SHANGHAI, Nov. 5, 2012 /PRNewswire/ -- 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,
2012.
Highlights for the Third Quarter of 2012
- Net revenues were RMB1.17 billion
(US$187 million) for the third
quarter of 2012, up 20% year-on-year, versus our guidance of 15-20%
year-on-year.
- Gross margin was 76% for the third quarter of 2012, compared to
77% in the same period in 2011.
- Income from operations was RMB190
million (US$30 million) for
the third quarter of 2012, down 38% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB299 million (US$48 million), down 24% year-on-year.
- Operating margin was 16% for the third quarter of 2012,
compared to 31% in the same period in 2011. Excluding share-based
compensation charges (non-GAAP), operating margin was 25%, compared
to 41% in the same period in 2011.
- Net income attributable to Ctrip's shareholders was
RMB194 million (US$31 million) for the third quarter of 2012,
down 40% year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB302 million (US$48 million), down 27% year-on-year.
- Diluted earnings per ADS were RMB1.41 (US$0.22)
for the third quarter of 2012. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.20 (US$0.35)
for the third quarter of 2012.
- Share-based compensation charges were RMB108 million (US$17
million), accounting for 9% of the net revenues, or
RMB0.79 (US$0.13) per ADS for the third quarter of
2012.
"We are pleased with the solid results in the third quarter of
2012," said Min Fan, President and
Chief Executive Officer of Ctrip. "During the quarter, Ctrip
achieved many milestones toward building the leading 'one-stop
travel platform' in China by
strengthening our partner relationships, upgrading the mobile
platform, and lifting the sales and marketing efforts. With Ctrip
team's strong execution, we believe Ctrip will continue enhancing
the market leadership in China."
Third Quarter 2012 Financial Results
For the third quarter of 2012, Ctrip reported total revenues of
RMB1.25 billion (US$198 million), representing a 20% increase from
the same period in 2011. Total revenues for the third quarter of
2012 increased by 21% from the previous quarter.
Hotel reservation revenues amounted to RMB457 million (US$73
million) for the third quarter of 2012, representing an 11%
increase year-on-year, primarily driven by an increase of 40% in
hotel reservation volume and partially offset by a decrease of 21%
in commission per room night. The decrease of commission per room
night was primarily due to promotional activities. Hotel
reservation revenues increased by 11% quarter-on-quarter, primarily
due to seasonality.
Air ticket booking revenues for the third quarter of 2012 were
RMB478 million (US$76 million), representing a 24% increase
year-on-year and an 18% increase from the previous quarter,
primarily driven by an increase in air tickets sales volume.
Packaged-tour revenues for the third quarter of 2012 were
RMB224 million (US$36 million), representing a 31% increase
year-on-year due to the increase of leisure travel volume.
Packaged-tour revenues increased by 67% quarter-on-quarter,
primarily due to seasonality.
Corporate travel revenues for the third quarter of 2012 were
RMB54 million (US$9 million), representing a 25% increase
year-on-year, primarily driven by the increased corporate travel
demand from business activities. Corporate travel revenues
increased by 10% quarter-on-quarter, primarily due to
seasonality.
Net revenues for the third quarter of 2012 were RMB1.17 billion (US$187
million), representing a 20% increase from the same period
in 2011. Net revenues for the third quarter of 2012 increased by
20% from the previous quarter.
Gross margin was 76% for the third quarter of 2012, compared to
77% in the same period in 2011 and 75% in the previous quarter.
Product development expenses for the third quarter of 2012
increased by 51% to RMB243 million
(US$39 million) from the same period
in 2011, and increased by 17% from the previous quarter, primarily
due to an increase in product development personnel related
expense. Excluding share-based compensation charges (non-GAAP),
product development expenses accounted for 18% of the net revenues,
increased from 14% in the same period in 2011 and remained
consistent with that in the previous quarter.
Sales and marketing expenses for the third quarter of 2012
increased by 74% to RMB303 million
(US$48 million) from the same period
in 2011, and increased by 39% 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 25% of the net revenues, increased
from 17% in the same period in 2011 and increased from 21% in the
previous quarter.
General and administrative expenses for the third quarter of
2012 increased by 39% to RMB151
million (US$24 million) from
the same period in 2011, primarily due to an increase in
administrative personnel, share-based compensation charges and the
incremental turnover tax due to the new value-added tax reform.
General and administrative expenses for the third quarter of 2012
increased by 9% from the previous quarter, primarily due to an
increase in administrative personnel. Excluding share-based
compensation charges (non-GAAP), general and administrative
expenses accounted for 8% of the net revenues, increased from 6% in
the same period in 2011 and remained consistent with that in the
previous quarter.
Income from operations for the third quarter of 2012 was
RMB190 million (US$30 million), representing a decrease of 38%
from the same period in 2011 and an increase of 13% from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB299 million (US$48
million), representing a decrease of 24% from the same
period in 2011 and an increase of 8% from the previous quarter.
Operating margin was 16% for the third quarter of 2012, compared
to 31% in the same period in 2011, and 17% in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 25%, decreased from 41% in the same period in 2011 and
28% in the previous quarter.
The effective tax rate for the third quarter of 2012 was 24%,
increased from 21% in the same periods of 2011, primarily due to
the increase in the amount of non tax-deductible share-based
compensation as a percentage to our income before income tax
expense as a whole. The effective tax rate for the third quarter of
2012 decreased from 45% in the previous quarter, primarily due to
the provision of withholding tax and preferential tax treatment
available to certain consolidated PRC entities in the previous
quarter. In the second quarter of 2012, we made the provision of 5%
PRC withholding tax related to the dividends that our PRC
subsidiaries would pay to their direct parent, which is our
Hong Kong subsidiary to fund the
share repurchase program announced in June
2012. This was partially offset by the preferential tax
treatment of certain consolidated PRC entities.
Net income attributable to Ctrip's shareholders for the third
quarter of 2012 was RMB194 million
(US$31 million), representing a
decrease of 40% from the same period in 2011 and an increase of 62%
from the previous quarter. Excluding share-based compensation
charges (non-GAAP), net income attributable to Ctrip's shareholders
was RMB302 million (US$48 million), representing a decrease of 27%
from the same period in 2011 and an increase of 32% from the
previous quarter.
Diluted earnings per ADS were RMB1.41 (US$0.22)
for the third quarter of 2012. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.20 (US$0.35)
for the third quarter of 2012.
As of September 30, 2012, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB5.4
billion (US$859 million).
Business Outlook
For the fourth 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.
Recent Development
In September 2012, Ctrip completed
the offering of US$180 million
principal amount of convertible senior notes due 2017 (the
"notes"). The notes bears an annual interest of 0.5% and may have
dilutive effect on the diluted earnings per ADS presented. As the
offering was completed within a relatively short period of time
close to the end of third quarter of 2012, its impact on income
statement and diluted earnings per ADS for third quarter of 2012
was insignificant. The offering cost of the notes will be amortized
over the life of the notes.
As of November 5, 2012, Ctrip had
purchased approximately 17.2 million ADSs in aggregate with a total
consideration of US$294 million under
three existing share repurchase plans adopted in 2008, 2011 and
2012.
Conference Call
Ctrip's management team will host a conference call at
7:00PM U.S. Eastern Time on
November 5, 2012 (or 8:00AM on November 6,
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 8018, International dial-in number +1 617 213
4845, Passcode 706 306 82#. For pre-registration, please click
https://www.theconferencingservice.com/prereg/key.process?key=PQ63GVUN7
.
A telephone replay of the call will be available after the
conclusion of the conference call through November 13, 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 98014038.
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 condensed consolidated financial
statements presented in accordance with United States Generally
Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP
financial information related to product development expenses,
sales and marketing expenses, general and administrative expenses,
income from operations, operating margin, net income, and diluted
earnings per ordinary share and per ADS, each of which is adjusted
from the most comparable GAAP result to exclude the share-based
compensation charges recorded under ASC 718, "Compensation-Stock
Compensation" for 2012 and 2011. 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 12928
Email: iremail@ctrip.com
Ctrip.com
International, Ltd.
|
Unaudited Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
|
September 30, 2012
|
|
|
September 30, 2012
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
3,503,428,418
|
|
|
2,849,990,911
|
|
|
453,473,605
|
|
Restricted
cash
|
|
211,636,294
|
|
|
1,299,837,969
|
|
|
206,822,487
|
|
Short-term
investment
|
|
1,288,471,562
|
|
|
1,251,016,553
|
|
|
199,054,314
|
|
Accounts receivable,
net
|
|
789,036,329
|
|
|
1,050,091,257
|
|
|
167,084,276
|
|
Prepayments and other
current assets
|
|
566,187,711
|
|
|
931,971,381
|
|
|
148,289,744
|
|
Deferred tax assets,
current
|
|
39,782,201
|
|
|
53,488,098
|
|
|
8,510,708
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
6,398,542,515
|
|
|
7,436,396,169
|
|
|
1,183,235,134
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deposits and
prepayments
|
|
155,360,492
|
|
|
387,369,609
|
|
|
61,635,948
|
|
Land use
rights
|
|
113,460,899
|
|
|
111,373,523
|
|
|
17,721,093
|
|
Property, equipment and
software
|
|
683,903,870
|
|
|
736,282,355
|
|
|
117,152,870
|
|
Investment
|
|
1,305,145,043
|
|
|
1,435,620,564
|
|
|
228,427,406
|
|
Goodwill
|
|
798,601,767
|
|
|
801,585,341
|
|
|
127,543,492
|
|
Intangible
assets
|
|
306,420,192
|
|
|
323,336,669
|
|
|
51,447,408
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
9,761,434,778
|
|
|
11,231,964,230
|
|
|
1,787,163,351
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
-
|
|
|
947,080,758
|
|
|
150,693,858
|
|
Accounts
payable
|
|
763,256,074
|
|
|
965,431,397
|
|
|
153,613,702
|
|
Salary and welfare
payable
|
|
145,524,036
|
|
|
173,590,307
|
|
|
27,620,657
|
|
Taxes payable
|
|
220,604,123
|
|
|
207,172,862
|
|
|
32,964,114
|
|
Advances from
customers
|
|
1,090,852,066
|
|
|
1,223,772,416
|
|
|
194,719,389
|
|
Accrued liability for
customer reward program
|
|
161,838,531
|
|
|
201,193,567
|
|
|
32,012,724
|
|
Other payables and
accruals
|
|
185,985,423
|
|
|
445,032,669
|
|
|
70,810,952
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,568,060,253
|
|
|
4,163,273,976
|
|
|
662,435,396
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
|
48,308,692
|
|
|
53,470,352
|
|
|
8,507,884
|
|
Long-term
Debt
|
|
-
|
|
|
1,131,264,000
|
|
|
180,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,616,368,945
|
|
|
5,348,008,328
|
|
|
850,943,280
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
2,939,527
|
|
|
2,969,092
|
|
|
472,424
|
|
Additional paid-in
capital
|
|
3,465,924,424
|
|
|
3,262,784,016
|
|
|
519,154,789
|
|
Statutory
reserves
|
|
98,049,668
|
|
|
98,049,668
|
|
|
15,601,080
|
|
Accumulated other
comprehensive loss
|
|
(172,466,277)
|
|
|
(64,159,376)
|
|
|
(10,208,658)
|
|
Retained
Earnings
|
|
3,806,608,747
|
|
|
4,328,462,585
|
|
|
688,719,225
|
|
Treasury
stock
|
|
(158,761,225)
|
|
|
(1,803,696,281)
|
|
|
(286,993,426)
|
|
|
|
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
7,042,294,864
|
|
|
5,824,409,704
|
|
|
926,745,434
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
102,770,969
|
|
|
59,546,198
|
|
|
9,474,637
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
7,145,065,833
|
|
|
5,883,955,902
|
|
|
936,220,071
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
9,761,434,778
|
|
|
11,231,964,230
|
|
|
1,787,163,351
|
Ctrip.com
International, Ltd.
|
Unaudited Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Quarter Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
September 30, 2011
|
June 30, 2012
|
September 30, 2012
|
September 30, 2012
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
reservation
|
|
410,428,429
|
|
|
410,370,431
|
|
|
457,041,173
|
|
|
72,721,673
|
|
Air-ticketing
|
|
385,068,223
|
|
|
404,268,226
|
|
|
478,367,942
|
|
|
76,115,062
|
|
Packaged tour
|
|
171,367,702
|
|
|
133,776,555
|
|
|
223,779,798
|
|
|
35,606,511
|
|
Corporate
travel
|
|
43,367,133
|
|
|
49,348,796
|
|
|
54,073,606
|
|
|
8,603,871
|
|
Others
|
|
28,982,115
|
|
|
33,187,613
|
|
|
34,085,035
|
|
|
5,423,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,039,213,602
|
|
|
1,030,951,621
|
|
|
1,247,347,554
|
|
|
198,470,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and
related surcharges
|
|
(64,512,791)
|
|
|
(57,326,573)
|
|
|
(74,345,010)
|
|
|
(11,829,336)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
974,700,811
|
|
|
973,625,048
|
|
|
1,173,002,544
|
|
|
186,641,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(226,126,062)
|
|
|
(241,168,887)
|
|
|
(285,960,720)
|
|
|
(45,500,369)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
748,574,749
|
|
|
732,456,161
|
|
|
887,041,824
|
|
|
141,140,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(161,579,311)
|
|
|
(208,344,014)
|
|
|
(243,244,924)
|
|
|
(38,703,686)
|
|
Sales and marketing
*
|
|
(173,855,350)
|
|
|
(217,235,897)
|
|
|
(302,596,451)
|
|
|
(48,147,348)
|
|
General and
administrative *
|
|
(108,847,827)
|
|
|
(138,826,378)
|
|
|
(151,107,619)
|
|
|
(24,043,346)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(444,282,488)
|
|
|
(564,406,289)
|
|
|
(696,948,994)
|
|
|
(110,894,380)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
304,292,261
|
|
|
168,049,872
|
|
|
190,092,830
|
|
|
30,246,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
31,233,511
|
|
|
31,865,564
|
|
|
54,099,884
|
|
|
8,608,052
|
|
Other income
|
|
54,347,195
|
|
|
56,366,412
|
|
|
6,104,967
|
|
|
971,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense and equity in income
|
|
389,872,967
|
|
|
256,281,848
|
|
|
250,297,681
|
|
|
39,825,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(82,055,004)
|
|
|
(116,557,710)
|
|
|
(59,394,448)
|
|
|
(9,450,491)
|
|
Equity in income/(loss)
of affiliates
|
|
20,372,237
|
|
|
(18,189,504)
|
|
|
4,792,055
|
|
|
762,483
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
328,190,200
|
|
|
121,534,634
|
|
|
195,695,288
|
|
|
31,137,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income
attributable to noncontrolling interests
|
|
(2,909,902)
|
|
|
(1,864,935)
|
|
|
(1,878,491)
|
|
|
(298,894)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ctrip's shareholders
|
|
325,280,298
|
|
|
119,669,699
|
|
|
193,816,797
|
|
|
30,838,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
146,006,823
|
|
|
137,792,479
|
|
|
365,152,591
|
|
|
58,100,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
9.02
|
|
|
3.37
|
|
|
5.82
|
|
|
0.93
|
|
- Diluted
|
|
8.54
|
|
|
3.26
|
|
|
5.65
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
2.26
|
|
|
0.84
|
|
|
1.46
|
|
|
0.23
|
|
- Diluted
|
|
2.13
|
|
|
0.81
|
|
|
1.41
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
36,049,244
|
|
|
35,497,512
|
|
|
33,287,150
|
|
|
33,287,150
|
|
- Diluted
|
|
38,102,980
|
|
|
36,709,280
|
|
|
34,283,839
|
|
|
34,283,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
26,713,733
|
|
|
33,262,981
|
|
|
33,671,462
|
|
|
5,357,603
|
|
Sales and
marketing
|
|
12,693,885
|
|
|
13,936,624
|
|
|
14,028,219
|
|
|
2,232,087
|
|
General and
administrative
|
|
51,099,151
|
|
|
61,614,211
|
|
|
60,789,858
|
|
|
9,672,521
|
Ctrip.com
International, Ltd.
|
Reconciliation
of GAAP and Non-GAAP Results
|
|
(In RMB, except % and
per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30, 2012
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(243,244,924)
|
21%
|
|
33,671,462
|
3%
|
|
(209,573,462)
|
18%
|
|
Sales and
marketing
|
(302,596,451)
|
26%
|
|
14,028,219
|
1%
|
|
(288,568,232)
|
25%
|
|
General and
administrative
|
(151,107,619)
|
13%
|
|
60,789,858
|
5%
|
|
(90,317,761)
|
8%
|
|
Total operating
expenses
|
(696,948,994)
|
59%
|
|
108,489,539
|
9%
|
|
(588,459,455)
|
50%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
190,092,830
|
16%
|
|
108,489,539
|
9%
|
|
298,582,369
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Ctrip's shareholders
|
193,816,797
|
17%
|
|
108,489,539
|
9%
|
|
302,306,336
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
5.65
|
|
|
3.16
|
|
|
8.82
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
1.41
|
|
|
0.79
|
|
|
2.20
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.22
|
|
|
0.13
|
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2012
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(208,344,014)
|
21%
|
|
33,262,981
|
3%
|
|
(175,081,033)
|
18%
|
|
Sales and
marketing
|
(217,235,897)
|
22%
|
|
13,936,624
|
1%
|
|
(203,299,273)
|
21%
|
|
General and
administrative
|
(138,826,378)
|
14%
|
|
61,614,211
|
6%
|
|
(77,212,167)
|
8%
|
|
Total operating
expenses
|
(564,406,289)
|
58%
|
|
108,813,816
|
11%
|
|
(455,592,473)
|
47%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
168,049,872
|
17%
|
|
108,813,816
|
11%
|
|
276,863,688
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ctrip's shareholders
|
119,669,699
|
12%
|
|
108,813,816
|
11%
|
|
228,483,515
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
3.26
|
|
|
2.96
|
|
|
6.22
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
0.81
|
|
|
0.74
|
|
|
1.56
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.13
|
|
|
0.12
|
|
|
0.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.2848 on September 28, 2012 published
by the Federal Reserve Board.
|
|
SOURCE Ctrip.com International, Ltd.