SHANGHAI, May 22, 2019 /PRNewswire/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP) ("Ctrip" or the "Company"), a
leading provider of online travel and related services, including
accommodation reservation, transportation ticketing, packaged tours
and in-destination services, corporate travel management, and other
travel-related services, today announced its unaudited financial
results for the first quarter ended March
31, 2019.
Key Highlights for the First Quarter of 2019
- Ctrip reported strong financial results for the first quarter
of 2019.
- Net revenue increased by 21% year-over-year to RMB8.2 billion (US$1.2
billion) in the first quarter of 2019.
- Income from operations increased by 50% year-over-year to
RMB885 million (US$132 million). Excluding share-based
compensation charges, non-GAAP income from operations increased by
42% year-over-year to RMB1.4 billion
(US$204 million) in the first quarter
of 2019.
- Ctrip's international businesses sustained robust growth
momentum.
- Skyscanner's direct booking program continued its strong
momentum, having achieved approximately 250% growth in bookings
year-over-year in the first quarter of 2019.
- The growth rate of the international hotel business and
international air business (excluding the Skyscanner business) in
the first quarter of 2019 more than doubled that of the
China outbound traffic growth in
the same period.
- In the first quarter of 2019, revenue generated from
international business accounted for approximately 35% of total
revenue.
- Ctrip increased its presence in lower-tier cities in
China.
- Ctrip branded low-star hotel room-nights increased approximately
60% year-over-year in the first quarter of 2019.
- Gross merchandise value, or GMV, of the offline stores
experienced triple-digit year-over-year growth in the first quarter
of 2019.
"Ctrip delivered solid results in the first quarter of 2019. We
are seeing both healthy revenue growth and non-GAAP operating
margin expansion," said Jane Sun,
Chief Executive Officer. "Not only do we listen to our customers,
we also lead the market as new opportunities emerge. We align our
strategy in a prudent manner to suit the market. The great results
reflect our determination to create the best travel experience
through Ctrip's one-stop travel platform in the world."
"We are pleased that our first quarter results reflected our
faith in the outlook of the travel industry in China as well as our own ability to execute
and embrace the changes in this industry," said James Liang, Executive Chairman. "We primarily
empower our growth organically and create long-term value to
stakeholders, focusing on expanding customer base and deepening
user engagement. We also have achieved an excellent record of
global strategic investments and collaborations. We are excited
about our recent MakeMyTrip investment and look forward to
achieving greater success and creating more value to our
shareholders in the future."
First Quarter of 2019 Financial Results and Business
Updates
For the first quarter of 2019, Ctrip reported net revenue of
RMB8.2 billion (US$1.2 billion), representing a 21% increase from
the same period in 2018. Net revenue for the first quarter of 2019
increased by 8% from the previous quarter, primarily due to
seasonality.
Accommodation reservation revenue for the first quarter of 2019
was RMB3.0 billion (US$450 million), representing a 21% increase from
the same period in 2018, primarily driven by an increase in
accommodation reservation volume. Accommodation reservation revenue
for the first quarter of 2019 increased by 14% from the previous
quarter, primarily due to seasonality.
Transportation ticketing revenue for the first quarter of 2019
was RMB3.4 billion (US$500 million), representing a 16% increase from
the same period in 2018, primarily driven by an increase in
ticketing volume. Transportation ticketing revenue for the first
quarter of 2019 decreased by 2% from the previous quarter.
Packaged-tour revenue for the first quarter of 2019 was
RMB1.0 billion (US$156 million), representing a 25% increase from
the same period in 2018, primarily driven by an increase in volume
of organized tours and customized tours. Packaged-tour revenue for
the first quarter of 2019 increased by 45% from the previous
quarter, primarily due to seasonality.
Corporate travel revenue for the first quarter of 2019 was
RMB238 million (US$35 million), representing a 32% increase from
the same period in 2018, primarily driven by expansion in travel
product coverage. Corporate travel revenue for the first quarter of
2019 decreased by 15% from the previous quarter, primarily due to
seasonality.
Gross margin was 79% for the first quarter of 2019, compared to
82% in the same period in 2018, and remained consistent with that
for the previous quarter.
Product development expenses for the first quarter of 2019
increased by 18% to RMB2.5 billion
(US$379 million) from the same period
in 2018, primarily due to an increase in product development
personnel related expenses. Product development expenses decreased
by 6% from the previous quarter, primarily due to a decrease in
product development personnel related expenses. Product development
expenses for the first quarter of 2019 accounted for 31% of the net
revenue for the same period. Excluding share-based compensation
charges, non-GAAP product development expenses for the first
quarter of 2019 accounted for 28% of the net revenue for the same
period, which decreased from 29% for the same period of 2018 and
33% for the previous quarter.
Sales and marketing expenses for the first quarter of 2019
increased by 6% to RMB2.2 billion
(US$331 million) from the same period
in 2018, primarily due to an increase in sales and marketing
personnel related expenses. Sales and marketing expenses decreased
by 15% from the previous quarter, primarily due to a decrease in
sales and marketing related activities. Sales and marketing
expenses for the first quarter of 2019 accounted for 27% of the net
revenue for the same period. Excluding share-based compensation
charges, non-GAAP sales and marketing expenses for the first
quarter of 2019 accounted for 27% of the net revenue for the same
period, which decreased from 31% in the same period in 2018 and 34%
in the previous quarter.
General and administrative expenses for the first quarter of
2019 increased by 28% to RMB824
million (US$123 million) from
the same period in 2018, primarily due to an increase in general
and administrative personnel related expenses, including
share-based compensation charges. General and administrative
expenses increased by 3% from the previous quarter. General and
administrative expenses for the first quarter of 2019 accounted for
10% of the net revenue for the same period. Excluding share-based
compensation charges, non-GAAP general and administrative expenses
accounted for 8% of the net revenue for the same period, which
remained consistent with those for the same period in 2018 and the
previous quarter.
Income from operations for the first quarter of 2019 was
RMB885 million (US$132 million), compared to income from
operations of RMB590 million in the
same period in 2018 and loss from operations of RMB189 million in the previous quarter. Income
from operations increased by 50% year-over-year in the first
quarter of 2019. Excluding share-based compensation charges,
non-GAAP income from operations was RMB1.4
billion (US$204 million),
compared to RMB966 million in the
same period in 2018 and RMB261
million in the previous quarter. Non-GAAP income from
operations increased by 42% year-over-year in the first quarter of
2019.
Operating margin was 11% for the first quarter of 2019, compared
to 9% in the same period in 2018, and -3% in the previous quarter.
Excluding share-based compensation charges, non-GAAP operating
margin was 17%, compared to 14% in the same period in 2018 and 3%
in the previous quarter.
Income tax expense for the first quarter of 2019 was
RMB677 million (US$101 million), compared to RMB179 million in the same period of 2018 and
RMB35 million in the previous
quarter. The change in our effective tax rate primarily reflected
certain non-taxable income of the fair value changes in equity
securities investments.
Net income attributable to Ctrip's shareholders for the first
quarter of 2019 was RMB4.6 billion
(US$687 million), compared to net
income attributable to Ctrip's shareholders of RMB1.1 billion in the same period in 2018 and net
loss attributable to Ctrip's shareholders of RMB1.2 billion in the previous quarter, mainly
due to the RMB3.3 billion gain from
fair value changes in equity securities investments, gains
recognized for several investing activities, and a reversal of an
investment provision made in previous years. Excluding share-based
compensation charges and fair value changes of equity securities
investments, non-GAAP net income attributable to Ctrip's
shareholders was RMB1.8 billion
(US$260 million), compared to
RMB2.1 billion in the same period in
2018 and RMB513 million in the
previous quarter.
Diluted earnings per ADS were RMB7.45 (US$1.11)
for the first quarter of 2019. Excluding share-based compensation
charges and fair value changes of equity securities investments,
non-GAAP diluted earnings per ADS were RMB2.93 (US$0.44)
for the first quarter of 2019.
As of March 31, 2019, the balance
of cash and cash equivalents, restricted cash and short-term
investment was RMB61.6 billion
(US$9.2 billion).
Business Outlook
For the second quarter of 2019, the Company expects the net
revenue growth to continue at a year-over-year rate of
approximately 16~21%. This forecast reflects Ctrip's current and
preliminary view, which is subject to change.
Conference Call
Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading provider
of online travel and related services, including accommodation
reservation, transportation ticketing, packaged tours and
in-destination services, corporate travel management, and
other travel-related services, will announce its first quarter of
2019 results on Wednesday, May 22,
2019, U.S. Time, after the market closes.
Ctrip's management team will host a conference call at
8:00PM U.S. Eastern Time on
May 22, 2019 (or 8:00AM on May 23,
2019 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 twelve
months at this website.
Listeners may access the call by dialing the following
numbers:
US:
|
+1-855-8219-305 or
+1-240-254-3156
|
Hong Kong:
|
+852-
3077-3569
|
China:
|
800-820-8527 or
400-612-6501
|
International:
|
+65-6653-5870
|
Passcode:
|
58826333#
|
For pre-registration, please click
http://event.onlineseminarsolutions.com/wcc/r/2001877-1/19BF2B975BF8CBC6854754734CF3D6BD
A telephone replay of the call will be available after the
conclusion of the conference call until May
31, 2019. The dial-in details for the replay:
International dial-in
number:
|
+65-6653-5846
|
Passcode:
|
515102406#
|
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. 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 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 the relevant jurisdictions
where Ctrip operates, failure to successfully develop Ctrip's
existing or future business lines, 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. 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 attributable
to Ctrip's shareholders, and diluted earnings per ordinary share
and per ADS, each of which (except for net commission earned) is
adjusted from the most comparable GAAP result to exclude the
share-based compensation charges recorded under ASC 718,
"Compensation-Stock Compensation" and its share-based compensation
charges are not tax deductible, and fair value changes of equity
securities investments, net of tax, recorded under ASU 2016-1.
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 and fair value
changes of equity securities investments 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 provider of online
travel and related services, including accommodation reservation,
transportation ticketing, packaged tours and in-destination
services, corporate travel management, and other travel related
services. It enables business and leisure travelers to make
informed and cost-effective bookings by aggregating comprehensive
travel related information and offering 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. The family of travel brands mainly
includes: Ctrip, the largest online travel agency in terms of gross
merchandise value and best-known travel brand in China; Qunar, a leading online travel agency
in China; Trip.com, an online
travel agency for global consumers; and Skyscanner, a leading
global travel search site. Since its inception in 1999, Ctrip Group
has experienced substantial growth and become one of the largest
travel service providers in the world.
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
Consolidated Balance Sheets
|
(In millions,
except share and per share data)
|
|
|
|
December
31, 2018
|
|
|
March
31, 2019
|
|
|
March
31, 2019
|
|
|
RMB
(million)
|
|
|
RMB
(million)
|
|
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
21,530
|
|
|
22,708
|
|
|
3,384
|
Restricted
cash
|
|
4,244
|
|
|
5,170
|
|
|
770
|
Short-term
investments
|
|
36,753
|
|
|
33,703
|
|
|
5,022
|
Accounts receivable,
net
|
|
5,668
|
|
|
6,108
|
|
|
910
|
Prepayments and other
current assets
|
|
11,199
|
|
|
11,660
|
|
|
1,737
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
79,394
|
|
|
79,349
|
|
|
11,823
|
|
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
768
|
|
|
782
|
|
|
117
|
Land use
rights
|
|
94
|
|
|
93
|
|
|
14
|
Property, equipment
and software
|
|
5,872
|
|
|
5,851
|
|
|
872
|
Investments
|
|
26,874
|
|
|
34,244
|
|
|
5,102
|
Goodwill
|
|
58,026
|
|
|
57,920
|
|
|
8,630
|
Intangible
assets
|
|
13,723
|
|
|
13,502
|
|
|
2,012
|
Other long-term
receivable
|
|
229
|
|
|
23
|
|
|
3
|
Right-of-use
asset*
|
|
-
|
|
|
814
|
|
|
121
|
Deferred tax
assets
|
|
850
|
|
|
649
|
|
|
97
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
185,830
|
|
|
193,227
|
|
|
28,791
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
|
36,011
|
|
|
37,924
|
|
|
5,651
|
Accounts
payable
|
|
11,714
|
|
|
10,969
|
|
|
1,634
|
Salary and welfare
payable
|
|
3,694
|
|
|
3,521
|
|
|
525
|
Taxes
payable
|
|
1,019
|
|
|
1,078
|
|
|
161
|
Advances from
customers
|
|
9,472
|
|
|
8,646
|
|
|
1,288
|
Accrued liability for
customer reward program
|
|
528
|
|
|
494
|
|
|
74
|
Other payables and
accruals*
|
|
6,346
|
|
|
6,873
|
|
|
1,024
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
68,784
|
|
|
69,505
|
|
|
10,357
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
3,838
|
|
|
3,978
|
|
|
593
|
Long-term
debt
|
|
24,146
|
|
|
24,465
|
|
|
3,645
|
Other long-term
liabilities
|
|
329
|
|
|
345
|
|
|
51
|
Long-term lease
liability*
|
|
-
|
|
|
599
|
|
|
89
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
97,097
|
|
|
98,892
|
|
|
14,735
|
|
|
|
|
|
|
|
|
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
-
|
|
|
437
|
|
|
65
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ctrip.com
International, Ltd. shareholders' equity
|
|
86,715
|
|
|
91,908
|
|
|
13,695
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
2,018
|
|
|
1,990
|
|
|
296
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
88,733
|
|
|
93,898
|
|
|
13,991
|
|
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders' equity
|
|
185,830
|
|
|
193,227
|
|
|
28,791
|
|
|
|
|
|
|
|
|
|
* The Company adopted
ASU No. 2016-02 and ASU No.2018-11, "Leases," beginning January 1,
2019 and elected to utilize the additional
transition method which allowed the Company to initially apply the
new lease standard at the adoption date and recognize a cumulative
effect
adjustment to the opening balance of retained earnings of 2019,
with no adjustments to prior periods presented. No cumulative
effect adjustment
to the opening balance of retained earnings were required. The
adoption of the new guidance did not have a material effect on our
results of
operations, financial condition or liquidity.
|
Ctrip.com
International, Ltd.
|
Unaudited
Consolidated Statements of Comprehensive Income
|
(In millions,
except share and per share data)
|
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
March
31, 2018
|
|
|
December
31, 2018
|
|
|
March
31, 2019
|
|
|
March
31, 2019
|
|
|
RMB
(million)
|
|
|
RMB
(million)
|
|
|
RMB
(million)
|
|
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
2,487
|
|
|
2,656
|
|
|
3,019
|
|
|
450
|
Transportation
ticketing
|
|
2,888
|
|
|
3,414
|
|
|
3,354
|
|
|
500
|
Packaged-tour
|
|
834
|
|
|
721
|
|
|
1,045
|
|
|
156
|
Corporate
travel
|
|
180
|
|
|
279
|
|
|
238
|
|
|
35
|
Others
|
|
377
|
|
|
515
|
|
|
517
|
|
|
77
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
6,766
|
|
|
7,585
|
|
|
8,173
|
|
|
1,218
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Sales tax and
surcharges
|
|
(35)
|
|
|
(25)
|
|
|
(9)
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
6,731
|
|
|
7,560
|
|
|
8,164
|
|
|
1,217
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
(1,244)
|
|
|
(1,620)
|
|
|
(1,689)
|
|
|
(252)
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
5,487
|
|
|
5,940
|
|
|
6,475
|
|
|
965
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Product development
***
|
|
(2,160)
|
|
|
(2,718)
|
|
|
(2,544)
|
|
|
(379)
|
Sales and marketing
***
|
|
(2,091)
|
|
|
(2,609)
|
|
|
(2,222)
|
|
|
(331)
|
General and
administrative ***
|
|
(646)
|
|
|
(802)
|
|
|
(824)
|
|
|
(123)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(4,897)
|
|
|
(6,129)
|
|
|
(5,590)
|
|
|
(833)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss) from
operations
|
|
590
|
|
|
(189)
|
|
|
885
|
|
|
132
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
480
|
|
|
574
|
|
|
487
|
|
|
73
|
Interest
expense
|
|
(322)
|
|
|
(422)
|
|
|
(441)
|
|
|
(66)
|
Other income/(loss)
**
|
|
397
|
|
|
(1,103)
|
|
|
4,616
|
|
|
688
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(loss)
before income tax expense, equity
in income of affiliates and non-controlling
interests
|
|
1,145
|
|
|
(1,140)
|
|
|
5,547
|
|
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense **
|
|
(179)
|
|
|
(35)
|
|
|
(677)
|
|
|
(101)
|
Equity in
income/(loss) of affiliates
|
|
78
|
|
|
(66)
|
|
|
(283)
|
|
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
1,044
|
|
|
(1,241)
|
|
|
4,587
|
|
|
684
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interests
|
|
16
|
|
|
51
|
|
|
30
|
|
|
4
|
Accretion to
redemption value of redeemable non-
controlling interests
|
|
-
|
|
|
-
|
|
|
(4)
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Ctrip.com
International, Ltd.
|
|
1,060
|
|
|
(1,190)
|
|
|
4,613
|
|
|
687
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to
Ctrip.com International, Ltd. **
|
|
1,459
|
|
|
(1,997)
|
|
|
4,631
|
|
|
690
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(losses) per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
15.47
|
|
|
(17.32)
|
|
|
66.54
|
|
|
9.91
|
- Diluted
|
|
14.49
|
|
|
(17.32)
|
|
|
59.59
|
|
|
8.88
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(losses) per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
1.93
|
|
|
(2.17)
|
|
|
8.32
|
|
|
1.24
|
- Diluted
|
|
1.81
|
|
|
(2.17)
|
|
|
7.45
|
|
|
1.11
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
68,506,090
|
|
|
68,758,052
|
|
|
69,345,914
|
|
|
69,345,914
|
- Diluted
|
|
75,855,705
|
|
|
68,758,052
|
|
|
79,218,054
|
|
|
79,218,054
|
- Diluted-non
GAAP
|
|
80,477,978
|
|
|
74,464,863
|
|
|
79,218,054
|
|
|
79,218,054
|
|
|
|
|
|
|
|
|
|
|
|
|
*** Share-based
compensation included in Operating expenses above is as
follows:
|
Product
development
|
|
210
|
|
|
239
|
|
|
251
|
|
|
37
|
Sales and
marketing
|
|
35
|
|
|
41
|
|
|
38
|
|
|
6
|
General and
administrative
|
|
131
|
|
|
170
|
|
|
196
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
** Fair value changes
of equity securities investments included in Net income/(loss) is
as follow:
|
Fair value
loss/(income) of equity securities investments, net of
tax
|
|
688
|
|
|
1,253
|
|
|
(3,348)
|
|
|
(499)
|
Ctrip.com
International, Ltd.
|
Reconciliation
of GAAP and Non-GAAP Results
|
(In millions,
except % and per share data)
|
|
|
Quarter Ended
March 31, 2019
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Non-GAAP
Adjustment
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in Operating expense is as
follows:
|
|
|
|
|
|
|
|
Product
development
|
(2,544)
|
31%
|
|
251
|
3%
|
|
(2,293)
|
28%
|
Sales and
marketing
|
(2,222)
|
27%
|
|
38
|
0%
|
|
(2,184)
|
27%
|
General and
administrative
|
(824)
|
10%
|
|
196
|
2%
|
|
(628)
|
8%
|
Total operating
expenses
|
(5,590)
|
68%
|
|
485
|
6%
|
|
(5,105)
|
63%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
885
|
11%
|
|
485
|
6%
|
|
1,370
|
17%
|
|
|
|
|
|
|
|
|
|
Fair value changes of
equity securities investments, net of tax
|
3,348
|
41%
|
|
(3,348)
|
-41%
|
|
-
|
0%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
4,613
|
57%
|
|
(2,863)
|
-35%
|
|
1,750
|
21%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
59.59
|
|
|
(36.15)
|
|
|
23.44
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
7.45
|
|
|
(4.52)
|
|
|
2.93
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
1.11
|
|
|
(0.67)
|
|
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, 2018
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Non-GAAP
Adjustment
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in Operating expense is as
follows:
|
|
|
|
|
|
|
|
Product
development
|
(2,718)
|
36%
|
|
239
|
3%
|
|
(2,479)
|
33%
|
Sales and
marketing
|
(2,609)
|
35%
|
|
41
|
1%
|
|
(2,568)
|
34%
|
General and
administrative
|
(802)
|
11%
|
|
170
|
2%
|
|
(632)
|
8%
|
Total operating
expenses
|
(6,129)
|
81%
|
|
450
|
6%
|
|
(5,679)
|
75%
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
(189)
|
-3%
|
|
450
|
6%
|
|
261
|
3%
|
|
|
|
|
|
|
|
|
|
Fair value changes of
equity securities investments, net of tax
|
(1,253)
|
-17%
|
|
1,253
|
17%
|
|
-
|
0%
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to Ctrip's shareholders
|
(1,190)
|
-16%
|
|
1,703
|
23%
|
|
513
|
7%
|
|
|
|
|
|
|
|
|
|
Diluted
(losses)/earnings per ordinary share (RMB)
|
(17.32)
|
|
|
24.53
|
|
|
7.21
|
|
|
|
|
|
|
|
|
|
|
Diluted
(losses)/earnings per ADS (RMB)
|
(2.17)
|
|
|
3.07
|
|
|
0.90
|
|
|
|
|
|
|
|
|
|
|
Diluted
(losses)/earnings per ADS (USD)
|
(0.32)
|
|
|
0.45
|
|
|
0.13
|
|
|
|
|
Quarter Ended
March 31, 2018
|
|
GAAP Result
|
% of Net
Revenue
|
|
Non-GAAP
Adjustment
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in Operating expense is as
follows:
|
|
|
|
|
|
|
|
Product
development
|
(2,160)
|
32%
|
|
210
|
3%
|
|
(1,950)
|
29%
|
Sales and
marketing
|
(2,091)
|
31%
|
|
35
|
1%
|
|
(2,056)
|
31%
|
General and
administrative
|
(646)
|
10%
|
|
131
|
2%
|
|
(515)
|
8%
|
Total operating
expenses
|
(4,897)
|
73%
|
|
376
|
6%
|
|
(4,521)
|
67%
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
590
|
9%
|
|
376
|
6%
|
|
966
|
14%
|
|
|
|
|
|
|
|
|
|
Fair value changes of
equity securities investments, net of tax
|
(688)
|
-10%
|
|
688
|
10%
|
|
-
|
0%
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Ctrip's shareholders
|
1,060
|
16%
|
|
1,064
|
16%
|
|
2,124
|
32%
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ordinary share (RMB)
|
14.49
|
|
|
13.34
|
|
|
27.83
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (RMB)
|
1.81
|
|
|
1.67
|
|
|
3.48
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
ADS (USD)
|
0.29
|
|
|
0.27
|
|
|
0.55
|
|
|
|
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=RMB6.7112 on March 29, 2019
published by
the Federal Reserve Board.
|
View original
content:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-first-quarter-of-2019-financial-results-300854815.html
SOURCE Ctrip.com International, Ltd.