SHANGHAI, Feb. 22, 2017 /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 fourth quarter
and full year ended December 31,
2016.
Key Highlights
- Ctrip achieved strong financial results in the fourth quarter
of 2016
- Net revenues increased 76% year-on-year to RMB5.1 billion in the fourth quarter of 2016. The
accommodation reservation business continued to execute well in the
fourth quarter of 2016, despite a challenging comparison base last
year. The transportation ticketing business benefited from fast
growing new business units and strong execution.
- Income from operations for the fourth quarter of 2016 increased
118% year-on-year to RMB207 million,
mainly driven by operating efficiency improvements across the
board. Excluding share-based compensation charges, Non-GAAP income
from operations increased 173% year-on-year to RMB797 million in the fourth quarter of
2016.
- Net income attributable to Ctrip's shareholders reached
RMB645 million in the fourth quarter
of 2016.
- In December 2016, the Company
completed the acquisition of Skyscanner Holdings Limited
("Skyscanner"), a leading global travel search site headquartered
in Edinburgh, the United Kingdom. Ctrip has consolidated
Skyscanner's financial results since December 31, 2016.
"The solid results in the fourth quarter of 2016 ended the year
on a high note," said Jane Jie Sun,
Chief Executive Officer. "The group delivered both healthy revenue
growth and significant margin expansions throughout the year,
despite challenges in the air ticket distribution environment.
These results demonstrate the strength of our teams across all our
business lines. Through our one-stop travel platform, we will
continue to innovate and execute to better serve more customers
around the world."
"Ctrip has been expanding its global footprint through
China's growing outbound travel
demand," said James Liang, Executive
Chairman. "The addition of Skyscanner has complemented our
positioning on a global scale. Skyscanner and Ctrip plan to share
the best practices to unlock the potential of both brands."
Fourth Quarter and Full Year 2016 Financial Results and
Business Updates
For the fourth quarter of 2016, Ctrip reported net revenues of
RMB5.1 billion (US$730 million), representing a 76% 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 fourth quarter of 2016 decreased 9% from the
previous quarter, primarily due to seasonality.
For the full year ended December 31,
2016, net revenues were RMB19.2
billion (US$2.8 billion),
representing a 76% increase from 2015.
Accommodation reservation revenues for the fourth quarter of
2016 were RMB1.8 billion
(US$266 million), representing a 56%
increase from the same period in 2015, primarily driven by an
increase in accommodation reservation volume and the consolidation
of Qunar's financial results since December
31, 2015. Accommodation reservation revenues for the fourth
quarter of 2016 decreased 11% from the previous quarter, primarily
due to seasonality.
For the full year ended December 31,
2016, accommodation reservation revenues were RMB7.3 billion (US$1.1
billion), representing a 58% increase from 2015. The hotel
reservation revenues accounted for 37% of the total revenues in
2016 and 40% of the total revenue in 2015.
Transportation ticketing revenues for the fourth quarter of 2016
were RMB2.4 billion (US$352 million), representing a 97% increase from
the same period in 2015, primarily driven by an increase in
ticketing volume and the consolidation of Qunar's financial results
since December 31, 2015.
Transportation ticketing revenues increase 1% from the previous
quarter.
For the full year ended December 31,
2016, transportation ticketing revenues were RMB8.8 billion (US$1.3
billion), representing a 98% increase from 2015. The
transportation ticketing revenues accounted for 45% of the total
revenues in 2016 and 39% of the total revenue in 2015.
Packaged-tour revenues for the fourth quarter of 2016 were
RMB467 million (US$67 million), representing a 33% 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 fourth quarter of 2016 decreased 43% from the
previous quarter, primarily due to seasonality.
For the full year ended December 31,
2016, packaged-tour revenues were RMB2.3 billion (US$333
million), representing a 39% increase from 2015. The
packaged-tour revenues accounted for 12% of the total revenues in
2016 and 15% of the total revenue in 2015.
Corporate travel revenues for the fourth quarter of 2016 were
RMB179 million (US$26 million), representing a 32% increase from
the same period in 2015 and a 8% increase from the previous
quarter, primarily driven by increased corporate travel demand from
business activities.
For the full year ended December 31,
2016, corporate travel revenues were RMB608 million (US$88
million), representing a 29% increase from 2015. The
corporate travel revenues accounted for 3% of the total revenues in
2016 and 4% of the total revenue in 2015.
Gross margin was 78% for the fourth quarter of 2016, compared to
73% in the same period in 2015, and remained consistent with the
previous quarter.
For the full year ended December 31,
2016, gross margin was 75%, compared to 72% in 2015.
Product development expenses for the fourth quarter of 2016
increased by 100% to RMB1.7 billion
(US$248 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 fourth quarter of 2016
decreased 7% from the previous quarter, primarily due to the
decrease in product development personnel related expenses. Product
development expenses for the fourth quarter of 2016 accounted for
34% of the net revenues. Excluding share-based compensation
charges, Non-GAAP product development expenses for the fourth
quarter of 2016 accounted for 27% of the net revenues, which
remained consistent with the same period in 2015 and the previous
quarter.
For the full year ended December 31,
2016, product development expenses increased by 133% to
RMB7.7 billion (US$1.1 billion) from 2015 and accounted for 40%
of the net revenue. Excluding share-based compensation charges,
Non-GAAP product development expenses accounted for 29% of the net
revenues, compared to 28% in 2015.
Sales and marketing expenses for the fourth quarter of 2016
increased by 73% to RMB1.5 billion
(US$212 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 fourth quarter of 2016
decreased 2% from the previous quarter. Sales and marketing
expenses for the fourth quarter of 2016 accounted for 29% of the
net revenues. Excluding share-based compensation charges, Non-GAAP
sales and marketing expenses for the fourth quarter of 2016
accounted for 28% of the net revenues, which decreased from 29% in
the same period in 2015 and increased from 26% in the previous
quarter.
For the full year ended December 31,
2016, sales and marketing expenses increased by 90% to
RMB5.9 billion (US$844 million) from 2015 and accounted for 30%
of the net revenue. Excluding share-based compensation charges,
Non-GAAP sales and marketing expenses accounted for 28% of the net
revenues, which remained consistent with 2015.
General and administrative expenses for the fourth quarter of
2016 increased by 76% to RMB540
million (US$78 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 fourth
quarter of 2016 increased 0.2% from the previous quarter. General
and administrative expenses for the fourth quarter of 2016
accounted for 11% of the net revenues. Excluding share-based
compensation charges, Non-GAAP general and administrative expenses
accounted for 7% of the net revenues, which remained consistent
with the same period in 2015 and the previous quarter.
For the full year ended December 31,
2016, general and administrative expenses increased by 131%
to RMB2.5 billion (US$363 million) from 2015 and accounted for 13%
of the net revenue. Excluding share-based compensation charges,
Non-GAAP general and administrative expenses accounted for 7% of
the net revenues, which remained consistent with 2015.
Income from operations for the fourth quarter of 2016 was
RMB207 million (US$30 million), compared to RMB95 million in the same period in 2015 and
RMB447 million in the previous
quarter. Excluding share-based compensation charges, Non-GAAP
income from operations was RMB797
million (US$115 million),
compared to RMB292 million in the
same period in 2015 and RMB1.0
billion in the previous quarter.
For the full year ended December 31,
2016, loss from operations was RMB1.6
billion (US$226 million),
compared to income from operations of RMB381
million in 2015. Excluding share-based compensation charges,
Non-GAAP income from operations was RMB2.0
billion (US$287 million),
compared to RMB1.0 billion in
2015.
Operating margin was 4% for the fourth quarter of 2016, compared
to 3% in the same period in 2015, and 8% in the previous quarter.
Excluding share-based compensation charges, Non-GAAP operating
margin was 16%, compared to 10% in the same period in 2015 and 18%
in the previous quarter.
For the full year ended December 31,
2016, operating margin was -8%, compared to 3% in 2015.
Excluding share-based compensation charges, Non-GAAP operating
margin was 10%, compared to 9% in 2015.
Income tax expense for the fourth quarter of 2016 was
RMB110 million (US$16 million), compared to RMB71 million in the same period of 2015 and
RMB221 million in the previous
quarter.
For the full year ended December 31,
2016, income tax expense was RMB478
million (US$69 million),
compared to RMB470 million in
2015.
Net income attributable to Ctrip's shareholders for the fourth
quarter of 2016 was RMB645 million
(US$93 million), compared to
RMB76 million in the same period in
2015 and RMB24 million in the
previous quarter. Excluding share-based compensation charges,
Non-GAAP net income attributable to Ctrip's shareholders was
RMB1.2 billion (US$178 million), compared to RMB272 million in the same period in 2015 and
RMB581 million in the previous
quarter, primarily due to the net gain recognized from investing
activities, including replacement and equity pick-ups from equity
investments .
For the full year ended December 31,
2016, net loss attributable to Ctrip's shareholders was
RMB1.4 billion (US$206 million), compared to net income of
RMB2.5 billion in 2015. Excluding
share-based compensation charges, Non-GAAP net income attributable
to Ctrip's shareholders was RMB2.1
billion (US$307 million),
compared to RMB3.2 billion in
2015.
Diluted earnings per ADS were RMB1.18 (US$0.17)
for the fourth quarter of 2016. Excluding share-based compensation
charges, Non-GAAP diluted earnings per ADS were RMB2.24 (US$0.32)
for the fourth quarter of 2016.
For the full year ended December 31,
2016, diluted earnings per ADS were RMB-3.02 (US$-0.44). Excluding share-based compensation
charges, Non-GAAP diluted earnings per ADS were RMB4.05 (US$0.58).
As of December 31, 2016, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB34
billion (US$5 billion).
Business Outlook
For the first quarter of 2017, the Company expects the net
revenue growth to continue at a year-on-year rate of approximately
40-45%. 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
February 22, 2017 (or 8:00AM on February 23,
2017 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 twelve
months at this website.
The dial-in details for the live conference call: U.S. Toll Free
Number +1.800.230.3019, International dial-in number
+1.617.597.5413, Passcode 59143965#. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PJ6XND643.
A telephone replay of the call will be available after the
conclusion of the conference call until March 1, 2017. 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 38311953.
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 attributable
to Ctrip's shareholders, 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
|
|
December
31, 2016
|
|
December
31, 2016
|
RMB
|
RMB
|
USD
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
19,215,674,674
|
|
18,434,681,251
|
|
2,655,146,371
|
Restricted
cash
|
2,286,882,592
|
|
1,744,490,307
|
|
251,258,866
|
Short-term
investment
|
8,235,785,516
|
|
14,112,862,288
|
|
2,032,674,966
|
Accounts receivable,
net
|
3,150,768,364
|
|
4,624,818,322
|
|
666,112,390
|
Prepayments and other
current assets
|
7,711,757,285
|
|
6,994,589,672
|
|
1,007,430,458
|
|
|
|
|
|
|
Total current
assets
|
40,600,868,431
|
|
45,911,441,840
|
|
6,612,623,051
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
486,785,968
|
|
1,147,279,197
|
|
165,242,575
|
Land use
rights
|
102,328,181
|
|
99,544,772
|
|
14,337,429
|
Property, equipment
and software
|
5,555,959,499
|
|
5,591,960,081
|
|
805,409,777
|
Investment
|
13,870,523,498
|
|
20,532,822,365
|
|
2,957,341,548
|
Goodwill
|
45,690,440,903
|
|
56,015,185,590
|
|
8,067,864,841
|
Intangible
assets
|
11,007,915,171
|
|
13,924,769,931
|
|
2,005,584,032
|
Other long-term
receviables
|
1,122,435,740
|
|
815,586,298
|
|
117,468,860
|
Deferred tax assets,
non-current
|
405,334,569
|
|
375,311,594
|
|
54,056,113
|
|
|
|
|
|
|
Total
assets
|
118,842,591,960
|
|
144,413,901,668
|
|
20,799,928,226
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Short-term
Debt
|
12,710,213,398
|
|
6,887,309,589
|
|
991,978,912
|
Accounts
payable
|
5,944,501,681
|
|
7,278,791,082
|
|
1,048,363,976
|
Salary and welfare
payable
|
1,196,691,839
|
|
2,508,430,757
|
|
361,289,177
|
Taxes
payable
|
1,641,379,425
|
|
1,084,241,429
|
|
156,163,248
|
Advances from
customers
|
5,955,827,306
|
|
8,190,840,057
|
|
1,179,726,351
|
Accrued liability for
customer reward program
|
593,346,816
|
|
658,170,680
|
|
94,796,296
|
Other payables and
accruals
|
5,624,133,603
|
|
3,687,242,592
|
|
531,073,396
|
|
|
|
|
|
|
Total current
liabilities
|
33,666,094,068
|
|
30,295,026,186
|
|
4,363,391,356
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
3,045,259,390
|
|
3,607,882,808
|
|
519,643,210
|
Long-term Debt
*
|
18,354,608,260
|
|
34,650,673,553
|
|
4,990,735,065
|
Other long-term
Liabilities
|
91,702,261
|
|
339,566,619
|
|
48,907,766
|
|
|
|
|
|
|
Total
liabilities
|
55,157,663,979
|
|
68,893,149,166
|
|
9,922,677,397
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Share
capital
|
4,121,245
|
|
4,960,354
|
|
714,440
|
Additional paid-in
capital
|
37,991,678,952
|
|
65,819,998,701
|
|
9,480,051,664
|
Statutory
reserves
|
168,940,969
|
|
237,495,820
|
|
34,206,513
|
Accumulated other
comprehensive income
|
560,077,281
|
|
1,010,373,732
|
|
145,524,086
|
Retained
Earnings
|
8,198,838,659
|
|
6,699,580,613
|
|
964,940,316
|
Treasury
stock
|
(2,372,927,372)
|
|
(2,235,574,510)
|
|
(321,989,703)
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
44,550,729,734
|
|
71,536,834,710
|
|
10,303,447,316
|
|
|
|
|
|
|
Noncontrolling
interests
|
19,134,198,247
|
|
3,983,917,792
|
|
573,803,513
|
|
|
|
|
|
|
Total
shareholders' equity
|
63,684,927,981
|
|
75,520,752,502
|
|
10,877,250,829
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
118,842,591,960
|
|
144,413,901,668
|
|
20,799,928,226
|
|
* In April 2015, the
FASB issued new guidance which changes the presentation of debt
issuance cost. Under the new guidance, debt
issuance costs are presented as a reduction of the carrying amount
of the related liability, rather than as an asset. This guidance
has been
early adopted in 2015 year end and applied retrospectively by the
Company to the prior period presented herein.
|
Ctrip.com
International, Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
December
31, 2015
|
September
30, 2016
|
December
31, 2016
|
December
31, 2016
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
1,187,217,738
|
|
|
2,071,608,431
|
|
|
1,847,501,104
|
|
|
266,095,507
|
Transportation
ticketing
|
|
1,244,438,719
|
|
|
2,427,736,429
|
|
|
2,446,350,221
|
|
|
352,347,720
|
Packaged
tour
|
|
349,554,765
|
|
|
813,260,976
|
|
|
466,510,925
|
|
|
67,191,549
|
Corporate
travel
|
|
135,773,015
|
|
|
166,337,791
|
|
|
179,055,911
|
|
|
25,789,415
|
Others
|
|
115,402,073
|
|
|
188,851,094
|
|
|
239,340,250
|
|
|
34,472,166
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
3,032,386,310
|
|
|
5,667,794,721
|
|
|
5,178,758,411
|
|
|
745,896,357
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(158,331,192)
|
|
|
(95,928,079)
|
|
|
(111,476,576)
|
|
|
(16,055,967)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
2,874,055,118
|
|
|
5,571,866,642
|
|
|
5,067,281,835
|
|
|
729,840,390
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(763,236,345)
|
|
|
(1,234,297,161)
|
|
|
(1,126,360,012)
|
|
|
(162,229,585)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
2,110,818,773
|
|
|
4,337,569,481
|
|
|
3,940,921,823
|
|
|
567,610,805
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(860,441,746)
|
|
|
(1,844,406,031)
|
|
|
(1,722,336,331)
|
|
|
(248,068,030)
|
Sales and marketing
*
|
|
(848,674,020)
|
|
|
(1,506,558,491)
|
|
|
(1,470,860,760)
|
|
|
(211,848,014)
|
General and
administrative *
|
|
(306,510,322)
|
|
|
(539,181,215)
|
|
|
(540,338,329)
|
|
|
(77,824,907)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(2,015,626,088)
|
|
|
(3,890,145,737)
|
|
|
(3,733,535,420)
|
|
|
(537,740,951)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
95,192,685
|
|
|
447,423,744
|
|
|
207,386,403
|
|
|
29,869,854
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
124,921,975
|
|
|
99,167,513
|
|
|
126,421,150
|
|
|
18,208,433
|
Interest
expense
|
|
(95,168,377)
|
|
|
(191,169,801)
|
|
|
(219,680,448)
|
|
|
(31,640,566)
|
Other
income/(expense)
|
|
90,854,149
|
|
|
(27,905,573)
|
|
|
(286,715,547)
|
|
|
(41,295,628)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss)
before income tax expense
and equity in income
|
|
215,800,432
|
|
|
327,515,883
|
|
|
(172,588,442)
|
|
|
(24,857,907)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(71,482,684)
|
|
|
(221,246,469)
|
|
|
(110,246,775)
|
|
|
(15,878,838)
|
Equity in (loss)/
income of affiliates
|
|
(94,569,524)
|
|
|
(63,833,906)
|
|
|
873,284,942
|
|
|
125,779,194
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
49,748,224
|
|
|
42,435,508
|
|
|
590,449,725
|
|
|
85,042,449
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss/
(income) attributable to noncontrolling
interests
|
|
25,979,638
|
|
|
(18,518,066)
|
|
|
54,866,263
|
|
|
7,902,386
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
75,727,862
|
|
|
23,917,442
|
|
|
645,315,988
|
|
|
92,944,835
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
(loss) /income attributable to
Ctrip's shareholders
|
|
(145,866,588)
|
|
|
229,522,806
|
|
|
1,276,906,894
|
|
|
183,912,847
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.69
|
|
|
0.40
|
|
|
10.21
|
|
|
1.47
|
- Diluted
|
|
1.54
|
|
|
0.38
|
|
|
9.46
|
|
|
1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
**
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
0.21
|
|
|
0.05
|
|
|
1.28
|
|
|
0.18
|
- Diluted
|
|
0.19
|
|
|
0.05
|
|
|
1.18
|
|
|
0.17
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
44,732,540
|
|
|
59,120,188
|
|
|
63,194,669
|
|
|
63,194,669
|
- Diluted
|
|
49,370,393
|
|
|
63,410,273
|
|
|
69,583,733
|
|
|
69,583,733
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
86,925,299
|
|
|
324,427,727
|
|
|
338,257,956
|
|
|
48,719,279
|
Sales and
marketing
|
|
17,849,767
|
|
|
70,609,154
|
|
|
68,550,655
|
|
|
9,873,348
|
General and
administrative
|
|
91,711,157
|
|
|
161,796,351
|
|
|
182,401,276
|
|
|
26,271,248
|
|
**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
December 31, 2016
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(1,722,336,331)
|
34%
|
|
338,257,956
|
7%
|
|
(1,384,078,375)
|
27%
|
Sales and
marketing
|
(1,470,860,760)
|
29%
|
|
68,550,655
|
1%
|
|
(1,402,310,105)
|
28%
|
General and
administrative
|
(540,338,329)
|
11%
|
|
182,401,276
|
4%
|
|
(357,937,053)
|
7%
|
Total operating
expenses
|
(3,733,535,420)
|
74%
|
|
589,209,887
|
12%
|
|
(3,144,325,533)
|
62%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
207,386,403
|
4%
|
|
589,209,887
|
12%
|
|
796,596,290
|
16%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
645,315,988
|
13%
|
|
589,209,887
|
12%
|
|
1,234,525,875
|
24%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
9.46
|
|
|
8.47
|
|
|
17.93
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
1.18
|
|
|
1.06
|
|
|
2.24
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.17
|
|
|
0.15
|
|
|
0.32
|
|
|
|
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
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
|
|
|
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=RMB6.9430 on December 30,
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.
|
Ctrip.com
International, Ltd.
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
Year
Ended
|
December
31, 2015
|
December
31, 2016
|
December
31, 2016
|
RMB
|
RMB
|
USD
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
4,616,649,394
|
|
|
7,308,958,863
|
|
|
1,052,709,040
|
Transportation
ticketing
|
|
4,453,885,749
|
|
|
8,826,516,571
|
|
|
1,271,282,813
|
Packaged
tour
|
|
1,667,945,350
|
|
|
2,310,198,894
|
|
|
332,737,850
|
Corporate
travel
|
|
473,245,440
|
|
|
608,122,125
|
|
|
87,587,804
|
Others
|
|
285,220,475
|
|
|
734,290,185
|
|
|
105,759,785
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
11,496,946,408
|
|
|
19,788,086,638
|
|
|
2,850,077,292
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(599,378,347)
|
|
|
(559,646,824)
|
|
|
(80,605,909)
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
10,897,568,061
|
|
|
19,228,439,814
|
|
|
2,769,471,383
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(3,043,439,819)
|
|
|
(4,729,750,192)
|
|
|
(681,225,723)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
7,854,128,242
|
|
|
14,498,689,622
|
|
|
2,088,245,660
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(3,296,692,936)
|
|
|
(7,687,421,506)
|
|
|
(1,107,218,998)
|
Sales and marketing
*
|
|
(3,087,989,953)
|
|
|
(5,860,927,432)
|
|
|
(844,149,133)
|
General and
administrative *
|
|
(1,088,402,408)
|
|
|
(2,518,819,170)
|
|
|
(362,785,420)
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(7,473,085,297)
|
|
|
(16,067,168,108)
|
|
|
(2,314,153,551)
|
|
|
|
|
|
|
|
|
|
Income/ (loss)
from operations
|
|
381,042,945
|
|
|
(1,568,478,486)
|
|
|
(225,907,891)
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
445,767,036
|
|
|
567,144,610
|
|
|
81,685,814
|
Interest
expense
|
|
(302,425,829)
|
|
|
(731,922,838)
|
|
|
(105,418,816)
|
Other
income/(expense)
|
|
2,480,979,830
|
|
|
(26,848,287)
|
|
|
(3,866,958)
|
|
|
|
|
|
|
|
|
|
Income/(loss)
before income tax expense
and equity in income
|
|
3,005,363,982
|
|
|
(1,760,105,001)
|
|
|
(253,507,851)
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(470,188,423)
|
|
|
(478,009,033)
|
|
|
(68,847,621)
|
Equity in (loss)/
income of affiliates
|
|
(135,780,312)
|
|
|
601,883,179
|
|
|
86,689,209
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
2,399,395,247
|
|
|
(1,636,230,855)
|
|
|
(235,666,263)
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
108,260,637
|
|
|
205,527,660
|
|
|
29,602,140
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Ctrip's shareholders
|
|
2,507,655,884
|
|
|
(1,430,703,195)
|
|
|
(206,064,123)
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to
Ctrip's shareholders
|
|
2,624,153,789
|
|
|
(839,754,985)
|
|
|
(120,949,875)
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
ordinary share
|
|
|
|
|
|
|
|
|
- Basic
|
|
66.34
|
|
|
(24.18)
|
|
|
(3.48)
|
- Diluted
|
|
56.85
|
|
|
(24.18)
|
|
|
(3.48)
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per
ADS **
|
|
|
|
|
|
|
|
|
- Basic
|
|
8.29
|
|
|
(3.02)
|
|
|
(0.44)
|
- Diluted
|
|
7.11
|
|
|
(3.02)
|
|
|
(0.44)
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
- Basic
|
|
37,797,698
|
|
|
59,166,582
|
|
|
59,166,582
|
- Diluted
|
|
47,375,248
|
|
|
59,166,582
|
|
|
59,166,582
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
Product
development
|
|
291,642,931
|
|
|
2,079,514,506
|
|
|
299,512,387
|
Sales and
marketing
|
|
65,574,256
|
|
|
392,641,663
|
|
|
56,552,162
|
General and
administrative
|
|
285,379,287
|
|
|
1,087,562,537
|
|
|
156,641,587
|
|
|
|
|
|
**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)
|
|
|
Year Ended
December 31, 2016
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(7,687,421,506)
|
40%
|
|
2,079,514,506
|
11%
|
|
(5,607,907,000)
|
29%
|
Sales and
marketing
|
(5,860,927,432)
|
30%
|
|
392,641,663
|
2%
|
|
(5,468,285,769)
|
28%
|
General and
administrative
|
(2,518,819,170)
|
13%
|
|
1,087,562,537
|
6%
|
|
(1,431,256,633)
|
7%
|
Total operating
expenses
|
(16,067,168,108)
|
84%
|
|
3,559,718,706
|
19%
|
|
(12,507,449,402)
|
65%
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
(1,568,478,486)
|
-8%
|
|
3,559,718,706
|
19%
|
|
1,991,240,220
|
10%
|
|
|
|
|
|
|
|
|
|
Net (loss)/ income
attributable to Ctrip's shareholders
|
(1,430,703,195)
|
-7%
|
|
3,559,718,706
|
19%
|
|
2,129,015,511
|
11%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
(24.18)
|
|
|
56.58
|
|
|
32.40
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
(3.02)
|
|
|
7.07
|
|
|
4.05
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
(0.44)
|
|
|
1.02
|
|
|
0.58
|
|
|
|
Year Ended
December 31, 2015
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(3,296,692,936)
|
30%
|
|
291,642,931
|
3%
|
|
(3,005,050,005)
|
28%
|
Sales and
marketing
|
(3,087,989,953)
|
28%
|
|
65,574,256
|
1%
|
|
(3,022,415,697)
|
28%
|
General and
administrative
|
(1,088,402,408)
|
10%
|
|
285,379,287
|
3%
|
|
(803,023,121)
|
7%
|
Total operating
expenses
|
(7,473,085,297)
|
69%
|
|
642,596,474
|
6%
|
|
(6,830,488,823)
|
63%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
381,042,945
|
3%
|
|
642,596,474
|
6%
|
|
1,023,639,419
|
9%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
2,507,655,884
|
23%
|
|
642,596,474
|
6%
|
|
3,150,252,358
|
29%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
56.85
|
|
|
13.56
|
|
|
70.41
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
7.11
|
|
|
1.69
|
|
|
8.80
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
1.10
|
|
|
0.26
|
|
|
1.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.9430 on December 30,
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-fourth-quarter-and-full-year-2016-financial-results-300411587.html
SOURCE Ctrip.com International, Ltd.