Net Revenues in Q2 2017 Increased by 53.8%
Year-Over-Year
Gross Profit in Q2 2017 Increased by 84.5%
Year-Over-Year
NANJING, China, Aug. 16, 2017 /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 second quarter ended June
30, 2017.
Highlights for the Second Quarter of 2017
- Net revenues in the second quarter of 2017 increased by
53.8% year-over-year, compared with Non-GAAP[1] net
revenues, to RMB460.1 million
(US$67.9 million[2]).
- Revenues from packaged tours in the second quarter of 2017
increased by 57.7% year-over-year, compared with Non-GAAP revenues
from packaged tours, to RMB339.3
million (US$50.1
million).
- Gross profit in the second quarter of 2017 increased by 84.5%
year-over-year, compared with Non-GAAP gross profit, to
RMB240.6 million (US$35.5 million).
[1] The section
below entitled "About Non-GAAP Financial Measures" provides
information about the use of Non-GAAP financial measures in this
press release, and the attached "Reconciliations of GAAP and
Non-GAAP Results" at the end of this press release reconciles
Non-GAAP financial information with the Company's financial results
under GAAP.
|
[2] The conversion
of Renminbi ("RMB") into United States dollars ("US$") is based on
the exchange rate of US$1.00=RMB6.7793 on June 30, 2017 as set
forth in H.10 statistical release of the U.S. Federal Reserve Board
and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
|
Comparison of Revenues
We adopted ASC 606 new revenue standard effective January 1, 2017 by applying the full
retrospective method. To increase comparability of operating
results and help investors better understand our business
performance and operating trends, we have provided the following
comparison between revenues, cost of revenues and gross profit for
the second quarter of 2017 and the relevant Non-GAAP adjusted data
for corresponding period in 2016:
(in thousands
RMB)
|
Quarter Ended
June
30, 2016
|
Quarter Ended
June
30, 2017
|
% of
change
|
Revenues
|
|
|
|
Packaged
tours
|
215,105
|
339,304
|
57.7%
|
Others
|
87,747
|
120,784
|
37.7%
|
Total
revenues
|
302,852
|
460,088
|
51.9%
|
Net
revenues
|
299,097
|
460,088
|
53.8%
|
Cost of
revenues
|
(168,679)
|
(219,530)
|
30.1%
|
Gross
profit
|
130,418
|
240,558
|
84.5%
|
Additional information regarding our Non-GAAP definition and
reconciliations of GAAP and Non-GAAP results are provided at the
end of this announcement.
Mr. Donald
Yu, Tuniu's co-founder, Chairman and Chief Executive
Officer, said, "We are pleased to report a strong quarter of
performance for the second quarter of 2017. Net revenues increased
by 54% year-over-year while gross profit increased by over 84%
year-over-year. Tuniu already holds the largest share of the
market, yet we are able to continue strengthening our leading
position relative to our peers. In 2014, we launched our direct
procurement initiative and accumulated years of experience in
inventory management and procurement. This expertise will be
valuable going forward as we place a greater emphasis on our direct
procurement strategy."
Mr. Alex
Yan, Tuniu's co-founder, President and Chief
Operating Officer, said, "During the quarter, both air ticketing
and hotel booking grew organically beyond expectations. Our
relationships with suppliers have strengthened and deepened. With
the establishment of these relationships, we have been able to
synergize these products with our core leisure travel packages, in
particular our self-guided tours."
Mr. Conor Yang, Tuniu's Chief
Financial Officer, said, "During the quarter, we were able to
continue narrowing our losses. Our operating expenses decreased
both on an absolute basis and as a percentage of revenue. As we
realize the benefits of economies of scale in areas such as
branding and technology, we will work on further improvements to
our profitability."
Second Quarter 2017 Results
Net revenues were RMB460.1
million (US$67.9 million) in
the second quarter of 2017, representing a year-over-year increase
of 53.8%, compared with Non-GAAP net revenues, from the
corresponding period in 2016.
- Revenues from packaged tours, substantially all of which
are recognized on a net basis, were RMB339.3
million (US$50.1 million) in
the second quarter of 2017, representing a year-over-year increase
of 57.7%, compared with Non-GAAP revenues from packaged tours, from
the corresponding period in 2016. The increase was primarily due to
the growth of organized tours and self-guided tours.
- Other revenues, were RMB120.8
million (US$17.8 million) in
the second quarter of 2017, representing a year-over-year increase
of 37.7%, compared with Non-GAAP other revenues, from the
corresponding period in 2016. The increase was due to a rise in
revenue generated from financial services and commission fees
received from other travel-related products, such as transportation
ticketing and accommodation reservation.
Cost of revenues was RMB219.5
million (US$32.4 million) in
the second quarter of 2017, representing a year-over-year increase
of 30.1%, compared with Non-GAAP cost of revenues, from the
corresponding period in 2016. As a percentage of net revenues, cost
of revenues was 47.7% in the second quarter of 2017, compared to
56.4% as a percentage of Non-GAAP net revenues in the corresponding
period in 2016.
Gross profit was RMB240.6
million (US$35.5 million) in
the second quarter of 2017, representing a year-over-year increase
of 84.5%, compared with Non-GAAP gross profit, from the
corresponding period in 2016. The increase in gross profit and
gross margin was primarily due to improved economies of scale,
increased operational efficiency and optimized supply chain
management.
Operating expenses were RMB529.2
million (US$78.1 million) in
the second quarter of 2017, representing a year-over-year decrease
of 41.1% from the corresponding period in 2016. Share-based
compensation expenses and amortization of acquired intangible
assets, which were allocated to operating expenses, were
RMB57.9 million (US$8.5 million) in the second quarter of 2017.
Non-GAAP operating expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets, were RMB471.2 million
(US$69.5 million) in the second
quarter of 2017, representing a year-over-year decrease of
44.1%.
- Research and product development expenses were
RMB146.6 million (US$21.6 million) in the second quarter of 2017,
representing a year-over-year increase of 3.8%. Non-GAAP
research and product development expenses, which excluded
share-based compensation expenses and amortization of acquired
intangible assets of RMB2.2 million
(US$0.3 million), were RMB144.4 million (US$21.3
million) in the second quarter of 2017, representing an
increase of 3.5% from the corresponding period in 2016. Research and product development
expenses as a percentage of net revenues were 31.9% in the second
quarter of 2017, decreasing from 47.2% as a percentage of Non-GAAP
net revenues in the corresponding period in 2016. The decrease was
primarily due to the increase in efficiency resulting from
economies of scale and implementation of new systems.
- Sales and marketing expenses were RMB221.9 million (US$32.7
million) in the second quarter of 2017, representing a
year-over-year decrease of 64.3%. Non-GAAP sales and marketing
expenses, which excluded share-based compensation expenses and
amortization of acquired intangible assets of RMB34.6 million (US$5.1
million), were RMB187.3
million (US$27.6 million) in
the second quarter of 2017, representing a year-over-year decrease
of 68.2% from the corresponding period in 2016. Sales and marketing
expenses as a percentage of net revenues were 48.2% in the second
quarter of 2017, decreasing from 207.6% as a percentage of Non-GAAP
net revenues in the corresponding period in 2016. The decrease was
primarily due to the decline in brand
promotion spending and preference for marketing channels
with higher ROI.
- General and administrative expenses were RMB166.1 million (US$24.5
million) in the second quarter of 2017, representing a
year-over-year increase of 17.4%. Non-GAAP general and
administrative expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets of RMB21.2 million
(US$3.1 million), were RMB144.9 million (US$21.4
million) for the second quarter of 2017, representing a
year-over-year increase of 21.4% from the corresponding period in
2016. The increase was primarily due to an increase in expenses
associated with the Company's business and product category
expansion. General and administrative expenses as a percentage of
net revenues were 36.1% in the second quarter of 2017, decreasing
from 47.3% as a percentage of Non-GAAP net revenues in the
corresponding period in 2016. The decrease was primarily due to the
increase in efficiency resulting from economies of scale and
optimization of administrative personnel.
Loss from operations was RMB288.6
million (US$42.6 million) in
the second quarter of 2017, compared to a loss from operations of
RMB769.9 million in the second
quarter of 2016. Non-GAAP loss from operations, which
excluded share-based compensation expenses and amortization of
acquired intangible assets, was RMB230.4
million (US$34.0 million) in
the second quarter of 2017.
Net loss was RMB270.8
million (US$39.9 million) in
the second quarter of 2017, compared to a net loss of RMB756.9 million in the second quarter of 2016.
Non-GAAP net loss, which excluded share-based compensation
expenses and amortization of acquired intangible assets, was
RMB212.6 million (US$31.4 million) in the second quarter of
2017.
Net loss attributable to ordinary shareholders was
RMB270.6 million (US$39.9 million) in the second quarter of 2017,
compared to a net loss attributable to ordinary shareholders of
RMB754.2 million in the second
quarter of 2016. Non-GAAP net loss attributable to ordinary
shareholders, which excluded share-based compensation expenses
and amortization of acquired intangible assets, was RMB212.4 million (US$31.3
million) in the second quarter of 2017.
As of June 30, 2017, the Company
had cash and cash equivalents, restricted cash and short-term
investments of RMB4.5 billion
(US$666.1 million).
Business Outlook
For the third quarter of 2017, Tuniu expects to generate
RMB761.5 million to RMB787.7 million
of net revenues, which represents 45% to 50% growth year-over-year
compared with Non-GAAP net revenues in the corresponding period in
2016. This forecast reflects Tuniu's current and preliminary view
on the industry and its operations, which is subject to change.
Conference Call Information
Tuniu's management will hold an earnings conference call at
9:00 pm U.S. Eastern Time, on
August 16, 2017, (9:00 am, Beijing/Hong Kong Time, on August 17, 2017) to discuss the second quarter
2017 financial results.
To participate in the conference call, please dial the following
numbers:
US:
|
+1-888-346-8982
|
Hong Kong:
|
800-905945
|
China:
|
4001-201203
|
International:
|
+1-412-902-4272
|
Conference
ID:
|
Tuniu Corporation 2Q
2017 Earnings Call
|
A telephone replay will be available one hour after the end of
the conference through August 23,
2017. The dial-in details are as follows:
US:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10111406
|
Additionally, a live and archived webcast of the conference call
will also be available on the Company's investor relations website
at http://ir.tuniu.com.
About Tuniu
Tuniu (Nasdaq:TOUR) is a leading online leisure travel company
in China that offers a large
selection of packaged tours, including organized and self-guided
tours, as well as travel-related services for leisure travelers
through its website tuniu.com and mobile platform. Tuniu has over
1,800,000 stock keeping units (SKUs) of packaged tours, covering
over 400 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 net revenue, cost of revenues,
research and product development expenses, sales and marketing
expenses, general and administrative expenses, operating expenses,
loss from operations, net loss, net loss attributable to
noncontrolling interests, net loss attributable to ordinary
shareholders, net loss per ordinary share attributable to ordinary
shareholders-basic and diluted and net loss per ADS, which excludes
adjustment on net basis and timing of revenue recognition as in
2017, share-based compensation expenses and amortization of
acquired intangible assets. We believe that the Non-GAAP financial
measures used in this press release are useful for understanding
and assessing underlying business performance and operating trends,
and management and investors benefit from referring to these
Non-GAAP financial measures in assessing our financial performance
and when planning and forecasting future periods. For more
information on these Non-GAAP financial measures, please see the
table captioned "Reconciliations of GAAP and Non-GAAP Results" set
forth at the end of this press release.
A limitation of using Non-GAAP financial measures excluding
share-based compensation expenses and amortization of acquired
intangible assets is that share-based compensation expenses and
amortization of acquired intangible assets have been – and will
continue to be – significant recurring expenses in the Company's
business. You should not view Non-GAAP results on a stand-alone
basis or as a substitute for results under GAAP, or as being
comparable to results reported or forecasted by other
companies.
For investor and media inquiries, please contact:
China
Maria Xin
Vice President
Tuniu Corporation
Phone: +86-25-8685-3178
E-mail: ir@tuniu.com
(Financial Tables Follow)
Tuniu
Corporation
|
Unaudited
Condensed Consolidated Balance Sheets
|
(All amounts in
thousands, except per share information)
|
|
|
December 31,
2016
|
|
June 30,
2017
|
|
June 30,
2017
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
1,085,236
|
|
1,072,126
|
|
158,147
|
Restricted
cash
|
124,561
|
|
120,404
|
|
17,761
|
Short-term
investments
|
3,603,497
|
|
3,323,063
|
|
490,178
|
Accounts receivable,
net
|
235,673
|
|
329,851
|
|
48,656
|
Amounts due from
related parties
|
390,330
|
|
299,140
|
|
44,125
|
Prepayments and other
current assets
|
1,632,329
|
|
1,005,555
|
|
148,327
|
Yield enhancement
products and accrued
interest
|
449,528
|
|
390,648
|
|
57,624
|
Total current
assets
|
7,521,154
|
|
6,540,787
|
|
964,818
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Long term
investment
|
58,764
|
|
73,764
|
|
10,881
|
Property and
equipment, net
|
177,817
|
|
153,266
|
|
22,608
|
Intangible
assets
|
592,267
|
|
534,272
|
|
78,809
|
Goodwill
|
147,639
|
|
147,639
|
|
21,778
|
Yield enhancement
products over one year
and accrued interest
|
562,643
|
|
383,000
|
|
56,496
|
Other non-current
assets
|
46,468
|
|
99,653
|
|
14,700
|
Long-term amounts due
from related parties
|
64,902
|
|
-
|
|
-
|
Total non-current
assets
|
1,650,500
|
|
1,391,594
|
|
205,272
|
Total
assets
|
9,171,654
|
|
7,932,381
|
|
1,170,090
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
1,022,704
|
|
1,170,809
|
|
172,704
|
Amounts due to
related parties
|
32,526
|
|
77,786
|
|
11,474
|
Salary and welfare
payable
|
192,455
|
|
171,152
|
|
25,246
|
Taxes
payable
|
11,619
|
|
17,602
|
|
2,596
|
Advances from
customers
|
1,806,493
|
|
1,412,644
|
|
208,376
|
Accrued expenses and
other current liabilities
|
589,288
|
|
441,911
|
|
65,188
|
Amounts due to the
individual investors of
yield enhancement products
|
871,914
|
|
682,245
|
|
100,636
|
Total current
liabilities
|
4,526,999
|
|
3,974,149
|
|
586,220
|
|
|
|
|
|
|
Non-current
liabilities
|
54,928
|
|
52,049
|
|
7,678
|
Total
liabilities
|
4,581,927
|
|
4,026,198
|
|
593,898
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
90,072
|
|
93,364
|
|
13,772
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Ordinary
shares
|
242
|
|
242
|
|
36
|
Less: Treasury
stock
|
(19,708)
|
|
(129,102)
|
|
(19,044)
|
Additional paid-in
capital
|
8,855,991
|
|
8,900,417
|
|
1,312,881
|
Accumulated other
comprehensive income
|
400,925
|
|
333,299
|
|
49,164
|
Accumulated
deficit
|
(4,738,593)
|
|
(5,294,666)
|
|
(781,005)
|
Total Tuniu's
shareholders' equity
|
4,498,857
|
|
3,810,190
|
|
562,032
|
Noncontrolling
interests
|
798
|
|
2,629
|
|
388
|
Total
Shareholders' equity
|
4,499,655
|
|
3,812,819
|
|
562,420
|
Total liabilities
and shareholders' equity
|
9,171,654
|
|
7,932,381
|
|
1,170,090
|
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
|
|
June 30,
2016
|
|
March 31,
2017
|
|
June 30,
2017
|
|
June 30,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Packaged
tours
|
2,346,341
|
|
355,948
|
|
339,304
|
|
50,050
|
Others
|
91,273
|
|
100,093
|
|
120,784
|
|
17,817
|
Total
revenues
|
2,437,614
|
|
456,041
|
|
460,088
|
|
67,867
|
Less: Business and
related taxes
|
(3,755)
|
|
-
|
|
-
|
|
-
|
Net
revenues
|
2,433,859
|
|
456,041
|
|
460,088
|
|
67,867
|
Cost of
revenues
|
(2,305,606)
|
|
(204,737)
|
|
(219,530)
|
|
(32,382)
|
Gross
profit
|
128,253
|
|
251,304
|
|
240,558
|
|
35,485
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and product
development
|
(141,259)
|
|
(159,403)
|
|
(146,598)
|
|
(21,624)
|
Sales and
marketing
|
(620,871)
|
|
(253,756)
|
|
(221,888)
|
|
(32,730)
|
General and
administrative
|
(141,463)
|
|
(151,333)
|
|
(166,098)
|
|
(24,501)
|
Other operating
income
|
5,451
|
|
5,223
|
|
5,421
|
|
800
|
Total operating
expenses
|
(898,142)
|
|
(559,269)
|
|
(529,163)
|
|
(78,055)
|
Loss from
operations
|
(769,889)
|
|
(307,965)
|
|
(288,605)
|
|
(42,570)
|
Other
income/(expenses)
|
|
|
|
|
|
|
|
Interest
income
|
20,942
|
|
22,954
|
|
23,006
|
|
3,394
|
Foreign exchange
related gains/(losses),
net
|
(8,285)
|
|
(1,370)
|
|
(923)
|
|
(136)
|
Other (loss)/ income,
net
|
193
|
|
429
|
|
(229)
|
|
(34)
|
Loss before income
tax expense
|
(757,039)
|
|
(285,952)
|
|
(266,751)
|
|
(39,346)
|
Income taxes
(expense) /benefit
|
145
|
|
(1,406)
|
|
(4,067)
|
|
(600)
|
Net
loss
|
(756,894)
|
|
(287,358)
|
|
(270,818)
|
|
(39,946)
|
Less: Net loss
attributable to noncontrolling
interests
|
(2,672)
|
|
(751)
|
|
(1,853)
|
|
(273)
|
Less: Net loss
attributable to redeemable
noncontrolling interests
|
-
|
|
275
|
|
226
|
|
33
|
Net loss
attributable to Tuniu
Corporation
|
(754,222)
|
|
(286,882)
|
|
(269,191)
|
|
(39,706)
|
Accretion on
redeemable noncontrolling
interest
|
-
|
|
(1,356)
|
|
(1,435)
|
|
(212)
|
Net loss
attributable to ordinary
shareholders
|
(754,222)
|
|
(288,238)
|
|
(270,626)
|
|
(39,918)
|
|
|
|
|
|
|
|
|
Net
loss
|
(756,894)
|
|
(287,358)
|
|
(270,818)
|
|
(39,946)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment,
net of nil tax
|
119,928
|
|
(19,190)
|
|
(48,436)
|
|
(7,145)
|
Comprehensive
loss
|
(636,966)
|
|
(306,548)
|
|
(319,254)
|
|
(47,091)
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.99)
|
|
(0.76)
|
|
(0.72)
|
|
(0.11)
|
Net loss per ADS -
basic and diluted*
|
(5.97)
|
|
(2.28)
|
|
(2.16)
|
|
(0.33)
|
Weighted average
number of ordinary
shares used in computing basic and diluted
loss per share
|
378,120,850
|
|
378,164,347
|
|
374,426,600
|
|
374,426,600
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
182
|
|
321
|
|
296
|
|
44
|
Research and product
development
|
1,289
|
|
1,783
|
|
1,752
|
|
258
|
Sales and
marketing
|
328
|
|
477
|
|
427
|
|
63
|
General and
administrative
|
21,532
|
|
23,139
|
|
20,407
|
|
3,010
|
Total
|
23,331
|
|
25,720
|
|
22,882
|
|
3,375
|
|
|
|
|
|
|
|
|
*Each ADS represents
three of the Company's ordinary shares.
|
|
|
|
|
|
|
Tuniu
Corporation
|
Comparison with
Non-GAAP data of corresponding periods
|
(All amounts in
thousands, except per share information)
|
|
|
|
|
|
|
|
|
To increase
comparability of operating results and help investors better
understand our business performance and operating trends, we
have provided the following comparison of certain financial
information for the second quarter of 2017 with relevant Non-GAAP
adjusted
data for corresponding periods in 2016.
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
June 30,
2016
|
|
March 31,
2017
|
|
June 30,
2017
|
|
June 30,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Net
revenues
|
299,097
|
|
456,041
|
|
460,088
|
|
67,867
|
|
|
|
|
|
|
|
|
Gross
profit
|
130,418
|
|
251,304
|
|
240,558
|
|
35,485
|
|
|
|
|
|
|
|
|
Operating
expenses
|
(842,288)
|
|
(559,269)
|
|
(529,163)
|
|
(78,055)
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(711,870)
|
|
(307,965)
|
|
(288,605)
|
|
(42,570)
|
|
|
|
|
|
|
|
|
Net loss
|
(698,875)
|
|
(287,358)
|
|
(270,818)
|
|
(39,946)
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(696,210)
|
|
(288,238)
|
|
(270,626)
|
|
(39,918)
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.84)
|
|
(0.76)
|
|
(0.72)
|
|
(0.11)
|
Reconciliations of GAAP and Non-GAAP
Results
|
(All amounts in
thousands, except per share information)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30,2017
|
|
GAAP
Result
|
|
Adjustment
on net basis and timing of
|
|
Share-based
|
|
Amortization of
acquired
|
|
Non-GAAP
|
|
|
revenue
recognition as in 2017
|
|
Compensation
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
460,088
|
|
-
|
|
-
|
|
-
|
|
460,088
|
Cost of
revenues
|
(219,530)
|
|
-
|
|
296
|
|
-
|
|
(219,234)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(146,598)
|
|
-
|
|
1,752
|
|
399
|
|
(144,447)
|
Sales and
marketing
|
(221,888)
|
|
-
|
|
427
|
|
34,163
|
|
(187,298)
|
General and
administrative
|
(166,098)
|
|
-
|
|
20,407
|
|
793
|
|
(144,898)
|
Other operating
income
|
5,421
|
|
-
|
|
|
|
-
|
|
5,421
|
Total operating
expenses
|
(529,163)
|
|
-
|
|
22,586
|
|
35,355
|
|
(471,222)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(288,605)
|
|
-
|
|
22,882
|
|
35,355
|
|
(230,368)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(270,818)
|
|
-
|
|
22,882
|
|
35,355
|
|
(212,581)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(270,626)
|
|
-
|
|
22,882
|
|
35,355
|
|
(212,389)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(0.72)
|
|
|
|
|
|
|
|
(0.57)
|
Net loss per ADS -
basic and diluted
|
(2.16)
|
|
|
|
|
|
|
|
(1.71)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2017
|
|
GAAP
Result
|
|
Adjustment
on net basis and timing of
|
|
Share-based
|
|
Amortization of
acquired
|
|
Non-GAAP
|
|
|
revenue
recognition as in 2017
|
|
Compensation
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
456,041
|
|
-
|
|
-
|
|
-
|
|
456,041
|
Cost of
revenues
|
(204,737)
|
|
-
|
|
321
|
|
-
|
|
(204,416)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(159,403)
|
|
-
|
|
1,783
|
|
399
|
|
(157,221)
|
Sales and
marketing
|
(253,756)
|
|
-
|
|
477
|
|
34,163
|
|
(219,116)
|
General and
administrative
|
(151,333)
|
|
-
|
|
23,139
|
|
827
|
|
(127,367)
|
Other operating
income
|
5,223
|
|
-
|
|
-
|
|
-
|
|
5,223
|
Total operating
expenses
|
(559,269)
|
|
-
|
|
25,399
|
|
35,389
|
|
(498,481)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(307,965)
|
|
-
|
|
25,720
|
|
35,389
|
|
(246,856)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(287,358)
|
|
-
|
|
25,720
|
|
35,389
|
|
(226,249)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(288,238)
|
|
-
|
|
25,720
|
|
35,389
|
|
(227,129)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(0.76)
|
|
|
|
|
|
|
|
(0.60)
|
Net loss per ADS -
basic and diluted
|
(2.28)
|
|
|
|
|
|
|
|
(1.80)
|
|
Quarter Ended June
30, 2016
|
|
GAAP
Result
|
|
Adjustment
on net basis and timing of
|
|
Share-based
|
|
Amortization of
acquired
|
|
Non-GAAP
|
|
|
revenue
recognition as in 2017
|
|
Compensation
|
|
intangible
assets
|
|
Result
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
2,433,859
|
|
(2,134,762)
|
|
-
|
|
-
|
|
299,097
|
Cost of
revenues
|
(2,305,606)
|
|
2,136,745
|
|
182
|
|
-
|
|
(168,679)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(141,259)
|
|
-
|
|
1,289
|
|
399
|
|
(139,571)
|
Sales and
marketing
|
(620,871)
|
|
(2,425)
|
|
328
|
|
34,110
|
|
(588,858)
|
General and
administrative
|
(141,463)
|
|
-
|
|
21,532
|
|
621
|
|
(119,310)
|
Other operating
income
|
5,451
|
|
-
|
|
-
|
|
-
|
|
5,451
|
Total operating
expenses
|
(898,142)
|
|
(2,425)
|
|
23,149
|
|
35,130
|
|
(842,288)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(769,889)
|
|
(442)
|
|
23,331
|
|
35,130
|
|
(711,870)
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
(756,894)
|
|
(442)
|
|
23,331
|
|
35,130
|
|
(698,875)
|
Net loss attributable
to noncontrolling interests
|
(2,672)
|
|
7
|
|
-
|
|
-
|
|
(2,665)
|
Net loss attributable
to ordinary shareholders
|
(754,222)
|
|
(449)
|
|
23,331
|
|
35,130
|
|
(696,210)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.99)
|
|
|
|
|
|
|
|
(1.84)
|
Net loss per ADS -
basic and diluted
|
(5.97)
|
|
|
|
|
|
|
|
(5.52)
|
View original
content:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-second-quarter-2017-financial-results-300505446.html
SOURCE Tuniu