NANJING, China, May 26,
2017 /PRNewswire/ --
- Net Revenues in Q1 2017 Increased by 60.4%
Year-Over-Year
- Gross Profit in Q1 2017 Increased by 170.8%
Year-Over-Year
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, 2017.
Highlights for the First Quarter of 2017
- Net revenues in the first quarter of 2017 increased by
60.4% year-over-year, compared with Non-GAAP[1] net revenues, to
RMB456.0 million (US$66.3 million[2]).
- Revenues from packaged tours in the first quarter of 2017
increased by 53.5% year-over-year, compared with Non-GAAP revenues
from packaged tours, to RMB355.9
million (US$51.7
million).
- Gross profit in the first quarter of 2017 increased by 170.8%
year-over-year, compared with Non-GAAP gross profit, to
RMB251.3 million (US$36.5 million).
- Mobile orders contributed to over 90% of total online orders in
the first quarter of 2017.
[1] The section below entitled
"About Non-GAAP Financial Measures" provides information about the
use of Non-GAAP financial measures in this press release, and the
attached "Reconciliations of GAAP and Non-GAAP Results" at the end
of this press release reconciles Non-GAAP financial information
with the Company's financial results under GAAP.
|
[2] The conversion of
Renminbi ("RMB") into United States dollars ("US$") is based on the
exchange rate of US$1.00=RMB6.8832 on March 31, 2017 as set forth
in H.10 statistical release of the U.S. Federal Reserve Board and
available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
|
Adoption of ASC 606, Revenue from Contracts with
Customers
In May 2014, the FASB issued a new
standard related to revenue recognition, and recently issued
several amendments to the standard. The new revenue standard will
be effective beginning on January 1,
2018, and adoption as of the original effective date of
January 1, 2017 is permitted. The
guidance permits two methods of adoption: retrospectively to each
prior reporting period presented (full retrospective method), or
retrospectively with the cumulative effect of initially applying
the guidance recognized at the date of initial application (the
cumulative catch-up transition method). We adopted this new revenue
standard effective January 1, 2017 by
applying the full retrospective method. Also since the beginning of
fiscal year 2017, we have implemented certain changes with our tour
operators and our role in the organized tour arrangements has
changed from a principal into an agent. As a result of adopting the
new accounting standard and the change of our role, revenue from
the organized tours will be mainly recognized on a net basis. Also
the revenue standard changed the timing of revenue recognition for
packaged-tour services from the tour's end to the departure day of
the tour. Under ASC 606 Revenue from Contracts with Customers,
substantially all revenues from our organized tours for the year
ended December 31, 2016 continued to
be recognized on a gross basis because of our principal role for
these organized tours up to the end of 2016.
To increase comparability of operating results and aid investors
to better understand our business performance and operating trends,
we have provided the following comparison of revenues, cost of
revenues and gross profit for the first quarter of 2017 with
relevant Non-GAAP adjusted data for corresponding periods in
2016:
(in thousands
RMB)
|
Quarter Ended
March 31, 2016
|
Quarter Ended
March 31, 2017
|
% of
change
|
Revenues
|
|
|
|
Packaged
tours
|
231,945
|
355,948
|
53.5%
|
Others
|
65,913
|
100,093
|
51.9%
|
Total
revenues
|
297,858
|
456,041
|
53.1%
|
Net
revenues
|
284,306
|
456,041
|
60.4%
|
Cost of
revenues
|
(191,513)
|
(204,737)
|
6.9%
|
Gross
profit
|
92,793
|
251,304
|
170.8%
|
Additional information regarding our Non-GAAP definition and
reconciliations of GAAP and Non-GAAP results are provided at the
end of this announcement.
Mr. Donald Yu, Tuniu's
co-founder, Chairman and Chief Executive Officer, said, "We are
pleased to report a strong first quarter to start off 2017. Our net
revenue increased by over 60% year-over-year while our margins
improved considerably as we further strengthened our number one
position in the online leisure travel market in China. In 2017, Tuniu will primarily focus on
its core operation and innovation to make further improvements to
its customer service, product and technology. For customer service,
we will fully implement our "one-stop consultant" feature so that a
single dedicated customer service representative can help plan and
book a customer's trip, and resolve
questions during their trip. This will give each customer a
better and more personal experience when they travel with Tuniu and
increase the efficiency of our customer service. "
Mr. Alex Yan, Tuniu's co-founder,
President and Chief Operating Officer, said, "Big data analytics
continue to be used across our operation. We have strengthened our
usage of big data by pushing products to our customers based on
their location and historical preferences. On the sales and
marketing side, we have increased the efficiency of our campaigns
by leveraging our data from previous campaigns and allocating our
budget to channels with
higher returns."
Mr. Conor Yang, Tuniu's Chief
Financial Officer, said, "Starting from the second half of 2016, we
have made several improvements to the efficiency of our business.
Our focus on improving operational efficiency and realizing
economies of scale has helped us
significantly reduce our net loss both on an absolute basis and as
a percentage of revenue. As we continue to both improve our gross
margin and control costs, our path to profitability becomes
increasingly clear."
First Quarter 2017 Results
Net revenues were RMB456.0
million (US$66.3 million) in
the first quarter of 2017, representing a year-over-year increase
of 60.4%, compared with Non-GAAP net revenues, from the
corresponding period in 2016.
- Revenues from packaged tours, substantially all of which
are recognized on a net basis, were RMB355.9
million (US$51.7 million) in
the first quarter of 2017, representing a year-over-year increase
of 53.5%, compared with Non-GAAP revenues from packaged tours, from
the corresponding period in 2016. The increase was primarily due to
the growth of organized tours
and self-guided tours.
- Other revenues, were RMB100.1
million (US$14.5 million) in
the first quarter of 2017, representing a year-over-year increase
of 51.9%, compared with Non-GAAP other revenues, from the
corresponding period in 2016. The increase was primarily due to
commission fees received from other travel-related products, such
as transportation ticketing and accommodation reservation.
Cost of revenues was RMB204.7
million (US$29.7 million) in
the first quarter of 2017, representing a year-over-year increase
of 6.9%, compared with Non-GAAP cost of revenues, from the
corresponding period in 2016. As a percentage of net revenues, cost
of revenues was 44.9% in the first quarter of 2017, compared to
67.4% as a percentage of Non-GAAP net revenues in the corresponding
period in 2016.
Gross profit was RMB251.3
million (US$36.5 million) in
the first quarter of 2017, representing a year-over-year increase
of 170.8%, compared with Non-GAAP gross profit, from the
corresponding period in 2016. The increase in gross profit was
primarily due to the economies of scale and optimization of our
supply chain management.
Operating expenses were RMB559.3
million (US$81.3 million) in
the first quarter of 2017, representing a year-over-year decrease
of 13.7% from the corresponding period in 2016. Share-based
compensation expenses and amortization of acquired intangible
assets, which were allocated to operating expenses, were
RMB60.8 million (US$8.8 million) in the first quarter of 2017.
Non-GAAP operating expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets, were RMB498.5 million
(US$72.4 million) in the first
quarter of 2017, representing a year-over-year decrease of
15.6%.
- Research and product development expenses were
RMB159.4 million (US$23.2 million) in the first quarter of 2017,
representing a year-over-year increase of 30.7%. Non-GAAP
research and product development expenses, which excluded
share-based compensation expenses and amortization of acquired
intangible assets of RMB2.2 million
(US$0.3 million), were RMB157.2 million (US$22.8
million) in the first quarter of 2017, representing an
increase of 30.9% from the corresponding period in 2016. The
increase was primarily due to investments for the implementation of
additional product categories such as transportation ticketing,
accommodation reservation and financial services, improvement of
online technology, and the rise in technology and product
development personnel related expenses. Research and product
development expenses as a percentage of net revenues were 35.0% in
the first quarter of 2017, decreasing from 42.9% as a percentage of
Non-GAAP net revenues in the corresponding period in 2016. The
decrease was primarily due to the increase in efficiency resulting
from economies of scale and implementation of new systems.
- Sales and marketing expenses were RMB253.8 million (US$36.9
million) in the first quarter of 2017, representing a
year-over-year decrease of 34.0%. Non-GAAP sales and marketing
expenses, which excluded share-based compensation expenses and
amortization of acquired intangible assets of RMB34.6 million (US$5.0
million), were RMB219.1
million (US$31.8 million) in
the first quarter of 2017, representing a year-over-year decrease
of 37.4% from the corresponding period in 2016. Sales and marketing
expenses as a percentage of net revenues were 55.6% in the first
quarter of 2017, decreasing from 135.3% as a percentage of Non-GAAP
net revenues in the corresponding period in 2016. The decrease was
primarily due to the decline in brand promotions and preference for
marketing channels with higher ROI.
- General and administrative expenses were RMB151.3 million (US$22.0
million) in the first quarter of 2017, representing a
year-over-year increase of 5.2%. Non-GAAP general and
administrative expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets of RMB24.0 million
(US$3.5 million), were RMB127.4 million (US$18.5
million) for the first quarter of 2017, representing a
year-over-year increase of 3.8% from the corresponding period in
2016. The increase was primarily due to the increase in associated expenses as a
result of our business and product category expansion. General and
administrative expenses as a percentage of net revenues were 33.2%
in the first quarter of 2017, decreasing from 50.6% as a percentage
of Non-GAAP net revenues in the corresponding period in 2016. The
decrease was primarily due to the increase in efficiency resulting
from economies of scale and optimization of administrative
personnel.
Loss from operations was RMB308.0
million (US$44.7 million) in
the first quarter of 2017, compared to a loss from operations of
RMB556.9 million in the first quarter
of 2016. Non-GAAP loss from operations, which excluded
share-based compensation expenses and amortization of acquired
intangible assets, was RMB246.9
million (US$35.9 million) in
the first quarter of 2017.
Net loss was RMB287.4
million (US$41.7 million) in
the first quarter of 2017, compared to a net loss of RMB538.5 million in the first quarter of 2016.
Non-GAAP net loss, which excluded share-based compensation
expenses and amortization of acquired intangible assets, was
RMB226.2 million (US$32.9 million) in the first quarter of
2017.
Net loss attributable to ordinary shareholders was
RMB288.2 million (US$41.9 million) in the first quarter of 2017,
compared to a net loss attributable to ordinary shareholders of
RMB535.8 million in the first quarter
of 2016. Non-GAAP net loss attributable to ordinary
shareholders, which excluded share-based compensation expenses
and amortization of acquired intangible assets, was RMB227.1 million (US$33.0
million) in the first quarter of 2017.
As of March 31, 2017, the Company
had cash and cash equivalents, restricted cash and short-term
investments of RMB4.2 billion
(US$613.8 million).
Business Outlook
For the second quarter of 2017, Tuniu expects to generate
RMB442.7 million to RMB457.6 million of net revenues, which
represents 48% to 53% growth
year-over-year compared with Non-GAAP net revenues in the
corresponding period in 2016. This forecast reflects Tuniu's
current and preliminary view on the industry and its operations,
which is subject to change.
Appointment of New Board of Directors
Tuniu also announced that effective May
25, 2017, Mr. Shengli Hu and
Mr. Tao Yang were appointed as directors to the Company's board of
directors, replacing Mr. Haoyu Shen
and Mr. James Jiangzhang Liang, who have resigned from the board on
the same date. Mr. Shengli Hu also
replaced Mr. Haoyu Shen as a member
of the Company's compensation committee.
Mr. Shengli Hu has served as the
President of JD.com's 3C business unit since January 2016. Mr. Hu joined JD.com in
January 2014 and was in charge of the
telecommunication department. Mr. Hu has extensive experience in
operations within the telecommunication industry. Prior to joining
JD.com, Mr. Hu served as the Vice President of FunTalk China
Holdings Limited from 2011 until 2013. Mr. Hu has also served in
various key roles during his tenure in China Unicom. Mr. Hu received a master's
degree in business administration from Hunan University.
Mr. Tao Yang currently serves as Senior Vice President of
Ctrip.com International, Ltd in charge of its Travel Business Unit.
Mr. Yang has held a number of technical and managerial positions
after joining in Ctrip.com in 2000. Mr. Yang received an EMBA
degree from China Europe International Business School and a
bachelor's degree in mechanical engineering from Shanghai Jiaotong
University.
Conference Call Information
Tuniu's management will hold an earnings conference call at
8:00 am U.S. Eastern Time, on
May 26, 2017, (8:00 pm, Beijing/Hong Kong Time, on May 26, 2017) to discuss the first quarter 2017
financial results.
To participate in the conference call, please dial the following
numbers:
US:
+1-888-346-8982
|
Hong Kong:
800-905945
|
China:
4001-201203
|
International:
+1-412-902-4272
|
Conference ID: Tuniu Corporation 1Q 2017 Earnings Call
A telephone replay will be available one hour after the end of
the conference through June 2, 2017.
The dial-in details are as follows:
US:
+1-877-344-7529
|
International:
+1-412-317-0088
|
Replay Access Code: 10107795
Additionally, a live and archived webcast of the conference call
will also be available on the Company's investor relations website
at http://ir.tuniu.com.
About Tuniu
Tuniu (Nasdaq:TOUR) is a leading online leisure travel company
in China that offers a large
selection of packaged tours, including organized and self-guided
tours, as well as travel-related services for leisure travelers
through its website tuniu.com and mobile platform. Tuniu has over
1,700,000 stock keeping units (SKUs) of packaged tours, covering
over 160 countries worldwide and all the popular tourist
attractions in China. Tuniu
provides one-stop leisure travel solutions and a compelling
customer experience through its online platform and offline service
network. For more information, please visit
http://ir.tuniu.com.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Tuniu may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about Tuniu's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but are not limited to
the following: Tuniu's goals and strategies; the growth of the
online leisure travel market in China; the demand for Tuniu's products and
services; its relationships with customers and travel suppliers;
the Company's ability to offer competitive travel products and
services; Tuniu's future business development, results of
operations and financial condition; competition in the online
travel industry in China; relevant
government policies and regulations relating to the Company's
structure, business and industry; and the general economic and
business condition in China and
elsewhere. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and Tuniu does not undertake any obligation to
update such information, except as required under applicable
law.
About Non-GAAP Financial Measures
To supplement the Company's unaudited consolidated financial
results presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), the Company has provided
Non-GAAP information related to net revenue, cost of revenues,
research and product development expenses, sales and marketing
expenses, general and administrative expenses, operating expenses,
loss from operations, net loss, net loss attributable to ordinary
shareholders, net loss per ordinary share attributable to ordinary
shareholders-basic and diluted and net loss per ADS, which excludes
adjustment on net basis and timing of revenue recognition as in
2017, share-based compensation expenses and amortization of
acquired intangible assets. We believe that the Non-GAAP financial
measures used in this press release are useful for understanding
and assessing underlying business performance and operating trends,
and management and investors benefit from referring to these
Non-GAAP financial measures in assessing our financial performance
and when planning and forecasting future periods. For more
information on these Non-GAAP financial measures, please see the
table captioned "Reconciliations of GAAP and Non-GAAP Results" set
forth at the end of this press release.
A limitation of using Non-GAAP financial measures excluding
share-based compensation expenses and amortization of acquired
intangible assets is that share-based compensation expenses and
amortization of acquired intangible assets have been – and will
continue to be – significant recurring expenses in the Company's
business. You should not view Non-GAAP results on a stand-alone
basis or as a substitute for results under GAAP, or as being
comparable to results reported or forecasted by other
companies.
For investor and media inquiries, please contact:
China
Maria Xin
Vice President
Tuniu Corporation
Phone: +86-25-8685-3178
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,
2016
|
|
March 31,
2017
|
|
March 31,
2017
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,085,236
|
|
754,332
|
|
109,590
|
Restricted
cash
|
|
124,561
|
|
96,968
|
|
14,088
|
Short-term
investments
|
|
3,603,497
|
|
3,373,584
|
|
490,119
|
Accounts receivable,
net
|
|
235,673
|
|
264,545
|
|
38,433
|
Amounts due from
related parties
|
|
390,330
|
|
328,548
|
|
47,732
|
Prepayments and other
current assets
|
|
1,632,329
|
|
906,153
|
|
131,647
|
Yield enhancement
products and accrued interest
|
|
449,528
|
|
569,010
|
|
82,666
|
Total current
assets
|
|
7,521,154
|
|
6,293,140
|
|
914,275
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Long term
investment
|
|
58,764
|
|
58,764
|
|
8,537
|
Property and
equipment, net
|
|
177,817
|
|
162,888
|
|
23,665
|
Intangible
assets
|
|
592,267
|
|
565,877
|
|
82,211
|
Goodwill
|
|
147,639
|
|
147,639
|
|
21,449
|
Yield enhancement
products over one year and accrued interest
|
|
562,643
|
|
414,512
|
|
60,221
|
Other non-current
assets
|
|
46,468
|
|
49,973
|
|
7,260
|
Long-term amounts due
from related parties
|
|
64,902
|
|
-
|
|
-
|
Total non-current
assets
|
|
1,650,500
|
|
1,399,653
|
|
203,343
|
Total
assets
|
|
9,171,654
|
|
7,692,793
|
|
1,117,618
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
1,022,704
|
|
959,489
|
|
139,396
|
Amounts due to
related parties
|
|
32,526
|
|
87,506
|
|
12,713
|
Salary and welfare
payable
|
|
192,455
|
|
150,468
|
|
21,860
|
Taxes
payable
|
|
11,619
|
|
15,842
|
|
2,302
|
Advances from
customers
|
|
1,806,493
|
|
924,112
|
|
134,256
|
Accrued expenses and
other current liabilities
|
|
589,288
|
|
470,500
|
|
68,353
|
Amounts due to the
individual investors of yield enhancement products
|
|
871,914
|
|
768,973
|
|
111,717
|
Total current
liabilities
|
|
4,526,999
|
|
3,376,890
|
|
490,597
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
54,928
|
|
53,288
|
|
7,742
|
Total
liabilities
|
|
4,581,927
|
|
3,430,178
|
|
498,339
|
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
90,072
|
|
91,703
|
|
13,323
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Ordinary
shares
|
|
242
|
|
242
|
|
35
|
Less: Treasury
stock
|
|
(19,708)
|
|
(67,077)
|
|
(9,745)
|
Additional paid-in
capital
|
|
8,855,991
|
|
8,878,005
|
|
1,289,808
|
Accumulated other
comprehensive income
|
|
400,925
|
|
381,735
|
|
55,459
|
Accumulated
deficit
|
|
(4,738,593)
|
|
(5,025,475)
|
|
(730,107)
|
Total Tuniu's
shareholders' equity
|
|
4,498,857
|
|
4,167,430
|
|
605,450
|
Noncontrolling
interests
|
|
798
|
|
3,482
|
|
506
|
Total
Shareholders' equity
|
|
4,499,655
|
|
4,170,912
|
|
605,956
|
Total liabilities
and shareholders' equity
|
|
9,171,654
|
|
7,692,793
|
|
1,117,618
|
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,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
|
March 31,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Packaged
tours
|
2,015,941
|
|
1,847,888
|
|
355,948
|
|
51,713
|
Others
|
68,588
|
|
105,505
|
|
100,093
|
|
14,542
|
Total
revenues
|
2,084,529
|
|
1,953,393
|
|
456,041
|
|
66,255
|
Less: Business and
related taxes
|
(13,552)
|
|
-
|
|
-
|
|
-
|
Net
revenues
|
2,070,977
|
|
1,953,393
|
|
456,041
|
|
66,255
|
Cost of
revenues
|
(1,979,687)
|
|
(1,778,914)
|
|
(204,737)
|
|
(29,744)
|
Gross
profit
|
91,290
|
|
174,479
|
|
251,304
|
|
36,511
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and product
development
|
(121,987)
|
|
(170,123)
|
|
(159,403)
|
|
(23,158)
|
Sales and
marketing
|
(384,590)
|
|
(398,095)
|
|
(253,756)
|
|
(36,866)
|
General and
administrative
|
(143,830)
|
|
(205,500)
|
|
(151,333)
|
|
(21,986)
|
Other operating
income
|
2,184
|
|
11,070
|
|
5,223
|
|
759
|
Total operating
expenses
|
(648,223)
|
|
(762,648)
|
|
(559,269)
|
|
(81,251)
|
Loss from
operations
|
(556,933)
|
|
(588,169)
|
|
(307,965)
|
|
(44,740)
|
Other
income/(expenses)
|
|
|
|
|
|
|
|
Interest
income
|
17,984
|
|
21,704
|
|
22,954
|
|
3,335
|
Foreign exchange
related gains/(losses),
net
|
(161)
|
|
(1,702)
|
|
(1,370)
|
|
(199)
|
Other (loss)/ income,
net
|
(6)
|
|
(2,310)
|
|
429
|
|
62
|
Loss before income
tax expense
|
(539,116)
|
|
(570,477)
|
|
(285,952)
|
|
(41,542)
|
Income taxes
(expense) /benefit
|
568
|
|
2,610
|
|
(1,406)
|
|
(204)
|
Net
loss
|
(538,548)
|
|
(567,867)
|
|
(287,358)
|
|
(41,746)
|
Less:Net loss
attributable to noncontrolling
interests
|
(2,797)
|
|
(6,838)
|
|
(751)
|
|
(109)
|
Less:Net loss
attributable to redeemable
noncontrolling interests
|
-
|
|
(34)
|
|
275
|
|
40
|
Net loss
attributable to Tuniu
Corporation
|
(535,751)
|
|
(560,995)
|
|
(286,882)
|
|
(41,677)
|
Accretion on
redeemable noncontrolling
interest
|
-
|
|
(106)
|
|
(1,356)
|
|
(197)
|
Net loss
attributable to ordinary
shareholders
|
(535,751)
|
|
(561,101)
|
|
(288,238)
|
|
(41,874)
|
|
|
|
|
|
|
|
|
Net
loss
|
(538,548)
|
|
(567,867)
|
|
(287,358)
|
|
(41,746)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment,
net of nil tax
|
(57,051)
|
|
141,523
|
|
(19,190)
|
|
(2,788)
|
Comprehensive
loss
|
(595,599)
|
|
(426,344)
|
|
(306,548)
|
|
(44,534)
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.50)
|
|
(1.48)
|
|
(0.76)
|
|
(0.11)
|
Net loss per ADS -
basic and diluted*
|
(4.50)
|
|
(4.44)
|
|
(2.28)
|
|
(0.33)
|
Weighted average
number of ordinary
shares used in computing basic and diluted
loss per share
|
357,957,594
|
|
378,785,214
|
|
378,164,347
|
|
378,164,347
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
238
|
|
276
|
|
321
|
|
47
|
Research and product
development
|
1,317
|
|
1,709
|
|
1,784
|
|
259
|
Sales and
marketing
|
323
|
|
419
|
|
477
|
|
69
|
General and
administrative
|
19,640
|
|
23,657
|
|
23,139
|
|
3,362
|
Total
|
21,518
|
|
26,061
|
|
25,721
|
|
3,737
|
|
|
|
|
|
|
|
|
*Each ADS represents
three of the Company's ordinary shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tuniu
Corporation
|
GAAP results compared to
comparable Non-GAAP data of corresponding periods
|
(All amounts in
thousands, except per
share information)
|
|
To increase
comparability of operating results and aid investors to better
understand our business performance and operating trends, we have
provided the following comparison of certain financial information
for the first quarter of 2017 with relevant Non-GAAP adjusted data
for corresponding periods in 2016.
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
March 31,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
|
March 31,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Net
revenues
|
284,306
|
|
321,723
|
|
456,041
|
|
66,255
|
|
|
|
|
|
|
|
|
Gross
profit
|
92,793
|
|
168,462
|
|
251,304
|
|
36,511
|
|
|
|
|
|
|
|
|
Operating
expenses
|
(590,894)
|
|
(704,048)
|
|
(559,269)
|
|
(81,251)
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(498,101)
|
|
(535,586)
|
|
(307,965)
|
|
(44,740)
|
|
|
|
|
|
|
|
|
Net loss
|
(479,716)
|
|
(515,284)
|
|
(287,358)
|
|
(41,746)
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(476,980)
|
|
(507,927)
|
|
(288,238)
|
|
(41,874)
|
|
|
|
|
|
|
|
|
Net loss per ordinary share
attributable to ordinary shareholders - basic and
diluted
|
(1.33)
|
|
(1.34)
|
|
(0.76)
|
|
(0.11)
|
Reconciliations of GAAP and Non-GAAP
Results
|
(All amounts in
thousands,
except per share information)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31,2017
|
|
GAAP
Result
|
|
Adjustment
on net basis and timing of
|
|
Share-based
|
|
Amortization of
acquired
|
|
Non-GAAP
|
|
|
revenue
recognition as in 2017
|
|
Compensation
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
456,041
|
|
-
|
|
-
|
|
-
|
|
456,041
|
Cost of
revenues
|
(204,737)
|
|
-
|
|
321
|
|
-
|
|
(204,416)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(159,403)
|
|
-
|
|
1,783
|
|
399
|
|
(157,221)
|
Sales and
marketing
|
(253,756)
|
|
-
|
|
477
|
|
34,163
|
|
(219,116)
|
General and
administrative
|
(151,333)
|
|
-
|
|
23,139
|
|
827
|
|
(127,367)
|
Other operating
income
|
5,223
|
|
-
|
|
-
|
|
-
|
|
5,223
|
Total operating
expenses
|
(559,269)
|
|
-
|
|
25,399
|
|
35,389
|
|
(498,481)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(307,965)
|
|
-
|
|
25,720
|
|
35,389
|
|
(246,856)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(287,358)
|
|
-
|
|
25,720
|
|
35,389
|
|
(226,249)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(288,238)
|
|
-
|
|
25,720
|
|
35,389
|
|
(227,129)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(0.76)
|
|
|
|
|
|
|
|
(0.60)
|
Net loss per ADS -
basic and diluted
|
(2.28)
|
|
|
|
|
|
|
|
(1.80)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2016
|
|
GAAP
Result
|
|
Adjustment
on net basis and timing of
|
|
Share-based
|
|
Amortization of
acquired
|
|
Non-GAAP
|
|
|
revenue
recognition as in 2017
|
|
Compensation
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
1,953,393
|
|
(1,631,670)
|
|
-
|
|
-
|
|
321,723
|
Cost of
revenues
|
(1,778,914)
|
|
1,625,377
|
|
276
|
|
-
|
|
(153,261)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(170,123)
|
|
-
|
|
1,709
|
|
399
|
|
(168,015)
|
Sales and
marketing
|
(398,095)
|
|
(2,718)
|
|
419
|
|
34,168
|
|
(366,226)
|
General and
administrative
|
(205,500)
|
|
-
|
|
23,657
|
|
966
|
|
(180,877)
|
Other operating
income
|
11,070
|
|
-
|
|
-
|
|
-
|
|
11,070
|
Total operating
expenses
|
(762,648)
|
|
(2,718)
|
|
25,785
|
|
35,533
|
|
(704,048)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(588,169)
|
|
(9,011)
|
|
26,061
|
|
35,533
|
|
(535,586)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(567,867)
|
|
(9,011)
|
|
26,061
|
|
35,533
|
|
(515,284)
|
Net loss attributable
to noncontrolling interests
|
(6,838)
|
|
(591)
|
|
-
|
|
-
|
|
(7,429)
|
Net loss attributable
to ordinary shareholders
|
(561,101)
|
|
(8,420)
|
|
26,061
|
|
35,533
|
|
(507,927)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.48)
|
|
|
|
|
|
|
|
(1.34)
|
Net loss per ADS -
basic and diluted
|
(4.44)
|
|
|
|
|
|
|
|
(4.02)
|
|
Quarter Ended
March 31, 2016
|
|
GAAP
Result
|
|
Adjustment
on net basis and timing of
|
|
Share-based
|
|
Amortization of
acquired
|
|
Non-GAAP
|
|
|
revenue
recognition as in 2017
|
|
Compensation
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
2,070,977
|
|
(1,786,671)
|
|
-
|
|
-
|
|
284,306
|
Cost of
revenues
|
(1,979,687)
|
|
1,788,228
|
|
238
|
|
(292)
|
|
(191,513)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(121,987)
|
|
-
|
|
1,317
|
|
550
|
|
(120,120)
|
Sales and
marketing
|
(384,590)
|
|
171
|
|
323
|
|
33,848
|
|
(350,248)
|
General and
administrative
|
(143,830)
|
|
-
|
|
19,640
|
|
1,480
|
|
(122,710)
|
Other operating
income
|
2,184
|
|
-
|
|
-
|
|
-
|
|
2,184
|
Total operating
expenses
|
(648,223)
|
|
171
|
|
21,280
|
|
35,878
|
|
(590,894)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(556,933)
|
|
1,728
|
|
21,518
|
|
35,586
|
|
(498,101)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(538,548)
|
|
1,728
|
|
21,518
|
|
35,586
|
|
(479,716)
|
Net loss attributable
to noncontrolling interests
|
(2,797)
|
|
61
|
|
-
|
|
-
|
|
(2,736)
|
Net loss attributable
to ordinary shareholders
|
(535,751)
|
|
1,667
|
|
21,518
|
|
35,586
|
|
(476,980)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.50)
|
|
|
|
|
|
|
|
(1.33)
|
Net loss per ADS -
basic and diluted
|
(4.50)
|
|
|
|
|
|
|
|
(3.99)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-first-quarter-2017-financial-results-300464491.html
SOURCE Tuniu