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Tuniu Announces Unaudited Third Quarter 2017 Financial Results

THIS POST WAS ORIGINALLY PUBLISHED ON THIS SITE Click Here To Read Entire Article

NANJING, China, Nov. 27, 2017 /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 third quarter ended September 30, 2017.

Highlights for the Third Quarter of 2017

Net revenues in the third quarter of 2017 was RMB806.1 million (US$121.2 million[1]), an increase of 53.5% year-over-year when compared with Non-GAAP[2] net revenues in the third quarter of 2016. Gross profit in the third quarter of 2017 was RMB440.9 million (US$66.3 million), an increase of 73.5% year-over-year when compared with Non-GAAP gross profit in the third quarter of 2016. Non-GAAP net income in the third quarter of 2017 was RMB39.7 million (US$6.0 million), compared with a Non-GAAP net loss of RMB496.7 million in the third quarter of 2016.

Comparison of Revenues

We adopted ASC 606 new revenue standard effective January 1, 2017 by applying the full retrospective method. To increase comparability of operating results and help investors better understand our business performance and operating trends, we have provided the following comparison between revenues, cost of revenues and gross profit for the third quarter of 2017 and the relevant Non-GAAP adjusted data for corresponding period in 2016:

(in thousands RMB)

Quarter Ended

September 30, 2016

Quarter Ended

September 30, 2017

% of change

Revenues

Packaged tours

394,789

604,047

53.0%

Others

130,360

202,038

55.0%

Net revenues

525,149

806,085

53.5%

Cost of revenues

(271,087)

(365,206)

34.7%

Gross profit

254,062

440,879

73.5%

[1] The conversion of Renminbi (“RMB”) into United States dollars (“US$”) is based on the exchange rate of US$1.00=RMB6.6533 on September 29, 2017 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] 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.

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