SHANGHAI, Jan. 31, 2013 /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 fourth quarter and the full year ended December 31, 2012.
Highlights for the Fourth Quarter of 2012
- Net revenues were RMB1.1 billion
(US$177 million) for the fourth
quarter of 2012, up 19% year-on-year, versus our fourth quarter net
revenue guidance of 15-20% year-on-year.
- Gross margin was 74% for the fourth quarter of 2012, compared
to 76% in the same period in 2011.
- Income from operations was RMB120
million (US$19 million) for
the fourth quarter of 2012, down 48% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB234 million (US$38 million), down 28% year-on-year.
- Operating margin was 11% for the fourth quarter of 2012,
compared to 25% in the same period in 2011. Excluding share-based
compensation charges (non-GAAP), operating margin was 21%, compared
to 35% in the same period in 2011.
- Net income attributable to Ctrip's shareholders was
RMB193 million (US$31 million) for the fourth quarter of 2012,
down 24% year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB306 million (US$49 million), down 12% year-on-year.
- Diluted earnings per ADS were RMB1.38 (US$0.22)
for the fourth quarter of 2012. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.17 (US$0.35)
for the fourth quarter of 2012.
- Share-based compensation charges were RMB114 million (US$18
million), accounting for 10% of the net revenues, or
RMB0.80 (US$0.13) per ADS for the fourth quarter of
2012.
Highlights for the Full Year 2012
- Net revenues were RMB4.2 billion
(US$668 million) in 2012, up 19% from
2011.
- Gross margin was 75% in 2012, compared to 77% in 2011.
- Income from operations was RMB655
million (US$105 million) in
2012, down 39% from 2011. Excluding share-based compensation
charges (non-GAAP), income from operations was RMB1.1 billion (US$174
million) in 2012, down 23% from 2011.
- Operating margin was 16% in 2012, compared to 30% in
2011. Excluding share-based compensation charges (non-GAAP),
operating margin was 26%, compared to 40% in 2011.
- Net income attributable to Ctrip's shareholders was
RMB714 million (US$115 million) in 2012, down 34% from
2011. Excluding share-based compensation charges (non-GAAP),
net income attributable to Ctrip's shareholders was RMB1.1 billion (US$184
million), down 19% from 2011.
- Diluted earnings per ADS were RMB4.98 (US$0.80)
in 2012, compared to RMB7.08
(US$1.12) in 2011. Excluding
share-based compensation charges (non-GAAP), diluted earnings per
ADS were RMB7.97 (US$1.28), compared to RMB9.33 (US$1.48)
in 2011.
- Share-based compensation charges were RMB432 million (US$69
million), accounting for 10% of the net revenues, or
RMB2.99 (US$0.48) per ADS in 2012.
"We are pleased with the solid results in the fourth quarter and
full year 2012," said Min Fan,
President and Chief Executive Officer of Ctrip. "We remain focused
on our strategy of offering our customers the best products with
the best services at the best prices. 2012 was the year of
investment and we have enhanced our leadership in the online travel
market of China. We will continue
to invest in our customer services, product offering, brand
recognition and technology development. Ctrip is well positioned to
capture the fast growing opportunity in China travel market in the future."
Fourth Quarter and Full Year 2012 Financial Results
For the fourth quarter of 2012, Ctrip reported total revenues of
RMB1.17 billion (US$187 million), representing an 18% increase
from the same period in 2011. Total revenues for the fourth quarter
of 2012 decreased by 6% from the previous quarter.
For the full year ended December 31,
2012, total revenues were RMB4.4
billion (US$708 million),
representing an 18% increase from 2011.
Hotel reservation revenues amounted to RMB468 million (US$75
million) for the fourth quarter of 2012, representing a 17%
increase year-on-year, primarily driven by an increase of 36% in
hotel reservation volume and partially offset by a decrease of 14%
in commission per room night. The decrease of commission per room
night was primarily due to promotional activities. Hotel
reservation revenues increased by 2% quarter-on-quarter.
For the full year ended December 31,
2012, hotel reservation revenues were RMB1.7 billion (US$273
million), representing a 15% increase from 2011. The hotel
reservation revenues accounted for 39% of the total revenues in
2012, compared to 40% in 2011.
Air ticket booking revenues for the fourth quarter of 2012 were
RMB447 million (US$72 million), representing an 18% increase
year-on-year, primarily driven by an increase in air tickets sales
volume. Air ticket booking revenues decreased by 7%
quarter-on-quarter, primarily due to seasonality.
For the full year ended December 31,
2012, air ticket booking revenues were RMB1.7 billion (US$271
million), representing an 18% increase from 2011. The air
ticket booking revenues accounted for 38% of the total revenues in
2012, compared to 39% in 2011.
Packaged-tour revenues for the fourth quarter of 2012 were
RMB166 million (US$27 million), representing a 27% increase
year-on-year due to the increase of leisure travel volume.
Packaged-tour revenues decreased by 26% quarter-on-quarter,
primarily due to seasonality.
For the full year ended December 31,
2012, packaged tour revenues were RMB690 million (US$111
million), representing a 29% increase from 2011. The
packaged tour revenues accounted for 16% of the total revenues in
2012, compared to 14% in 2011.
Corporate travel revenues for the fourth quarter of 2012 were
RMB58 million (US$9 million), representing a 22% increase
year-on-year and a 6% increase quarter-on-quarter, primarily driven
by the increased corporate travel demand from business
activities.
For the full year ended December 31,
2012, corporate travel revenues were RMB200 million (US$32
million), representing a 24% increase from 2011. The
corporate travel revenues accounted for 5% of the total revenues in
2012, compared to 4% in 2011.
For the fourth quarter of 2012, net revenues were RMB1.1 billion (US$177
million), representing a 19% increase from the same period
in 2011. Net revenues for the fourth quarter of 2012 decreased by
6% from the previous quarter.
For the full year ended December 31,
2012, net revenues were RMB4.2
billion (US$668 million),
representing a 19% increase from 2011.
Gross margin was 74% for the fourth quarter of 2012, compared to
76% in the same period in 2011 and in the previous quarter.
For the full year ended December 31,
2012, gross margin was 75%, compared to 77% in 2011.
Product development expenses for the fourth quarter of 2012
increased by 53% to RMB264 million
(US$42 million) from the same period
in 2011, and increased by 9% from the previous quarter, primarily
due to an increase in product development personnel related expense
and share-based compensation charges. Excluding share-based
compensation charges (non-GAAP), product development expenses
accounted for 21% of the net revenues, increased from 16% in the
same period in 2011 and increased from 18% in the previous
quarter.
For the full year ended December 31,
2012, product development expenses were RMB912 million (US$146
million), representing an increase of 52% from 2011.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 19% of the net revenues,
increased from 14% in 2011.
Sales and marketing expenses for the fourth quarter of 2012
increased by 52% to RMB281 million
(US$45 million) from the same period
in 2011, primarily due to an increase in sales and marketing
related activities and personnel related expense. Sales and
marketing expenses for the fourth quarter of 2012 decreased by 7%
from the previous quarter, primarily due to a decrease in sales and
marketing related activities. Excluding share-based compensation
charges (non-GAAP), sales and marketing expenses accounted for 24%
of the net revenues, increased from 19% in the same period in 2011
and decreased from 25% in the previous quarter.
For the full year ended December 31,
2012, sales and marketing expenses were RMB984 million (US$158
million), representing an increase of 58% from 2011.
Excluding share-based compensation charges (non-GAAP), sales and
marketing expenses accounted for 22% of the net revenues,
increasing from 16% in 2011.
General and administrative expenses for the fourth quarter of
2012 increased by 34% to RMB152
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 fourth quarter of 2012
increased by 1% from the previous quarter. 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.
For the full year ended December 31,
2012, general and administrative expenses were RMB570 million (US$92
million), representing a 42% increase from 2011. Excluding
share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 8% of the net revenues,
increasing from 6% in 2011.
Income from operations for the fourth quarter of 2012 was
RMB120 million (US$19 million), representing a decrease of 48%
from the same period in 2011 and a decrease of 37% from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB234 million (US$38
million), representing a decrease of 28% from the same
period in 2011 and a decrease of 22% from the previous quarter.
For the full year ended December 31,
2012, income from operations was RMB655 million (US$105
million), representing a decrease of 39% from 2011.
Excluding share-based compensation charges (non-GAAP), income from
operations was RMB1.1 billion
(US$174 million), decreasing by 23%
from 2011.
Operating margin was 11% for the fourth quarter of 2012,
compared to 25% in the same period in 2011, and 16% in the previous
quarter. Excluding share-based compensation charges (non-GAAP),
operating margin was 21%, decreased from 35% in the same period in
2011 and 25% in the previous quarter.
For the full year ended December 31,
2012, operating margin was 16%, compared to 30% in
2011. Excluding share-based compensation charges (non-GAAP),
operating margin was 26%, compared to 40% in 2011.
The effective tax rate for the fourth quarter of 2012 was 25%,
increased from 23% in the same period of 2011 and increased from
24% 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 before income tax expense as a whole.
The effective tax rate for the full year ended December 31, 2012 was 31%, compared to 20% in
2011, primarily due to 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, and 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. This was partially offset by the preferential
tax treatment of certain consolidated PRC entities.
Net income attributable to Ctrip's shareholders for the fourth
quarter of 2012 was RMB193 million
(US$31 million), representing a
decrease of 24% from the same period in 2011 and a decrease of 1%
from the previous quarter. Excluding share-based compensation
charges (non-GAAP), net income attributable to Ctrip's shareholders
was RMB306 million (US$49 million), representing a decrease of 12%
from the same period in 2011 and an increase of 1% from the
previous quarter.
For the full year ended December 31,
2012, net income attributable to Ctrip's shareholders was
RMB714 million (US$115 million), representing a decrease of 34%
from 2011. Excluding share-based compensation charges (non-GAAP),
net income attributable to Ctrip's shareholders was RMB1.1 billion (US$184
million), representing a decrease of 19% from 2011.
Diluted earnings per ADS were RMB1.38 (US$0.22)
for the fourth quarter of 2012. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.17 (US$0.35)
for the fourth quarter of 2012.
For the full year ended December 31,
2012, diluted earnings per ADS were RMB4.98 (US$0.80),
compared to RMB7.08 (US$1.12) in 2011. Excluding share-based
compensation charges (non-GAAP), diluted earnings per ADS were
RMB7.97 (US$1.28), compared to RMB9.33 (US$1.48)
in 2011.
As of December 31, 2012, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB5.6
billion (US$899 million).
Business Outlook
For the first quarter of 2013, 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
As of January 31, 2013, Ctrip had
purchased approximately 17.5 million ADSs in aggregate with a total
consideration of US$299 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
8:00PM U.S. Eastern Time on
January 31, 2013 (or 9:00AM on February 1,
2013 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 +1.888.680.0865, International dial-in number +
1.617.213.4853, Passcode 933 687 02#. For pre-registration, please
click:
https://www.theconferencingservice.com/prereg/key.process?key=PMQJDER9M
A telephone replay of the call will be available after the
conclusion of the conference call through February 8, 2013. 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 42293562.
SafeHarborStatement
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 RMB
|
|
|
December 31, 2012 RMB
|
|
|
December 31, 2012 USD
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
3,503,428,418
|
|
|
3,421,532,962
|
|
|
549,193,907
|
|
Restricted
cash
|
|
211,636,294
|
|
|
768,228,577
|
|
|
123,309,189
|
|
Short-term
investment
|
|
1,288,471,562
|
|
|
1,408,664,335
|
|
|
226,106,216
|
|
Accounts receivable,
net
|
|
789,036,329
|
|
|
983,804,403
|
|
|
157,911,495
|
|
Prepayments and other
current assets
|
|
566,187,711
|
|
|
999,148,710
|
|
|
160,374,425
|
|
Deferred tax assets,
current
|
|
39,782,201
|
|
|
61,840,526
|
|
|
9,926,089
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
6,398,542,515
|
|
|
7,643,219,513
|
|
|
1,226,821,321
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deposits and
prepayments
|
|
155,360,492
|
|
|
210,618,310
|
|
|
33,806,569
|
|
Land use
rights
|
|
113,460,899
|
|
|
110,659,284
|
|
|
17,762,040
|
|
Property, equipment and
software
|
|
683,903,870
|
|
|
1,123,937,191
|
|
|
180,404,358
|
|
Investment
|
|
1,305,145,043
|
|
|
1,437,247,949
|
|
|
230,694,202
|
|
Goodwill
|
|
798,601,767
|
|
|
822,585,341
|
|
|
132,034,051
|
|
Intangible
assets
|
|
306,420,192
|
|
|
321,483,420
|
|
|
51,601,647
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
9,761,434,778
|
|
|
11,669,751,008
|
|
|
1,873,124,188
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
-
|
|
|
453,478,628
|
|
|
72,788,339
|
|
Accounts
payable
|
|
763,256,074
|
|
|
1,023,672,151
|
|
|
164,310,709
|
|
Salary and welfare
payable
|
|
145,524,036
|
|
|
229,969,924
|
|
|
36,912,718
|
|
Taxes payable
|
|
220,604,123
|
|
|
216,456,010
|
|
|
34,743,585
|
|
Advances from
customers
|
|
1,090,852,066
|
|
|
1,414,865,769
|
|
|
227,101,615
|
|
Accrued liability for customer reward program
|
|
161,838,531
|
|
|
217,548,153
|
|
|
34,918,886
|
|
Other payables and
accruals
|
|
185,985,423
|
|
|
354,153,607
|
|
|
56,845,573
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,568,060,253
|
|
|
3,910,144,242
|
|
|
627,621,425
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
|
48,308,692
|
|
|
53,309,153
|
|
|
8,556,709
|
|
Long-term
Debt
|
|
-
|
|
|
1,121,418,000
|
|
|
180,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,616,368,945
|
|
|
5,084,871,395
|
|
|
816,178,134
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
2,939,527
|
|
|
2,979,144
|
|
|
478,186
|
|
Additional paid-in
capital
|
|
3,465,924,424
|
|
|
3,818,256,227
|
|
|
612,872,382
|
|
Statutory
reserves
|
|
98,049,668
|
|
|
103,222,512
|
|
|
16,568,356
|
|
Accumulated other
comprehensive loss
|
|
(172,466,277)
|
|
|
(58,778,675)
|
|
|
(9,434,628)
|
|
Retained
Earnings
|
|
3,806,608,747
|
|
|
4,515,841,767
|
|
|
724,842,580
|
|
Treasury
stock
|
|
(158,761,225)
|
|
|
(1,891,888,900)
|
|
|
(303,669,106)
|
|
|
|
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
7,042,294,864
|
|
|
6,489,632,075
|
|
|
1,041,657,770
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
102,770,969
|
|
|
95,247,538
|
|
|
15,288,284
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
7,145,065,833
|
|
|
6,584,879,613
|
|
|
1,056,946,054
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
9,761,434,778
|
|
|
11,669,751,008
|
|
|
1,873,124,188
|
Ctrip.com
International, Ltd.
|
Unaudited Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
|
Quarter Ended
|
|
December 31, 2011
|
September 30, 2012
|
December 31, 2012
|
December 31, 2012
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
reservation
|
|
399,622,781
|
|
|
457,041,173
|
|
|
468,304,604
|
|
|
75,168,072
|
|
Air-ticketing
|
|
378,235,877
|
|
|
478,367,942
|
|
|
447,186,315
|
|
|
71,778,353
|
|
Packaged tour
|
|
130,155,486
|
|
|
223,779,798
|
|
|
165,724,297
|
|
|
26,600,584
|
|
Corporate
travel
|
|
47,237,358
|
|
|
54,073,606
|
|
|
57,532,553
|
|
|
9,234,611
|
|
Others
|
|
31,344,006
|
|
|
34,085,035
|
|
|
28,546,319
|
|
|
4,582,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
986,595,508
|
|
|
1,247,347,554
|
|
|
1,167,294,088
|
|
|
187,363,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and
related surcharges
|
|
(60,762,409)
|
|
|
(74,345,010)
|
|
|
(65,938,822)
|
|
|
(10,583,911)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
925,833,099
|
|
|
1,173,002,544
|
|
|
1,101,355,266
|
|
|
176,779,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(224,533,043)
|
|
|
(285,960,720)
|
|
|
(284,704,746)
|
|
|
(45,698,263)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
701,300,056
|
|
|
887,041,824
|
|
|
816,650,520
|
|
|
131,081,446
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(172,796,077)
|
|
|
(243,244,924)
|
|
|
(264,099,634)
|
|
|
(42,390,914)
|
|
Sales and marketing
*
|
|
(184,658,424)
|
|
|
(302,596,451)
|
|
|
(280,764,753)
|
|
|
(45,065,850)
|
|
General and
administrative *
|
|
(113,264,071)
|
|
|
(151,107,619)
|
|
|
(151,879,211)
|
|
|
(24,378,294)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(470,718,572)
|
|
|
(696,948,994)
|
|
|
(696,743,598)
|
|
|
(111,835,058)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
230,581,484
|
|
|
190,092,830
|
|
|
119,906,922
|
|
|
19,246,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
32,710,259
|
|
|
54,099,884
|
|
|
34,061,163
|
|
|
5,467,194
|
|
Other income
|
|
32,831,890
|
|
|
6,104,967
|
|
|
58,378,812
|
|
|
9,370,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense and equity in income
|
|
296,123,633
|
|
|
250,297,681
|
|
|
212,346,897
|
|
|
34,084,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(69,327,999)
|
|
|
(59,394,448)
|
|
|
(53,776,285)
|
|
|
(8,631,689)
|
|
Equity in income of
affiliates
|
|
27,675,601
|
|
|
4,792,055
|
|
|
4,265,040
|
|
|
684,586
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
254,471,235
|
|
|
195,695,288
|
|
|
162,835,652
|
|
|
26,136,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net (income)/loss
attributable to noncontrolling interests
|
|
(1,947,341)
|
|
|
(1,878,491)
|
|
|
29,716,374
|
|
|
4,769,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
252,523,894
|
|
|
193,816,797
|
|
|
192,552,026
|
|
|
30,906,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
73,250,419
|
|
|
365,152,591
|
|
|
197,932,727
|
|
|
31,770,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
7.01
|
|
|
5.82
|
|
|
5.96
|
|
|
0.96
|
|
- Diluted
|
|
6.70
|
|
|
5.65
|
|
|
5.51
|
|
|
0.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.75
|
|
|
1.46
|
|
|
1.49
|
|
|
0.24
|
|
- Diluted
|
|
1.67
|
|
|
1.41
|
|
|
1.38
|
|
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
36,003,255
|
|
|
33,287,150
|
|
|
32,282,299
|
|
|
32,282,299
|
|
- Diluted
|
|
37,713,249
|
|
|
34,283,839
|
|
|
35,719,079
|
|
|
35,719,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
28,161,520
|
|
|
33,671,462
|
|
|
35,881,144
|
|
|
5,759,321
|
|
Sales and
marketing
|
|
13,336,213
|
|
|
14,028,219
|
|
|
14,379,832
|
|
|
2,308,122
|
|
General and
administrative
|
|
53,218,496
|
|
|
60,789,858
|
|
|
63,478,526
|
|
|
10,189,006
|
Ctrip.com
International, Ltd.
|
Consolidated
Statement of Operations Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
December 31, 2011
|
December 31, 2012
|
December 31, 2012
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Hotel
reservation
|
|
1,486,898,858
|
|
|
1,702,500,571
|
|
|
273,270,184
|
|
Air-ticketing
|
|
1,437,118,164
|
|
|
1,690,285,903
|
|
|
271,309,594
|
|
Packaged tour
|
|
534,640,183
|
|
|
689,660,631
|
|
|
110,698,164
|
|
Corporate
travel
|
|
161,610,123
|
|
|
199,756,068
|
|
|
32,063,060
|
|
Others
|
|
106,036,864
|
|
|
126,989,085
|
|
|
20,383,154
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
3,726,304,192
|
|
|
4,409,192,258
|
|
|
707,724,156
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax and
related surcharges
|
|
(228,219,564)
|
|
|
(250,401,009)
|
|
|
(40,192,133)
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
3,498,084,628
|
|
|
4,158,791,249
|
|
|
667,532,023
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(805,129,784)
|
|
|
(1,037,791,093)
|
|
|
(166,576,956)
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
2,692,954,844
|
|
|
3,121,000,156
|
|
|
500,955,067
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(601,485,367)
|
|
|
(911,904,722)
|
|
|
(146,370,800)
|
|
Sales and marketing
*
|
|
(624,599,686)
|
|
|
(984,002,165)
|
|
|
(157,943,238)
|
|
General and
administrative *
|
|
(400,875,621)
|
|
|
(570,487,457)
|
|
|
(91,569,552)
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(1,626,960,674)
|
|
|
(2,466,394,344)
|
|
|
(395,883,590)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
1,065,994,170
|
|
|
654,605,812
|
|
|
105,071,477
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
106,002,655
|
|
|
165,799,964
|
|
|
26,612,729
|
|
Other income
|
|
117,623,725
|
|
|
130,287,943
|
|
|
20,912,657
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense and equity in income
|
|
1,289,620,550
|
|
|
950,693,719
|
|
|
152,596,863
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(262,186,225)
|
|
|
(294,525,956)
|
|
|
(47,274,676)
|
|
Equity in income of
affiliates
|
|
57,525,830
|
|
|
34,343,000
|
|
|
5,512,432
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
1,084,960,155
|
|
|
690,510,763
|
|
|
110,834,619
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net (income)/loss
attributable to noncontrolling interests
|
|
(8,545,258)
|
|
|
23,895,101
|
|
|
3,835,428
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
1,076,414,897
|
|
|
714,405,864
|
|
|
114,670,047
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
704,976,536
|
|
|
828,093,466
|
|
|
132,918,166
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
29.92
|
|
|
20.87
|
|
|
3.35
|
|
- Diluted
|
|
28.30
|
|
|
19.92
|
|
|
3.20
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
7.48
|
|
|
5.22
|
|
|
0.84
|
|
- Diluted
|
|
7.08
|
|
|
4.98
|
|
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
35,977,063
|
|
|
34,236,761
|
|
|
34,236,761
|
|
- Diluted
|
|
38,030,974
|
|
|
36,090,785
|
|
|
36,090,785
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
98,955,335
|
|
|
132,583,177
|
|
|
21,281,067
|
|
Sales and
marketing
|
|
48,191,019
|
|
|
55,892,394
|
|
|
8,971,348
|
|
General and
administrative
|
|
195,645,003
|
|
|
243,245,751
|
|
|
39,043,635
|
Ctrip.com
International, Ltd.
|
|
Reconciliation
of GAAP and Non-GAAP Results
|
|
(In RMB, except % and
per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2012
|
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(264,099,634)
|
24%
|
|
35,881,144
|
3%
|
|
(228,218,490)
|
21%
|
|
|
Sales and
marketing
|
(280,764,753)
|
25%
|
|
14,379,832
|
1%
|
|
(266,384,921)
|
24%
|
|
|
General and
administrative
|
(151,879,211)
|
14%
|
|
63,478,526
|
6%
|
|
(88,400,685)
|
8%
|
|
|
Total operating
expenses
|
(696,743,598)
|
63%
|
|
113,739,502
|
10%
|
|
(583,004,096)
|
53%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
119,906,922
|
11%
|
|
113,739,502
|
10%
|
|
233,646,424
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Ctrip's shareholders
|
192,552,026
|
17%
|
|
113,739,502
|
10%
|
|
306,291,528
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
5.51
|
|
|
3.18
|
|
|
8.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
1.38
|
|
|
0.80
|
|
|
2.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.22
|
|
|
0.13
|
|
|
0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.2301 on December 31, 2012 published
by the Federal Reserve Board.
|
|
Ctrip.com
International, Ltd.
|
|
Reconciliation
of GAAP and Non-GAAP Results
|
|
(In RMB, except % and
per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2012
|
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Share-based
Compensation
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(911,904,722)
|
22%
|
|
132,583,177
|
3%
|
|
(779,321,545)
|
19%
|
|
|
Sales and
marketing
|
(984,002,165)
|
24%
|
|
55,892,394
|
1%
|
|
(928,109,771)
|
22%
|
|
|
General and administrative
|
(570,487,457)
|
14%
|
|
243,245,751
|
6%
|
|
(327,241,706)
|
8%
|
|
|
Total operating
expenses
|
(2,466,394,344)
|
59%
|
|
431,721,322
|
10%
|
|
(2,034,673,022)
|
49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
654,605,812
|
16%
|
|
431,721,322
|
10%
|
|
1,086,327,134
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Ctrip's shareholders
|
714,405,864
|
17%
|
|
431,721,322
|
10%
|
|
1,146,127,186
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
19.92
|
|
|
11.96
|
|
|
31.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(RMB)
|
4.98
|
|
|
2.99
|
|
|
7.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS
(USD)
|
0.80
|
|
|
0.48
|
|
|
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.2301 on December 31, 2012 published
by the Federal Reserve Board.
|
|
SOURCE Ctrip.com International, Ltd.