Tuniu Announces Unaudited Second Quarter 2024 Financial Results
Highlights for the Second Quarter of 2024
- Revenues from package tours in the second quarter of 2024 increased by 28.6% year-over-year to
RMB89.8 million (US$12.4 million [1]). - Gross profit in the second quarter of 2024 increased by 29.1% year-over-year to
RMB84.4 million (US$11.6 million ). - Income from operations was
RMB34.5 million (US$4.7 million ) in the second quarter of 2024, compared to an income from operations ofRMB6.8 million in the second quarter of 2023. - Net income was
RMB43.0 million (US$5.9 million ) in the second quarter of 2024, compared to a net income ofRMB0.2 million in the second quarter of 2023.
"
[1] The conversion of Renminbi ("RMB") into |
Second Quarter 2024 Results
Net revenues were
-
Revenues from packaged tours were
RMB89.8 million (US$12.4 million ) in the second quarter of 2024, representing a year-over-year increase of 28.6% from the corresponding period in 2023. The increase was primarily due to the growth of organized tours. -
Other revenues were
RMB27.2 million (US$3.7 million ) in the second quarter of 2024, representing a year-over-year decrease of 10.0% from the corresponding period in 2023. The decrease was primarily due to the decrease in commission fees received from other travel-related products and revenues generated from financial services.
Cost of revenues was
Gross profit was
Operating expenses were
-
Research and product development expenses were
RMB12.7 million (US$1.7 million ) in the second quarter of 2024, representing a year-over-year decrease of 8.2%. 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 10.9% in the second quarter of 2024, decreasing from 13.8% as a percentage of net revenues in the corresponding period in 2023. -
Sales and marketing expenses were
RMB40.2 million (US$5.5 million ) in the second quarter of 2024, representing a year-over-year increase of 61.5%. 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 34.4% in the second quarter of 2024, increasing from 24.9% as a percentage of net revenues in the corresponding period in 2023. -
General and administrative expenses were
RMB21.7 million (US$3.0 million ) in the second quarter of 2024, which was in line with general and administrative expenses in the second quarter of 2023. General and administrative expenses as a percentage of net revenues were 18.6% in the second quarter of 2024, decreasing from 21.8% 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
As of
[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. |
Business Outlook
For the third quarter of 2024,
Share Repurchase Update
In
Conference Call Information
To participate in the conference call, please dial the following numbers:
|
1-888-346-8982 |
|
852-301-84992 |
Mainland China |
4001-201203 |
International |
1-412-902-4272 |
Conference ID: Tuniu 2Q 2024 Earnings Conference Call
A telephone replay will be available one hour after the end of the conference call through
United States |
1-877-344-7529 |
International |
1-412-317-0088 |
Replay Access Code: 9667429
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
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 from operations, net income, net income attributable to ordinary shareholders of
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)
|
|||||
Unaudited Condensed Consolidated Balance Sheets |
|||||
(All amounts in thousands) |
|||||
|
December 31, 2023 |
|
June 30, 2024 |
|
June 30, 2024 |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
378,989 |
|
652,819 |
|
89,831 |
Restricted cash |
65,902 |
|
26,675 |
|
3,671 |
Short-term investments |
777,890 |
|
599,682 |
|
82,519 |
Accounts receivable, net |
41,633 |
|
54,863 |
|
7,549 |
Amounts due from related parties |
9,515 |
|
503 |
|
69 |
Prepayments and other current assets |
234,189 |
|
210,642 |
|
28,985 |
Total current assets |
1,508,118 |
|
1,545,184 |
|
212,624 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Long-term investments |
209,819 |
|
210,312 |
|
28,940 |
Property and equipment, net |
57,479 |
|
54,567 |
|
7,509 |
Intangible assets, net |
26,091 |
|
23,513 |
|
3,235 |
Land use right, net |
90,529 |
|
89,498 |
|
12,315 |
Operating lease right-of-use assets, net |
12,484 |
|
10,801 |
|
1,486 |
Other non-current assets |
55,960 |
|
47,863 |
|
6,586 |
Total non-current assets |
452,362 |
|
436,554 |
|
60,071 |
Total assets |
1,960,480 |
|
1,981,738 |
|
272,695 |
|
|
|
|
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Short-term borrowings |
7,277 |
|
36 |
|
5 |
Accounts and notes payable |
317,104 |
|
366,052 |
|
50,370 |
Amounts due to related parties |
6,405 |
|
8,724 |
|
1,200 |
Salary and welfare payable |
21,401 |
|
19,750 |
|
2,718 |
Taxes payable |
4,305 |
|
2,286 |
|
315 |
Advances from customers |
270,197 |
|
223,609 |
|
30,770 |
Operating lease liabilities, current |
2,709 |
|
3,297 |
|
454 |
Accrued expenses and other current liabilities |
329,481 |
|
316,711 |
|
43,580 |
Total current liabilities |
958,879 |
|
940,465 |
|
129,412 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Operating lease liabilities, non-current |
5,348 |
|
3,556 |
|
489 |
Deferred tax liabilities |
6,027 |
|
5,524 |
|
760 |
Long-term borrowings |
10,395 |
|
- |
|
- |
Total non-current liabilities |
21,770 |
|
9,080 |
|
1,249 |
Total liabilities |
980,649 |
|
949,545 |
|
130,661 |
|
|
|
|
|
|
Redeemable noncontrolling interests |
27,200 |
|
27,200 |
|
3,743 |
|
|
|
|
|
|
Equity |
|
|
|
|
|
Ordinary shares |
249 |
|
249 |
|
34 |
Less: |
(285,983) |
|
(311,052) |
|
(42,802) |
Additional paid-in capital |
9,138,720 |
|
9,144,917 |
|
1,258,382 |
Accumulated other comprehensive income |
305,416 |
|
311,751 |
|
42,898 |
Accumulated deficit |
(8,127,552) |
|
(8,070,619) |
|
(1,110,554) |
|
1,030,850 |
|
1,075,246 |
|
147,958 |
Noncontrolling interests |
(78,219) |
|
(70,253) |
|
(9,667) |
Total equity |
952,631 |
|
1,004,993 |
|
138,291 |
Total liabilities, redeemable noncontrolling interests and equity |
1,960,480 |
|
1,981,738 |
|
272,695 |
|
|||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income |
|||||||
(All amounts in thousands, except per share information) |
|||||||
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
Quarter Ended |
|
June 30, 2023 |
|
March 31, 2024 |
|
June 30, 2024 |
|
June 30, 2024 |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
Packaged tours |
69,793 |
|
82,951 |
|
89,782 |
|
12,354 |
Others |
30,159 |
|
25,007 |
|
27,155 |
|
3,737 |
Net revenues |
99,952 |
|
107,958 |
|
116,937 |
|
16,091 |
Cost of revenues |
(34,547) |
|
(25,913) |
|
(32,530) |
|
(4,476) |
Gross profit |
65,405 |
|
82,045 |
|
84,407 |
|
11,615 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Research and product development |
(13,820) |
|
(13,024) |
|
(12,693) |
|
(1,747) |
Sales and marketing |
(24,906) |
|
(36,824) |
|
(40,222) |
|
(5,535) |
General and administrative |
(21,741) |
|
(20,479) |
|
(21,737) |
|
(2,991) |
Other operating income |
1,841 |
|
582 |
|
24,735 |
|
3,404 |
Total operating expenses |
(58,626) |
|
(69,745) |
|
(49,917) |
|
(6,869) |
Income from operations |
6,779 |
|
12,300 |
|
34,490 |
|
4,746 |
Other income/(expenses) |
|
|
|
|
|
|
|
Interest and investment income, net |
7,122 |
|
10,041 |
|
8,221 |
|
1,131 |
Interest expense |
(218) |
|
(613) |
|
(1,230) |
|
(169) |
Foreign exchange losses, net |
(15,152) |
|
(568) |
|
(1,282) |
|
(176) |
Other income, net |
1,820 |
|
1,279 |
|
1,822 |
|
251 |
Income before income tax expense |
351 |
|
22,439 |
|
42,021 |
|
5,783 |
Income tax (loss)/benefit |
(783) |
|
64 |
|
(459) |
|
(63) |
Equity in income/(loss) of affiliates |
653 |
|
(604) |
|
1,438 |
|
198 |
Net income |
221 |
|
21,899 |
|
43,000 |
|
5,918 |
Net (loss)/income attributable to noncontrolling interests |
(437) |
|
7,988 |
|
(22) |
|
(3) |
Net income attributable to ordinary shareholders of |
658 |
|
13,911 |
|
43,022 |
|
5,921 |
|
|
|
|
|
|
|
|
Net income |
221 |
|
21,899 |
|
43,000 |
|
5,918 |
Other comprehensive income: |
|
|
|
|
|
|
|
Foreign currency translation adjustment, net of nil tax |
17,736 |
|
2,034 |
|
4,301 |
|
592 |
Comprehensive income |
17,957 |
|
23,933 |
|
47,301 |
|
6,510 |
|
|
|
|
|
|
|
|
Net income per ordinary share attributable to ordinary |
0.00 |
|
0.04 |
|
0.12 |
|
0.02 |
Net income per ADS - basic and diluted* |
0.00 |
|
0.12 |
|
0.36 |
|
0.06 |
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in computing |
371,418,638 |
|
371,473,623 |
|
363,061,543 |
|
363,061,543 |
Weighted average number of ordinary shares used in computing |
376,427,714 |
|
373,323,330 |
|
365,317,172 |
|
365,317,172 |
|
|
|
|
|
|
|
|
Share-based compensation expenses included are as follows : |
|
|
|
|
|
|
|
Cost of revenues |
54 |
|
65 |
|
65 |
|
9 |
Research and product development |
54 |
|
65 |
|
65 |
|
9 |
Sales and marketing |
28 |
|
31 |
|
31 |
|
4 |
General and administrative |
4,383 |
|
4,830 |
|
1,429 |
|
197 |
Total |
4,519 |
|
4,991 |
|
1,590 |
|
219 |
|
|
|
|
|
|
|
|
*Each ADS represents three of the Company's ordinary shares. |
|
|
|
|
|
|
|
|
|||||||||
Reconciliations of GAAP and Non-GAAP Results |
|||||||||
(All amounts in thousands) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||||||
|
GAAP Result |
|
Share-based |
|
Amortization of acquired |
|
Net gain on |
|
Non-GAAP |
|
|
Compensation |
|
intangible assets |
|
disposals of subsidiaries |
|
Result |
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
34,490 |
|
1,590 |
|
828 |
|
(24,618) |
|
12,290 |
|
|
|
|
|
|
|
|
|
|
Net income |
43,000 |
|
1,590 |
|
828 |
|
(24,618) |
|
20,800 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
43,022 |
|
1,590 |
|
828 |
|
(24,618) |
|
20,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
||||||||
|
GAAP Result |
|
Share-based |
|
Amortization of acquired |
|
Net gain on |
|
Non-GAAP |
|
|
Compensation |
|
intangible assets |
|
disposals of subsidiaries |
|
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 |
|
Net gain on |
|
Non-GAAP |
|
|
Compensation |
|
intangible assets |
|
disposals of subsidiaries |
|
Result |
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
6,779 |
|
4,519 |
|
828 |
|
- |
|
12,126 |
|
|
|
|
|
|
|
|
|
|
Net income |
221 |
|
4,519 |
|
828 |
|
- |
|
5,568 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary shareholders |
658 |
|
4,519 |
|
828 |
|
- |
|
6,005 |
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