NANJING, China, June 9, 2023
/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 first quarter ended March
31, 2023.
Highlights for the First Quarter of 2023
- Net revenues in the first quarter of 2023 increased by 52.3%
year-over-year to RMB63.2 million
(US$9.2 million[1]).
- Revenues from package tours in the first quarter of 2023
increased by 179.2% year-over-year to RMB40.1 million (US$5.8
million).
- Gross profit in the first quarter of 2023 increased by 145.9%
year-over-year to RMB38.9 million
(US$5.7 million).
- Operating expenses in the first quarter of 2023 decreased by
18.6% year-over-year to RMB55.9
million (US$8.1 million).
"We are pleased to see a robust rebound in our business during
the first quarter of 2023. Our net revenues experienced strong
year-over-year growth of 52%, while revenues from packaged tours
soared 179% compared to the previous year. By capitalizing on our
integrated model, we are strategically leveraging our deep supply
chain and broad network of sales channels to attract an increasing
number of customers and partners with Tuniu's high-quality products
and services. We are confident that this approach will continue to
provide a strong foundation for our accelerated growth," said Mr.
Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive
Officer. "We're also pleased to note that our operating cash flow
turned positive for the quarter as we continued to reduce operating
expenses, further narrowing losses as compared to the same period
last year. We remain committed to enhancing profitability by
leveraging digitalization across all aspects of Tuniu's product
development, management, and sales."
[1] The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on the exchange rate of US$1.00=RMB 6.8676 on March 31,
2023 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.
|
First Quarter 2023 Results
Net revenues were RMB63.2
million (US$9.2 million) in
the first quarter of 2023, representing a year-over-year increase
of 52.3% from the corresponding period in 2022. The increase was
primarily due to the growth of packaged tours as the travel market
recovers.
- Revenues from packaged tours were RMB40.1 million (US$5.8
million) in the first quarter of 2023, representing a
year-over-year increase of 179.2% from the corresponding period in
2022. The increase was primarily due to the growth of organized
tours.
- Other revenues were RMB23.1
million (US$3.4 million) in
the first quarter of 2023, representing a year-over-year decrease
of 15.0% from the corresponding period in 2022. The decrease was
primarily due to the decrease in commission fees received from
other travel-related products and revenues generated from financial
services.
Cost of revenues was RMB24.3
million (US$3.5 million) in
the first quarter of 2023, representing a year-over-year decrease
of 5.3% from the corresponding period in 2022. As a percentage of
net revenues, cost of revenues was 38.5% in the first quarter of
2023, compared to 61.9% in the corresponding period in 2022.
Gross profit was RMB38.9
million (US$5.7 million) in
the first quarter of 2023, representing a year-over-year increase
of 145.9% from the corresponding period in 2022.
Operating expenses were RMB55.9 million (US$8.1
million) in the first quarter of 2023, representing a
year-over-year decrease of 18.6% from the corresponding period in
2022.
- Research and product development expenses were
RMB14.3 million (US$2.1 million) in the first quarter of 2023,
representing a year-over-year decrease of 11.5%. The decrease was
primarily due to the decrease in research and product development
personnel related expenses.
- Sales and marketing expenses were RMB20.0 million (US$2.9
million) in the first quarter of 2023, representing a
year-over-year decrease of 32.9%. The decrease was primarily due to
the decrease in sales and marketing personnel related
expenses.
- General and administrative expenses were RMB22.3 million (US$3.3
million) in the first quarter of 2023, representing a
year-over-year decrease of 19.3%. The decrease was primarily due to
the decrease in general and administrative personnel related
expenses.
Loss from operations was RMB17.0 million (US$2.5
million) in the first quarter of 2023, compared to a loss
from operations of RMB52.8 million in
the first quarter of 2022.
Non-GAAP[2] loss from
operations, which excluded share-based compensation expenses
and amortization of acquired intangible assets, was RMB15.4 million (US$2.2
million) in the first quarter of 2023.
[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.
|
Net loss was RMB7.5 million
(US$1.1 million) in the first quarter
of 2023, compared to a net loss of RMB41.7
million in the first quarter of 2022. Non-GAAP net
loss, which excluded share-based compensation expenses and
amortization of acquired intangible assets, was RMB5.9 million (US$0.9
million) in the first quarter of 2023.
Net loss attributable to ordinary shareholders was
RMB7.0 million (US$1.0 million) in the first quarter of 2023,
compared to a net loss attributable to ordinary shareholders of
RMB40.4 million in the first quarter
of 2022. Non-GAAP net loss attributable to ordinary
shareholders, which excluded share-based compensation expenses
and amortization of acquired intangible assets, was RMB5.4 million (US$0.8
million) in the first quarter of 2023.
As of March 31, 2023, the Company
had cash and cash equivalents, restricted cash and short-term
investments of RMB960.2 million
(US$139.8 million).
Business Outlook
For the second quarter of 2023, Tuniu expects to generate
RMB88.7 million to RMB92.4 million of net revenues, which represents
a 140% to 150% increase year-over-year compared with net revenues
in the corresponding period in 2022. 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
June 9, 2023, (8:00 pm, Beijing/Hong Kong Time, on June 9, 2023) to discuss the first quarter 2023
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 1Q 2023 Earnings Conference Call
A telephone replay will be available one hour after the end of
the conference call through June 16,
2023. The dial-in details are as follows:
US
|
1-877-344-7529
|
International
|
1-412-317-0088
|
Replay Access Code: 8229010
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 integrated
travel service with 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 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 loss from operations, net loss, net
loss attributable to ordinary shareholders, which excludes
share-based compensation expenses, amortization of acquired
intangible assets and net gain on disposals of subsidiaries. The
presentation of this non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP. 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.
This non-GAAP financial measure is not defined under U.S. GAAP
and is not presented in accordance with U.S. GAAP. The non-GAAP
financial measure has limitations as an analytical tool. Further,
this non-GAAP measure may differ from the non-GAAP information used
by other companies, including peer companies, and therefore its
comparability may be limited. The Company compensates for these
limitations by reconciling the non-GAAP financial measure to the
nearest U.S. GAAP performance measure, all of which should be
considered when evaluating performance. Tuniu encourages investors
and others to review its financial information in its entirety and
not rely on a single financial measure.
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.
(Financial Tables Follow)
Tuniu
Corporation
|
Unaudited Condensed
Consolidated Balance Sheets
|
(All amounts in
thousands, except per share information)
|
|
December 31,
2022
|
|
March 31,
2023
|
|
March 31,
2023
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
153,835
|
|
210,010
|
|
30,580
|
Restricted
cash
|
44,052
|
|
28,617
|
|
4,167
|
Short-term
investments
|
724,413
|
|
721,555
|
|
105,067
|
Accounts receivable,
net
|
33,644
|
|
66,568
|
|
9,693
|
Amounts due from
related parties
|
1,030
|
|
2,434
|
|
354
|
Prepayments and other
current assets
|
242,994
|
|
235,740
|
|
34,326
|
Total current
assets
|
1,199,968
|
|
1,264,924
|
|
184,187
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Long-term
investments
|
230,562
|
|
230,045
|
|
33,497
|
Property and equipment,
net
|
85,182
|
|
82,247
|
|
11,976
|
Intangible assets,
net
|
30,672
|
|
29,605
|
|
4,311
|
Land use right,
net
|
92,590
|
|
92,075
|
|
13,407
|
Operating lease
right-of-use assets, net
|
33,204
|
|
39,385
|
|
5,735
|
Goodwill
|
114,661
|
|
114,661
|
|
16,696
|
Other non-current
assets
|
91,091
|
|
87,692
|
|
12,769
|
Total non-current
assets
|
677,962
|
|
675,710
|
|
98,391
|
Total
assets
|
1,877,930
|
|
1,940,634
|
|
282,578
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Short-term
borrowings
|
7,517
|
|
8,747
|
|
1,274
|
Accounts and notes
payable
|
261,873
|
|
299,524
|
|
43,614
|
Amounts due to related
parties
|
4,710
|
|
4,250
|
|
619
|
Salary and welfare
payable
|
26,507
|
|
25,308
|
|
3,685
|
Taxes
payable
|
4,047
|
|
2,739
|
|
399
|
Advances from
customers
|
98,899
|
|
133,744
|
|
19,475
|
Operating lease
liabilities, current
|
12,439
|
|
4,336
|
|
631
|
Accrued expenses and
other current liabilities
|
358,312
|
|
359,342
|
|
52,323
|
Total current
liabilities
|
774,304
|
|
837,990
|
|
122,020
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Operating lease
liabilities, non-current
|
26,482
|
|
38,760
|
|
5,644
|
Deferred tax
liabilities
|
6,839
|
|
6,636
|
|
966
|
Long-term
borrowings
|
11,959
|
|
10,230
|
|
1,490
|
Total non-current
liabilities
|
45,280
|
|
55,626
|
|
8,100
|
Total
liabilities
|
819,584
|
|
893,616
|
|
130,120
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
27,200
|
|
27,200
|
|
3,961
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Ordinary
shares
|
249
|
|
249
|
|
36
|
Less: Treasury
stock
|
(288,600)
|
|
(288,182)
|
|
(41,963)
|
Additional paid-in
capital
|
9,125,655
|
|
9,125,770
|
|
1,328,815
|
Accumulated other
comprehensive income
|
298,981
|
|
294,941
|
|
42,947
|
Accumulated
deficit
|
(8,028,261)
|
|
(8,035,278)
|
|
(1,170,027)
|
Total Tuniu
Corporation shareholders' equity
|
1,108,024
|
|
1,097,500
|
|
159,808
|
Noncontrolling
interests
|
(76,878)
|
|
(77,682)
|
|
(11,311)
|
Total
equity
|
1,031,146
|
|
1,019,818
|
|
148,497
|
Total liabilities,
redeemable noncontrolling interests and equity
|
1,877,930
|
|
1,940,634
|
|
282,578
|
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
|
|
March 31,
2022
|
|
December 31,
2022
|
|
March 31,
2023
|
|
March 31,
2023
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Packaged
tours
|
14,375
|
|
4,968
|
|
40,130
|
|
5,843
|
Others
|
27,104
|
|
22,358
|
|
23,051
|
|
3,356
|
Net
revenues
|
41,479
|
|
27,326
|
|
63,181
|
|
9,199
|
Cost of
revenues
|
(25,666)
|
|
(15,125)
|
|
(24,301)
|
|
(3,538)
|
Gross
profit
|
15,813
|
|
12,201
|
|
38,880
|
|
5,661
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and product
development
|
(16,185)
|
|
(10,922)
|
|
(14,328)
|
|
(2,086)
|
Sales and
marketing
|
(29,783)
|
|
(22,858)
|
|
(19,987)
|
|
(2,910)
|
General and
administrative
|
(27,658)
|
|
(33,119)
|
|
(22,319)
|
|
(3,250)
|
Other operating
income
|
5,000
|
|
34,404
|
|
762
|
|
111
|
Total operating
expenses
|
(68,626)
|
|
(32,495)
|
|
(55,872)
|
|
(8,135)
|
Loss from
operations
|
(52,813)
|
|
(20,294)
|
|
(16,992)
|
|
(2,474)
|
Other
(expenses)/income
|
|
|
|
|
|
|
|
Interest and investment
(loss)/income
|
11,524
|
|
4,960
|
|
6,321
|
|
920
|
Interest
expense
|
(1,950)
|
|
(1,186)
|
|
(1,149)
|
|
(167)
|
Foreign exchange
gains/(losses), net
|
129
|
|
5,252
|
|
3,514
|
|
512
|
Other (loss)/income,
net
|
659
|
|
2,378
|
|
1,101
|
|
160
|
Loss before income
tax expense
|
(42,451)
|
|
(8,890)
|
|
(7,205)
|
|
(1,049)
|
Income tax
benefit/(expense)
|
553
|
|
(219)
|
|
203
|
|
30
|
Equity in income/(loss)
of affiliates
|
242
|
|
(189)
|
|
(469)
|
|
(68)
|
Net
loss
|
(41,656)
|
|
(9,298)
|
|
(7,471)
|
|
(1,087)
|
Net loss attributable
to noncontrolling interests
|
(1,223)
|
|
(4,916)
|
|
(454)
|
|
(66)
|
Net income attributable
to redeemable noncontrolling interests
|
-
|
|
-
|
|
-
|
|
-
|
Net loss
attributable to Tuniu Corporation
|
(40,433)
|
|
(4,382)
|
|
(7,017)
|
|
(1,021)
|
Net loss
attributable to ordinary shareholders
|
(40,433)
|
|
(4,382)
|
|
(7,017)
|
|
(1,021)
|
|
|
|
|
|
|
|
|
Net
loss
|
(41,656)
|
|
(9,298)
|
|
(7,471)
|
|
(1,087)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil tax
|
(130)
|
|
(8,053)
|
|
(4,040)
|
|
(588)
|
Comprehensive
loss
|
(41,786)
|
|
(17,351)
|
|
(11,511)
|
|
(1,675)
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary shareholders -
basic and diluted
|
(0.11)
|
|
(0.01)
|
|
(0.02)
|
|
0.00
|
Net loss per ADS -
basic and diluted*
|
(0.33)
|
|
(0.03)
|
|
(0.06)
|
|
0.00
|
|
|
|
|
|
|
|
|
Weighted average number
of ordinary shares used in computing
basic and diluted loss per share
|
371,079,992
|
|
371,365,207
|
|
371,394,686
|
|
371,394,686
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
77
|
|
19
|
|
18
|
|
3
|
Research and product
development
|
243
|
|
19
|
|
18
|
|
3
|
Sales and
marketing
|
121
|
|
57
|
|
(16)
|
|
(2)
|
General and
administrative
|
534
|
|
803
|
|
758
|
|
110
|
Total
|
975
|
|
898
|
|
778
|
|
114
|
|
*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
March 31, 2023
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Net gain
on
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
disposals of
subsidiaries
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(16,992)
|
|
778
|
|
828
|
|
-
|
|
(15,386)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(7,471)
|
|
778
|
|
828
|
|
-
|
|
(5,865)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(7,017)
|
|
778
|
|
828
|
|
-
|
|
(5,411)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2022
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Net gain
on
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
disposals of
subsidiaries
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(20,294)
|
|
898
|
|
1,434
|
|
(32,165)
|
|
(50,127)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(9,298)
|
|
898
|
|
1,434
|
|
(32,165)
|
|
(39,131)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(4,382)
|
|
898
|
|
1,434
|
|
(32,165)
|
|
(34,215)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2022
|
|
GAAP
Result
|
|
Share-based
|
|
Amortization of
acquired
|
|
Net gain
on
|
|
Non-GAAP
|
|
|
Compensation
|
|
intangible
assets
|
|
disposals of
subsidiaries
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(52,813)
|
|
975
|
|
2,236
|
|
-
|
|
(49,602)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(41,656)
|
|
975
|
|
2,236
|
|
-
|
|
(38,445)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(40,433)
|
|
975
|
|
2,236
|
|
-
|
|
(37,222)
|
View original
content:https://www.prnewswire.com/news-releases/tuniu-announces-unaudited-first-quarter-2023-financial-results-301846989.html
SOURCE Tuniu Corporation