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 Announces Unaudited Fourth Quarter and Fiscal Year 2023 Financial Results
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