Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results

Rhea-AI Summary

Tuniu Corporation (NASDAQ: TOUR) reported its unaudited financial results for Q4 and FY 2022, highlighting significant challenges due to COVID-19. In Q4, net revenues fell by 62.8% year-over-year to RMB 27.3 million (US$4.0 million), with packaged tour revenues dropping 88.4%. Fiscal year revenues decreased 56.9% to RMB 183.6 million (US$26.6 million). Operating losses worsened, with a net loss of RMB 203.0 million (US$29.4 million). However, Tuniu anticipates a 45%-55% revenue increase in Q1 2023, indicating potential recovery.

Positive

• Projected Q1 2023 revenue growth of 45%-55% year-over-year.
• Cost of revenues decreased by 63.1% in FY 2022.

Negative

• Q4 2022 net revenues decreased by 62.8% year-over-year.
• FY 2022 net revenues decreased by 56.9% compared to 2021.
• Loss from operations worsened to RMB 210.2 million in FY 2022.

NANJING, China, March 17, 2023 /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 fourth quarter and fiscal year ended December 31, 2022.

"Although 2022 was the most difficult year for travel industry since the pandemic outbreak, we were pleased to see the beginning of a recovery in the fourth quarter," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "Despite the challenges we faced last year, Tuniu has consistently pursued new opportunities and continued to upgrade our products and services while enhancing our core competencies. In the new year, as domestic and outbound travel markets gradually re-open, the release of pent-up travel demand is further supporting the industry's rebound. Tuniu will seize this window of opportunity and leverage the strengths which we have built up over the years in supply chain, products, services and sales to achieve a rapid and steady business recovery. In addition to focusing on our business development, we will continue to implement effective cost control measures and improve efficiency to promote Tuniu's healthy long-term development."

Fourth Quarter 2022 Results

Net revenues were RMB27.3 million (US$4.0 million^[1]) in the fourth quarter of 2022, representing a year-over-year decrease of 62.8% from the corresponding period in 2021. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

• Revenues from packaged tours were RMB5.0 million (US$0.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 88.4% from the corresponding period in 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.
• Other revenues were RMB22.4 million (US$3.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 27.0% from the corresponding period in 2021. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

Cost of revenues was RMB15.1 million (US$2.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 61.5% from the corresponding period in 2021. As a percentage of net revenues, cost of revenues was 55.4% in the fourth quarter of 2022, compared to 53.5% in the corresponding period in 2021.

Gross margin was 44.6% in the fourth quarter of 2022, compared to a gross margin of 46.5% in the fourth quarter of 2021.

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8972 on December 30, 2022 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.

Operating expenses were RMB32.5 million (US$4.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 58.4% from the corresponding period in 2021. Gain on disposals of subsidiaries which was allocated to operating expenses, was RMB32.2 million (US$4.7 million) in the fourth quarter of 2022.

• Research and product development expenses were RMB10.9 million (US$1.6 million) in the fourth quarter of 2022, representing a year-over-year decrease of 19.1%. The decrease was primarily due to the decrease in research and product development personnel related expenses.
• Sales and marketing expenses were RMB22.9 million (US$3.3 million) in the fourth quarter of 2022, representing a year-over-year decrease of 20.1%. The decrease was primarily due to the decreases in promotion expenses and sales and marketing personnel related expenses.
• General and administrative expenses were RMB33.1 million (US$4.8 million) in the fourth quarter of 2022, representing a year-over-year decrease of 28.8%. The decrease was primarily due to the decreases in general and administrative personnel related expenses and allowance for expected credit losses.

Loss from operations was RMB20.3 million (US$2.9 million) in the fourth quarter of 2022, compared to a loss from operations of RMB43.9 million in the fourth quarter of 2021. Non-GAAP^[2] loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB50.1 million (US$7.3 million) in the fourth quarter of 2022.

Net loss was RMB9.3 million (US$1.3 million) in the fourth quarter of 2022, compared to a net loss of RMB36.2 million in the fourth quarter of 2021. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB39.1 million (US$5.7 million) in the fourth quarter of 2022.

Net loss attributable to ordinary shareholders was RMB4.4 million (US$0.6 million) in the fourth quarter of 2022, compared to a net loss attributable to ordinary shareholders of RMB33.9 million in the fourth quarter of 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB34.2 million (US$5.0 million) in the fourth quarter of 2022.

[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.

As of December 31, 2022, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB922.3 million (US$133.7 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.

Fiscal Year 2022 Results

Net revenues were RMB183.6 million (US$26.6 million) in 2022, representing a year-over-year decrease of 56.9% from 2021. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

• Revenues from packaged tours were RMB70.3 million (US$10.2 million) in 2022, representing a year-over-year decrease of 77.0% from 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.
• Other revenues were RMB113.3 million (US$16.4 million) in 2022, representing a year-over-year decrease of 6.4% from 2021. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

Cost of revenues was RMB94.1 million (US$13.6 million) in 2022, representing a year-over-year decrease of 63.1% from 2021. As a percentage of net revenues, cost of revenues was 51.2% in 2022 compared to 59.8% in 2021.

Gross margin was 48.8% in 2022, compared to a gross margin of 40.2% in 2021.

Operating expenses were RMB299.8 million (US$43.5 million) in 2022, representing a year-over-year decrease of 15.1% from 2021. Impairment of goodwill offset by gain on disposals of subsidiaries, which were allocated to operating expenses, was RMB47.2 million (US$6.8 million) in 2022.

• Research and product development expenses were RMB50.8 million (US$7.4 million) in 2022, representing a year-over-year decrease of 7.0%. The decrease was primarily due to the decrease in research and development personnel related expenses.
• Sales and marketing expenses were RMB103.6 million (US$15.0 million) in 2022, representing a year-over-year decrease of 31.1%. The decrease was primarily due to the decreases in promotion expenses and sales and marketing personnel related expenses.
• General and administrative expenses were RMB108.9 million (US$15.8 million) in 2022, representing a year-over-year decrease of 37.4%. The decrease was primarily due to the decreases in general and administrative personnel related expenses and allowance for expected credit losses.

Loss from operations was RMB210.2 million (US$30.5 million) in 2022, compared to a loss from operations of RMB181.5 million in 2021. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB151.0 million (US$21.9 million) in 2022.

Net loss was RMB203.0 million (US$29.4 million) in 2022, compared to a net loss of RMB128.5 million in 2021. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB143.8 million (US$20.8 million) in 2022.

Net loss attributable to ordinary shareholders was RMB193.4 million (US$28.0 million) in 2022, compared to a net loss attributable to ordinary shareholders of RMB121.5 million in 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB134.1 million (US$19.4 million) in 2022.

Business Outlook

For the first quarter of 2023, Tuniu expects to generate RMB60.1 million to RMB64.3 million of net revenues, which represents a 45% to 55% increase year-over-year compared with net revenues in the corresponding period in 2022. 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 March 17, 2023, (8:00 pm, Beijing/Hong Kong Time, on March 17, 2023) to discuss the fourth quarter and fiscal year 2022 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 4Q 2022 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 24, 2023. The dial-in details are as follows:

US	1-877-344-7529
International	1-412-317-0088

Replay Access Code: 8859146

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 integrated travel service with 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 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 loss from operations, net loss, net loss attributable to ordinary shareholders, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. 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.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. Tuniu encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

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.

(Financial Tables Follow)

Tuniu Corporation
Unaudited Condensed Consolidated Balance Sheets
(All amounts in thousands, except per share information)
	December 31, 2021		December 31, 2022		December 31, 2022
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents	349,077		153,835		22,304
Restricted cash	46,521		44,052		6,387
Short-term investments	615,901		724,413		105,030
Accounts receivable, net	111,941		33,644		4,878
Amounts due from related parties	14,969		1,030		149
Prepayments and other current assets	337,033		242,994		35,231
Total current assets	1,475,442		1,199,968		173,979
Non-current assets
Long-term investments	201,947		230,562		33,428
Property and equipment, net	98,159		85,182		12,350
Intangible assets, net	55,376		30,672		4,447
Land use right, net	94,652		92,590		13,424
Operating lease right-of-use assets, net	48,115		33,204		4,814
Goodwill	232,007		114,661		16,624
Other non-current assets	92,111		91,091		13,207
Total non-current assets	822,367		677,962		98,294
Total assets	2,297,809		1,877,930		272,273
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities
Short-term borrowings	9,981		7,517		1,090
Accounts and notes payable	383,626		261,873		37,968
Amounts due to related parties	4,679		4,710		683
Salary and welfare payable	33,761		26,507		3,843
Taxes payable	8,004		4,047		587
Advances from customers	139,777		98,899		14,339
Operating lease liabilities, current	16,556		12,439		1,803
Accrued expenses and other current liabilities	382,629		358,312		51,947
Total current liabilities	979,013		774,304		112,260
Non-current liabilities
Operating lease liabilities, non-current	38,832		26,482		3,840
Deferred tax liabilities	12,479		6,839		992
Long-term borrowings	14,344		11,959		1,734
Total non-current liabilities	65,655		45,280		6,566
Total liabilities	1,044,668		819,584		118,826
Redeemable noncontrolling interests	27,200		27,200		3,944
Equity
Ordinary shares	249		249		36
Less: Treasury stock	(293,795)		(288,600)		(41,843)
Additional paid-in capital	9,125,748		9,125,655		1,323,096
Accumulated other comprehensive income	271,821		298,981		43,348
Accumulated deficit	(7,834,879)		(8,028,261)		(1,163,988)
Total Tuniu Corporation shareholders' equity	1,269,144		1,108,024		160,649
Noncontrolling interests	(43,203)		(76,878)		(11,146)
Total equity	1,225,941		1,031,146		149,503
Total liabilities, redeemable noncontrolling interests and equity	2,297,809		1,877,930		272,273

 

 

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
	December 31, 2021		September 30, 2022		December 31, 2022		December 31, 2022
	RMB		RMB		RMB		US$
Revenues
Packaged tours	42,761		41,440		4,968		720
Others	30,642		36,418		22,358		3,242
Net revenues	73,403		77,858		27,326		3,962
Cost of revenues	(39,250)		(32,835)		(15,125)		(2,193)
Gross profit	34,153		45,023		12,201		1,769
Operating expenses
Research and product development	(13,494)		(9,729)		(10,922)		(1,584)
Sales and marketing	(28,612)		(26,502)		(22,858)		(3,314)
General and administrative	(46,512)		(24,270)		(33,119)		(4,802)
Other operating income	10,571		1,222		34,404		4,988
Total operating expenses	(78,047)		(59,279)		(32,495)		(4,712)
Loss from operations	(43,894)		(14,256)		(20,294)		(2,943)
Other income/(expenses)
Interest and investment income	6,171		5,491		4,960		719
Interest expense	(1,814)		(1,194)		(1,186)		(172)
Foreign exchange gains/(losses), net	4,453		(16,167)		5,252		761
Other income, net	459		2,797		2,378		345
Loss before income tax expense	(34,625)		(23,329)		(8,890)		(1,290)
Income tax (expense)/benefit	(1,450)		376		(219)		(32)
Equity in loss of affiliates	(169)		(551)		(189)		(27)
Net loss	(36,244)		(23,504)		(9,298)		(1,349)
Net loss attributable to noncontrolling interests	(2,348)		(1,456)		(4,916)		(713)
Net loss attributable to Tuniu Corporation	(33,896)		(22,048)		(4,382)		(636)
Net loss attributable to ordinary shareholders	(33,896)		(22,048)		(4,382)		(636)
Net loss	(36,244)		(23,504)		(9,298)		(1,349)
Other comprehensive (loss)/income:
Foreign currency translation adjustment, net of nil tax	(4,134)		18,066		(8,053)		(1,168)
Comprehensive loss	(40,378)		(5,438)		(17,351)		(2,517)
Net loss per ordinary share attributable to ordinary shareholders - basic and diluted	(0.09)		(0.06)		(0.01)		-
Net loss per ADS - basic and diluted*	(0.27)		(0.18)		(0.03)		-
Weighted average number of ordinary shares used in computing basic and diluted loss per share	371,020,652		371,274,640		371,365,207		371,365,207
Share-based compensation expenses included are as follows:
Cost of revenues	78		24		19		3
Research and product development	136		10		19		3
Sales and marketing	129		31		57		8
General and administrative	770		432		803		116
Total	1,113		497		898		130
*Each ADS represents three of the Company's ordinary shares.

 

 

 

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)
	Year Ended		Year Ended		Year Ended
	December 31, 2021		December 31, 2022		December 31, 2022
	RMB		RMB		US$
Revenues
Packaged tours	305,333		70,314		10,195
Others	121,015		113,306		16,428
Net revenues	426,348		183,620		26,623
Cost of revenues	(254,815)		(94,066)		(13,638)
Gross profit	171,533		89,554		12,985
Operating expenses
Research and product development	(54,622)		(50,799)		(7,365)
Sales and marketing	(150,493)		(103,617)		(15,023)
General and administrative	(174,021)		(108,935)		(15,794)
Impairment of goodwill	-		(112,102)		(16,253)
Other operating income	26,064		75,685		10,973
Total operating expenses	(353,072)		(299,768)		(43,462)
Loss from operations	(181,539)		(210,214)		(30,477)
Other income/(expenses)
Interest and investment income	50,041		27,181		3,941
Interest expense	(7,491)		(4,912)		(712)
Foreign exchange gains/(losses), net	7,030		(22,210)		(3,220)
Other income, net	2,895		6,136		890
Loss before income tax expense	(129,064)		(204,019)		(29,578)
Income tax (expense)/benefit	(130)		731		106
Equity in income of affiliates	726		292		42
Net loss	(128,468)		(202,996)		(29,430)
Net loss attributable to noncontrolling interests	(6,944)		(9,614)		(1,394)
Net loss attributable to Tuniu Corporation	(121,524)		(193,382)		(28,036)
Net loss attributable to ordinary shareholders	(121,524)		(193,382)		(28,036)
Net loss	(128,468)		(202,996)		(29,430)
Other comprehensive (loss)/income:
Foreign currency translation adjustment, net of nil tax	(3,191)		27,160		3,938
Comprehensive loss	(131,659)		(175,836)		(25,492)
Net loss per ordinary share attributable to ordinary shareholders - basic and diluted	(0.33)		(0.52)		(0.08)
Net loss per ADS - basic and diluted*	(0.99)		(1.56)		(0.24)
Weighted average number of ordinary shares used in computing basic and diluted loss per share	370,874,312		371,208,209		371,208,209
Share-based compensation expenses included are as follows:
Cost of revenues	390		411		60
Research and product development	724		571		83
Sales and marketing	644		657		95
General and administrative	7,374		3,408		494
Total	9,132		5,047		732
*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 December 31, 2022
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Non-GAAP
			Compensation		intangible assets		of subsidiaries		Result
Loss from operations	(20,294)		898		1,434		(32,165)		(50,127)
Net loss	(9,298)		898		1,434		(32,165)		(39,131)
Net loss attributable to ordinary shareholders	(4,382)		898		1,434		(32,165)		(34,215)
	Quarter Ended September 30, 2022
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Non-GAAP
			Compensation		intangible assets		of subsidiaries		Result
Loss from operations	(14,256)		497		1,434		-		(12,325)
Net loss	(23,504)		497		1,434		-		(21,573)
Net loss attributable to ordinary shareholders	(22,048)		497		1,434		-		(20,117)
	Quarter Ended December 31, 2021
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Non-GAAP
			Compensation		intangible assets		of subsidiaries		Result
Loss from operations	(43,894)		1,113		2,236		-		(40,545)
Net loss	(36,244)		1,113		2,236		-		(32,895)
Net loss attributable to ordinary shareholders	(33,896)		1,113		2,236		-		(30,547)
*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.

 

 

 

Reconciliations of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)
	Year Ended December 31, 2022
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		Result
Loss from operations	(210,214)		5,047		7,043		(64,951)		112,102		(150,973)
Net loss	(202,996)		5,047		7,043		(64,951)		112,102		(143,755)
Net loss attributable to ordinary shareholders	(193,382)		5,047		7,043		(64,951)		112,102		(134,141)
	Year Ended December 31, 2021
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		Result
Loss from operations	(181,539)		9,132		9,625		-		-		(162,782)
Net loss	(128,468)		9,132		9,625		-		-		(109,711)
Net loss attributable to ordinary shareholders	(121,524)		9,132		9,625		-		-		(102,767)
*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 Corporation

FAQ

What were Tuniu's Q4 2022 financial results?

Tuniu reported Q4 2022 net revenues of RMB 27.3 million, a 62.8% decrease from the previous year.

How did Tuniu perform in FY 2022?

In FY 2022, Tuniu experienced a 56.9% decline in net revenues to RMB 183.6 million.

What is Tuniu's revenue outlook for Q1 2023?

Tuniu expects Q1 2023 net revenues between RMB 60.1 million and RMB 64.3 million, a 45%-55% increase year-over-year.

What was the net loss for Tuniu in FY 2022?

Tuniu reported a net loss of RMB 203.0 million in FY 2022.

What are the main challenges Tuniu faced in 2022?

Tuniu faced significant challenges due to the COVID-19 pandemic, affecting travel demand and revenues.