NANJING, China, Aug. 23, 2021 /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, 2021.

Highlights for the Second Quarter of 2021

  • Net revenues in the second quarter of 2021 increased by 373.1% year-over-year to RMB161.0 million (US$24.9 million[1]).
  • Revenues from package tours in the second quarter of 2021 increased by 906.9% year-over-year to RMB126.5 million (US$19.6 million).
  • Operating expenses in the second quarter of 2021 decreased by 39.8% year-over-year to RMB95.1 million (US$14.7 million).

"Our business saw a strong recovery in the second quarter, as we achieved revenue growth for the first time since the COVID-19 outbreak and returned to positive operating cash flow." said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "We continue to be guided by our 'customer first' principle as we improve our products and services based on customer demand in order to maintain sustainable growth and seize opportunities amidst the evolving industry environment. In the face of temporary challenges, we will always prioritize customers and work to gain their long-term support and trust through our consistent high-quality service."

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 6.4566 on June 30, 2021 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.

Second Quarter 2021 Results

Net revenues were RMB161.0 million (US$24.9 million) in the second quarter of 2021, representing a year-over-year increase of 373.1% from the corresponding period in 2020. The increase was primarily due to the growth in revenues from packaged tours.

  • Revenues from packaged tours were RMB126.5 million (US$19.6 million) in the second quarter of 2021, representing a year-over-year increase of 906.9% from the corresponding period in 2020. The increase was primarily due to the growth in demand for domestic tours.
  • Other revenues were RMB34.5 million (US$5.3 million) in the second quarter of 2021, representing a year-over-year increase of 60.6% from the corresponding period in 2020. The increase was primarily due to a rise in commission fees received from other travel-related products and service fees received from insurance companies.

Cost of revenues was RMB92.0 million (US$14.2 million) in the second quarter of 2021, representing a year-over-year increase of 249.8% from the corresponding period in 2020. As a percentage of net revenues, cost of revenues was 57.1% in the second quarter of 2021, compared to 77.3% in the corresponding period in 2020.

Gross profit was RMB69.0 million (US$10.7 million) in the second quarter of 2021, representing a year-over-year increase of 792.2% from the corresponding period in 2020.

Operating expenses were RMB95.1 million (US$14.7 million) in the second quarter of 2021, representing a year-over-year decrease of 39.8% from the corresponding period in 2020. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB5.6 million (US$0.9 million) in the second quarter of 2021. Non-GAAP[2] operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB89.6 million (US$13.9 million) in the second quarter of 2021, representing a year-over-year decrease of 35.5%.

  • Research and product development expenses were RMB13.8 million (US$2.1 million) in the second quarter of 2021, representing a year-over-year decrease of 33.4%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB0.9 million (US$0.1 million), were RMB12.9 million (US$2.0 million) in the second quarter of 2021, representing a year-over-year decrease of 32.2% from the corresponding period in 2020. The decrease was primarily due to the decrease in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB44.8 million (US$6.9 million) in the second quarter of 2021, representing a year-over-year decrease of 46.8%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.1 million (US$0.2 million), were RMB43.7 million (US$6.8 million) in the second quarter of 2021, representing a year-over-year decrease of 36.9% from the corresponding period in 2020. The decrease was primarily due to the decrease in sales and marketing personnel related expenses and amortization of acquired intangible assets.
  • General and administrative expenses were RMB41.5 million (US$6.4 million) in the second quarter of 2021, representing a year-over-year decrease of 31.8%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB3.6 million (US$0.6 million), were RMB37.9 million (US$5.9 million) in the second quarter of 2021, representing a year-over-year decrease of 35.1% from the corresponding period in 2020. The decrease was primarily due to the decrease in general and administrative personnel related expenses.

Loss from operations was RMB26.2 million (US$4.1 million) in the second quarter of 2021, compared to a loss from operations of RMB150.3 million in the second quarter of 2020. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB20.5 million (US$3.2 million) in the second quarter of 2021.

[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.

Net loss was RMB14.0 million (US$2.2 million) in the second quarter of 2021, compared to a net loss of RMB154.6 million in the second quarter of 2020. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB8.4 million (US$1.3 million) in the second quarter of 2021.

Net loss attributable to ordinary shareholders was RMB13.1 million (US$2.0 million) in the second quarter of 2021, compared to a net loss attributable to ordinary shareholders of RMB147.6 million in the second quarter of 2020. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB7.4 million (US$1.2 million) in the second quarter of 2021.

As of June 30, 2021, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.1 billion (US$175.0 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.

Business Outlook

For the third quarter of 2021, the Company expects to generate RMB111.2 million to RMB123.5 million of net revenues, which represents 0% to 10% 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 August 23, 2021, (8:00 pm, Beijing/Hong Kong Time, on August 23, 2021) to discuss the second quarter 2021 financial results.

To participate in the conference call, please dial the following numbers:

US:           1-866-548-4713

Hong Kong:    800-961-105 / +852-3008-1527

Mainland China: 4001-209101

International:   +1-323-794-2093

Conference ID: Tuniu 2Q 2021 Earnings Call

A telephone replay will be available from 11:00 am on August 23, 2021 through 11:00 am on August 30, 2021, U.S. Eastern Time. The dial-in details are as follows:

US:           1-888-203-1112

Hong Kong:    +852-5808-3200

Mainland China: 4001-201651

International:   +1-719-457-0820

Replay Access Code: 2526033

Additionally, a live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.tuniu.com.

About Tuniu

Tuniu (Nasdaq:TOUR) is a leading online leisure travel company in China that offers a large selection of packaged tours, including organized and self-guided tours, as well as travel-related services for leisure travelers through its website tuniu.com and mobile platform. Tuniu covers over 420 departing cities throughout China and all popular destinations worldwide. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including a dedicated team of professional customer service representatives, 24/7 call centers, extensive networks of offline retail stores and self-operated local tour operators. For more information, please visit http://ir.tuniu.com.

Safe Harbor Statement

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Tuniu may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Tuniu's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but are not limited to the following: Tuniu's goals and strategies; the growth of the online leisure travel market in China; the demand for Tuniu's products and services; its relationships with customers and travel suppliers; the Company's ability to offer competitive travel products and services; Tuniu's future business development, results of operations and financial condition; competition in the online travel industry in China; relevant government policies and regulations relating to the Company's structure, business and industry; the impact of the COVID-19 on Tuniu's business operations, the travel industry and the economy of China and elsewhere generally; and the general economic and business condition in China and elsewhere. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Tuniu does not undertake any obligation to update such information, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement the Company's unaudited consolidated financial results presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), the Company has provided non-GAAP information related to cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. We believe that the non-GAAP financial measures used in this press release are useful for understanding and assessing underlying business performance and operating trends, and management and investors benefit from referring to these non-GAAP financial measures in assessing our financial performance and when planning and forecasting future periods. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP Results" set forth at the end of this press release.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company's business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

(Financial Tables Follow)







Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)


 December 31, 2020 


 June 30, 2021 


 June 30, 2021 


 RMB 


 RMB 


 US$ 







ASSETS






Current assets






  Cash and cash equivalents

213,538


427,379


66,193

  Restricted cash 

50,566


33,996


5,265

  Short-term investments

1,353,670


668,565


103,548

  Accounts receivable, net

264,134


253,196


39,215

  Amounts due from related parties

23,913


20,349


3,152

  Prepayments and other current assets  

378,704


440,713


68,258

Total current assets

2,284,525


1,844,198


285,631







Non-current assets






  Long-term investments

266,866


230,118


35,641

  Property and equipment, net

111,697


108,561


16,814

  Intangible assets, net

71,362


63,430


9,824

  Land use right, net

96,713


95,682


14,819

  Operating lease right-of-use assets, net

42,293


60,757


9,410

  Goodwill

232,007


232,007


35,933

  Other non-current assets

91,180


96,646


14,969

Total non-current assets

912,118


887,201


137,410

Total assets

3,196,643


2,731,399


423,041







LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS

AND EQUITY






Current liabilities






  Short-term borrowings

60,679


20,250


3,136

  Accounts and notes payable 

705,838


654,215


101,325

  Amounts due to related parties

21,034


4,521


700

  Salary and welfare payable

47,487


41,220


6,384

  Taxes payable

6,004


3,312


513

  Advances from customers

208,762


231,598


35,870

  Operating lease liabilities, current

18,264


19,226


2,978

  Accrued expenses and other current liabilities

676,501


351,178


54,391

Total current liabilities

1,744,569


1,325,520


205,297







Non-current liabilities






  Operating lease liabilities, non-current

34,367


46,699


7,233

  Deferred tax liabilities

14,861


13,609


2,108

  Long-term borrowings

22,577


17,599


2,726

  Other non-current liabilities

3,054


3,054


473

Total non-current liabilities

74,859


80,961


12,540

Total liabilities

1,819,428


1,406,481


217,837







Redeemable noncontrolling interests

27,200


27,200


4,213







Equity






  Ordinary shares

249


249


39

  Less: Treasury stock

(302,916)


(295,622)


(45,786)

  Additional paid-in capital

9,125,689


9,123,080


1,412,985

  Accumulated other comprehensive income

275,012


274,270


42,479

  Accumulated deficit

(7,713,355)


(7,765,901)


(1,202,785)

Total Tuniu Corporation shareholders' equity

1,384,679


1,336,076


206,932

 Noncontrolling interests

(34,664)


(38,358)


(5,941)

Total equity

1,350,015


1,297,718


200,991

Total liabilities, redeemable noncontrolling interests and equity

3,196,643


2,731,399


423,041













   









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, 2020 


 March 31, 2021 


 June 30, 2021 


 June 30, 2021 


 RMB 


 RMB 


 RMB 


 US$ 









Revenues








  Packaged tours

12,563


45,361


126,502


19,593

  Others

21,461


31,999


34,459


5,337

Net revenues

34,024


77,360


160,961


24,930

Cost of revenues

(26,292)


(48,706)


(91,975)


(14,245)

Gross profit

7,732


28,654


68,986


10,685









Operating expenses








  Research and product development

(20,647)


(11,791)


(13,757)


(2,131)

  Sales and marketing

(84,255)


(35,418)


(44,795)


(6,938)

  General and administrative

(60,952)


(44,744)


(41,541)


(6,434)

  Other operating income

7,774


8,437


4,950


767

Total operating expenses

(158,080)


(83,516)


(95,143)


(14,736)

Loss from operations

(150,348)


(54,862)


(26,157)


(4,051)

Other income/(expenses)








  Interest and investment income

7,061


15,283


9,095


1,409

  Interest expense

(9,627)


(2,636)


(1,944)


(301)

  Foreign exchange (losses)/gains, net

(4,184)


(1,249)


4,289


664

  Other income, net

1,323


1,086


664


103

Loss before income tax expense

(155,775)


(42,378)


(14,053)


(2,176)

Income tax benefit

934


618


134


21

Equity in income of affiliates

215


129


(95)


(15)

Net loss

(154,626)


(41,631)


(14,014)


(2,170)

Net loss attributable to noncontrolling interests

(7,073)


(2,150)


(949)


(147)

Net income attributable to redeemable noncontrolling interests

142


-


-


-

Net loss attributable to Tuniu Corporation

(147,695)


(39,481)


(13,065)


(2,023)

Reversal of redeemable noncontrolling interests

81


-


-


-

Net loss attributable to ordinary shareholders

(147,614)


(39,481)


(13,065)


(2,023)









Net loss

(154,626)


(41,631)


(14,014)


(2,170)

Other comprehensive (loss)/income:








  Foreign currency translation adjustment, net of nil tax

(271)


3,647


(4,389)


(680)

Comprehensive loss

(154,897)


(37,984)


(18,403)


(2,850)









Net loss per ordinary share attributable to ordinary shareholders - basic and diluted

(0.40)


(0.11)


(0.04)


(0.01)

Net loss per ADS - basic and diluted*

(1.20)


(0.33)


(0.12)


(0.03)









Weighted average number of ordinary shares used in computing basic and diluted loss per share

370,145,186


370,590,545


370,929,055


370,929,055









Share-based compensation expenses included are as follows








  Cost of revenues

189


54


44


7

  Research and product development

832


153


76


12

  Sales and marketing

147


122


61


9

  General and administrative

1,759


1,201


2,928


453

Total

2,927


1,530


3,109


481









*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 June 30, 2021


 GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 










Cost of revenues

(91,975)


44


-


(91,931)









Research and product development

(13,757)


76


782


(12,899)

Sales and marketing

(44,795)


61


1,065


(43,669)

General and administrative

(41,541)


2,928


681


(37,932)

Other operating income

4,950


-


-


4,950

Total operating expenses

(95,143)


3,065


2,528


(89,550)









Loss from operations

(26,157)


3,109


2,528


(20,520)









Net loss

(14,014)


3,109


2,528


(8,377)









Net loss attributable to ordinary shareholders

(13,065)


3,109


2,528


(7,428)









Net loss per ordinary share attributable to ordinary

shareholders - basic and diluted

(0.04)






(0.02)

Net loss per ADS - basic and diluted

(0.12)






(0.06)









Weighted average number of ordinary shares used

in computing basic and diluted loss per share

370,929,055






370,929,055










 Quarter Ended March 31, 2021


 GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 










Cost of revenues

(48,706)


54


-


(48,652)









Research and product development

(11,791)


153


782


(10,856)

Sales and marketing

(35,418)


122


1,065


(34,231)

General and administrative

(44,744)


1,201


681


(42,862)

Other operating income

8,437


-


-


8,437

Total operating expenses

(83,516)


1,476


2,528


(79,512)









Loss from operations

(54,862)


1,530


2,528


(50,804)









Net loss

(41,631)


1,530


2,528


(37,573)









Net loss attributable to ordinary shareholders

(39,481)


1,530


2,528


(35,423)









Net loss per ordinary share attributable to ordinary shareholders - basic and diluted

(0.11)






(0.10)

Net loss per ADS - basic and diluted

(0.33)






(0.30)









Weighted average number of ordinary shares used in computing basic and diluted loss per share

370,590,545






370,590,545










 Quarter Ended June 30, 2020


 GAAP Result 


 Share-based 


Amortization of acquired 


 Non-GAAP 



 Compensation 


  intangible assets 


 Result 










Cost of revenues

(26,292)


189


-


(26,103)









Research and product development

(20,647)


832


782


(19,033)

Sales and marketing

(84,255)


147


14,915


(69,193)

General and administrative

(60,952)


1,759


709


(58,484)

Other operating income

7,774


-


-


7,774

Total operating expenses

(158,080)


2,738


16,406


(138,936)









Loss from operations

(150,348)


2,927


16,406


(131,015)









Net loss

(154,626)


2,927


16,406


(135,293)









Net loss attributable to ordinary shareholders

(147,614)


2,927


16,406


(128,281)









Net loss per ordinary share attributable to ordinary shareholders - basic and diluted

(0.40)






(0.35)

Net loss per ADS - basic and diluted

(1.20)






(1.05)









Weighted average number of ordinary shares used in computing basic and diluted loss per share

370,145,186






370,145,186









*Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under the treasury stock method.


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SOURCE Tuniu

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