Highlights for the First Quarter of 2024
- Net revenues in the first quarter of 2024 increased by 70.9% year-over-year to
RMB108.0 million (US$15.0 million [1]). - Revenues from package tours in the first quarter of 2024 increased by 106.7% year-over-year to
RMB83.0 million (US$11.5 million ). - Gross profit in the first quarter of 2024 increased by 111.0% year-over-year to
RMB82.0 million (US$11.4 million ). - Income from operations was
RMB12.3 million (US$1.7 million ) in the first quarter of 2024, compared to a loss from operations ofRMB17.0 million in the first quarter of 2023. Non-GAAP[2] income from operations wasRMB18.1 million (US$2.5 million ) in the first quarter of 2024, compared to a Non-GAAP loss from operations ofRMB15.4 million in the first quarter of 2023. - Net income was
RMB21.9 million (US$3.0 million ) in the first quarter of 2024, compared to a net loss ofRMB7.5 million in the first quarter of 2023. Non-GAAP net income wasRMB27.7 million (US$3.8 million ) in the first quarter of 2024, compared to a Non-GAAP net loss ofRMB5.9 million in the first quarter of 2023.
“We are pleased to see continued strong growth momentum in the first quarter of 2024,” said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. “Our net revenues increased by 70.9% year-over-year, while revenues from packaged tours increased by 106.7%. This is the first time since our listing that we have achieved profitability in the first quarter, which demonstrates that Tuniu’s performance is gradually entering a path of healthy development. We will continue to closely monitor industry trends and the evolving customer demands, primarily focusing on product innovation, service quality enhancement, sales channel development, and operational efficiency improvement. We remain committed to strengthen our market position, enhance performance, and create greater value for both customers and shareholders.”
[1] The conversion of (“RMB”) into |
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[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. |
First Quarter 2024 Results
Net revenues were
- Revenues from packaged tours were
RMB83.0 million (US$11.5 million ) in the first quarter of 2024, representing a year-over-year increase of 106.7% from the corresponding period in 2023. The increase was primarily due to the growth of organized tours. - Other revenues were
RMB25.0 million (US$3.5 million ) in the first quarter of 2024, representing a year-over-year increase of 8.5% from the corresponding period in 2023. The increase was primarily due to the increase in the commission fees received from other travel-related products.
Cost of revenues was
Gross profit was
Operating expenses were
- Research and product development expenses were
RMB13.0 million (US$1.8 million ) in the first quarter of 2024, representing a year-over-year decrease of 9.1%. 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 12.1% in the first quarter of 2024, decreasing from 22.7% as a percentage of net revenues in the corresponding period in 2023. - Sales and marketing expenses were
RMB36.8 million (US$5.1 million ) in the first quarter of 2024, representing a year-over-year increase of 84.2%. The increase was primarily due to the increase in promotion expenses and sales and marketing personnel related expenses. Sales and marketing expenses as a percentage of net revenues were 34.1% in the first quarter of 2024, increasing from 31.6% as a percentage of net revenues in the corresponding period in 2023. - General and administrative expenses were
RMB20 .5 million (US$2.8 million ) in the first quarter of 2024, representing a year-over-year decrease of 8.2%. The decrease was primarily due to the reversal of allowance for doubtful accounts. General and administrative expenses as a percentage of net revenues were 19.0% in the first quarter of 2024, decreasing from 35.3% as a percentage of net revenues in the corresponding period in 2023.
Income from operations was
Net income was
Net income attributable to ordinary shareholders of Tuniu Corporation was
As of
Business Outlook
For the second quarter of 2024, Tuniu expects to generate
Share Repurchase Update
In
Conference Call Information
Tuniu’s management will hold an earnings conference call at
To participate in the conference call, please dial the following numbers:
|
1-888-346-8982 |
Hong Kong |
852-301-84992 |
Mainland |
4001-201203 |
International |
1-412-902-4272 |
Conference ID: Tuniu 1Q 2024 Earnings Conference Call
A telephone replay will be available one hour after the end of the conference call through
|
1-877-344-7529 |
International |
1-412-317-0088 |
Replay Access Code: 4679991
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
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
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, 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
This non-GAAP financial measure is not defined under
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, 2023 |
March 31, 2024 |
March 31, 2024 |
|||
RMB |
RMB |
US$ |
|||
ASSETS |
|||||
Current assets |
|||||
Cash and cash equivalents |
378,989 |
486,989 |
67,447 |
||
Restricted cash |
65,902 |
37,316 |
5,168 |
||
Short-term investments |
777,890 |
684,244 |
94,767 |
||
Accounts receivable, net |
41,633 |
57,184 |
7,920 |
||
Amounts due from related parties |
9,515 |
1,055 |
146 |
||
Prepayments and other current assets |
234,189 |
152,565 |
21,130 |
||
Total current assets |
1,508,118 |
1,419,353 |
196,578 |
||
Non-current assets |
|||||
Long-term investments |
209,819 |
209,032 |
28,951 |
||
Property and equipment, net |
57,479 |
56,390 |
7,810 |
||
Intangible assets, net |
26,091 |
25,109 |
3,478 |
||
Land use right, net |
90,529 |
90,013 |
12,467 |
||
Operating lease right-of-use assets, net |
12,484 |
11,467 |
1,588 |
||
Other non-current assets |
55,960 |
61,483 |
8,515 |
||
Total non-current assets |
452,362 |
453,494 |
62,809 |
||
Total assets |
1,960,480 |
1,872,847 |
259,387 |
||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|||||
Current liabilities |
|||||
Short-term borrowings |
7,277 |
7,520 |
1,042 |
||
Accounts and notes payable |
317,104 |
347,474 |
48,125 |
||
Amounts due to related parties |
6,405 |
6,783 |
939 |
||
Salary and welfare payable |
21,401 |
18,028 |
2,497 |
||
Taxes payable |
4,305 |
3,124 |
433 |
||
Advances from customers |
270,197 |
140,825 |
19,504 |
||
Operating lease liabilities, current |
2,709 |
3,165 |
438 |
||
Accrued expenses and other current liabilities |
329,481 |
320,488 |
44,387 |
||
Total current liabilities |
958,879 |
847,407 |
117,365 |
||
Non-current liabilities |
|||||
Operating lease liabilities, non-current |
5,348 |
4,475 |
620 |
||
Deferred tax liabilities |
6,027 |
5,825 |
807 |
||
Long-term borrowings |
10,395 |
8,390 |
1,162 |
||
Total non-current liabilities |
21,770 |
18,690 |
2,589 |
||
Total liabilities |
980,649 |
866,097 |
119,954 |
||
Redeemable noncontrolling interests |
27,200 |
27,200 |
3,767 |
||
Equity |
|||||
Ordinary shares |
249 |
249 |
34 |
||
Less: Treasury stock |
(285,983) |
(287,782) |
(39,857) |
||
Additional paid-in capital |
9,138,720 |
9,143,505 |
1,266,361 |
||
Accumulated other comprehensive income |
305,416 |
307,450 |
42,581 |
||
Accumulated deficit |
(8,127,552) |
(8,113,641) |
(1,123,726) |
||
Total Tuniu Corporation shareholders’ equity |
1,030,850 |
1,049,781 |
145,393 |
||
Noncontrolling interests |
(78,219) |
(70,231) |
(9,727) |
||
Total equity |
952,631 |
979,550 |
135,666 |
||
Total liabilities, redeemable noncontrolling interests and equity |
1,960,480 |
1,872,847 |
259,387 |
Tuniu Corporation |
|||||||
Unaudited Condensed Consolidated Statements of Comprehensive Loss/(Income) |
|||||||
(All amounts in thousands, except per share information) |
|||||||
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
||||
March 31, 2023 |
December 31, 2023 |
March 31, 2024 |
March 31, 2024 |
||||
RMB |
RMB |
RMB |
US$ |
||||
Revenues |
|||||||
Packaged tours |
40,130 |
73,382 |
82,951 |
11,489 |
|||
Others |
23,051 |
26,564 |
25,007 |
3,463 |
|||
Net revenues |
63,181 |
99,946 |
107,958 |
14,952 |
|||
Cost of revenues |
(24,301) |
(25,309) |
(25,913) |
(3,589) |
|||
Gross profit |
38,880 |
74,637 |
82,045 |
11,363 |
|||
Operating expenses |
|||||||
Research and product development |
(14,328) |
(10,426) |
(13,024) |
(1,804) |
|||
Sales and marketing |
(19,987) |
(33,230) |
(36,824) |
(5,100) |
|||
General and administrative |
(22,319) |
(42,072) |
(20,479) |
(2,836) |
|||
Impairment of goodwill |
– |
(114,661) |
– |
– |
|||
Other operating income |
762 |
2,401 |
582 |
81 |
|||
Total operating expenses |
(55,872) |
(197,988) |
(69,745) |
(9,659) |
|||
(Loss)/income from operations |
(16,992) |
(123,351) |
12,300 |
1,704 |
|||
Other income/(expenses) |
|||||||
Interest and investment income/(loss), net |
6,321 |
(15,151) |
10,041 |
1,391 |
|||
Interest expense |
(1,149) |
(1,056) |
(613) |
(85) |
|||
Foreign exchange gains/(losses), net |
3,514 |
3,172 |
(568) |
(79) |
|||
Other income, net |
1,101 |
2,499 |
1,279 |
177 |
|||
(Loss)/income before income tax expense |
(7,205) |
(133,887) |
22,439 |
3,108 |
|||
Income tax benefit |
203 |
103 |
64 |
9 |
|||
Equity in (loss)/income of affiliates |
(469) |
866 |
(604) |
(84) |
|||
Net (loss)/income |
(7,471) |
(132,918) |
21,899 |
3,033 |
|||
Net (loss)/income attributable to noncontrolling interests |
(454) |
(583) |
7,988 |
1,106 |
|||
Net (loss)/income attributable to ordinary shareholders of Tuniu |
(7,017) |
(132,335) |
13,911 |
1,927 |
|||
Net (loss)/income |
(7,471) |
(132,918) |
21,899 |
3,033 |
|||
Other comprehensive (loss)/income: |
|||||||
Foreign currency translation adjustment, net of nil tax |
(4,040) |
(5,848) |
2,034 |
282 |
|||
Comprehensive (loss)/income |
(11,511) |
(138,766) |
23,933 |
3,315 |
|||
Net (loss)/income per ordinary share attributable to ordinary |
(0.02) |
(0.36) |
0.04 |
0.01 |
|||
Net (loss)/income per ADS – basic and diluted |
(0.06) |
(1.08) |
0.12 |
0.03 |
|||
Weighted average number of ordinary shares used in computing |
371,394,686 |
371,526,300 |
371,516,251 |
371,516,251 |
|||
Weighted average number of ordinary shares used in computing |
371,394,686 |
371,526,300 |
373,365,967 |
373,365,967 |
|||
Share-based compensation expenses included are as follows: |
|||||||
Cost of revenues |
18 |
66 |
65 |
9 |
|||
Research and product development |
18 |
66 |
65 |
9 |
|||
Sales and marketing |
(16) |
32 |
31 |
4 |
|||
General and administrative |
758 |
4,912 |
4,830 |
669 |
|||
Total |
778 |
5,076 |
4,991 |
691 |
|||
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 |
|||||||||||
GAAP Result |
Share-based |
Amortization of acquired |
Impairment |
Impairment of |
Non-GAAP |
||||||
Compensation |
intangible assets |
of goodwill |
property and equipment, net |
Result |
|||||||
Income from operations |
12,300 |
4,991 |
828 |
– |
– |
18,119 |
|||||
Net income |
21,899 |
4,991 |
828 |
– |
– |
27,718 |
|||||
Net income attributable to ordinary shareholders |
13,911 |
4,991 |
828 |
– |
– |
19,730 |
|||||
Quarter Ended |
|||||||||||
GAAP Result |
Share-based |
Amortization of acquired |
Impairment |
Impairment of |
Non-GAAP |
||||||
Compensation |
intangible assets |
of goodwill |
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 |
|||||||||||
GAAP Result |
Share-based |
Amortization of acquired |
Impairment |
Impairment of |
Non-GAAP |
||||||
Compensation |
intangible assets |
of goodwill |
property and equipment, net |
Result |
|||||||
Loss from operations |
(16,992) |
778 |
828 |
– |
– |
(15,386) |
|||||
Net loss |
(7,471) |
778 |
828 |
– |
– |
(5,865) |
|||||
Net loss attributable to ordinary shareholders |
(7,017) |
778 |
828 |
– |
– |
(5,411) |
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