PR Newswire
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.”
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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.
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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:
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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:
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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)
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View original content:
https://www.prnewswire.com/news-releases/tuniu-announces-unaudited-second-quarter-2021-financial-results-301360398.html
SOURCE Tuniu
