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Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2018

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Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2018 Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2018 Financial Results Non-GAAP1 Net Income in 2018 Reached RMB10.9 million Added 345 Offline Retail Stores During 20182 NANJING, China, February 28, 2019 -- 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, 2018. Highlights for the Fourth Quarter of 2018 Revenues from packaged tours in the fourth quarter of 2018 increased by 23.3% year-over-year to RMB357.6 million (US$52.03 million). Gross margin in the fourth quarter of 2018 was 57.3%, compared to a gross margin of 50.0% in the fourth quarter of 2017. As of December 31, 2018, Tuniu had 29 local tour operators in total, including 3 newly launched local tour operators in China4 since November 27, 2018. Highlights for the Fiscal Year 2018 Non-GAAP net income was RMB10.9 million (US$1.6 million) in 2018, compared to a Non-GAAP net loss of RMB531.1 million in 2017. Revenues from packaged tours in 2018 increased by 15.2% year-over-year to RMB1.8 billion (US$266.3 million). Operating expenses in 2018 decreased by 25.7% year-over-year to RMB1.5 billion (US$221.7 million). As of December 31, 2018, Tuniu had 509 offline retail stores in total, of which 345 were newly added since January 1, 2018. Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer, said, “2018 has been a year filled with achievements and milestones. We perfected our sales and service networks, opened offline retail stores to improve our user acquisition ability and launched local tour operators to strengthen our service capability. Going forward in 2019, we will focus on the customer experience, because our customers are our greatest asset. We will continue to leverage Tuniu’s core competitive advantage in packaged tour products to differentiate ourselves from our peers and to provide the best experience to our customers.” 1 The section below entitled "About Non-GAAP Financial Measures" provides information about the use of Non-GAAP financial measures in this press release, and the table captioned “Reconciliations of GAAP and Non-GAAP Results" set forth at the end of this press release reconciles Non-GAAP financial information with the Company's financial results under GAAP. 2 The sections below entitled “Highlights for the Fourth Quarter of 2018” and “Highlights for the Fiscal Year of 2018” provide additional information about some key financial figures and operating data. 3 The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8755 on December 31, 2018 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. 4 The 3 newly launched local tour operators in China are located in Lanzhou, Enshi and Nanchang. Ms. Maria Yi Xin, Tuniu’s Chief Financial Officer, said, “We are pleased to announce Tuniu achieved non-GAAP profitability and positive operating cash flow for the full year 2018 for the first time since our listing, reflecting positive changes in Tuniu as a result of the implementation of our core strategies. In 2019, we will continue to leverage our leading position and our competitive advantage in China’s online leisure travel market to unlock additional value for our customers and shareholders.” Fourth Quarter 2018 Results Net revenues were RMB471.2 million (US$68.5 million) in the fourth quarter of 2018, representing a year-over-year increase of 0.3% from the corresponding period in 2017. Revenues from packaged tours were RMB357.6 million (US$52.0 million) in the fourth quarter of 2018, representing a year-over-year increase of 23.3% from the corresponding period in 2017. The increase was primarily due to the growth of organized tours. Other revenues were RMB113.6 million (US$16.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 36.8% from the corresponding period in 2017. The decrease was primarily due to the decline in revenues generated from financial services and service fees received from insurance companies. Cost of revenues was RMB201.0 million (US$29.2 million) in the fourth quarter of 2018, representing a year-over-year decrease of 14.4% from the corresponding period in 2017. As a percentage of net revenues, cost of revenues was 42.7% in the fourth quarter of 2018 compared to 50.0% in the corresponding period in 2017. Gross profit was RMB270.2 million (US$39.3 million) in the fourth quarter of 2018, representing a year-over-year increase of 14.9% from the corresponding period in 2017. The increase was primarily due to the increase in efficiency resulting from economies of scale. Operating expenses were RMB373.3 million (US$54.3 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.1% from the corresponding period in 2017. Share-based compensation expenses and amortization of acquired intangible assets, which were allocated to operating expenses, were RMB46.9 million (US$6.8 million) in the fourth quarter of 2018. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB326.4 million (US$47.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.8%. Research and product development expenses were RMB75.9 million (US$11.0 million) in the fourth quarter of 2018, representing a year-over-year decrease of 31.8%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB2.8 million (US$0.4 million), were RMB73.1 million (US$10.6 million) in the fourth quarter of 2018, representing a year-over-year decrease of 33.2% from the corresponding period in 2017. Research and product development expenses as a percentage of net revenues were 16.1% in the fourth quarter of 2018, decreasing from 23.7% in the corresponding period in 2017. The decrease was primarily due to the increase in efficiency resulting from economies of scale and refined management, and optimization of research and product development personnel. Sales and marketing expenses were RMB209.1 million (US$30.4 million) in the fourth quarter of 2018, representing a year-over-year increase of 7.9%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB34.5 million (US$5.0 million), were RMB174.6 million (US$25.4 million) in the fourth quarter of 2018, representing a year-over-year increase of 9.6% from the corresponding period in 2017. Sales and marketing expenses as a percentage of net revenues were 44.4% in the fourth quarter of 2018, increasing from 41.2% in the corresponding period in 2017. The increase was primarily due to the expansion of customer loyalty program team and increased promotional campaigns on certain channels. General and administrative expenses were RMB120.5 million (US$17.5 million) in the fourth quarter of 2018, representing a year-over-year decrease of 22.0%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB9.7 million (US$1.4 million), were RMB110.8 million (US$16.1 million) in the fourth quarter of 2018, representing a year-over-year decrease of 18.9% from the corresponding period in 2017. General and administrative expenses as a percentage of net revenues were 25.6% in the fourth quarter of 2018, decreasing from 32.9% in the corresponding period in 2017. The decrease was primarily due to the increase in operating efficiency resulting from economies of scale and refined management. Loss from operations was RMB103.1 million (US$15.0 million) in the fourth quarter of 2018, compared to a loss from operations of RMB220.8 million in the fourth quarter of 2017. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB55.8 million (US$8.1 million) in the fourth quarter of 2018. Net loss was RMB72.9 million (US$10.6 million) in the fourth quarter of 2018, compared to a net loss of RMB186.1 million in the fourth quarter of 2017. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB25.6 million (US$3.7 million) in the fourth quarter of 2018. Net loss attributable to ordinary shareholders was RMB64.7 million (US$9.4 million) in the fourth quarter of 2018, compared to a net loss attributable to ordinary shareholders of RMB184.9 million in the fourth quarter of 2017. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB17.3 million (US$2.5 million) in the fourth quarter of 2018. As of December 31, 2018, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.7 billion (US$245.8 million). Fiscal Year 2018 Results Net revenues were RMB2.2 billion (US$325.8 million) in 2018, representing a year-over-year increase of 2.2% from 2017. Revenues from packaged tours were RMB1.8 billion (US$266.3 million) in 2018, representing a year-over-year increase of 15.2% from 2017. The increase was primarily due to the growth of organized tours.
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