Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

Rhea-AI Summary

Tuniu Corporation (NASDAQ: TOUR) reported impressive financial results for Q4 2023 and FY 2023, showcasing significant revenue growth and profitability. The company's net revenues, revenues from package tours, and gross profit all experienced substantial year-over-year increases, reflecting a strong performance fueled by the travel market's recovery. Tuniu's founder and CEO highlighted the company's commitment to delivering high-quality products and services, leading to its first full-year non-GAAP profitability post-COVID-19 pandemic. Looking ahead to 2024, Tuniu aims to capitalize on market opportunities, leverage core strengths, and sustain growth and profitability.

Positive

• Significant revenue growth and profitability reported for Q4 2023 and FY 2023.
• Net revenues in Q4 2023 increased by 265.8% year-over-year to RMB99.9 million.
• Revenues from package tours in Q4 2023 surged by 1377.1% year-over-year to RMB73.4 million.
• Gross profit in Q4 2023 rose by 511.7% year-over-year to RMB74.6 million.
• Net revenues in FY 2023 grew by 140.3% year-over-year to RMB441.3 million.
• Revenues from package tours in FY 2023 soared by 374.1% year-over-year to RMB333.4 million.
• Gross profit in FY 2023 increased by 227.9% year-over-year to RMB293.7 million.
• Tuniu achieved its first full-year non-GAAP profitability since the COVID-19 pandemic.
• CEO emphasized the company's commitment to quality and profitability amidst market recovery.
• Plans for 2024 include seizing market opportunities, leveraging core strengths, and sustaining growth.

Negative

• None.

Insights

Market Research Analyst

The substantial year-over-year revenue growth reported by Tuniu Corporation is a strong indicator of the company's recovery and expansion in the post-pandemic era. The leap in revenues, particularly from package tours, suggests a significant rebound in consumer demand for leisure travel. This is reflective of broader industry trends where travel and tourism sectors are witnessing a resurgence as restrictions ease and consumer confidence returns.

From a market perspective, the reported figures are likely to instigate positive sentiment among investors, as they underscore the company's ability to capitalize on market opportunities. The reported profitability for the full fiscal year further strengthens the company's financial position, potentially influencing its stock price positively. However, investors should also consider the sustainability of this growth, given the volatile nature of the travel industry and potential macroeconomic headwinds.

Financial Analyst

Tuniu's announcement of its first full-year non-GAAP profitability since the onset of the COVID-19 pandemic is a critical financial milestone. This profitability indicates effective cost management and operational efficiency, which are key factors in evaluating a company's long-term financial health. The emphasis on strict cost control measures, as stated by the CEO, highlights a strategic approach to financial management that may have contributed to this turnaround.

It's important to note that non-GAAP measures can exclude certain expenses that are included in GAAP measures, such as stock-based compensation or one-time charges. While these non-GAAP results can provide a clearer picture of the company's operating performance, investors should also consider GAAP results for a complete financial assessment. The company's success in achieving profitability under this measure could be a positive signal to the market, potentially affecting investor confidence and the company's valuation.

Travel Industry Expert

The impressive growth in package tour revenues indicates that Tuniu has effectively tapped into the post-pandemic travel boom. The company's focus on high-quality products and services, as mentioned by the CEO, may have contributed to establishing Tuniu as a trusted brand within the vacation sector. This brand trust is essential in the competitive travel industry, where customer loyalty and repeat business can drive long-term success.

As the travel sector continues to recover, Tuniu's strategic positioning and operational performance suggest it is well-placed to benefit from increasing travel demand. However, the industry remains susceptible to external factors such as economic downturns, changes in travel regulations and health crises, which could impact future performance. Stakeholders should keep an eye on how Tuniu adapts to these challenges while maintaining growth and profitability.

NANJING, China, March 13, 2024 /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, 2023.

Highlights for the Fourth Quarter of 2023

• Net revenues in the fourth quarter of 2023 increased by 265.8% year-over-year to RMB99.9 million (US$14.1 million^[1]).
• Revenues from package tours in the fourth quarter of 2023 increased by 1377.1% year-over-year to RMB73.4 million (US$10.3 million).
• Gross profit in the fourth quarter of 2023 increased by 511.7% year-over-year to RMB74.6 million (US$10.5 million).

Highlights for the Fiscal Year 2023

• Net revenues in 2023 increased by 140.3% year-over-year to RMB441.3 million (US$62.2 million).
• Revenues from package tours in 2023 increased by 374.1% year-over-year to RMB333.4 million (US$47.0 million).
• Gross profit in 2023 increased by 227.9% year-over-year to RMB293.7 million (US$41.4 million).

"In 2023, the travel market's robust recovery helped Tuniu achieve a strong performance for the year," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "In the fourth quarter, our net revenues increased by 265.8% year-over-year, while revenues from packaged tours increased by 1377.1%. Tuniu has become a trusted brand in the vacation sector due to our longstanding commitment to delivering high-quality products and services. Reflecting the progress of our business, we are pleased to announce that the Company achieved its first full-year non-GAAP^[2] profitability since the COVID-19 pandemic. This demonstrates the effectiveness of the strict cost control measures that we have implemented. In 2024, we will continue to seize upon opportunities presented by the market recovery, leverage Tuniu's core advantages, enhance performance, and continuously demonstrate our growth potential and profitability to the market."

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 7.0999 on December 29, 2023 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.

[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.

Fourth Quarter 2023 Results

Net revenues were RMB99.9 million (US$14.1 million) in the fourth quarter of 2023, representing a year-over-year increase of 265.8% from the corresponding period in 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers.

• Revenues from packaged tours were RMB73.4 million (US$10.3 million) in the fourth quarter of 2023, representing a year-over-year increase of 1377.1% from the corresponding period in 2022. The increase was primarily due to the growth of organized tours.
• Other revenues were RMB26.6 million (US$3.7 million) in the fourth quarter of 2023, representing a year-over-year increase of 18.8% from the corresponding period in 2022. The increase was primarily due to the growth in commission fees received from other travel-related products.

Cost of revenues was RMB25.3 million (US$3.6 million) in the fourth quarter of 2023, representing a year-over-year increase of 67.3% from the corresponding period in 2022. As a percentage of net revenues, cost of revenues was 25.3% in the fourth quarter of 2023, compared to 55.4% in the corresponding period in 2022.

Gross profit was RMB74.6 million (US$10.5 million) in the fourth quarter of 2023, representing a year-over-year increase of 511.7% from the corresponding period in 2022.

Operating expenses were RMB198.0 million (US$27.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 509.3% from the corresponding period in 2022. The increase was primarily due to the impairment of goodwill of RMB114.7 million (US$16.2 million) recorded in the fourth quarter of 2023.

• Research and product development expenses were RMB10.4 million (US$1.5 million) in the fourth quarter of 2023, representing a year-over-year decrease of 4.5%. The decrease was primarily due to the decrease in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 10.4% in the fourth quarter of 2023, decreasing from 40.0% as a percentage of net revenues in the corresponding period in 2022.
• Sales and marketing expenses were RMB33.2 million (US$4.7 million) in the fourth quarter of 2023, representing a year-over-year increase of 45.4%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 33.2% in the fourth quarter of 2023, decreasing from 83.6% as a percentage of net revenues in the corresponding period in 2022.
• General and administrative expenses were RMB42.1 million (US$5.9 million) in the fourth quarter of 2023, representing a year-over-year increase of 27.0%. The increase was primarily due to the impairment of property and equipment, net, recorded in the fourth quarter of 2023. General and administrative expenses as a percentage of net revenues were 42.1% in the fourth quarter of 2023, decreasing from 121.2% as a percentage of net revenues in the corresponding period in 2022.

Loss from operations was RMB123.4 million (US$17.4 million) in the fourth quarter of 2023, compared to a loss from operations of RMB20.3 million in the fourth quarter of 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB15.2 million (US$2.1 million) in the fourth quarter of 2023.

Net loss was RMB132.9 million (US$18.7 million) in the fourth quarter of 2023, compared to a net loss of RMB9.3 million in the fourth quarter of 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB5.6 million (US$0.8 million) in the fourth quarter of 2023.

Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB132.3 million (US$18.6 million) in the fourth quarter of 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB4.4 million in the fourth quarter of 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB6.2 million (US$0.9 million) in the fourth quarter of 2023.

As of December 31, 2023, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.2 billion (US$171.8 million).

Fiscal Year 2023 Results

Net revenues were RMB441.3 million (US$62.2 million) in 2023, representing a year-over-year increase of 140.3% from 2022. The increase was primarily due to the growth of packaged tours as the travel market recovers.

• Revenues from packaged tours were RMB333.4 million (US$47.0 million) in 2023, representing a year-over-year increase of 374.1% from 2022. The increase was primarily due to the growth of organized tours.
• Other revenues were RMB107.9 million (US$15.2 million) in 2023, representing a year-over-year decrease of 4.8% from 2022. The decrease was primarily due to the decrease in revenues generated from financial services.

Cost of revenues was RMB147.6 million (US$20.8 million) in 2023, representing a year-over-year increase of 56.9% from 2022. As a percentage of net revenues, cost of revenues was 33.4% in 2023 compared to 51.2% in 2022.

Gross profit was RMB293.7 million (US$41.4 million) in 2023, representing a year-over-year increase of 227.9% from 2022.

Operating expenses were RMB395.6 million (US$55.7 million) in 2023, representing a year-over-year increase of 32.0% from 2022.

• Research and product development expenses were RMB57.0 million (US$8.0 million) in 2023, representing a year-over-year increase of 12.2%. The increase was primarily due to the increase in research and product development personnel related expenses. Research and product development expenses as a percentage of net revenues were 12.9% in 2023, decreasing from 27.7% as a percentage of net revenues in 2022.
• Sales and marketing expenses were RMB117.7 million (US$16.6 million) in 2023, representing a year-over-year increase of 13.6%. The increase was primarily due to the increase in promotion expenses. Sales and marketing expenses as a percentage of net revenues were 26.7% in 2023, decreasing from 56.4% as a percentage of net revenues in 2022.
• General and administrative expenses were RMB113.2 million (US$15.9 million) in 2023, representing a year-over-year increase of 3.9%. The increase was primarily due to the impairment of property and equipment, net, recorded in 2023. General and administrative expenses as a percentage of net revenues were 25.7% in 2023, decreasing from 59.3% as a percentage of net revenues in 2022.

Loss from operations was RMB101.9 million (US$14.3 million) in 2023, compared to a loss from operations of RMB210.2 million in 2022. Non-GAAP income from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.0 million (US$7.0 million) in 2023.

Net loss was RMB101.1 million (US$14.2 million) in 2023, compared to a net loss of RMB203.0 million in 2022. Non-GAAP net income, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB50.8 million (US$7.2 million) in 2023.

Net loss attributable to ordinary shareholders of Tuniu Corporation was RMB99.3 million (US$14.0 million) in 2023, compared to a net loss attributable to ordinary shareholders of Tuniu Corporation of RMB193.4 million in 2022. Non-GAAP net income attributable to ordinary shareholders of Tuniu Corporation, which excluded share-based compensation expenses, amortization of acquired intangible assets, impairment of goodwill and impairment of property and equipment, net, was RMB52.6 million (US$7.4 million) in 2023.

Business Outlook

For the first quarter of 2024, Tuniu expects to generate RMB101.1 million to RMB107.4 million of net revenues, which represents a 60% to 70% increase year-over-year compared with net revenues in the corresponding period in 2023. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

Share Repurchase Program

In March 2024, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$10 million worth of its ordinary shares or American depositary shares representing ordinary shares.

The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. Tuniu plans to fund the repurchases from its available cash balance.

Conference Call Information

Tuniu's management will hold an earnings conference call at 8:00 am U.S. Eastern Time, on March 13, 2024, (8:00 pm, Beijing/Hong Kong Time, on March 13, 2024) to discuss the fourth quarter and fiscal year 2023 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 2023 Earnings Conference Call

A telephone replay will be available one hour after the end of the conference call through March 20, 2024. The dial-in details are as follows:

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

Replay Access Code: 6212624

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 income/(loss) from operations, net income/(loss), net income/(loss) attributable to ordinary shareholders of Tuniu Corporation, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries, impairment of goodwill and impairment of property and equipment, net. 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 Consolidated Balance Sheets
(All amounts in thousands, except per share information)
	December 31, 2022		December 31, 2023		December 31, 2023
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents	153,835		377,529		53,174
Restricted cash	44,052		65,764		9,263
Short-term investments	724,413		776,645		109,388
Accounts receivable, net	33,644		44,739		6,301
Amounts due from related parties	1,030		9,515		1,340
Prepayments and other current assets	242,994		236,076		33,251
Total current assets	1,199,968		1,510,268		212,717
Non-current assets
Long-term investments	230,562		209,819		29,552
Property and equipment, net	85,182		57,479		8,096
Intangible assets, net	30,672		26,091		3,675
Land use right, net	92,590		90,529		12,751
Operating lease right-of-use assets, net	33,204		12,484		1,758
Goodwill	114,661		-		-
Other non-current assets	91,091		55,960		7,882
Total non-current assets	677,962		452,362		63,714
Total assets	1,877,930		1,962,630		276,431
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities
Short-term borrowings	7,517		7,277		1,025
Accounts and notes payable	261,873		317,104		44,663
Amounts due to related parties	4,710		6,405		902
Salary and welfare payable	26,507		21,401		3,014
Taxes payable	4,047		4,305		606
Advances from customers	98,899		271,485		38,238
Operating lease liabilities, current	12,439		2,709		382
Accrued expenses and other current liabilities	358,312		330,343		46,529
Total current liabilities	774,304		961,029		135,359
Non-current liabilities
Operating lease liabilities, non-current	26,482		5,348		753
Deferred tax liabilities	6,839		6,027		849
Long-term borrowings	11,959		10,395		1,464
Total non-current liabilities	45,280		21,770		3,066
Total liabilities	819,584		982,799		138,425
Redeemable noncontrolling interests	27,200		27,200		3,831
Equity
Ordinary shares	249		249		35
Less: Treasury stock	(288,600)		(285,983)		(40,280)
Additional paid-in capital	9,125,655		9,138,720		1,287,162
Accumulated other comprehensive income	298,981		305,416		43,017
Accumulated deficit	(8,028,261)		(8,127,552)		(1,144,742)
Total Tuniu Corporation shareholders' equity	1,108,024		1,030,850		145,192
Noncontrolling interests	(76,878)		(78,219)		(11,017)
Total equity	1,031,146		952,631		134,175
Total liabilities, redeemable noncontrolling interests and equity	1,877,930		1,962,630		276,431

 

 

 

Tuniu Corporation
Unaudited Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)
	Quarter Ended		Quarter Ended		Quarter Ended		Quarter Ended
	December 31, 2022		September 30, 2023		December 31, 2023		December 31, 2023
	RMB		RMB		RMB		US$
Revenues
Packaged tours	4,968		150,052		73,382		10,336
Others	22,358		28,139		26,564		3,741
Net revenues	27,326		178,191		99,946		14,077
Cost of revenues	(15,125)		(63,424)		(25,309)		(3,565)
Gross profit	12,201		114,767		74,637		10,512
Operating expenses
Research and product development	(10,922)		(18,400)		(10,426)		(1,468)
Sales and marketing	(22,858)		(39,583)		(33,230)		(4,680)
General and administrative	(33,119)		(27,089)		(42,072)		(5,926)
Impairment of goodwill	-		-		(114,661)		(16,150)
Other operating income	34,404		2,005		2,401		338
Total operating expenses	(32,495)		(83,067)		(197,988)		(27,886)
(Loss)/income from operations	(20,294)		31,700		(123,351)		(17,374)
Other income/(expenses)
Interest and investment income/(loss), net	4,960		7,397		(15,151)		(2,134)
Interest expense	(1,186)		(1,102)		(1,056)		(149)
Foreign exchange gains, net	5,252		1,983		3,172		447
Other income, net	2,378		1,687		2,499		352
(Loss)/income before income tax expense	(8,890)		41,665		(133,887)		(18,858)
Income tax (expense)/benefit	(219)		(964)		103		15
Equity in (loss)/income of affiliates	(189)		(1,630)		866		122
Net (loss)/income	(9,298)		39,071		(132,918)		(18,721)
Net loss attributable to noncontrolling interests	(4,916)		(332)		(583)		(82)
Net (loss)/income attributable to ordinary shareholders of Tuniu Corporation	(4,382)		39,403		(132,335)		(18,639)
Net (loss)/income	(9,298)		39,071		(132,918)		(18,721)
Other comprehensive loss:
Foreign currency translation adjustment, net of nil tax	(8,053)		(1,413)		(5,848)		(824)
Comprehensive (loss)/income	(17,351)		37,658		(138,766)		(19,545)
Net (loss)/income per ordinary share attributable to ordinary shareholders - basic and diluted	(0.01)		0.11		(0.36)		(0.05)
Net (loss)/income per ADS - basic and diluted*	(0.03)		0.33		(1.08)		(0.15)
Weighted average number of ordinary shares used in computing basic (loss)/income per share	371,365,207		371,473,030		371,526,300		371,526,300
Weighted average number of ordinary shares used in computing diluted (loss)/income per share	371,365,207		374,615,685		371,526,300		371,526,300
Share-based compensation expenses included are as follows：
Cost of revenues	19		79		66		9
Research and product development	19		79		66		9
Sales and marketing	57		43		32		5
General and administrative	803		5,356		4,912		692
Total	898		5,557		5,076		715
*Each ADS represents three of the Company's ordinary shares.

 

 

 

Tuniu Corporation
Unaudited Consolidated Statements of Comprehensive Loss
(All amounts in thousands, except per share information)
	Year Ended		Year Ended		Year Ended
	December 31, 2022		December 31, 2023		December 31, 2023
	RMB		RMB		US$
Revenues
Packaged tours	70,314		333,357		46,952
Others	113,306		107,913		15,199
Net revenues	183,620		441,270		62,151
Cost of revenues	(94,066)		(147,581)		(20,786)
Gross profit	89,554		293,689		41,365
Operating expenses
Research and product development	(50,799)		(56,974)		(8,025)
Sales and marketing	(103,617)		(117,706)		(16,579)
General and administrative	(108,935)		(113,221)		(15,947)
Impairment of goodwill	(112,102)		(114,661)		(16,150)
Other operating income	75,685		7,009		987
Total operating expenses	(299,768)		(395,553)		(55,714)
Loss from operations	(210,214)		(101,864)		(14,349)
Other income/(expenses)
Interest and investment income	27,181		5,689		801
Interest expense	(4,912)		(3,525)		(496)
Foreign exchange losses, net	(22,210)		(6,483)		(913)
Other income, net	6,136		7,107		1,001
Loss before income tax expense	(204,019)		(99,076)		(13,956)
Income tax benefit/(expense)	731		(1,441)		(203)
Equity in income/(loss) of affiliates	292		(580)		(82)
Net loss	(202,996)		(101,097)		(14,241)
Net loss attributable to noncontrolling interests	(9,614)		(1,806)		(254)
Net loss attributable to ordinary shareholders of Tuniu Corporation	(193,382)		(99,291)		(13,987)
Net loss	(202,996)		(101,097)		(14,241)
Other comprehensive income:
Foreign currency translation adjustment, net of nil tax	27,160		6,435		906
Comprehensive loss	(175,836)		(94,662)		(13,335)
Net loss per ordinary share attributable to ordinary shareholders - basic and diluted	(0.52)		(0.27)		(0.04)
Net loss per ADS - basic and diluted*	(1.56)		(0.81)		(0.12)
Weighted average number of ordinary shares used in computing basic and diluted loss per share	371,208,209		371,453,164		371,453,164
Share-based compensation expenses included are as follows
Cost of revenues	411		217		31
Research and product development	571		217		31
Sales and marketing	657		87		12
General and administrative	3,408		15,409		2,170
Total	5,047		15,930		2,244
*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, 2023
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		of property and equipment, net		Result
(Loss)/income from operations	(123,351)		5,076		828		-		114,661		17,986		15,200
Net (loss)/income	(132,918)		5,076		828		-		114,661		17,986		5,633
Net (loss)/income attributable to ordinary shareholders	(132,335)		5,076		828		-		114,661		17,986		6,216
	Quarter Ended September 30, 2023
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		of property and equipment, net		Result
Income from operations	31,700		5,557		828		-		-		-		38,085
Net income	39,071		5,557		828		-		-		-		45,456
Net income attributable to ordinary shareholders	39,403		5,557		828		-		-		-		45,788
	Quarter Ended December 31, 2022
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		of property and equipment, net		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)

 

 

Reconciliations  of GAAP and Non-GAAP Results
(All amounts in thousands, except per share information)
	Year Ended December 31, 2023
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		of property and equipment, net		Result
(Loss)/income from operations	(101,864)		15,930		3,312		-		114,661		17,986		50,025
Net (loss)/income	(101,097)		15,930		3,312		-		114,661		17,986		50,792
Net (loss)/income attributable to ordinary shareholders	(99,291)		15,930		3,312		-		114,661		17,986		52,598
	Year Ended December 31, 2022
	GAAP Result		Share-based		Amortization of acquired		Gain on disposals		Impairment		Impairment		Non-GAAP
			Compensation		intangible assets		of subsidiaries		of goodwill		of property and equipment, net		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)

 

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SOURCE Tuniu Corporation

FAQ

What were Tuniu Corporation's (NASDAQ: TOUR) net revenues in Q4 2023?

Tuniu Corporation's net revenues in Q4 2023 increased by 265.8% year-over-year to RMB99.9 million.

How much did revenues from package tours increase in Q4 2023 for Tuniu Corporation (NASDAQ: TOUR)?

Revenues from package tours in Q4 2023 for Tuniu Corporation surged by 1377.1% year-over-year to RMB73.4 million.

What was the percentage increase in gross profit for Tuniu Corporation (NASDAQ: TOUR) in Q4 2023?

Gross profit for Tuniu Corporation in Q4 2023 rose by 511.7% year-over-year to RMB74.6 million.

How much did Tuniu Corporation's (NASDAQ: TOUR) net revenues grow in FY 2023?

Tuniu Corporation's net revenues in FY 2023 grew by 140.3% year-over-year to RMB441.3 million.

By what percentage did revenues from package tours increase in FY 2023 for Tuniu Corporation (NASDAQ: TOUR)?

Revenues from package tours in FY 2023 for Tuniu Corporation soared by 374.1% year-over-year to RMB333.4 million.

What was the percentage increase in gross profit for Tuniu Corporation (NASDAQ: TOUR) in FY 2023?

Gross profit for Tuniu Corporation in FY 2023 increased by 227.9% year-over-year to RMB293.7 million.

What did Tuniu Corporation's CEO highlight regarding the company's performance in 2023?

Tuniu Corporation's CEO emphasized the company's commitment to delivering high-quality products and services, leading to its first full-year non-GAAP profitability post-COVID-19 pandemic.

What are Tuniu Corporation's plans for 2024?

Tuniu Corporation aims to capitalize on market opportunities, leverage core strengths, and sustain growth and profitability in 2024.