Press Releases

Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results

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)











































 

SOURCE Tuniu Corporation

For further information: China , Mary Chen, Investor Relations Director, Tuniu Corporation, Phone: +86-25-6960-9988, E-mail: ir@tuniu.com