Tuniu Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results


    NANJING, China, March 17, 2023 /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, 2022.

    "Although 2022 was the most difficult year for travel industry since the pandemic outbreak, we were pleased to see the beginning of a recovery in the fourth quarter," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer. "Despite the challenges we faced last year, Tuniu has consistently pursued new opportunities and continued to upgrade our products and services while enhancing our core competencies. In the new year, as domestic and outbound travel markets gradually re-open, the release of pent-up travel demand is further supporting the industry's rebound. Tuniu will seize this window of opportunity and leverage the strengths which we have built up over the years in supply chain, products, services and sales to achieve a rapid and steady business recovery. In addition to focusing on our business development, we will continue to implement effective cost control measures and improve efficiency to promote Tuniu's healthy long-term development."

    Fourth Quarter 2022 Results

    Net revenues were RMB27.3 million (US$4.0 million[1]) in the fourth quarter of 2022, representing a year-over-year decrease of 62.8% from the corresponding period in 2021. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

    • Revenues from packaged tours were RMB5.0 million (US$0.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 88.4% from the corresponding period in 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.
    • Other revenues were RMB22.4 million (US$3.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 27.0% from the corresponding period in 2021. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

    Cost of revenues was RMB15.1 million (US$2.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 61.5% from the corresponding period in 2021. As a percentage of net revenues, cost of revenues was 55.4% in the fourth quarter of 2022, compared to 53.5% in the corresponding period in 2021.

    Gross margin was 44.6% in the fourth quarter of 2022, compared to a gross margin of 46.5% in the fourth quarter of 2021.

    [1] The conversion of Renminbi ("RMB") into United States dollars ("US$") is based on the exchange rate of US$1.00=RMB6.8972 on December 30, 2022 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.

    Operating expenses were RMB32.5 million (US$4.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 58.4% from the corresponding period in 2021. Gain on disposals of subsidiaries which was allocated to operating expenses, was RMB32.2 million (US$4.7 million) in the fourth quarter of 2022.

    • Research and product development expenses were RMB10.9 million (US$1.6 million) in the fourth quarter of 2022, representing a year-over-year decrease of 19.1%. The decrease was primarily due to the decrease in research and product development personnel related expenses.
    • Sales and marketing expenses were RMB22.9 million (US$3.3 million) in the fourth quarter of 2022, representing a year-over-year decrease of 20.1%. The decrease was primarily due to the decreases in promotion expenses and sales and marketing personnel related expenses.
    • General and administrative expenses were RMB33.1 million (US$4.8 million) in the fourth quarter of 2022, representing a year-over-year decrease of 28.8%. The decrease was primarily due to the decreases in general and administrative personnel related expenses and allowance for expected credit losses.

    Loss from operations was RMB20.3 million (US$2.9 million) in the fourth quarter of 2022, compared to a loss from operations of RMB43.9 million in the fourth quarter of 2021. Non-GAAP[2] loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB50.1 million (US$7.3 million) in the fourth quarter of 2022.

    Net loss was RMB9.3 million (US$1.3 million) in the fourth quarter of 2022, compared to a net loss of RMB36.2 million in the fourth quarter of 2021. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB39.1 million (US$5.7 million) in the fourth quarter of 2022.

    Net loss attributable to ordinary shareholders was RMB4.4 million (US$0.6 million) in the fourth quarter of 2022, compared to a net loss attributable to ordinary shareholders of RMB33.9 million in the fourth quarter of 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets and gain on disposals of subsidiaries, was RMB34.2 million (US$5.0 million) in the fourth quarter of 2022.

    [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.

    As of December 31, 2022, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB922.3 million (US$133.7 million). The COVID-19 pandemic has negatively impacted our business operations, and will continue to impact our results of operations and cash flows for subsequent periods. Based on our liquidity assessment and management actions, we believe that our available cash, cash equivalents and maturity of investments will be sufficient to meet our working capital requirements and capital expenditures in the ordinary course of business for the next twelve months.

    Fiscal Year 2022 Results

    Net revenues were RMB183.6 million (US$26.6 million) in 2022, representing a year-over-year decrease of 56.9% from 2021. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19.

    • Revenues from packaged tours were RMB70.3 million (US$10.2 million) in 2022, representing a year-over-year decrease of 77.0% from 2021. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China.
    • Other revenues were RMB113.3 million (US$16.4 million) in 2022, representing a year-over-year decrease of 6.4% from 2021. The decrease was primarily due to the decrease in the fees for advertising services provided to tourism boards and bureaus.

    Cost of revenues was RMB94.1 million (US$13.6 million) in 2022, representing a year-over-year decrease of 63.1% from 2021. As a percentage of net revenues, cost of revenues was 51.2% in 2022 compared to 59.8% in 2021.

    Gross margin was 48.8% in 2022, compared to a gross margin of 40.2% in 2021.

    Operating expenses were RMB299.8 million (US$43.5 million) in 2022, representing a year-over-year decrease of 15.1% from 2021. Impairment of goodwill offset by gain on disposals of subsidiaries, which were allocated to operating expenses, was RMB47.2 million (US$6.8 million) in 2022.

    • Research and product development expenses were RMB50.8 million (US$7.4 million) in 2022, representing a year-over-year decrease of 7.0%. The decrease was primarily due to the decrease in research and development personnel related expenses.
    • Sales and marketing expenses were RMB103.6 million (US$15.0 million) in 2022, representing a year-over-year decrease of 31.1%. The decrease was primarily due to the decreases in promotion expenses and sales and marketing personnel related expenses.
    • General and administrative expenses were RMB108.9 million (US$15.8 million) in 2022, representing a year-over-year decrease of 37.4%. The decrease was primarily due to the decreases in general and administrative personnel related expenses and allowance for expected credit losses.

    Loss from operations was RMB210.2 million (US$30.5 million) in 2022, compared to a loss from operations of RMB181.5 million in 2021. Non-GAAP loss from operations, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB151.0 million (US$21.9 million) in 2022.

    Net loss was RMB203.0 million (US$29.4 million) in 2022, compared to a net loss of RMB128.5 million in 2021. Non-GAAP net loss, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB143.8 million (US$20.8 million) in 2022.

    Net loss attributable to ordinary shareholders was RMB193.4 million (US$28.0 million) in 2022, compared to a net loss attributable to ordinary shareholders of RMB121.5 million in 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill, was RMB134.1 million (US$19.4 million) in 2022.

    Business Outlook

    For the first quarter of 2023, Tuniu expects to generate RMB60.1 million to RMB64.3 million of net revenues, which represents a 45% to 55% increase year-over-year compared with net revenues in the corresponding period in 2022. 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 March 17, 2023, (8:00 pm, Beijing/Hong Kong Time, on March 17, 2023) to discuss the fourth quarter and fiscal year 2022 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 2022 Earnings Conference Call

    A telephone replay will be available one hour after the end of the conference call through March 24, 2023. The dial-in details are as follows:

    US

    1-877-344-7529

    International

    1-412-317-0088

    Replay Access Code: 8859146

    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 loss from operations, net loss, net loss attributable to ordinary shareholders, which excludes share-based compensation expenses, amortization of acquired intangible assets, gain on disposals of subsidiaries and impairment of goodwill. 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 Condensed Consolidated Balance Sheets

    (All amounts in thousands, except per share information)


     December 31, 2021 


     December 31, 2022 


     December 31, 2022 


     RMB 


     RMB 


     US$ 







    ASSETS






    Current assets






    Cash and cash equivalents

    349,077


    153,835


    22,304

    Restricted cash 

    46,521


    44,052


    6,387

    Short-term investments

    615,901


    724,413


    105,030

    Accounts receivable, net

    111,941


    33,644


    4,878

    Amounts due from related parties

    14,969


    1,030


    149

    Prepayments and other current assets  

    337,033


    242,994


    35,231

    Total current assets

    1,475,442


    1,199,968


    173,979







    Non-current assets






    Long-term investments

    201,947


    230,562


    33,428

    Property and equipment, net

    98,159


    85,182


    12,350

    Intangible assets, net

    55,376


    30,672


    4,447

    Land use right, net

    94,652


    92,590


    13,424

    Operating lease right-of-use assets, net

    48,115


    33,204


    4,814

    Goodwill

    232,007


    114,661


    16,624

    Other non-current assets

    92,111


    91,091


    13,207

    Total non-current assets

    822,367


    677,962


    98,294

    Total assets

    2,297,809


    1,877,930


    272,273







    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY






    Current liabilities






    Short-term borrowings

    9,981


    7,517


    1,090

    Accounts and notes payable 

    383,626


    261,873


    37,968

    Amounts due to related parties

    4,679


    4,710


    683

    Salary and welfare payable

    33,761


    26,507


    3,843

    Taxes payable

    8,004


    4,047


    587

    Advances from customers

    139,777


    98,899


    14,339

    Operating lease liabilities, current

    16,556


    12,439


    1,803

    Accrued expenses and other current liabilities

    382,629


    358,312


    51,947

    Total current liabilities

    979,013


    774,304


    112,260







    Non-current liabilities






    Operating lease liabilities, non-current

    38,832


    26,482


    3,840

    Deferred tax liabilities

    12,479


    6,839


    992

    Long-term borrowings

    14,344


    11,959


    1,734

    Total non-current liabilities

    65,655


    45,280


    6,566

    Total liabilities

    1,044,668


    819,584


    118,826







    Redeemable noncontrolling interests

    27,200


    27,200


    3,944







    Equity






    Ordinary shares

    249


    249


    36

    Less: Treasury stock

    (293,795)


    (288,600)


    (41,843)

    Additional paid-in capital

    9,125,748


    9,125,655


    1,323,096

    Accumulated other comprehensive income

    271,821


    298,981


    43,348

    Accumulated deficit

    (7,834,879)


    (8,028,261)


    (1,163,988)

    Total Tuniu Corporation shareholders' equity

    1,269,144


    1,108,024


    160,649

    Noncontrolling interests

    (43,203)


    (76,878)


    (11,146)

    Total equity

    1,225,941


    1,031,146


    149,503

    Total liabilities, redeemable noncontrolling interests and equity

    2,297,809


    1,877,930


    272,273

     

     

    Tuniu Corporation

    Unaudited Condensed Consolidated Statements of Comprehensive Loss

    (All amounts in thousands, except per share information)


     Quarter Ended 


     Quarter Ended 


     Quarter Ended 


     Quarter Ended 


     December 31, 2021 


     September 30, 2022 


     December 31, 2022 


     December 31, 2022 


     RMB 


     RMB 


     RMB 


     US$ 









    Revenues








    Packaged tours

    42,761


    41,440


    4,968


    720

    Others

    30,642


    36,418


    22,358


    3,242

    Net revenues

    73,403


    77,858


    27,326


    3,962

    Cost of revenues

    (39,250)


    (32,835)


    (15,125)


    (2,193)

    Gross profit

    34,153


    45,023


    12,201


    1,769









    Operating expenses








    Research and product development

    (13,494)


    (9,729)


    (10,922)


    (1,584)

    Sales and marketing

    (28,612)


    (26,502)


    (22,858)


    (3,314)

    General and administrative

    (46,512)


    (24,270)


    (33,119)


    (4,802)

    Other operating income

    10,571


    1,222


    34,404


    4,988

    Total operating expenses

    (78,047)


    (59,279)


    (32,495)


    (4,712)

    Loss from operations

    (43,894)


    (14,256)


    (20,294)


    (2,943)

    Other income/(expenses)








    Interest and investment income

    6,171


    5,491


    4,960


    719

    Interest expense

    (1,814)


    (1,194)


    (1,186)


    (172)

    Foreign exchange gains/(losses), net

    4,453


    (16,167)


    5,252


    761

    Other income, net

    459


    2,797


    2,378


    345

    Loss before income tax expense

    (34,625)


    (23,329)


    (8,890)


    (1,290)

    Income tax (expense)/benefit

    (1,450)


    376


    (219)


    (32)

    Equity in loss of affiliates

    (169)


    (551)


    (189)


    (27)

    Net loss

    (36,244)


    (23,504)


    (9,298)


    (1,349)

    Net loss attributable to noncontrolling interests

    (2,348)


    (1,456)


    (4,916)


    (713)

    Net loss attributable to Tuniu Corporation

    (33,896)


    (22,048)


    (4,382)


    (636)

    Net loss attributable to ordinary shareholders

    (33,896)


    (22,048)


    (4,382)


    (636)









    Net loss

    (36,244)


    (23,504)


    (9,298)


    (1,349)

    Other comprehensive (loss)/income:








    Foreign currency translation adjustment, net of nil tax

    (4,134)


    18,066


    (8,053)


    (1,168)

    Comprehensive loss

    (40,378)


    (5,438)


    (17,351)


    (2,517)









    Net loss per ordinary share attributable to ordinary shareholders -
    basic and diluted

    (0.09)


    (0.06)


    (0.01)


    -

    Net loss per ADS - basic and diluted*

    (0.27)


    (0.18)


    (0.03)


    -









    Weighted average number of ordinary shares used in computing
    basic and diluted loss per share

    371,020,652


    371,274,640


    371,365,207


    371,365,207









    Share-based compensation expenses included are as follows:








    Cost of revenues

    78


    24


    19


    3

    Research and product development

    136


    10


    19


    3

    Sales and marketing

    129


    31


    57


    8

    General and administrative

    770


    432


    803


    116

    Total

    1,113


    497


    898


    130









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







     

     

     

    Tuniu Corporation

    Unaudited Condensed Consolidated Statements of Comprehensive Loss

    (All amounts in thousands, except per share information)


     Year Ended 


     Year Ended 


     Year Ended 


     December 31, 2021 


     December 31, 2022 


     December 31, 2022 


     RMB 


     RMB 


     US$ 







    Revenues






    Packaged tours

    305,333


    70,314


    10,195

    Others

    121,015


    113,306


    16,428

    Net revenues

    426,348


    183,620


    26,623

    Cost of revenues

    (254,815)


    (94,066)


    (13,638)

    Gross profit

    171,533


    89,554


    12,985







    Operating expenses






    Research and product development

    (54,622)


    (50,799)


    (7,365)

    Sales and marketing

    (150,493)


    (103,617)


    (15,023)

    General and administrative

    (174,021)


    (108,935)


    (15,794)

    Impairment of goodwill

    -


    (112,102)


    (16,253)

    Other operating income

    26,064


    75,685


    10,973

    Total operating expenses

    (353,072)


    (299,768)


    (43,462)

    Loss from operations

    (181,539)


    (210,214)


    (30,477)

    Other income/(expenses)






    Interest and investment income

    50,041


    27,181


    3,941

    Interest expense

    (7,491)


    (4,912)


    (712)

    Foreign exchange gains/(losses), net

    7,030


    (22,210)


    (3,220)

    Other income, net

    2,895


    6,136


    890

    Loss before income tax expense

    (129,064)


    (204,019)


    (29,578)

    Income tax (expense)/benefit

    (130)


    731


    106

    Equity in income of affiliates

    726


    292


    42

    Net loss

    (128,468)


    (202,996)


    (29,430)

    Net loss attributable to noncontrolling interests

    (6,944)


    (9,614)


    (1,394)

    Net loss attributable to Tuniu Corporation

    (121,524)


    (193,382)


    (28,036)

    Net loss attributable to ordinary shareholders

    (121,524)


    (193,382)


    (28,036)







    Net loss

    (128,468)


    (202,996)


    (29,430)

    Other comprehensive (loss)/income:






    Foreign currency translation adjustment, net of nil tax

    (3,191)


    27,160


    3,938

    Comprehensive loss

    (131,659)


    (175,836)


    (25,492)







    Net loss per ordinary share attributable to ordinary shareholders -
    basic and diluted

    (0.33)


    (0.52)


    (0.08)

    Net loss per ADS - basic and diluted*

    (0.99)


    (1.56)


    (0.24)







    Weighted average number of ordinary shares used in computing
    basic and diluted loss per share

    370,874,312


    371,208,209


    371,208,209







    Share-based compensation expenses included are as follows:






    Cost of revenues

    390


    411


    60

    Research and product development

    724


    571


    83

    Sales and marketing

    644


    657


    95

    General and administrative

    7,374


    3,408


    494

    Total

    9,132


    5,047


    732







    *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, 2022


     GAAP Result 


     Share-based 


    Amortization of acquired 


    Gain on disposals


     Non-GAAP 



     Compensation 


      intangible assets 


     of subsidiaries 


     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)












     Quarter Ended September 30, 2022


     GAAP Result 


     Share-based 


    Amortization of acquired 


    Gain on disposals


     Non-GAAP 



     Compensation 


      intangible assets 


     of subsidiaries 


     Result 











    Loss from operations

    (14,256)


    497


    1,434


    -


    (12,325)











    Net loss

    (23,504)


    497


    1,434


    -


    (21,573)











    Net loss attributable to ordinary shareholders

    (22,048)


    497


    1,434


    -


    (20,117)












     Quarter Ended December 31, 2021


     GAAP Result 


     Share-based 


    Amortization of acquired 


    Gain on disposals


     Non-GAAP 



     Compensation 


      intangible assets 


     of subsidiaries 


     Result 











    Loss from operations

    (43,894)


    1,113


    2,236


    -


    (40,545)











    Net loss

    (36,244)


    1,113


    2,236


    -


    (32,895)











    Net loss attributable to ordinary shareholders

    (33,896)


    1,113


    2,236


    -


    (30,547)





















    *Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average
    number of ordinary shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss
    attributable to ordinary shareholders by the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the
    dilutive effect of share-based awards as determined under the treasury stock method.

     

     

     

    Reconciliations of GAAP and Non-GAAP Results

    (All amounts in thousands, except per share information)














    Year Ended December 31, 2022


     GAAP Result 


     Share-based 


    Amortization of acquired 


    Gain on disposals


    Impairment


     Non-GAAP 



     Compensation 


      intangible assets 


     of subsidiaries 


     of goodwill 


     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)














    Year Ended December 31, 2021


     GAAP Result 


     Share-based 


    Amortization of acquired 


    Gain on disposals


    Impairment


     Non-GAAP 



     Compensation 


      intangible assets 


     of subsidiaries 


     of goodwill 


     Result 













    Loss from operations

    (181,539)


    9,132


    9,625


    -


    -


    (162,782)













    Net loss

    (128,468)


    9,132


    9,625


    -


    -


    (109,711)













    Net loss attributable to ordinary shareholders

    (121,524)


    9,132


    9,625


    -


    -


    (102,767)

























    *Basic net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary
    shares outstanding during the periods. Diluted net loss per ordinary share attributable to ordinary shareholders is calculated by dividing net loss attributable to ordinary shareholders by the
    weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the periods, including the dilutive effect of share-based awards as determined under
    the treasury stock method.

     

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