omniture

Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2019 Financial Results

2020-04-09 19:05 10035

NANJING, China, April 9, 2020 /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, 2019.

Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer, said, "The outbreak and spread of the COVID-19 has brought an unprecedented challenge to the travel industry and the business operation of Tuniu. Although we expect short-term turbulence within the industry, we remain confident that the economy and travel industry of China will be able to gradually recover as the COVID-19 has been largely contained within China. Since the initial outbreak in January 2020, we have been helping customers refund or alter trips that were impacted by the COVID-19. On the business operation side, we are focusing on developing high-quality products and services for our customers in anticipation of an increase in demand for domestic travel. We believe Tuniu will be well-positioned to better capture market opportunities when the travel industry begins to recover."

Ms. Maria Yi Xin, Tuniu's Chief Financial Officer, said, "Since the fourth quarter of 2019, we have been making various adjustments to our business operation and corporate structure. After the outbreak of the COVID-19, we have implemented a number of cost-saving adjustments that will manifest starting from the second half of 2020. Due to the COVID-19 outbreak in early 2020, the Chinese government has announced bans prohibiting the sale of packaged tour products. As China's leading online leisure travel company, we have a high social responsibility and will continue prioritizing the safety of our customers."

Fourth Quarter 2019 Results

Net revenues were RMB451.3 million (US$64.8 million[1]) in the fourth quarter of 2019, representing a year-over-year decrease of 4.2% from the corresponding period in 2018.

  • Revenues from packaged tours were RMB344.3 million (US$49.5 million) in the fourth quarter of 2019, representing a year-over-year decrease of 3.7% from the corresponding period in 2018. The decrease was primarily due to the decline in demand for travel to certain destinations.
  • Other revenues were RMB107.0 million (US$15.4 million) in the fourth quarter of 2019, representing a year-over-year decrease of 5.9% from the corresponding period in 2018. The decrease was primarily due to the decline in revenues generated from financial services.

Cost of revenues was RMB234.6 million (US$33.7 million) in the fourth quarter of 2019, representing a year-over-year increase of 16.7% from the corresponding period in 2018. As a percentage of net revenues, cost of revenues was 52.0% in the fourth quarter of 2019 compared to 42.7% in the corresponding period in 2018.

Gross profit was RMB216.7 million (US$31.1 million) in the fourth quarter of 2019, representing a year-over-year decrease of 19.8% from the corresponding period in 2018.

Operating expenses were RMB650.9 million (US$93.5 million) in the fourth quarter of 2019, representing a year-over-year increase of 74.3% from the corresponding period in 2018. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB74.8 million (US$10.7 million) in the fourth quarter of 2019. Non-GAAP[2] operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB576.1 million (US$82.8 million) in the fourth quarter of 2019, representing a year-over-year increase of 76.5%.

  • Research and product development expenses were RMB79.0 million (US$11.4 million) in the fourth quarter of 2019, representing a year-over-year increase of 4.2%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.6 million (US$0.2 million), were RMB77.4 million (US$11.1 million) in the fourth quarter of 2019, representing a year-over-year increase of 5.9% from the corresponding period in 2018. The increase was primarily due to the increase in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB239.9 million (US$34.5 million) in the fourth quarter of 2019, representing a year-over-year increase of 14.7%. The increase was primarily due to the increase in impairment of acquired intangible assets. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB66.9 million (US$9.6 million), were RMB173.0 million (US$24.8 million) in the fourth quarter of 2019, representing a year-over-year decrease of 0.9% from the corresponding period in 2018.
  • General and administrative expenses were RMB341.5 million (US$49.1 million) in the fourth quarter of 2019, representing a year-over-year increase of 183.4%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB6.2 million (US$0.9 million), were RMB335.3 million (US$48.2 million) in the fourth quarter of 2019, representing a year-over-year increase of 202.5% from the corresponding period in 2018. The increase was primarily due to the increase in some one-time impairment charges and general and administrative personnel related expenses.

Loss from operations was RMB434.2 million (US$62.4 million) in the fourth quarter of 2019, compared to a loss from operations of RMB103.1 million in the fourth quarter of 2018. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB359.2 million (US$51.6 million) in the fourth quarter of 2019.

Net loss was RMB401.4 million (US$57.7 million) in the fourth quarter of 2019, compared to a net loss of RMB72.9 million in the fourth quarter of 2018. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB326.4 million (US$46.9 million) in the fourth quarter of 2019.

Net loss attributable to ordinary shareholders was RMB367.1 million (US$52.7 million) in the fourth quarter of 2019, compared to a net loss attributable to ordinary shareholders of RMB64.7 million in the fourth quarter of 2018. 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 RMB292.1 million (US$42.0 million) in the fourth quarter of 2019.

As of December 31, 2019, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.9 billion (US$276.9 million). 

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.9618 on December 31, 2019 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.

[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.

Fiscal Year 2019 Results

Net revenues were RMB2.3 billion (US$327.6 million) in 2019, representing a year-over-year increase of 1.8% from 2018.

  • Revenues from packaged tours were RMB1.9 billion (US$271.0 million) in 2019, representing a year-over-year increase of 3.1% from 2018. The increase was primarily due to the growth of organized tours.
  • Other revenues were RMB394.2 million (US$56.6 million) in 2019, representing a year-over-year decrease of 3.7% from 2018. 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 RMB1.2 billion (US$172.4 million) in 2019, representing a year-over-year increase of 12.7% from 2018. As a percentage of net revenues, cost of revenues was 52.6% in 2019 compared to 47.5% in 2018.

Gross profit was RMB1.1 billion (US$155.3 million) in 2019, representing a year-over-year decrease of 8.0% from 2018.

Operating expenses were RMB2.0 billion (US$280.4 million) in 2019, representing a year-over-year increase of 28.1% from 2018. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB232.8 million (US$33.4 million) in 2019. Non-GAAP operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB1.7 billion (US$246.9 million) in 2019, representing a year-over-year increase of 30.7%.

  • Research and product development expenses were RMB303.6 million (US$43.6 million) in 2019, representing a year-over-year decrease of 3.7%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB14.4 million (US$2.1 million), were RMB289.2 million (US$41.5 million) in 2019, representing a year-over-year decrease of 5.0% from 2018. The decrease was primarily due to the increase in efficiency resulting from the increased level of automation applied in research and product development activities, and optimization of research and product development personnel.
  • Sales and marketing expenses were RMB923.3 million (US$132.6 million) in 2019, representing a year-over-year increase of 18.7%. The increase was primarily due to the increase in sales and marketing personnel and offline retail stores related expenses, as well as the impairment of acquired intangible assets. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB173.2 million (US$24.9 million), were RMB750.1 million (US$107.7 million) in 2019, representing a year-over-year increase of 17.2% from 2018. The increase was primarily due to the increase in sales and marketing personnel and offline retail stores related expenses.
  • General and administrative expenses were RMB749.4 million (US$107.6 million) in 2019, representing a year-over-year increase of 53.8%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB45.2 million (US$6.5 million), were RMB704.2 million (US$101.2 million) in 2019, representing a year-over-year increase of 64.8% from 2018. The increase was primarily due to the increase in some one-time impairment charges and general and administrative personnel related expenses.

Loss from operations was RMB870.8 million (US$125.1 million) in 2019, compared to a loss from operations of RMB349.0 million in 2018. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB634.1 million (US$91.1 million) in 2019.

Net loss was RMB729.4 million (US$104.8 million) in 2019, compared to a net loss of RMB199.4 million in 2018. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB492.6 million (US$70.8 million) in 2019.

Net loss attributable to ordinary shareholders was RMB699.2 million (US$100.4 million) in 2019, compared to a net loss attributable to ordinary shareholders of RMB187.9 million in 2018. 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 RMB462.4 million (US$66.4 million) in 2019.

Business Outlook

Tuniu's business has been significantly impacted by the outbreak and spread of COVID-19 since January 2020. The current circumstances are dynamic and the impact of COVID-19 on our business operations cannot be reasonably estimated at this time, and we anticipate this will have material adverse impact on our business, financial position, results of operations and cash flows in 2020. As a result, for the first quarter of 2020, the Company expects to generate RMB114.2 million to RMB159.9 million of net revenues, which represents 65% to 75% 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 April 9, 2020, (8:00 pm, Beijing/Hong Kong Time, on April 9, 2020) to discuss the fourth quarter and fiscal year 2019 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 2019 Earnings Call

A telephone replay will be available one hour after the end of the conference through April 16, 2020. The dial-in details are as follows:

US:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

10140657

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: ir@tuniu.com

 

(Financial Tables Follow)

 

 

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)



 December 31, 2018 


 December 31, 2019 


 December 31, 2019 


 RMB 


 RMB 


 US$ 







ASSETS






Current assets






   Cash and cash equivalents

560,356


295,463


42,441

   Restricted cash 

270,670


327,052


46,978

   Short-term investments

859,211


1,305,386


187,507

   Accounts receivable, net

347,547


529,983


76,127

   Amounts due from related parties

696,520


65,108


9,352

   Prepayments and other current assets  

1,673,584


1,300,284


186,774

Total current assets

4,407,888


3,823,276


549,179







Non-current assets






   Long-term investments

1,302,506


1,305,612


187,539

   Property and equipment, net

187,360


223,340


32,081

   Intangible assets, net

317,885


166,267


23,883

   Land use right, net

100,836


98,774


14,188

   Operating lease right-of-use assets, net*

-


105,839


15,203

   Goodwill

159,409


232,007


33,325

   Other non-current assets

81,039


83,923


12,055

   Long-term amounts due from related parties

-


557,582


80,092

Total non-current assets

2,149,035


2,773,344


398,366

Total assets

6,556,923


6,596,620


947,545







LIABILITIES AND SHAREHOLDERS' EQUITY






Current liabilities






   Short-term borrowings

49,312


203,845


29,281

   Accounts and notes payable 

1,305,610


1,311,963


188,452

   Amounts due to related parties

77,159


29,755


4,274

   Salary and welfare payable

104,480


112,511


16,162

   Taxes payable

23,316


12,207


1,753

   Advances from customers

1,058,946


1,113,879


159,999

   Operating lease liabilities, current*

-


57,490


8,258

   Accrued expenses and other current liabilities

483,832


907,119


130,299

Total current liabilities

3,102,655


3,748,769


538,478







Non-current liabilities






   Operating lease liabilities, non-current*

-


54,718


7,860

   Deferred tax liabilities

19,855


23,658


3,398

   Long-term borrowings

4,492


9,689


1,392

   Other non-current liabilities

16,069


10,947


1,572

Total non-current liabilities

40,416


99,012


14,222

Total liabilities

3,143,071


3,847,781


552,700







Mezzanine equity






Redeemable noncontrolling interests

69,319


37,200


5,343







Shareholders' equity






   Ordinary shares

249


249


36

   Less: Treasury stock

(304,535)


(310,942)


(44,664)

   Additional paid-in capital

9,061,979


9,113,512


1,309,074

   Accumulated other comprehensive income

284,079


293,784


42,199

   Accumulated deficit

(5,691,409)


(6,385,974)


(917,288)

Total Tuniu's shareholders' equity

3,350,363


2,710,629


389,357

Noncontrolling interests

(5,830)


1,010


145

Total Shareholders' equity

3,344,533


2,711,639


389,502

Total liabilities and shareholders' equity

6,556,923


6,596,620


947,545













*On 1 January 2019, the Company adopted ASC 842, Leases and used the optional transition method to initially apply this new lease standard at

the adoption date. Right-of-use assets and lease liabilities were recognized on the Company's consolidated financial statements.

 

 

 

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, 2018 


 September 30, 2019 


 December 31, 2019 


 December 31, 2019 


 RMB 


 RMB 


 RMB 


 US$ 









Revenues








   Packaged tours

357,619


747,122


344,325


49,459

   Others

113,616


105,395


106,958


15,364

Net revenues

471,235


852,517


451,283


64,823

Cost of revenues

(201,018)


(472,040)


(234,623)


(33,701)

Gross profit

270,217


380,477


216,660


31,122









Operating expenses








   Research and product development

(75,854)


(64,310)


(79,038)


(11,353)

   Sales and marketing

(209,094)


(239,973)


(239,898)


(34,459)

   General and administrative

(120,510)


(138,456)


(341,487)


(49,052)

   Other operating income

32,130


5,406


9,545


1,371

Total operating expenses

(373,328)


(437,333)


(650,878)


(93,493)

Loss from operations

(103,111)


(56,856)


(434,218)


(62,371)

Other income/(expenses)








   Interest and investment income

30,696


42,780


38,766


5,568

   Interest expense

(6,158)


(8,900)


(11,372)


(1,633)

   Foreign exchange (losses)/gains, net

(2,043)


(5,190)


3,272


470

   Other income, net

5,653


14,847


2,808


403

Loss before income tax expense

(74,963)


(13,319)


(400,744)


(57,563)

Income tax benefit/(expense)

2,025


698


(2,910)


(418)

Equity in income of affiliates

-


-


2,223


320

Net loss

(72,938)


(12,621)


(401,431)


(57,661)

Net loss attributable to noncontrolling interests

(9,511)


(565)


(35,957)


(5,165)

Net (loss)/income attributable to redeemable noncontrolling
interests

(1,848)


(102)


123


18

Net loss attributable to Tuniu Corporation

(61,579)


(11,954)


(365,597)


(52,514)

Accretion on redeemable noncontrolling interests

(3,082)


(1,518)


(1,540)


(221)

Net loss attributable to ordinary shareholders

(64,661)


(13,472)


(367,137)


(52,735)









Net loss

(72,938)


(12,621)


(401,431)


(57,661)

Other comprehensive income/(loss):








   Foreign currency translation adjustment, net of nil tax

1


12,276


(4,939)


(709)

Comprehensive loss

(72,937)


(345)


(406,370)


(58,370)









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

(0.17)


(0.04)


(0.99)


(0.14)

Net loss per ADS - basic and diluted*

(0.51)


(0.12)


(2.97)


(0.42)









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

370,486,502


369,559,765


369,797,249


369,797,249









Share-based compensation expenses included are as follows:







   Cost of revenues

392


52


258


37

   Research and product development

2,173


2,065


839


121

   Sales and marketing

333


119


267


38

   General and administrative

8,901


13,294


5,500


790

Total

11,799


15,530


6,864


986









*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, 2018 


 December 31, 2019 


 December 31, 2019 


 RMB 


 RMB 


 US$ 







Revenues






   Packaged tours

1,830,630


1,886,822


271,025

   Others

409,519


394,165


56,618

Net revenues

2,240,149


2,280,987


327,643

Cost of revenues

(1,065,022)


(1,200,012)


(172,371)

Gross profit

1,175,127


1,080,975


155,272







Operating expenses






   Research and product development

(315,222)


(303,561)


(43,604)

   Sales and marketing

(778,126)


(923,273)


(132,620)

   General and administrative

(487,372)


(749,404)


(107,645)

   Other operating income

56,599


24,419


3,508

Total operating expenses

(1,524,121)


(1,951,819)


(280,361)

Loss from operations

(348,994)


(870,844)


(125,089)

Other income/(expenses)






   Interest and investment income

152,929


156,862


22,532

   Interest expense

(7,918)


(34,052)


(4,891)

   Foreign exchange (losses)/gains, net

(11,729)


(1,131)


(162)

   Other income, net

16,494


18,509


2,658

Loss before income tax expense

(199,218)


(730,656)


(104,952)

Income tax expense

(153)


(949)


(136)

Equity in income of affiliates

-


2,223


320

Net loss

(199,371)


(729,382)


(104,768)

Net loss attributable to noncontrolling interests

(14,037)


(35,797)


(5,142)

Net income attributable to redeemable noncontrolling interests

178


980


141

Net loss attributable to Tuniu Corporation

(185,512)


(694,565)


(99,767)

Accretion on redeemable noncontrolling interests

(2,422)


(4,634)


(666)

Net loss attributable to ordinary shareholders

(187,934)


(699,199)


(100,433)







Net loss

(199,371)


(729,382)


(104,768)

Other comprehensive income:






   Foreign currency translation adjustment, net of nil tax

11,693


9,705


1,394

Comprehensive loss

(187,678)


(719,677)


(103,374)







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

(0.50)


(1.89)


(0.27)

Net loss per ADS - basic and diluted*

(1.50)


(5.67)


(0.81)

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

377,744,381


369,472,880


369,472,880







Share-based compensation expenses included are as follows:





   Cost of revenues

1,483


4,006


575

   Research and product development

9,124


12,057


1,732

   Sales and marketing

1,305


3,321


477

   General and administrative

56,826


42,352


6,083

Total

68,738


61,736


8,867







*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, 2019


 GAAP  


 Share-based 


Amortization of acquired 


Impairment of acquired


 Non-GAAP 


 Result 


 Compensation 


  intangible assets 


  intangible assets 


 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












 Quarter Ended September 30, 2019


 GAAP  


 Share-based 


Amortization of acquired 


Impairment of acquired


 Non-GAAP 


 Result 


 Compensation 


  intangible assets 


  intangible assets 


 Result 











Cost of revenues

(472,040)


52


-


-


(471,988)











Research and product development

(64,310)


2,065


513


-


(61,732)

Sales and marketing

(239,973)


119


34,907


-


(204,947)

General and administrative

(138,456)


13,294


705


-


(124,457)

Other operating income

5,406


-


-


-


5,406

Total operating expenses

(437,333)


15,478


36,125


-


(385,730)











Loss from operations

(56,856)


15,530


36,125


-


(5,201)











Net (loss)/income

(12,621)


15,530


36,125


-


39,034











Net (loss)/income attributable to ordinary
shareholders

(13,472)


15,530


36,125


-


38,183











Net (loss)/income per ordinary share 










-Basic

(0.04)








0.10

-Diluted

(0.04)








0.10

Net (loss)/income per ADS










-Basic

(0.12)








0.30

-Diluted

(0.12)








0.30











Weighted average number of ordinary shares










-Basic

369,559,765








369,559,765

-Diluted

369,559,765








379,770,193












 Quarter Ended December 31, 2018


 GAAP  


 Share-based 


Amortization of acquired 


Impairment of acquired


 Non-GAAP 


 Result 


 Compensation 


  intangible assets 


  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

(0.17)








(0.05)

Net loss per ADS - basic and diluted

(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





















*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, 2019


GAAP  


 Share-based 


Amortization of acquired 


Impairment of acquired


 Non-GAAP 


Result


 Compensation 


  intangible assets 


  intangible assets 


 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






















Year Ended December 31, 2018


 GAAP  


 Share-based 


Amortization of acquired 


Impairment of acquired


 Non-GAAP 


Result


 Compensation 


  intangible assets 


  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










-Basic

(0.50)








0.06

-Diluted

(0.50)








0.06

Net (loss)/income per ADS










-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











*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-2019-financial-results-301038146.html

Source: Tuniu
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