PR Newswire
NANJING, China, Dec. 1, 2020
NANJING
,
China
,
Dec. 1, 2020
/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, 2020
.
“In the third quarter, as
China’s
domestic travel industry further recovered, Tuniu’s revenues continued to improve with declining operating expenses for the third consecutive quarter as our operating cash flow turned positive,” said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. “With our strong supply chain advantages, innovative product models and diverse customer acquisition channels, Tuniu is able to offer Chinese travelers highly satisfying and cost-effective products. Looking ahead, we are confident that Tuniu is well positioned to grasp opportunities, expand our core competencies and strengthen our market position.”
Third Quarter 2020 Results
Net revenues
were
RMB123.5 million
(
US$18.2 million
[1]
) in the third quarter of 2020, representing a year-over-year decrease of 85.5% from the corresponding period in 2019. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.
-
Revenues from packaged tours
were
RMB86.4 million
(
US$12.7 million
) in the third quarter of 2020, representing a year-over-year decrease of 88.4% from the corresponding period in 2019. The decrease was primarily due to the decline in travel to international destinations impacted by the outbreak and spread of COVID-19. -
Other revenues
were
RMB37.1 million
(
US$5.5 million
) in the third quarter of 2020, representing a year-over-year decrease of 64.8% from the corresponding period in 2019. The decrease was primarily due to the decline in service fees received from insurance companies and revenues generated from financial services.
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Cost of revenues
was
RMB58.5 million
(
US$8.6 million
) in the third quarter of 2020, representing a year-over-year decrease of 87.6% from the corresponding period in 2019. As a percentage of net revenues, cost of revenues was 47.3% in the third quarter of 2020, compared to 55.4% in the corresponding period in 2019.
Gross margin
was 52.7% in the third quarter of 2020, compared to a gross margin of 44.6% in the third quarter of 2019.
Operating expenses
were
RMB127.8 million
(
US$18.8 million
) in the third quarter of 2020, representing a year-over-year decrease of 70.8% from the corresponding period in 2019.
Share-based compensation expenses and amortization of acquired intangible assets
, which were allocated to operating expenses, were
RMB9.6 million
(
US$1.4 million
) in the third quarter of 2020.
Non-GAAP
[2]
operating expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets, were
RMB118.2 million
(
US$17.4 million
) in the third quarter of 2020, representing a year-over-year decrease of 69.4%.
-
Research and product development expenses
were
RMB16.0 million
(
US$2.4 million
) in the third quarter of 2020, representing a year-over-year decrease of 75.1%.
Non-GAAP research and product development expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets of
RMB1.1 million
(
US$0.2 million
), were
RMB14.9 million
(
US$2.2 million
) in the third quarter of 2020, representing a year-over-year decrease of 75.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in research and product development personnel related expenses. -
Sales and marketing expenses
were
RMB49.9 million
(
US$7.3 million
) in the third quarter of 2020, representing a year-over-year decrease of 79.2%.
Non-GAAP sales and marketing expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets of
RMB6.2 million
(
US$0.9 million
), were
RMB43.6 million
(
US$6.4 million
) in the third quarter of 2020, representing a year-over-year decrease of 78.7% from the corresponding period in 2019. The decrease was primarily due to the decrease in promotion expenses and sales and marketing personnel related expenses. -
General and administrative expenses
were
RMB69.8 million
(
US$10.3 million
) in the third quarter of 2020, representing a year-over-year decrease of 49.6%.
Non-GAAP general and administrative expenses
, which excluded share-based compensation expenses and amortization of acquired intangible assets of
RMB2.3 million
(
US$0.3 million
), were
RMB67.4 million
(
US$9.9 million
) in the third quarter of 2020, representing a year-over-year decrease of 45.8% from the corresponding period in 2019. The decrease was primarily due to the decrease in general and administrative personnel related expenses.
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Loss from operations
was
RMB62.8 million
(
US$9.2 million
) in the third quarter of 2020, compared to a loss from operations of
RMB56.9 million
in the third quarter of 2019.
Non-GAAP loss from operations
, which excluded share-based compensation expenses and amortization of acquired intangible assets, was
RMB53.0 million
(
US$7.8 million
) in the third quarter of 2020.
Net loss
was
RMB62.1 million
(
US$9.1 million
) in the third quarter of 2020, compared to a net loss of
RMB12.6 million
in the third quarter of 2019.
Non-GAAP net loss
, which excluded share-based compensation expenses and amortization of acquired intangible assets, was
RMB52.3 million
(
US$7.7 million
) in the third quarter of 2020.
Net loss attributable to ordinary shareholders
was
RMB56.9 million
(
US$8.4 million
) in the third quarter of 2020, compared to a net loss attributable to ordinary shareholders of
RMB13.5 million
in the third quarter of 2019.
Non-GAAP net loss attributable to ordinary shareholders
, which excluded share-based compensation expenses and amortization of acquired intangible assets, was
RMB47.2 million
(
US$6.9 million
) in the third quarter of 2020.
As of
September 30, 2020
, the Company had
cash and cash equivalents, restricted cash and short-term investments
of
RMB1.6 billion
(
US$229.2 million
). The COVID-19 pandemic has negatively impacted our business operation and cash flows for the third quarter of 2020, which could continue to impact on 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
Tuniu’s business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since
January 2020
. As a result of the continued influence by COVID-19, for the fourth quarter of 2020, the Company expects to generate
RMB112.8 million
to
RMB135.4 million
of net revenues, which represents 70% to 75% decrease year-over-year. This forecast reflects Tuniu’s current and preliminary view on the industry and its operations, which is subject to change.
Conference Call Information
Tuniu’s management will hold an earnings conference call at
8:00 am
U.S. Eastern Time, on
December 1, 2020
, (
9:00 pm
,
Beijing
/Hong Kong Time, on
December 1, 2020
) to discuss the third quarter 2020 financial results.
To participate in the conference call, please dial the following numbers:
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Conference ID: Tuniu 3Q 2020 Earnings Call
A telephone replay will be available one hour after the end of the conference through
December 8, 2020
. The dial-in details are as follows:
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Replay Access Code: 10150213
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.
For investor and media inquiries, please contact:
China
Mary Chen
Investor Relations Director
Tuniu Corporation
Phone: +86-25-6960-9988
E-mail:
[email protected]
(Financial Tables Follow)
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View original content:
http://www.prnewswire.com/news-releases/tuniu-announces-unaudited-third-quarter-2020-financial-results-301182319.html
SOURCE Tuniu
