.05)

Net loss per ADS - basic and diluted (RMB)

(0.51)






(0.15)

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

370,486,502






370,486,502










 Quarter Ended September 30, 2018


 GAAP  


 Share-based 


Amortization of acquired 


 Non-GAAP 


 Result 


 Compensation 


  intangible assets 


 Result 









Cost of revenues

(371,622)


614


-


(371,008)









Research and product development

(78,270)


3,790


399


(74,081)

Sales and marketing

(209,563)


556


34,163


(174,844)

General and administrative

(122,936)


14,731


781


(107,424)

Other operating income

15,656


-


-


15,656

Total operating expenses

(395,113)


19,077


35,343


(340,693)









(Loss)/Income from operations

(3,604)


19,691


35,343


51,430









Net income

27,952


19,691


35,343


82,986









Net income attributable to ordinary shareholders

31,021


19,691


35,343


86,055









Net income per ordinary share attributable to
ordinary shareholders(RMB)








-Basic

0.08






0.23

-Diluted

0.08






0.23

Net income per ADS(RMB)








-Basic

0.24






0.69

-Diluted

0.24






0.69

Weighted average number of ordinary shares








-Basic

370,412,795






370,412,795

-Diluted

379,333,481






379,333,481










 Quarter Ended December 31, 2017


 GAAP  


 Share-based 


Amortization of acquired 


 Non-GAAP 


 Result 


 Compensation 


  intangible assets 


 Result 









Cost of revenues

(234,733)


230


-


(234,503)









Research and product development

(111,151)


1,324


399


(109,428)

Sales and marketing

(193,696)


201


34,163


(159,332)

General and administrative

(154,490)


17,089


777


(136,624)

Other operating income

3,348


-


-


3,348

Total operating expenses

(455,989)


18,614


35,339


(402,036)









Loss from operations

(220,836)


18,844


35,339


(166,653)









Net loss

(186,135)


18,844


35,339


(131,952)









Net loss attributable to ordinary shareholders

(184,860)


18,844


35,339


(130,677)









Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted (RMB)

(0.48)






(0.34)

Net loss per ADS - basic and diluted (RMB)

(1.44)






(1.02)

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

387,993,534






387,993,534


*Basic net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the periods. Diluted net income/(loss) per share is calculated by dividing net income/(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, 2018


 GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 









Cost of revenues

(1,065,022)


1,483


-


(1,063,539)









Research and product development

(315,222)


9,124


1,786


(304,312)

Sales and marketing

(778,126)


1,305


136,652


(640,169)

General and administrative

(487,372)


56,826


3,124


(427,422)

Other operating income

56,599


-


-


56,599

Total operating expenses

(1,524,121)


67,255


141,562


(1,315,304)









Loss from operations

(348,994)


68,738


141,562


(138,694)









Net (loss)/income

(199,371)


68,738


141,562


10,929









Net (loss)/income attributable to ordinary shareholders

(187,934)


68,738


141,562


22,366









Net (loss)/income per ordinary share attributable to
ordinary shareholders(RMB)








-Basic

(0.50)






0.06

-Diluted

(0.50)






0.06

Net (loss)/income per ADS(RMB)








-Basic

(1.50)






0.18

-Diluted

(1.50)






0.18









Weighted average number of ordinary shares used
in computing basic (loss)/income per share

377,744,381






377,744,381

Weighted average number of ordinary shares used
in computing diluted (loss)/income per share

377,744,381






386,061,224










Year Ended December 31, 2017


 GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 









Cost of revenues

(1,024,206)


1,075


-


(1,023,131)









Research and product development

(541,126)


6,864


1,596


(532,666)

Sales and marketing

(894,148)


1,650


136,652


(755,846)

General and administrative

(637,795)


89,086


3,273


(545,436)

Other operating income

21,749


-


-


21,749

Total operating expenses

(2,051,320)


97,600


141,521


(1,812,199)









Loss from operations

(883,426)


98,675


141,521


(643,230)









Net loss

(771,316)


98,675


141,521


(531,120)









Net loss attributable to ordinary shareholders

(773,029)


98,675


141,521


(532,833)









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

(2.04)






(1.41)

Net loss per ADS - basic and diluted

(6.12)






(4.23)

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

378,230,039






378,230,039









*Basic net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number
of ordinary shares outstanding during the periods. Diluted net income/(loss) per share is calculated by dividing net income/(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.

Cision View original content:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-fourth-quarter-and-fiscal-year-2018-financial-results-300803986.html

Source: Tuniu
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