SHANGHAI, March 14, 2018 /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,
2017.
Key Highlights for the Fourth
Quarter and Full Year of
2017
- Ctrip reported strong financial results in the fourth quarter
of 2017 and achieved robust growth for the full year of 2017.
-
- Net revenue increased 26% year-on-year to RMB6.4 billion (US$980
million) in the fourth quarter of 2017, and achieved
RMB26.8 billion (US$4.1 billion) for the full year of 2017,
representing 39% growth year-on-year.
- Gross margin was 83% for the fourth quarter of 2017, improving
from 78% for the same period of 2016 due to further efficiency
gain, which was consistent with the previous quarter.
- Operating margin for the full
year of 2017 was 11%, compared to -8% in 2016. Excluding
share-based compensation charges, non-GAAP operating margin for the
full year of 2017 was 18%, compared to 10% in 2016.
- Ctrip's international businesses sustained robust growth
momentum.
-
- Non-China related flight ticket volume for the fourth quarter
of 2017 continued to grow rapidly, accounting for 30% of total
international tickets.
- Skyscanner's direct booking revenue for the fourth quarter of
2017 nearly doubled compared to the same period of 2016.
- Trip.com, achieved triple-digit
growth in air ticketing volume for five consecutive quarters,
benefiting from Skyscanner's direct booking initiatives.
- The Company opened over 1,000
Ctrip and Qunar branded offline stores in 2017. Total gross
merchandise volume, or GMV, of these stores, including 5,000
Traveling Bestone stores, grew over 30% in 2017.
"We had strong results in the fourth quarter, even as we
transitioned through short-term challenges in certain areas of our
business," said Jane Sun, Chief
Executive Officer. "We continue to execute on our growth strategy
and are encouraged with our progress, especially in international
expansion and penetration of lower-tier cities. As users
increasingly appreciate the convenience of Ctrip's unique one-stop
travel platform, we are very excited about the opportunities ahead
of us."
"I'm proud of the progress our team has made, and the many ways
that Ctrip is striving to make travel more convenient and
enjoyable," said James Liang,
Executive Chairman. "We will always endeavor to maximize Ctrip's
social impact while increasing the company's commercial value.
Guided by the fundamental principles of consistency, transparency,
and equality, we will continuously improve our products and
services."
Fourth Quarter and Full Year of 2017 Financial Results and
Business Updates
For the fourth quarter of 2017, Ctrip reported net revenue of
RMB6.4 billion (US$980 million), representing a 26% increase from
the same period in 2016. Net revenue for the fourth quarter of 2017
decreased 19% from the previous quarter, primarily due to
seasonality and product change in domestic air ticketing.
For the full year ended December 31,
2017, net revenue was RMB26.8
billion (US$4.1 billion),
representing a 39% increase from 2016.
Accommodation reservation revenue for the fourth quarter of 2017
was RMB2.3 billion (US$356 million), representing a 25% increase from
the same period in 2016, primarily driven by an increase in
accommodation reservation volume. Accommodation reservation revenue
for the fourth quarter of 2017 decreased 18% from the previous
quarter, primarily due to seasonality.
For the full year ended December 31,
2017, accommodation reservation revenue was RMB9.5 billion (US$1.5
billion), representing a 30% increase from 2016. The
accommodation reservation revenue accounted for 35% of the total
revenue in 2017 and 37% of the total revenue in 2016.
Transportation ticketing revenue for the fourth quarter of 2017
was RMB2.9 billion (US$450 million), representing a 20% increase from
the same period in 2016, primarily driven by an increase in
ticketing volume and the consolidation of Skyscanner's financial
results since December 31, 2016.
Transportation ticketing revenue decrease 15% from the previous
quarter, primarily due to product change in domestic air
ticketing.
For the full year ended December 31,
2017, transportation ticketing revenue was RMB12.2 billion (US$1.9
billion), representing a 38% increase from 2016. The
transportation ticketing revenue accounted for 45% of the total
revenue in 2017 and remained consistent with 2016.
Packaged tour revenue for the fourth quarter of 2017 was
RMB623 million (US$96 million), representing a 34% increase from
the same period in 2016, primarily driven by an increase in volume
growth of organized tours and self-guided tours. Packaged-tour
revenue for the fourth quarter of 2017 decreased 40% from the
previous quarter, primarily due to seasonality.
For the full year ended December 31,
2017, packaged-tour revenue was RMB3.0 billion (US$457
million), representing a 29% increase from 2016. The
packaged-tour revenue accounted for 11% of the total revenue in
2017 and 12% of the total revenue in 2016.
Corporate travel revenue for the fourth quarter of 2017 was
RMB207 million (US$32 million), representing a 15% increase from
the same period in 2016, primarily driven by expansion in travel
product coverage. Corporate travel revenue for the fourth quarter
of 2017 increased 2% from the previous quarter.
For the full year ended December 31,
2017, corporate travel revenue was RMB753 million (US$116
million), representing a 24% increase from 2016. The
corporate travel revenue accounted for 3% of the total revenue in
2017 and remained consistent with 2016.
Gross margin was 83% for the fourth quarter of 2017, compared to
78% in the same period in 2016, and remained consistent with the
previous quarter.
For the full year ended December 31,
2017, gross margin was 83%, compared to 75% in 2016.
Product development expenses for the fourth quarter of 2017
increased by 20% to RMB2.1 billion
(US$319 million) from the same period
in 2016, primarily due to the increase in product development
personnel related expenses. Product development expenses for the
fourth quarter of 2017 decreased 5% from the previous quarter,
primarily due to the decrease in product development personnel
related expenses. Product development expenses for the fourth
quarter of 2017 accounted for 33% of the net revenue. Excluding
share-based compensation charges, Non-GAAP product development
expenses for the fourth quarter of 2017 accounted for 29% of the
net revenue, which increased from 27% for the same period of 2016
and increased from 25% for the previous quarter.
For the full year ended December 31,
2017, product development expenses increased by 7% to
RMB8.3 billion (US$1.3 billion) from 2016 and accounted for 31%
of the net revenue. Excluding share-based compensation charges,
Non-GAAP product development expenses accounted for 27% of the net
revenue, compared to 29% in 2016.
Sales and marketing expenses for the fourth quarter of 2017
increased by 38% to RMB2.0 billion
(US$313 million) from the same period
in 2016, primarily due to an increase in sales and marketing
related activities. Sales and marketing expenses for the fourth
quarter of 2017 decreased 14% from the previous quarter, primarily
due to the decrease in sales and marketing related activities.
Sales and marketing expenses for the fourth quarter of 2017
accounted for 32% of the net revenue. Excluding share-based
compensation charges, Non-GAAP sales and marketing expenses for the
fourth quarter of 2017 accounted for 31% of the net revenue, which
increased from 28% in the same period in 2016 and increased from
30% in the previous quarter.
For the full year ended December 31,
2017, sales and marketing expenses increased by 42% to
RMB8.3 billion (US$1.3 billion) from 2016 and accounted for 31%
of the net revenue. Excluding share-based compensation charges,
Non-GAAP sales and marketing expenses accounted for 30% of the net
revenue, which increased from 28% in 2016.
General and administrative expenses for the fourth quarter of
2017 increased by 30% to RMB701
million (US$108 million) from
the same period in 2016, primarily due to an increase in consulting
expenses and the provision of trade and other receivables. General
and administrative expenses for the fourth quarter of 2017
increased 4% from the previous quarter, primarily due to an
increase in the provision of trade and other receivables. General
and administrative expenses for the fourth quarter of 2017
accounted for 11% of the net revenue. Excluding share-based
compensation charges, Non-GAAP general and administrative expenses
accounted for 9% of the net revenue, which increased from 7% for
the same period in 2016 and the previous quarter.
For the full year ended December 31,
2017, general and administrative expenses increased by 4% to
RMB2.6 billion (US$403 million) from 2016 and accounted for 10%
of the net revenue. Excluding share-based compensation charges,
Non-GAAP general and administrative expenses accounted for 7% of
the net revenue, which remained consistent with 2016.
Income from operations for the fourth quarter of 2017 was
RMB508 million (US$78 million), compared to RMB207 million in the same period in 2016 and
RMB1.4 billion in the previous
quarter. Excluding share-based compensation charges, Non-GAAP
income from operations was RMB908
million (US$140 million),
compared to RMB797 million in the
same period in 2016 and RMB1.7
billion in the previous quarter.
For the full year ended December 31,
2017, income from operations was RMB2.9 billion (US$450
million), compared to loss from operations of RMB1.6 billion in 2016. Excluding share-based
compensation charges, Non-GAAP income from operations was
RMB4.8 billion (US$732 million), compared to RMB2.0 billion in 2016.
Operating margin was 8% for the fourth quarter of 2017, compared
to 4% in the same period in 2016, and 17% in the previous quarter.
Excluding share-based compensation charges, Non-GAAP operating
margin was 14%, compared to 16% in the same period in 2016 and 22%
in the previous quarter.
For the full year ended December 31,
2017, operating margin was 11%, compared to -8% in 2016.
Excluding share-based compensation charges, Non-GAAP operating
margin was 18%, compared to 10% in 2016.
Income tax expense for the fourth quarter of 2017 was
RMB289 million (US$44 million), compared to RMB110 million in the same period of 2016 and
RMB313 million in the previous
quarter. The change in the Group's effective tax rate reflects
primarily profitability changes in our subsidiaries with different
tax rates and certain non-tax deductible losses including the share
based compensation.
For the full year ended December 31,
2017, income tax expense was RMB1.3
billion (US$197 million),
compared to RMB478 million in
2016.
Net income attributable to Ctrip's shareholders for the fourth
quarter of 2017 was RMB504 million
(US$77 million), compared to
RMB645 million in the same period in
2016 and RMB1.2 billion in the
previous quarter. Excluding share-based compensation charges,
Non-GAAP net income attributable to Ctrip's shareholders was
RMB904 million (US$139 million), compared to RMB1.2 billion in the same period in 2016 and
RMB1.6 billion in the previous
quarter.
For the full year ended December 31,
2017, net income attributable to Ctrip's shareholders was
RMB2.1 billion (US$329 million), compared to net loss of
RMB1.4 billion in 2016. Excluding
share-based compensation charges, Non-GAAP net income attributable
to Ctrip's shareholders was RMB4.0
billion (US$611 million),
compared to RMB2.1 billion in
2016.
Diluted earnings per ADS were RMB0.88 (US$0.14)
for the fourth quarter of 2017. Excluding share-based compensation
charges, Non-GAAP diluted earnings per ADS were RMB1.56 (US$0.24)
for the fourth quarter of 2017.
For the full year ended December 31,
2017, diluted earnings per ADS were RMB3.82 (US$0.59).
Excluding share-based compensation charges, Non-GAAP diluted
earnings per ADS were RMB6.90
(US$1.06).
As of December 31, 2017, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB48.1
billion (US$7.4 billion).
New Revenue Recognition Accounting Standard
Effective January 1, 2018, the
Company adopted a new revenue recognition standard, Accounting
Standards Update 2014-09 (the "New Revenue Accounting Standard").
The Company currently estimates that the impact of this new
standard on its revenue reported in comparative periods of 2018 is
not material if the new standard is adopted retrospectively.
Business Outlook
For the first quarter of 2018, the Company expects the net
revenue growth to continue at a year-on-year rate of approximately
9~11%, which is estimated based on Crip's new revenue recognition
standard while taking into account the revenue reported for the
same period in 2017. 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
8:00PM U.S. Eastern Time on
March 14, 2018 (or 8:00AM on Mar 15,
2018 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 archive for twelve months
at this website.
Listeners may access the call by dialing the following
numbers:
US:
|
+1-855-8219-305 or
+1-240-254-3156
|
Hong Kong:
|
+852-
3077-3569
|
Mainland
China:
|
800-820-8527 or
400-612-6501
|
International:
|
+65-6653-5870
|
Passcode:
|
07034263#
|
For pre-registration, please click
http://aerp.arkadinasia.com/e-142/nasdaq-ctrip-com-international.
A telephone replay of the call will be available after the
conclusion of the conference call until March 21, 2018. The dial-in details for the
replay:
International dial-in
number:
|
+65-6653-5846
|
Passcode:
|
515076012#
|
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. 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 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 the relevant jurisdictions
where Ctrip operates, failure to successfully develop Ctrip's
existing or future business lines, 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. 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 196455
Email: iremail@ctrip.com
Ctrip.com
International, Ltd.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
December
31, 2016
|
|
December
31, 2017
|
|
December
31, 2017
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
18,434,681,251
|
|
18,242,991,687
|
|
2,803,896,483
|
Restricted
cash
|
|
1,744,490,307
|
|
1,748,796,431
|
|
268,785,090
|
Short-term
investment
|
|
14,112,862,288
|
|
28,129,938,110
|
|
4,323,492,324
|
Accounts receivable,
net
|
|
4,624,818,322
|
|
4,559,052,701
|
|
700,713,570
|
Prepayments and other
current assets
|
|
6,994,589,672
|
|
6,546,041,220
|
|
1,006,108,114
|
|
|
|
|
|
|
|
Total current
assets
|
|
45,911,441,840
|
|
59,226,820,149
|
|
9,102,995,581
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
1,147,279,197
|
|
839,920,256
|
|
129,093,380
|
Land use
rights
|
|
99,544,772
|
|
96,761,364
|
|
14,871,949
|
Property, equipment
and software
|
|
5,591,960,081
|
|
5,615,500,429
|
|
863,086,613
|
Investment
|
|
20,532,822,365
|
|
25,573,785,268
|
|
3,930,618,826
|
Goodwill
|
|
56,015,185,590
|
|
56,246,051,292
|
|
8,644,859,796
|
Intangible
assets
|
|
13,924,769,931
|
|
13,750,315,921
|
|
2,113,384,861
|
Other long-term
receivable
|
|
815,586,298
|
|
237,353,359
|
|
36,480,543
|
Deferred tax assets,
non-current
|
|
375,311,594
|
|
461,969,275
|
|
71,003,377
|
|
|
|
|
|
|
|
Total
assets
|
|
144,413,901,668
|
|
162,048,477,313
|
|
24,906,394,926
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
debt
|
|
6,887,309,589
|
|
16,316,282,473
|
|
2,507,766,699
|
Accounts
payable
|
|
7,278,791,082
|
|
7,459,203,252
|
|
1,146,458,548
|
Salary and welfare
payable
|
|
2,508,430,757
|
|
3,464,692,073
|
|
532,513,421
|
Taxes
payable
|
|
1,084,241,429
|
|
927,463,089
|
|
142,548,467
|
Advances from
customers
|
|
8,190,840,057
|
|
7,867,532,529
|
|
1,209,217,609
|
Accrued liability for
customer reward program
|
|
658,170,680
|
|
609,621,643
|
|
93,697,131
|
Other payables and
accruals
|
|
3,687,242,592
|
|
5,515,137,342
|
|
847,661,087
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
30,295,026,186
|
|
42,159,932,401
|
|
6,479,862,962
|
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
|
3,607,882,808
|
|
3,847,440,251
|
|
591,340,739
|
Long-term
debt
|
|
34,650,673,553
|
|
29,220,254,767
|
|
4,491,070,926
|
Other long-term
liabilities
|
|
339,566,619
|
|
347,820,491
|
|
53,459,031
|
|
|
|
|
|
|
|
Total
liabilities
|
|
68,893,149,166
|
|
75,575,447,910
|
|
11,615,733,658
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Share
capital
|
|
4,960,354
|
|
5,173,301
|
|
795,122
|
Additional paid-in
capital
|
|
65,819,998,701
|
|
71,341,098,032
|
|
10,964,926,000
|
Statutory
reserves
|
|
237,495,820
|
|
383,623,583
|
|
58,961,865
|
Accumulated other
comprehensive income
|
|
1,010,373,732
|
|
6,379,296,866
|
|
980,479,976
|
Retained
Earnings
|
|
6,699,580,613
|
|
8,695,442,393
|
|
1,336,465,025
|
Treasury
stock
|
|
(2,235,574,510)
|
|
(2,110,820,623)
|
|
(324,427,189)
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
71,536,834,710
|
|
84,693,813,552
|
|
13,017,200,799
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
3,983,917,792
|
|
1,779,215,851
|
|
273,460,469
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
75,520,752,502
|
|
86,473,029,403
|
|
13,290,661,268
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
144,413,901,668
|
|
162,048,477,313
|
|
24,906,394,926
|
Ctrip.com
International, Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Quarter
Ended
|
December
31, 2016
|
September
30, 2017
|
December
31, 2017
|
December
31, 2017
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
Revenue:
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
1,847,501,104
|
|
2,820,384,460
|
|
2,315,910,747
|
|
355,948,964
|
Transportation
ticketing
|
|
2,446,350,221
|
|
3,428,194,609
|
|
2,925,129,686
|
|
449,584,201
|
Packaged-tour
|
|
466,510,925
|
|
1,033,088,540
|
|
623,164,978
|
|
95,778,703
|
Corporate
travel
|
|
179,055,911
|
|
202,879,041
|
|
206,505,261
|
|
31,739,277
|
Others
|
|
239,340,250
|
|
472,404,223
|
|
354,490,157
|
|
54,484,140
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
5,178,758,411
|
|
7,956,950,873
|
|
6,425,200,829
|
|
987,535,285
|
|
|
|
|
|
|
|
|
|
Less: Sales tax and
surcharges
|
|
(111,476,576)
|
|
(57,274,816)
|
|
(46,076,958)
|
|
(7,081,899)
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
5,067,281,835
|
|
7,899,676,057
|
|
6,379,123,871
|
|
980,453,386
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
(1,126,360,012)
|
|
(1,303,483,658)
|
|
(1,061,324,509)
|
|
(163,122,590)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,940,921,823
|
|
6,596,192,399
|
|
5,317,799,362
|
|
817,330,796
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(1,722,336,331)
|
|
(2,185,439,369)
|
|
(2,074,369,881)
|
|
(318,824,813)
|
Sales and marketing
*
|
|
(1,470,860,760)
|
|
(2,377,850,924)
|
|
(2,034,233,300)
|
|
(312,655,933)
|
General and
administrative *
|
|
(540,338,329)
|
|
(673,903,837)
|
|
(701,459,946)
|
|
(107,812,420)
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(3,733,535,420)
|
|
(5,237,194,130)
|
|
(4,810,063,127)
|
|
(739,293,166)
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
207,386,403
|
|
1,358,998,269
|
|
507,736,235
|
|
78,037,630
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
126,421,150
|
|
271,592,321
|
|
336,310,776
|
|
51,690,020
|
Interest
expense
|
|
(219,680,448)
|
|
(318,779,226)
|
|
(323,800,026)
|
|
(49,767,153)
|
Other
(expense)/income
|
|
(286,715,547)
|
|
233,444,936
|
|
336,851,596
|
|
51,773,142
|
|
|
|
|
|
|
|
|
|
(Loss)/income
before income tax expense and equity in income
|
|
(172,588,442)
|
|
1,545,256,300
|
|
857,098,581
|
|
131,733,639
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(110,246,775)
|
|
(313,405,180)
|
|
(289,470,044)
|
|
(44,490,731)
|
Equity in
income/(loss) of affiliates
|
|
873,284,942
|
|
32,357,293
|
|
(98,044,574)
|
|
(15,069,175)
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
590,449,725
|
|
1,264,208,413
|
|
469,583,963
|
|
72,173,733
|
|
|
|
|
|
|
|
|
|
Net loss/(income)
attributable to non-controlling interests
|
|
54,866,263
|
|
(35,090,626)
|
|
33,989,737
|
|
5,224,127
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
645,315,988
|
|
1,229,117,787
|
|
503,573,700
|
|
77,397,860
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Ctrip's shareholders
|
|
1,276,906,894
|
|
2,836,812,328
|
|
2,528,341,451
|
|
388,598,966
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
- Basic
|
|
10.21
|
|
18.35
|
|
7.46
|
|
1.15
|
- Diluted
|
|
9.46
|
|
16.76
|
|
7.07
|
|
1.09
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.28
|
|
2.29
|
|
0.93
|
|
0.14
|
- Diluted
|
|
1.18
|
|
2.10
|
|
0.88
|
|
0.14
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
- Basic
|
|
63,194,669
|
|
66,988,804
|
|
67,498,755
|
|
67,498,755
|
- Diluted
|
|
69,583,733
|
|
78,630,110
|
|
73,845,325
|
|
73,845,325
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
Product
development
|
|
338,257,956
|
|
210,505,836
|
|
213,727,387
|
|
32,849,298
|
Sales and
marketing
|
|
68,550,655
|
|
37,738,032
|
|
40,273,787
|
|
6,189,968
|
General and
administrative
|
|
182,401,276
|
|
135,789,753
|
|
146,177,357
|
|
22,467,048
|
Ctrip.com
International, Ltd.
|
Reconciliation
of GAAP and Non-GAAP Results
|
(In RMB, except %
and per share information)
|
|
|
Quarter Ended
December 31, 2017
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(2,074,369,881)
|
33%
|
|
213,727,387
|
3%
|
|
(1,860,642,494)
|
29%
|
Sales and
marketing
|
(2,034,233,300)
|
32%
|
|
40,273,787
|
1%
|
|
(1,993,959,513)
|
31%
|
General and
administrative
|
(701,459,946)
|
11%
|
|
146,177,357
|
2%
|
|
(555,282,589)
|
9%
|
Total operating
expenses
|
(4,810,063,127)
|
75%
|
|
400,178,531
|
6%
|
|
(4,409,884,596)
|
69%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
507,736,235
|
8%
|
|
400,178,531
|
6%
|
|
907,914,766
|
14%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
503,573,700
|
8%
|
|
400,178,531
|
6%
|
|
903,752,231
|
14%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
7.07
|
|
|
5.38
|
|
|
12.45
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
0.88
|
|
|
0.68
|
|
|
1.56
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.14
|
|
|
0.10
|
|
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30, 2017
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(2,185,439,369)
|
28%
|
|
210,505,836
|
3%
|
|
(1,974,933,533)
|
25%
|
Sales and
marketing
|
(2,377,850,924)
|
30%
|
|
37,738,032
|
0%
|
|
(2,340,112,892)
|
30%
|
General and
administrative
|
(673,903,837)
|
9%
|
|
135,789,753
|
2%
|
|
(538,114,084)
|
7%
|
Total operating
expenses
|
(5,237,194,130)
|
66%
|
|
384,033,621
|
5%
|
|
(4,853,160,509)
|
61%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
1,358,998,269
|
17%
|
|
384,033,621
|
5%
|
|
1,743,031,890
|
22%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
1,229,117,787
|
16%
|
|
384,033,621
|
5%
|
|
1,613,151,408
|
20%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
16.76
|
|
|
4.82
|
|
|
21.58
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
2.10
|
|
|
0.60
|
|
|
2.70
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.32
|
|
|
0.09
|
|
|
0.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.5063 on December 29,
2017 published by the Federal
Reserve Board.
|
Ctrip.com
International, Ltd.
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
Year
Ended
|
December
31, 2016
|
December
31, 2017
|
December
31, 2017
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
Revenue:
|
|
|
|
|
|
|
Accommodation
reservation
|
|
7,308,958,863
|
|
9,517,374,339
|
|
1,462,793,652
|
Transportation
ticketing
|
|
8,826,516,571
|
|
12,221,029,997
|
|
1,878,337,918
|
Packaged-tour
|
|
2,310,198,894
|
|
2,970,383,429
|
|
456,539,574
|
Corporate
travel
|
|
608,122,125
|
|
753,218,904
|
|
115,767,626
|
Others
|
|
734,290,185
|
|
1,514,978,795
|
|
232,847,977
|
|
|
|
|
|
|
|
Total
revenue
|
|
19,788,086,638
|
|
26,976,985,464
|
|
4,146,286,747
|
|
|
|
|
|
|
|
Less: Sales tax and
surcharges
|
|
(559,646,824)
|
|
(197,354,446)
|
|
(30,332,823)
|
|
|
|
|
|
|
|
Net
revenue
|
|
19,228,439,814
|
|
26,779,631,018
|
|
4,115,953,924
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
(4,729,750,192)
|
|
(4,678,209,103)
|
|
(719,027,574)
|
|
|
|
|
|
|
|
Gross
profit
|
|
14,498,689,622
|
|
22,101,421,915
|
|
3,396,926,350
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Product development
*
|
|
(7,687,421,506)
|
|
(8,259,232,508)
|
|
(1,269,420,793)
|
Sales and marketing
*
|
|
(5,860,927,432)
|
|
(8,294,186,482)
|
|
(1,274,793,121)
|
General and
administrative *
|
|
(2,518,819,170)
|
|
(2,621,832,381)
|
|
(402,968,259)
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(16,067,168,108)
|
|
(19,175,251,371)
|
|
(2,947,182,173)
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
(1,568,478,486)
|
|
2,926,170,544
|
|
449,744,177
|
|
|
|
|
|
|
|
Interest
income
|
|
567,144,610
|
|
987,610,015
|
|
151,792,880
|
Interest
expense
|
|
(731,922,838)
|
|
(1,286,284,010)
|
|
(197,698,232)
|
Other
(expense)/income
|
|
(26,848,287)
|
|
878,998,137
|
|
135,099,540
|
|
|
|
|
|
|
|
(Loss)/income
before income tax expense and equity in income
|
|
(1,760,105,001)
|
|
3,506,494,686
|
|
538,938,365
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(478,009,033)
|
|
(1,280,523,340)
|
|
(196,812,834)
|
Equity in
income/(loss) of affiliates
|
|
601,883,179
|
|
(65,116,066)
|
|
(10,008,156)
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
(1,636,230,855)
|
|
2,160,855,280
|
|
332,117,375
|
|
|
|
|
|
|
|
Net loss/(income)
attributable to non-controlling interests
|
|
205,527,660
|
|
(18,843,743)
|
|
(2,896,230)
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Ctrip's shareholders
|
|
(1,430,703,195)
|
|
2,142,011,537
|
|
329,221,145
|
|
|
|
|
|
|
|
Comprehensive
(loss)/income attributable to Ctrip's shareholders
|
|
(980,406,744)
|
|
7,510,934,671
|
|
1,154,409,522
|
|
|
|
|
|
|
|
(Loss)/earnings per
ordinary share
|
|
|
|
|
|
|
- Basic
|
|
(24.18)
|
|
32.31
|
|
4.97
|
- Diluted
|
|
(24.18)
|
|
30.57
|
|
4.70
|
|
|
|
|
|
|
|
(Loss)/earnings per
ADS
|
|
|
|
|
|
|
- Basic
|
|
(3.02)
|
|
4.04
|
|
0.62
|
- Diluted
|
|
(3.02)
|
|
3.82
|
|
0.59
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
- Basic
|
|
59,166,582
|
|
66,300,808
|
|
66,300,808
|
- Diluted
|
|
59,166,582
|
|
71,775,893
|
|
71,775,893
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
Product
development
|
|
2,079,514,506
|
|
1,012,746,515
|
|
155,656,289
|
Sales and
marketing
|
|
392,641,663
|
|
185,785,599
|
|
28,554,724
|
General and
administrative
|
|
1,087,562,537
|
|
635,279,991
|
|
97,640,747
|
Ctrip.com
International, Ltd.
|
Reconciliation
of GAAP and Non-GAAP Results
|
(In RMB, except %
and per share information)
|
|
|
Year Ended
December 31, 2017
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product
development
|
(8,259,232,508)
|
31%
|
|
1,012,746,515
|
4%
|
|
(7,246,485,993)
|
27%
|
Sales and
marketing
|
(8,294,186,482)
|
31%
|
|
185,785,599
|
1%
|
|
(8,108,400,883)
|
30%
|
General and
administrative
|
(2,621,832,381)
|
10%
|
|
635,279,991
|
2%
|
|
(1,986,552,390)
|
7%
|
Total operating
expenses
|
(19,175,251,371)
|
72%
|
|
1,833,812,105
|
7%
|
|
(17,341,439,266)
|
65%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
2,926,170,544
|
11%
|
|
1,833,812,105
|
7%
|
|
4,759,982,649
|
18%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
2,142,011,537
|
8%
|
|
1,833,812,105
|
7%
|
|
3,975,823,642
|
15%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
30.57
|
|
|
24.63
|
|
|
55.20
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
3.82
|
|
|
3.08
|
|
|
6.90
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.59
|
|
|
0.47
|
|
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
(loss)/earnings per ordinary share (RMB)
|
(24.18)
|
|
|
56.58
|
|
|
32.40
|
|
|
|
|
|
|
|
|
|
|
Diluted
(loss)/earnings per ADS (RMB)
|
(3.02)
|
|
|
7.07
|
|
|
4.05
|
|
|
|
|
|
|
|
|
|
|
Diluted
(loss)/earnings per ADS (USD)
|
(0.44)
|
|
|
1.02
|
|
|
0.58
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.5063 on December 29,
2017 published by the Federal
Reserve Board.
|
Note 2: Diluted net
income/(loss) per share is calculated by dividing net income/(loss)
attributable to ordinary shareholders by the weighted average
number of ordinary shares and
dilutive potential ordinary shares outstanding during the periods,
including the dilutive effects of share-based awards and
convertible senior notes. All dilutive potential ordinary
shares
had anti-dilutive impact and were excluded in computation of
diluted EPS in the period when loss was reported.
|
View original
content:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-fourth-quarter-and-full-year-of-2017-financial-results-300613924.html
SOURCE Ctrip.com International, Ltd.