Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2019 Financial Results
NANJING, China, April 9, 2020 /PRNewswire/ -- Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2019.
Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer, said, "The outbreak and spread of the COVID-19 has brought an unprecedented challenge to the travel industry and the business operation of Tuniu. Although we expect short-term turbulence within the industry, we remain confident that the economy and travel industry of China will be able to gradually recover as the COVID-19 has been largely contained within China. Since the initial outbreak in January 2020, we have been helping customers refund or alter trips that were impacted by the COVID-19. On the business operation side, we are focusing on developing high-quality products and services for our customers in anticipation of an increase in demand for domestic travel. We believe Tuniu will be well-positioned to better capture market opportunities when the travel industry begins to recover."
Ms. Maria Yi Xin, Tuniu's Chief Financial Officer, said, "Since the fourth quarter of 2019, we have been making various adjustments to our business operation and corporate structure. After the outbreak of the COVID-19, we have implemented a number of cost-saving adjustments that will manifest starting from the second half of 2020. Due to the COVID-19 outbreak in early 2020, the Chinese government has announced bans prohibiting the sale of packaged tour products. As China's leading online leisure travel company, we have a high social responsibility and will continue prioritizing the safety of our customers."
Fourth Quarter 2019 Results
Net revenues were RMB451.3 million (US$64.8 million([1])) in the fourth quarter of 2019, representing a year-over-year decrease of 4.2% from the corresponding period in 2018.
-- Revenues from packaged tours were RMB344.3 million (US$49.5 million) in the fourth quarter of 2019, representing a year-over-year decrease of 3.7% from the corresponding period in 2018. The decrease was primarily due to the decline in demand for travel to certain destinations. -- Other revenues were RMB107.0 million (US$15.4 million) in the fourth quarter of 2019, representing a year-over-year decrease of 5.9% from the corresponding period in 2018. The decrease was primarily due to the decline in revenues generated from financial services.
Cost of revenues was RMB234.6 million (US$33.7 million) in the fourth quarter of 2019, representing a year-over-year increase of 16.7% from the corresponding period in 2018. As a percentage of net revenues, cost of revenues was 52.0% in the fourth quarter of 2019 compared to 42.7% in the corresponding period in 2018.
Gross profit was RMB216.7 million (US$31.1 million) in the fourth quarter of 2019, representing a year-over-year decrease of 19.8% from the corresponding period in 2018.
Operating expenses were RMB650.9 million (US$93.5 million) in the fourth quarter of 2019, representing a year-over-year increase of 74.3% from the corresponding period in 2018. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB74.8 million (US$10.7 million) in the fourth quarter of 2019. Non-GAAP([2]) operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB576.1 million (US$82.8 million) in the fourth quarter of 2019, representing a year-over-year increase of 76.5%.
-- Research and product development expenses were RMB79.0 million (US$11.4 million) in the fourth quarter of 2019, representing a year-over-year increase of 4.2%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.6 million (US$0.2 million), were RMB77.4 million (US$11.1 million) in the fourth quarter of 2019, representing a year-over-year increase of 5.9% from the corresponding period in 2018. The increase was primarily due to the increase in research and product development personnel related expenses. -- Sales and marketing expenses were RMB239.9 million (US$34.5 million) in the fourth quarter of 2019, representing a year-over-year increase of 14.7%. The increase was primarily due to the increase in impairment of acquired intangible assets. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB66.9 million (US$9.6 million), were RMB173.0 million (US$24.8 million) in the fourth quarter of 2019, representing a year-over-year decrease of 0.9% from the corresponding period in 2018. -- General and administrative expenses were RMB341.5 million (US$49.1 million) in the fourth quarter of 2019, representing a year-over-year increase of 183.4%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB6.2 million (US$0.9 million), were RMB335.3 million (US$48.2 million) in the fourth quarter of 2019, representing a year-over-year increase of 202.5% from the corresponding period in 2018. The increase was primarily due to the increase in some one-time impairment charges and general and administrative personnel related expenses.
Loss from operations was RMB434.2 million (US$62.4 million) in the fourth quarter of 2019, compared to a loss from operations of RMB103.1 million in the fourth quarter of 2018. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB359.2 million (US$51.6 million) in the fourth quarter of 2019.
Net loss was RMB401.4 million (US$57.7 million) in the fourth quarter of 2019, compared to a net loss of RMB72.9 million in the fourth quarter of 2018. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB326.4 million (US$46.9 million) in the fourth quarter of 2019.
Net loss attributable to ordinary shareholders was RMB367.1 million (US$52.7 million) in the fourth quarter of 2019, compared to a net loss attributable to ordinary shareholders of RMB64.7 million in the fourth quarter of 2018. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB292.1 million (US$42.0 million) in the fourth quarter of 2019.
As of December 31, 2019, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.9 billion (US$276.9 million).
[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.9618 on December 31, 2019 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm. [2] The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non- GAAP financial measures in this press release, and the table captioned "Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP.
Fiscal Year 2019 Results
Net revenues were RMB2.3 billion (US$327.6 million) in 2019, representing a year-over-year increase of 1.8% from 2018.
-- Revenues from packaged tours were RMB1.9 billion (US$271.0 million) in 2019, representing a year-over-year increase of 3.1% from 2018. The increase was primarily due to the growth of organized tours. -- Other revenues were RMB394.2 million (US$56.6 million) in 2019, representing a year-over-year decrease of 3.7% from 2018. The decrease was primarily due to the decline in revenues generated from financial services and service fees received from insurance companies.
Cost of revenues was RMB1.2 billion (US$172.4 million) in 2019, representing a year-over-year increase of 12.7% from 2018. As a percentage of net revenues, cost of revenues was 52.6% in 2019 compared to 47.5% in 2018.
Gross profit was RMB1.1 billion (US$155.3 million) in 2019, representing a year-over-year decrease of 8.0% from 2018.
Operating expenses were RMB2.0 billion (US$280.4 million) in 2019, representing a year-over-year increase of 28.1% from 2018. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB232.8 million (US$33.4 million) in 2019. Non-GAAP operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB1.7 billion (US$246.9 million) in 2019, representing a year-over-year increase of 30.7%.
-- Research and product development expenses were RMB303.6 million (US$43.6 million) in 2019, representing a year-over-year decrease of 3.7%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB14.4 million (US$2.1 million), were RMB289.2 million (US$41.5 million) in 2019, representing a year-over-year decrease of 5.0% from 2018. The decrease was primarily due to the increase in efficiency resulting from the increased level of automation applied in research and product development activities, and optimization of research and product development personnel. -- Sales and marketing expenses were RMB923.3 million (US$132.6 million) in 2019, representing a year-over-year increase of 18.7%. The increase was primarily due to the increase in sales and marketing personnel and offline retail stores related expenses, as well as the impairment of acquired intangible assets. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB173.2 million (US$24.9 million), were RMB750.1 million (US$107.7 million) in 2019, representing a year-over-year increase of 17.2% from 2018. The increase was primarily due to the increase in sales and marketing personnel and offline retail stores related expenses. -- General and administrative expenses were RMB749.4 million (US$107.6 million) in 2019, representing a year-over-year increase of 53.8%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB45.2 million (US$6.5 million), were RMB704.2 million (US$101.2 million) in 2019, representing a year-over-year increase of 64.8% from 2018. The increase was primarily due to the increase in some one-time impairment charges and general and administrative personnel related expenses.
Loss from operations was RMB870.8 million (US$125.1 million) in 2019, compared to a loss from operations of RMB349.0 million in 2018. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB634.1 million (US$91.1 million) in 2019.
Net loss was RMB729.4 million (US$104.8 million) in 2019, compared to a net loss of RMB199.4 million in 2018. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB492.6 million (US$70.8 million) in 2019.
Net loss attributable to ordinary shareholders was RMB699.2 million (US$100.4 million) in 2019, compared to a net loss attributable to ordinary shareholders of RMB187.9 million in 2018. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB462.4 million (US$66.4 million) in 2019.
Business Outlook
Tuniu's business has been significantly impacted by the outbreak and spread of COVID-19 since January 2020. The current circumstances are dynamic and the impact of COVID-19 on our business operations cannot be reasonably estimated at this time, and we anticipate this will have material adverse impact on our business, financial position, results of operations and cash flows in 2020. As a result, for the first quarter of 2020, the Company expects to generate RMB114.2 million to RMB159.9 million of net revenues, which represents 65% to 75% decrease year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.
Conference Call Information
Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on April 9, 2020, (8:00 pm, Beijing/Hong Kong Time, on April 9, 2020) to discuss the fourth quarter and fiscal year 2019 financial results.
To participate in the conference call, please dial the following numbers:
US: +1-888-346-8982 Hong Kong: +852-301-84992 Mainland China: 4001-201203 International: +1-412-902-4272
Conference ID: Tuniu 4Q 2019 Earnings Call
A telephone replay will be available one hour after the end of the conference through April 16, 2020. The dial-in details are as follows:
US: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 10140657
Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com.
About Tuniu
Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; the impact of the COVID-19 on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.
A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been - and will continue to be - significant recurring expenses in the Company's business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.
For investor and media inquiries, please contact:
China
Mary Chen
Investor Relations Director
Tuniu Corporation
Phone: +86-25-6960-9988
E-mail: ir@tuniu.com
(Financial Tables Follow)
Tuniu Corporation Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except per share information) December 31, 2018 December 31, 2019 December 31, 2019 RMB RMB US$ --- ASSETS Current assets Cash and cash equivalents 560,356 295,463 42,441 Restricted cash 270,670 327,052 46,978 Short-term investments 859,211 1,305,386 187,507 Accounts receivable, net 347,547 529,983 76,127 Amounts due from related parties 696,520 65,108 9,352 Prepayments and other current assets 1,673,584 1,300,284 186,774 Total current assets 4,407,888 3,823,276 549,179 Non-current assets Long-term investments 1,302,506 1,305,612 187,539 Property and equipment, net 187,360 223,340 32,081 Intangible assets, net 317,885 166,267 23,883 Land use right, net 100,836 98,774 14,188 Operating lease right-of-use assets, net* - 105,839 15,203 Goodwill 159,409 232,007 33,325 Other non-current assets 81,039 83,923 12,055 Long-term amounts due from related parties - 557,582 80,092 --- Total non-current assets 2,149,035 2,773,344 398,366 Total assets 6,556,923 6,596,620 947,545 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings 49,312 203,845 29,281 Accounts and notes payable 1,305,610 1,311,963 188,452 Amounts due to related parties 77,159 29,755 4,274 Salary and welfare payable 104,480 112,511 16,162 Taxes payable 23,316 12,207 1,753 Advances from customers 1,058,946 1,113,879 159,999 Operating lease liabilities, current* - 57,490 8,258 Accrued expenses and other current liabilities 483,832 907,119 130,299 Total current liabilities 3,102,655 3,748,769 538,478 Non-current liabilities Operating lease liabilities, non-current* - 54,718 7,860 Deferred tax liabilities 19,855 23,658 3,398 Long-term borrowings 4,492 9,689 1,392 Other non-current liabilities 16,069 10,947 1,572 Total non-current liabilities 40,416 99,012 14,222 Total liabilities 3,143,071 3,847,781 552,700 Mezzanine equity Redeemable noncontrolling interests 69,319 37,200 5,343 Shareholders' equity Ordinary shares 249 249 36 Less: Treasury stock (304,535) (310,942) (44,664) Additional paid-in capital 9,061,979 9,113,512 1,309,074 Accumulated other comprehensive income 284,079 293,784 42,199 Accumulated deficit (5,691,409) (6,385,974) (917,288) Total Tuniu's shareholders' equity 3,350,363 2,710,629 389,357 Noncontrolling interests (5,830) 1,010 145 Total Shareholders' equity 3,344,533 2,711,639 389,502 Total liabilities and shareholders' equity 6,556,923 6,596,620 947,545 *On 1 January 2019, the Company adopted ASC 842, Leases and used the optional transition method to initially apply this new lease standard at the adoption date. Right-of-use assets and lease liabilities were recognized on the Company's consolidated financial statements.
Tuniu Corporation Unaudited Condensed Consolidated Statements of Comprehensive Loss (All amounts in thousands, except per share information) Quarter Ended Quarter Ended Quarter Ended Quarter Ended December 31, 2018 September 30, 2019 December 31, 2019 December 31, 2019 RMB RMB RMB US$ --- Revenues Packaged tours 357,619 747,122 344,325 49,459 Others 113,616 105,395 106,958 15,364 Net revenues 471,235 852,517 451,283 64,823 Cost of revenues (201,018) (472,040) (234,623) (33,701) Gross profit 270,217 380,477 216,660 31,122 Operating expenses Research and product development (75,854) (64,310) (79,038) (11,353) Sales and marketing (209,094) (239,973) (239,898) (34,459) General and administrative (120,510) (138,456) (341,487) (49,052) Other operating income 32,130 5,406 9,545 1,371 Total operating expenses (373,328) (437,333) (650,878) (93,493) Loss from operations (103,111) (56,856) (434,218) (62,371) Other income/(expenses) Interest and investment income 30,696 42,780 38,766 5,568 Interest expense (6,158) (8,900) (11,372) (1,633) Foreign exchange (losses)/gains, net (2,043) (5,190) 3,272 470 Other income, net 5,653 14,847 2,808 403 Loss before income tax expense (74,963) (13,319) (400,744) (57,563) Income tax benefit/ (expense) 2,025 698 (2,910) (418) Equity in income of affiliates - 2,223 320 --- Net loss (72,938) (12,621) (401,431) (57,661) Net loss attributable to noncontrolling interests (9,511) (565) (35,957) (5,165) Net (loss)/income attributable to redeemable noncontrolling (1,848) (102) 123 18 interests Net loss attributable to Tuniu Corporation (61,579) (11,954) (365,597) (52,514) Accretion on redeemable noncontrolling interests (3,082) (1,518) (1,540) (221) Net loss attributable to ordinary shareholders (64,661) (13,472) (367,137) (52,735) Net loss (72,938) (12,621) (401,431) (57,661) Other comprehensive income/(loss): Foreign currency translation adjustment, net of nil tax 1 12,276 (4,939) (709) Comprehensive loss (72,937) (345) (406,370) (58,370) Net loss per ordinary share attributable to ordinary (0.17) (0.04) (0.99) (0.14) shareholders - basic and diluted Net loss per ADS -basic and diluted* (0.51) (0.12) (2.97) (0.42) Weighted average number of ordinary shares used in 370,486,502 369,559,765 369,797,249 369,797,249 computing basic and diluted loss per share Share-based compensation expenses included are as follows: Cost of revenues 392 52 258 37 Research and product development 2,173 2,065 839 121 Sales and marketing 333 119 267 38 General and administrative 8,901 13,294 5,500 790 Total 11,799 15,530 6,864 986 *Each ADS represents three of the Company's ordinary shares.
Tuniu Corporation Unaudited Condensed Consolidated Statements of Comprehensive Loss (All amounts in thousands, except per share information) Year Ended Year Ended Year Ended December 31, 2018 December 31, 2019 December 31, 2019 RMB RMB US$ --- Revenues Packaged tours 1,830,630 1,886,822 271,025 Others 409,519 394,165 56,618 Net revenues 2,240,149 2,280,987 327,643 Cost of revenues (1,065,022) (1,200,012) (172,371) Gross profit 1,175,127 1,080,975 155,272 Operating expenses Research and product development (315,222) (303,561) (43,604) Sales and marketing (778,126) (923,273) (132,620) General and administrative (487,372) (749,404) (107,645) Other operating income 56,599 24,419 3,508 Total operating expenses (1,524,121) (1,951,819) (280,361) Loss from operations (348,994) (870,844) (125,089) Other income/(expenses) Interest and investment income 152,929 156,862 22,532 Interest expense (7,918) (34,052) (4,891) Foreign exchange (losses)/gains, net (11,729) (1,131) (162) Other income, net 16,494 18,509 2,658 Loss before income tax expense (199,218) (730,656) (104,952) Income tax expense (153) (949) (136) Equity in income of affiliates - 2,223 320 --- Net loss (199,371) (729,382) (104,768) Net loss attributable to noncontrolling interests (14,037) (35,797) (5,142) Net income attributable to redeemable noncontrolling interests 178 980 141 Net loss attributable to Tuniu Corporation (185,512) (694,565) (99,767) Accretion on redeemable noncontrolling interests (2,422) (4,634) (666) Net loss attributable to ordinary shareholders (187,934) (699,199) (100,433) Net loss (199,371) (729,382) (104,768) Other comprehensive income: Foreign currency translation adjustment, net of nil tax 11,693 9,705 1,394 Comprehensive loss (187,678) (719,677) (103,374) Net loss per ordinary share attributable to ordinary (0.50) (1.89) (0.27) shareholders - basic and diluted Net loss per ADS -basic and diluted* (1.50) (5.67) (0.81) Weighted average number of ordinary shares used in 377,744,381 369,472,880 369,472,880 computing basic and diluted loss per share Share-based compensation expenses included are as follows: Cost of revenues 1,483 4,006 575 Research and product development 9,124 12,057 1,732 Sales and marketing 1,305 3,321 477 General and administrative 56,826 42,352 6,083 Total 68,738 61,736 8,867 *Each ADS represents three of the Company's ordinary shares.
Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Quarter Ended December 31, 2019 GAAP Share-based Amortization of acquired Impairment of acquired Non-GAAP Result Compensation intangible assets intangible assets Result --- Cost of revenues (234,623) 258 (234,365) Research and product development (79,038) 839 793 (77,406) Sales and marketing (239,898) 267 34,649 32,014 (172,968) General and administrative (341,487) 5,500 705 (335,282) Other operating income 9,545 9,545 Total operating expenses (650,878) 6,606 36,147 32,014 (576,111) Loss from operations (434,218) 6,864 36,147 32,014 (359,193) Net Loss (401,431) 6,864 36,147 32,014 (326,406) Net loss attributable to ordinary shareholders (367,137) 6,864 36,147 32,014 (292,112) Net loss per ordinary share attributable to ordinary (0.99) (0.79) shareholders - basic and diluted Net loss per ADS - basic and diluted (2.97) (2.37) Weighted average number of ordinary shares 369,797,249 369,797,249 used in computing basic and diluted loss per share Quarter Ended September 30, 2019 GAAP Share-based Amortization of acquired Impairment of acquired Non-GAAP Result Compensation intangible assets intangible assets Result --- Cost of revenues (472,040) 52 (471,988) Research and product development (64,310) 2,065 513 (61,732) Sales and marketing (239,973) 119 34,907 (204,947) General and administrative (138,456) 13,294 705 (124,457) Other operating income 5,406 5,406 Total operating expenses (437,333) 15,478 36,125 (385,730) Loss from operations (56,856) 15,530 36,125 (5,201) Net (loss)/income (12,621) 15,530 36,125 39,034 Net (loss)/income attributable to ordinary (13,472) 15,530 36,125 38,183 shareholders Net (loss)/income per ordinary share -Basic (0.04) 0.10 -Diluted (0.04) 0.10 Net (loss)/income per ADS -Basic (0.12) 0.30 -Diluted (0.12) 0.30 Weighted average number of ordinary shares -Basic 369,559,765 369,559,765 -Diluted 369,559,765 379,770,193 Quarter Ended December 31, 2018 GAAP Share-based Amortization of acquired Impairment of acquired Non-GAAP Result Compensation intangible assets intangible assets Result --- Cost of revenues (201,018) 392 (200,626) Research and product development (75,854) 2,173 589 (73,092) Sales and marketing (209,094) 333 34,163 (174,598) General and administrative (120,510) 8,901 781 (110,828) Other operating income 32,130 32,130 Total operating expenses (373,328) 11,407 35,533 (326,388) Loss from operations (103,111) 11,799 35,533 (55,779) Net loss (72,938) 11,799 35,533 (25,606) Net loss attributable to ordinary shareholders (64,661) 11,799 35,533 (17,329) Net loss per ordinary share attributable to ordinary (0.17) (0.05) shareholders - basic and diluted Net loss per ADS - basic and diluted (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 *Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.
Reconciliations of GAAP and Non-GAAP Results (All amounts in thousands, except per share information) Year Ended December 31, 2019 GAAP Share-based Amortization of acquired Impairment of acquired Non-GAAP Result Compensation intangible assets intangible assets Result --- Cost of revenues (1,200,012) 4,006 (1,196,006) Research and product development (303,561) 12,057 2,332 (289,172) Sales and marketing (923,273) 3,321 137,882 32,014 (750,056) General and administrative (749,404) 42,352 2,816 (704,236) Other operating income 24,419 24,419 Total operating expenses (1,951,819) 57,730 143,030 32,014 (1,719,045) Loss from operations (870,844) 61,736 143,030 32,014 (634,064) Net loss (729,382) 61,736 143,030 32,014 (492,602) Net loss attributable to ordinary shareholders (699,199) 61,736 143,030 32,014 (462,419) Net loss per ordinary share attributable to ordinary (1.89) (1.25) shareholders - basic and diluted Net loss per ADS - basic and diluted (5.67) (3.75) Weighted average number of ordinary shares used 369,472,880 369,472,880 in computing basic and diluted loss per share Year Ended December 31, 2018 GAAP Share-based Amortization of acquired Impairment of acquired Non-GAAP Result Compensation intangible assets intangible assets Result --- Cost of revenues (1,065,022) 1,483 (1,063,539) Research and product development (315,222) 9,124 1,786 (304,312) Sales and marketing (778,126) 1,305 136,652 (640,169) General and administrative (487,372) 56,826 3,124 (427,422) Other operating income 56,599 56,599 Total operating expenses (1,524,121) 67,255 141,562 (1,315,304) Loss from operations (348,994) 68,738 141,562 (138,694) Net (loss)/income (199,371) 68,738 141,562 10,929 Net (loss)/income attributable to ordinary (187,934) 68,738 141,562 22,366 shareholders Net (loss)/income per ordinary share attributable to ordinary shareholders -Basic (0.50) 0.06 -Diluted (0.50) 0.06 Net (loss)/income per ADS -Basic (1.50) 0.18 -Diluted (1.50) 0.18 Weighted average number of ordinary shares used 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 *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