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Form 6-K Tuniu Corp For: Feb 29

February 29, 2016 8:48 AM

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of February 2016

--------------

 

Commission File Number: 001-36430

----------

 

Tuniu Corporation

 

Tuniu Building, No. 699-32

Xuanwudadao, Xuanwu District

Nanjing, Jiangsu Province 210042

People’s Republic of China

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ___X____ Form 40-F _________

 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Tuniu Corporation

 

  By:

/s/ Conor Chia-hung Yang

  Name: Conor Chia-hung Yang
  Title: Chief Financial Officer

 

Date: February 29, 2016

  

 

 

EXHIBIT INDEX

 

Exhibit 99.1 – Press Release

 

 

 

 

Exhibit 99.1

 

Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2015 Financial Results

 

Net Revenues in Q4 2015 Increased by 104.1% Year-Over-Year

 

Gross Bookings in Q4 2015 Increased by 102.1% Year-Over-Year

 

NANJING, China, Feb. 29, 2016 /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, 2015.

 

Highlights for the Fourth Quarter of 2015

Highlights for the Fiscal Year 2015

Mr. Donald Yu, Tuniu's co-founder, Chairman and Chief Executive Officer, said, "We are pleased with the achievements that Tuniu has accomplished last year. The number of packaged tour trips that we served during 2015 increased 104% year-on-year to more than 4.4 million. During 2015, Tuniu also rapidly expanded its market share in the fast growing leisure travel market. We were able to achieve these accomplishments through ongoing execution of strategic initiatives and commitment to delivering high quality leisure products to our customers. In recent months, external events have negatively impacted some of our popular destinations and have caused a temporary shock to certain regions. However, we are confident that the overarching evolving consumption pattern in China will outweigh external factors and our highly diversified portfolio of destinations and products will support our long-term growth."

Mr. Alex Yan, Tuniu's co-founder, President and Chief Operating Officer, said, "By gathering and consolidating resources throughout the travel supply chain, our direct procurement has reached 30% of our gross bookings during the fourth quarter. As we continue to increase direct procurement and utilize a localized procurement strategy, we have been able to achieve improved standardization across all of our products and services to ensure quality control for our customers. During 2015, we achieved significant progress in terms of regional expansion as the number of regional center has grown from 75 at the end of 2014 to the current 170. The increased regional coverage has strengthened our presence in lower tiered cities, which continues to develop into our core competitiveness as lower tiered cities are an important driver for travel demand. Additionally, we will strengthen our capabilities in destination cities by establishing service centers at popular destinations around the world in order to better offer localized products to travelers and to source products that are only accessible locally."

Mr. Conor Yang, Tuniu's Chief Financial Officer, said, "We continue to make investments for travel-related services that synergize with our core leisure travel business. New products such as hotel booking, air ticketing and online financial services provide our customers with additional capacity for customization during their trips. Our diversified offerings of services strengthen our long-term competitive advantage and set us apart from our peers. We believe that investments in our strategic initiatives will solidify our market position and support our future growth."

 

 

[1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.4778 on December 31, 2015 as set forth in H.10 statistical release of the U.S. Federal Reserve Board and available at http://www.federalreserve.gov/releases/h10/hist/dat00_ch.htm.
[2] Gross bookings refer to the total amount paid by our customers for the travel products that we have delivered and the travel services that we have rendered, including the related taxes, fees and other charges borne by our customers.
[3] 30 regional service centers consist of Huainan, Ma'anshan, Hanzhong, Tsitsihar, Daqing, Dandong, Fushun, Yichun, Zhangjiakou, Wuzhou, Huaian, Songyuan, Siping, Tongliao, Shunde, Yuncheng, Baoji, Xiangtan, Yueyang, Shanghai (III), Zunyi, Urumqi, Xiaogan, Jiaozuo, Fuxin, Yanji, Chuzhou, Anqing, Chongqing (Wanzhou) and Wuhan (Wuchang).
[4] 10 regional service centers consist of Weinan, Shangqiu, Benxi, Huludao, Liaoyang, Tonghua, Kunshan, Shanghai (IV), Beijing (III) and Beijing (IV).

 

 

 

Fourth Quarter 2015 Results

 

Net revenues were RMB1.9 billion (US$292.6 million) in the fourth quarter of 2015, representing a year-over-year increase of 104.1% from the corresponding period in 2014. The increase was primarily due to the growth in revenues from organized tours, self-guided tours and other revenues. The number of trips sold increased by 98.7% to 1,110,429 in the fourth quarter of 2015 from 558,715 in the fourth quarter of 2014.

Cost of revenues was RMB1,815.6 million (US$280.3 million) in the fourth quarter of 2015, representing a year-over-year increase of 109.4% from the corresponding period in 2014. As a percentage of net revenues, cost of revenues was 95.8% in the fourth quarter of 2015 compared to 93.4% in the corresponding period in 2014.

 

Gross margin was 4.2% in the fourth quarter of 2015 compared to 6.6% in the fourth quarter of 2014. The decline in gross margin was primarily due to Tuniu's competitive pricing strategy and the higher costs associated with the new regional service centers.

 

Operating expenses were RMB641.1 million (US$99.0 million) in the fourth quarter of 2015, representing a year-over-year increase of 169.3% from the corresponding period in 2014. Share-based compensation expenses, which were allocated to operating expenses, were RMB22.3 million (US$3.4 million) in the fourth quarter of 2015. Amortization of acquired intangible assets, which was allocated to operating expenses, was RMB36.9 million (US$5.7 million) in the fourth quarter of 2015. Non-GAAP[5] operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB581.9 million (US$89.8 million) in the fourth quarter of 2015, representing a year-over-year increase of 156.2%.

 

 

[5] 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 attached "Reconciliations of GAAP and non-GAAP Results" at the end of this press release reconciles non-GAAP financial information with the Company's financial results under GAAP.

 

 

Loss from operations was RMB561.4 million (US$86.7 million) in the fourth quarter of 2015, compared to a loss from operations of RMB176.5 million in the corresponding period in 2014. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB501.8 million (US$77.5 million) in the fourth quarter of 2015.

 

Net loss was RMB549.5 million (US$84.8 million) in the fourth quarter of 2015, compared to a net loss of RMB168.0 million in the fourth quarter of 2014. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB489.8 million (US$75.6 million) in the fourth quarter of 2015.

 

Net loss attributable to ordinary shareholders was RMB547.0 million (US$84.4 million) in the fourth quarter of 2015, compared to a net loss attributable to ordinary shareholders of RMB168.0 million in the corresponding period in 2014. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB487.3 million (US$75.2 million) in the fourth quarter of 2015.

 

As of December 31, 2015, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.7 billion (US$566.0 million).

 

 

 

 

Fiscal Year 2015 Results 

 

Net revenues were RMB7.6 billion (US$1,180.2 million) in 2015, representing a 116.3% increase from 2014. The increase was primarily due to the growth in revenues from organized tours, self-guided tours and other revenues. The number of trips sold increased by 103.9% to 4,449,053 in 2015 from 2,181,834 in 2014.

Cost of revenues was RMB7.3 billion (US$1,123.0 million) in 2015, representing a 119.9% increase from 2014. As a percentage of net revenues, cost of revenues was 95.2% in 2015 compared to 93.6% in 2014.

 

Gross margin was 4.8% in 2015 compared to 6.4% in 2014. The decline in gross margin was primarily due to Tuniu's competitive pricing strategy and the higher costs associated with the new regional service centers.

 

Operating expenses were RMB1.8 billion (US$281.8 million) in 2015, representing a 161.1% increase from 2014. Share-based compensation expenses, which were allocated to operating expenses, were RMB64.4 million (US$9.9 million) in 2015. Amortization of acquired intangible assets, which was allocated to operating expenses, was RMB56.5 million (US$8.7 million) in 2015. Non-GAAP operating expenses, which excluded share-based compensation expenses and amortization of acquired intangible assets, were RMB1.7 billion (US$263.2 million) in 2015, representing a 158.0% increase from 2014.

 

 

 

 

Loss from operations was RMB1,455.0 million (US$224.6 million) in 2015, compared to a loss from operations of RMB473.0 million in 2014. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB1,333.1 million (US$205.8 million) in 2015.

 

Net loss was RMB1,462.4 million (US$225.8 million) in 2015, compared to a net loss of RMB447.9 million in 2014. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB1,340.5 million (US$206.9 million) in 2015.

 

Net loss attributable to ordinary shareholders was RMB1,459.4 million (US$225.3 million) in 2015, compared to a net loss attributable to ordinary shareholders of RMB463.5 million in 2014. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB1,337.5 million (US$206.5 million) in 2015.

 

Business Outlook 

 

For the first quarter of 2016, Tuniu expects to generate RMB1,972.2 million to RMB2,034.6 million of net revenues, which represents 58% to 63% growth 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 February 29, 2016, (9:00 pm, Beijing/Hong Kong Time, on February 29, 2016) to discuss the fourth quarter and fiscal year 2015 financial results.

 

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

 

US: +1-888-346-8982
Hong Kong: 800-905945
China: 4001-201203
International: +1-412-902-4272

 

Conference ID: Tuniu Corporation 4Q 2015 Earnings Call

 

A telephone replay will be available one hour after the end of the conference through March 7, 2016. The dial-in details are as follows:

 

US: +1-877-344-7529
International: +1-412-317-0088

 

Replay Access Code: 10081500

 

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 has over 1,450,000 stock keeping units (SKUs) of packaged tours, covering over 150 countries worldwide and all the popular tourist attractions in China. Tuniu provides one-stop leisure travel solutions and a compelling customer experience through its online platform and offline service network, including over 1,400 tour advisors, a 24/7 call center and 170 regional service centers. 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; 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, 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, which excludes share-based compensation expenses and amortization 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 and amortization of acquired intangible assets is that share-based compensation expenses and amortization 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.

 

For investor and media inquiries, please contact:

 

China

 

Maria Xin
Investor Relations and Strategic Investment Senior Director
Tuniu Corporation
Phone: +86-25-8685-3178
E-mail: [email protected]

 

 

 

 

(Financial Tables Follow)

 

Tuniu Corporation
Unaudited Condensed Consolidated Balance Sheets
 
   December 31, 2014   December 31, 2015   December 31, 2015 
   RMB   RMB   US$ 
             
ASSETS            
Current assets            
Cash and cash equivalents   1,457,722,376    2,101,217,191    324,372,039 
Restricted cash   44,030,000    338,996,563    52,332,051 
Short-term investments   468,570,000    1,226,415,143    189,325,873 
Accounts receivable, net   8,644,481    116,669,414    18,010,654 
Prepayments and other current assets   575,296,906    1,756,055,244    271,088,216 
Total current assets   2,554,263,763    5,539,353,555    855,128,833 
                
Non-current assets               
Property and equipment, net   72,310,290    145,190,451    22,413,543 
Intangible assets   3,075,465    715,547,628    110,461,519 
Goodwill   -    136,569,242    21,082,658 
Other non-current assets   15,367,814    649,480,686    100,262,541 
Total non-current assets   90,753,569    1,646,788,007    254,220,261 
Total assets   2,645,017,332    7,186,141,562    1,109,349,094 
                
LIABILITIES AND SHAREHOLDERS' EQUITY               
Current liabilities               
Accounts payable   382,704,323    796,069,275    122,891,919 
Salary and welfare payable   78,739,361    147,389,353    22,752,995 
Taxes payable   3,884,044    8,429,480    1,301,287 
Advances from customers   638,827,791    1,223,313,130    188,847,005 
Accrued expenses and other current liabilities   109,860,116    1,615,431,000    249,379,575 
Total current liabilities   1,214,015,635    3,790,632,238    585,172,781 
Non-current liabilities   22,278,479    57,784,885    8,920,449 
Total liabilities   1,236,294,114    3,848,417,123    594,093,230 
                
Shareholders' equity               
Ordinary shares   121,068    181,341    27,994 
Additional paid-in capital   2,298,726,639    5,482,636,908    846,373,292 
Accumulated other comprehensive
loss / (income)		   (21,080,728)   167,024,922    25,784,205 
Accumulated deficit   (869,043,761)   (2,328,422,405)   (359,446,480)
Total Tuniu's shareholders' equity   1,408,723,218    3,321,420,766    512,739,011 
Noncontrolling interests   -    16,303,673    2,516,853 
Total Shareholders' equity   1,408,723,218    3,337,724,439    515,255,864 
Total liabilities and shareholders' equity   2,645,017,332    7,186,141,562    1,109,349,094 

 

 

 

 

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Loss
 
   Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended 
   December 31, 2014   September 30, 2015   December 31, 2015   December 31, 2015 
   RMB   RMB   RMB   US$ 
                 
Revenues                    
Organized tours   896,039,539    2,886,591,085    1,804,448,874    278,558,905 
Self-guided tours   28,610,275    66,973,785    52,197,956    8,057,976 
Others   8,852,058    44,591,939    47,296,631    7,301,341 
Total revenues   933,501,872    2,998,156,809    1,903,943,461    293,918,222 
Less: Business and related taxes   (4,803,392)   (14,563,243)   (8,736,802)   (1,348,729)
Net revenues   928,698,480    2,983,593,566    1,895,206,659    292,569,493 
Cost of revenues   (867,129,831)   (2,815,401,535)   (1,815,557,466)   (280,273,776)
Gross profit   61,568,649    168,192,031    79,649,193    12,295,717 
                     
Operating expenses                    
Research and product development   (38,717,404)   (87,149,910)   (106,010,851)   (16,365,255)
Sales and marketing   (143,091,536)   (337,994,549)   (394,819,153)   (60,949,574)
General and administrative   (59,237,000)   (103,898,918)   (146,589,168)   (22,629,468)
Other operating income   2,996,602    2,162,148    6,336,349    978,163 
Total operating expenses   (238,049,338)   (526,881,229)   (641,082,823)   (98,966,134)
Loss from operations   (176,480,689)   (358,689,198)   (561,433,630)   (86,670,417)
Other income/(expenses)                    
Interest income   8,621,182    28,579,814    21,848,265    3,372,791 
Foreign exchange related gains/(losses), net   (63,170)   (103,545,323)   (9,541,992)   (1,473,030)
Other loss, net   (116,934)   (683,995)   (109,417)   (16,891)
Loss before income tax expense   (168,039,611)   (434,338,702)   (549,236,774)   (84,787,547)
Income taxes expense /(benefit)   -    (615,292)   215,393    33,251 
Net loss   (168,039,611)   (433,723,410)   (549,452,167)   (84,820,798)
Less:Net loss attributable to noncontrolling interests   -    (418,793)   (2,496,575)   (385,405)
Net loss attributable to ordinary shareholders   (168,039,611)   (433,304,617)   (546,955,592)   (84,435,393)
                     
Net loss   (168,039,611)   (433,723,410)   (549,452,167)   (84,820,798)
Other comprehensive loss:                    
Foreign currency translation adjustment, net of nil tax   (3,547,388)   150,250,056    38,183,320    5,894,489 
Comprehensive loss   (171,586,999)   (283,473,354)   (511,268,847)   (78,926,309)
                     
Loss per share                    
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		   (1.12)   (1.51)   (1.91)   (0.29)
Net loss per ADS - basic and diluted*   (3.35)   (4.54)   (5.73)   (0.88)
Weighted average number of ordinary shares used in
computing basic and diluted loss per share		   150,645,691    286,115,390    286,488,559    286,488,559 
                     
Share-based compensation expenses included are as follows:                    
Cost of revenues   78,585    213,480    210,866    32,552 
Research and product development   473,176    837,924    1,128,572    174,221 
Sales and marketing   133,608    305,277    302,356    46,676 
General and administrative   10,283,880    16,633,511    20,839,126    3,217,007 
Total   10,969,249    17,990,192    22,480,920    3,470,456 

 

*Each ADS represents three of the Company's ordinary shares.      

 

 

                         

Tuniu Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Loss
 
   Year Ended   Year Ended   Year Ended 
   December 31,2014   December 31,2015   December 31,2015 
    RMB    RMB     US$  
                
Revenues               
Organized tours   3,432,825,480    7,358,879,189    1,136,015,189 
Self-guided tours   93,125,546    194,162,147    29,973,470 
Others   28,756,346    127,744,536    19,720,358 
Total revenues   3,554,707,372    7,680,785,872    1,185,709,017 
Less: Business and related taxes   (19,768,193)   (35,526,213)   (5,484,302)
Net revenues   3,534,939,179    7,645,259,659    1,180,224,715 
Cost of revenues   (3,308,800,795)   (7,274,675,420)   (1,123,016,367)
Gross profit   226,138,384    370,584,239    57,208,348 
                
Operating expenses               
Research and product development   (104,881,535)   (298,199,228)   (46,034,028)
Sales and marketing   (434,191,090)   (1,154,155,011)   (178,170,831)
General and administrative   (166,987,647)   (385,442,097)   (59,502,006)
Other operating income   6,901,814    12,174,709    1,879,451 
Total operating expenses   (699,158,458)   (1,825,621,627)   (281,827,414)
Loss from operations   (473,020,074)   (1,455,037,388)   (224,619,066)
Other income/(expenses)               
Interest income   31,283,593    76,516,227    11,812,070 
Foreign exchange related gains/(losses), net   (5,333,644)   (83,118,274)   (12,831,250)
Other loss, net   (787,726)   (1,334,269)   (205,976)
Loss before income tax expense   (447,857,851)   (1,462,973,704)   (225,844,222)
Income taxes expense /(benefit)   -    (589,481)   (91,000)
Net loss   (447,857,851)   (1,462,384,223)   (225,753,222)
Less:Net loss attributable to noncontrolling interests   -    (3,005,579)   (463,982)
Add: Deemed dividends to preferred shareholders   (15,605,908)   -    - 
Net loss attributable to ordinary shareholders   (463,463,759)   (1,459,378,644)   (225,289,240)
                
Net loss   (447,857,851)   (1,462,384,223)   (225,753,222)
Other comprehensive loss:               
Foreign currency translation adjustment, net of nil tax   (1,357,458)   188,105,650    29,038,508 
Comprehensive loss   (449,215,309)   (1,274,278,573)   (196,714,714)
                
Loss per share               
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		   (4.38)   (5.88)   (0.91)
Net loss per ADS - basic and diluted*   (13.15)   (17.63)   (2.72)
Weighted average number of ordinary shares used in
computing basic and diluted loss per share		   105,746,313    248,362,837    248,362,837 
                
Share-based compensation expenses included are as follows:               
Cost of revenues   799,880    784,680    121,134 
Research and product development   1,971,655    3,537,691    546,125 
Sales and marketing   856,858    1,135,795    175,337 
General and administrative   35,544,285    59,684,988    9,213,774 
Total   39,172,678    65,143,154    10,056,370 

 

*Each ADS represents three of the Company's ordinary shares.

 

 

 

                       

Reconciliations of GAAP and Non-GAAP Results

(In RMB, except per share information)

 

      Quarter Ended December 31, 2015  
      GAAP Result       Share-based Compensation       Amortization of acquired intangible assets       Non-GAAP Result  
                                 
Cost of revenues     (1,815,557,466 )     210,866       292,453       (1,815,054,147 )
                                 
Research and product development     (106,010,851 )     1,128,572       398,983       (104,483,296 )
Sales and marketing     (394,819,153 )     302,356       36,779,796       (357,737,001 )
General and administrative     (146,589,168 )     20,839,126       (314,459 )     (126,064,501 )
Other operating income     6,336,349       -       -       6,336,349  
Total operating expenses     (641,082,823 )     22,270,054       36,864,320       (581,948,449 )
                                 
Loss from operations     (561,433,630 )     22,480,920       37,156,773       (501,795,937 )
                                 
Net loss     (549,452,167 )     22,480,920       37,156,773       (489,814,474 )
                                 
Net loss attributable to Tuniu's shareholders     (546,955,592 )     22,480,920       37,156,773       (487,317,899 )
                                 
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		     (1.91 )                     (1.70 )
Net loss per ADS - basic and diluted     (5.73 )                     (5.10 )

 

      Quarter Ended September 30, 2015  
      GAAP Result       Share-based Compensation       Amortization of acquired intangible assets       Non-GAAP Result  
                     
Cost of revenues   (2,815,401,535)   213,480    -    (2,815,188,055)
                     
Research and product development   (87,149,910)   837,924    316,206    (85,995,780)
Sales and marketing   (337,994,549)   305,277    17,611,433    (320,077,839)
General and administrative   (103,898,918)   16,633,511    930,341    (86,335,066)
Other operating income   2,162,148    -    -    2,162,148 
Total operating expenses   (526,881,229)   17,776,712    18,857,980    (490,246,537)
                     
Loss from operations   (358,689,198)   17,990,192    18,857,980    (321,841,026)
                     
Net loss   (433,723,410)   17,990,192    18,857,980    (396,875,238)
                     
Net loss attributable to Tuniu's shareholders   (433,304,617)   17,990,192    18,857,980    (396,456,445)
                     
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		   (1.51)             (1.39)
Net loss per ADS - basic and diluted   (4.54)             (4.16)

  

      Quarter Ended December 31, 2014  
      GAAP Result       Share-based Compensation       Amortization of acquired intangible assets       Non-GAAP Result  
                     
Cost of revenues   (867,129,831)   78,585    -    (867,051,246)
                     
Research and product development   (38,717,404)   473,176    -    (38,244,228)
Sales and marketing   (143,091,536)   133,608    -    (142,957,928)
General and administrative   (59,237,000)   10,283,880    -    (48,953,120)
Other operating income   2,996,602    -    -    2,996,602 
Total operating expenses   (238,049,338)   10,890,664    -    (227,158,674)
                     
Loss from operations   (176,480,689)   10,969,249    -    (165,511,440)
                     
Net loss   (168,039,611)   10,969,249    -    (157,070,362)
                     
Net loss attributable to ordinary shareholders   (168,039,611)   10,969,249    -    (157,070,362)
                     
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		   (1.12)             (1.04)
Net loss per ADS - basic and diluted   (3.35)             (3.13)

 

 

 

 

Reconciliations of GAAP and Non-GAAP Results

(In RMB, except per share information)

  

      Year Ended December 31, 2015  
      GAAP Result       Share-based Compensation       Amortization of acquired intangible assets       Non-GAAP Result  
                     
Cost of revenues   (7,274,675,420)   784,680    292,453    (7,273,598,287)
                     
Research and product development   (298,199,228)   3,537,691    715,189    (293,946,348)
Sales and marketing   (1,154,155,011)   1,135,795    55,149,558    (1,097,869,658)
General and administrative   (385,442,097)   59,684,988    615,882    (325,141,227)
Other operating income   12,174,709    -    -    12,174,709 
Total operating expenses   (1,825,621,627)   64,358,474    56,480,629    (1,704,782,524)
                     
Loss from operations   (1,455,037,388)   65,143,154    56,773,082    (1,333,121,152)
                     
Net loss   (1,462,384,223)   65,143,154    56,773,082    (1,340,467,987)
                     
Net loss attributable to Tuniu's shareholders   (1,459,378,644)   65,143,154    56,773,082    (1,337,462,408)
                     
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		   (5.88)             (5.39)
Net loss per ADS - basic and diluted   (17.63)             (16.16)

  

      Year Ended December 31, 2014  
      GAAP Result       Share-based Compensation       Amortization of acquired intangible assets       Non-GAAP Result  
                 
Cost of revenues   (3,308,800,795)   799,880    -    (3,308,000,915)
                     
Research and product development   (104,881,535)   1,971,655    -    (102,909,880)
Sales and marketing   (434,191,090)   856,858    -    (433,334,232)
General and administrative   (166,987,647)   35,544,285    -    (131,443,362)
Other operating income   6,901,814    -    -    6,901,814 
Total operating expenses   (699,158,458)   38,372,798    -    (660,785,660)
                     
Loss from operations   (473,020,074)   39,172,678    -    (433,847,396)
                     
Net loss   (447,857,851)   39,172,678    -    (408,685,173)
                     
Net loss attributable to Tuniu's shareholders   (463,463,759)   39,172,678    -    (424,291,081)
                     
Net loss per ordinary share attributable to ordinary
shareholders - basic and diluted		   (4.38)             (4.01)
Net loss per ADS - basic and diluted   (13.15)             (12.04)

 

 

 

 

 

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