Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2018 Financial Results
Non-GAAP([1]) Net Income in 2018 Reached RMB10.9 million
Added 345 Offline Retail Stores During 2018([2])
NANJING, China, Feb. 28, 2019 /PRNewswire/ -- Tuniu Corporation (NASDAQ: TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2018.
Highlights for the Fourth Quarter of 2018
-- Revenues from packaged tours in the fourth quarter of 2018 increased by
23.3% year-over-year to RMB357.6 million (US$52.0([3]) million).
-- Gross margin in the fourth quarter of 2018 was 57.3%, compared to a
gross margin of 50.0% in the fourth quarter of 2017.
-- As of December 31, 2018, Tuniu had 29 local tour operators in total,
including 3 newly launched local tour operators in China([4]) since
November 27, 2018.
Highlights for the Fiscal Year 2018
-- Non-GAAP net income was RMB10.9 million (US$1.6 million) in 2018,
compared to a Non-GAAP net loss of RMB531.1 million in 2017.
-- Revenues from packaged tours in 2018 increased by 15.2% year-over-year
to RMB1.8 billion (US$266.3 million).
-- Operating expenses in 2018 decreased by 25.7% year-over-year to RMB1.5
billion (US$221.7 million).
-- As of December 31, 2018, Tuniu had 509 offline retail stores in total,
of which 345 were newly added since January 1, 2018.
[1] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-
GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP
Results" set forth at the end of this press release reconciles Non-GAAP financial information with the
Company's financial results under GAAP.
[2] The sections below entitled "Highlights for the Fourth Quarter of 2018" and "Highlights for the Fiscal
Year of 2018" provide additional information about some key financial figures and operating data.
[3] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of
US$1.00=RMB6.8755 on December 31, 2018 as set forth in H.10 statistical release of the U.S. Federal Reserve
Board and available at https://www.federalreserve.gov/releases/h10/default.htm.
[4] The 3 newly launched local tour operators in China are located in Lanzhou, Enshi and Nanchang.
Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer, said, "2018 has been a year filled with achievements and milestones. We perfected our sales and service networks, opened offline retail stores to improve our user acquisition ability and launched local tour operators to strengthen our service capability. Going forward in 2019, we will focus on the customer experience, because our customers are our greatest asset. We will continue to leverage Tuniu's core competitive advantage in packaged tour products to differentiate ourselves from our peers and to provide the best experience to our customers."
Ms. Maria Yi Xin, Tuniu's Chief Financial Officer, said, "We are pleased to announce Tuniu achieved non-GAAP profitability and positive operating cash flow for the full year 2018 for the first time since our listing, reflecting positive changes in Tuniu as a result of the implementation of our core strategies. In 2019, we will continue to leverage our leading position and our competitive advantage in China's online leisure travel market to unlock additional value for our customers and shareholders."
Fourth Quarter 2018 Results
Net revenues were RMB471.2 million (US$68.5 million) in the fourth quarter of 2018, representing a year-over-year increase of 0.3% from the corresponding period in 2017.
-- Revenues from packaged tours were RMB357.6 million (US$52.0 million) in
the fourth quarter of 2018, representing a year-over-year increase of
23.3% from the corresponding period in 2017. The increase was primarily
due to the growth of organized tours.
-- Other revenues were RMB113.6 million (US$16.5 million) in the fourth
quarter of 2018, representing a year-over-year decrease of 36.8% from
the corresponding period in 2017. The decrease was primarily due to the
decline in revenues generated from financial services and service fees
received from insurance companies.
Cost of revenues was RMB201.0 million (US$29.2 million) in the fourth quarter of 2018, representing a year-over-year decrease of 14.4% from the corresponding period in 2017. As a percentage of net revenues, cost of revenues was 42.7% in the fourth quarter of 2018 compared to 50.0% in the corresponding period in 2017.
Gross profit was RMB270.2 million (US$39.3 million) in the fourth quarter of 2018, representing a year-over-year increase of 14.9% from the corresponding period in 2017. The increase was primarily due to the increase in efficiency resulting from economies of scale.
Operating expenses were RMB373.3 million (US$54.3 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.1% from the corresponding period in 2017. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB46.9 million (US$6.8 million) in the fourth quarter of 2018. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB326.4 million (US$47.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.8%.
-- Research and product development expenses were RMB75.9 million (US$11.0
million) in the fourth quarter of 2018, representing a year-over-year
decrease of 31.8%. Non-GAAP research and product development expenses,
which excluded share-based compensation expenses and amortization of
acquired intangible assets of RMB2.8 million (US$0.4 million), were
RMB73.1 million (US$10.6 million) in the fourth quarter of 2018,
representing a year-over-year decrease of 33.2% from the corresponding
period in 2017. Research and product development expenses as a
percentage of net revenues were 16.1% in the fourth quarter of 2018,
decreasing from 23.7% in the corresponding period in 2017. The decrease
was primarily due to the increase in efficiency resulting from economies
of scale and refined management, and optimization of research and
product development personnel.
-- Sales and marketing expenses were RMB209.1 million (US$30.4 million) in
the fourth quarter of 2018, representing a year-over-year increase of
7.9%. Non-GAAP sales and marketing expenses, which excluded share-based
compensation expenses and amortization of acquired intangible assets of
RMB34.5 million (US$5.0 million), were RMB174.6 million (US$25.4
million) in the fourth quarter of 2018, representing a year-over-year
increase of 9.6% from the corresponding period in 2017. Sales and
marketing expenses as a percentage of net revenues were 44.4% in the
fourth quarter of 2018, increasing from 41.2% in the corresponding
period in 2017. The increase was primarily due to the expansion of
customer loyalty program team and increased promotional campaigns on
certain channels.
-- General and administrative expenses were RMB120.5 million (US$17.5
million) in the fourth quarter of 2018, representing a year-over-year
decrease of 22.0%. Non-GAAP general and administrative expenses, which
excluded share-based compensation expenses and amortization of acquired
intangible assets of RMB9.7 million (US$1.4 million), were RMB110.8
million (US$16.1 million) in the fourth quarter of 2018, representing a
year-over-year decrease of 18.9% from the corresponding period in 2017.
General and administrative expenses as a percentage of net revenues were
25.6% in the fourth quarter of 2018, decreasing from 32.9% in the
corresponding period in 2017. The decrease was primarily due to the
increase in operating efficiency resulting from economies of scale and
refined management.
Loss from operations was RMB103.1 million (US$15.0 million) in the fourth quarter of 2018, compared to a loss from operations of RMB220.8 million in the fourth quarter of 2017. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB55.8 million (US$8.1 million) in the fourth quarter of 2018.
Net loss was RMB72.9 million (US$10.6 million) in the fourth quarter of 2018, compared to a net loss of RMB186.1 million in the fourth quarter of 2017. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB25.6 million (US$3.7 million) in the fourth quarter of 2018.
Net loss attributable to ordinary shareholders was RMB64.7 million (US$9.4 million) in the fourth quarter of 2018, compared to a net loss attributable to ordinary shareholders of RMB184.9 million in the fourth quarter of 2017. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB17.3 million (US$2.5 million) in the fourth quarter of 2018.
As of December 31, 2018, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.7 billion (US$245.8 million).
Fiscal Year 2018 Results
Net revenues were RMB2.2 billion (US$325.8 million) in 2018, representing a year-over-year increase of 2.2% from 2017.
-- Revenues from packaged tours were RMB1.8 billion (US$266.3 million) in
2018, representing a year-over-year increase of 15.2% from 2017. The
increase was primarily due to the growth of organized tours.
-- Other revenues were RMB409.5 million (US$59.6 million) in 2018,
representing a year-over-year decrease of 32.1% from 2017. The decrease
was primarily due to the decline in revenues generated from financial
services and service fees received from insurance companies.
Cost of revenues was RMB1.1 billion (US$154.9 million) in 2018, representing a year-over-year increase of 4.0% from 2017. As a percentage of net revenues, cost of revenues was 47.5% in 2018 compared to 46.7% in 2017.
Gross profit was RMB1.2 billion (US$170.9 million) in 2018, representing a year-over-year increase of 0.6% from 2017. The increase was primarily due to the increase in efficiency resulting from economies of scale, which was partially offset by the decrease in other revenues.
Operating expenses were RMB1.5 billion (US$221.7 million) in 2018, representing a year-over-year decrease of 25.7% from 2017. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB208.8 million (US$30.4 million) in 2018. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB1.3 billion (US$191.3 million) in 2018, representing a year-over-year decrease of 27.4%.
-- Research and product development expenses were RMB315.2 million (US$45.8
million) in 2018, representing a year-over-year decrease of 41.7%.
Non-GAAP research and product development expenses, which excluded
share-based compensation expenses and amortization of acquired
intangible assets of RMB10.9 million (US$1.6 million), were RMB304.3
million (US$44.3 million) in 2018, representing a year-over-year
decrease of 42.9% from 2017. Research and product development expenses
as a percentage of net revenues were 14.1% in 2018, decreasing from
24.7% in 2017. The decrease was primarily due to the increase in
efficiency resulting from economies of scale and refined management, and
optimization of research and product development personnel.
-- Sales and marketing expenses were RMB778.1 million (US$113.2 million) in
2018, representing a year-over-year decrease of 13.0%. Non-GAAP sales
and marketing expenses, which excluded share-based compensation expenses
and amortization of acquired intangible assets of RMB138.0 million
(US$20.1 million), were RMB640.2 million (US$93.1 million) in 2018,
representing a year-over-year decrease of 15.3% from 2017. Sales and
marketing expenses as a percentage of net revenues were 34.7% in 2018,
decreasing from 40.8% in 2017. The decrease was primarily due to the
optimization of promotional expense structure and preference for
marketing channels with higher ROI.
-- General and administrative expenses were RMB487.4 million (US$70.9
million) in 2018, representing a year-over-year decrease of 23.6%.
Non-GAAP general and administrative expenses, which excluded share-based
compensation expenses and amortization of acquired intangible assets of
RMB60.0 million (US$8.7 million), were RMB427.4 million (US$62.2
million) in 2018, representing a year-over-year decrease of 21.6% from
2017. General and administrative expenses as a percentage of net
revenues were 21.8% in 2018, decreasing from 29.1% in 2017. The decrease
was primarily due to the increase in operating efficiency resulting from
economies of scale and refined management.
Loss from operations was RMB349.0 million (US$50.8 million) in 2018, compared to a loss from operations of RMB883.4 million in 2017. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB138.7 million (US$20.2 million) in 2018.
Net loss was RMB199.4 million (US$29.0 million) in 2018, compared to a net loss of RMB771.3 million in 2017. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB10.9 million (US$1.6 million) in 2018.
Net loss attributable to ordinary shareholders was RMB187.9 million (US$27.3 million) in 2018, compared to a net loss attributable to ordinary shareholders of RMB773.0 million in 2017. Non-GAAP net income attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB22.4 million (US$3.3 million) in 2018.
Business Outlook
For the first quarter of 2019, Tuniu expects to generate RMB432.5 million to RMB456.5 million of net revenues, which represents 5% to 10% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.
Conference Call Information
Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on February 28, 2019, (9:00 pm, Beijing/Hong Kong Time, on February 28, 2019) to discuss the fourth quarter and fiscal year 2018 financial results.
To participate in the conference call, please dial the following numbers:
US: +1-888-346-8982
Hong Kong: +852-301-84992
China: 4001-201203
International: +1-412-902-4272
Conference ID: Tuniu 4Q 2018 Earnings Call
A telephone replay will be available one hour after the end of the conference through March 7, 2019. The dial-in details are as follows:
US: +1-877-344-7529
International: +1-412-317-0088
Replay Access Code: 10129007
Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com.
About Tuniu
Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu has over 2,200,000 stock keeping units (SKUs) of packaged tours, covering over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network. For more information, please visit http://ir.tuniu.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS, which excludes share-based compensation expenses and amortization of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.
A limitation of using non-GAAP financial measures excluding share-based compensation expenses and amortization of acquired intangible assets is that share-based compensation expenses and amortization of acquired intangible assets have been - and will continue to be - significant recurring expenses in the Company's business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.
For investor and media inquiries, please contact:
China
Mary Chen
Investor Relations Director
Tuniu Corporation
Phone: +86-25-6960-9988
E-mail: ir@tuniu.com
(Financial Tables Follow)
Tuniu Corporation
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except per share information)
December 31, 2017
December 31, 2018
December 31, 2018
RMB
RMB
US$
---
ASSETS
Current assets
Cash and cash equivalents 484,101 560,356 81,500
Restricted cash 91,810 270,670 39,367
Short-term investments 3,084,634 859,211 124,967
Accounts receivable, net 286,627 347,547 50,549
Amounts due from related parties 171,331 696,520 101,305
Prepayments and other current assets 939,463 1,673,584 243,413
Yield enhancement products and accrued interest 31,337 -
Total current assets 5,089,303 4,407,888 641,101
Non-current assets
Long-term investments 484,991 1,302,506 189,442
Property and equipment, net 148,278 187,360 27,250
Intangible assets, net 460,634 317,885 46,234
Land use right, net - 100,836 14,666
Goodwill 147,639 159,409 23,185
Yield enhancement products over one year and accrued interest 170,505 -
Other non-current assets 156,455 81,039 11,787
Total non-current assets 1,568,502 2,149,035 312,564
Total assets 6,657,805 6,556,923 953,665
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts and notes payable 852,500 1,305,610 189,893
Amounts due to related parties 86,923 77,159 11,222
Salary and welfare payable 187,561 104,480 15,196
Taxes payable 32,036 23,316 3,391
Advances from customers 1,210,615 1,058,946 154,017
Accrued expenses and other current liabilities 373,690 533,144 77,544
Amounts due to the individual investors of yield enhancement products 177,971 -
Total current liabilities 2,921,296 3,102,655 451,263
Non-current liabilities 42,481 40,416 5,878
Total liabilities 2,963,777 3,143,071 457,141
Mezzanine equity
Redeemable noncontrolling interests 96,719 69,319 10,082
Shareholders' equity
Ordinary shares 248 249 36
Less: Treasury stock (185,419) (304,535) (44,293)
Additional paid-in capital 9,013,793 9,061,979 1,318,010
Accumulated other comprehensive income 272,386 284,079 41,318
Accumulated deficit (5,505,897) (5,691,409) (827,781)
Total Tuniu's shareholders' equity 3,595,111 3,350,363 487,290
Noncontrolling interests 2,198 (5,830) (848)
Total Shareholders' equity 3,597,309 3,344,533 486,442
Total liabilities and shareholders' equity 6,657,805 6,556,923 953,665
Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive (Loss)/Income
(All amounts in thousands, except per share information)
Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
December 31, 2017 September 30, 2018 December 31, 2018 December 31, 2018
RMB
RMB
RMB
US$
---
Revenues
Packaged tours 290,054 632,723 357,619 52,014
Others 179,832 130,408 113,616 16,525
Net revenues 469,886 763,131 471,235 68,539
Cost of revenues (234,733) (371,622) (201,018) (29,237)
Gross profit 235,153 391,509 270,217 39,302
Operating expenses
Research and product
development (111,151) (78,270) (75,854) (11,033)
Sales and marketing (193,696) (209,563) (209,094) (30,411)
General and administrative (154,490) (122,936) (120,510) (17,527)
Other operating income 3,348 15,656 32,130 4,673
Total operating expenses (455,989) (395,113) (373,328) (54,298)
Loss from operations (220,836) (3,604) (103,111) (14,996)
Other income/(expenses)
Interest and investment
income, net 44,426 38,167 30,696 4,465
Foreign exchange losses,
net (2,009) (9,030) (2,043) (297)
Other (loss)/income, net (147) 1,293 (505) (73)
(Loss)/Income before income
tax expense (178,566) 26,826 (74,963) (10,901)
Income tax
(expense)/benefit (7,569) 1,126 2,025 295
Net (loss)/income (186,135) 27,952 (72,938) (10,606)
Net loss attributable to
noncontrolling interests (2,939) (4,104) (9,511) (1,383)
Net (loss)/income
attributable to redeemable (93) 831 (1,848) (269)
noncontrolling interests
Net (loss)/income
attributable to Tuniu
Corporation (183,103) 31,225 (61,579) (8,954)
Accretion on of redeemable
noncontrolling interest (1,757) (204) (3,082) (448)
Net (loss)/income
attributable to ordinary (184,860) 31,021 (64,661) (9,402)
shareholders
Net (loss)/income (186,135) 27,952 (72,938) (10,606)
Other comprehensive (loss)/income:
Foreign currency
translation adjustment,
net of nil tax (24,770) 16,342 1 -
Comprehensive (loss)/income (210,905) 44,294 (72,937) (10,606)
(Loss)/Income per share
Basic (0.48) 0.08 (0.17) (0.02)
Diluted (0.48) 0.08 (0.17) (0.02)
(Loss)/Income per ADS*
Basic (1.44) 0.24 (0.51) (0.06)
Diluted (1.44) 0.24 (0.51) (0.06)
Weighted average number of
ordinary shares used in 387,993,534 370,412,795 370,486,502 370,486,502
computing basic (loss)/income per share
Weighted average number of
ordinary shares used in 387,993,534 379,333,481 370,486,502 370,486,502
computing diluted (loss)/income per share
Share-based compensation expenses included are as follows?
Cost of revenues 230 614 392 57
Research and product
development 1,324 3,790 2,173 316
Sales and marketing 201 556 333 48
General and administrative 17,089 14,731 8,901 1,295
Total 18,844 19,691 11,799 1,716
*Each ADS represents three of the Company's ordinary shares.
Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)
Year Ended
Year Ended
Year Ended
December 31, 2017
December 31, 2018
December 31, 2018
RMB
RMB
US$
---
Revenues
Packaged tours 1,589,353 1,830,630 266,254
Others 602,747 409,519 59,562
Net revenues 2,192,100 2,240,149 325,816
Cost of revenues (1,024,206) (1,065,022) (154,901)
Gross profit 1,167,894 1,175,127 170,915
Operating expenses
Research and product development (541,126) (315,222) (45,847)
Sales and marketing (894,148) (778,126) (113,174)
General and administrative (637,795) (487,372) (70,885)
Other operating income 21,749 56,599 8,232
Total operating expenses (2,051,320) (1,524,121) (221,674)
Loss from operations (883,426) (348,994) (50,759)
Other income/(expenses)
Interest and investment income, net 130,250 152,929 22,243
Foreign exchange losses, net (2,394) (11,729) (1,706)
Other (loss)/income, net (121) 8,576 1,247
Loss before income tax expense (755,691) (199,218) (28,975)
Income tax expense (15,625) (153) (22)
Net loss (771,316) (199,371) (28,997)
Net loss attributable to noncontrolling interests (4,934) (14,037) (2,042)
Net income attributable to redeemable noncontrolling 922 178 26
interests
Net loss attributable to Tuniu Corporation (767,304) (185,512) (26,981)
Accretion on redeemable noncontrolling interest (5,725) (2,422) (352)
Net loss attributable to ordinary shareholders (773,029) (187,934) (27,333)
Net loss (771,316) (199,371) (28,997)
Other comprehensive income/(loss):
Foreign currency translation adjustment, net of nil tax (128,539) 11,693 1,701
Comprehensive loss (899,855) (187,678) (27,296)
Loss per share
Net loss per ordinary share attributable to ordinary (2.04) (0.50) (0.07)
shareholders - basic and diluted
Net loss per ADS - basic and diluted* (6.12) (1.50) (0.21)
Weighted average number of ordinary shares used in 378,230,039 377,744,381 377,744,381
computing basic and diluted loss per share
Share-based compensation expenses included are as follows?
Cost of revenues 1,075 1,483 216
Research and product development 6,864 9,124 1,327
Sales and marketing 1,650 1,305 190
General and administrative 89,086 56,826 8,265
Total 98,675 68,738 9,998
*Each ADS represents three of the Company's ordinary shares.
Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)
Quarter Ended December 31, 2018
GAAP
Share-based
Amortization of acquired
Non-GAAP
Result
Compensation
intangible assets
Result
---
Cost of revenues (201,018) 392 (200,626)
Research and product development (75,854) 2,173 589 (73,092)
Sales and marketing (209,094) 333 34,163 (174,598)
General and administrative (120,510) 8,901 781 (110,828)
Other operating income 32,130 32,130
Total operating expenses (373,328) 11,407 35,533 (326,388)
Loss from operations (103,111) 11,799 35,533 (55,779)
Net loss (72,938) 11,799 35,533 (25,606)
Net loss attributable to ordinary shareholders (64,661) 11,799 35,533 (17,329)
Net loss per ordinary share attributable to ordinary (0.17) (0.05)
shareholders - basic and diluted (RMB)
Net loss per ADS - basic and diluted (RMB) (0.51) (0.15)
Weighted average number of ordinary shares used 370,486,502 370,486,502
in computing basic and diluted loss per share
Quarter Ended September 30, 2018
GAAP
Share-based
Amortization of acquired
Non-GAAP
Result
Compensation
intangible assets
Result
---
Cost of revenues (371,622) 614 (371,008)
Research and product development (78,270) 3,790 399 (74,081)
Sales and marketing (209,563) 556 34,163 (174,844)
General and administrative (122,936) 14,731 781 (107,424)
Other operating income 15,656 15,656
Total operating expenses (395,113) 19,077 35,343 (340,693)
(Loss)/Income from operations (3,604) 19,691 35,343 51,430
Net income 27,952 19,691 35,343 82,986
Net income attributable to ordinary shareholders 31,021 19,691 35,343 86,055
Net income per ordinary share attributable to
ordinary shareholders(RMB)
-Basic 0.08 0.23
-Diluted 0.08 0.23
Net income per ADS(RMB)
-Basic 0.24 0.69
-Diluted 0.24 0.69
Weighted average number of ordinary shares
-Basic 370,412,795 370,412,795
-Diluted 379,333,481 379,333,481
Quarter Ended December 31, 2017
GAAP
Share-based
Amortization of acquired
Non-GAAP
Result
Compensation
intangible assets
Result
---
Cost of revenues (234,733) 230 (234,503)
Research and product development (111,151) 1,324 399 (109,428)
Sales and marketing (193,696) 201 34,163 (159,332)
General and administrative (154,490) 17,089 777 (136,624)
Other operating income 3,348 3,348
Total operating expenses (455,989) 18,614 35,339 (402,036)
Loss from operations (220,836) 18,844 35,339 (166,653)
Net loss (186,135) 18,844 35,339 (131,952)
Net loss attributable to ordinary shareholders (184,860) 18,844 35,339 (130,677)
Net loss per ordinary share attributable to ordinary (0.48) (0.34)
shareholders - basic and diluted (RMB)
Net loss per ADS - basic and diluted (RMB) (1.44) (1.02)
Weighted average number of ordinary shares used 387,993,534 387,993,534
in computing basic and diluted loss per share
*Basic net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average
number of ordinary shares outstanding during the periods. Diluted net income/(loss) per share is calculated by dividing net income/(loss)
attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding
during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.
Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)
Year Ended December 31, 2018
GAAP Result
Share-based
Amortization of acquired
Non-GAAP
Compensation
intangible assets
Result
Cost of revenues (1,065,022) 1,483 (1,063,539)
Research and product development (315,222) 9,124 1,786 (304,312)
Sales and marketing (778,126) 1,305 136,652 (640,169)
General and administrative (487,372) 56,826 3,124 (427,422)
Other operating income 56,599 56,599
Total operating expenses (1,524,121) 67,255 141,562 (1,315,304)
Loss from operations (348,994) 68,738 141,562 (138,694)
Net (loss)/income (199,371) 68,738 141,562 10,929
Net (loss)/income attributable to ordinary shareholders (187,934) 68,738 141,562 22,366
Net (loss)/income per ordinary share attributable to
ordinary shareholders(RMB)
-Basic (0.50) 0.06
-Diluted (0.50) 0.06
Net (loss)/income per ADS(RMB)
-Basic (1.50) 0.18
-Diluted (1.50) 0.18
Weighted average number of ordinary shares used 377,744,381 377,744,381
in computing basic (loss)/income per share
Weighted average number of ordinary shares used 377,744,381 386,061,224
in computing diluted (loss)/income per share
Year Ended December 31, 2017
GAAP Result
Share-based
Amortization of acquired
Non-GAAP
Compensation
intangible assets
Result
Cost of revenues (1,024,206) 1,075 (1,023,131)
Research and product development (541,126) 6,864 1,596 (532,666)
Sales and marketing (894,148) 1,650 136,652 (755,846)
General and administrative (637,795) 89,086 3,273 (545,436)
Other operating income 21,749 21,749
Total operating expenses (2,051,320) 97,600 141,521 (1,812,199)
Loss from operations (883,426) 98,675 141,521 (643,230)
Net loss (771,316) 98,675 141,521 (531,120)
Net loss attributable to ordinary shareholders (773,029) 98,675 141,521 (532,833)
Net loss per ordinary share attributable to ordinary (2.04) (1.41)
shareholders - basic and diluted
Net loss per ADS - basic and diluted (6.12) (4.23)
Weighted average number of ordinary shares used 378,230,039 378,230,039
in computing basic and diluted loss per share
*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.
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SOURCE Tuniu
