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Tuniu Announces Unaudited Second Quarter 2021 Financial Results

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Tuniu Announces Unaudited Second Quarter 2021 Financial Results Tuniu Announces Unaudited Second Quarter 2021 Financial Results NANJING, China, August 23, 2021 -- Tuniu Corporation (NASDAQ:TOUR) ("Tuniu" or the "Company"), a leading online leisure travel company in China, today announced its unaudited financial results for the second quarter ended June 30, 2021. Highlights for the Second Quarter of 2021 Net revenues in the second quarter of 2021 increased by 373.1% year-over-year to RMB161.0 million (US$24.9 million1). Revenues from package tours in the second quarter of 2021 increased by 906.9% year-over-year to RMB126.5 million (US$19.6 million). Operating expenses in the second quarter of 2021 decreased by 39.8% year-over-year to RMB95.1 million (US$14.7 million). "Our business saw a strong recovery in the second quarter, as we achieved revenue growth for the first time since the COVID-19 outbreak and returned to positive operating cash flow." said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. "We continue to be guided by our ‘customer first’ principle as we improve our products and services based on customer demand in order to maintain sustainable growth and seize opportunities amidst the evolving industry environment. In the face of temporary challenges, we will always prioritize customers and work to gain their long-term support and trust through our consistent high-quality service." Second Quarter 2021 Results Net revenues were RMB161.0 million (US$24.9 million) in the second quarter of 2021, representing a year-over-year increase of 373.1% from the corresponding period in 2020. The increase was primarily due to the growth in revenues from packaged tours. Revenues from packaged tours were RMB126.5 million (US$19.6 million) in the second quarter of 2021, representing a year-over-year increase of 906.9% from the corresponding period in 2020. The increase was primarily due to the growth in demand for domestic tours. Other revenues were RMB34.5 million (US$5.3 million) in the second quarter of 2021, representing a year-over-year increase of 60.6% from the corresponding period in 2020. The increase was primarily due to a rise in commission fees received from other travel-related products and service fees received from insurance companies. Cost of revenues was RMB92.0 million (US$14.2 million) in the second quarter of 2021, representing a year-over-year increase of 249.8% from the corresponding period in 2020. As a percentage of net revenues, cost of revenues was 57.1% in the second quarter of 2021, compared to 77.3% in the corresponding period in 2020. 1 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB 6.4566 on June 30, 2021 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. Gross profit was RMB69.0 million (US$10.7 million) in the second quarter of 2021, representing a year-over-year increase of 792.2% from the corresponding period in 2020. Operating expenses were RMB95.1 million (US$14.7 million) in the second quarter of 2021, representing a year-over-year decrease of 39.8% from the corresponding period in 2020. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB5.6 million (US$0.9 million) in the second quarter of 2021. Non-GAAP2 operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB89.6 million (US$13.9 million) in the second quarter of 2021, representing a year-over-year decrease of 35.5%. Research and product development expenses were RMB13.8 million (US$2.1 million) in the second quarter of 2021, representing a year-over-year decrease of 33.4%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB0.9 million (US$0.1 million), were RMB12.9 million (US$2.0 million) in the second quarter of 2021, representing a year-over-year decrease of 32.2% from the corresponding period in 2020. The decrease was primarily due to the decrease in research and product development personnel related expenses. Sales and marketing expenses were RMB44.8 million (US$6.9 million) in the second quarter of 2021, representing a year-over-year decrease of 46.8%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.1 million (US$0.2 million), were RMB43.7 million (US$6.8 million) in the second quarter of 2021, representing a year-over-year decrease of 36.9% from the corresponding period in 2020. The decrease was primarily due to the decrease in sales and marketing personnel related expenses and amortization of acquired intangible assets. General and administrative expenses were RMB41.5 million (US$6.4 million) in the second quarter of 2021, representing a year-over-year decrease of 31.8%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB3.6 million (US$0.6 million), were RMB37.9 million (US$5.9 million) in the second quarter of 2021, representing a year-over-year decrease of 35.1% from the corresponding period in 2020. The decrease was primarily due to the decrease in general and administrative personnel related expenses. Loss from operations was RMB26.2 million (US$4.1 million) in the second quarter of 2021, compared to a loss from operations of RMB150.3 million in the second quarter of 2020. Non-GAAP loss from operations, which excluded share-based compensation expenses and 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. amortization of acquired intangible assets, was RMB20.5 million (US$3.2 million) in the second quarter of 2021. Net loss was RMB14.0 million (US$2.2 million) in the second quarter of 2021, compared to a net loss of RMB154.6 million in the second quarter of 2020. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB8.4 million (US$1.3 million) in the second quarter of 2021. Net loss attributable to ordinary shareholders was RMB13.1 million (US$2.0 million) in the second quarter of 2021, compared to a net loss attributable to ordinary shareholders of RMB147.6 million in the second quarter of 2020. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB7.4 million (US$1.2 million) in the second quarter of 2021. As of June 30, 2021, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.1 billion (US$175.0 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. Business Outlook For the third quarter of 2021, the Company expects to generate RMB111.2 million to RMB123.5 million of net revenues, which represents 0% to 10% 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 August 23, 2021, (8:00 pm, Beijing/Hong Kong Time, on August 23, 2021) to discuss the second quarter 2021 financial results. To participate in the conference call, please dial the following numbers: US: 1-866-548-4713 Hong Kong: 800-961-105 / +852-3008-1527 Mainland China: 4001-209101 International: +1-323-794-2093 Conference ID: Tuniu 2Q 2021 Earnings Call A telephone replay will be available from 11:00 am on August 23, 2021 through 11:00 am on August 30, 2021, U.S. Eastern Time. The dial-in details are as follows: US: 1-888-203-1112 Hong Kong: +852-5808-3200 Mainland China: 4001-201651 International: +1-719-457-0820 Replay Access Code: 2526033 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.
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