SHANGHAI, June 15, 2016 /PRNewswire/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP), a leading travel service
provider of accommodation reservation, transportation ticketing,
packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today
announced its unaudited financial results for the first quarter
ended March 31, 2016.
Highlights for the First Quarter of 2016
- Net revenues were RMB4.2 billion
(US$648 million) for the first
quarter of 2016, up 80% year-on-year.
- Accommodation reservation revenues increased 70% year-on-year,
reaching RMB1.6 billion (US$250 million) for the first quarter of
2016.
- Transportation ticketing revenues increased 106% year-on-year,
reaching RMB1.9 billion (US$302 million) for the first quarter of
2016.
- Gross margin was 73% for the first quarter of 2016, compared to
70% in the same period in 2015, and remained consistent with the
previous quarter.
- Excluding share-based compensation charges (non-GAAP), net
income attributable to Ctrip's shareholders was RMB257 million (US$40
million), compared to RMB33
million (US$5 million) in the
same period in 2015.
"The first quarter of 2016 was a great quarter. Our team did an
excellent job growing revenue and improving margins," said
James Liang, Chairman of the Board
and Chief Executive Officer of Ctrip. "Going forward, we plan
to devote more resources to innovation and outbound travel to build
a solid foundation for our sustainable long-term growth."
First Quarter of 2016 Financial Results and Business
Updates
For the first quarter of 2016, Ctrip reported total revenues of
RMB4.4 billion (US$682 million), representing an 80% increase
from the same period in 2015 and a 45% increase from the previous
quarter, primarily due to the consolidation of the financial
results of Qunar Cayman Islands Limited ("Qunar") starting from
December 31, 2015.
Accommodation reservation revenues for the first quarter of 2016
were RMB1.6 billion (US$250 million), representing a 70% increase from
the same period in 2015 and a 36% increase from the previous
quarter, primarily driven by an increase in accommodation
reservation volume and the consolidation of Qunar's financial
results since December 31, 2015.
Transportation ticketing revenues for the first quarter of 2016
were RMB1.9 billion (US$302 million), representing a 106% increase
from the same period in 2015 and a 57% increase from the previous
quarter, primarily driven by an increase in ticketing volume and
the consolidation of Qunar's financial results since December 31, 2015.
Packaged-tour revenues for the first quarter of 2016 were
RMB556 million (US$86 million), representing a 41% increase from
the same period in 2015 and a 59% increase from the previous
quarter, primarily driven by an increase in volume growth of
organized tours and self-guided tours.
Corporate travel revenues for the first quarter of 2016 were
RMB116 million (US$18 million), representing a 25% increase from
the same period in 2015, primarily driven by increased corporate
travel demand from business activities. Corporate travel revenues
decreased by 15% from the previous quarter, primarily due to
seasonality.
For the first quarter of 2016, net revenues were RMB4.2 billion (US$648
million), representing an 80% increase from the same period
in 2015. Net revenues for the first quarter of 2016 increased by
45% from the previous quarter.
Gross margin was 73% for the first quarter of 2016, compared to
70% in the same period in 2015 and remained consistent with the
previous quarter.
Product development expenses for the first quarter of 2016
increased by 196% to RMB2.4 billion
(US$372 million) from the same period
in 2015 and increased by 179% from the previous quarter, primarily
due to the one time transaction related share-based compensation
charges as well as the consolidation of Qunar's financial results
since December 31, 2015. Excluding
share-based compensation charges (non-GAAP), product development
expenses accounted for 32% of the net revenues, which remained
consistent with the same period in 2015 and increased from 27% in
the previous quarter, primarily due to an increase in expenses
relating to product development personnel and the consolidation of
Qunar's financial results since December 31,
2015.
Sales and marketing expenses for the first quarter of 2016
increased by 114% to RMB1.5 billion
(US$239 million) from the same period
in 2015 and increased by 82% from the previous quarter, primarily
due to the one time transaction related share-based compensation
charges as well as the consolidation of Qunar's financial results
since December 31, 2015. Excluding
share-based compensation charges (non-GAAP), sales and marketing
expenses accounted for 33% of the net revenues, which increased
from 30% in the same period in 2015 and 29% in the previous
quarter, primarily due to the consolidation of Qunar's financial
results since December 31, 2015.
General and administrative expenses for the first quarter of
2016 increased by 258% to RMB929
million (US$144 million) from
the same period in 2015 and 203% from the previous quarter,
primarily due to the one time transaction related share-based
compensation charges as well as the consolidation of Qunar's
financial results since December 31,
2015. Excluding share-based compensation charges (non-GAAP),
general and administrative expenses accounted for 8% of the net
revenues, which remained consistent with the same period in 2015
and increased from 7% in the previous quarter.
Loss from operations for the first quarter of 2016 was
RMB1.8 billion (US$283million), compared to loss of RMB180 million (US$29
million) in the same period in 2015 and income from
operations of RMB95 million
(US$15 million) in the previous
quarter. Excluding share-based compensation charges (non-GAAP),
income from operations was RMB8
million (US$1 million),
compared to loss of RMB21 million
(US$3 million) in the same period in
2015 and income of RMB292 million
(US$45 million) in the previous
quarter.
Operating margin was -44% for the first quarter of 2016,
compared to -8% in the same period in 2015, and 3% in the previous
quarter. Excluding share-based compensation charges (non-GAAP),
operating margin was 0%, compared to -1% in the same period in 2015
and 10% in the previous quarter.
Income tax expense for the first quarter of 2016 was
RMB94 million (US$15 million), compared to RMB6 million (US$1
million) in the same period of 2015 and RMB71 million (US$11
million) in the previous quarter.
Net loss attributable to Ctrip's shareholders for the first
quarter of 2016 was RMB1.6 billion
(US$245 million), compared to net
loss of RMB126 million (US$20 million) in the same period in 2015 and net
income of RMB76 million (US$12 million) in the previous quarter, mainly
due to the consolidation of Qunar's net loss of RMB1.1 billion (US$167
million). Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB257 million (US$40 million), compared to RMB33 million (US$5
million) in the same period in 2015 and RMB272 million (US$42
million) in the previous quarter.
Diluted earnings per ADS were RMB-3.49 (US$-0.54)
for the first quarter of 2016. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB0.57 (US$0.09)
for the first quarter of 2015.
As of March 31, 2016, the balance
of cash and cash equivalents, restricted cash and short-term
investment was RMB20.9 billion
(US$3.2 billion).
In the first quarter of 2016, Ctrip recognized share-based
compensation charges of RMB1.8
billion (US$285 million). The
increase of share-based compensation charges is primarily due to
the consolidation of Qunar's share-based compensation charges and
the one time transaction related share-based compensation
charges.
Business Outlook
For the second quarter of 2016, the Company expects the net
revenue growth to continue at a year-on-year rate of approximately
70-75%. This forecast reflects Ctrip's current and preliminary
view, which is subject to change.
Conference Call
Ctrip's management team will host a conference call at
7:00PM U.S. Eastern Time on
June 15, 2016 (or 7:00AM on June 16,
2016 in the Shanghai/Hong
Kong Time) following the announcement.
The conference call will be available on Webcast live and replay
at: http://ir.ctrip.com. The call will be archived for one month on
this website.
The dial-in details for the live conference call: U.S. Toll Free
Number +1.800.219.3192, International dial-in number
+1.617.597.5412, Passcode 39492245#. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PMH6NTJ6D
A telephone replay of the call will be available after the
conclusion of the conference call until June
22, 2016. The dial-in details for the replay: U.S. Toll Free
Number +1.888.286.8010, International dial-in number
+1.617.801.6888, Passcode 60335287.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"may," "will," "expect," "anticipate," "future," "intend," "plan,"
"believe," "estimate," "is/are likely to," "confident" or other
similar statements. Among other things, quotations from management
and the Business Outlook section in this press release, as well as
Ctrip's strategic and operational plans, contain forward-looking
statements. Ctrip may also make written or oral forward-looking
statements in its periodic reports 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.
Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, severe or prolonged downturn in
the global or Chinese economy, general declines or disruptions in
the travel industry, volatility in the trading price of Ctrip's
ADSs, Ctrip's reliance on its relationships and contractual
arrangements with travel suppliers and strategic alliances, failure
to further increase Ctrip's brand recognition to obtain new
business partners and consumers, failure to compete against new and
existing competitors, failure to successfully manage current growth
and potential future growth, risks associated with any strategic
investments or acquisitions, seasonality in the travel industry in
mainland China, Hong Kong, Macau or Taiwan, failure to successfully develop
Ctrip's corporate travel business, damage to or failure of Ctrip's
infrastructure and technology, loss of services of Ctrip's key
executives, adverse changes in economic and political policies of
the PRC government, inflation in China, risks and uncertainties associated with
PRC laws and regulations with respect to the ownership structure of
Ctrip's affiliated Chinese entities and the contractual
arrangements among Ctrip, its affiliated Chinese entities and their
shareholders, and other risks outlined in Ctrip's filings with the
U.S. Securities and Exchange Commission, including its annual
report on Form 20-F and other filings. All information provided in
this press release and in the attachments is as of the date of the
issuance, and Ctrip does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
About Non-GAAP Financial Measures
To supplement Ctrip's unaudited condensed consolidated financial
statements presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP
financial information related to product development expenses,
sales and marketing expenses, general and administrative expenses,
income from operations, operating margin, net income, and diluted
earnings per ordinary share and per ADS, each of which (except for
net commission earned) is adjusted from the most comparable GAAP
result to exclude the share-based compensation charges recorded
under ASC 718, "Compensation-Stock Compensation" for 2016 and 2015.
Net commission earned is calculated by deducting from the revenues
the cost of transactions in which the Company undertakes majority
of the business risks. Ctrip's management believes the non-GAAP
financial measures facilitate better understanding of operating
results from quarter to quarter and provide management with a
better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP and
may be different from non-GAAP methods of accounting and reporting
used by other companies. The presentation of this additional
information should not be considered a substitute for GAAP results.
A limitation of using non-GAAP financial measures is that non-GAAP
measures exclude share-based compensation charges that have been
and will continue to be significant recurring expenses in Ctrip's
business for the foreseeable future.
Reconciliations of Ctrip's non-GAAP financial data to the most
comparable GAAP data included in the consolidated statement of
operations are included at the end of this press release.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service
provider of accommodation reservation, transportation ticketing,
packaged tours, and corporate travel management in China. It is the largest online consolidator
of accommodations and transportation tickets in China in terms of transaction volume. Ctrip
enables business and leisure travelers to make informed and
cost-effective bookings by aggregating comprehensive travel related
information and offering its services through an advanced
transaction and service platform consisting of its mobile apps,
Internet websites and centralized, toll-free, 24-hour customer
service center. Ctrip also helps customers book vacation packages
and guided tours. In addition, through its corporate travel
management services, Ctrip helps corporate clients effectively
manage their travel requirements. Since its inception in 1999,
Ctrip has experienced substantial growth and become one of the
best-known travel brands in China.
For further information, please contact:
Investor Relations
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12300
Email: iremail@ctrip.com
Ctrip.com International, Ltd. |
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Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2015
|
|
|
March
31, 2016
|
|
|
March
31, 2016
|
RMB
|
RMB
|
USD
|
|
|
|
ASSETS
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
19,215,674,674
|
|
|
12,405,654,720
|
|
|
1,923,953,896
|
Restricted
cash
|
|
2,286,882,592
|
|
|
2,417,966,589
|
|
|
374,994,818
|
Short-term
investment
|
|
8,235,785,516
|
|
|
6,046,785,842
|
|
|
937,776,961
|
Accounts receivable,
net
|
|
3,150,768,364
|
|
|
2,797,741,510
|
|
|
433,892,914
|
Prepayments and other
current assets
|
|
7,711,757,285
|
|
|
6,461,434,493
|
|
|
1,002,083,513
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
40,600,868,431
|
|
|
30,129,583,154
|
|
|
4,672,702,102
|
|
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
486,785,968
|
|
|
685,506,608
|
|
|
106,313,060
|
Land use
rights
|
|
102,328,181
|
|
|
101,632,329
|
|
|
15,761,838
|
Property, equipment
and software
|
|
5,555,959,499
|
|
|
5,562,976,976
|
|
|
862,744,568
|
Investment
|
|
13,870,523,498
|
|
|
14,743,122,934
|
|
|
2,286,464,475
|
Goodwill
|
|
45,690,440,903
|
|
|
46,440,453,882
|
|
|
7,202,303,642
|
Intangible
assets
|
|
11,007,915,171
|
|
|
10,947,068,997
|
|
|
1,697,746,433
|
Other long-term
receviables
|
|
1,122,435,740
|
|
|
912,448,425
|
|
|
141,508,751
|
Deferred tax assets,
non-current
|
|
405,334,569
|
|
|
445,749,505
|
|
|
69,129,886
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
118,842,591,960
|
|
|
109,968,542,810
|
|
|
17,054,674,755
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
Debt
|
|
12,710,213,398
|
|
|
11,496,943,520
|
|
|
1,783,024,739
|
Accounts
payable
|
|
5,944,501,681
|
|
|
6,054,256,191
|
|
|
938,935,513
|
Salary and welfare
payable
|
|
1,196,691,839
|
|
|
1,049,986,615
|
|
|
162,839,115
|
Taxes
payable
|
|
1,641,379,425
|
|
|
1,326,151,122
|
|
|
205,668,598
|
Advances from
customers
|
|
5,955,827,306
|
|
|
4,402,731,865
|
|
|
682,805,810
|
Accrued liability for
customer reward program
|
|
593,346,816
|
|
|
621,644,908
|
|
|
96,408,950
|
Other payables and
accruals
|
|
5,624,133,603
|
|
|
2,571,304,434
|
|
|
398,775,504
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
33,666,094,068
|
|
|
27,523,018,655
|
|
|
4,268,458,229
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
|
3,045,259,390
|
|
|
3,030,371,251
|
|
|
469,970,728
|
Long-term
Debt
|
|
18,354,608,260
|
|
|
19,157,574,462
|
|
|
2,971,087,851
|
Other long-term
Liabilities
|
|
91,702,261
|
|
|
94,737,850
|
|
|
14,692,595
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
55,157,663,979
|
|
|
49,805,702,218
|
|
|
7,724,209,403
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Share
capital
|
|
4,121,245
|
|
|
4,550,789
|
|
|
705,768
|
Additional paid-in
capital
|
|
37,991,678,952
|
|
|
50,701,098,505
|
|
|
7,863,073,589
|
Statutory
reserves
|
|
168,940,969
|
|
|
168,940,969
|
|
|
26,200,522
|
Accumulated other
comprehensive income
|
|
560,077,281
|
|
|
648,866,557
|
|
|
100,630,670
|
Retained
Earnings
|
|
8,198,838,659
|
|
|
6,620,154,568
|
|
|
1,026,698,909
|
Treasury
stock
|
|
(2,372,927,372)
|
|
|
(2,287,415,685)
|
|
|
(354,748,090)
|
|
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
44,550,729,734
|
|
|
55,856,195,703
|
|
|
8,662,561,368
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
19,134,198,247
|
|
|
4,306,644,889
|
|
|
667,903,984
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
63,684,927,981
|
|
|
60,162,840,592
|
|
|
9,330,465,352
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
118,842,591,960
|
|
|
109,968,542,810
|
|
|
17,054,674,755
|
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
March
31, 2015
|
December
31, 2015
|
March
31, 2016
|
March
31, 2016
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
951,779,930
|
|
|
1,187,217,738
|
|
|
1,614,031,154
|
|
|
250,315,005
|
Transportation
ticketing
|
|
947,907,791
|
|
|
1,244,438,719
|
|
|
1,949,003,126
|
|
|
302,264,753
|
Packaged
tour
|
|
395,912,244
|
|
|
349,554,765
|
|
|
556,495,540
|
|
|
86,305,140
|
Corporate
travel
|
|
92,713,417
|
|
|
135,773,015
|
|
|
115,632,061
|
|
|
17,933,012
|
Others
|
|
54,989,178
|
|
|
115,402,073
|
|
|
163,979,409
|
|
|
25,431,050
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
2,443,302,560
|
|
|
3,032,386,310
|
|
|
4,399,141,290
|
|
|
682,248,960
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(128,526,318)
|
|
|
(158,331,192)
|
|
|
(221,134,734)
|
|
|
(34,295,089)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
2,314,776,242
|
|
|
2,874,055,118
|
|
|
4,178,006,556
|
|
|
647,953,871
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(704,606,314)
|
|
|
(763,236,345)
|
|
|
(1,135,944,483)
|
|
|
(176,170,050)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
1,610,169,928
|
|
|
2,110,818,773
|
|
|
3,042,062,073
|
|
|
471,783,821
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(808,446,542)
|
|
|
(860,441,746)
|
|
|
(2,396,921,596)
|
|
|
(371,731,017)
|
Sales and marketing
*
|
|
(722,504,606)
|
|
|
(848,674,020)
|
|
|
(1,543,324,251)
|
|
|
(239,349,295)
|
General and
administrative *
|
|
(259,486,138)
|
|
|
(306,510,322)
|
|
|
(929,191,857)
|
|
|
(144,105,437)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(1,790,437,286)
|
|
|
(2,015,626,088)
|
|
|
(4,869,437,704)
|
|
|
(755,185,749)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ income
from operations
|
|
(180,267,358)
|
|
|
95,192,685
|
|
|
(1,827,375,631)
|
|
|
(283,401,928)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
62,633,910
|
|
|
124,921,975
|
|
|
190,697,649
|
|
|
29,574,697
|
Interest
expense
|
|
(53,078,347)
|
|
|
(95,168,377)
|
|
|
(158,107,727)
|
|
|
(24,520,429)
|
Other
(expense)/income
|
|
(15,496,474)
|
|
|
90,854,149
|
|
|
318,195,868
|
|
|
49,347,994
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/ income
before income tax expense and equity in income
|
|
(186,208,269)
|
|
|
215,800,432
|
|
|
(1,476,589,841)
|
|
|
(228,999,666)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(6,289,394)
|
|
|
(71,482,684)
|
|
|
(93,531,478)
|
|
|
(14,505,502)
|
Equity in loss/
(income) of affiliates
|
|
9,391,560
|
|
|
(94,569,524)
|
|
|
(107,909,642)
|
|
|
(16,735,366)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
(183,106,103)
|
|
|
49,748,224
|
|
|
(1,678,030,961)
|
|
|
(260,240,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
57,119,422
|
|
|
25,979,638
|
|
|
99,346,870
|
|
|
15,407,393
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to Ctrip's shareholders
|
|
(125,986,681)
|
|
|
75,727,862
|
|
|
(1,578,684,091)
|
|
|
(244,833,141)
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to Ctrip's shareholders
|
|
(245,666,783)
|
|
|
(145,866,588)
|
|
|
(1,489,894,815)
|
|
|
(231,063,092)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
(3.58)
|
|
|
1.69
|
|
|
(27.90)
|
|
|
(4.33)
|
- Diluted
|
|
(3.58)
|
|
|
1.54
|
|
|
(27.90)
|
|
|
(4.33)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
**
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
(0.45)
|
|
|
0.21
|
|
|
(3.49)
|
|
|
(0.54)
|
- Diluted
|
|
(0.45)
|
|
|
0.19
|
|
|
(3.49)
|
|
|
(0.54)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
35,178,644
|
|
|
44,732,540
|
|
|
56,591,142
|
|
|
56,591,142
|
- Diluted
|
|
35,178,644
|
|
|
49,370,393
|
|
|
56,591,142
|
|
|
56,591,142
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
69,471,054
|
|
|
86,925,299
|
|
|
1,071,652,534
|
|
|
166,199,214
|
Sales and
marketing
|
|
17,634,267
|
|
|
17,849,767
|
|
|
184,425,162
|
|
|
28,601,917
|
General and
administrative
|
|
71,805,377
|
|
|
91,711,157
|
|
|
579,558,336
|
|
|
89,881,876
|
|
|
|
|
|
|
|
|
|
|
|
|
**On November 18,
2015, the Company announced that it would change the ratio of its
American depositary shares ("ADSs") to ordinary shares from four
(4) ADSs representing
one (1) ordinary share to eight (8) ADSs representing one (1)
ordinary share, effective December 1, 2015. The historical and
present earnings/ (loss) per share for the periods
presented herein has been retrospectively adjusted to reflect such
effect.
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
(In RMB, except % and
per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2016
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(2,396,921,596)
|
57%
|
|
1,071,652,534
|
26%
|
|
(1,325,269,062)
|
32%
|
|
Sales and
marketing
|
(1,543,324,251)
|
37%
|
|
184,425,162
|
4%
|
|
(1,358,899,089)
|
33%
|
|
General and
administrative
|
(929,191,857)
|
22%
|
|
579,558,336
|
14%
|
|
(349,633,521)
|
8%
|
|
Total operating
expenses
|
(4,869,437,704)
|
117%
|
|
1,835,636,032
|
44%
|
|
(3,033,801,672)
|
73%
|
|
|
|
|
|
|
|
|
|
|
|
Loss/(income) from
operations
|
(1,827,375,631)
|
-44%
|
|
1,835,636,032
|
44%
|
|
8,260,401
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
Net loss/(income)
attributable to Ctrip's shareholders
|
(1,578,684,091)
|
-38%
|
|
1,835,636,032
|
44%
|
|
256,951,941
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
(27.90)
|
|
|
32.44
|
|
|
4.54
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
(3.49)
|
|
|
4.06
|
|
|
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
(0.54)
|
|
|
0.63
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2015
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(860,441,746)
|
30%
|
|
86,925,299
|
3%
|
|
(773,516,447)
|
27%
|
|
Sales and
marketing
|
(848,674,020)
|
30%
|
|
17,849,767
|
1%
|
|
(830,824,253)
|
29%
|
|
General and
administrative
|
(306,510,322)
|
11%
|
|
91,711,157
|
3%
|
|
(214,799,165)
|
7%
|
|
Total operating
expenses
|
(2,015,626,088)
|
70%
|
|
196,486,223
|
7%
|
|
(1,819,139,865)
|
63%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
95,192,685
|
3%
|
|
196,486,223
|
7%
|
|
291,678,908
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
75,727,862
|
3%
|
|
196,486,223
|
7%
|
|
272,214,085
|
9%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
1.54
|
|
|
3.98
|
|
|
5.52
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.19
|
|
|
0.50
|
|
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.03
|
|
|
0.08
|
|
|
0.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
March 31, 2015
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(808,446,542)
|
35%
|
|
69,471,054
|
3%
|
|
(738,975,488)
|
32%
|
|
Sales and
marketing
|
(722,504,606)
|
31%
|
|
17,634,267
|
1%
|
|
(704,870,339)
|
30%
|
|
General and
administrative
|
(259,486,138)
|
11%
|
|
71,805,377
|
3%
|
|
(187,680,761)
|
8%
|
|
Total operating
expenses
|
(1,790,437,286)
|
77%
|
|
158,910,698
|
7%
|
|
(1,631,526,588)
|
70%
|
|
|
|
|
|
|
|
|
|
|
|
Loss/(income) from
operations
|
(180,267,358)
|
-8%
|
|
158,910,698
|
7%
|
|
(21,356,660)
|
-1%
|
|
|
|
|
|
|
|
|
|
|
|
Net loss/(income)
attributable to Ctrip's shareholders
|
(125,986,681)
|
-5%
|
|
158,910,698
|
7%
|
|
32,924,017
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
(3.58)
|
|
|
4.52
|
|
|
0.94
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
(0.45)
|
|
|
0.57
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
(0.07)
|
|
|
0.09
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes for all the
condensed consolidated financial schedules presented:
|
|
|
|
|
|
|
|
|
|
|
Note 1: The
conversion of Renminbi (RMB) into U.S. dollars (USD) is based on
the certified exchange rate of USD1.00=RMB6.4480 on March 31,
2016
published by the Federal Reserve Board.
|
|
|
|
|
|
|
|
|
|
|
Notes 2: On November
18, 2015, the Company announced that it would change the ratio of
its American depositary shares ("ADSs") to ordinary shares
from four (4) ADSs representing one (1) ordinary share to eight (8)
ADSs representing one (1) ordinary share, effective December 1,
2015. The historical
and present earnings/ (loss) per share for the periods presented
herein has been retrospectively adjusted to reflect such
effect.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-first-quarter-of-2016-financial-results-300285018.html
SOURCE Ctrip.com International, Ltd.