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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Tuniu Corporation    TOUR

TUNIU CORPORATION

(TOUR)
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Tuniu : 2020 Financial Reports Q3

12/01/2020 | 08:30am EST

Tuniu Announces Unaudited Third Quarter 2020 Financial Results

NANJING, China, December 1, 2020 -- 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.

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

1

The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate ofUS$1.00=RMB 6.7896 on September 30, 2020 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available athttps://www.federalreserve.gov/releases/h10/default.htm.

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.

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.

2

The section below entitled "About Non-GAAP Financial Measures" provides information about the use ofNon-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 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:

US: +1-888-346-8982

Hong Kong: +852-301-84992

Mainland China: 4001-201203

International: +1-412-902-4272

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:

US: +1-877-344-7529

International: +1-412-317-0088

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:ir@tuniu.com

(Financial Tables Follow)

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except per share information)

December 31, 2019

RMB

September 30, 2020

RMBSeptember 30, 2020

US$

ASSETS Current assets

Cash and cash equivalents

295,463

668,419

98,447

Restricted cash

327,052

41,057

6,047

Short-term investments

1,305,386

846,372

124,657

Accounts receivable, net

529,983

312,653

46,049

Amounts due from related parties

65,108

50,795

7,481

Prepayments and other current assets

1,300,284

824,056

121,370

Total current assets

3,823,276

2,743,352

404,051

Non-current assets

Long-term investments

1,305,612

464,226

68,373

Property and equipment, net

223,340

187,832

27,665

Intangible assets, net

166,267

100,632

14,821

Land use right, net

98,774

97,228

14,320

Operating lease right-of-use assets, net

105,839

39,756

5,855

Goodwill

232,007

232,007

34,171

Other non-current assets

83,923

48,213

7,101

Long-term amounts due from related parties

557,582

554,152

81,621

Total non-current assets

2,773,344

1,724,046

253,927

Total assets

6,596,620

4,467,398

657,978

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Short-term borrowings

203,845

20,736

3,054

Accounts and notes payable

1,311,963

925,857

136,364

Amounts due to related parties

29,755

22,902

3,373

Salary and welfare payable

112,511

60,292

8,880

Taxes payable

12,207

2,824

416

Advances from customers

1,113,879

300,022

44,188

Operating lease liabilities, current

57,490

24,081

3,547

Accrued expenses and other current liabilities

907,119

719,670

105,996

Total current liabilities

3,748,769

2,076,384

305,818

Non-current liabilities

Operating lease liabilities, non-current

54,718

31,705

4,670

Deferred tax liabilities

23,658

21,235

3,128

Long-term borrowings

9,689

24,074

3,546

Other non-current liabilities

10,947

10,947

1,612

Total non-current liabilities

99,012

87,961

12,956

Total liabilities

3,847,781

2,164,345

318,774

Mezzanine equity

Redeemable noncontrolling interests

37,200

27,261

4,015

Shareholders' equity

Ordinary shares

249

249

37

Less: Treasury stock

(310,942)

(307,290)

(45,259)

Additional paid-in capital

9,113,512

9,119,524

1,343,161

Accumulated other comprehensive income

293,784

289,611

42,655

Accumulated deficit*

(6,385,974)

(6,811,458)

(1,003,219)

Total Tuniu's shareholders' equity

2,710,629

2,290,636

337,375

Noncontrolling interests

1,010

(14,844)

(2,186)

Total Shareholders' equity

2,711,639

2,275,792

335,189

Total liabilities and shareholders' equity

6,596,620

4,467,398

657,978

*On 1 January 2020, the Company adopted ASU No. 2016-13 (ASU 2016-13), "Financial Instruments - Credit Losses" , and recognized a cumulative-effect adjustment to the opening retained earnings at the adoption date.

Tuniu Corporation

Unaudited Condensed Consolidated Statements of Comprehensive Loss

(All amounts in thousands, except per share information)Revenues

Packaged tours

Others

Net revenues Cost of revenues Gross profit

Operating expenses

Research and product development

Sales and marketing

General and administrative

Other operating income

Total operating expenses Loss from operations Other income/(expenses)

Interest and investment income/(loss), net

Interest expense

Foreign exchange (losses)/gains, net

Other income, net

Loss before income tax expense Income tax benefit

Equity in income/(loss) of affiliates Net loss

Net loss attributable to noncontrolling interests

Net (loss)/income attributable to redeemable noncontrolling i n te re s ts

Net loss attributable to Tuniu Corporation

(Accretion on)/Reversal of redeemable noncontrolling interests Net loss attributable to ordinary shareholders

Net loss

Other comprehensive income/(loss):

Foreign currency translation adjustment, net of nil tax Comprehensive loss

Loss per share

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

Net loss per ADS - basic and diluted*

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

Share-based compensation expenses included are as follows

Cost of revenues

Research and product development Sales and marketing

General and administrative Total

*Each ADS represents three of the Company's ordinary shares.

Quarter Ended

Quarter Ended

Quarter Ended

Quarter Ended

September 30, 2019

June 30, 2020

September 30, 2020

September 30, 2020

RMB

RMB

RMB

US$

747,122

105,395

852,517

(472,040)

380,477

(64,310)

(239,973)

(138,456)

5,406

(437,333)

(56,856)

42,780

(8,900)

(5,190)

14,847

(13,319)

698 -

(12,621)

(565)

(102)

(11,954)

(1,518)

(13,472)

(12,621)

12,276

(345)

(0.04)

(0.12)

369,559,765

52

2,065

119

13,294

15,530

12,563

21,461

34,024

(26,292)

7,732

(20,647)

(84,255)

(60,952)

7,774

(158,080)

(150,348)

7,061

(9,627)

(4,184)

1,323

(155,775)

934

215

(154,626)

(7,073)

142

(147,695)

81

(147,614)

(154,626)

(271) (154,897)

(0.40)

(1.20)

370,145,186

189

832

147

1,759

2,927

86,413 12,727

37,132 5,469

123,545 (58,472) 65,073

18,196 (8,612) 9,584

(16,008) (2,358)

(49,869) (7,345)

(69,769) (10,276)

7,803

1,149

(127,843) (18,830)

(62,770) (9,246)

(7,389) (1,088)

(6,483) (955)

12,779 1,882

1,056 156

(62,807)

1,037

(286)

(62,056)

(5,152)

-

(56,904)

-(9,251)

153

(42)

(9,140)

(759)

-

(8,381)

-(56,904) (8,381)

(62,056) (9,140)

(11,993) (1,766)

(74,049) (10,906)

(0.15) (0.02)

(0.45) (0.06)

370,298,762

370,298,762

97 14

287 42

132 19

1,626 239

2,142

314

Reconciliations of GAAP and Non-GAAP Results

(All amounts in thousands, except per share information)

Quarter Ended September 30, 2020

GAAP

Share-based

Amortization of acquired

Non-GAAP

Result

Compensation

intangible assets

Result

Cost of revenues

(58,472)

97

- (58,375)

Research and product development Sales and marketing

(16,008)

287

782 (14,939)

(49,869)

132

6,105 (43,632)

General and administrative Other operating income Total operating expenses

(69,769)

7,803

1,626 -

709 (67,434)

-

7,803

(127,843)Loss from operations

(62,770)

Net loss

(62,056)

Net loss attributable to ordinary shareholders

(56,904)

2,045 2,142 2,142 2,142

7,596 (118,202)

7,596 (53,032)

7,596 (52,318)

7,596 (47,166)

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

(0.15) (0.13)

Net loss per ADS - basic and diluted

(0.45) (0.39)Weighted average number of ordinary shares used in computing basic and diluted loss per share

370,298,762

370,298,762

Quarter Ended June 30, 2020

GAAP ResultShare-based CompensationAmortization of acquired intangible assets

Non-GAAP

Result

Cost of revenues

Research and product development Sales and marketing

General and administrative 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

Net loss per ADS - basic and diluted

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

(26,292)

189

-

(26,103)

(20,647)

832

782

(19,033)

(84,255)

147

14,915

(69,193)

(60,952)

1,759

709

(58,484)

7,774

-

-

7,774

(158,080)

2,738

16,406

(138,936)

(150,348)

2,927

16,406

(131,015)

(154,626)

2,927

16,406

(135,293)

(147,614)

2,927

16,406

(128,281)

(0.40)

(0.35)

(1.20)

(1.05)

370,145,186

370,145,186

Quarter Ended September 30, 2019

GAAP

Non-GAAP

Result

Result

Share-based Compensation

Amortization of acquired intangible assets

Cost of revenues

Research and product development Sales and marketing

General and administrative Other operating income Total operating expenses

Loss from operations

Net (Loss)/Income

Net (Loss)/Income attributable to ordinary shareholders

Net (loss)/income per ordinary share attributable to ordinary s hareholders (RMB)

-Ba s i c

-Diluted

Net (loss)/income per ADS (RMB) -Ba s i c

-Diluted

Weighted average number of ordinary shares -Ba s i c

-Diluted

(472,040)

52

-

(471,988)

(64,310)

2,065

513

(61,732)

(239,973)

119

34,907

(204,947)

(138,456)

13,294

705

(124,457)

5,406

-

-

5,406

(437,333)

15,478

36,125

(385,730)

(56,856)

15,530

36,125

(5,201)

(12,621)

15,530

36,125

39,034

(13,472)

15,530

36,125

38,183

(0.04)

0.10

(0.04)

0.10

(0.12)

0.30

(0.12)

0.30

369,559,765

369,559,765

369,559,765

379,770,193

*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.

Disclaimer

Tuniu Corporation published this content on 01 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2020 13:30:03 UTC


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Financials
Sales 2019 2 281 M 353 M 353 M
Net income 2019 -699 M -108 M -108 M
Net cash 2019 738 M 114 M 114 M
P/E ratio 2019 -3,09x
Yield 2019 -
Capitalization 1 710 M 264 M 265 M
EV / Sales 2018 1,34x
EV / Sales 2019 0,63x
Nbr of Employees 6 188
Free-Float 84,0%
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Mean consensus HOLD
Number of Analysts 1
Average target price 18,38 CNY
Last Close Price 13,86 CNY
Spread / Highest target 32,5%
Spread / Average Target 32,5%
Spread / Lowest Target 32,5%
Managers and Directors
NameTitle
Dunde Yu Chairman & Chief Executive Officer
Hai Feng Yan President, Chief Operating Officer & Director
Haichuan Qian Senior Vice President & Head-Technology
Shi Hong Chen Chief Technology Officer
Xin He Lin Director
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