NANJING, China, Nov. 27,
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 third quarter ended
September 30, 2017.
Highlights for the Third Quarter of 2017
- Net revenues in the third quarter of 2017 was RMB806.1 million (US$121.2
million[1]), an increase of 53.5% year-over-year
when compared with Non-GAAP[2] net revenues in the third
quarter of 2016.
- Gross profit in the third quarter of 2017 was RMB440.9 million (US$66.3
million), an increase of 73.5% year-over-year when compared
with Non-GAAP gross profit in the third quarter of 2016.
- Non-GAAP net income in the third quarter of 2017 was
RMB39.7 million (US$6.0 million), compared with a Non-GAAP net
loss of RMB496.7 million in the third
quarter of 2016.
Comparison of Revenues
We adopted ASC 606 new revenue standard effective January 1, 2017 by applying the full
retrospective method. To increase comparability of operating
results and help investors better understand our business
performance and operating trends, we have provided the following
comparison between revenues, cost of revenues and gross profit for
the third quarter of 2017 and the relevant Non-GAAP adjusted data
for corresponding period in 2016:
(in thousands
RMB)
|
Quarter Ended
September
30, 2016
|
Quarter Ended
September
30, 2017
|
% of
change
|
Revenues
|
|
|
|
Packaged
tours
|
394,789
|
604,047
|
53.0%
|
Others
|
130,360
|
202,038
|
55.0%
|
Net
revenues
|
525,149
|
806,085
|
53.5%
|
Cost of
revenues
|
(271,087)
|
(365,206)
|
34.7%
|
Gross
profit
|
254,062
|
440,879
|
73.5%
|
[1] The
conversion of Renminbi ("RMB") into United States dollars ("US$")
is based on the exchange rate of US$1.00=RMB6.6533 on September 29,
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.
|
[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 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.
|
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 Dunde Yu, Tuniu's co-founder, Chairman and Chief
Executive Officer, said, "We are delighted to report solid results
for the third quarter of 2017. Net revenues increased by 53.5%
year-over-year during the third quarter while gross profit
increased by 73.5% year-over-year. Tuniu continues to make
exceptional progress with our core strategies of expanding our
offline sales presence, implementing our own local tour operators
and improving our technology infrastructure. These strategies are
developing into our core competitive advantage, differentiating
Tuniu from its industry peers as well as strengthening our leading
position in China's attractive
online leisure travel industry."
Ms. Maria Yi Xin, Tuniu's Chief
Financial Officer, said, "The strategies that we have implemented
in the past years are starting to benefit our operations and
financials. As a result, for the first time since our listing, we
have reached non-GAAP profitability, a positive step towards
achieving long-term profitability. As we continue to execute our
core strategies and optimize our operations, Tuniu will expand
while maximizing value for our customers and shareholders."
Third Quarter 2017 Results
Net revenues were RMB806.1
million (US$121.2 million) in
the third quarter of 2017, representing a year-over-year increase
of 53.5%, compared with Non-GAAP net revenues, from the
corresponding period in 2016.
- Revenues from packaged tours, which are mainly
recognized on a net basis, were RMB604.0
million (US$90.8 million) in
the third quarter of 2017, representing a year-over-year increase
of 53.0%, 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 RMB202.0
million (US$30.4 million) in
the third quarter of 2017, representing a year-over-year increase
of 55.0%, compared with Non-GAAP other revenues, from the
corresponding period in 2016. The increase was due to a rise in
revenues generated from financial services and commission fees
received from certain travel-related products.
Cost of revenues was RMB365.2
million (US$54.9 million) in
the third quarter of 2017, representing a year-over-year increase
of 34.7%, compared with Non-GAAP cost of revenues, from the
corresponding period in 2016. As a percentage of net revenues, cost
of revenues was 45.3% in the third quarter of 2017, compared to
51.6% as a percentage of Non-GAAP net revenues in the corresponding
period in 2016.
Gross profit was RMB440.9
million (US$66.3 million) in
the third quarter of 2017, representing a year-over-year increase
of 73.5%, 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 RMB506.9
million (US$76.2 million) in
the third quarter of 2017, representing a year-over-year decrease
of 38.9% from the corresponding period in 2016. Share-based
compensation expenses and amortization of acquired intangible
assets, which were allocated to operating expenses, were
RMB66.4 million (US$10.0 million) in the third quarter of 2017.
Non-GAAP operating expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets, were RMB440.5 million
(US$66.2 million) in the third
quarter of 2017, representing a year-over-year decrease of
43.2%.
- Research and product development expenses were
RMB124.0 million (US$18.6 million) in the third quarter of 2017,
representing a year-over-year decrease of 26.2%. Non-GAAP
research and product development expenses, which excluded
share-based compensation expenses and amortization of acquired
intangible assets of RMB2.4 million
(US$0.4 million), were RMB121.6 million (US$18.3
million) in the third quarter of 2017, representing a
decrease of 26.9% from the corresponding period in 2016. Research
and product development expenses as a percentage of net revenues
were 15.4% in the third quarter of 2017, decreasing from 32.0% 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 operation
systems, and optimization of research and product development
personnel.
- Sales and marketing expenses were RMB224.8 million (US$33.8
million) in the third quarter of 2017, representing a
year-over-year decrease of 54.8%. Non-GAAP sales and marketing
expenses, which excluded share-based compensation expenses and
amortization of acquired intangible assets of RMB34.7 million (US$5.2
million), were RMB190.1
million (US$28.6 million) in
the third quarter of 2017, representing a year-over-year decrease
of 59.2% from the corresponding period in 2016. Sales and marketing
expenses as a percentage of net revenues were 27.9% in the third
quarter of 2017, decreasing from 94.6% as a percentage of Non-GAAP
net revenues in the corresponding period in 2016. The decrease was
primarily due to the decline in brand promotions and preference for
marketing channels with higher ROI.
- General and administrative expenses were RMB165.9 million (US$24.9
million) in the third quarter of 2017, representing a
year-over-year decrease of 1.3%. Non-GAAP general and
administrative expenses, which excluded share-based
compensation expenses and amortization of acquired intangible
assets of RMB29.3 million
(US$4.4 million), were RMB136.5 million (US$20.5
million) for the third quarter of 2017, representing a
year-over-year decrease of 7.6% from the corresponding period in
2016. General and administrative expenses as a percentage of net
revenues were 20.6% in the third quarter of 2017, decreasing from
32.0% 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 RMB66.0
million (US$9.9 million) in
the third quarter of 2017, compared to a loss from operations of
RMB584.1 million in the third quarter
of 2016. Non-GAAP income from operations, which excluded
share-based compensation expenses and amortization of acquired
intangible assets, was RMB0.6 million
(US$0.1 million) in the third quarter
of 2017.
Net loss was RMB27.0
million (US$4.1 million) in
the third quarter of 2017, compared to a net loss of RMB559.0 million in the third quarter of 2016.
Non-GAAP net income, which excluded share-based compensation
expenses and amortization of acquired intangible assets, was
RMB39.7 million (US$6.0 million) in the third quarter of 2017.
Net loss attributable to ordinary shareholders was
RMB29.3 million (US$4.4 million) in the third quarter of 2017,
compared to a net loss attributable to ordinary shareholders of
RMB556.2 million in the third quarter
of 2016. Non-GAAP net income attributable to ordinary
shareholders, which excluded share-based compensation expenses
and amortization of acquired intangible assets, was RMB37.4 million (US$5.6
million) in the third quarter of 2017.
As of September 30, 2017, the
Company had cash and cash equivalents, restricted cash and
short-term investments of RMB4.4
billion (US$658.7
million).
Business Outlook
For the fourth quarter of 2017, Tuniu expects to generate
RMB450.4 million to RMB466.5 million
of net revenues, which represents 40% to 45% 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
8:00 am U.S. Eastern Time, on
November 27, 2017, (9:00 pm, Beijing/Hong Kong Time, on November 27, 2017) to discuss the third 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 3Q 2017 Earnings Call
A telephone replay will be available one hour after the end of
the conference through December 4,
2017. The dial-in details are as follows:
US:
+1-877-344-7529
|
International:
+1-412-317-0088
|
Replay Access Code: 10114447
Additionally, a live and archived webcast of the conference call
will also be available on the Company's investor relations website
at http://ir.tuniu.com.
About Tuniu
Tuniu (Nasdaq:TOUR) is a leading online leisure travel company
in China that offers a large
selection of packaged tours, including organized and self-guided
tours, as well as travel-related services for leisure travelers
through its website tuniu.com and mobile platform. Tuniu has over
2,000,000 stock keeping units (SKUs) of packaged tours, covering
over 420 departing cities throughout China and all popular destinations worldwide.
Tuniu provides one-stop leisure travel solutions and a compelling
customer experience through its online platform and offline service
network. For more information, please visit
http://ir.tuniu.com.
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended, and the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"estimates," "confident" and similar statements. Tuniu may also
make written or oral forward-looking statements in its reports
filed with or furnished to the U.S. Securities and Exchange
Commission, in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Any statements
that are not historical facts, including statements about Tuniu's
beliefs and expectations, are forward-looking statements that
involve factors, risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Such factors and risks include, but are not limited to
the following: Tuniu's goals and strategies; the growth of the
online leisure travel market in China; the demand for Tuniu's products and
services; its relationships with customers and travel suppliers;
the Company's ability to offer competitive travel products and
services; Tuniu's future business development, results of
operations and financial condition; competition in the online
travel industry in China; relevant
government policies and regulations relating to the Company's
structure, business and industry; and the general economic and
business condition in China and
elsewhere. Further information regarding these and other risks,
uncertainties or factors is included in the Company's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release is current as of the date of the
press release, and Tuniu does not undertake any obligation to
update such information, except as required under applicable
law.
About Non-GAAP Financial Measures
To supplement the Company's unaudited consolidated financial
results presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), the Company has provided
Non-GAAP information related to 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
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,
2016
|
|
September 30,
2017
|
|
September 30,
2017
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
1,085,236
|
|
847,984
|
|
127,453
|
Restricted
cash
|
124,561
|
|
90,553
|
|
13,610
|
Short-term
investments
|
3,603,497
|
|
3,443,984
|
|
517,635
|
Accounts receivable,
net
|
235,673
|
|
443,072
|
|
66,594
|
Amounts due from
related parties
|
390,330
|
|
219,103
|
|
32,931
|
Prepayments and other
current assets
|
1,632,329
|
|
1,352,965
|
|
203,352
|
Yield enhancement
products and accrued interest
|
449,528
|
|
301,688
|
|
45,344
|
Total current
assets
|
7,521,154
|
|
6,699,349
|
|
1,006,919
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Long term
investment
|
58,764
|
|
97,764
|
|
14,694
|
Property and
equipment, net
|
177,817
|
|
147,852
|
|
22,222
|
Intangible
assets
|
592,267
|
|
497,718
|
|
74,808
|
Goodwill
|
147,639
|
|
147,639
|
|
22,190
|
Yield enhancement
products over one year and
accrued interest
|
562,643
|
|
204,608
|
|
30,753
|
Other non-current
assets
|
46,468
|
|
152,729
|
|
22,955
|
Long-term amounts due
from related parties
|
64,902
|
|
-
|
|
-
|
Total non-current
assets
|
1,650,500
|
|
1,248,310
|
|
187,622
|
Total
assets
|
9,171,654
|
|
7,947,659
|
|
1,194,541
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
1,022,704
|
|
1,473,376
|
|
221,450
|
Amounts due to
related parties
|
32,526
|
|
109,305
|
|
16,429
|
Salary and welfare
payable
|
192,455
|
|
166,681
|
|
25,052
|
Taxes
payable
|
11,619
|
|
29,228
|
|
4,393
|
Advances from
customers
|
1,806,493
|
|
1,341,284
|
|
201,597
|
Accrued expenses and
other current liabilities
|
589,288
|
|
417,723
|
|
62,782
|
Amounts due to the
individual investors of yield
enhancement products
|
871,914
|
|
496,058
|
|
74,558
|
Total current
liabilities
|
4,526,999
|
|
4,033,655
|
|
606,261
|
|
|
|
|
|
|
Non-current
liabilities
|
54,928
|
|
42,810
|
|
6,434
|
Total
liabilities
|
4,581,927
|
|
4,076,465
|
|
612,695
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
90,072
|
|
95,054
|
|
14,287
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Ordinary
shares
|
242
|
|
248
|
|
37
|
Less: Treasury
stock
|
(19,708)
|
|
(185,419)
|
|
(27,869)
|
Additional paid-in
capital
|
8,855,991
|
|
8,983,711
|
|
1,350,264
|
Accumulated other
comprehensive income
|
400,925
|
|
297,156
|
|
44,663
|
Accumulated
deficit
|
(4,738,593)
|
|
(5,322,794)
|
|
(800,023)
|
Total Tuniu's
shareholders' equity
|
4,498,857
|
|
3,772,902
|
|
567,072
|
Noncontrolling
interests
|
798
|
|
3,238
|
|
487
|
Total
Shareholders' equity
|
4,499,655
|
|
3,776,140
|
|
567,559
|
Total liabilities
and shareholders' equity
|
9,171,654
|
|
7,947,659
|
|
1,194,541
|
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
|
|
September 30,
2016
|
|
June 30,
2017
|
|
September 30,
2017
|
|
September 30,
2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
Packaged
tours
|
3,936,978
|
|
339,304
|
|
604,047
|
|
90,789
|
Others
|
135,734
|
|
120,784
|
|
202,038
|
|
30,367
|
Net
revenues
|
4,072,712
|
|
460,088
|
|
806,085
|
|
121,156
|
Cost of
revenues
|
(3,827,529)
|
|
(219,530)
|
|
(365,206)
|
|
(54,891)
|
Gross
profit
|
245,183
|
|
240,558
|
|
440,879
|
|
66,265
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
Research and product
development
|
(168,033)
|
|
(146,598)
|
|
(123,974)
|
|
(18,633)
|
Sales and
marketing
|
(496,841)
|
|
(221,888)
|
|
(224,808)
|
|
(33,789)
|
General and
administrative
|
(167,997)
|
|
(166,098)
|
|
(165,874)
|
|
(24,931)
|
Other operating
income
|
3,618
|
|
5,421
|
|
7,757
|
|
1,166
|
Total operating
expenses
|
(829,253)
|
|
(529,163)
|
|
(506,899)
|
|
(76,187)
|
Loss from
operations
|
(584,070)
|
|
(288,605)
|
|
(66,020)
|
|
(9,922)
|
Other
income/(expenses)
|
|
|
|
|
|
|
|
Interest
income
|
26,675
|
|
23,006
|
|
39,864
|
|
5,992
|
Foreign exchange
related gains/(losses), net
|
414
|
|
(923)
|
|
1,908
|
|
287
|
Other loss,
net
|
(430)
|
|
(229)
|
|
(174)
|
|
(26)
|
Loss before income
tax expense
|
(557,411)
|
|
(266,751)
|
|
(24,422)
|
|
(3,669)
|
Income taxes
expense
|
(1,612)
|
|
(4,067)
|
|
(2,583)
|
|
(388)
|
Net
loss
|
(559,023)
|
|
(270,818)
|
|
(27,005)
|
|
(4,057)
|
Less:Net
income/(loss) attributable to
noncontrolling interests
|
(2,797)
|
|
(1,853)
|
|
609
|
|
92
|
Less: Net income
attributable to redeemable
noncontrolling interests
|
-
|
|
226
|
|
514
|
|
77
|
Net loss
attributable to Tuniu Corporation
|
(556,226)
|
|
(269,191)
|
|
(28,128)
|
|
(4,226)
|
Accretion on
redeemable noncontrolling interest
|
-
|
|
(1,435)
|
|
(1,177)
|
|
(177)
|
Net loss
attributable to ordinary shareholders
|
(556,226)
|
|
(270,626)
|
|
(29,305)
|
|
(4,403)
|
|
|
|
|
|
|
|
|
Net
loss
|
(559,023)
|
|
(270,818)
|
|
(27,005)
|
|
(4,057)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Foreign currency
translation adjustment, net of nil
tax
|
29,500
|
|
(48,436)
|
|
(36,143)
|
|
(5,432)
|
Comprehensive
loss
|
(529,523)
|
|
(319,254)
|
|
(63,148)
|
|
(9,489)
|
|
|
|
|
|
|
|
|
Loss per
share
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to
ordinary shareholders - basic and diluted
|
(1.47)
|
|
(0.72)
|
|
(0.08)
|
|
(0.01)
|
Net loss per ADS -
basic and diluted*
|
(4.41)
|
|
(2.16)
|
|
(0.24)
|
|
(0.03)
|
Weighted average
number of ordinary shares
used in computing basic and diluted loss per
share
|
378,412,340
|
|
374,426,600
|
|
372,335,675
|
|
372,335,675
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included are as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
195
|
|
296
|
|
228
|
|
34
|
Research and product
development
|
1,387
|
|
1,752
|
|
2,005
|
|
301
|
Sales and
marketing
|
320
|
|
427
|
|
545
|
|
82
|
General and
administrative
|
19,607
|
|
20,407
|
|
28,451
|
|
4,276
|
Total
|
21,509
|
|
22,882
|
|
31,229
|
|
4,693
|
|
|
|
|
|
|
|
|
*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
third quarter of 2017 with relevant Non-GAAP adjusted data for
corresponding periods
in 2016.
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
Quarter Ended
|
|
September
30, 2016
|
|
June 30,
2017
|
|
September
30, 2017
|
|
September
30, 2017
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Net
revenues
|
525,149
|
|
460,088
|
|
806,085
|
|
121,156
|
|
|
|
|
|
|
|
|
Gross
profit
|
254,062
|
|
240,558
|
|
440,879
|
|
66,265
|
|
|
|
|
|
|
|
|
Operating
expenses
|
(775,826)
|
|
(529,163)
|
|
(506,899)
|
|
(76,187)
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(521,764)
|
|
(288,605)
|
|
(66,020)
|
|
(9,922)
|
|
|
|
|
|
|
|
|
Net loss
|
(496,717)
|
|
(270,818)
|
|
(27,005)
|
|
(4,057)
|
|
|
|
|
|
|
|
|
Net loss attributable
to ordinary shareholders
|
(494,443)
|
|
(270,626)
|
|
(29,305)
|
|
(4,403)
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share attributable to ordinary
shareholders - basic and diluted
|
(1.31)
|
|
(0.72)
|
|
(0.08)
|
|
(0.01)
|
Reconciliations of GAAP and Non-GAAP
Results
|
(All amounts in
thousands, except per share information)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September
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
|
806,085
|
|
-
|
|
-
|
|
-
|
|
806,085
|
Cost of
revenues
|
(365,206)
|
|
-
|
|
228
|
|
-
|
|
(364,978)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(123,974)
|
|
-
|
|
2,005
|
|
399
|
|
(121,570)
|
Sales and
marketing
|
(224,808)
|
|
-
|
|
545
|
|
34,163
|
|
(190,100)
|
General and
administrative
|
(165,874)
|
|
-
|
|
28,451
|
|
876
|
|
(136,547)
|
Other operating
income
|
7,757
|
|
-
|
|
-
|
|
-
|
|
7,757
|
Total operating
expenses
|
(506,899)
|
|
-
|
|
31,001
|
|
35,438
|
|
(440,460)
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
(66,020)
|
|
-
|
|
31,229
|
|
35,438
|
|
647
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
(27,005)
|
|
-
|
|
31,229
|
|
35,438
|
|
39,662
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to
ordinary shareholders
|
(29,305)
|
|
-
|
|
31,229
|
|
35,438
|
|
37,362
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per
ordinary share*
|
|
|
|
|
|
|
|
|
-Basic
|
(0.08)
|
|
|
|
|
|
|
|
0.10
|
-Diluted
|
(0.08)
|
|
|
|
|
|
|
|
0.10
|
Net income/(loss) per
ADS
|
|
|
|
|
|
|
|
|
|
-Basic
|
(0.24)
|
|
|
|
|
|
|
|
0.30
|
-Diluted
|
(0.24)
|
|
|
|
|
|
|
|
0.30
|
Weighted average
number of ordinary shares
|
|
|
|
|
|
|
|
|
-Basic
|
372,335,675
|
|
|
|
|
|
|
|
372,335,675
|
-Diluted
|
372,335,675
|
|
|
|
|
|
|
|
380,259,980
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
Weighted average
number of
ordinary shares used in computing
basic and diluted loss per share
|
374,426,600
|
|
|
|
|
|
|
|
374,426,600
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended September
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
|
4,072,712
|
|
(3,547,563)
|
|
-
|
|
-
|
|
525,149
|
Cost of
revenues
|
(3,827,529)
|
|
3,556,247
|
|
195
|
|
-
|
|
(271,087)
|
|
|
|
|
|
|
|
|
|
|
Research and product
development
|
(168,033)
|
|
-
|
|
1,387
|
|
399
|
|
(166,247)
|
Sales and
marketing
|
(496,841)
|
|
(3,055)
|
|
320
|
|
34,113
|
|
(465,463)
|
General and
administrative
|
(167,997)
|
|
-
|
|
19,607
|
|
656
|
|
(147,734)
|
Other operating
income
|
3,618
|
|
-
|
|
-
|
|
-
|
|
3,618
|
Total operating
expenses
|
(829,253)
|
|
(3,055)
|
|
21,314
|
|
35,168
|
|
(775,826)
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(584,070)
|
|
5,629
|
|
21,509
|
|
35,168
|
|
(521,764)
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(559,023)
|
|
5,629
|
|
21,509
|
|
35,168
|
|
(496,717)
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to
noncontrolling interests
|
(2,797)
|
|
523
|
|
-
|
|
-
|
|
(2,274)
|
Net loss attributable
to ordinary
shareholders
|
(556,226)
|
|
5,106
|
|
21,509
|
|
35,168
|
|
(494,443)
|
|
|
|
|
|
|
|
|
|
|
Net loss per ordinary
share
attributable to ordinary shareholders
- basic and diluted
|
(1.47)
|
|
|
|
|
|
|
|
(1.31)
|
Net loss per ADS -
basic and diluted
|
(4.41)
|
|
|
|
|
|
|
|
(3.93)
|
Weighted average
number of
ordinary shares used in computing
basic and diluted loss per share
|
378,412,340
|
|
|
|
|
|
|
|
378,412,340
|
|
|
|
|
|
|
|
|
|
|
*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.
|
View original
content:http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-third-quarter-2017-financial-results-300561705.html
SOURCE Tuniu