SHANGHAI, Feb. 12, 2014 /PRNewswire/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP), a leading travel service
provider of hotel accommodations, ticketing services, 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, 2013.
Highlights for the Fourth Quarter of 2013
- Net revenues were RMB1.4 billion
(US$238 million) for the fourth
quarter of 2013, up 31% year-on-year.
- Gross margin was 73% for the fourth quarter of 2013, compared
to 74% in the same period of 2012.
- Income from operations was RMB183
million (US$30 million) for
the fourth quarter of 2013, up 53% year-on-year. Excluding
share-based compensation charges (non-GAAP), income from operations
was RMB289 million (US$48 million), up 24% year-on-year.
- Operating margin was 13% for the fourth quarter of 2013,
compared to 11% in the same period of 2012. Excluding share-based
compensation charges (non-GAAP), operating margin was 20%, compared
to 21% in the same period of 2012.
- Net income attributable to Ctrip's shareholders was
RMB261 million (US$43 million) in the fourth quarter of 2013, up
36% year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB368 million (US$61 million), up 20% year-on-year.
- Diluted earnings per ADS were RMB1.68 (US$0.28)
for the fourth quarter of 2013. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.36 (US$0.39)
for the fourth quarter of 2013.
- Share-based compensation charges were RMB106 million (US$18
million), accounting for 7% of the net revenues, or
RMB0.68 (US$0.11) per ADS for the fourth quarter of
2013.
Highlights for the Full Year 2013
- Net revenues were RMB5.4 billion
(US$890 million) in 2013, up 30% from
2012.
- Gross margin was 74% in 2013, compared to 75% in 2012.
- Income from operations was RMB838
million (US$139 million) in
2013, up 28% from 2012. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB1.3 billion (US$211
million) in 2013, up 17% from 2012.
- Operating margin was 16% in 2013, which remained consistent
with that in 2012. Excluding share-based compensation charges
(non-GAAP), operating margin was 24%, compared to 26% in 2012.
- Net income attributable to Ctrip's shareholders was
RMB998 million (US$165 million) in 2013, up 40% from 2012.
Excluding share-based compensation charges (non-GAAP), net income
attributable to Ctrip's shareholders was RMB1.4 billion (US$237
million), up 25% from 2012.
- Diluted earnings per ADS were RMB6.66 (US$1.10)
in 2013, compared to RMB4.98
(US$0.80) in 2012. Excluding
share-based compensation charges (non-GAAP), diluted earnings per
ADS were RMB9.53 (US$1.57), compared to RMB7.97 (US$1.28)
in 2012.
- Share-based compensation charges were RMB438 million (US$72
million), accounting for 8% of the net revenues, or
RMB2.87 (US$0.47) per ADS in 2013.
"We are pleased to report the strong performance of the fourth
quarter and the full year for 2013," said James Liang, Chairman of the Board and Chief
Executive Officer of Ctrip. "The accelerated growth across all
business lines reflected Ctrip's strong execution of our market
share gain strategy. The investment that Ctrip has made in leisure
travel products, price competitiveness, open-platform, and mobile
Internet has significantly enhanced our leadership in the online
and mobile travel markets. Cumulative downloads for Ctrip mobile
app recently reached 100 million, with around 50% of hotel and 30%
of air transactions booked through mobile channels during peak
days. We are encouraged by the results and will continue our
investments in branding, promotions, and new businesses in
2014."
Fourth Quarter and Full Year 2013 Financial Results and
Business Updates
For the fourth quarter of 2013, Ctrip reported total revenues of
RMB1.5 billion (US$252 million), representing a 31% increase from
the same period of 2012. Total revenues for the fourth quarter of
2013 decreased by 7% from the previous quarter.
For the full year ended December 31,
2013, total revenues were RMB5.7
billion (US$944 million),
representing a 30% increase from 2012.
Hotel reservation revenues amounted to RMB642 million (US$106
million) for the fourth quarter of 2013, representing a 37%
increase year-on-year, primarily driven by an increase of 55% in
hotel reservation volume and partially offset by the decrease of
commission per room night. Hotel reservation revenues increased by
5% quarter-on-quarter, primarily driven by hotel reservation volume
growth.
For the full year ended December 31,
2013, hotel reservation revenues were RMB2.2 billion (US$366
million), representing a 30% increase from 2012. The hotel
reservation revenues accounted for 39% of the total revenues in
2013 and 2012.
Ticketing services revenues for the fourth quarter of 2013 were
RMB579 million (US$96 million), representing a 29% increase
year-on-year, primarily driven by an increase of 37% in air
ticketing sales volume and partially offset by the decrease of
commission per ticket. Ticketing services revenues decreased 4%
quarter-on-quarter, primarily due to the decrease of commission per
ticket.
For the full year ended December 31,
2013, ticketing services revenues were RMB2.2 billion (US$357
million), representing a 28% increase from 2012. Ticketing
services revenues accounted for 38% of the total revenues in 2013
and 2012.
Packaged-tour revenues for the fourth quarter of 2013 were
RMB194 million (US$32 million), representing a 17% increase
year-on-year due to the increase of leisure travel volume.
Packaged-tour revenues decreased 39% quarter-on-quarter, primarily
due to seasonality.
For the full year ended December 31,
2013, packaged tour revenues were RMB936 million (US$155
million), representing a 36% increase from 2012. The
packaged tour revenues accounted for 16% of the total revenues in
2013 and 2012.
Corporate travel revenues for the fourth quarter of 2013 were
RMB78 million (US$13 million), representing a 36% 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,
2013, corporate travel revenues were RMB267 million (US$44
million), representing a 34% increase from 2012. The
corporate travel revenues accounted for 5% of the total revenues in
2013 and 2012.
For the fourth quarter of 2013, net revenues were RMB1.4 billion (US$238
million), representing a 31% increase from the same period
of 2012. Net revenues for the fourth quarter of 2013 decreased by
7% from the previous quarter.
For the full year ended December 31,
2013, net revenues were RMB5.4
billion (US$890 million),
representing a 30% increase from 2012.
Gross margin was 73% in the fourth quarter of 2013, compared to
74% in the same period of 2012 and 75% in the previous quarter.
For the full year ended December 31,
2013, gross margin was 74%, compared to 75% in 2012.
Product development expenses for the fourth quarter of 2013
increased by 26% to RMB333 million
(US$55 million) from the same period
of 2012, primarily due to an increase in product development
personnel related expense. Product development expenses for the
fourth quarter of 2013 decreased by 1% from the previous quarter.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 21% of the net revenues,
remained consistent with that in the same period of 2012 and
increased from 20% in the previous quarter.
For the full year ended December 31,
2013, product development expenses were RMB1.2 billion (US$206
million), representing an increase of 37% from 2012.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 21% of the net revenues,
increased from 19% in 2012.
Sales and marketing expenses for the fourth quarter of 2013
increased by 34% to RMB376 million
(US$62 million) from the same period
in 2012 and 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 25% of the net revenues, increased from 24%
in the same period of 2012 and 22% in the previous quarter.
For the full year ended December 31,
2013, sales and marketing expenses were RMB1.3 billion (US$210
million), representing an increase of 29% from 2012.
Excluding share-based compensation charges (non-GAAP), sales and
marketing expenses accounted for 23% of the net revenues,
increasing from 22% in 2012.
General and administrative expenses for the fourth quarter of
2013 increased by 1% to RMB154
million (US$25 million) from
the same period in 2012, and decreased by 11% from the previous
quarter. Excluding share-based compensation charges (non-GAAP),
general and administrative expenses accounted for 6% of the net
revenues, decreased from 8% in the same period of 2012 and 7% in
the previous quarter.
For the full year ended December 31,
2013, general and administrative expenses were RMB646 million (US$107
million), representing a 13% increase from 2012. Excluding
share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 7% of the net revenues,
decreasing from 8% in 2012.
Income from operations for the fourth quarter of 2013 was
RMB183 million (US$30 million), representing an increase of 53%
from the same period in 2012 and a decrease of 39% from the
previous quarter. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB289 million (US$48
million), representing an increase of 24% from the same
period in 2012 and a decrease of 29% from the previous quarter.
For the full year ended December 31,
2013, income from operations was RMB838 million (US$139
million), representing an increase of 28% from 2012.
Excluding share-based compensation charges (non-GAAP), income from
operations was RMB1.3 billion
(US$211 million), increasing by 17%
from 2012.
Operating margin was 13% in the fourth quarter of 2013, compared
to 11% in the same period of 2012 and 19% in the previous quarter.
Excluding share-based compensation charges (non-GAAP), operating
margin was 20%, decreased from 21% in the same period of 2012 and
27% in the previous quarter.
For the full year ended December 31,
2013, operating margin was 16%, which remained consistent
with that in 2012. Excluding share-based compensation charges
(non-GAAP), operating margin was 24%, compared to 26% in 2012.
The effective tax rate for the fourth quarter of 2013 was 26%,
increased from 25% in the same period of 2012. The effective tax
rate for the fourth quarter increased from 22% from 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, 2013 was 26%, compared to 31% in
2012, primarily because Ctrip accrued the provision of 5% PRC
withholding tax related to the dividends that our PRC subsidiaries
would pay to our Hong Kong
subsidiary to fund the share repurchase program in 2012.
Net income attributable to Ctrip's shareholders for the fourth
quarter of 2013 was RMB261 million
(US$43 million), representing an
increase of 36% from the same period in 2012 and a decrease of 30%
from the previous quarter. Excluding share-based compensation
charges (non-GAAP), net income attributable to Ctrip's shareholders
was RMB368 million (US$61 million), representing an increase of 20%
from the same period in 2012 and a decrease of 24% from the
previous quarter.
For the full year ended December 31,
2013, net income attributable to Ctrip's shareholders was
RMB998 million (US$165 million), representing an increase of 40%
from 2012. Excluding share-based compensation charges (non-GAAP),
net income attributable to Ctrip's shareholders was RMB1.4 billion (US$237
million), representing an increase of 25% from 2012.
Diluted earnings per ADS were RMB1.68 (US$0.28)
for the fourth quarter of 2013. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB2.36 (US$0.39)
for the fourth quarter of 2013.
For the full year ended December 31,
2013, diluted earnings per ADS were RMB6.66 (US$1.10),
compared to RMB4.98 (US$0.80) in 2012. Excluding share-based
compensation charges (non-GAAP), diluted earnings per ADS were
RMB9.53 (US$1.57), compared to RMB7.97 (US$1.28)
in 2012.
As of December 31, 2013, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB11.5
billion (US$1.9 billion).
Business Outlook
For the first quarter of 2014, the Company expects to continue
the net revenue growth year-on-year at a rate of approximately
25-30%. 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
7:00PM U.S. Eastern Time on
February 12, 2014 (or 8:00AM on February 13,
2014 in the Shanghai / Hong
Kong Time) following the announcement.
The conference call will be available on Webcast live and replay
at: http://ir.ctrip.com. The call will be archived for one month at
this website.
The dial-in details for the live conference call: U.S. Toll Free
Number +1.877.299.4502, International dial-in number
+1.617.597.5442, Passcode 45211058#. For pre-registration, please
click
https://www.theconferencingservice.com/prereg/key.process?key=PH3V4TXXV.
A telephone replay of the call will be available after the
conclusion of the conference call until February 19, 2014. 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 84129925.
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, severe or prolonged
downturn in the global or Chinese economy, general declines or
disruptions in the travel industry, volatility in the trading price
of Ctrip's ADSs, Ctrip's reliance on its relationships and
contractual arrangements with travel suppliers and strategic
alliances, failure to 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, adverse changes in economic and political policies of
the PRC government, inflation in China, risks and uncertainties associated with
PRC laws and regulations with respect to the ownership structure of
Ctrip's affiliated Chinese entities and the contractual
arrangements among Ctrip, its affiliated Chinese entities and their
shareholders, and other risks outlined in Ctrip's filings with the
U.S. Securities and Exchange Commission, 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 2013 and 2012. 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, ticketing services, packaged
tours, and corporate travel management in China. Ctrip aggregates hotel and flight
information to enable business and leisure travellers to make
informed and cost-effective bookings. Ctrip also helps customers
book 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.
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Unaudited
Condensed Consolidated Balance Sheets
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2012
|
|
|
December
31, 2013
|
|
|
December
31, 2013
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
3,421,532,962
|
|
|
7,138,344,814
|
|
|
1,179,170,559
|
|
Restricted
cash
|
|
768,228,577
|
|
|
739,543,614
|
|
|
122,163,902
|
|
Short-term
investment
|
|
1,408,664,335
|
|
|
3,635,090,955
|
|
|
600,474,248
|
|
Accounts receivable,
net
|
|
983,804,403
|
|
|
1,518,230,029
|
|
|
250,793,734
|
|
Prepayments and other
current assets
|
|
999,148,710
|
|
|
1,237,530,956
|
|
|
204,425,551
|
|
Deferred tax assets,
current
|
|
61,840,526
|
|
|
96,979,500
|
|
|
16,019,872
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
7,643,219,513
|
|
|
14,365,719,868
|
|
|
2,373,047,866
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
210,618,310
|
|
|
559,185,652
|
|
|
92,370,889
|
|
Land use
rights
|
|
110,659,284
|
|
|
107,476,794
|
|
|
17,753,902
|
|
Property, equipment
and software
|
|
1,123,937,191
|
|
|
1,412,943,693
|
|
|
233,401,671
|
|
Investment
|
|
1,437,247,949
|
|
|
2,857,213,480
|
|
|
471,978,043
|
|
Goodwill
|
|
822,585,341
|
|
|
972,531,184
|
|
|
160,650,707
|
|
Intangible
assets
|
|
321,483,420
|
|
|
356,653,022
|
|
|
58,914,882
|
|
Other long-term
receviables
|
|
-
|
|
|
186,750,769
|
|
|
30,849,029
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
11,669,751,008
|
|
|
20,818,474,462
|
|
|
3,438,966,989
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
453,478,628
|
|
|
774,599,341
|
|
|
127,954,696
|
|
Accounts
payable
|
|
1,023,672,151
|
|
|
1,637,545,824
|
|
|
270,503,299
|
|
Salary and welfare
payable
|
|
229,969,924
|
|
|
257,641,763
|
|
|
42,559,387
|
|
Taxes
payable
|
|
216,456,010
|
|
|
315,299,656
|
|
|
52,083,793
|
|
Advances from
customers
|
|
1,414,865,769
|
|
|
2,451,931,450
|
|
|
405,030,221
|
|
Accrued liability for
customer reward program
|
|
217,548,153
|
|
|
284,668,935
|
|
|
47,023,958
|
|
Other payables and
accruals
|
|
354,153,607
|
|
|
646,321,729
|
|
|
106,764,744
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
3,910,144,242
|
|
|
6,368,008,698
|
|
|
1,051,920,098
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities, non-current
|
|
53,309,153
|
|
|
63,197,155
|
|
|
10,439,426
|
|
Long-term
Debt
|
|
1,121,418,000
|
|
|
5,657,182,650
|
|
|
934,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
5,084,871,395
|
|
|
12,088,388,503
|
|
|
1,996,859,524
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
Share
capital
|
|
2,979,144
|
|
|
3,033,490
|
|
|
501,097
|
|
Additional paid-in
capital
|
|
3,818,256,227
|
|
|
4,088,484,766
|
|
|
675,369,571
|
|
Statutory
reserves
|
|
103,222,512
|
|
|
118,449,230
|
|
|
19,566,419
|
|
Accumulated other
comprehensive (loss)/income
|
|
(58,778,675)
|
|
|
372,634,580
|
|
|
61,554,847
|
|
Retained
Earnings
|
|
4,515,841,767
|
|
|
5,498,934,733
|
|
|
908,359,306
|
|
Treasury
stock
|
|
(1,891,888,900)
|
|
|
(1,551,141,268)
|
|
|
(256,230,284)
|
|
|
|
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
6,489,632,075
|
|
|
8,530,395,531
|
|
|
1,409,120,956
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
95,247,538
|
|
|
199,690,428
|
|
|
32,986,509
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
6,584,879,613
|
|
|
8,730,085,959
|
|
|
1,442,107,465
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
11,669,751,008
|
|
|
20,818,474,462
|
|
|
3,438,966,989
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter Ended
|
|
December 31, 2012
|
September 30, 2013
|
December 31, 2013
|
December 31, 2013
|
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
reservation
|
|
468,304,604
|
|
|
610,653,418
|
|
|
642,014,733
|
|
|
106,053,279
|
|
Ticketing services
**
|
|
447,186,315
|
|
|
604,272,344
|
|
|
578,995,620
|
|
|
95,643,263
|
|
Packaged
tour
|
|
165,724,297
|
|
|
319,566,156
|
|
|
193,885,405
|
|
|
32,027,587
|
|
Corporate
travel
|
|
57,532,553
|
|
|
71,852,907
|
|
|
78,217,923
|
|
|
12,920,680
|
|
Others
|
|
28,546,319
|
|
|
34,141,394
|
|
|
34,858,565
|
|
|
5,758,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,167,294,088
|
|
|
1,640,486,219
|
|
|
1,527,972,246
|
|
|
252,403,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(65,938,822)
|
|
|
(99,510,607)
|
|
|
(87,566,153)
|
|
|
(14,464,898)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
1,101,355,266
|
|
|
1,540,975,612
|
|
|
1,440,406,093
|
|
|
237,938,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(284,704,746)
|
|
|
(379,121,709)
|
|
|
(394,362,609)
|
|
|
(65,144,062)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
816,650,520
|
|
|
1,161,853,903
|
|
|
1,046,043,484
|
|
|
172,794,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(264,099,634)
|
|
|
(335,461,829)
|
|
|
(332,873,022)
|
|
|
(54,986,706)
|
|
Sales and marketing
*
|
|
(280,764,753)
|
|
|
(354,501,850)
|
|
|
(376,172,398)
|
|
|
(62,139,253)
|
|
General and
administrative *
|
|
(151,879,211)
|
|
|
(172,348,825)
|
|
|
(154,055,198)
|
|
|
(25,448,106)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(696,743,598)
|
|
|
(862,312,504)
|
|
|
(863,100,618)
|
|
|
(142,574,065)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
119,906,922
|
|
|
299,541,399
|
|
|
182,942,866
|
|
|
30,220,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
***
|
|
38,828,870
|
|
|
56,207,564
|
|
|
70,556,062
|
|
|
11,655,031
|
|
Interest expense
***
|
|
(4,767,707)
|
|
|
(3,595,298)
|
|
|
(45,765,307)
|
|
|
(7,559,890)
|
|
Other
income
|
|
58,378,812
|
|
|
67,808,945
|
|
|
63,568,051
|
|
|
10,500,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense and equity in income
|
|
212,346,897
|
|
|
419,962,610
|
|
|
271,301,672
|
|
|
44,815,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(53,776,285)
|
|
|
(92,166,420)
|
|
|
(69,776,649)
|
|
|
(11,526,281)
|
|
Equity in income of
affiliates
|
|
4,265,040
|
|
|
24,740,697
|
|
|
35,251,442
|
|
|
5,823,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
162,835,652
|
|
|
352,536,887
|
|
|
236,776,465
|
|
|
39,112,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
29,716,374
|
|
|
20,450,829
|
|
|
24,702,936
|
|
|
4,080,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
192,552,026
|
|
|
372,987,716
|
|
|
261,479,401
|
|
|
43,193,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Ctrip's shareholders
|
|
197,932,727
|
|
|
443,127,464
|
|
|
648,352,184
|
|
|
107,100,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
5.96
|
|
|
11.34
|
|
|
7.78
|
|
|
1.29
|
|
- Diluted
|
|
5.51
|
|
|
9.74
|
|
|
6.74
|
|
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.49
|
|
|
2.84
|
|
|
1.95
|
|
|
0.32
|
|
- Diluted
|
|
1.38
|
|
|
2.44
|
|
|
1.68
|
|
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
32,282,299
|
|
|
32,887,276
|
|
|
33,605,765
|
|
|
33,605,765
|
|
- Diluted
|
|
35,719,079
|
|
|
38,745,348
|
|
|
39,290,366
|
|
|
39,290,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
35,881,144
|
|
|
34,621,728
|
|
|
34,188,328
|
|
|
5,647,509
|
|
Sales and
marketing
|
|
14,379,832
|
|
|
11,917,951
|
|
|
11,568,731
|
|
|
1,911,018
|
|
General and
administrative
|
|
63,478,526
|
|
|
62,359,499
|
|
|
60,517,724
|
|
|
9,996,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Ticketing services
revenues mainly represent revenues from reservations of air
tickets, railway tickets and other related services.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*** Interest expenses
have been reclassified from interest income with no effect on net
income or retained earnings.
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
December 31, 2012
|
December 31, 2013
|
December 31, 2013
|
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Hotel
reservation
|
|
1,702,500,571
|
|
|
2,214,170,887
|
|
|
365,754,974
|
|
Ticketing services
**
|
|
1,690,285,903
|
|
|
2,161,784,259
|
|
|
357,101,320
|
|
Packaged
tour
|
|
689,660,631
|
|
|
935,684,729
|
|
|
154,564,106
|
|
Corporate
travel
|
|
199,756,068
|
|
|
266,988,534
|
|
|
44,103,364
|
|
Others
|
|
126,989,085
|
|
|
138,388,653
|
|
|
22,860,177
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
4,409,192,258
|
|
|
5,717,017,062
|
|
|
944,383,941
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(250,401,009)
|
|
|
(330,271,520)
|
|
|
(54,556,968)
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
4,158,791,249
|
|
|
5,386,745,542
|
|
|
889,826,973
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(1,037,791,093)
|
|
|
(1,386,767,067)
|
|
|
(229,077,600)
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,121,000,156
|
|
|
3,999,978,475
|
|
|
660,749,373
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(911,904,722)
|
|
|
(1,245,719,192)
|
|
|
(205,778,151)
|
|
Sales and marketing
*
|
|
(984,002,165)
|
|
|
(1,269,412,720)
|
|
|
(209,692,043)
|
|
General and
administrative *
|
|
(570,487,457)
|
|
|
(646,404,879)
|
|
|
(106,778,479)
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(2,466,394,344)
|
|
|
(3,161,536,791)
|
|
|
(522,248,673)
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
654,605,812
|
|
|
838,441,684
|
|
|
138,500,700
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
***
|
|
176,192,796
|
|
|
200,068,533
|
|
|
33,048,967
|
|
Interest expense
***
|
|
(10,392,832)
|
|
|
(57,043,756)
|
|
|
(9,422,957)
|
|
Other
income
|
|
130,287,943
|
|
|
163,122,374
|
|
|
26,945,897
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense and equity in income
|
|
950,693,719
|
|
|
1,144,588,835
|
|
|
189,072,607
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(294,525,956)
|
|
|
(293,740,322)
|
|
|
(48,522,444)
|
|
Equity in income of
affiliates
|
|
34,343,000
|
|
|
55,554,072
|
|
|
9,176,879
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
690,510,763
|
|
|
906,402,585
|
|
|
149,727,042
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
23,895,101
|
|
|
91,917,099
|
|
|
15,183,623
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
714,405,864
|
|
|
998,319,684
|
|
|
164,910,665
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Ctrip's shareholders
|
|
828,093,466
|
|
|
1,429,732,939
|
|
|
236,175,056
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
20.87
|
|
|
30.34
|
|
|
5.01
|
|
- Diluted
|
|
19.92
|
|
|
26.63
|
|
|
4.40
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
5.22
|
|
|
7.58
|
|
|
1.25
|
|
- Diluted
|
|
4.98
|
|
|
6.66
|
|
|
1.10
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
34,236,761
|
|
|
32,905,601
|
|
|
32,905,601
|
|
- Diluted
|
|
36,090,785
|
|
|
38,069,841
|
|
|
38,069,841
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
132,583,177
|
|
|
138,668,196
|
|
|
22,906,354
|
|
Sales and
marketing
|
|
55,892,394
|
|
|
49,104,528
|
|
|
8,111,490
|
|
General and
administrative
|
|
243,245,751
|
|
|
250,156,753
|
|
|
41,322,952
|
|
|
|
|
|
|
|
|
|
|
|
** Ticketing services
revenues mainly represent revenues from reservations of air
tickets, railway tickets and other related services.
|
|
|
|
|
|
|
|
|
|
|
|
*** Interest expenses
have been reclassified from interest income with no effect on net
income or retained earnings.
|
|
|
|
Ctrip.com
International, Ltd.
|
|
|
|
|
|
|
|
|
Reconciliation
of GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
(In RMB, except %
and per share information)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2013
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(332,873,022)
|
23%
|
|
34,188,328
|
2%
|
|
(298,684,694)
|
21%
|
|
Sales and
marketing
|
(376,172,398)
|
26%
|
|
11,568,731
|
1%
|
|
(364,603,667)
|
25%
|
|
General and
administrative
|
(154,055,198)
|
11%
|
|
60,517,724
|
4%
|
|
(93,537,474)
|
6%
|
|
Total operating
expenses
|
(863,100,618)
|
60%
|
|
106,274,783
|
7%
|
|
(756,825,835)
|
53%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
182,942,866
|
13%
|
|
106,274,783
|
7%
|
|
289,217,649
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
261,479,401
|
18%
|
|
106,274,783
|
7%
|
|
367,754,184
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
6.74
|
|
|
2.70
|
|
|
9.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
1.68
|
|
|
0.68
|
|
|
2.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.28
|
|
|
0.11
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30, 2013
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(335,461,829)
|
22%
|
|
34,621,728
|
2%
|
|
(300,840,101)
|
20%
|
|
Sales and
marketing
|
(354,501,850)
|
23%
|
|
11,917,951
|
1%
|
|
(342,583,899)
|
22%
|
|
General and
administrative
|
(172,348,825)
|
11%
|
|
62,359,499
|
4%
|
|
(109,989,326)
|
7%
|
|
Total operating
expenses
|
(862,312,504)
|
56%
|
|
108,899,178
|
7%
|
|
(753,413,326)
|
49%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
299,541,399
|
19%
|
|
108,899,178
|
7%
|
|
408,440,577
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
372,987,716
|
24%
|
|
108,899,178
|
7%
|
|
481,886,894
|
31%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
9.74
|
|
|
2.81
|
|
|
12.55
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
2.44
|
|
|
0.70
|
|
|
3.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.40
|
|
|
0.11
|
|
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2012
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.0537 on December 31,
2013 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, 2013
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(1,245,719,192)
|
23%
|
|
138,668,196
|
3%
|
|
(1,107,050,996)
|
21%
|
|
Sales and
marketing
|
(1,269,412,720)
|
24%
|
|
49,104,528
|
1%
|
|
(1,220,308,192)
|
23%
|
|
General and
administrative
|
(646,404,879)
|
12%
|
|
250,156,753
|
5%
|
|
(396,248,126)
|
7%
|
|
Total operating
expenses
|
(3,161,536,791)
|
59%
|
|
437,929,477
|
8%
|
|
(2,723,607,314)
|
51%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
838,441,684
|
16%
|
|
437,929,477
|
8%
|
|
1,276,371,161
|
24%
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
998,319,684
|
19%
|
|
437,929,477
|
8%
|
|
1,436,249,161
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
26.63
|
|
|
11.50
|
|
|
38.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
6.66
|
|
|
2.87
|
|
|
9.53
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
1.10
|
|
|
0.47
|
|
|
1.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.0537 on December 31,
2013 published by the Federal Reserve Board.
|
|
SOURCE Ctrip.com International, Ltd.