SHANGHAI, Nov. 23, 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 third quarter
ended September 30, 2016.
Highlights for the Third Quarter of 2016
- Ctrip achieved strong financial results in the third quarter of
2016
- Net revenues increased 75% year-on-year to RMB5.6 billion in the third quarter of
2016. The accommodation reservation business continued to
execute well in the third quarter of 2016, despite a challenging
comparison base last year. The transportation ticketing
business, in addition to solid execution, also benefited from the
fast growing new business units.
- Operating margin for the third quarter of 2016 was 8%,
increasing meaningfully from -9% in the previous quarter. Excluding
share-based compensation charges, Non-GAAP operating margin for the
third quarter of 2016 was 18%, driven by operating efficiency
improvements across the board. The quarterly non-GAAP operating
margin has now reached its highest level since early 2014.
- Ctrip has generated positive net profits two quarters after we
consolidated the invested company's operating results.
- In September 2016, the Company
completed concurrent offerings of both ADSs and convertible senior
notes. The total proceeds from the offerings were approximately
US$2.6 billion, increasing the
company's financial strength.
Key Recent Developments
- On November 16, 2016, the Company
announced that its board has appointed Ms. Jane Jie Sun as Chief Executive Officer and
director of the board. Mr. James Jianzhang Liang, Ctrip's Chairman
and former Chief Executive Officer, will continue to serve as
Executive Chairman of the board.
- Ctrip announced several strategic international investments,
including acquiring Skyscanner, a leading global travel search
company headquartered in the UK, and two large US tour operators
specialized in serving Chinese travelers.
"We are very pleased with the strong top line growth and
significant margin improvement in the third quarter of 2016," said
James Jianzhang Liang, Executive Chairman of the Board. "The
results reflected our teams' strong execution and synergies
generated between Ctrip and its invested companies. As long as we
continue to execute and innovate, we will enjoy a long runway of
growth for many years to come."
"I would like to thank the board for the opportunity to serve as
CEO and board member of this great organization," said Jane Jie Sun, Chief Executive Officer. "James
has led Ctrip to overcome many challenges to get to where we are
today and laid solid foundation for the future growth of Ctrip.
Going forward, I will continue to work closely with James and the
rest of the Ctrip team to grow the Company into one of the most
innovative and valuable travel companies in the world."
Third Quarter of 2016 Financial Results and Business
Updates
For the third quarter of 2016, Ctrip reported net revenues of
RMB5.6 billion (US$836 million), representing a 75% increase from
the same period in 2015, primarily due to the consolidation of the
financial results of Qunar Cayman Islands Limited ("Qunar")
starting from December 31, 2015. Net
revenues for the third quarter of 2016 increased 26% from the
previous quarter, primarily due to seasonality.
Accommodation reservation revenues for the third quarter of 2016
were RMB2.1 billion (US$311 million), representing a 51% increase from
the same period in 2015 and a 17% 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 third quarter of 2016
were RMB2.4 billion (US$364 million), representing a 101% increase
from the same period in 2015 and a 21% 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 third quarter of 2016 were
RMB813 million (US$122 million), representing a 37% increase from
the same period in 2015, primarily driven by an increase in volume
growth of organized tours and self-guided tours. Packaged-tour
revenues for the third quarter of 2016 increased 72% from the
previous quarter, primarily due to seasonality.
Corporate travel revenues for the third quarter of 2016 were
RMB166 million (US$25 million), representing a 34% increase from
the same period in 2015 and a 13% increase from the previous
quarter, primarily driven by increased corporate travel demand from
business activities.
Gross margin was 78% for the third quarter of 2016, compared to
73% in the same period in 2015 and 72% in the previous quarter,
which was benefited from the seasonality as well as synergies
generated from the invested companies.
Product development expenses for the third quarter of 2016
increased by 122% to RMB1.8 billion
(US$277 million) from the same period
in 2015, primarily due to the consolidation of Qunar's financial
results since December 31, 2015.
Product development expenses for the third quarter of 2016
increased by 7% from the previous quarter, primarily due to the
increase in product development personnel related expenses.
Excluding share-based compensation charges (non-GAAP), product
development expenses for the third quarter of 2016 accounted for
27% of the net revenues, which increased from 24% in the same
period in 2015, primarily due to the consolidation of Qunar's
financial results since December 31,
2015. Excluding share-based compensation charges (non-GAAP),
product development expenses for the third quarter of 2016
decreased from 31% in the previous quarter, primarily due to the
improvement in efficiency in product development activities.
Sales and marketing expenses for the third quarter of 2016
increased by 80% to RMB1.5 billion
(US$226 million) from the same period
in 2015, primarily due to the consolidation of Qunar's financial
results since December 31, 2015.
Sales and marketing expenses for the third quarter of 2016
increased by 12% from the previous quarter, primarily due to the
increase in sales and marketing related activities. Excluding
share-based compensation charges (non-GAAP), sales and marketing
expenses for the third quarter of 2016 accounted for 26% of the net
revenues, which remained consistent with the same period in 2015.
Excluding share-based compensation charges (non-GAAP), sales and
marketing expenses for the third quarter of 2016 decreased from 29%
in the previous quarter, primarily due to a meaningful improvement
in operating efficiency in sales and marketing related
activities.
General and administrative expenses for the third quarter of
2016 increased by 106% to RMB539
million (US$81 million) from
the same period in 2015, primarily due to the consolidation of
Qunar's financial results since December 31,
2015. General and administrative expenses for the third
quarter of 2016 increased by 6% from the previous quarter,
primarily due to the increase in administrative personnel related
expenses and office expenses. Excluding share-based compensation
charges (non-GAAP), general and administrative expenses accounted
for 7% of the net revenues, which increased from 6% in the same
period in 2015 and decreased from 8% in the previous quarter.
Income from operations for the third quarter of 2016 was
RMB447 million (US$67 million), compared to income from
operations of RMB405 million in the
same period in 2015 and loss from operations of RMB396 million in the previous quarter. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB1.0 billion (US$151 million), compared to RMB539 million in the same period in 2015 and
RMB182 million in the previous
quarter.
Operating margin was 8% for the third quarter of 2016, compared
to 13% in the same period in 2015, and -9% in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 18%, compared to 17% in the same period in 2015 and 4%
in the previous quarter.
Income tax expense for the third quarter of 2016 was
RMB221 million (US$33 million), compared to RMB361 million in the same period of 2015 and
RMB53 million in the previous
quarter. The increase of income tax expense from the previous
quarter was attributable to the improved profitability of the group
companies.
Net income attributable to Ctrip's shareholders for the third
quarter of 2016 was RMB24 million
(US$4 million), compared to net
income of RMB2.4 billion in the same
period in 2015 and net loss of RMB521
million in the previous quarter. Excluding share-based
compensation charges (non-GAAP), net income attributable to Ctrip's
shareholders was RMB581 million
(US$87 million), compared to
RMB2.5 billion in the same period in
2015 and RMB57 million in the
previous quarter.
Diluted earnings per ADS were RMB0.05 (US$0.01)
for the third quarter of 2016. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB1.15 (US$0.17)
for the third quarter of 2016.
As of September 30, 2016, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB39
billion (US$6 billion).
Offering of Convertible Senior Notes and American Depositary
Shares
In September, 2016, the Company completed the offering of
US$975 million in aggregate principal
amount of convertible senior notes due 2022 (the "Notes"), with
interest at a rate of 1.25% per year, including US$75 million in aggregate principal amount to
cover overallotments. Concurrently with the closing of the Notes
Offering, the Company closed a private placement of US$25 million aggregate principal amount of
convertible notes due 2022 with a subsidiary of The Priceline Group
Inc. ("Priceline").
The Company also closed the concurrent offering of 32,775,000
ADSs (the "ADS Offering") at US$45.96
per ADS, at an aggregate investment amount of approximately
US$1.5 billion, including 4,275,000
ADSs to cover overallotments. Concurrently with the ADS Offering,
the Company closed private placements of Ctrip's ordinary shares
with the respective subsidiaries of Baidu, Inc. ("Baidu") and
Priceline, at an aggregate investment amount of US$100 million and US$25
million, respectively.
Acquiring Skyscanner
Ctrip today announced that it signed a definitive agreement with
the majority shareholders of Skyscanner Holdings Limited
("Skyscanner"), a leading global travel search site headquartered
in Edinburgh, the United Kingdom, under which Ctrip will acquire
all of such shareholders' shares in Skyscanner and will offer to
acquire shares from the remaining shareholders of Skyscanner. The
terms of the acquisition value Skyscanner at approximately £1.4
billion and the purchase consideration consists of cash mainly, the
remainder consisting of Ctrip ordinary shares and loan notes.
Other Developments
Ms. Jenny Wenjie Wu stepped down
from the Chief Strategy Officer position and will further pursue
her investment career. Ms. Wu will continue to serve as a senior
consultant to the Company.
Business Outlook
For the fourth 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
November 23, 2016 (or 8:00AM on November 24,
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 at
this website.
The dial-in details for the live conference call: U.S. Toll Free
Number +1.888.268.4180, International dial-in number
+1.617.597.5485, Passcode 75841095#. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PDELTBGTF.
A telephone replay of the call will be available after the
conclusion of the conference call until November 30, 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 39184091.
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" and its
share-based compensation charges are not tax deductible. 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.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2015
|
|
|
September
30, 2016
|
|
|
September
30, 2016
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
19,215,674,674
|
|
|
30,772,339,369
|
|
|
4,614,581,895
|
Restricted
cash
|
|
2,286,882,592
|
|
|
1,981,091,232
|
|
|
297,081,987
|
Short-term
investment
|
|
8,235,785,516
|
|
|
6,196,985,613
|
|
|
929,292,287
|
Accounts receivable,
net
|
|
3,150,768,364
|
|
|
4,389,989,942
|
|
|
658,317,454
|
Prepayments and other
current assets
|
|
7,711,757,285
|
|
|
8,881,650,473
|
|
|
1,331,881,304
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
40,600,868,431
|
|
|
52,222,056,629
|
|
|
7,831,154,927
|
|
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
486,785,968
|
|
|
699,280,837
|
|
|
104,863,288
|
Land use
rights
|
|
102,328,181
|
|
|
100,240,625
|
|
|
15,031,960
|
Property, equipment
and software
|
|
5,555,959,499
|
|
|
5,574,168,667
|
|
|
835,895,429
|
Investment
|
|
13,870,523,498
|
|
|
18,285,751,277
|
|
|
2,742,108,612
|
Goodwill
|
|
45,690,440,903
|
|
|
46,431,214,140
|
|
|
6,962,767,360
|
Intangible
assets
|
|
11,007,915,171
|
|
|
10,890,708,038
|
|
|
1,633,157,088
|
Other long-term
receivables
|
|
1,122,435,740
|
|
|
939,232,153
|
|
|
140,846,090
|
Deferred tax assets,
non-current
|
|
405,334,569
|
|
|
415,598,898
|
|
|
62,322,696
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
118,842,591,960
|
|
|
135,558,251,264
|
|
|
20,328,147,450
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term
Debt
|
|
12,710,213,398
|
|
|
13,571,544,004
|
|
|
2,035,171,928
|
Accounts
payable
|
|
5,944,501,681
|
|
|
7,679,780,572
|
|
|
1,151,650,382
|
Salary and welfare
payable
|
|
1,196,691,839
|
|
|
1,668,308,146
|
|
|
250,177,423
|
Taxes
payable
|
|
1,641,379,425
|
|
|
987,207,973
|
|
|
148,040,485
|
Advances from
customers
|
|
5,955,827,306
|
|
|
5,725,990,840
|
|
|
858,662,494
|
Accrued liability for
customer reward program
|
|
593,346,816
|
|
|
658,408,047
|
|
|
98,734,055
|
Other payables and
accruals
|
|
5,624,133,603
|
|
|
2,882,539,117
|
|
|
432,261,999
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
33,666,094,068
|
|
|
33,173,778,699
|
|
|
4,974,698,766
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
|
3,045,259,390
|
|
|
3,011,518,503
|
|
|
451,603,584
|
Long-term
Debt
|
|
18,354,608,260
|
|
|
28,018,488,022
|
|
|
4,201,617,758
|
Other long-term
Liabilities
|
|
91,702,261
|
|
|
97,819,073
|
|
|
14,668,827
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
55,157,663,979
|
|
|
64,301,604,297
|
|
|
9,642,588,935
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Share
capital
|
|
4,121,245
|
|
|
4,882,438
|
|
|
732,164
|
Additional paid-in
capital
|
|
37,991,678,952
|
|
|
63,190,425,364
|
|
|
9,475,957,916
|
Statutory
reserves
|
|
168,940,969
|
|
|
168,940,969
|
|
|
25,334,178
|
Accumulated other
comprehensive income
|
|
560,077,281
|
|
|
378,782,826
|
|
|
56,801,803
|
Retained
Earnings
|
|
8,198,838,659
|
|
|
6,122,819,476
|
|
|
918,170,425
|
Treasury
stock
|
|
(2,372,927,372)
|
|
|
(2,287,415,685)
|
|
|
(343,018,023)
|
|
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
44,550,729,734
|
|
|
67,578,435,388
|
|
|
10,133,978,463
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
19,134,198,247
|
|
|
3,678,211,579
|
|
|
551,580,052
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
63,684,927,981
|
|
|
71,256,646,967
|
|
|
10,685,558,515
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
118,842,591,960
|
|
|
135,558,251,264
|
|
|
20,328,147,450
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
September
30, 2015
|
|
|
June
30, 2016
|
|
|
September
30, 2016
|
|
|
September
30, 2016
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
1,373,210,943
|
|
|
1,775,818,174
|
|
|
2,071,608,431
|
|
|
310,655,834
|
Transportation
ticketing
|
|
1,208,988,575
|
|
|
2,003,426,795
|
|
|
2,427,736,429
|
|
|
364,060,348
|
Packaged
tour
|
|
593,104,352
|
|
|
473,931,453
|
|
|
813,260,976
|
|
|
121,955,609
|
Corporate
travel
|
|
124,012,662
|
|
|
147,096,362
|
|
|
166,337,791
|
|
|
24,943,809
|
Others
|
|
56,452,092
|
|
|
142,119,432
|
|
|
188,851,094
|
|
|
28,319,876
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
3,355,768,624
|
|
|
4,542,392,216
|
|
|
5,667,794,721
|
|
|
849,935,476
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(174,168,169)
|
|
|
(131,107,435)
|
|
|
(95,928,079)
|
|
|
(14,385,256)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
3,181,600,455
|
|
|
4,411,284,781
|
|
|
5,571,866,642
|
|
|
835,550,220
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(845,578,129)
|
|
|
(1,233,148,536)
|
|
|
(1,234,297,161)
|
|
|
(185,093,673)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
2,336,022,326
|
|
|
3,178,136,245
|
|
|
4,337,569,481
|
|
|
650,456,547
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(831,300,768)
|
|
|
(1,723,757,548)
|
|
|
(1,844,406,031)
|
|
|
(276,584,844)
|
Sales and marketing
*
|
|
(838,091,452)
|
|
|
(1,340,183,930)
|
|
|
(1,506,558,491)
|
|
|
(225,921,645)
|
General and
administrative *
|
|
(261,395,780)
|
|
|
(510,107,769)
|
|
|
(539,181,215)
|
|
|
(80,854,947)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(1,930,788,000)
|
|
|
(3,574,049,247)
|
|
|
(3,890,145,737)
|
|
|
(583,361,436)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/
(loss) from operations
|
|
405,234,326
|
|
|
(395,913,002)
|
|
|
447,423,744
|
|
|
67,095,111
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
121,846,900
|
|
|
150,858,298
|
|
|
99,167,513
|
|
|
14,871,037
|
Interest
expense
|
|
(95,338,026)
|
|
|
(162,964,862)
|
|
|
(191,169,801)
|
|
|
(28,667,587)
|
Other income/
(expense)
|
|
2,393,697,312
|
|
|
(30,423,035)
|
|
|
(27,905,573)
|
|
|
(4,184,685)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/ (loss)
before income tax expense and equity in income
|
|
2,825,440,512
|
|
|
(438,442,601)
|
|
|
327,515,883
|
|
|
49,113,876
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(361,093,550)
|
|
|
(52,984,311)
|
|
|
(221,246,469)
|
|
|
(33,177,846)
|
Equity in loss of
affiliates
|
|
(30,123,031)
|
|
|
(99,658,215)
|
|
|
(63,833,906)
|
|
|
(9,572,453)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/
(loss)
|
|
2,434,223,931
|
|
|
(591,085,127)
|
|
|
42,435,508
|
|
|
6,363,577
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net (income)/
loss attributable to noncontrolling interests
|
|
(19,087,650)
|
|
|
69,832,593
|
|
|
(18,518,066)
|
|
|
(2,776,946)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/ (loss)
attributable to Ctrip's shareholders
|
|
2,415,136,281
|
|
|
(521,252,534)
|
|
|
23,917,442
|
|
|
3,586,631
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/ (loss) attributable to Ctrip's shareholders
|
|
2,306,848,135
|
|
|
(856,289,870)
|
|
|
229,522,806
|
|
|
34,418,956
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
68.17
|
|
|
(9.03)
|
|
|
0.40
|
|
|
0.06
|
- Diluted
|
|
53.04
|
|
|
(9.03)
|
|
|
0.38
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
**
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
8.52
|
|
|
(1.13)
|
|
|
0.05
|
|
|
0.01
|
- Diluted
|
|
6.63
|
|
|
(1.13)
|
|
|
0.05
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
35,430,302
|
|
|
57,716,573
|
|
|
59,120,188
|
|
|
59,120,188
|
- Diluted
|
|
46,879,374
|
|
|
57,716,573
|
|
|
63,410,273
|
|
|
63,410,273
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
63,703,926
|
|
|
345,176,289
|
|
|
324,427,727
|
|
|
48,650,780
|
Sales and
marketing
|
|
13,900,587
|
|
|
69,056,692
|
|
|
70,609,154
|
|
|
10,588,461
|
General and
administrative
|
|
56,501,095
|
|
|
163,806,574
|
|
|
161,796,351
|
|
|
24,262,780
|
|
|
|
|
|
|
|
|
|
|
|
|
**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
September 30, 2016
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(1,844,406,031)
|
33%
|
|
324,427,727
|
6%
|
|
(1,519,978,304)
|
27%
|
Sales and
marketing
|
(1,506,558,491)
|
27%
|
|
70,609,154
|
1%
|
|
(1,435,949,337)
|
26%
|
General and
administrative
|
(539,181,215)
|
10%
|
|
161,796,351
|
3%
|
|
(377,384,864)
|
7%
|
Total operating
expenses
|
(3,890,145,737)
|
70%
|
|
556,833,232
|
10%
|
|
(3,333,312,505)
|
60%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
447,423,744
|
8%
|
|
556,833,232
|
10%
|
|
1,004,256,976
|
18%
|
|
|
|
|
|
|
|
|
|
Net Income
attributable to Ctrip's shareholders
|
23,917,442
|
0%
|
|
556,833,232
|
10%
|
|
580,750,674
|
10%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
0.38
|
|
|
8.78
|
|
|
9.16
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.05
|
|
|
1.10
|
|
|
1.15
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.01
|
|
|
0.16
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2016
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(1,723,757,548)
|
39%
|
|
345,176,289
|
8%
|
|
(1,378,581,259)
|
31%
|
Sales and
marketing
|
(1,340,183,930)
|
30%
|
|
69,056,692
|
1%
|
|
(1,271,127,238)
|
29%
|
General and
administrative
|
(510,107,769)
|
12%
|
|
163,806,574
|
4%
|
|
(346,301,195)
|
8%
|
Total operating
expenses
|
(3,574,049,247)
|
81%
|
|
578,039,555
|
13%
|
|
(2,996,009,692)
|
68%
|
|
|
|
|
|
|
|
|
|
(Loss)/ income from
operations
|
(395,913,002)
|
-9%
|
|
578,039,555
|
13%
|
|
182,126,553
|
4%
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to Ctrip's shareholders
|
(521,252,534)
|
-12%
|
|
578,039,555
|
13%
|
|
56,787,021
|
1%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
(9.03)
|
|
|
10.01
|
|
|
0.98
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
(1.13)
|
|
|
1.25
|
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
(0.17)
|
|
|
0.19
|
|
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30, 2015
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(831,300,768)
|
26%
|
|
63,703,926
|
2%
|
|
(767,596,842)
|
24%
|
Sales and
marketing
|
(838,091,452)
|
26%
|
|
13,900,587
|
0%
|
|
(824,190,865)
|
26%
|
General and
administrative
|
(261,395,780)
|
8%
|
|
56,501,095
|
2%
|
|
(204,894,685)
|
6%
|
Total operating
expenses
|
(1,930,788,000)
|
61%
|
|
134,105,608
|
4%
|
|
(1,796,682,392)
|
56%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
405,234,326
|
13%
|
|
134,105,608
|
4%
|
|
539,339,934
|
17%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
2,415,136,281
|
76%
|
|
134,105,608
|
4%
|
|
2,549,241,889
|
81%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
53.04
|
|
|
1.34
|
|
|
54.38
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
6.63
|
|
|
0.36
|
|
|
6.99
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
1.04
|
|
|
0.06
|
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.6685 on September 30,
2016 published
by the Federal Reserve Board.
|
|
|
|
|
|
|
|
|
|
Note 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-third-quarter-of-2016-financial-results-300368317.html
SOURCE Ctrip.com International, Ltd.