SHANGHAI, Feb. 2 /PRNewswire-Asia/ -- Ctrip.com International, Ltd.
(NASDAQ:CTRP), a leading travel service provider for hotel
accommodations, airline tickets and packaged tours in China, today
on February 3, 2010, China time, announced its unaudited financial
results for the fourth quarter and the full year ended December 31,
2009. Highlights for the Fourth Quarter of 2009 -- Net revenues
were RMB566 million (US$83 million) for the fourth quarter of 2009,
up 43% year-on-year. Excluding net revenues attributable to
ezTravel, Ctrip's net revenues were RMB546 million (US$80 million)
for the fourth quarter of 2009, up 38% year-on-year. -- Gross
margin was 77% for the fourth quarter of 2009, remaining consistent
with that in the same period in 2008. -- Income from operations was
RMB189 million (US$28 million) for the fourth quarter of 2009, up
62% year-on-year. Excluding share-based compensation charges
(non-GAAP), income from operations was RMB239 million (US$35
million), up 60% year-on-year. -- Operating margin was 33% in the
fourth quarter of 2009, compared to 30% during the same period in
2008. Excluding share-based compensation charges (non-GAAP),
operating margin was 42%, compared to 38% during the same period in
2008. -- Net income attributable to Ctrip's shareholders was RMB190
million (US$28 million) in the fourth quarter of 2009, up 57%
year-on-year. Excluding share-based compensation charges
(non-GAAP), net income attributable to Ctrip's shareholders was
RMB240 million (US$35 million), up 56% year-on-year. -- Diluted
earnings per ADS were RMB1.32 (US$0.19). Excluding share-based
compensation charges (non-GAAP), diluted earnings per ADS were
RMB1.66 (US$0.24). -- Share-based compensation charges were RMB50
million (US$7 million), accounting for 9% of the net revenues, or
RMB0.34 (US$0.05) per ADS for the fourth quarter of 2009.
Highlights for the full year 2009 -- Net revenues were RMB2.0
billion (US$291 million) in 2009, up 34% from 2008. Excluding net
revenues attributable to ezTravel, net revenues were RMB1.9 billion
(US$281 million) for the full year 2009, representing an increase
of 29% from 2008. -- Gross margin was 77% in 2009, compared to 78%
in 2008. -- Income from operations was RMB687 million (US$101
million) in 2009, up 49% from 2008. Excluding share-based
compensation charges (non-GAAP), income from operations was RMB818
million (US$120 million) in 2009, up 39% from 2008. -- Operating
margin was 35% in 2009, compared to 31% in 2008. Excluding
share-based compensation charges (non-GAAP), operating margin was
41%, compared to 40% in 2008. -- Net income attributable to Ctrip's
shareholders was RMB659 million (US$97 million) in 2009, up 48%
from 2008. Excluding share-based compensation charges (non-GAAP),
net income attributable to Ctrip's shareholders was RMB790 million
(US$116 million), up 38% from 2008. -- Diluted earnings per ADS
were RMB4.67 (US$0.68) in 2009, compared to RMB3.23 (US$0.47) in
2008. Excluding share-based compensation charges (non-GAAP),
diluted earnings per ADS were RMB5.60 (US$0.82), compared to
RMB4.16 (US$0.61) in 2008. -- Share-based compensation charges were
RMB131 million (US$19 million), accounting for 7% of the net
revenues, or RMB0.93 (US$0.14) per ADS in 2009. "Year 2009 was a
year of challenges and opportunities. We continued to increase our
market share, strengthen our vendor relationships, and enhance our
customer service," said Min Fan, President and Chief Executive
Officer of Ctrip. "With the increasing travel demand in China,
Ctrip is committed to working diligently to capture the
opportunities ahead of us." Recent Developments Change of Ratio of
ADS to Ordinary Shares Effective on January 21, 2010, Ctrip changed
the ratio of its ADSs to ordinary shares from two ADSs representing
one ordinary share to four ADSs representing one ordinary share.
For Ctrip's ADS holders, this ratio change had the same effect as a
two-for-one ADS split. Investment in the Travel Service Segment of
Wing On Travel In early February 2010, Ctrip's wholly owned
subsidiary, C-Travel International Limited, entered into an
agreement with Wing On Travel (Holdings) Limited, whereby C-Travel
agrees to invest in and Wing On Travel agrees to sell to C-Travel,
90% of the issued share capital of Wing On Travel's travel service
segment (operated through Wing On Travel's subsidiary, HKWOT (BVI)
Limited), for a total consideration of approximately US$88 million
(or HK$684 million) in cash. The closing of the transaction is
subject to certain conditions, including approval by shareholders
of Wing On Travel. Headquartered in Hong Kong, Wing On Travel
primarily operates in Hong Kong and engages in tour packages,
airline ticketing, hotel reservation and inbound and outbound
travel operations. Wing On Travel operates approximately 20
branches, along with a call center and the website
http://www.wingontravel.com/ to service travelers. Wing On Travel
is one of the most recognized travel brands in Hong Kong and was
awarded as the "Best Travel Agency in Hong Kong" for four
consecutive years since 2006. With more than 45 years in business,
Wing On Travel has successfully built up a large base of loyal
customers and a seasoned management team in the leisure travel
market. Through this investment, Ctrip will significantly increase
its presence in Hong Kong, in addition to Mainland China and
Taiwan. With Hong Kong becoming one of the most popular
destinations and international travel hubs for Chinese travelers,
Ctrip is able to establish a strategic position in Asia. This
investment will enable Ctrip to offer more comprehensive products
and elevated services to domestic, outbound and inbound travelers.
Ctrip's leading market position in the travel services industry in
Mainland China combined with Wing On Travel's solid track record in
the leisure travel market will bring an innovative platform to
service the increasing number of business and leisure travelers in
the Greater China area. James Liang, Chairman of the board of
Ctrip, said, "We are pleased to enter into this transaction with
Wing On Travel. Together, we will leverage Ctrip's cutting-edge
technology and Wing On Travel's extensive expertise in leisure
travel to bring our product offerings and services to a new level.
Through this alliance, Ctrip is well positioned in the Greater
China area to meet travelers' onshore and offshore travel needs.
This transaction will become an important milestone in Ctrip's
history." Fourth Quarter and Full Year 2009 Financial Results For
the fourth quarter of 2009, Ctrip reported total revenues of RMB603
million (US$88 million), representing a 43% increase from the same
period in 2008 and a 3% increase from the previous quarter in 2009.
For the full year ended December 31, 2009, total revenues were
RMB2.1 billion (US$311 million), representing a 34% increase from
2008. Hotel reservation revenues amounted to RMB279 million (US$41
million) for the fourth quarter of 2009, representing a 33%
increase year-on-year, and a 7% increase quarter-on-quarter.
Excluding revenues attributable to ezTravel, Ctrip's hotel
reservation revenues were RMB275 million (US$40 million),
representing a 31% increase year-on-year, primarily driven by the
increase in hotel reservation volume. Excluding revenues
attributable to ezTravel, Ctrip's hotel reservation revenues
increased by 7% quarter-on-quarter, primarily driven by the
increase in the commission per hotel room. For the full year ended
December 31, 2009, hotel reservation revenues were RMB956 million
(US$140 million), representing a 25% increase from 2008. Excluding
revenues attributable to ezTravel, Ctrip's hotel reservation
revenues were RMB942 million (US$138 million) for the full year
2009, representing a 23% increase from 2008. The hotel reservation
revenues accounted for 45% of the total revenues in 2009, compared
to 48% in 2008. Air ticket booking revenues for the fourth quarter
of 2009 were RMB240 million (US$35 million), representing a 45%
increase year-on-year, and remaining consistent with those in the
previous quarter. Excluding revenues attributable to ezTravel,
Ctrip's air-ticketing revenues were RMB233 million (US$34 million)
for the fourth quarter of 2009, representing a 41% increase
year-on-year, primarily driven by a 33% increase in air ticketing
sales volume, and a 6% increase in commission per ticket
year-on-year. Excluding revenues attributable to ezTravel, Ctrip's
air-ticketing revenues remained consistent with those in the
previous quarter. For the full year ended December 31, 2009, air
ticket booking revenues were RMB888 million (US$130 million),
representing a 35% increase from 2008. Excluding revenues
attributable to ezTravel, Ctrip's air ticket booking revenues were
RMB866 million (US$127 million), representing a 31% increase from
2008. The air ticket booking revenues accounted for 42% of the
total revenues in 2009, remaining consistent with those in 2008.
Packaged-tour revenues for the fourth quarter of 2009 were RMB49
million (US$7 million), representing a 62% increase year-on-year,
and an 11% decrease quarter-on-quarter. Excluding revenues
attributable to ezTravel, Ctrip's packaged-tour revenues were RMB
41 million (US$6 million), representing a 36% increase year-on-year
due to the increase of leisure travel volume, and a 5% decrease
quarter-on-quarter due to the decreased volume caused by
seasonality. For the full year ended December 31, 2009, packaged
tour revenues were RMB177 million (US$26 million), representing a
62% increase from 2008. Excluding revenues attributable to
ezTravel, Ctrip's packaged-tour revenues were RMB 149 million
(US$22 million), representing an increase of 37% year-on-year. The
packaged tour revenues accounted for 8% of the total revenues in
2009, compared to 7% in 2008. For the fourth quarter of 2009, net
revenues were RMB566 million (US$83 million), representing a 43%
increase from the same period in 2008 and a 4% increase from the
previous quarter. Excluding net revenues attributable to ezTravel,
net revenues were RMB546 million (US$80 million), representing an
increase of 38% from the same period in 2008 and a 5% increase from
the previous quarter. For the full year ended December 31, 2009,
net revenues were RMB2.0 billion (US$291 million), representing a
34% increase from 2008. Excluding net revenues attributable to
ezTravel, net revenues were RMB1.9 billion (US$281 million) for the
full year 2009, representing an increase of 29% from 2008. Gross
margin was 77% in the fourth quarter of 2009, remaining consistent
with that in the same period in 2008 and that in the previous
quarter. For the full year ended December 31, 2009, gross margin
was 77%, compared to 78% in 2008. Product development expenses for
the fourth quarter of 2009 increased by 37% to RMB88 million (US$13
million) from the same period in 2008 and increased by 9% compared
to the previous quarter, primarily due to an increase of product
development personnel and share-based compensation charges.
Excluding share-based compensation charges (non-GAAP), product
development expenses accounted for 13% of the net revenues,
compared to 14% in the same period last year and in the previous
quarter. For the full year ended December 31, 2009, product
development expenses were RMB308 million (US$45 million),
representing an increase of 31% from 2008. Excluding share-based
compensation charges (non-GAAP), product development expenses
accounted for 14% of the net revenues, remaining consistent with
those in 2008. Sales and marketing expenses for the fourth quarter
of 2009 increased by 20% to RMB98 million (US$14 million) from the
same period in 2008 and 4% from the previous quarter, primarily due
to the increase of marketing related activities. Excluding
share-based compensation charges (non-GAAP), sales and marketing
expenses accounted for 16% of the net revenues, decreasing from 19%
in the same period last year and 17% in the previous quarter. For
the full year ended December 31, 2009, sales and marketing expenses
were RMB345 million (US$51 million), representing an increase of
20% from 2008. Excluding share-based compensation charges
(non-GAAP), sales and marketing expenses accounted for 16% of the
net revenues, decreasing from 18% in 2008. General and
administrative expenses for the fourth quarter of 2009 increased by
51% to RMB62 million (US$9 million) from the same period in 2008
and 32% from the previous quarter, primarily due to an increase of
administrative personnel and share-based compensation charges.
Excluding share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 6% of the net revenues,
remaining consistent with those in the same period in 2008 and in
the previous quarter. For the full year ended December 31, 2009,
general and administrative expenses were RMB196 million (US$29
million), representing a 14% increase from 2008. Excluding
share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 6% of the net revenues,
remaining consistent with those in 2008. Income from operations for
the fourth quarter of 2009 was RMB189 million (US$28 million),
representing an increase of 62% from the same period in 2008 and a
decrease of 5% from the previous quarter. Excluding share-based
compensation charges (non-GAAP), income from operations was RMB239
million (US$35 million), increasing by 60% from the same period in
2008 and by 6% from the previous quarter. For the full year ended
December 31, 2009, income from operations was RMB687 million
(US$101 million), representing an increase of 49% from 2008.
Excluding share-based compensation charges (non-GAAP), income from
operations was RMB818 million (US$120 million), increasing by 39%
from 2008. Operating margin was 33% in the fourth quarter of 2009,
compared to 30% in the fourth quarter of 2008 and 37% in the
previous quarter. Excluding share-based compensation charges
(non-GAAP), operating margin was 42%, compared to 38% in the fourth
quarter of 2008 and 41% in the previous quarter. For the full year
ended December 31, 2009, operating margin was 35%, compared to 31%
in 2008. Excluding share-based compensation charges (non-GAAP),
operating margin was 41%, compared to 40% in 2008. Net income
attributable to Ctrip's shareholders for the fourth quarter of 2009
was RMB190 million (US$28 million), representing a 57% increase
from the same period in 2008, and a 1% increase from the previous
quarter. Excluding share-based compensation charges (non-GAAP), net
income attributable to Ctrip's shareholders was RMB240 million
(US$35 million), representing an increase of 56% from the same
period in 2008, and an increase of 11% from the previous quarter.
For the full year ended December 31, 2009, net income attributable
to Ctrip's shareholders was RMB659 million (US$97 million),
representing an increase of 48% from 2008. Excluding share-based
compensation charges (non-GAAP), net income attributable to Ctrip's
shareholders was RMB790 million (US$116 million), representing an
increase of 38% from 2008. The effective tax rate for the fourth
quarter of 2009 was 20%, increased from 2% in the same period of
2008, primarily because in the fourth quarter of 2008, the
preferential tax rate of 15% was retroactively applied to certain
PRC subsidiaries of Ctrip, which obtained approval for the High and
New Technology Enterprise ("HNTE") status, from January 1, 2008.
The effective tax rate for the fourth quarter of 2009 increased
from 13% in the previous quarter, primarily due to the increase in
the amount of non tax-deductible share-based compensation as a
percentage to our income as a whole. The effective tax rate for the
full year ended December 31, 2009 was 17%, compared to 19% in 2008,
primarily due to the decrease in the amount of non tax-deductible
share-based compensation as a percentage to our income as a whole.
Diluted earnings per ADS were RMB1.32 (US$0.19) for the fourth
quarter of 2009. Excluding share-based compensation charges
(non-GAAP), diluted earnings per ADS were RMB1.66 (US$0.24). For
the full year ended December 31, 2009, diluted earnings per ADS
were RMB4.67 (US$0.68), compared to RMB3.23 (US$0.47) in 2008.
Excluding share-based compensation charges (non-GAAP), diluted
earnings per ADS were RMB5.60 (US$0.82), compared to RMB4.16
(US$0.61) in 2008. As of December 31, 2009, the balance of cash,
restricted cash and short-term investment was RMB1.7 billion
(US$253 million). Business Outlook For the first quarter of 2010,
the Company expects to continue the year-on-year net revenue growth
at a rate of approximately 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 8:00PM U.S. Eastern Time on February 2, 2010 (or 9:00AM on
February 3, 2010 in the Shanghai/HK time zone) following the
announcement. The conference call will be available on Webcast live
and replay at: http://ir.ctrip.com/ . The call will be archived for
1 month at this website. The dial-in details for the live
conference call: U.S. Toll Free Number +1.888.679.8034,
International dial-in number +1.617.213.4847, Passcode 72400835.
For pre-registration, please click:
https://www.theconferencingservice.com/prereg/key.process?key=PYCKN6G9G
. A telephone replay of the call will be available after the
conclusion of the conference call through February 10, 2010. 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 36344086. Safe Harbor Statement This announcement contains
forward-looking statements. These statements are made under the
"safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "may," "will," "expect,"
"anticipate," "future," "intend," "plan," "believe," "estimate,"
"is/are likely to," "confident" or other similar statements. Among
other things, quotations from management and the Business Outlook
section in this press release, as well as Ctrip's strategic and
operational plans, contain forward-looking statements. Ctrip may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
Forms 20-F and 6-K, etc., in its annual report to shareholders, in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about Ctrip's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, the slow-down of economic growth
in China and the global economic downturn, general declines or
disruptions in the travel industry, volatility in the trading price
of Ctrip's ADSs, Ctrip's reliance on its relationships 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 China, Hong
Kong, Macau or Taiwan, damage to or failure of Ctrip's
infrastructure and technology, loss of services of Ctrip's key
executives, inflation in China and in other countries, risks and
uncertainties associated with PRC laws and regulations with respect
to the ownership structure of Ctrip's affiliated Chinese entities
and the contractual arrangements among Ctrip, its affiliated
Chinese entities and their shareholders, and other risks outlined
in Ctrip's filings with the U.S. Securities and Exchange
Commission, including its annual report on Form 20-F and other
filings. All information provided in this press release and in the
attachments is as of February 3, 2010, 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 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 Statement of ASC 718, "Stock Compensation"
for 2009 and 2008. 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 our
business for the foreseeable future. Reconciliations of Ctrip's
non-GAAP financial data to the most comparable GAAP data included
in the consolidated statement of operations are included at the end
of this press release. About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider
of hotel accommodations, airline tickets and packaged tours in
China. Ctrip aggregates information on hotels and flights and
enables customers to make informed and cost-effective hotel and
flight bookings. Ctrip also sells packaged tours that include
transportation and accommodation, as well as guided tours in some
instances. Ctrip targets primarily business and leisure travelers
in China. 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: June Zhu
Ctrip.com International, Ltd. Phone: +86-21-3406-4880 x12258 Email:
Lin Zhang Ctrip.com International, Ltd. Phone: +86-21-3406-4880
x12920 Email: Ctrip.com International, Ltd. Consolidated Balance
Sheet Information December December December 31, 2008 31, 2009 31,
2009 RMB RMB USD (unaudited) (unaudited) (unaudited) ASSETS Current
assets: Cash 1,069,827,364 1,434,618,382 210,172,781 Restricted
cash 6,600,000 113,150,289 16,576,611 Short-term investment
176,585,908 180,183,917 26,397,093 Accounts receivable, net
274,302,454 420,579,005 61,615,172 Prepayments and other current
assets 95,150,506 134,318,164 19,677,722 Deferred tax assets
8,840,772 23,446,059 3,434,867 Total current assets 1,631,307,004
2,306,295,816 337,874,246 Long-term deposits 145,500,002
143,195,191 20,978,214 Land use rights 111,510,231 108,922,018
15,957,166 Property, equipment and software 346,117,083 550,506,595
80,649,672 Investment 318,826,459 658,051,285 96,405,058 Goodwill
63,689,736 322,936,838 47,310,514 Intangible assets 24,498,763
66,851,954 9,793,866 Total assets 2,641,449,278 4,156,759,697
608,968,736 LIABILITIES Current liabilities: Accounts payable
138,657,593 291,045,743 42,638,442 Salary and welfare payable
65,590,151 130,539,660 19,124,168 Taxes payable 54,745,686
142,256,695 20,840,724 Advances from customers 187,576,416
276,792,049 40,550,264 Accrued liability for customer reward
program 58,046,062 88,254,996 12,929,430 Other payables and
accruals 121,421,617 229,652,319 33,644,255 Total current
liabilities 626,037,525 1,158,541,462 169,727,283 Deferred tax
liabilities, non-current -- 11,509,937 1,686,215 Other long-term
payables 812,500 -- -- Total liabilities 626,850,025 1,170,051,399
171,413,498 SHAREHOLDERS' EQUITY Share capital 2,761,259 2,801,334
410,398 Additional paid-in capital 967,687,772 1,219,815,250
178,703,944 Statutory reserves 75,948,298 72,489,182 10,619,725
Accumulated other comprehensive loss (95,046,427) (77,742,443)
(11,389,333) Retained Earnings 1,060,620,258 1,707,684,596
250,177,207 Total Ctrip's shareholders' equity 2,011,971,160
2,925,047,919 428,521,941 Noncontrolling interests * 2,628,093
61,660,379 9,033,297 Total shareholders' equity 2,014,599,253
2,986,708,298 437,555,238 Total liabilities and shareholders'
equity 2,641,449,278 4,156,759,697 608,968,736 * It reflects
implementation of ASC810 (formerly referred to as SFAS No.160,
"Noncontrolling Interests in Consolidated Financial Statements - an
amendment of ARB No.51.") Ctrip.com International, Ltd.
Consolidated Statement of Operations Information Quarter Ended
Quarter Ended Quarter Ended Quarter Ended December September
December December 31, 2008 30, 2009 31, 2009 31, 2009 RMB RMB RMB
USD (unaudited) (unaudited) (unaudited) (unaudited) Revenues: Hotel
reservation 210,656,475 262,280,259 279,396,387 40,931,802
Air-ticketing 165,617,198 241,144,278 240,088,420 35,173,152
Packaged tour 30,249,085 54,733,097 48,974,158 7,174,755 Others
16,222,294 25,242,271 34,443,405 5,045,987 Total revenues
422,745,052 583,399,905 602,902,370 88,325,696 Less: business tax
and related surcharges (26,410,272) (37,970,770) (37,188,892)
(5,448,203) Net revenues 396,334,780 545,429,135 565,713,478
82,877,493 Cost of revenues (92,537,662) (124,352,706)
(128,218,158) (18,784,066) Gross profit 303,797,118 421,076,429
437,495,320 64,093,427 Operating expenses: Product development *
(64,126,567) (80,758,571) (88,084,277) (12,904,419) Sales and
marketing * (81,462,069) (93,931,484) (97,816,552) (14,330,206)
General and administrative * (41,248,253) (47,188,825) (62,342,757)
(9,133,266) Total operating expenses (186,836,889) (221,878,880)
(248,243,586) (36,367,891) Income from operations 116,960,229
199,197,549 189,251,734 27,725,536 Interest income 6,355,910
4,340,502 4,687,828 686,771 Other income 51,802 2,625,101
30,225,954 4,428,127 Income before income tax expense and equity
income 123,367,941 206,163,152 224,165,516 32,840,434 Income tax
expense (1,957,339) (26,809,547) (44,662,623) (6,543,111) Equity in
income of affiliates -- 11,573,606 14,714,676 2,155,712 Net income
121,410,602 190,927,211 194,217,569 28,453,035 Less: Net income
attributable to noncontrolling interests** 36,850 (2,410,490)
(4,011,756) (587,726) Net income attributable to Ctrip's
shareholders 121,447,452 188,516,721 190,205,813 27,865,309
Earnings per ordinary share - Basic 3.63 5.59 5.60 0.82 - Diluted
3.57 5.30 5.28 0.77 Earnings per ADS - Basic 0.91 1.40 1.40 0.21 -
Diluted 0.89 1.32 1.32 0.19 Weighted average ordinary shares
outstanding - Basic 33,448,570 33,703,516 33,967,802 33,967,802 -
Diluted 34,032,673 35,602,373 36,025,042 36,025,042 * Share-based
compensation charges included are as follows: Product development
8,588,988 7,021,263 12,319,485 1,804,815 Sales and marketing
4,769,181 3,902,164 6,896,401 1,010,328 General and administrative
19,134,797 16,043,286 30,390,027 4,452,164 ** It reflects
implementation of ASC810 (formerly referred to as SFAS No.160,
"Noncontrolling Interests in Consolidated Financial Statements - an
amendment of ARB No.51.") Ctrip.com International, Ltd.
Consolidated Statement of Operations Information Year Ended Year
Ended Year Ended December 31, December 31, December 31, 2008 2009
2009 RMB RMB USD (unaudited) (unaudited) (unaudited) Revenues:
Hotel reservation 763,726,817 955,824,020 140,029,010 Air-ticketing
659,398,301 888,010,580 130,094,285 Packaged tour 109,244,749
177,298,953 25,974,443 Others 55,968,929 101,428,423 14,859,348
Total revenues 1,588,338,796 2,122,561,976 310,957,086 Less:
business tax and related surcharges (106,334,164) (134,555,018)
(19,712,421) Net revenues 1,482,004,632 1,988,006,958 291,244,665
Cost of revenues (326,610,463) (450,602,773) (66,013,679) Gross
profit 1,155,394,169 1,537,404,185 225,230,986 Operating expenses:
Product development * (235,800,504) (308,451,348) (45,188,378)
Sales and marketing * (286,693,188) (345,289,299) (50,585,168)
General and administrative * (171,693,601) (196,297,316)
(28,757,719) Total operating expenses (694,187,293) (850,037,963)
(124,531,265) Income from operations 461,206,876 687,366,222
100,699,721 Interest income 31,100,097 17,392,472 2,548,011 Other
income 54,944,595 60,801,280 8,907,438 Income before income tax
expense and equity income 547,251,568 765,559,974 112,155,170
Income tax expense (102,913,404) (131,658,085) (19,288,018) Equity
in income of affiliates -- 32,869,419 4,815,397 Net income
444,338,164 666,771,308 97,682,549 Less: Net income attributable to
noncontrolling interests ** (230,291) (7,797,686) (1,142,368) Net
income attributable to Ctrip's shareholders 444,107,873 658,973,622
96,540,181 Earnings per ordinary share - Basic 13.32 19.62 2.87 -
Diluted 12.90 18.69 2.74 Earnings per ADS - Basic 3.33 4.90 0.72 -
Diluted 3.23 4.67 0.68 Weighted average ordinary shares outstanding
- Basic 33,352,845 33,592,334 33,592,334 - Diluted 34,424,549
35,250,335 35,250,335 * Share-based compensation charges included
are as follows: Product development 32,666,099 33,862,928 4,960,947
Sales and marketing 18,815,878 18,864,102 2,763,607 General and
administrative 77,035,498 77,801,797 11,398,028 ** It reflects
implementation of ASC810 (formerly referred to as SFAS No.160,
"Noncontrolling Interests in Consolidated Financial Statements - an
amendment of ARB No.51.") Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results (In RMB, except % and
per share information) Quarter Ended December 31, 2009 GAAP Result
% of Share-based % of Non-GAAP % of Net Compensation Net Result Net
Revenue Revenue Revenue Product development (88,084,277) 16%
12,319,485 2% (75,764,792) 13% Sales and marketing (97,816,552) 17%
6,896,401 1% (90,920,151) 16% General and administrative
(62,342,757) 11% 30,390,027 5% (31,952,730) 6% Total operating
expenses (248,243,586) 44% 49,605,913 9% (198,637,673) 35% Income
from operations 189,251,734 33% 49,605,913 9% 238,857,647 42% Net
income attributable to Ctrip's shareholders 190,205,813 34%
49,605,913 9% 239,811,726 42% Diluted earnings per ordinary share
(RMB) 5.28 1.38 6.66 Diluted earnings per ADS (RMB) 1.32 0.34 1.66
Diluted earnings per ADS (USD) 0.19 0.05 0.24 Quarter Ended
September 30, 2009 GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net Revenue Revenue Revenue Product
development (80,758,571) 15% 7,021,263 1% (73,737,308) 14% Sales
and marketing (93,931,484) 17% 3,902,164 1% (90,029,320) 17%
General and administrative (47,188,825) 9% 16,043,286 3%
(31,145,539) 6% Total operating expenses (221,878,880) 41%
26,966,713 5% (194,912,167) 36% Income from operations 199,197,549
37% 26,966,713 5% 226,164,262 41% Net income attributable to
Ctrip's shareholders 188,516,721 35% 26,966,713 5% 215,483,434 40%
Diluted earnings per ordinary share (RMB) 5.30 0.76 6.05 Diluted
earnings per ADS (RMB) 1.32 0.19 1.51 Diluted earnings per ADS
(USD) 0.19 0.03 0.22 Quarter Ended December 31, 2008 GAAP Result %
of Share-based % of Non-GAAP % of Net Compensation Net Result Net
Revenue Revenue Revenue Product development (64,126,567) 16%
8,588,988 2% (55,537,579) 14% Sales and marketing (81,462,069) 21%
4,769,181 1% (76,692,888) 19% General and
administrative(41,248,253) 10% 19,134,797 5% (22,113,456) 6% Total
operating expenses (186,836,889) 47% 32,492,966 8% (154,343,923)
39% Income from operations 116,960,229 30% 32,492,966 8%
149,453,195 38% Net income attributable to Ctrip's shareholders
121,447,452 31% 32,492,966 8% 153,940,418 39% Diluted earnings per
ordinary share (RMB) 3.57 0.95 4.52 Diluted earnings per ADS (RMB)
0.89 0.24 1.13 Diluted earnings per ADS (USD) 0.13 0.03 0.17
Ctrip.com International, Ltd. Reconciliation of GAAP and Non-GAAP
Results (In RMB, except % and per share information) Year Ended
December 31, 2009 GAAP Result % of Share-based % of Non-GAAP % of
Net Compensation Net Result Net Revenue Revenue Revenue Product
development (308,451,348) 16% 33,862,928 2% (274,588,420) 14% Sales
and marketing (345,289,299) 17% 18,864,102 1% (326,425,197) 16%
General and administrative (196,297,316) 10% 77,801,797 4%
(118,495,519) 6% Total operating expenses (850,037,963) 43%
130,528,827 7% (719,509,136) 36% Income from operations 687,366,222
35% 130,528,827 7% 817,895,049 41% Net income attributable to
Ctrip's shareholders 658,973,622 33% 130,528,827 7% 789,502,449 40%
Diluted earnings per ordinary share (RMB) 18.69 3.70 22.40 Diluted
earnings per ADS (RMB) 4.67 0.93 5.60 Diluted earnings per ADS
(USD) 0.68 0.14 0.82 Year Ended December 31, 2008 GAAP Result % of
Share-based % of Non-GAAP % of Net Compensation Net Result Net
Revenue Revenue Revenue Product development (235,800,504) 16%
32,666,099 2% (203,134,405) 14% Sales and marketing (286,693,188)
19% 18,815,878 1% (267,877,310) 18% General and Administrative
(171,693,601) 12% 77,035,498 5% (94,658,103) 6% Total operating
expenses (694,187,293) 47% 128,517,475 9% (565,669,818) 38% Income
from operations 461,206,876 31% 128,517,475 9% 589,724,351 40% Net
income attributable to Ctrip's shareholders 444,107,873 30%
128,517,475 9% 572,625,348 39% Diluted earnings per ordinary share
(RMB) 12.90 3.73 16.63 Diluted earnings per ADS (RMB) 3.23 0.93
4.16 Diluted earnings per ADS (USD) 0.47 0.14 0.61 Notes for all
the financial schedules presented: Note 1: The conversion of
Renminbi (RMB) into U.S. dollars (USD) is based on the certified
exchange rate of USD1.00=RMB6.8259 on December 31, 2009 published
by the Federal Reserve Board. Note 2: Effective on January 21,
2010, Company changed ratio of the American Depositary Shares
("ADSs") to ordinary shares from two (2) ADSs representing one (1)
ordinary shares to four (4) ADSs representing one (1) ordinary
share. The change is reflected retroactively in the numbers for all
the periods presented above. DATASOURCE: Ctrip.com International,
Ltd. CONTACT: June Zhu, +86-21-3406-4880 x12258, , or Lin Zhang,
+86-21-3406-4880 x12920, , Ctrip.com International, Ltd. Web site:
http://ir.ctrip.com/ http://www.wingontravel.com/
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