SHANGHAI, Feb. 20, 2012 /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 fourth quarter and the full year ended December 31, 2011.
Highlights for the Fourth Quarter
of 2011
- Net revenues were RMB926 million
(US$147 million) for the fourth
quarter of 2011, up 18% year-on-year.
- Gross margin was 76% for the fourth quarter of 2011, compared
to 78% in the same period in 2010.
- Income from operations was RMB231
million (US$37 million) for
the fourth quarter of 2011, down 21% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB325 million (US$52 million), down 8% year-on-year.
- Operating margin was 25% for the fourth quarter of 2011,
compared to 37% in the same period in 2010. Excluding share-based
compensation charges (non-GAAP), operating margin was 35%, compared
to 45% in the same period in 2010.
- Net income attributable to Ctrip's shareholders was
RMB253 million (US$40 million) in the fourth quarter of 2011,
down 16% year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB347 million (US$55 million), down 4% year-on-year.
- Diluted earnings per ADS were RMB1.67 (US$0.27)
for the fourth quarter of 2011. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.30 (US$0.37)
for the fourth quarter of 2011.
- Share-based compensation charges were RMB95 million (US$15
million), accounting for 10% of the net revenues, or
RMB0.63 (US$0.10) per ADS for the fourth quarter of
2011.
Highlights for the Full Year
2011
- Net revenues were RMB3.5 billion
(US$556 million) in 2011, up 21% from
2010. In 2011, Wing On Travel and ezTravel contributed 1% for the
year-on-year growth for net revenues.
- Gross margin was 77% in 2011, compared to 78% in 2010.
- Income from operations was RMB1.1
billion (US$169 million) in
2011, up 1% from 2010. Excluding share-based compensation
charges (non-GAAP), income from operations was RMB1.4 billion (US$224
million) in 2011, up 9% from 2010.
- Operating margin was 30% in 2011, compared to 37% in 2010.
Excluding share-based compensation charges (non-GAAP),
operating margin was 40%, compared to 45% in 2010.
- Net income attributable to Ctrip's shareholders was
RMB1.1 billion (US$171 million) in 2011, up 3% from 2010.
Excluding share-based compensation charges (non-GAAP), net
income attributable to Ctrip's shareholders was RMB1.4 billion (US$225
million), up 10% from 2010.
- Diluted earnings per ADS were RMB7.08 (US$1.12)
in 2011, compared to RMB6.97
(US$1.06) in 2010. Excluding
share-based compensation charges (non-GAAP), diluted earnings per
ADS were RMB9.33 (US$1.48), compared to RMB8.59 (US$1.30)
in 2010.
- Share-based compensation charges were RMB343 million (US$54
million), accounting for 10% of the net revenues, or
RMB2.25 (US$0.36) per ADS in 2011.
"Despite a high 2010 comparison base, the Ctrip team delivered
solid results in 2011. We increased our sales and marketing
investment to further penetrate the leisure market during the
fourth quarter," said Min Fan,
President and Chief Executive Officer of Ctrip. "In 2012, Ctrip
will invest further to enhance the competitive edge of each
business line in order to offer the best product with the best
service at the best price. Ctrip will work tirelessly to strengthen
our leadership of the travel industry and rise far beyond the
competition."
Recent Development
In September 2011, Ctrip announced
a plan to execute up to US$15 million
share repurchase program approved by board of directors and
shareholders in 2008. In September
2011, Ctrip announced a new share repurchase program up to
US$100 million approved by board of
directors. In the fourth quarter of 2011, Ctrip purchased
approximately 1 million ADSs with a total consideration of
US$25 million from open market under
these two plans.
To support future business expansion, Ctrip acquired the land
use right to a piece of land in Chengdu, Sichuan province in November 2011. Ctrip plans to build its regional
head office in Sichuan province,
which is enjoying a robust increase in tourism and offers plentiful
labor resources. In addition, in December
2011, Ctrip entered into an agreement to acquire an office
building in Shanghai to expand
headquarter in order to satisfy increasing travel demands from the
Shanghai traffic hub. The forecast
for the two projects is approximately RMB700
million.
In February 2012, Ctrip entered
into an agreement to purchase the remaining 10% of share capital of
Wing On Travel, at a consideration of US$9
million. Upon completion of this share purchase, Ctrip will
hold 100% of the share capital of Wing On Travel.
Fourth Quarter and Full Year
2011 Financial Results
For the fourth quarter of 2011, Ctrip reported total revenues of
RMB987 million (US$157 million), representing an 18% increase
from the same period in 2010. Total revenues for the fourth quarter
of 2011 decreased by 5% from the previous quarter primarily due to
seasonality.
For the full year ended December 31,
2011, total revenues were RMB3.7
billion (US$592 million),
representing a 22% increase from 2010.
Hotel reservation revenues amounted to RMB400 million (US$63
million) for the fourth quarter of 2011, representing an 11%
increase year-on-year primarily driven by an increase in hotel
reservation volume year-on-year. Hotel reservation revenues
decreased 3% quarter-on-quarter.
For the full year ended December 31,
2011, hotel reservation revenues were RMB1.5 billion (US$236
million), representing a 16% increase from 2010. The hotel
reservation revenues accounted for 40% of the total revenues in
2011, compared to 42% in 2010.
Air ticket booking revenues for the fourth quarter of 2011 were
RMB378 million (US$60 million), representing an 18% increase
year-on-year, primarily driven by an increase in air ticketing
sales volume. Air ticket booking revenues decreased 2%
quarter-on-quarter.
For the full year ended December 31,
2011, air ticket booking revenues were RMB1.4 billion (US$228
million), representing a 19% increase from 2010. The air
ticket booking revenues accounted for 39% of the total revenues in
2011 and remained consistent with that in 2010.
Packaged-tour revenues for the fourth quarter of 2011 were
RMB130 million (US$21 million), representing a 29% increase
year-on-year due to the increase of leisure travel volume.
Packaged-tour revenues decreased 24% quarter-on-quarter, primarily
due to seasonality.
For the full year ended December 31,
2011, packaged tour revenues were RMB535 million (US$85
million), representing a 41% increase from 2010. Wing On
Travel and ezTravel contributed 3% for the year-on-year growth for
packaged-tour revenues. The packaged tour revenues accounted for
14% of the total revenues in 2011, compared to 12% in 2010.
Corporate travel revenues for the fourth quarter of 2011 were
RMB47 million (US$8 million), representing a 32% increase
year-on-year and a 9% increase quarter-on-quarter, primarily driven
by the increased corporate travel demand from business
activities.
For the full year ended December 31,
2011, corporate travel revenues were RMB162 million (US$26
million), representing a 25% increase from 2010. The
corporate travel revenues accounted for 4% of the total revenues in
2011, remaining consistent with that in 2010.
For the fourth quarter of 2011, net revenues were RMB926 million (US$147
million), representing an 18% increase from the same period
in 2010. Net revenues for the fourth quarter of 2011 decreased by
5% from the previous quarter due to seasonality.
For the full year ended December 31,
2011, net revenues were RMB3.5
billion (US$556 million),
representing a 21% increase from 2010. In 2011, Wing On Travel and
ezTravel contributed 1% for the year-on-year growth for net
revenues.
Gross margin was 76% in the fourth quarter of 2011, compared to
78% in the same period in 2010 and 77% in the previous quarter.
For the full year ended December 31,
2011, gross margin was 77%, compared to 78% in 2010.
Product development expenses for the fourth quarter of 2011
increased by 43% to RMB173 million
(US$27 million) from the same period
in 2010 and increased by 7% 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 16% of the
net revenues, increased from 13% in the same period in 2010 and
increased from 14% in the previous quarter.
For the full year ended December 31,
2011, product development expenses were RMB601 million (US$96
million), representing an increase of 33% from 2010.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 14% of the net revenues,
remaining consistent with those in 2010.
Sales and marketing expenses for the fourth quarter of 2011
increased by 45% to RMB185 million
(US$29 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 fourth quarter of
2011 increased by 6% 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 19% of the net revenues, increased from 15%
in the same period in 2010 and increased from 17% in the previous
quarter.
For the full year ended December 31,
2011, sales and marketing expenses were RMB625 million (US$99
million), representing an increase of 38% from 2010.
Excluding share-based compensation charges (non-GAAP), sales
and marketing expenses accounted for 16% of the net revenues,
increasing from 15% in 2010.
General and administrative expenses for the fourth quarter of
2011 increased by 46% to RMB113
million (US$18 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 fourth quarter of 2011
increased by 4% 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 remained consistent with that in the
previous quarter.
For the full year ended December 31,
2011, general and administrative expenses were RMB401 million (US$64
million), representing a 36% increase from 2010. Excluding
share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 6% of the net revenues,
increasing from 5% in 2010.
Income from operations for the fourth quarter of 2011 was
RMB231 million (US$37 million), representing a decrease of 21%
from the same period in 2010 and a decrease of 24% from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB325 million (US$52
million), representing a decrease of 8% from the same period
in 2010 and a decrease of 18% from the previous quarter.
For the full year ended December 31,
2011, income from operations was RMB1.1 billion (US$169
million), representing an increase of 1% from 2010.
Excluding share-based compensation charges (non-GAAP), income
from operations was RMB1.4 billion
(US$224 million), increasing by 9%
from 2010.
Operating margin was 25% in the fourth quarter of 2011, compared
to 37% in the same period in 2010, and 31% in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 35%, decreased from 45% in the same period in 2010 and
41% in the previous quarter.
For the full year ended December 31,
2011, operating margin was 30%, compared to 37% in 2010.
Excluding share-based compensation charges (non-GAAP),
operating margin was 40%, compared to 45% in 2010.
The effective tax rate for the fourth quarter of 2011 was 23%,
increased from 19% in the same periods of 2010 and increased from
21% in the previous quarter, primarily due to the increase in the
amount of non tax-deductible share-based compensation as a
percentage to our income as a whole.
The effective tax rate for the full year ended December 31, 2011 was 20%, compared to 17% in
2010, primarily due to the increase in the amount of non
tax-deductible share-based compensation as a percentage to our
income as a whole.
Net income attributable to Ctrip's shareholders for the fourth
quarter of 2011 was RMB253 million
(US$40 million), representing a
decrease of 16% from the same period in 2010 and a decrease of 22%
from the previous quarter. Excluding share-based compensation
charges (non-GAAP), net income attributable to Ctrip's shareholders
was RMB347 million (US$55 million), representing a decrease of 4%
from the same period in 2010 and a decrease of 16% from the
previous quarter.
For the full year ended December 31,
2011, net income attributable to Ctrip's shareholders was
RMB1.1 billion (US$171 million), representing an increase of 3%
from 2010. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB1.4 billion (US$225 million), representing an increase of 10%
from 2010.
Diluted earnings per ADS were RMB1.67 (US$0.27)
for the fourth quarter of 2011. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.30 (US$0.37)
for the fourth quarter of 2011.
For the full year ended December 31,
2011, diluted earnings per ADS were RMB7.08 (US$1.12),
compared to RMB6.97 (US$1.06) in 2010. Excluding share-based
compensation charges (non-GAAP), diluted earnings per ADS were
RMB9.33 (US$1.48), compared to RMB8.59 (US$1.30)
in 2010.
As of December 31, 2011, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB5
billion (US$795 million).
Business Outlook
For the first quarter of 2012, 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
February 20, 2012 (or 9:00AM on February 21,
2012 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 35702165. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PU86WQLTK.
A telephone replay of the call will be available after the
conclusion of the conference call through February 28, 2012. 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 29982010.
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
|
|
December 31, 2011
|
|
December 31, 2011
|
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
2,153,935,111
|
|
3,503,428,418
|
|
556,638,717
|
|
Restricted cash
|
224,179,126
|
|
211,636,294
|
|
33,625,621
|
|
Short-term investment
|
1,178,278,063
|
|
1,288,471,562
|
|
204,717,514
|
|
Accounts receivable,
net
|
621,548,849
|
|
789,036,329
|
|
125,365,247
|
|
Prepayments and other current
assets
|
355,831,117
|
|
566,187,711
|
|
89,958,168
|
|
Deferred tax assets,
current
|
37,136,184
|
|
39,782,201
|
|
6,320,755
|
|
|
|
|
|
|
|
|
Total current
assets
|
4,570,908,450
|
|
6,398,542,515
|
|
1,016,626,022
|
|
|
|
|
|
|
|
|
Long-term deposits
|
155,856,622
|
|
155,360,492
|
|
24,684,296
|
|
Land use rights
|
106,333,805
|
|
113,460,899
|
|
18,027,121
|
|
Property, equipment and
software
|
653,678,980
|
|
683,903,870
|
|
108,661,382
|
|
Investment
|
1,574,230,623
|
|
1,305,145,043
|
|
207,366,663
|
|
Goodwill
|
758,231,441
|
|
798,601,767
|
|
126,885,042
|
|
Intangible assets
|
296,964,092
|
|
306,420,192
|
|
48,685,265
|
|
|
|
|
|
|
|
|
Total assets
|
8,116,204,013
|
|
9,761,434,778
|
|
1,550,935,791
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
|
595,283,281
|
|
763,256,074
|
|
121,269,177
|
|
Salary and welfare
payable
|
159,258,508
|
|
145,524,036
|
|
23,121,441
|
|
Taxes payable
|
161,772,241
|
|
220,604,123
|
|
35,050,465
|
|
Advances from
customers
|
595,737,152
|
|
1,090,852,066
|
|
173,318,938
|
|
Accrued liability for customer
reward program
|
121,319,301
|
|
161,838,531
|
|
25,713,553
|
|
Other payables and
accruals
|
247,528,032
|
|
185,985,423
|
|
29,550,107
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
1,880,898,515
|
|
2,568,060,253
|
|
408,023,681
|
|
|
|
|
|
|
|
|
Deferred tax liabilities,
non-current
|
45,382,710
|
|
48,308,692
|
|
7,675,478
|
|
|
|
|
|
|
|
|
Total liabilities
|
1,926,281,225
|
|
2,616,368,945
|
|
415,699,159
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Share capital
|
2,926,132
|
|
2,939,527
|
|
467,044
|
|
Additional paid-in
capital
|
3,073,551,037
|
|
3,465,924,424
|
|
550,679,932
|
|
Statutory reserves
|
93,384,908
|
|
98,049,668
|
|
15,578,523
|
|
Accumulated other comprehensive
(loss) / income
|
198,972,084
|
|
(172,466,277)
|
|
(27,402,132)
|
|
Retained Earnings
|
2,734,858,610
|
|
3,806,608,747
|
|
604,809,220
|
|
Treasury stock *
|
-
|
|
(158,761,225)
|
|
(25,224,618)
|
|
|
|
|
|
|
|
|
Total Ctrip's shareholders'
equity
|
6,103,692,771
|
|
7,042,294,864
|
|
1,118,907,969
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
86,230,017
|
|
102,770,969
|
|
16,328,663
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
6,189,922,788
|
|
7,145,065,833
|
|
1,135,236,632
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
8,116,204,013
|
|
9,761,434,778
|
|
1,550,935,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Treasury stock
consists of shares repurchased by Ctrip that are no longer
outstanding and are held by Ctrip. Treasury stock is accounted for
under the cost method.
|
|
|
|
|
|
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|
|
|
Ctrip.com
International, Ltd.
|
|
Consolidated
Statements of Operations Information
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|
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|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
|
December
31, 2010
|
|
|
September
30, 2011
|
|
|
December
31, 2011
|
|
|
December
31, 2011
|
|
|
|
RMB
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel reservation
|
|
360,325,329
|
|
|
410,428,429
|
|
|
399,622,781
|
|
|
63,493,665
|
|
Air-ticketing
|
|
319,728,612
|
|
|
385,068,223
|
|
|
378,235,877
|
|
|
60,095,629
|
|
Packaged tour
|
|
100,625,182
|
|
|
171,367,702
|
|
|
130,155,486
|
|
|
20,679,624
|
|
Corporate travel
|
|
35,786,154
|
|
|
43,367,133
|
|
|
47,237,358
|
|
|
7,505,260
|
|
Others
|
|
18,672,214
|
|
|
28,982,115
|
|
|
31,344,006
|
|
|
4,980,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
835,137,491
|
|
|
1,039,213,602
|
|
|
986,595,508
|
|
|
156,754,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and related
surcharges
|
|
(48,010,960)
|
|
|
(64,512,791)
|
|
|
(60,762,409)
|
|
|
(9,654,175)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
787,126,531
|
|
|
974,700,811
|
|
|
925,833,099
|
|
|
147,100,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
(169,529,242)
|
|
|
(226,126,062)
|
|
|
(224,533,043)
|
|
|
(35,674,708)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
617,597,289
|
|
|
748,574,749
|
|
|
701,300,056
|
|
|
111,425,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development *
|
|
(120,637,434)
|
|
|
(161,579,311)
|
|
|
(172,796,077)
|
|
|
(27,454,532)
|
|
Sales and marketing *
|
|
(126,969,302)
|
|
|
(173,855,350)
|
|
|
(184,658,424)
|
|
|
(29,339,269)
|
|
General and administrative
*
|
|
(77,706,831)
|
|
|
(108,847,827)
|
|
|
(113,264,071)
|
|
|
(17,995,849)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(325,313,567)
|
|
|
(444,282,488)
|
|
|
(470,718,572)
|
|
|
(74,789,650)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
292,283,722
|
|
|
304,292,261
|
|
|
230,581,484
|
|
|
36,635,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
13,526,761
|
|
|
31,233,511
|
|
|
32,710,259
|
|
|
5,197,137
|
|
Other income
|
|
38,217,360
|
|
|
54,347,195
|
|
|
32,831,890
|
|
|
5,216,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
and equity in income
|
|
344,027,843
|
|
|
389,872,967
|
|
|
296,123,633
|
|
|
47,049,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(66,126,123)
|
|
|
(82,055,004)
|
|
|
(69,327,999)
|
|
|
(11,015,110)
|
|
Equity in income of
affiliates
|
|
24,521,408
|
|
|
20,372,237
|
|
|
27,675,601
|
|
|
4,397,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
302,423,128
|
|
|
328,190,200
|
|
|
254,471,235
|
|
|
40,431,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to
noncontrolling interests
|
|
(149,393)
|
|
|
(2,909,902)
|
|
|
(1,947,341)
|
|
|
(309,401)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
|
302,273,735
|
|
|
325,280,298
|
|
|
252,523,894
|
|
|
40,122,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
8.43
|
|
|
9.02
|
|
|
7.01
|
|
|
1.11
|
|
- Diluted
|
|
7.91
|
|
|
8.54
|
|
|
6.70
|
|
|
1.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
2.11
|
|
|
2.26
|
|
|
1.75
|
|
|
0.28
|
|
- Diluted
|
|
1.98
|
|
|
2.13
|
|
|
1.67
|
|
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
35,874,508
|
|
|
36,049,244
|
|
|
36,003,255
|
|
|
36,003,255
|
|
- Diluted
|
|
38,222,581
|
|
|
38,102,980
|
|
|
37,713,249
|
|
|
37,713,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation
charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
16,695,524
|
|
|
26,713,733
|
|
|
28,161,520
|
|
|
4,474,415
|
|
Sales and
marketing
|
|
8,158,262
|
|
|
12,693,885
|
|
|
13,336,213
|
|
|
2,118,911
|
|
General and
administrative
|
|
35,015,075
|
|
|
51,099,151
|
|
|
53,218,496
|
|
|
8,455,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
Consolidated
Statement of Operations Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
|
December 31,
2010
|
|
|
December 31,
2011
|
|
|
December 31,
2011
|
|
|
|
RMB
|
|
|
RMB
|
|
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Hotel reservation
|
|
1,278,043,673
|
|
|
1,486,898,858
|
|
|
236,244,436
|
|
Air-ticketing
|
|
1,206,921,479
|
|
|
1,437,118,164
|
|
|
228,335,081
|
|
Packaged tour
|
|
380,307,487
|
|
|
534,640,183
|
|
|
84,945,770
|
|
Corporate travel
|
|
129,658,427
|
|
|
161,610,123
|
|
|
25,677,263
|
|
Others
|
|
71,781,955
|
|
|
106,036,864
|
|
|
16,847,561
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues
|
|
3,066,713,021
|
|
|
3,726,304,192
|
|
|
592,050,111
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and related
surcharges
|
|
(185,479,524)
|
|
|
(228,219,564)
|
|
|
(36,260,437)
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
2,881,233,497
|
|
|
3,498,084,628
|
|
|
555,789,674
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
|
|
(625,261,342)
|
|
|
(805,129,784)
|
|
|
(127,922,240)
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
2,255,972,155
|
|
|
2,692,954,844
|
|
|
427,867,434
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Product development *
|
|
(453,853,000)
|
|
|
(601,485,367)
|
|
|
(95,566,400)
|
|
Sales and marketing *
|
|
(453,292,701)
|
|
|
(624,599,686)
|
|
|
(99,238,896)
|
|
General and administrative
*
|
|
(294,701,167)
|
|
|
(400,875,621)
|
|
|
(63,692,722)
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(1,201,846,868)
|
|
|
(1,626,960,674)
|
|
|
(258,498,018)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
1,054,125,287
|
|
|
1,065,994,170
|
|
|
169,369,416
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
37,585,865
|
|
|
106,002,655
|
|
|
16,842,126
|
|
Other income
|
|
99,125,516
|
|
|
117,623,725
|
|
|
18,688,528
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense
and equity in income
|
|
1,190,836,668
|
|
|
1,289,620,550
|
|
|
204,900,070
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
(205,016,961)
|
|
|
(262,186,225)
|
|
|
(41,657,196)
|
|
Equity in income of
affiliates
|
|
66,171,992
|
|
|
57,525,830
|
|
|
9,139,934
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
1,051,991,699
|
|
|
1,084,960,155
|
|
|
172,382,808
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to
noncontrolling interests
|
|
(3,921,959)
|
|
|
(8,545,258)
|
|
|
(1,357,705)
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's
shareholders
|
|
1,048,069,740
|
|
|
1,076,414,897
|
|
|
171,025,103
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
29.62
|
|
|
29.92
|
|
|
4.75
|
|
- Diluted
|
|
27.89
|
|
|
28.30
|
|
|
4.50
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
7.40
|
|
|
7.48
|
|
|
1.19
|
|
- Diluted
|
|
6.97
|
|
|
7.08
|
|
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
35,385,451
|
|
|
35,977,063
|
|
|
35,977,063
|
|
- Diluted
|
|
37,577,056
|
|
|
38,030,974
|
|
|
38,030,974
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based compensation
charges included are as follows:
|
|
|
|
|
|
|
|
|
Product
development
|
|
64,254,080
|
|
|
98,955,335
|
|
|
15,722,419
|
|
Sales and
marketing
|
|
33,202,984
|
|
|
48,191,019
|
|
|
7,656,782
|
|
General and
administrative
|
|
145,104,394
|
|
|
195,645,003
|
|
|
31,084,860
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
Reconciliation of GAAP and
Non-GAAP Results
|
|
(In RMB,
except % and per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended December 31, 2011
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(172,796,077)
|
19%
|
|
28,161,520
|
3%
|
|
(144,634,557)
|
16%
|
|
Sales and marketing
|
(184,658,424)
|
20%
|
|
13,336,213
|
1%
|
|
(171,322,211)
|
19%
|
|
General and
administrative
|
(113,264,071)
|
12%
|
|
53,218,496
|
6%
|
|
(60,045,575)
|
6%
|
|
Total operating
expenses
|
(470,718,572)
|
51%
|
|
94,716,229
|
10%
|
|
(376,002,343)
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
230,581,484
|
25%
|
|
94,716,229
|
10%
|
|
325,297,713
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's
shareholders
|
252,523,894
|
27%
|
|
94,716,229
|
10%
|
|
347,240,123
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (RMB)
|
6.70
|
|
|
2.51
|
|
|
9.21
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
1.67
|
|
|
0.63
|
|
|
2.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.27
|
|
|
0.10
|
|
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December 31, 2010
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(120,637,434)
|
15%
|
|
16,695,524
|
2%
|
|
(103,941,910)
|
13%
|
|
Sales and marketing
|
(126,969,302)
|
16%
|
|
8,158,262
|
1%
|
|
(118,811,040)
|
15%
|
|
General and
administrative
|
(77,706,831)
|
10%
|
|
35,015,075
|
4%
|
|
(42,691,756)
|
5%
|
|
Total operating
expenses
|
(325,313,567)
|
41%
|
|
59,868,861
|
8%
|
|
(265,444,706)
|
34%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
292,283,722
|
37%
|
|
59,868,861
|
8%
|
|
352,152,583
|
45%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's
shareholders
|
302,273,735
|
38%
|
|
59,868,861
|
8%
|
|
362,142,596
|
46%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (RMB)
|
7.91
|
|
|
1.57
|
|
|
9.47
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
1.98
|
|
|
0.39
|
|
|
2.37
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.30
|
|
|
0.06
|
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
Reconciliation of GAAP and
Non-GAAP Results
|
|
(In RMB,
except % and per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2011
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(601,485,367)
|
17%
|
|
98,955,335
|
3%
|
|
(502,530,032)
|
14%
|
|
Sales and marketing
|
(624,599,686)
|
18%
|
|
48,191,019
|
1%
|
|
(576,408,667)
|
16%
|
|
General and
administrative
|
(400,875,621)
|
11%
|
|
195,645,003
|
6%
|
|
(205,230,618)
|
6%
|
|
Total operating
expenses
|
(1,626,960,674)
|
47%
|
|
342,791,357
|
10%
|
|
(1,284,169,317)
|
37%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
1,065,994,170
|
30%
|
|
342,791,357
|
10%
|
|
1,408,785,527
|
40%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
1,076,414,897
|
31%
|
|
342,791,357
|
10%
|
|
1,419,206,254
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (RMB)
|
28.30
|
|
|
9.01
|
|
|
37.32
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
7.08
|
|
|
2.25
|
|
|
9.33
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
1.12
|
|
|
0.36
|
|
|
1.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2010
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(453,853,000)
|
16%
|
|
64,254,080
|
2%
|
|
(389,598,920)
|
14%
|
|
Sales and marketing
|
(453,292,701)
|
16%
|
|
33,202,984
|
1%
|
|
(420,089,717)
|
15%
|
|
General and
administrative
|
(294,701,167)
|
10%
|
|
145,104,394
|
5%
|
|
(149,596,773)
|
5%
|
|
Total operating
expenses
|
(1,201,846,868)
|
42%
|
|
242,561,458
|
8%
|
|
(959,285,410)
|
33%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
1,054,125,287
|
37%
|
|
242,561,458
|
8%
|
|
1,296,686,745
|
45%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Ctrip's shareholders
|
1,048,069,740
|
36%
|
|
242,561,458
|
8%
|
|
1,290,631,198
|
45%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary
share (RMB)
|
27.89
|
|
|
6.46
|
|
|
34.35
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
6.97
|
|
|
1.61
|
|
|
8.59
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
1.06
|
|
|
0.24
|
|
|
1.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes for all the 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=RMB6.2939 on December 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.