NANJING, China, March 17, 2022 /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, 2021.

“In 2021, we continued to leverage integration and digitalization to upgrade Tuniu’s operations,” said Mr. Donald Dunde Yu, Tuniu’s founder, Chairman and Chief Executive Officer. “We further strengthened our vertical integration across the industry chain, focusing on developing innovative high-quality products and services to drive our development. Despite the adverse external environment, we were encouraged that our self-operated local tour operators achieved double-digit growth in transaction volumes for the full year. Executing on our digitalization strategy, we also made achievements in reducing costs and improving efficiency. In 2021, our operating expenses decreased over 77% year-on-year and net loss for the year also narrowed significantly. In 2022, we will continue to strengthen our integration and digitalization to further improve our competitiveness and better prepare Tuniu for the opportunities and challenges brought by the changing external environment.”

Fourth Quarter 2021 Results

Net revenues were RMB73.4 million (US$11.5 million[1]) in the fourth quarter of 2021, representing a year-over-year decrease of 38.2% from the corresponding period in 2020. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

  • Revenues from packaged tours were RMB42.8 million (US$6.7 million) in the fourth quarter of 2021, representing a year-over-year decrease of 48.6% from the corresponding period in 2020. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.
  • Other revenues were RMB30.6 million (US$4.8 million) in the fourth quarter of 2021, representing a year-over-year decrease of 13.8% from the corresponding period in 2020. The decrease was primarily due to the decline in commissions received from other travel-related products impacted by the resurgence of COVID-19.

[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.3726 on December 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.

Cost of revenues was RMB39.3 million (US$6.2 million) in the fourth quarter of 2021, representing a year-over-year decrease of 44.6% from the corresponding period in 2020. As a percentage of net revenues, cost of revenues was 53.5% in the fourth quarter of 2021, compared to 59.7% in the corresponding period in 2020.

Gross margin was 46.5% in the fourth quarter of 2021, compared to a gross margin of 40.3% in the fourth quarter of 2020.

Operating expenses were RMB78.0 million (US$12.2 million) in the fourth quarter of 2021, representing a year-over-year decrease of 91.9% from the corresponding period in 2020. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB3.3 million (US$0.5 million) in the fourth quarter of 2021. Non-GAAP[2] operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB74.8 million (US$11.7 million) in the fourth quarter of 2021, representing a year-over-year decrease of 91.9%.

  • Research and product development expenses were RMB13.5 million (US$2.1 million) in the fourth quarter of 2021, representing a year-over-year increase of 5.2%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB0.7 million (US$0.1 million), were RMB12.8 million (US$2.0 million) in the fourth quarter of 2021, representing a year-over-year increase of 17.0% from the corresponding period in 2020. The increase was primarily due to the increase in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB28.6 million (US$4.5 million) in the fourth quarter of 2021, representing a year-over-year decrease of 74.7%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB1.2 million (US$0.2 million), were RMB27.4 million (US$4.3 million) in the fourth quarter of 2021, representing a year-over-year decrease of 69.0% from the corresponding period in 2020. The decrease was primarily due to the decrease in promotion expenses and amortization of acquired intangible assets.
  • General and administrative expenses were RMB46.5 million (US$7.3 million) in the fourth quarter of 2021, representing a year-over-year decrease of 94.5%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB1.4 million (US$0.2 million), were RMB45.1 million (US$7.1 million) in the fourth quarter of 2021, representing a year-over-year decrease of 94.6% from the corresponding period in 2020. The decrease was primarily due to the decrease in allowance for doubtful accounts.

[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.

Loss from operations was RMB43.9 million (US$6.9 million) in the fourth quarter of 2021, compared to a loss from operations of RMB912.2 million in the fourth quarter of 2020. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB40.5 million (US$6.4 million) in the fourth quarter of 2021.

Net loss was RMB36.2 million (US$5.7 million) in the fourth quarter of 2021, compared to a net loss of RMB921.8 million in the fourth quarter of 2020. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB32.9 million (US$5.2 million) in the fourth quarter of 2021.

Net loss attributable to ordinary shareholders was RMB33.9 million (US$5.3 million) in the fourth quarter of 2021, compared to a net loss attributable to ordinary shareholders of RMB901.9 million in the fourth quarter of 2020. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB30.5 million (US$4.8 million) in the fourth quarter of 2021.

As of December 31, 2021, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB1.0 billion (US$158.7 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 2021 Results

Net revenues were RMB426.3 million (US$66.9 million) in 2021, representing a year-over-year decrease of 5.3% from 2020. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

  • Revenues from packaged tours were RMB305.3 million (US$47.9 million) in 2021, representing a year-over-year increase of 1.0% from 2020. The increase was primarily due to the growth in revenues from self-operated products offset by the negative impact brought by the resurgence of COVID-19.
  • Other revenues were RMB121.0 million (US$19.0 million) in 2021, representing a year-over-year decrease of 18.2% from 2020. The decrease was primarily due to the decline in revenues generated from financial services.

Cost of revenues was RMB254.8 million (US$40.0 million) in 2021, representing a year-over-year increase of 7.5% from 2020. As a percentage of net revenues, cost of revenues was 59.8% in 2021 compared to 52.7% in 2020.

Gross margin was 40.2% in 2021, compared to a gross margin of 47.3% in 2020.

Operating expenses were RMB353.1 million (US$55.4 million) in 2021, representing a year-over-year decrease of 77.3% from 2020. Share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, which were allocated to operating expenses, were RMB18.4 million (US$2.9 million) in 2021. Non-GAAP operating expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, were RMB334.7 million  (US$52.5 million) in 2021, representing a year-over-year decrease of 76.9%.

  • Research and product development expenses were RMB54.6 million (US$8.6 million) in 2021, representing a year-over-year decrease of 45.7%. Non-GAAP research and product development expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB3.4 million (US$0.5 million), were RMB51.2 million (US$8.0 million) in 2021, representing a year-over-year decrease of 44.9% from 2020. The decrease was primarily due to the decrease in research and product development personnel related expenses.
  • Sales and marketing expenses were RMB150.5 million (US$23.6 million) in 2021, representing a year-over-year decrease of 59.5%. Non-GAAP sales and marketing expenses, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets of RMB4.9 million (US$0.8 million), were RMB145.6 million (US$22.8 million) in 2021, representing a year-over-year decrease of 50.5% from 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 RMB174.0 million (US$27.3 million) in 2021, representing a year-over-year decrease of 84.3%. Non-GAAP general and administrative expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets of RMB10.0 million (US$1.6 million), were RMB164.0 million (US$25.7 million) in 2021, representing a year-over-year decrease of 85.0% from 2020. The decrease was primarily due to the decrease in general and administrative personnel related expenses and allowance for doubtful accounts.

Loss from operations was RMB181.5 million (US$28.5 million) in 2021, compared to a loss from operations of RMB1.3 billion in 2020. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB162.8 million (US$25.5 million) in 2021.

Net loss was RMB128.5 million (US$20.2 million) in 2021, compared to a net loss of RMB1.3 billion in 2020. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB109.7 million (US$17.2 million) in 2021.

Net loss attributable to ordinary shareholders was RMB121.5 million (US$19.1 million) in 2021, compared to a net loss attributable to ordinary shareholders of RMB1.3 billion in 2020. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets, was RMB102.8 million (US$16.1 million) in 2021.

Business Outlook

Tuniu’s business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19, for the first quarter of 2022, the Company expects to generate RMB34.8 million to RMB42.5 million of net revenues, which represents 45% to 55% 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 March 17, 2022, (8:00 pm, Beijing/Hong Kong Time, on March 17, 2022) to discuss the fourth quarter and fiscal year 2021 financial results.

To participate in the conference call, please dial the following numbers:

US:

800-239-9838

Hong Kong:

800-961-105/+852-3008-1527

Mainland China:

4001-209101

International:

+1-323-794-2551

Conference ID:

Tuniu 4Q 2021 Earnings Call

A telephone replay will be available from 11:00 am on March 17, 2022 through 11:00 am on March 24, 2022, U.S. Eastern Time. The dial-in details are as follows:

US:

888-203-1112

Hong Kong:

+852-5808-3200

Mainland China:

400-120-1651

International:

+1-719-457-0820

Replay Access Code:

4136890

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. 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 cost of revenues, research and product development expenses, sales and marketing expenses, general and administrative expenses, other operating income, total operating expenses, loss from operations, net loss, net loss attributable to ordinary shareholders, net loss per ordinary share attributable to ordinary shareholders-basic and diluted and net loss per ADS-basic and diluted, which excludes share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets. 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. 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.

A limitation of using non-GAAP financial measures excluding share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets is that share-based compensation expenses, amortization of acquired intangible assets and impairment of acquired intangible assets have been – and will continue to be – significant recurring expenses in the Company’s business. You should not view non-GAAP results on a stand-alone basis or as a substitute for results under GAAP, or as being comparable to results reported or forecasted by other companies.

(Financial Tables Follow)

Tuniu Corporation

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except per share information)

 December 31, 2020 

 December 31, 2021 

 December 31, 2021 

 RMB 

 RMB 

 US$ 

ASSETS

Current assets

     Cash and cash equivalents

213,538

349,077

54,778

     Restricted cash 

50,566

46,521

7,300

     Short-term investments

1,353,670

615,901

96,648

     Accounts receivable, net

264,134

111,941

17,566

     Amounts due from related parties

23,913

14,969

2,349

     Prepayments and other current assets  

378,704

337,033

52,888

Total current assets

2,284,525

1,475,442

231,529

Non-current assets

     Long-term investments

266,866

201,947

31,690

     Property and equipment, net

111,697

98,159

15,403

     Intangible assets, net

71,362

55,376

8,690

     Land use right, net

96,713

94,652

14,853

     Operating lease right-of-use assets, net

42,293

48,115

7,550

     Goodwill

232,007

232,007

36,407

     Other non-current assets

91,180

92,111

14,454

Total non-current assets

912,118

822,367

129,047

Total assets

3,196,643

2,297,809

360,576

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities

     Short-term borrowings

60,679

9,981

1,566

     Accounts and notes payable 

705,838

383,626

60,199

     Amounts due to related parties

21,034

4,679

734

     Salary and welfare payable

47,487

33,761

5,298

     Taxes payable

6,004

8,004

1,256

     Advances from customers

208,762

139,777

21,934

     Operating lease liabilities, current

18,264

16,556

2,598

     Accrued expenses and other current liabilities

676,501

382,629

60,043

Total current liabilities

1,744,569

979,013

153,628

Non-current liabilities

     Operating lease liabilities, non-current

34,367

38,832

6,094

     Deferred tax liabilities

14,861

12,479

1,958

     Long-term borrowings

22,577

14,344

2,251

     Other non-current liabilities

3,054

Total non-current liabilities

74,859

65,655

10,303

Total liabilities

1,819,428

1,044,668

163,931

Redeemable noncontrolling interests

27,200

27,200

4,268

Equity

     Ordinary shares

249

249

39

     Less: Treasury stock

(302,916)

(293,795)

(46,103)

     Additional paid-in capital

9,125,689

9,125,748

1,432,029

     Accumulated other comprehensive income

275,012

271,821

42,655

     Accumulated deficit

(7,713,355)

(7,834,879)

(1,229,464)

Total Tuniu Corporation shareholders’ equity

1,384,679

1,269,144

199,156

Noncontrolling interests

(34,664)

(43,203)

(6,779)

Total equity

1,350,015

1,225,941

192,377

Total liabilities, redeemable noncontrolling interests and equity

3,196,643

2,297,809

360,576

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, 2020 

 September 30, 2021 

 December 31, 2021 

 December 31, 2021 

 RMB 

 RMB 

 RMB 

 US$ 

Revenues

     Packaged tours

83,143

90,709

42,761

6,710

     Others

35,566

23,915

30,642

4,808

Net revenues

118,709

114,624

73,403

11,518

Cost of revenues

(70,841)

(74,884)

(39,250)

(6,159)

Gross profit

47,868

39,740

34,153

5,359

Operating expenses

     Research and product development

(12,833)

(15,580)

(13,494)

(2,118)

     Sales and marketing

(113,162)

(41,668)

(28,612)

(4,490)

     General and administrative

(844,759)

(41,224)

(46,512)

(7,299)

     Other operating income

10,698

2,106

10,571

1,659

Total operating expenses

(960,056)

(96,366)

(78,047)

(12,248)

Loss from operations

(912,188)

(56,626)

(43,894)

(6,889)

Other (expenses)/income

     Interest and investment (loss)/income

(17,998)

19,492

6,171

968

     Interest expense

(5,657)

(1,097)

(1,814)

(285)

     Foreign exchange gains/(losses), net

11,002

(463)

4,453

699

     Other (loss)/income, net

(914)

686

459

72

Loss before income tax expense

(925,755)

(38,008)

(34,625)

(5,435)

Income tax benefit/(expense)

3,853

568

(1,450)

(228)

Equity in income/(loss) of affiliates

124

861

(169)

(27)

Net loss

(921,778)

(36,579)

(36,244)

(5,690)

Net loss attributable to noncontrolling interests

(19,820)

(1,497)

(2,348)

(368)

Net income attributable to redeemable noncontrolling interests

(61)

Net loss attributable to Tuniu Corporation

(901,897)

(35,082)

(33,896)

(5,322)

Net loss attributable to ordinary shareholders

(901,897)

(35,082)

(33,896)

(5,322)

Net loss

(921,778)

(36,579)

(36,244)

(5,690)

Other comprehensive loss:

     Foreign currency translation adjustment, net of nil tax

(14,599)

1,685

(4,134)

(649)

Comprehensive loss

(936,377)

(34,894)

(40,378)

(6,339)

Net loss per ordinary share attributable to ordinary shareholders –
basic and diluted

(2.43)

(0.09)

(0.09)

(0.01)

Net loss per ADS – basic and diluted*

(7.29)

(0.27)

(0.27)

(0.03)

Weighted average number of ordinary shares used in computing
basic and diluted loss per share

370,460,479

370,956,994

371,020,652

371,020,652

Share-based compensation expenses included are as follows:

     Cost of revenues

551

214

78

12

     Research and product development

1,094

359

136

21

     Sales and marketing

615

332

129

20

     General and administrative

8,562

2,475

770

121

Total

10,822

3,380

1,113

174

*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, 2020 

 December 31, 2021 

 December 31, 2021 

 RMB 

 RMB 

 US$ 

Revenues

     Packaged tours

302,359

305,333

47,913

     Others

147,900

121,015

18,990

Net revenues

450,259

426,348

66,903

Cost of revenues

(237,065)

(254,815)

(39,986)

Gross profit

213,194

171,533

26,917

Operating expenses

     Research and product development

(100,514)

(54,622)

(8,571)

     Sales and marketing

(371,984)

(150,493)

(23,616)

     General and administrative

(1,109,340)

(174,021)

(27,308)

     Other operating income

27,849

26,064

4,090

Total operating expenses

(1,553,989)

(353,072)

(55,405)

Loss from operations

(1,340,795)

(181,539)

(28,488)

Other income/(expenses)

     Interest and investment income

3,526

50,041

7,853

     Interest expense

(32,266)

(7,491)

(1,176)

     Foreign exchange gains, net

18,720

7,030

1,103

     Other (loss)/income, net

(253)

2,895

454

Loss before income tax expense

(1,351,068)

(129,064)

(20,254)

Income tax benefit/(expense)

6,641

(130)

(20)

Equity in income of affiliates

797

726

114

Net loss

(1,343,630)

(128,468)

(20,160)

Net loss attributable to noncontrolling interests

(35,674)

(6,944)

(1,090)

Net loss attributable to Tuniu Corporation

(1,307,956)

(121,524)

(19,070)

Net loss attributable to ordinary shareholders

(1,307,956)

(121,524)

(19,070)

Net loss

(1,343,630)

(128,468)

(20,160)

Other comprehensive loss:

     Foreign currency translation adjustment, net of nil tax

(18,772)

(3,191)

(501)

Comprehensive loss

(1,362,402)

(131,659)

(20,661)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(3.53)

(0.33)

(0.05)

Net loss per ADS – basic and diluted*

(10.59)

(0.99)

(0.15)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,240,040

370,874,312

370,874,312

Share-based compensation expenses included are as follows:

     Cost of revenues

1,044

390

61

     Research and product development

4,349

724

114

     Sales and marketing

1,099

644

101

     General and administrative

13,972

7,374

1,157

Total

20,464

9,132

1,433

*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, 2021

 GAAP Result 

 Share-based 

Amortization of acquired 

 Impairment of acquired 

 Non-GAAP 

 Compensation 

  intangible assets 

 intangible assets 

 Result 

Cost of revenues

(39,250)

78

(39,172)

Research and product development

(13,494)

136

534

(12,824)

Sales and marketing

(28,612)

129

1,065

(27,418)

General and administrative

(46,512)

770

637

(45,105)

Other operating income

10,571

10,571

Total operating expenses

(78,047)

1,035

2,236

(74,776)

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)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.09)

(0.08)

Net loss per ADS – basic and diluted

(0.27)

(0.24)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

371,020,652

371,020,652

 Quarter Ended September 30, 2021

 GAAP Result 

 Share-based 

Amortization of acquired 

 Impairment of acquired 

 Non-GAAP 

 Compensation 

  intangible assets 

 intangible assets 

 Result 

Cost of revenues

(74,884)

214

(74,670)

Research and product development

(15,580)

359

616

(14,605)

Sales and marketing

(41,668)

332

1,065

(40,271)

General and administrative

(41,224)

2,475

652

(38,097)

Other operating income

2,106

2,106

Total operating expenses

(96,366)

3,166

2,333

(90,867)

Loss from operations

(56,626)

3,380

2,333

(50,913)

Net loss

(36,579)

3,380

2,333

(30,866)

Net loss attributable to ordinary shareholders

(35,082)

3,380

2,333

(29,369)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.09)

(0.08)

Net loss per ADS – basic and diluted

(0.27)

(0.24)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,956,994

370,956,994

 Quarter Ended December 31, 2020

 GAAP Result 

 Share-based 

Amortization of acquired 

 Impairment of acquired 

 Non-GAAP 

 Compensation 

  intangible assets 

 intangible assets 

 Result 

Cost of revenues

(70,841)

551

(70,290)

Research and product development

(12,833)

1,094

782

(10,957)

Sales and marketing

(113,162)

615

1,710

22,322

(88,515)

General and administrative

(844,759)

8,562

709

(835,488)

Other operating income

10,698

10,698

Total operating expenses

(960,056)

10,271

3,201

22,322

(924,262)

Loss from operations

(912,188)

10,822

3,201

22,322

(875,843)

Net loss

(921,778)

10,822

3,201

22,322

(885,433)

Net loss attributable to ordinary shareholders

(901,897)

10,822

3,201

22,322

(865,552)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(2.43)

(2.34)

Net loss per ADS – basic and diluted

(7.29)

(7.02)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,460,479

370,460,479

*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, 2021

 GAAP Result 

 Share-based 

Amortization of acquired 

Impairment of acquired

 Non-GAAP 

 Compensation 

  intangible assets 

  intangible assets 

 Result 

Cost of revenues

(254,815)

390

(254,425)

Research and product development

(54,622)

724

2,714

(51,184)

Sales and marketing

(150,493)

644

4,260

(145,589)

General and administrative

(174,021)

7,374

2,651

(163,996)

Other operating income

26,064

26,064

Total operating expenses

(353,072)

8,742

9,625

(334,705)

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)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(0.33)

(0.28)

Net loss per ADS – basic and diluted

(0.99)

(0.84)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,874,312

370,874,312

Year Ended December 31, 2020

 GAAP Result 

 Share-based 

Amortization of acquired 

Impairment of acquired

 Non-GAAP 

 Compensation 

  intangible assets 

  intangible assets 

 Result 

Cost of revenues

(237,065)

1,044

(236,021)

Research and product development

(100,514)

4,349

3,279

(92,886)

Sales and marketing

(371,984)

1,099

44,780

31,876

(294,229)

General and administrative

(1,109,340)

13,972

2,836

(1,092,532)

Other operating income

27,849

27,849

Total operating expenses

(1,553,989)

19,420

50,895

31,876

(1,451,798)

Loss from operations

(1,340,795)

20,464

50,895

31,876

(1,237,560)

Net loss

(1,343,630)

20,464

50,895

31,876

(1,240,395)

Net loss attributable to ordinary shareholders

(1,307,956)

20,464

50,895

31,876

(1,204,721)

Net loss per ordinary share attributable to ordinary
shareholders – basic and diluted

(3.53)

(3.25)

Net loss per ADS – basic and diluted

(10.59)

(9.75)

Weighted average number of ordinary shares used in
computing basic and diluted loss per share

370,240,040

370,240,040

*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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