Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results
NANJING, China, March 13, 2024 /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, 2023.
Highlights for the Fourth Quarter of 2023
-- Net revenues in the fourth quarter of 2023 increased by 265.8%
year-over-year to RMB99.9 million (US$14.1 million(([1]))).
-- Revenues from package tours in the fourth quarter of 2023 increased by
1377.1% year-over-year to RMB73.4 million (US$10.3 million).
-- Gross profit in the fourth quarter of 2023 increased by 511.7%
year-over-year to RMB74.6 million (US$10.5 million).
Highlights for the Fiscal Year 2023
-- Net revenues in 2023 increased by 140.3% year-over-year to RMB441.3
million (US$62.2 million).
-- Revenues from package tours in 2023 increased by 374.1% year-over-year
to RMB333.4 million (US$47.0 million).
-- Gross profit in 2023 increased by 227.9% year-over-year to RMB293.7
million (US$41.4 million).
"In 2023, the travel market's robust recovery helped Tuniu achieve a strong performance for the year," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "In the fourth quarter, our net revenues increased by 265.8% year-over-year, while revenues from packaged tours increased by 1377.1%. Tuniu has become a trusted brand in the vacation sector due to our longstanding commitment to delivering high-quality products and services. Reflecting the progress of our business, we are pleased to announce that the Company achieved its first full-year non-GAAP(([2])) profitability since the COVID-19 pandemic. This demonstrates the effectiveness of the strict cost control measures that we have implemented. In 2024, we will continue to seize upon opportunities presented by the market recovery, leverage Tuniu's core advantages, enhance performance, and continuously demonstrate our growth potential and profitability to the market."
[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0999 on December 29, 2023 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at https://www.federalreserve.gov/releases/h10/default.htm.
[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.
Fourth Quarter 2023 Results
Net revenues were RMB99.9 million (US$14.1 million) in the fourth quarter of 2023, representing a year-over-year increase of 265.8% from the corresponding period in 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers.
-- Revenues from packaged tours were RMB73.4 million (US$10.3 million) in
the fourth quarter of 2023, representing a year-over-year increase of
1377.1% from the corresponding period in 2022. The increase was
primarily due to the growth of organized tours.
-- Other revenues were RMB26.6 million (US$3.7 million) in the fourth
quarter of 2023, representing a year-over-year increase of 18.8% from
the corresponding period in 2022. The increase was primarily due to the
growth in commission fees received from other travel-related products.
Cost of revenues was RMB25.3 million (US$3.6 million) in the fourth quarter of 2023, representing a year-over-year increase of 67.3% from the corresponding period in 2022. As a percentage of net revenues, cost of revenues was 25.3% in the fourth quarter of 2023, compared to 55.4% in the corresponding period in 2022.
Gross profit was RMB74.6 million (US$10.5 million) in the fourth quarter of 2023, representing a year-over-year increase of 511.7% from the corresponding period in 2022.
Operating expenses were RMB198.0 million (US$27.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 509.3% from the corresponding period in 2022. The increase was primarily due to the impairment of goodwill of RMB114.7 million (US$16.2 million) recorded in the fourth quarter of 2023.
-- Research and product development expenses were RMB10.4 million (US$1.5
million) in the fourth quarter of 2023, representing a year-over-year
decrease of 4.5%. The decrease was primarily due to the decrease in
research and product development personnel related expenses. Research
and product development expenses as a percentage of net revenues were
10.4% in the fourth quarter of 2023, decreasing from 40.0% as a
percentage of net revenues in the corresponding period in 2022.
-- Sales and marketing expenses were RMB33.2 million (US$4.7 million) in
the fourth quarter of 2023, representing a year-over-year increase of
45.4%. The increase was primarily due to the increase in promotion
expenses. Sales and marketing expenses as a percentage of net revenues
were 33.2% in the fourth quarter of 2023, decreasing from 83.6% as a
percentage of net revenues in the corresponding period in 2022.
-- General and administrative expenses were RMB42.1 million (US$5.9
million) in the fourth quarter of 2023, representing a year-over-year
increase of 27.0%. The increase was primarily due to the impairment of
property and equipment, net, recorded in the fourth quarter of 2023.
General and administrative expenses as a percentage of net revenues were
42.1% in the fourth quarter of 2023, decreasing from 121.2% as a
percentage of net revenues in the corresponding period in 2022.
Loss from operations was RMB123.4 million (US$17.4 million) in the fourth quarter of 2023, compared to a loss from operations of RMB20.3 million in the fourth quarter of 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB15.2 million (US$2.1 million) in the fourth quarter of 2023.
Net loss was RMB132.9 million (US$18.7 million) in the fourth quarter of 2023, compared to a net loss of RMB9.3 million in the fourth quarter of 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB5.6 million (US$0.8 million) in the fourth quarter of 2023.
Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB132.3 million (US$18.6 million) in the fourth quarter of 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB4.4 million in the fourth quarter of 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB6.2 million (US$0.9 million) in the fourth quarter of 2023.
As of December 31, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.2 billion (US$171.8 million).
Fiscal Year 2023 Results
Net revenues were RMB441.3 million (US$62.2 million) in 2023, representing a year-over-year increase of 140.3% from 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers.
-- Revenues from packaged tours were RMB333.4 million (US$47.0 million) in
2023, representing a year-over-year increase of 374.1% from 2022. The
increase was primarily due to the growth of organized tours.
-- Other revenues were RMB107.9 million (US$15.2 million) in 2023,
representing a year-over-year decrease of 4.8% from 2022. The decrease
was primarily due to the decrease in revenues generated from financial
services.
Cost of revenues was RMB147.6 million (US$20.8 million) in 2023, representing a year-over-year increase of 56.9% from 2022. As a percentage of net revenues, cost of revenues was 33.4% in 2023 compared to 51.2% in 2022.
Gross profit was RMB293.7 million (US$41.4 million) in 2023, representing a year-over-year increase of 227.9% from 2022.
Operating expenses were RMB395.6 million (US$55.7 million) in 2023, representing a year-over-year increase of 32.0% from 2022.
-- Research and product development expenses were RMB57.0 million (US$8.0
million) in 2023, representing a year-over-year increase of 12.2%. The
increase was primarily due to the increase in research and product
development personnel related expenses. Research and product development
expenses as a percentage of net revenues were 12.9% in 2023, decreasing
from 27.7% as a percentage of net revenues in 2022.
-- Sales and marketing expenses were RMB117.7 million (US$16.6 million) in
2023, representing a year-over-year increase of 13.6%. The increase was
primarily due to the increase in promotion expenses. Sales and marketing
expenses as a percentage of net revenues were 26.7% in 2023, decreasing
from 56.4% as a percentage of net revenues in 2022.
-- General and administrative expenses were RMB113.2 million (US$15.9
million) in 2023, representing a year-over-year increase of 3.9%. The
increase was primarily due to the impairment of property and equipment,
net, recorded in 2023. General and administrative expenses as a
percentage of net revenues were 25.7% in 2023, decreasing from 59.3% as
a percentage of net revenues in 2022.
Loss from operations was RMB101.9 million (US$14.3 million) in 2023, compared to a loss from operations of RMB210.2 million in 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.0 million (US$7.0 million) in 2023.
Net loss was RMB101.1 million (US$14.2 million) in 2023, compared to a net loss of RMB203.0 million in 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.8 million (US$7.2 million) in 2023.
Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB99.3 million (US$14.0 million) in 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB193.4 million in 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB52.6 million (US$7.4 million) in 2023.
Business Outlook
For the first quarter of 2024, Tuniu expects to generate RMB101.1 million to RMB107.4 million of net revenues, which represents a 60% to 70% increase year-over-year compared with net revenues in the corresponding period in 2023. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.
Share Repurchase Program
In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares representing ordinary shares.
The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund the repurchases from its available cash balance.
Conference Call Information
Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 13, 2024, (8:00 pm, Beijing/Hong Kong Time, on March 13, 2024) to discuss the fourth quarter and fiscal year 2023 financial results.
To participate in the conference call, please dial the following numbers:
US 1-888-346-8982
Hong Kong 852-301-84992
Mainland China 4001-201203
International 1-412-902-4272
Conference ID: Tuniu 4Q 2023 Earnings Conference Call
A telephone replay will be available one hour after the end of the conference call through March 20, 2024. The dial-in details are as follows:
US 1-877-344-7529
International 1-412-317-0088
Replay Access Code: 6212624
Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com.
About Tuniu
Tuniu (Nasdaq: TOUR) is a leading online leisure travel company in China that offers integrated travel service with a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; the impact of the COVID-19 on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to income/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries, impairment of goodwill and impairment of property and equipment, net. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.
(Financial Tables Follow)
Tuniu Corporation
Unaudited Consolidated Balance Sheets
(All amounts in thousands, except per share information)
December 31, 2022 December 31, 2023 December 31, 2023
RMB RMB US$
ASSETS
Current assets
Cash and cash equivalents 153,835 377,529 53,174
Restricted cash 44,052 65,764 9,263
Short-term investments 724,413 776,645 109,388
Accounts receivable, net 33,644 44,739 6,301
Amounts due from related parties 1,030 9,515 1,340
Prepayments and other current assets 242,994 236,076 33,251
Total current assets 1,199,968 1,510,268 212,717
Non-current assets
Long-term investments 230,562 209,819 29,552
Property and equipment, net 85,182 57,479 8,096
Intangible assets, net 30,672 26,091 3,675
Land use right, net 92,590 90,529 12,751
Operating lease right-of-use assets, net 33,204 12,484 1,758
Goodwill 114,661
Other non-current assets 91,091 55,960 7,882
Total non-current assets 677,962 452,362 63,714
Total assets 1,877,930 1,962,630 276,431
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND
EQUITY
Current liabilities
Short-term borrowings 7,517 7,277 1,025
Accounts and notes payable 261,873 317,104 44,663
Amounts due to related parties 4,710 6,405 902
Salary and welfare payable 26,507 21,401 3,014
Taxes payable 4,047 4,305 606
Advances from customers 98,899 271,485 38,238
Operating lease liabilities, current 12,439 2,709 382
Accrued expenses and other current liabilities 358,312 330,343 46,529
Total current liabilities 774,304 961,029 135,359
Non-current liabilities
Operating lease liabilities, non-current 26,482 5,348 753
Deferred tax liabilities 6,839 6,027 849
Long-term borrowings 11,959 10,395 1,464
Total non-current liabilities 45,280 21,770 3,066
Total liabilities 819,584 982,799 138,425
Redeemable noncontrolling interests 27,200 27,200 3,831
Equity
Ordinary shares 249 249 35
Less: Treasury stock (288,600) (285,983) (40,280)
Additional paid-in capital 9,125,655 9,138,720 1,287,162
Accumulated other comprehensive income 298,981 305,416 43,017
Accumulated deficit (8,028,261) (8,127,552) (1,144,742)
Total Tuniu Corporation shareholders' equity 1,108,024 1,030,850 145,192
Noncontrolling interests (76,878) (78,219) (11,017)
Total equity 1,031,146 952,631 134,175
Total liabilities, redeemable noncontrolling interests and equity 1,877,930 1,962,630 276,431
Tuniu Corporation
Unaudited Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)
Quarter Ended Quarter Ended Quarter Ended Quarter Ended
December 31, 2022 September 30, 2023 December 31, 2023 December 31, 2023
RMB RMB RMB US$
Revenues
Packaged tours 4,968 150,052 73,382 10,336
Others 22,358 28,139 26,564 3,741
Net revenues 27,326 178,191 99,946 14,077
Cost of revenues (15,125) (63,424) (25,309) (3,565)
Gross profit 12,201 114,767 74,637 10,512
Operating expenses
Research and product development (10,922) (18,400) (10,426) (1,468)
Sales and marketing (22,858) (39,583) (33,230) (4,680)
General and administrative (33,119) (27,089) (42,072) (5,926)
Impairment of goodwill - (114,661) (16,150)
Other operating income 34,404 2,005 2,401 338
Total operating expenses (32,495) (83,067) (197,988) (27,886)
(Loss)/income from operations (20,294) 31,700 (123,351) (17,374)
Other income/(expenses)
Interest and investment income/(loss), net 4,960 7,397 (15,151) (2,134)
Interest expense (1,186) (1,102) (1,056) (149)
Foreign exchange gains, net 5,252 1,983 3,172 447
Other income, net 2,378 1,687 2,499 352
(Loss)/income before income tax expense (8,890) 41,665 (133,887) (18,858)
Income tax (expense)/benefit (219) (964) 103 15
Equity in (loss)/income of affiliates (189) (1,630) 866 122
Net (loss)/income (9,298) 39,071 (132,918) (18,721)
Net loss attributable to noncontrolling interests (4,916) (332) (583) (82)
Net (loss)/income attributable to ordinary shareholders of Tuniu (4,382) 39,403 (132,335) (18,639)
Corporation
Net (loss)/income (9,298) 39,071 (132,918) (18,721)
Other comprehensive loss:
Foreign currency translation adjustment, net of nil tax (8,053) (1,413) (5,848) (824)
Comprehensive (loss)/income (17,351) 37,658 (138,766) (19,545)
Net (loss)/income per ordinary share attributable to ordinary shareholders - (0.01) 0.11 (0.36) (0.05)
basic and diluted
Net (loss)/income per ADS - basic and diluted* (0.03) 0.33 (1.08) (0.15)
Weighted average number of ordinary shares used in computing basic 371,365,207 371,473,030 371,526,300 371,526,300
(loss)/income per share
Weighted average number of ordinary shares used in computing diluted 371,365,207 374,615,685 371,526,300 371,526,300
(loss)/income per share
Share-based compensation expenses included are as follows
?
Cost of revenues 19 79 66 9
Research and product development 19 79 66 9
Sales and marketing 57 43 32 5
General and administrative 803 5,356 4,912 692
Total 898 5,557 5,076 715
*Each ADS represents three of the Company's ordinary shares.
Tuniu Corporation
Unaudited Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)
Year Ended Year Ended Year Ended
December 31, 2022 December 31, 2023 December 31, 2023
RMB RMB US$
Revenues
Packaged tours 70,314 333,357 46,952
Others 113,306 107,913 15,199
Net revenues 183,620 441,270 62,151
Cost of revenues (94,066) (147,581) (20,786)
Gross profit 89,554 293,689 41,365
Operating expenses
Research and product development (50,799) (56,974) (8,025)
Sales and marketing (103,617) (117,706) (16,579)
General and administrative (108,935) (113,221) (15,947)
Impairment of goodwill (112,102) (114,661) (16,150)
Other operating income 75,685 7,009 987
Total operating expenses (299,768) (395,553) (55,714)
Loss from operations (210,214) (101,864) (14,349)
Other income/(expenses)
Interest and investment income 27,181 5,689 801
Interest expense (4,912) (3,525) (496)
Foreign exchange losses, net (22,210) (6,483) (913)
Other income, net 6,136 7,107 1,001
Loss before income tax expense (204,019) (99,076) (13,956)
Income tax benefit/(expense) 731 (1,441) (203)
Equity in income/(loss) of affiliates 292 (580) (82)
Net loss (202,996) (101,097) (14,241)
Net loss attributable to noncontrolling interests (9,614) (1,806) (254)
Net loss attributable to ordinary shareholders of Tuniu (193,382) (99,291) (13,987)
Corporation
Net loss (202,996) (101,097) (14,241)
Other comprehensive income:
Foreign currency translation adjustment, net of nil tax 27,160 6,435 906
Comprehensive loss (175,836) (94,662) (13,335)
Net loss per ordinary share attributable to ordinary shareholders - (0.52) (0.27) (0.04)
basic and diluted
Net loss per ADS - basic and diluted* (1.56) (0.81) (0.12)
Weighted average number of ordinary shares used in computing 371,208,209 371,453,164 371,453,164
basic and diluted loss per share
Share-based compensation expenses included are as follows
Cost of revenues 411 217 31
Research and product development 571 217 31
Sales and marketing 657 87 12
General and administrative 3,408 15,409 2,170
Total 5,047 15,930 2,244
*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, 2023
GAAP Result Share-based Amortization of Gain on
acquired disposals Impairment Impairment Non-GAAP
Compensation intangible assets of subsidiaries of goodwill of property and equipment,
net Result
(Loss)/income from operations (123,351) 5,076 828 114,661 17,986 15,200
Net (loss)/income (132,918) 5,076 828 114,661 17,986 5,633
Net (loss)/income attributable to ordinary shareholders (132,335) 5,076 828 114,661 17,986 6,216
Quarter Ended September 30, 2023
GAAP Result Share-based Amortization of Gain on
acquired disposals Impairment Impairment Non-GAAP
Compensation intangible assets of subsidiaries of goodwill of property and equipment,
net Result
Income from operations 31,700 5,557 828 38,085
Net income 39,071 5,557 828 45,456
Net income attributable to ordinary shareholders 39,403 5,557 828 45,788
Quarter Ended December 31, 2022
GAAP Result Share-based Amortization of Gain on
acquired disposals Impairment Impairment Non-GAAP
Compensation intangible assets of subsidiaries of goodwill of property and equipment,
net Result
Loss from operations (20,294) 898 1,434 (32,165) (50,127)
Net loss (9,298) 898 1,434 (32,165) (39,131)
Net loss attributable to ordinary shareholders (4,382) 898 1,434 (32,165) (34,215)
Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)
Year Ended December 31, 2023
GAAP Result Share-based Amortization of Gain on
acquired disposals Impairment Impairment Non-GAAP
Compensation intangible assets of subsidiaries of goodwill of property and equipment,
net Result
(Loss)/income from operations (101,864) 15,930 3,312 114,661 17,986 50,025
Net (loss)/income (101,097) 15,930 3,312 114,661 17,986 50,792
Net (loss)/income attributable to ordinary shareholders (99,291) 15,930 3,312 114,661 17,986 52,598
Year Ended December 31, 2022
GAAP Result Share-based Amortization of Gain on
acquired disposals Impairment Impairment Non-GAAP
Compensation intangible assets of subsidiaries of goodwill of property and equipment,
net Result
Loss from operations (210,214) 5,047 7,043 (64,951) 112,102 (150,973)
Net loss (202,996) 5,047 7,043 (64,951) 112,102 (143,755)
Net loss attributable to ordinary shareholders (193,382) 5,047 7,043 (64,951) 112,102 (134,141)
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SOURCE Tuniu Corporation
