NANJING, China, March 17,
2022 /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, 2021.
"In 2021, we continued to leverage integration and
digitalization to upgrade Tuniu's operations," said Mr. Donald
Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer.
"We further strengthened our vertical integration across the
industry chain, focusing on developing innovative high-quality
products and services to drive our development. Despite the adverse
external environment, we were encouraged that our self-operated
local tour operators achieved double-digit growth in transaction
volumes for the full year. Executing on our digitalization
strategy, we also made achievements in reducing costs and improving
efficiency. In 2021, our operating expenses decreased over 77%
year-on-year and net loss for the year also narrowed significantly.
In 2022, we will continue to strengthen our integration and
digitalization to further improve our competitiveness and better
prepare Tuniu for the opportunities and challenges brought by the
changing external environment."
Fourth Quarter 2021 Results
Net revenues were RMB73.4
million (US$11.5
million[1]) in the fourth quarter of 2021,
representing a year-over-year decrease of 38.2% from the
corresponding period in 2020. The decrease was primarily due to the
negative impact brought by the outbreak and spread of COVID-19.
- Revenues from packaged tours were RMB42.8 million (US$6.7
million) in the fourth quarter of 2021, representing a
year-over-year decrease of 48.6% from the corresponding period in
2020. The decrease was primarily due to the resurgence of COVID-19
in certain regions in China.
- Other revenues were RMB30.6
million (US$4.8 million) in
the fourth quarter of 2021, representing a year-over-year decrease
of 13.8% from the corresponding period in 2020. The decrease was
primarily due to the decline in commissions received from other
travel-related products impacted by the resurgence of
COVID-19.
[1] The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on the exchange rate of US$1.00=RMB6.3726 on December 30,
2021 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 RMB39.3
million (US$6.2 million) in
the fourth quarter of 2021, representing a year-over-year decrease
of 44.6% from the corresponding period in 2020. As a percentage of
net revenues, cost of revenues was 53.5% in the fourth quarter of
2021, compared to 59.7% in the corresponding period in 2020.
Gross margin was 46.5% in the fourth quarter of 2021,
compared to a gross margin of 40.3% in the fourth quarter of
2020.
Operating expenses were RMB78.0
million (US$12.2 million) in
the fourth quarter of 2021, representing a year-over-year decrease
of 91.9% from the corresponding period in 2020. Share-based
compensation expenses, amortization of acquired intangible assets
and impairment of acquired intangible assets, which were
allocated to operating expenses, were RMB3.3
million (US$0.5 million) in
the fourth quarter of 2021.
Non-GAAP[2] operating
expenses, which excluded share-based compensation expenses,
amortization of acquired intangible assets and impairment of
acquired intangible assets, were RMB74.8
million (US$11.7 million) in
the fourth quarter of 2021, representing a year-over-year decrease
of 91.9%.
- Research and product development expenses were
RMB13.5 million (US$2.1 million) in the fourth quarter of 2021,
representing a year-over-year increase of 5.2%. Non-GAAP
research and product development expenses, which excluded
share-based compensation expenses and amortization of acquired
intangible assets of RMB0.7 million
(US$0.1 million), were RMB12.8 million (US$2.0
million) in the fourth quarter of 2021, representing a
year-over-year increase of 17.0% from the corresponding period in
2020. The increase was primarily due to the increase in research
and product development personnel related expenses.
- Sales and marketing expenses were RMB28.6 million (US$4.5
million) in the fourth quarter of 2021, representing a
year-over-year decrease of 74.7%. Non-GAAP sales and marketing
expenses, which excluded share-based compensation expenses,
amortization of acquired intangible assets and impairment of
acquired intangible assets of RMB1.2
million (US$0.2 million), were
RMB27.4 million (US$4.3 million) in the fourth quarter of 2021,
representing a year-over-year decrease of 69.0% from the
corresponding period in 2020. The decrease was primarily due to the
decrease in promotion expenses and amortization of acquired
intangible assets.
- General and administrative expenses were RMB46.5 million (US$7.3
million) in the fourth quarter of 2021, representing a
year-over-year decrease of 94.5%. Non-GAAP general and
administrative expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets of RMB1.4 million
(US$0.2 million), were RMB45.1 million (US$7.1
million) in the fourth quarter of 2021, representing a
year-over-year decrease of 94.6% from the corresponding period in
2020. The decrease was primarily due to the decrease in allowance
for doubtful accounts.
[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 RMB43.9 million (US$6.9
million) in the fourth quarter of 2021, compared to a loss
from operations of RMB912.2 million
in the fourth quarter of 2020. Non-GAAP loss from
operations, which excluded share-based compensation expenses,
amortization of acquired intangible assets and impairment of
acquired intangible assets, was RMB40.5
million (US$6.4 million) in
the fourth quarter of 2021.
Net loss was RMB36.2
million (US$5.7 million) in
the fourth quarter of 2021, compared to a net loss of RMB921.8 million in the fourth quarter of 2020.
Non-GAAP net loss, which excluded share-based compensation
expenses, amortization of acquired intangible assets and impairment
of acquired intangible assets, was RMB32.9
million (US$5.2 million) in
the fourth quarter of 2021.
Net loss attributable to ordinary shareholders was
RMB33.9 million (US$5.3 million) in the fourth quarter of 2021,
compared to a net loss attributable to ordinary shareholders of
RMB901.9 million in the fourth
quarter of 2020. 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 RMB30.5
million (US$4.8 million) in
the fourth quarter of 2021.
As of December 31, 2021, the
Company had cash and cash equivalents, restricted cash and
short-term investments of RMB1.0
billion (US$158.7
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 2021 Results
Net revenues were RMB426.3
million (US$66.9 million) in
2021, representing a year-over-year decrease of 5.3% from 2020. The
decrease was primarily due to the negative impact brought by the
outbreak and spread of COVID-19.
- Revenues from packaged tours were RMB305.3 million (US$47.9
million) in 2021, representing a year-over-year increase of
1.0% from 2020. The increase was primarily due to the growth in
revenues from self-operated products offset by the negative impact
brought by the resurgence of COVID-19.
- Other revenues were RMB121.0
million (US$19.0 million) in
2021, representing a year-over-year decrease of 18.2% from 2020.
The decrease was primarily due to the decline in revenues generated
from financial services.
Cost of revenues was RMB254.8
million (US$40.0 million) in
2021, representing a year-over-year increase of 7.5% from 2020. As
a percentage of net revenues, cost of revenues was 59.8% in 2021
compared to 52.7% in 2020.
Gross margin was 40.2% in 2021, compared to a gross
margin of 47.3% in 2020.
Operating expenses were RMB353.1
million (US$55.4 million) in
2021, representing a year-over-year decrease of 77.3% from 2020.
Share-based compensation expenses, amortization of acquired
intangible assets and impairment of acquired intangible assets,
which were allocated to operating expenses, were RMB18.4 million (US$2.9
million) in 2021. Non-GAAP operating expenses, which
excluded share-based compensation expenses, amortization of
acquired intangible assets and impairment of acquired intangible
assets, were RMB334.7 million
(US$52.5 million) in 2021,
representing a year-over-year decrease of 76.9%.
- Research and product development expenses were
RMB54.6 million (US$8.6 million) in 2021, representing a
year-over-year decrease of 45.7%. Non-GAAP research and product
development expenses, which excluded share-based compensation
expenses and amortization of acquired intangible assets of
RMB3.4 million (US$0.5 million), were RMB51.2 million (US$8.0
million) in 2021, representing a year-over-year decrease of
44.9% from 2020. The decrease was primarily due to the decrease in
research and product development personnel related expenses.
- Sales and marketing expenses were RMB150.5 million (US$23.6
million) in 2021, representing a year-over-year decrease of
59.5%. Non-GAAP sales and marketing expenses, which excluded
share-based compensation expenses, amortization of acquired
intangible assets and impairment of acquired intangible assets of
RMB4.9 million (US$0.8 million), were RMB145.6 million (US$22.8
million) in 2021, representing a year-over-year decrease of
50.5% from 2020. The decrease was primarily due to the decrease in
sales and marketing personnel related expenses and amortization of
acquired intangible assets.
- General and administrative expenses were RMB174.0 million (US$27.3
million) in 2021, representing a year-over-year decrease of
84.3%. Non-GAAP general and administrative expenses, which
excluded share-based compensation expenses and amortization of
acquired intangible assets of RMB10.0
million (US$1.6 million), were
RMB164.0 million (US$25.7 million) in 2021, representing a
year-over-year decrease of 85.0% from 2020. The decrease was
primarily due to the decrease in general and administrative
personnel related expenses and allowance for doubtful
accounts.
Loss from operations was RMB181.5 million (US$28.5
million) in 2021, compared to a loss from operations of
RMB1.3 billion in 2020. Non-GAAP
loss from operations, which excluded share-based compensation
expenses, amortization of acquired intangible assets and impairment
of acquired intangible assets, was RMB162.8
million (US$25.5 million) in
2021.
Net loss was RMB128.5
million (US$20.2 million) in
2021, compared to a net loss of RMB1.3
billion in 2020. Non-GAAP net loss, which excluded
share-based compensation expenses, amortization of acquired
intangible assets and impairment of acquired intangible assets, was
RMB109.7 million (US$17.2 million) in 2021.
Net loss attributable to ordinary shareholders was
RMB121.5 million (US$19.1 million) in 2021, compared to a net loss
attributable to ordinary shareholders of RMB1.3 billion in 2020. 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
RMB102.8 million (US$16.1 million) in 2021.
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 2022, the Company
expects to generate RMB34.8 million
to RMB42.5 million of net revenues,
which represents 45% to 55% 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 March 17,
2022, (8:00 pm, Beijing/Hong Kong Time, on March 17, 2022) to discuss the fourth quarter and
fiscal year 2021 financial results.
To participate in the conference call, please dial the following
numbers:
US:
|
800-239-9838
|
Hong Kong:
|
800-961-105/+852-3008-1527
|
Mainland
China:
|
4001-209101
|
International:
|
+1-323-794-2551
|
Conference
ID:
|
Tuniu 4Q 2021
Earnings Call
|
A telephone replay will be available from 11:00 am on March 17,
2022 through 11:00 am on
March 24, 2022, U.S. Eastern Time.
The dial-in details are as follows:
US:
|
888-203-1112
|
Hong Kong:
|
+852-5808-3200
|
Mainland
China:
|
400-120-1651
|
International:
|
+1-719-457-0820
|
Replay Access
Code:
|
4136890
|
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.
(Financial Tables Follow)
Tuniu
Corporation
|
Unaudited
Condensed Consolidated Balance Sheets
|
(All amounts in
thousands, except per share information)
|
|
December 31,
2020
|
|
December 31,
2021
|
|
December 31,
2021
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
213,538
|
|
349,077
|
|
54,778
|
Restricted
cash
|
50,566
|
|
46,521
|
|
7,300
|
Short-term
investments
|
1,353,670
|
|
615,901
|
|
96,648
|
Accounts receivable,
net
|
264,134
|
|
111,941
|
|
17,566
|
Amounts due from related
parties
|
23,913
|
|
14,969
|
|
2,349
|
Prepayments and other
current assets
|
378,704
|
|
337,033
|
|
52,888
|
Total current
assets
|
2,284,525
|
|
1,475,442
|
|
231,529
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Long-term
investments
|
266,866
|
|
201,947
|
|
31,690
|
Property and equipment,
net
|
111,697
|
|
98,159
|
|
15,403
|
Intangible assets,
net
|
71,362
|
|
55,376
|
|
8,690
|
Land use right,
net
|
96,713
|
|
94,652
|
|
14,853
|
Operating lease right-of-use
assets, net
|
42,293
|
|
48,115
|
|
7,550
|
Goodwill
|
232,007
|
|
232,007
|
|
36,407
|
Other non-current
assets
|
91,180
|
|
92,111
|
|
14,454
|
Total non-current
assets
|
912,118
|
|
822,367
|
|
129,047
|
Total
assets
|
3,196,643
|
|
2,297,809
|
|
360,576
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term
borrowings
|
60,679
|
|
9,981
|
|
1,566
|
Accounts and notes
payable
|
705,838
|
|
383,626
|
|
60,199
|
Amounts due to related
parties
|
21,034
|
|
4,679
|
|
734
|
Salary and welfare
payable
|
47,487
|
|
33,761
|
|
5,298
|
Taxes payable
|
6,004
|
|
8,004
|
|
1,256
|
Advances from
customers
|
208,762
|
|
139,777
|
|
21,934
|
Operating lease liabilities,
current
|
18,264
|
|
16,556
|
|
2,598
|
Accrued expenses and other
current liabilities
|
676,501
|
|
382,629
|
|
60,043
|
Total current
liabilities
|
1,744,569
|
|
979,013
|
|
153,628
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Operating lease liabilities,
non-current
|
34,367
|
|
38,832
|
|
6,094
|
Deferred tax
liabilities
|
14,861
|
|
12,479
|
|
1,958
|
Long-term
borrowings
|
22,577
|
|
14,344
|
|
2,251
|
Other non-current
liabilities
|
3,054
|
|
-
|
|
-
|
Total non-current
liabilities
|
74,859
|
|
65,655
|
|
10,303
|
Total
liabilities
|
1,819,428
|
|
1,044,668
|
|
163,931
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
27,200
|
|
27,200
|
|
4,268
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Ordinary shares
|
249
|
|
249
|
|
39
|
Less: Treasury
stock
|
(302,916)
|
|
(293,795)
|
|
(46,103)
|
Additional paid-in
capital
|
9,125,689
|
|
9,125,748
|
|
1,432,029
|
Accumulated other
comprehensive income
|
275,012
|
|
271,821
|
|
42,655
|
Accumulated
deficit
|
(7,713,355)
|
|
(7,834,879)
|
|
(1,229,464)
|
Total Tuniu
Corporation shareholders' equity
|
1,384,679
|
|
1,269,144
|
|
199,156
|
Noncontrolling
interests
|
(34,664)
|
|
(43,203)
|
|
(6,779)
|
Total
equity
|
1,350,015
|
|
1,225,941
|
|
192,377
|
Total liabilities,
redeemable noncontrolling interests and equity
|
3,196,643
|
|
2,297,809
|
|
360,576
|
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,
2020
|
|
September
30, 2021
|
|
December 31,
2021
|
|
December 31,
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Packaged tours
|
83,143
|
|
90,709
|
|
42,761
|
|
6,710
|
Others
|
35,566
|
|
23,915
|
|
30,642
|
|
4,808
|
Net
revenues
|
118,709
|
|
114,624
|
|
73,403
|
|
11,518
|
Cost of
revenues
|
(70,841)
|
|
(74,884)
|
|
(39,250)
|
|
(6,159)
|
Gross
profit
|
47,868
|
|
39,740
|
|
34,153
|
|
5,359
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and product
development
|
(12,833)
|
|
(15,580)
|
|
(13,494)
|
|
(2,118)
|
Sales and
marketing
|
(113,162)
|
|
(41,668)
|
|
(28,612)
|
|
(4,490)
|
General and
administrative
|
(844,759)
|
|
(41,224)
|
|
(46,512)
|
|
(7,299)
|
Other operating
income
|
10,698
|
|
2,106
|
|
10,571
|
|
1,659
|
Total operating
expenses
|
(960,056)
|
|
(96,366)
|
|
(78,047)
|
|
(12,248)
|
Loss from
operations
|
(912,188)
|
|
(56,626)
|
|
(43,894)
|
|
(6,889)
|
Other
(expenses)/income
|
|
|
|
|
|
|
|
Interest and investment
(loss)/income
|
(17,998)
|
|
19,492
|
|
6,171
|
|
968
|
Interest expense
|
(5,657)
|
|
(1,097)
|
|
(1,814)
|
|
(285)
|
Foreign exchange
gains/(losses), net
|
11,002
|
|
(463)
|
|
4,453
|
|
699
|
Other (loss)/income,
net
|
(914)
|
|
686
|
|
459
|
|
72
|
Loss before income
tax expense
|
(925,755)
|
|
(38,008)
|
|
(34,625)
|
|
(5,435)
|
Income tax
benefit/(expense)
|
3,853
|
|
568
|
|
(1,450)
|
|
(228)
|
Equity in
income/(loss) of affiliates
|
124
|
|
861
|
|
(169)
|
|
(27)
|
Net
loss
|
(921,778)
|
|
(36,579)
|
|
(36,244)
|
|
(5,690)
|
Net loss attributable
to noncontrolling interests
|
(19,820)
|
|
(1,497)
|
|
(2,348)
|
|
(368)
|
Net income
attributable to redeemable noncontrolling interests
|
(61)
|
|
-
|
|
-
|
|
-
|
Net loss
attributable to Tuniu Corporation
|
(901,897)
|
|
(35,082)
|
|
(33,896)
|
|
(5,322)
|
Net loss
attributable to ordinary shareholders
|
(901,897)
|
|
(35,082)
|
|
(33,896)
|
|
(5,322)
|
|
|
|
|
|
|
|
|
Net
loss
|
(921,778)
|
|
(36,579)
|
|
(36,244)
|
|
(5,690)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil tax
|
(14,599)
|
|
1,685
|
|
(4,134)
|
|
(649)
|
Comprehensive
loss
|
(936,377)
|
|
(34,894)
|
|
(40,378)
|
|
(6,339)
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary shareholders -
basic and diluted
|
(2.43)
|
|
(0.09)
|
|
(0.09)
|
|
(0.01)
|
Net loss per ADS -
basic and diluted*
|
(7.29)
|
|
(0.27)
|
|
(0.27)
|
|
(0.03)
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in computing
basic and diluted loss per share
|
370,460,479
|
|
370,956,994
|
|
371,020,652
|
|
371,020,652
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are as follows:
|
|
|
|
|
|
|
|
Cost of revenues
|
551
|
|
214
|
|
78
|
|
12
|
Research and product
development
|
1,094
|
|
359
|
|
136
|
|
21
|
Sales and
marketing
|
615
|
|
332
|
|
129
|
|
20
|
General and
administrative
|
8,562
|
|
2,475
|
|
770
|
|
121
|
Total
|
10,822
|
|
3,380
|
|
1,113
|
|
174
|
|
|
|
|
|
|
|
|
*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,
2020
|
|
December 31,
2021
|
|
December 31,
2021
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
Packaged tours
|
302,359
|
|
305,333
|
|
47,913
|
Others
|
147,900
|
|
121,015
|
|
18,990
|
Net
revenues
|
450,259
|
|
426,348
|
|
66,903
|
Cost of
revenues
|
(237,065)
|
|
(254,815)
|
|
(39,986)
|
Gross
profit
|
213,194
|
|
171,533
|
|
26,917
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
Research and product
development
|
(100,514)
|
|
(54,622)
|
|
(8,571)
|
Sales and
marketing
|
(371,984)
|
|
(150,493)
|
|
(23,616)
|
General and
administrative
|
(1,109,340)
|
|
(174,021)
|
|
(27,308)
|
Other operating
income
|
27,849
|
|
26,064
|
|
4,090
|
Total operating
expenses
|
(1,553,989)
|
|
(353,072)
|
|
(55,405)
|
Loss from
operations
|
(1,340,795)
|
|
(181,539)
|
|
(28,488)
|
Other
income/(expenses)
|
|
|
|
|
|
Interest and investment
income
|
3,526
|
|
50,041
|
|
7,853
|
Interest expense
|
(32,266)
|
|
(7,491)
|
|
(1,176)
|
Foreign exchange gains,
net
|
18,720
|
|
7,030
|
|
1,103
|
Other (loss)/income,
net
|
(253)
|
|
2,895
|
|
454
|
Loss before income
tax expense
|
(1,351,068)
|
|
(129,064)
|
|
(20,254)
|
Income tax
benefit/(expense)
|
6,641
|
|
(130)
|
|
(20)
|
Equity in income of
affiliates
|
797
|
|
726
|
|
114
|
Net
loss
|
(1,343,630)
|
|
(128,468)
|
|
(20,160)
|
Net loss attributable
to noncontrolling interests
|
(35,674)
|
|
(6,944)
|
|
(1,090)
|
Net loss
attributable to Tuniu Corporation
|
(1,307,956)
|
|
(121,524)
|
|
(19,070)
|
Net loss
attributable to ordinary shareholders
|
(1,307,956)
|
|
(121,524)
|
|
(19,070)
|
|
|
|
|
|
|
Net
loss
|
(1,343,630)
|
|
(128,468)
|
|
(20,160)
|
Other comprehensive
loss:
|
|
|
|
|
|
Foreign currency translation
adjustment, net of nil tax
|
(18,772)
|
|
(3,191)
|
|
(501)
|
Comprehensive
loss
|
(1,362,402)
|
|
(131,659)
|
|
(20,661)
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary
shareholders - basic and diluted
|
(3.53)
|
|
(0.33)
|
|
(0.05)
|
Net loss per ADS -
basic and diluted*
|
(10.59)
|
|
(0.99)
|
|
(0.15)
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing basic and diluted loss per share
|
370,240,040
|
|
370,874,312
|
|
370,874,312
|
|
|
|
|
|
|
Share-based
compensation expenses included are as follows:
|
|
|
|
|
|
Cost of revenues
|
1,044
|
|
390
|
|
61
|
Research and product
development
|
4,349
|
|
724
|
|
114
|
Sales and
marketing
|
1,099
|
|
644
|
|
101
|
General and
administrative
|
13,972
|
|
7,374
|
|
1,157
|
Total
|
20,464
|
|
9,132
|
|
1,433
|
|
|
|
|
|
|
*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, 2021
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Impairment
of acquired
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(39,250)
|
|
78
|
|
-
|
|
-
|
|
(39,172)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(13,494)
|
|
136
|
|
534
|
|
-
|
|
(12,824)
|
Sales and
marketing
|
(28,612)
|
|
129
|
|
1,065
|
|
-
|
|
(27,418)
|
General and
administrative
|
(46,512)
|
|
770
|
|
637
|
|
-
|
|
(45,105)
|
Other operating
income
|
10,571
|
|
-
|
|
-
|
|
-
|
|
10,571
|
Total operating
expenses
|
(78,047)
|
|
1,035
|
|
2,236
|
|
-
|
|
(74,776)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(43,894)
|
|
1,113
|
|
2,236
|
|
-
|
|
(40,545)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(36,244)
|
|
1,113
|
|
2,236
|
|
-
|
|
(32,895)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(33,896)
|
|
1,113
|
|
2,236
|
|
-
|
|
(30,547)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary
shareholders - basic and diluted
|
(0.09)
|
|
|
|
|
|
|
|
(0.08)
|
Net loss per ADS -
basic and diluted
|
(0.27)
|
|
|
|
|
|
|
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing basic and diluted loss per share
|
371,020,652
|
|
|
|
|
|
|
|
371,020,652
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended September 30, 2021
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Impairment
of acquired
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(74,884)
|
|
214
|
|
-
|
|
-
|
|
(74,670)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(15,580)
|
|
359
|
|
616
|
|
-
|
|
(14,605)
|
Sales and
marketing
|
(41,668)
|
|
332
|
|
1,065
|
|
-
|
|
(40,271)
|
General and
administrative
|
(41,224)
|
|
2,475
|
|
652
|
|
-
|
|
(38,097)
|
Other operating
income
|
2,106
|
|
-
|
|
-
|
|
-
|
|
2,106
|
Total operating
expenses
|
(96,366)
|
|
3,166
|
|
2,333
|
|
-
|
|
(90,867)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(56,626)
|
|
3,380
|
|
2,333
|
|
-
|
|
(50,913)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(36,579)
|
|
3,380
|
|
2,333
|
|
-
|
|
(30,866)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(35,082)
|
|
3,380
|
|
2,333
|
|
-
|
|
(29,369)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary
shareholders - basic and diluted
|
(0.09)
|
|
|
|
|
|
|
|
(0.08)
|
Net loss per ADS -
basic and diluted
|
(0.27)
|
|
|
|
|
|
|
|
(0.24)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing basic and diluted loss per share
|
370,956,994
|
|
|
|
|
|
|
|
370,956,994
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended December 31, 2020
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Impairment
of acquired
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
intangible
assets
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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, 2021
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Impairment of
acquired
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(254,815)
|
|
390
|
|
-
|
|
-
|
|
(254,425)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(54,622)
|
|
724
|
|
2,714
|
|
-
|
|
(51,184)
|
Sales and
marketing
|
(150,493)
|
|
644
|
|
4,260
|
|
-
|
|
(145,589)
|
General and
administrative
|
(174,021)
|
|
7,374
|
|
2,651
|
|
-
|
|
(163,996)
|
Other operating
income
|
26,064
|
|
-
|
|
-
|
|
-
|
|
26,064
|
Total operating
expenses
|
(353,072)
|
|
8,742
|
|
9,625
|
|
-
|
|
(334,705)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(181,539)
|
|
9,132
|
|
9,625
|
|
-
|
|
(162,782)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(128,468)
|
|
9,132
|
|
9,625
|
|
-
|
|
(109,711)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(121,524)
|
|
9,132
|
|
9,625
|
|
-
|
|
(102,767)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary
shareholders - basic and diluted
|
(0.33)
|
|
|
|
|
|
|
|
(0.28)
|
Net loss per ADS -
basic and diluted
|
(0.99)
|
|
|
|
|
|
|
|
(0.84)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ordinary shares used in
computing basic and diluted loss per share
|
370,874,312
|
|
|
|
|
|
|
|
370,874,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2020
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Impairment of
acquired
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
intangible
assets
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*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.
|
View original
content:https://www.prnewswire.com/news-releases/tuniu-announces-unaudited-fourth-quarter-and-fiscal-year-2021-financial-results-301504877.html
SOURCE Tuniu Corporation