SHANGHAI, March 19, 2015 /PRNewswire/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP), a leading travel service
provider of accommodation reservation, transportation ticketing,
packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today
announced its unaudited financial results for the fourth quarter
and the full year ended December 31,
2014.
Highlights for the Fourth Quarter of 2014
- Net revenues were RMB1.9 billion
(US$308 million) for the fourth
quarter of 2014, up 33% year-on-year, exceeding our net revenue
guidance of 30% increase year-on-year for the fourth quarter
2014.
- Accommodation reservation volume increased 53% year-on-year,
exceeding our guidance of 40-50% volume increase year-on-year, and
accommodation reservation revenues increased 31% year-on-year,
reaching RMB842 million (US$136 million) for the fourth quarter of
2014.
- Transportation ticketing volume increased 102% year-on-year,
exceeding our guidance of 55-65% volume increase year-on-year, and
transportation ticketing revenues increased 34% year-on-year,
reaching RMB774 million (US$125 million) for the fourth quarter of
2014.
- Gross margin was 69% for the fourth quarter of 2014, compared
to 73% in the same period in 2013, and 72% in the previous
quarter.
- Net Loss attributable to Ctrip's shareholders was RMB224 million (US$36
million) for the fourth quarter of 2014, compared to net
income attributable to Ctrip's shareholders of RMB261 million (US$43
million) in the same period in 2013. Excluding share-based
compensation charges (non-GAAP), net loss attributable to Ctrip's
shareholders was RMB98 million
(US$16 million), compared to net
income attributable to Ctrip's shareholders of RMB368 million (US$61
million) in the same period in 2013.
- Diluted earnings per ADS were RMB-1.60 (US$-0.26)
for the fourth quarter of 2014. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB-0.70 (US$-0.11)
for the fourth quarter of 2014.
- Share-based compensation charges were RMB127 million (US$20
million), accounting for 7% of the net revenues, or
RMB0.90 (US$0.15) per ADS for the fourth quarter of
2014.
Highlights for the Full Year 2014
- Net revenues were RMB7.3 billion
(US$1.2 billion) in 2014, up 36%
year-on-year.
- Accommodation reservation volume increased 63% year-on-year, and accommodation
reservation revenues increased 45% year-on-year, reaching
RMB3.2 billion (US$516 million) in 2014.
- Transportation ticketing volume increased 90% year-on-year, and
transportation ticketing revenues increased 36% year-on-year,
reaching RMB3.0 billion (US$475 million) in 2014.
- Gross margin was 71% in 2014, compared to 74% in 2013.
- Net income attributable to Ctrip's shareholders was
RMB243 million (US$39 million) in 2014, down 76% year-on-year.
Excluding share-based compensation charges (non-GAAP), net income
attributable to Ctrip's shareholders was RMB739 million (US$119
million), down 49% year-on-year.
- Diluted earnings per ADS were RMB1.59 (US$0.26)
in 2014. Excluding share-based compensation charges (non-GAAP),
diluted earnings per ADS were RMB4.84
(US$0.78) in 2014.
- Share-based compensation charges were RMB497 million (US$80
million), accounting for 7% of the net revenues, or
RMB3.25 (US$0.52) per ADS in 2014.
"In the fourth quarter of 2014, our main business lines
demonstrated strong momentum," said
James Liang, Chairman of the Board
and Chief Executive Officer of Ctrip. "Accommodation reservation
and transportation ticketing services reached 53% and 102%
year-over-year volume growth respectively. Total GMV of packaged
tour business reached RMB13 billion
in 2014. Our new initiatives have
propelled the expansion in our market share. Cumulative mobile app
downloads reached nearly 600 million by the end of the year,
growing over 70% from the previous quarter. Over 70% of
transactions were made through mobile platforms during the
Chinese New Year holiday. 2015 could
be another exciting year. We will continue to focus on technology,
service quality and efficiency, product comprehensiveness and price
competitiveness, to create greater value for our customers, our
partners, our employees and ultimately, our investors."
Fourth Quarter and Full Year 2014 Financial Results and
Business Updates
For the fourth quarter of 2014, Ctrip reported total revenues of
RMB2.0 billion (US$326 million), representing a 32% increase from
the same period in 2013. Total revenues for the fourth quarter of
2014 decreased by 11% from the previous quarter.
For the full year ended December 31,
2014, total revenues were RMB7.8
billion (US$1.3 billion),
representing a 36% increase from 2013.
Accommodation reservation revenues amounted to RMB842 million (US$136
million) for the fourth quarter of 2014, representing a 31%
increase year-on-year, primarily driven by an increase of 53% in
accommodation reservation volume, partially offset by the decrease
of commission per room night. Accommodation reservation revenues
decreased by 11% quarter-on-quarter.
For the full year ended December 31,
2014, accommodation reservation revenues were RMB3.2 billion (US$516
million), representing a 45% increase from 2013. The hotel
reservation revenues accounted for 41% of the total revenues in
2014 and 39% of the total revenue in 2013.
Transportation ticketing revenues for the fourth quarter of 2014
were RMB774 million (US$125 million), representing a 34% increase
year-on-year, driven by an increase of 102% in ticketing volume.
Transportation ticketing revenues decreased by 3%
quarter-on-quarter.
For the full year ended December 31,
2014, transportation ticketing reservation revenues were
RMB3.0 billion (US$475 million), representing a 36% increase from
2013. The transportation ticketing revenues accounted for 38% of
the total revenues in 2014 and 2013.
Packaged-tour revenues for the fourth quarter of 2014 were
RMB233 million (US$38 million), representing a 20% increase
year-on-year, driven by an increase of 54% in volume of organized
tours and self-guided tours. Packaged-tour revenues decreased by
35% quarter-on-quarter, primarily due to seasonality.
For the full year ended December 31,
2014, packaged-tour reservation revenues were RMB1.1 billion (US$170
million), representing a 13% increase from 2013. The
packaged-tour reservation revenues accounted for 14% of the total
revenues in 2014 and 16% of the total revenues in 2013.
Corporate travel revenues for the fourth quarter of 2014 were
RMB108 million (US$17 million), representing a 38% increase
year-on-year, primarily driven by the increased corporate travel
demand from business activities. Corporate travel revenues
increased by 4% quarter-on-quarter.
For the full year ended December 31,
2014, corporate travel revenues were RMB373 million (US$60
million), representing a 40% increase from 2013. The
corporate travel reservation revenues accounted for 5% of the total
revenues in 2014 and 2013.
For the fourth quarter of 2014, net revenues were RMB1.9 billion (US$308
million), representing a 33% increase from the same period
in 2013. Net revenues for the fourth quarter of 2014 decreased by
10% from the previous quarter.
For the full year ended December 31,
2014, net revenues were RMB7.3
billion (US$1.2 billion),
representing a 36% increase from 2013.
Gross margin was 69% for the fourth quarter of 2014, compared to
73% in the same period in 2013 and 72% in the previous quarter.
For the full year ended December 31,
2014, gross margin was 71%, compared to 74% in 2013.
Product development expenses for the fourth quarter of 2014
increased by 137% to RMB789 million
(US$127 million) from the same period
in 2013 and 29% from the previous quarter, primarily due to an
increase in product development personnel related expenses.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 39% of the net revenues,
increased from 21% in the same period in 2013 and 26% in the
previous quarter.
For the full year ended December 31,
2014, product development expenses were RMB2.3 billion (US$374
million), representing an increase of 86% from 2013.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 29% of the net revenues,
increased from 21% in 2013.
Sales and marketing expenses for the fourth quarter of 2014
increased by 88% to RMB707 million
(US$114 million) from the same period
in 2013 and increased by 18% 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 36% of the net revenues, increased
from 25% in the same period in 2013 and 27% in the previous
quarter.
For the full year ended December 31,
2014, sales and marketing expenses were RMB2.2 billion (US$357
million), representing an increase of 74% from 2013.
Excluding share-based compensation charges (non-GAAP), sales and
marketing expenses accounted for 29% of the net revenues, increased
from 23% in 2013.
General and administrative expenses for the fourth quarter of
2014 increased by 52% to RMB234
million (US$38 million) from
the same period in 2013, primarily due to an increase in
administrative personnel related expenses. General and
administrative expenses for the fourth quarter of 2014 decreased by
3% from the previous quarter. Excluding share-based compensation
charges (non-GAAP), general and administrative expenses accounted
for 9% of the net revenues, increased from 6% in the same period in
2013 and 8% in the previous quarter.
For the full year ended December 31,
2014, general and administrative expenses were RMB862 million (US$139
million), representing an increase of 33% from 2013.
Excluding share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 8% of the net revenues,
increased from 7% in 2013.
Loss from operations for the fourth quarter of 2014 was
RMB401 million (US$65 million), compared to income from
operations of RMB183 million
(US$30 million) in the same period in
2013 and RMB88 million (US$14 million) in the previous quarter. Excluding
share-based compensation charges (non-GAAP), loss from operations
was RMB274 million (US$44 million), compared to income from
operations of RMB289 million
(US$48 million) in the same period in
2013 and RMB225 million (US$37 million) in the previous quarter.
For the full year ended December 31,
2014, loss from operations was RMB151
million (US$24 million),
compared to income from operations of RMB838
million (US$139 million) in
2013. Excluding share-based compensation charges (non-GAAP),
income from operations was RMB346
million (US$56 million),
decreasing by 73% from 2013.
Operating margin was -21% for the fourth quarter of 2014,
compared to 13% in the same period in 2013, and 4% in the previous
quarter. Excluding share-based compensation charges (non-GAAP),
operating margin was -14%, compared to 20% in the same period in
2013 and 11% in the previous quarter.
For the full year ended December 31,
2014, operating margin was -2%, compared to 16% in 2013.
Excluding share-based compensation charges (non-GAAP), operating
margin was 5%, compared to 24% in 2013.
Income tax benefit for the fourth quarter of 2014 was
RMB13 million (US$2 million), compared to income tax expense of
RMB70 million (US$12 million) in the same period of 2013 and
RMB50 million (US$8 million) in the previous quarter.
Income tax expense for the full year ended December 31, 2014 was RMB131 million (US$21
million), compared to RMB294
million (US$49 million) in
2013.
Net loss attributable to Ctrip's shareholders for the fourth
quarter of 2014 was RMB224 million
(US$36 million), compared to net
income attributable to Ctrip's shareholders of RMB261 million (US$43
million) in the same period in 2013 and RMB217 million (US$35
million) in the previous quarter. Excluding share-based
compensation charges (non-GAAP), net loss attributable to Ctrip's
shareholders was RMB98 million
(US$16 million), compared to net
income attributable to Ctrip's shareholders of RMB368 million (US$61
million) in the same period in 2013 and RMB354 million (US$58
million) in the previous quarter.
For the full year ended December 31,
2014, net income attributable to Ctrip's shareholders was
RMB243 million (US$39 million), representing a decrease of 76%
from 2013. Excluding share-based compensation charges (non-GAAP),
net income attributable to Ctrip's shareholders was RMB739 million (US$119
million), representing a decrease of 49% from 2013.
Diluted earnings per ADS were RMB-1.60 (US$-0.26)
for the fourth quarter of 2014. Excluding share-based compensation
charges (non-GAAP), diluted earnings per ADS were RMB-0.70 (US$-0.11)
for the fourth quarter of 2014.
For the full year ended December 31,
2014, diluted earnings per ADS were RMB1.59 (US$0.26),
compared to RMB6.66 (US$1.10) in 2013. Excluding share-based
compensation charges (non-GAAP), diluted earnings per ADS were
RMB4.84 (US$0.78), compared to RMB9.53 (US$1.57)
in 2013.
As of December 31, 2014, the
balance of cash and cash equivalents, restricted cash and
short-term investment was RMB12.6 billion
(US$2.0 billion).
Recent Development
In the first quarter 2015, Ctrip
established Beijing Joint Wisdom Information Technology Co., Ltd.
(Joint Wisdom) by merging several key subsidiaries, including
Brandwisdom.cn, China's leading
company providing hotel big data mining and other value-added
services, with Ctrip Beijing China Software Hotel Information
System Co., Ltd., China's one of
the leading property management system providers. With the combined
strength, Joint Wisdom is providing the full set of property
management system solutions to cover about 60,000 hotels in
China, ranging from hostels to
high star ones.
Joint Wisdom has integrated big data
and cloud-based technology in three segments: software, information
stream and data intelligence products. Utilizing these tools to
meet the diverse needs of hotel's brand, operation and revenue
management, Joint Wisdom effectively enables hotels to realize the
potential of data-enabled operations. By providing hotels the
complete solutions to improve operating efficiency, Joint Wisdom
will ultimately create more value for both hotels and the travel
industry as a whole.
Senior Management Promotion
In March, 2015, Ctrip announced that Ms. Jane Jie Sun, Chief Operating Officer of the
Company since May 2012 and Chief
Financial Officer of the Company from December 2005 to May
2012, to be promoted and concurrently serve as Co-President
and Chief Operating Officer of the Company, effective immediately.
Ms. Sun has made significant contributions in building Ctrip into a
leading internet travel company since she joined Ctrip over nine
years ago. With an ongoing focus on business operations, Ms. Sun
will work closely with the other core management team and bring the
Company to the next level of success.
Business Outlook
For the first quarter of 2015, the Company expects to continue
the net revenue growth year-on-year at a rate of approximately
40-50%. This forecast reflects
Ctrip's current and preliminary view, which is subject to
change.
Conference Call
Ctrip's management team will host a conference call at
8:00PM U.S. Eastern Time on
March 19, 2015 (or 8:00AM on March 20,
2015 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 +1.800.219.3192, International dial-in number
+1.617.597.5412, Passcode 730 403 40#. For pre-registration, please
click:
https://www.theconferencingservice.com/prereg/key.process?key=PGGXEUL3M.
A telephone replay of the call will be available after the
conclusion of the conference call until March 27, 2015. 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 46822013.
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 2014 and 2013. 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 accommodation reservation, transportation ticketing,
packaged tours, and corporate travel management in China. It is the largest online consolidator
of accommodations and transportation tickets in China in terms of transaction volume. Ctrip
aggregates comprehensive travel related information and offers its
services through an advanced transaction and service platform
consisting of its mobile apps, Internet websites and centralized,
toll-free, 24-hour customer service center. Ctrip enables business
and leisure travelers to make informed and cost-effective bookings.
It also helps customers book vacation packages and guided tours. In
addition, through its corporate travel management services, Ctrip
helps 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 12229
Email: iremail@ctrip.com
Ctrip.com
International, Ltd.
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013
|
|
|
December 31, 2014
|
|
|
December 31, 2014
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
7,138,344,814
|
|
|
5,300,887,799
|
|
|
854,348,032
|
Restricted
cash
|
|
739,543,614
|
|
|
836,394,951
|
|
|
134,802,397
|
Short-term
investment
|
|
3,635,090,955
|
|
|
6,438,854,587
|
|
|
1,037,754,986
|
Accounts receivable,
net
|
|
1,518,230,029
|
|
|
1,826,765,949
|
|
|
294,421,228
|
Prepayments and other
current assets
|
|
1,237,530,956
|
|
|
2,480,276,272
|
|
|
399,747,973
|
Deferred tax assets,
current
|
|
96,979,500
|
|
|
193,503,366
|
|
|
31,187,082
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
14,365,719,868
|
|
|
17,076,682,924
|
|
|
2,752,261,698
|
|
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
559,185,652
|
|
|
306,661,011
|
|
|
49,424,783
|
Land use
rights
|
|
107,476,794
|
|
|
104,568,868
|
|
|
16,853,442
|
Property, equipment
and software
|
|
1,412,943,693
|
|
|
5,220,626,461
|
|
|
841,412,252
|
Investment
|
|
2,857,213,480
|
|
|
5,318,756,447
|
|
|
857,227,935
|
Goodwill
|
|
972,531,184
|
|
|
1,892,507,708
|
|
|
305,016,876
|
Intangible
assets
|
|
356,653,022
|
|
|
668,202,371
|
|
|
107,694,673
|
Other long-term
receviables
|
|
186,750,769
|
|
|
702,911,223
|
|
|
113,288,725
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
20,818,474,462
|
|
|
31,290,917,013
|
|
|
5,043,180,384
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term Debt
*
|
|
774,599,341
|
|
|
3,560,488,641
|
|
|
573,846,604
|
Accounts
payable
|
|
1,637,545,824
|
|
|
2,304,111,525
|
|
|
371,355,369
|
Salary and welfare
payable
|
|
257,641,763
|
|
|
525,157,105
|
|
|
84,639,961
|
Taxes
payable
|
|
315,299,656
|
|
|
339,452,319
|
|
|
54,709,783
|
Advances from
customers
|
|
2,451,931,450
|
|
|
3,937,477,522
|
|
|
634,606,183
|
Accrued liability for
customer reward program
|
|
284,668,935
|
|
|
430,852,908
|
|
|
69,440,884
|
Other payables and
accruals
|
|
646,321,729
|
|
|
1,617,162,761
|
|
|
260,639,325
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
6,368,008,698
|
|
|
12,714,702,781
|
|
|
2,049,238,109
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities,
non-current
|
|
63,197,155
|
|
|
132,506,644
|
|
|
21,356,194
|
Long-term
Debt
|
|
5,657,182,650
|
|
|
8,065,980,000
|
|
|
1,300,000,000
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
12,088,388,503
|
|
|
20,913,189,425
|
|
|
3,370,594,303
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Share
capital
|
|
3,033,490
|
|
|
3,085,272
|
|
|
497,256
|
Additional paid-in
capital
|
|
4,088,484,766
|
|
|
4,828,021,816
|
|
|
778,135,870
|
Statutory
reserves
|
|
118,449,230
|
|
|
134,098,747
|
|
|
21,612,795
|
Accumulated other
comprehensive income
|
|
372,634,580
|
|
|
443,579,376
|
|
|
71,492,018
|
Retained
Earnings
|
|
5,498,934,733
|
|
|
5,726,024,997
|
|
|
922,867,711
|
Treasury
stock
|
|
(1,551,141,268)
|
|
|
(1,605,630,913)
|
|
|
(258,780,729)
|
|
|
|
|
|
|
|
|
|
Total Ctrip's
shareholders' equity
|
|
8,530,395,531
|
|
|
9,529,179,295
|
|
|
1,535,824,921
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
199,690,428
|
|
|
848,548,293
|
|
|
136,761,160
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
8,730,085,959
|
|
|
10,377,727,588
|
|
|
1,672,586,081
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
20,818,474,462
|
|
|
31,290,917,013
|
|
|
5,043,180,384
|
|
|
|
|
|
|
|
|
|
* Short-term Debt
represents short-term borrowings from commercial banks and
Convertible Senior Notes which may be redemeed within one
year
|
Ctrip.com
International, Ltd.
|
Unaudited
Condensed Consolidated Statements of Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter Ended
|
December 31, 2013
|
September 30, 2014
|
December 31, 2014
|
December 31, 2014
|
RMB
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation **
|
|
642,014,733
|
|
|
950,299,334
|
|
|
841,899,849
|
|
|
135,689,625
|
Transportation
ticketing ***
|
|
578,995,620
|
|
|
799,796,927
|
|
|
773,696,894
|
|
|
124,697,304
|
Packaged
tour
|
|
193,885,405
|
|
|
357,643,161
|
|
|
233,363,600
|
|
|
37,611,385
|
Corporate
travel
|
|
78,217,923
|
|
|
103,858,502
|
|
|
108,149,606
|
|
|
17,430,552
|
Others
|
|
34,858,565
|
|
|
47,873,735
|
|
|
63,296,892
|
|
|
10,201,607
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
1,527,972,246
|
|
|
2,259,471,659
|
|
|
2,020,406,841
|
|
|
325,630,473
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: business tax
and related surcharges
|
|
(87,566,153)
|
|
|
(129,901,116)
|
|
|
(107,108,067)
|
|
|
(17,262,687)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
1,440,406,093
|
|
|
2,129,570,543
|
|
|
1,913,298,774
|
|
|
308,367,786
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(394,362,609)
|
|
|
(588,980,230)
|
|
|
(583,612,903)
|
|
|
(94,061,326)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
1,046,043,484
|
|
|
1,540,590,313
|
|
|
1,329,685,871
|
|
|
214,306,460
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(332,873,022)
|
|
|
(612,245,503)
|
|
|
(789,187,599)
|
|
|
(127,193,953)
|
Sales and marketing
*
|
|
(376,172,398)
|
|
|
(598,185,788)
|
|
|
(707,201,365)
|
|
|
(113,980,170)
|
General and
administrative *
|
|
(154,055,198)
|
|
|
(241,916,476)
|
|
|
(234,203,387)
|
|
|
(37,746,734)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
(863,100,618)
|
|
|
(1,452,347,767)
|
|
|
(1,730,592,351)
|
|
|
(278,920,857)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
|
182,942,866
|
|
|
88,242,546
|
|
|
(400,906,480)
|
|
|
(64,614,397)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
****
|
|
70,556,062
|
|
|
71,980,305
|
|
|
57,159,146
|
|
|
9,212,382
|
Interest expense
****
|
|
(45,765,307)
|
|
|
(45,175,681)
|
|
|
(50,487,030)
|
|
|
(8,137,032)
|
Other income
|
|
63,568,051
|
|
|
107,538,979
|
|
|
45,500,152
|
|
|
7,333,293
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) before
income tax expense and equity in income
|
|
271,301,672
|
|
|
222,586,149
|
|
|
(348,734,212)
|
|
|
(56,205,754)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
(expense)/benefit
|
|
(69,776,649)
|
|
|
(50,423,327)
|
|
|
13,379,084
|
|
|
2,156,317
|
Equity in income of
affiliates
|
|
35,251,442
|
|
|
16,323,840
|
|
|
38,233,823
|
|
|
6,162,174
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
236,776,465
|
|
|
188,486,662
|
|
|
(297,121,305)
|
|
|
(47,887,263)
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
24,702,936
|
|
|
28,437,892
|
|
|
72,696,599
|
|
|
11,716,565
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Ctrip's shareholders
|
|
261,479,401
|
|
|
216,924,554
|
|
|
(224,424,706)
|
|
|
(36,170,698)
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to Ctrip's shareholders
|
|
648,352,184
|
|
|
555,939,645
|
|
|
(322,594,544)
|
|
|
(51,992,803)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
7.78
|
|
|
6.35
|
|
|
(6.41)
|
|
|
(1.03)
|
- Diluted
|
|
6.74
|
|
|
5.51
|
|
|
(6.41)
|
|
|
(1.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.95
|
|
|
1.59
|
|
|
(1.60)
|
|
|
(0.26)
|
- Diluted
|
|
1.68
|
|
|
1.38
|
|
|
(1.60)
|
|
|
(0.26)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
33,605,765
|
|
|
34,166,995
|
|
|
35,032,648
|
|
|
35,032,648
|
- Diluted
|
|
39,290,366
|
|
|
39,905,707
|
|
|
35,032,648
|
|
|
35,032,648
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
34,188,328
|
|
|
48,049,514
|
|
|
50,677,920
|
|
|
8,167,798
|
Sales and
marketing
|
|
11,568,731
|
|
|
14,630,609
|
|
|
15,049,518
|
|
|
2,425,542
|
General and
administrative
|
|
60,517,724
|
|
|
74,373,595
|
|
|
60,880,262
|
|
|
9,812,117
|
|
|
|
|
|
|
|
|
|
|
|
|
** Accommodation
reservation revenues mainly represent revenues from reservations of
hotels, hostels, vacation rentals and other accommodation related
services.
|
|
|
|
|
|
|
*** Transportation
ticketing revenues mainly represent revenues from reservations of
air tickets, railway tickets and other transportation related
services.
|
|
|
|
|
|
|
**** Interest
expenses are separately presented and have been reclassified from
interest income, net 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, 2014
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
(789,187,599)
|
41%
|
|
50,677,920
|
3%
|
|
(738,509,679)
|
39%
|
|
Sales and
marketing
|
(707,201,365)
|
37%
|
|
15,049,518
|
1%
|
|
(692,151,847)
|
36%
|
|
General and administrative
|
(234,203,387)
|
12%
|
|
60,880,262
|
3%
|
|
(173,323,125)
|
9%
|
|
Total operating
expenses
|
(1,730,592,351)
|
90%
|
|
126,607,700
|
7%
|
|
(1,603,984,651)
|
84%
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
(400,906,480)
|
-21%
|
|
126,607,700
|
7%
|
|
(274,298,780)
|
-14%
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) attributable to
Ctrip's shareholders
|
(224,424,706)
|
-12%
|
|
126,607,700
|
7%
|
|
(97,817,006)
|
-5%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
(6.41)
|
|
|
3.61
|
|
|
(2.80)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
(1.60)
|
|
|
0.90
|
|
|
(0.70)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
(0.26)
|
|
|
0.15
|
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
September 30, 2014
|
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(612,245,503)
|
29%
|
|
48,049,514
|
2%
|
|
(564,195,989)
|
26%
|
|
Sales and
marketing
|
(598,185,788)
|
28%
|
|
14,630,609
|
1%
|
|
(583,555,179)
|
27%
|
|
General and
administrative
|
(241,916,476)
|
11%
|
|
74,373,595
|
3%
|
|
(167,542,881)
|
8%
|
|
Total operating
expenses
|
(1,452,347,767)
|
68%
|
|
137,053,718
|
6%
|
|
(1,315,294,049)
|
62%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
88,242,546
|
4%
|
|
137,053,718
|
6%
|
|
225,296,264
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Ctrip's shareholders
|
216,924,554
|
10%
|
|
137,053,718
|
6%
|
|
353,978,272
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ordinary share (RMB)
|
5.51
|
|
|
3.43
|
|
|
8.94
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (RMB)
|
1.38
|
|
|
0.86
|
|
|
2.24
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.22
|
|
|
0.14
|
|
|
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.2046 on December 31,
2014 published by the Federal Reserve Board.
|
Ctrip.com
International, Ltd.
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
Year
Ended
|
|
|
Year
Ended
|
December 31, 2013
|
December 31, 2014
|
December 31, 2014
|
RMB
|
RMB
|
USD
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
Hotel reservation
|
|
2,214,170,887
|
|
|
3,201,426,933
|
|
|
515,976,362
|
Ticketing services **
|
|
2,161,784,259
|
|
|
2,950,072,484
|
|
|
475,465,378
|
Packaged
tour
|
|
935,684,729
|
|
|
1,055,369,205
|
|
|
170,094,640
|
Corporate
travel
|
|
266,988,534
|
|
|
373,407,012
|
|
|
60,182,286
|
Others
|
|
138,388,653
|
|
|
192,281,473
|
|
|
30,990,148
|
|
|
|
|
|
|
|
|
|
Total
revenues
|
|
5,717,017,062
|
|
|
7,772,557,107
|
|
|
1,252,708,814
|
|
|
|
|
|
|
|
|
|
Less: business
tax and related surcharges
|
|
(330,271,520)
|
|
|
(425,638,738)
|
|
|
(68,600,512)
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
5,386,745,542
|
|
|
7,346,918,369
|
|
|
1,184,108,302
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(1,386,767,067)
|
|
|
(2,100,606,413)
|
|
|
(338,556,299)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,999,978,475
|
|
|
5,246,311,956
|
|
|
845,552,003
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(1,245,719,192)
|
|
|
(2,321,348,753)
|
|
|
(374,133,506)
|
Sales and marketing
*
|
|
(1,269,412,720)
|
|
|
(2,214,209,719)
|
|
|
(356,865,828)
|
General and administrative *
|
|
(646,404,879)
|
|
|
(861,550,628)
|
|
|
(138,856,756)
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(3,161,536,791)
|
|
|
(5,397,109,100)
|
|
|
(869,856,090)
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
|
838,441,684
|
|
|
(150,797,144)
|
|
|
(24,304,087)
|
|
|
|
|
|
|
|
|
|
Interest income
***
|
|
200,068,533
|
|
|
304,583,544
|
|
|
49,089,956
|
Interest expense
***
|
|
(57,043,756)
|
|
|
(162,354,675)
|
|
|
(26,166,824)
|
Other
income
|
|
163,122,374
|
|
|
144,006,435
|
|
|
23,209,624
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense and equity in income
|
|
1,144,588,835
|
|
|
135,438,160
|
|
|
21,828,669
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(293,740,322)
|
|
|
(130,821,156)
|
|
|
(21,084,543)
|
Equity in income of
affiliates
|
|
55,554,072
|
|
|
87,005,341
|
|
|
14,022,716
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
906,402,585
|
|
|
91,622,345
|
|
|
14,766,842
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to noncontrolling interests
|
|
91,917,099
|
|
|
151,117,436
|
|
|
24,355,710
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
|
998,319,684
|
|
|
242,739,781
|
|
|
39,122,552
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to Ctrip's shareholders
|
|
1,429,732,939
|
|
|
313,684,577
|
|
|
50,556,777
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
- Basic
|
|
30.34
|
|
|
7.08
|
|
|
1.14
|
- Diluted
|
|
26.63
|
|
|
6.35
|
|
|
1.02
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
- Basic
|
|
7.58
|
|
|
1.77
|
|
|
0.29
|
- Diluted
|
|
6.66
|
|
|
1.59
|
|
|
0.26
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
- Basic
|
|
32,905,601
|
|
|
34,289,170
|
|
|
34,289,170
|
- Diluted
|
|
38,069,841
|
|
|
38,207,858
|
|
|
38,207,858
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation charges included are as follows:
|
|
|
|
|
|
|
|
|
Product
development
|
|
138,668,196
|
|
|
184,664,576
|
|
|
29,762,527
|
Sales and
marketing
|
|
49,104,528
|
|
|
54,391,508
|
|
|
8,766,320
|
General and administrative
|
|
250,156,753
|
|
|
257,587,405
|
|
|
41,515,554
|
|
|
|
|
|
|
|
|
|
** Ticketing services
revenues mainly represent revenues from reservations of air
tickets, railway tickets and other related services.
|
|
*** Interest expenses
are separately presented and have been reclassified from interest
income, net 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2014
|
|
GAAP
Result
|
% of Net
Revenues
|
|
Share-based
Compensation
|
% of Net
Revenues
|
|
Non-GAAP
Result
|
% of Net
Revenues
|
|
|
|
|
|
|
|
|
|
Product development
|
(2,321,348,753)
|
32%
|
|
184,664,576
|
3%
|
|
(2,136,684,177)
|
29%
|
Sales and
marketing
|
(2,214,209,719)
|
30%
|
|
54,391,508
|
1%
|
|
(2,159,818,211)
|
29%
|
General
and administrative
|
(861,550,628)
|
12%
|
|
257,587,405
|
4%
|
|
(603,963,223)
|
8%
|
Total operating expenses
|
(5,397,109,100)
|
73%
|
|
496,643,489
|
7%
|
|
(4,900,465,611)
|
67%
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
(150,797,144)
|
-2%
|
|
496,643,489
|
7%
|
|
345,846,345
|
5%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
242,739,781
|
3%
|
|
496,643,489
|
7%
|
|
739,383,270
|
10%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
6.35
|
|
|
13.00
|
|
|
19.35
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per ADS (RMB)
|
1.59
|
|
|
3.25
|
|
|
4.84
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.26
|
|
|
0.52
|
|
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.2046 on December 31,
2014 published by the Federal Reserve Board.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-fourth-quarter-and-full-year-2014-financial-results-300053229.html
SOURCE Ctrip.com International, Ltd.