PR Newswire
NANJING
,
China
,
Dec. 1, 2022
/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 third quarter ended
September 30, 2022
.
“In the third quarter,
China’s
travel industry gradually recovered as compared to the previous two quarters,” said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. “Tuniu seized the opportunity to expand our business by focusing on the vacation market and leveraging our integrated model and high-quality products and services. Despite the current uncertainties, we will continue to introduce innovative, high-quality products and services to meet customers’ demand and serve more customers with professionalism and dedication. In addition, the company will continue to roll out cost control measures to improve operational efficiency and strengthen our resilience and capabilities amidst the dynamic external environment.”
Third Quarter 2022 Results
Net revenues
were
RMB77.9 million
(
US$10.9 million
[1]
) in the third quarter of 2022, representing a year-over-year decrease of 32.1% from the corresponding period in 2021. The decrease was primarily due to the negative impact brought by the resurgence and spread of COVID-19.
-
Revenues from packaged tours
were
RMB41.4 million
(
US$5.8 million
) in the third quarter of 2022, representing a year-over-year decrease of 54.3% from the corresponding period in 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in
China
. -
Other revenues
were
RMB36.4 million
(
US$5.1 million
) in the third quarter of 2022, representing a year-over-year increase of 52.3% from the corresponding period in 2021. The increase was primarily due to the increase in the commission fees received from other travel-related products.
Cost of revenues
was
RMB32.8 million
(
US$4.6 million
) in the third quarter of 2022, representing a year-over-year decrease of 56.2% from the corresponding period in 2021. As a percentage of net revenues, cost of revenues was 42.2% in the third quarter of 2022, compared to 65.3% in the corresponding period in 2021.
Gross margin
was 57.8% in the third quarter of 2022, compared to a gross margin of 34.7% in the third quarter of 2021.
Operating expenses
were
RMB59.3 million
(
US$8.3 million
) in the third quarter of 2022, representing a year-over-year decrease of 38.5% from the corresponding period in 2021.
Share-based compensation expenses and amortization of acquired intangible assets
, which were allocated to operating expenses, were
RMB1.9 million
(
US$0.3 million
) in the third quarter of 2022.
Non-GAAP
[2]
operating expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets, were
RMB57.4 million
(
US$8.1 million
) in the third quarter of 2022, representing a year-over-year decrease of 36.9%.
-
Research and product development expenses
were
RMB9.7 million
(
US$1.4 million
) in the third quarter of 2022, representing a year-over-year decrease of 37.6%.
Non-GAAP research and product development expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets of
RMB0.5 million
(
US$0.1 million
), were
RMB9.2 million
(
US$1.3 million
) in the third quarter of 2022, representing a year-over-year decrease of 37.1% from the corresponding period in 2021. The decrease was primarily due to the decrease in research and product development personnel related expenses. -
Sales and marketing expenses
were
RMB26.5 million
(
US$3.7 million
) in the third quarter of 2022, representing a year-over-year decrease of 36.4%.
Non-GAAP sales and marketing expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets of
RMB0.5 million
(
US$0.1 million
), were
RMB26.0 million
(
US$3.7 million
) in the third quarter of 2022, representing a year-over-year decrease of 35.3% from the corresponding period in 2021. The decrease was primarily due to the decrease in promotion expenses. -
General and administrative expenses
were
RMB24.3 million
(
US$3.4 million
) in the third quarter of 2022, representing a year-over-year decrease of 41.1%.
Non-GAAP general and administrative expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets of
RMB0.9 million
(
US$0.1 million
), were
RMB23.4 million
(
US$3.3 million
) in the third quarter of 2022, representing a year-over-year decrease of 38.7% from the corresponding period in 2021. The decrease was primarily due to the decrease in general and administrative personnel related expenses.
Loss from operations
was
RMB14.3 million
(
US$2.0 million
) in the third quarter of 2022, compared to a loss from operations of
RMB56.6 million
in the third quarter of 2021.
Non-GAAP loss from operations
, which excluded share-based compensation expenses and amortization of acquired intangible assets, was
RMB12.3 million
(
US$1.7 million
) in the third quarter of 2022.
Net loss
was
RMB23.5 million
(
US$3.3 million
) in the third quarter of 2022, compared to a net loss of
RMB36.6 million
in the third quarter of 2021.
Non-GAAP net loss
, which excluded share-based compensation expenses and amortization of acquired intangible assets, was
RMB21.6 million
(
US$3.0 million
) in the third quarter of 2022.
Net loss attributable to ordinary shareholders
was
RMB22.0 million
(
US$3.1 million
) in the third quarter of 2022, compared to a net loss attributable to ordinary shareholders of
RMB35.1 million
in the third quarter of 2021.
Non-GAAP net loss attributable to ordinary shareholders
, which excluded share-based compensation expenses and amortization of acquired intangible assets, was
RMB20.1 million
(
US$2.8 million
) in the third quarter of 2022.
As of
September 30, 2022
, the Company had
cash and cash equivalents, restricted cash and short-term investments
of
RMB949.6 million
(
US$133.5 million
). The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.
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Appointment of New Director
Tuniu also announced that Mr.
Jie Chen
has been appointed as an independent director to the Company’s board of directors (the “Board”) effective on
December 1, 2022
, replacing Mr.
Jiangtao Liu
who has resigned from the Board effective on the same date. Mr.
Jie Chen
has also been appointed as a member of the compensation committee of the Board, effective on
December 1, 2022
, replacing Mr.
Jiangtao Liu
. After the change, the Board is comprised of nine members, with the majority of the members of the Board being independent directors.
Mr. Chen currently serves as chairman of Caissa Tourism (000796. SZ), an A-share company listed on the Shenzhen Stock Exchange. Mr. Chen joined Caissa Tourism Group in 2002 and previously served as the vice president of Caissa Tosun Development Co. Ltd. and general manager of domestic operation business group, vacation business group and product research and development center for group tours. Mr. Chen graduated from Beijing Science Technology and Management College in 2002.
Business Outlook
For the fourth quarter of 2022, the Company expects to generate
RMB23.5 million
to
RMB30.8 million
of net revenues, which represents a 58% to 68% 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
December 1, 2022
, (
9:00 pm
,
Beijing
/Hong Kong Time, on
December 1, 2022
) to discuss the third quarter 2022 financial results.
To participate in the conference call, please dial the following numbers:
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A telephone replay will be available one hour after the end of the conference call through
December 8, 2022
. The dial-in details are as follows:
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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 cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, impairment of goodwill, 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, gain on disposals of subsidiaries and impairment of goodwill. 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, gain on disposals of subsidiaries and impairment of goodwill is that share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill 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.
(Financial Tables Follow)
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View original content:
https://www.prnewswire.com/news-releases/tuniu-announces-unaudited-third-quarter-2022-financial-results-301691176.html
SOURCE Tuniu Corporation
