SHANGHAI, Nov. 13, 2011 /PRNewswire-Asia/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP), a leading travel service
provider of hotel accommodations, airline tickets, packaged tours
and corporate travel management in China, today announced its unaudited financial
results for the quarter ended September 30,
2011.
Highlights for the Third Quarter
of 2011
- Net revenues were RMB975 million
(US$153 million) for the third
quarter of 2011, up 20% year-on-year.
- Gross margin was 77% for the third quarter of 2011, compared to
78% in the same period in 2010.
- Income from operations was RMB304
million (US$48 million) for
the third quarter of 2011, down 1% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB395 million (US$62 million), up 7% year-on-year.
- Operating margin was 31% for the third quarter of 2011,
compared to 38% in the same period in 2010. Excluding share-based
compensation charges (non-GAAP), operating margin was 41%, compared
to 45% in the same period in 2010.
- Net income attributable to Ctrip's shareholders was
RMB325 million (US$51 million) in the third quarter of 2011, up
2% year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB416 million (US$65 million), up 9% year-on-year.
- Diluted earnings per ADS were RMB2.13 (US$0.33)
for the third quarter of 2011. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.73 (US$0.43)
for the third quarter of 2011.
- Share-based compensation charges were RMB91 million (US$14
million), accounting for 9% of the net revenues, or
RMB0.59 (US$0.09) per ADS for the third quarter of
2011.
"Despite a challenging comparison base, Ctrip has continued to
outperform the industry with solid growth in the third quarter of
2011," said Min Fan, President and
Chief Executive Officer of Ctrip. "The Ctrip team effectively
implemented the Company's strategies to extend market leadership in
all areas. We are encouraged by the progress in sales and
marketing, product development and system enhancement. Building on
these concerted efforts, we believe the team will continue to
succeed in this promising and challenging market."
Third Quarter 2011 Financial
Results
For the third quarter of 2011, Ctrip reported total revenues of
RMB1 billion (US$163 million), representing a 20% increase from
the same period in 2010. Total revenues for the third quarter of
2011 increased by 17% from the previous quarter.
Hotel reservation revenues amounted to RMB410 million (US$64
million) for the third quarter of 2011, representing a 17%
increase year-on-year and 12% increase quarter-on-quarter,
primarily driven by an increase in hotel reservation volume.
Air ticket booking revenues for the third quarter of 2011 were
RMB385 million (US$60 million), representing a 22% increase
year-on-year, primarily driven by a 16% increase in air ticketing
sales volume and a 6% increase in commission per ticket
year-on-year. Air ticket booking revenues increased 11%
quarter-on-quarter.
Packaged-tour revenues for the third quarter of 2011 were
RMB171 million (US$27 million), representing a 22% increase
year-on-year due to the increase of leisure travel volume.
Packaged-tour revenues increased 58% quarter-on-quarter, primarily
due to seasonality.
Corporate travel revenues for the third quarter of 2011 were
RMB43 million (US$7 million), representing a 28% increase
year-on-year and a 10% increase quarter-on-quarter, primarily
driven by the increased corporate travel demand from business
activities.
For the third quarter of 2011, net revenues were RMB975 million (US$153
million), representing a 20% increase from the same period
in 2010. Net revenues for the third quarter of 2011 increased by
17% from the previous quarter.
Gross margin was 77% in the third quarter of 2011, compared to
78% in the same period in 2010 and remained consistent with that in
the previous quarter.
Product development expenses for the third quarter of 2011
increased by 31% to RMB162 million
(US$25 million) from the same period
in 2010, and increased by 18% from the previous quarter, primarily
due to an increase in product development personnel and share-based
compensation charges. Excluding share-based compensation charges
(non-GAAP), product development expenses accounted for 14% of the
net revenues, increased from 13% in the same period in 2010 and
remained consistent with that in the previous quarter.
Sales and marketing expenses for the third quarter of 2011
increased by 39% to RMB174 million
(US$27 million) from the same period
in 2010, primarily due to an increase in sales and marketing
related activities and an increase in sales and marketing
personnel. Sales and marketing expenses for the third quarter of
2011 increased by 23% from the previous quarter, primarily due to
an increase in sales and marketing related activities. Excluding
share-based compensation charges (non-GAAP), sales and marketing
expenses accounted for 17% of the net revenues, increased from 14%
in the same period in 2010 and increased from 16% in the previous
quarter.
General and administrative expenses for the third quarter of
2011 increased by 37% to RMB109
million (US$17 million) from
the same period in 2010, primarily due to an increase in
administrative personnel and share-based compensation charges.
General and administrative expenses for the third quarter of 2011
increased by 13% from the previous quarter, primarily due to the
increase in administrative personnel. Excluding share-based
compensation charges (non-GAAP), general and administrative
expenses accounted for 6% of the net revenues, increased from 5% in
the same period in 2010 and in the previous quarter.
Income from operations for the third quarter of 2011 was
RMB304 million (US$48 million), representing a decrease of 1%
from the same period in 2010 and an increase of 13% from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB395 million (US$62
million), representing an increase of 7% from the same
period in 2010 and an increase of 11% from the previous
quarter.
Operating margin was 31% in the third quarter of 2011, compared
to 38% in the same period in 2010, and 32% in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 41%, decreased from 45% in the same period in 2010 and
43% in the previous quarter.
The effective tax rate for the third quarter of 2011 was 21%,
increased from 17% in the same periods of 2010, primarily due to
the normalization of the tax rate in the third quarter of 2011. The
effective tax rate for the third quarter of 2011 increased from 16%
in the previous quarter, primarily due to certain tax benefit
granted by the local tax bureau in the second quarter of 2011.
Net income attributable to Ctrip's shareholders for the third
quarter of 2011 was RMB325 million
(US$51 million), representing an
increase of 2% from the same period in 2010 and an increase of 23%
from the previous quarter. Excluding share-based compensation
charges (non-GAAP), net income attributable to Ctrip's shareholders
was RMB416 million (US$65 million), representing an increase of 9%
from the same period in 2010 and an increase of 18% from the
previous quarter.
Diluted earnings per ADS were RMB2.13 (US$0.33)
for the third quarter of 2011. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.73 (US$0.43)
for the third quarter of 2011.
As of September 30, 2011, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB4.2
billion (US$664 million).
Business Outlook
For the fourth quarter of 2011, the Company expects to continue
the net revenue growth year-on-year at a rate of approximately
15-20%. 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
November 13, 2011 (or 9:00AM on November 14,
2011 in the Shanghai/HK
time zone) 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 +1.888.679.8034, International dial-in number +
1.617.213.4847, Passcode 71329203. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PQF9VA9F3.
A telephone replay of the call will be available after the
conclusion of the conference call through November 21, 2011. 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 31797822.
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 on Forms 20-F and 6-K, etc., 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. Statements that are not historical
facts, including statements about Ctrip's beliefs and expectations,
are 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, the slow-down of
economic growth in China and the
global economic downturn, 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, inflation in China and
in other countries, 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 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 is adjusted
from the most comparable GAAP result to exclude the share-based
compensation charges recorded under ASC 718, "Stock Compensation"
for 2011 and 2010. 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 hotel accommodations, airline tickets, packaged tours,
and corporate travel management in China. Ctrip aggregates hotel and flight
information to enable business and leisure travelers to make
informed and cost-effective bookings. Ctrip also books vacation
packages and guided tours. In addition, Ctrip corporate travel
management services help 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 12258
Email: iremail@ctrip.com
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2010
|
|
|
September
30, 2011
|
|
|
September
30, 2011
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
2,153,935,111
|
|
|
2,900,100,504
|
|
|
454,703,748
|
|
Restricted cash
|
|
224,179,126
|
|
|
209,747,411
|
|
|
32,886,079
|
|
Short-term investment
|
|
1,178,278,063
|
|
|
1,124,602,452
|
|
|
176,325,251
|
|
Accounts receivable,
net
|
|
621,548,849
|
|
|
859,767,242
|
|
|
134,802,013
|
|
Prepayments and other current
assets
|
|
355,831,117
|
|
|
744,337,793
|
|
|
116,703,950
|
|
Deferred tax assets,
current
|
|
37,136,184
|
|
|
39,437,172
|
|
|
6,183,313
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
4,570,908,450
|
|
|
5,877,992,574
|
|
|
921,604,354
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deposits
|
|
155,856,622
|
|
|
157,983,472
|
|
|
24,770,065
|
|
Land use rights
|
|
106,333,805
|
|
|
104,392,645
|
|
|
16,367,614
|
|
Property, equipment and
software
|
|
653,678,980
|
|
|
650,687,294
|
|
|
102,020,585
|
|
Investment
|
|
1,574,230,623
|
|
|
1,271,948,031
|
|
|
199,427,412
|
|
Goodwill
|
|
758,231,441
|
|
|
798,601,767
|
|
|
125,211,942
|
|
Intangible assets
|
|
296,964,092
|
|
|
308,307,541
|
|
|
48,339,219
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
8,116,204,013
|
|
|
9,169,913,324
|
|
|
1,437,741,191
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
595,283,281
|
|
|
736,318,369
|
|
|
115,446,593
|
|
Salary and welfare
payable
|
|
159,258,508
|
|
|
135,915,909
|
|
|
21,310,114
|
|
Taxes payable
|
|
161,772,241
|
|
|
209,328,113
|
|
|
32,820,338
|
|
Advances from
customers
|
|
595,737,152
|
|
|
738,008,367
|
|
|
115,711,566
|
|
Accrued liability for customer
reward program
|
|
121,319,301
|
|
|
148,659,930
|
|
|
23,308,236
|
|
Other payables and
accruals
|
|
247,528,032
|
|
|
195,798,678
|
|
|
30,699,069
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
1,880,898,515
|
|
|
2,164,029,366
|
|
|
339,295,916
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities,
non-current
|
|
45,382,710
|
|
|
48,524,633
|
|
|
7,608,127
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
1,926,281,225
|
|
|
2,212,553,999
|
|
|
346,904,043
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
2,926,132
|
|
|
2,938,508
|
|
|
460,726
|
|
Additional paid-in
capital
|
|
3,073,551,037
|
|
|
3,365,782,583
|
|
|
527,717,558
|
|
Statutory reserves
|
|
93,384,908
|
|
|
93,384,908
|
|
|
14,641,723
|
|
Accumulated other comprehensive
(loss) / income
|
|
198,972,084
|
|
|
(164,319,915)
|
|
|
(25,763,549)
|
|
Retained Earnings
|
|
2,734,858,610
|
|
|
3,558,749,613
|
|
|
557,972,658
|
|
|
|
|
|
|
|
|
|
|
|
Total Ctrip's shareholders'
equity
|
|
6,103,692,771
|
|
|
6,856,535,697
|
|
|
1,075,029,116
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
86,230,017
|
|
|
100,823,628
|
|
|
15,808,032
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
6,189,922,788
|
|
|
6,957,359,325
|
|
|
1,090,837,148
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
8,116,204,013
|
|
|
9,169,913,324
|
|
|
1,437,741,191
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Statements of Operations Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
|
|
September 30, 2010
|
|
|
June 30, 2011
|
|
|
September 30, 2011
|
|
|
September 30, 2011
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel reservation
|
|
349,655,584
|
|
|
366,453,694
|
|
|
410,428,429
|
|
|
64,350,647
|
|
Air-ticketing
|
|
315,236,102
|
|
|
347,339,141
|
|
|
385,068,223
|
|
|
60,374,447
|
|
Packaged tour
|
|
140,858,679
|
|
|
108,282,983
|
|
|
171,367,702
|
|
|
26,868,564
|
|
Corporate travel
|
|
33,938,560
|
|
|
39,560,736
|
|
|
43,367,133
|
|
|
6,799,488
|
|
Others
|
|
23,035,896
|
|
|
24,751,318
|
|
|
28,982,115
|
|
|
4,544,076
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
862,724,821
|
|
|
886,387,872
|
|
|
1,039,213,602
|
|
|
162,937,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and related
surcharges
|
|
(50,520,118)
|
|
|
(53,360,164)
|
|
|
(64,512,791)
|
|
|
(10,114,894)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
812,204,703
|
|
|
833,027,708
|
|
|
974,700,811
|
|
|
152,822,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
(176,199,743)
|
|
|
(189,763,780)
|
|
|
(226,126,062)
|
|
|
(35,454,071)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
636,004,960
|
|
|
643,263,928
|
|
|
748,574,749
|
|
|
117,368,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development *
|
|
(123,199,772)
|
|
|
(136,823,269)
|
|
|
(161,579,311)
|
|
|
(25,333,852)
|
|
Sales and marketing *
|
|
(125,160,008)
|
|
|
(141,444,111)
|
|
|
(173,855,350)
|
|
|
(27,258,600)
|
|
General and administrative
*
|
|
(79,623,531)
|
|
|
(96,617,795)
|
|
|
(108,847,827)
|
|
|
(17,066,138)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(327,983,311)
|
|
|
(374,885,175)
|
|
|
(444,282,488)
|
|
|
(69,658,590)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
308,021,649
|
|
|
268,378,753
|
|
|
304,292,261
|
|
|
47,709,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
9,767,903
|
|
|
23,045,312
|
|
|
31,233,511
|
|
|
4,897,070
|
|
Other income
|
|
44,345,553
|
|
|
17,520,128
|
|
|
54,347,195
|
|
|
8,521,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
and equity in income
|
|
362,135,105
|
|
|
308,944,193
|
|
|
389,872,967
|
|
|
61,127,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(62,186,716)
|
|
|
(47,954,023)
|
|
|
(82,055,004)
|
|
|
(12,865,319)
|
|
Equity in income of
affiliates
|
|
23,192,105
|
|
|
4,681,110
|
|
|
20,372,237
|
|
|
3,194,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
323,140,494
|
|
|
265,671,280
|
|
|
328,190,200
|
|
|
51,456,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to
noncontrolling interests
|
|
(3,001,333)
|
|
|
(1,968,908)
|
|
|
(2,909,902)
|
|
|
(456,241)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
|
320,139,161
|
|
|
263,702,372
|
|
|
325,280,298
|
|
|
51,000,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
8.94
|
|
|
7.33
|
|
|
9.02
|
|
|
1.41
|
|
- Diluted
|
|
8.42
|
|
|
6.90
|
|
|
8.54
|
|
|
1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
2.23
|
|
|
1.83
|
|
|
2.26
|
|
|
0.35
|
|
- Diluted
|
|
2.11
|
|
|
1.72
|
|
|
2.13
|
|
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
35,815,709
|
|
|
35,962,623
|
|
|
36,049,244
|
|
|
36,049,244
|
|
- Diluted
|
|
38,005,087
|
|
|
38,237,702
|
|
|
38,102,980
|
|
|
38,102,980
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation
charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
16,583,720
|
|
|
24,155,875
|
|
|
26,713,733
|
|
|
4,188,418
|
|
Sales and
marketing
|
|
8,168,446
|
|
|
11,940,120
|
|
|
12,693,885
|
|
|
1,990,261
|
|
General and
administrative
|
|
35,491,501
|
|
|
51,104,033
|
|
|
51,099,151
|
|
|
8,011,783
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP and
Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
(In RMB,
except % and per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended September 30, 2011
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(161,579,311)
|
17%
|
|
26,713,733
|
3%
|
|
(134,865,578)
|
14%
|
|
Sales and marketing
|
(173,855,350)
|
18%
|
|
12,693,885
|
1%
|
|
(161,161,465)
|
17%
|
|
General and administrative
|
(108,847,827)
|
11%
|
|
51,099,151
|
5%
|
|
(57,748,676)
|
6%
|
|
Total operating expenses
|
(444,282,488)
|
46%
|
|
90,506,769
|
9%
|
|
(353,775,719)
|
36%
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
304,292,261
|
31%
|
|
90,506,769
|
9%
|
|
394,799,030
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ctrip's shareholders
|
325,280,298
|
33%
|
|
90,506,769
|
9%
|
|
415,787,067
|
43%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share (RMB)
|
8.54
|
|
|
2.38
|
|
|
10.91
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (RMB)
|
2.13
|
|
|
0.59
|
|
|
2.73
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (USD)
|
0.33
|
|
|
0.09
|
|
|
0.43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended June 30, 2011
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(136,823,269)
|
16%
|
|
24,155,875
|
3%
|
|
(112,667,394)
|
14%
|
|
Sales and marketing
|
(141,444,111)
|
17%
|
|
11,940,120
|
1%
|
|
(129,503,991)
|
16%
|
|
General and administrative
|
(96,617,795)
|
12%
|
|
51,104,033
|
6%
|
|
(45,513,762)
|
5%
|
|
Total operating expenses
|
(374,885,175)
|
45%
|
|
87,200,028
|
10%
|
|
(287,685,147)
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
268,378,753
|
32%
|
|
87,200,028
|
10%
|
|
355,578,781
|
43%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ctrip's shareholders
|
263,702,372
|
32%
|
|
87,200,028
|
10%
|
|
350,902,400
|
42%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share (RMB)
|
6.90
|
|
|
2.28
|
|
|
9.18
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (RMB)
|
1.72
|
|
|
0.57
|
|
|
2.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (USD)
|
0.27
|
|
|
0.09
|
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended September 30, 2010
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(123,199,772)
|
15%
|
|
16,583,720
|
2%
|
|
(106,616,052)
|
13%
|
|
Sales and marketing
|
(125,160,008)
|
15%
|
|
8,168,446
|
1%
|
|
(116,991,562)
|
14%
|
|
General and administrative
|
(79,623,531)
|
10%
|
|
35,491,501
|
4%
|
|
(44,132,030)
|
5%
|
|
Total operating expenses
|
(327,983,311)
|
40%
|
|
60,243,667
|
7%
|
|
(267,739,644)
|
33%
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
308,021,649
|
38%
|
|
60,243,667
|
7%
|
|
368,265,316
|
45%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ctrip's shareholders
|
320,139,161
|
39%
|
|
60,243,667
|
7%
|
|
380,382,828
|
47%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share (RMB)
|
8.42
|
|
|
1.59
|
|
|
10.01
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (RMB)
|
2.11
|
|
|
0.40
|
|
|
2.50
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (USD)
|
0.31
|
|
|
0.06
|
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes for all the
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=RMB6.378 on September 30, 2011 published
by the Federal Reserve Board.
|
|
|
|
|
|
|
|
|
|
|
|
Note 2: Effective on
January 21, 2010, Company changed ratio of the American Depositary
Shares (“ADSs”) to ordinary shares from two (2) ADSs representing
one (1) ordinary share to four (4) ADSs representing one (1)
ordinary share. The change is reflected retroactively in the
numbers for all the periods presented above.
|
|
|
|
|
|
|
|
|
|
|
SOURCE Ctrip.com International, Ltd.