UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2010

Commission File Number: 001-33853

CTRIP.COM INTERNATIONAL, LTD.

99 Fu Quan Road
Shanghai 200335, People’s Republic of China
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ		Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o		No þ

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 12, 2010

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press release regarding Ctrip’s first quarter 2010 financial results

Exhibit 99.1

Ctrip Reports First Quarter 2010 Financial Results

Shanghai, China, May 11, 2010 — Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider for hotel accommodations, airline tickets, packaged tours, and corporate travel management in China, today announced its unaudited financial results for the first quarter ended March 31, 2010.

Highlights for the First Quarter of 2010

	•		Net revenues were RMB587 million (US$86 million) for the first quarter of 2010, up 46% year-on-year. Excluding net revenues attributable to ezTravel, Ctrip’s net revenues were RMB557 million (US$82 million) for the first quarter of 2010, up 39% year-on-year.
	•		Gross margin was 78% for the first quarter of 2010, remaining consistent with that in the same period in 2009.
	•		Income from operations was RMB196 million (US$29 million) for the first quarter of 2010, up 45% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB261 million (US$38 million), up 61% year-on-year.
	•		Operating margin was 33% for the first quarter of 2010, compared to 34% in the same period in 2009. Excluding share-based compensation charges (non-GAAP), operating margin was 44%, compared to 40% in the same period in 2009.
	•		Net income attributable to Ctrip’s shareholders was RMB190 million (US$28 million) in the first quarter of 2010, up 57% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB255 million (US$37 million), up 72% year-on-year.
	•		Diluted earnings per ADS were RMB1.30 (US$0.19) for the first quarter of 2010. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.74 (US$0.26) for the first quarter of 2010.
	•		Share-based compensation charges were RMB64 million (US$9 million), accounting for 11% of the net revenues, or RMB0.44 (US$0.06) per ADS for the first quarter of 2010.

“We are pleased that our team delivered strong results in the first quarter of 2010, which marked an inspiring beginning for year 2010,” said Min Fan, President and Chief Executive Officer of Ctrip. “We will continuously improve customer service quality, strengthen vendor relationship, and adopt innovative technologies. Through our efforts, Ctrip will extend our leadership in the Greater China travel industry.”

First Quarter 2010 Financial Results

For the first quarter of 2010, Ctrip reported total revenues of RMB627 million (US$92 million), representing a 46% increase from the same period in 2009 and a 4% increase from the previous quarter.

Hotel reservation revenues amounted to RMB252 million (US$37 million) for the first quarter of 2010, representing a 36% increase year-on-year, and an 8% decrease quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues were RMB246 million (US$36 million), representing a 33% increase year-on-year, primarily driven by the increase in hotel reservation volume. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues decreased by 9% quarter-on-quarter, primarily due to seasonality.

Air ticket booking revenues for the first quarter of 2010 were RMB265 million (US$39 million), representing a 44% increase year-on-year, and a 12% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s air-ticketing revenues were RMB258 million (US$38 million) for the first quarter of 2010, representing a 40% increase year-on-year, primarily driven by a 31% increase in air ticketing sales volume, and a 7% increase in commission per ticket year-on-year. Excluding revenues attributable to ezTravel, Ctrip’s air-ticketing revenues increased by 13% quarter-on-quarter, primarily driven by the increase in air ticketing sales volume.

Packaged-tour revenues for the first quarter of 2010 were RMB72 million (US$11 million), representing a 90% increase year-on-year, and a 48% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s packaged-tour revenues were RMB59 million (US$9 million), representing a 55% increase year-on-year, and a 44% increase quarter-on-quarter due to the increase of leisure travel volume.

Corporate travel revenues for the first quarter of 2010 were RMB26 million (US$4 million), representing a 99% increase year-on-year, primarily driven by the increased corporate travel demand from business activities and lower base in the first quarter of 2009, and remained relatively consistent with the previous quarter.

For the first quarter of 2010, net revenues were RMB587 million (US$86 million), representing a 46% increase from the same period in 2009 and a 4% increase from the previous quarter. Excluding net revenues attributable to ezTravel, net revenues were RMB557 million (US$82 million), representing a 39% increase from the same period in 2009, and a 2% increase from the previous quarter.

Gross margin was 78% in the first quarter of 2010, remained consistent with that in the same period in 2009, and compared to 77% in the previous quarter.

Product development expenses for the first quarter of 2010 increased by 59% to RMB101 million (US$15 million) from the same period in 2009 and increased by 14% from 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 14% of the net revenues, remained consistent with that in the same period in 2009 and increased from 13% in the previous quarter.

Sales and marketing expenses for the first quarter of 2010 increased by 34% to RMB94 million (US$14 million) from the same period in 2009, primarily due to the increase of sales and marketing related activities year-on-year, and decreased by 3% from the previous quarter, primarily due to the decrease of sales and marketing related activities because of seasonality. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 15% of the net revenues, decreasing from 17% in the same period in 2009 and 16% in the previous quarter.

General and administrative expenses for the first quarter of 2010 increased by 62% to RMB67 million (US$10 million) from the same period in 2009, and increased by 7% 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 5% of the net revenues, decreasing from 6% in the same period in 2009 and in the previous quarter.

Income from operations for the first quarter of 2010 was RMB196 million (US$29 million), representing an increase of 45% from the same period in 2009 and an increase of 4% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB261 million (US$38 million), representing an increase of 61% from the same period in 2009 and an increase of 9% from the previous quarter.

Operating margin was 33% in the first quarter of 2010, compared to 34% in the same period in 2009, and remained consistent with that in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 44%, compared to 40% in the same period in 2009 and 42% in the previous quarter.

Net income attributable to Ctrip’s shareholders for the first quarter of 2010 was RMB190 million (US$28 million), representing a 57% increase from the same period in 2009, and remaining consistent with the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB255 million (US$37 million), representing an increase of 72% from the same period in 2009, and an increase of 6% from the previous quarter.

The effective tax rate for the first quarter of 2010 was 12%, decreasing from 18% in the same period of 2009 and 20% in the previous quarter, primarily due to certain tax benefit granted by the local tax bureau in the first quarter of 2010.

Diluted earnings per ADS were RMB1.30 (US$0.19) for the first quarter of 2010. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.74 (US$0.26) for the first quarter of 2010.

As of March 31, 2010, the balance of cash, restricted cash and short-term investment was RMB3.3 billion (US$490 million).

Business Outlook

For the second quarter of 2010, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30-35%. 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 9:00PM U.S. Eastern Time on May 11, 2010 (or 9:00AM on May 12, 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 one month at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1.888.713.4214, International dial-in number +1.617.213.4866, Passcode 14587692. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PH9JVFGQ6.

A telephone replay of the call will be available after the conclusion of the conference call through May 19, 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 47897049.

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, failure to successfully develop Ctrip’s corporate travel business, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, inflation in China and in other countries, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip’s affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Ctrip’s unaudited 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, “Stock Compensation” for 2010 and 2009. 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, packaged tours, and corporate travel management in China. Ctrip aggregates hotel and flight information to enable business and leisure travelers to make informed and cost-effective bookings. Ctrip also books vacation packages and guided tours. In addition, Ctrip corporate travel management services help corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

For further information, please contact:

Lin Zhang
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12920
Email: z_lin@ctrip.com

June Zhu
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12258
Email: jun_zhu@ctrip.com

Ctrip.com International, Ltd.

Consolidated Balance Sheet Information

		December 31, 2009				March 31, 2010				March 31, 2010
		RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets:
Cash			1,434,618,382				3,093,630,609				453,226,085
Restricted cash			113,150,289				115,341,638				16,897,893
Short-term investment			180,183,917				137,608,859				20,160,107
Accounts receivable, net			420,579,005				501,919,455				73,532,693
Prepayments and other current assets			134,318,164				137,063,662				20,080,234
Deferred tax assets			23,446,059				31,308,917				4,586,849
Total current assets			2,306,295,816				4,016,873,140				588,483,861
Long-term deposits			143,195,191				145,921,331				21,377,909
Land use rights			108,922,018				108,274,965				15,862,605
Property, equipment and software			550,506,595				623,460,333				91,338,793
Investment			658,051,285				1,213,145,969				177,729,492
Goodwill			322,936,838				322,936,838				47,311,207
Intangible assets			66,851,954				65,359,778				9,575,402
Total assets			4,156,759,697				6,495,972,354				951,679,269
LIABILITIES
Current liabilities:
Accounts payable			291,045,743				465,865,801				68,250,725
Salary and welfare payable			130,539,660				120,722,117				17,686,149
Taxes payable			142,256,695				102,504,782				15,017,256
Advances from customers			276,792,049				234,044,801				34,288,259
Accrued liability for customer reward program			88,254,996				95,105,131				13,933,185
Other payables and accruals			229,652,319				588,212,881				86,174,936
Total current liabilities			1,158,541,462				1,606,455,513				235,350,510
Deferred tax liabilities, non-current			11,509,937				11,003,872				1,612,100
Total liabilities			1,170,051,399				1,617,459,385				236,962,610
SHAREHOLDERS’ EQUITY
Share capital			2,801,334				2,916,471				427,272
Additional paid-in capital			1,219,815,250				2,860,391,679				419,055,888
Statutory reserves			72,489,182				72,489,182				10,619,881
Accumulated other comprehensive loss			(77,742,443	)			(634,195	)			(92,912	)
Retained Earnings			1,707,684,596				1,898,130,027				278,081,694
Total Ctrip’s shareholders’ equity			2,925,047,919				4,833,293,164				708,091,823
Noncontrolling interests			61,660,379				45,219,805				6,624,836
Total shareholders’ equity			2,986,708,298				4,878,512,969				714,716,659
Total liabilities and shareholders’ equity			4,156,759,697				6,495,972,354				951,679,269

Ctrip.com International, Ltd.
Consolidated Statement of Operations Information

		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		March 31, 2009				December 31, 2009				March 31, 2010				March 31, 2010
		RMB				RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues:
Hotel reservation			185,041,484				274,473,674				251,912,292				36,905,900
Air-ticketing**			184,088,815				236,054,940				264,723,073				38,782,717
Packaged tour			37,717,241				48,458,453				71,781,013				10,516,132
Corporate travel**			13,195,616				26,798,448				26,274,358				3,849,272
Others			8,557,935				17,116,855				12,514,361				1,833,391
Total revenues			428,601,091				602,902,370				627,205,097				91,887,412
Less: business tax and related surcharges			(28,023,671	)			(37,188,892	)			(40,483,224	)			(5,930,913	)
Net revenues			400,577,420				565,713,478				586,721,873				85,956,499
Cost of revenues			(89,970,448	)			(128,218,158	)			(128,377,508	)			(18,807,687	)
Gross profit			310,606,972				437,495,320				458,344,365				67,148,812
Operating expenses:
Product development *			(63,322,718	)			(88,084,277	)			(100,721,820	)			(14,756,046	)
Sales and marketing *			(70,724,071	)			(97,816,552	)			(94,439,324	)			(13,835,642	)
General and administrative *			(41,321,278	)			(62,342,757	)			(66,741,488	)			(9,777,826	)
Total operating expenses			(175,368,067	)			(248,243,586	)			(261,902,632	)			(38,369,514	)
Income from operations			135,238,905				189,251,734				196,441,733				28,779,298
Interest income			3,363,165				4,687,828				5,337,051				781,894
Other income			9,673,844				30,225,954				581,797				85,235
Income before income tax expense and equity in income			148,275,914				224,165,516				202,360,581				29,646,427
Income tax expense			(26,792,879	)			(44,662,623	)			(24,314,306	)			(3,562,118	)
Equity in income of affiliates			—				14,714,676				11,236,298				1,646,151
Net income			121,483,035				194,217,569				189,282,573				27,730,460
Less: Net (income) loss attributable to noncontrolling interests			(90,755	)			(4,011,756	)			1,162,858				170,362
Net income attributable to Ctrip’s shareholders			121,392,280				190,205,813				190,445,431				27,900,822
Earnings per ordinary share
- Basic			3.62				5.60				5.53				0.81
- Diluted			3.57				5.28				5.21				0.76
Earnings per ADS
- Basic			0.91				1.40				1.38				0.20
- Diluted			0.89				1.32				1.30				0.19
Weighted average ordinary shares outstanding
- Basic			33,489,695				33,967,802				34,467,334				34,467,334
- Diluted			33,957,107				36,025,042				36,561,172				36,561,172
*     Share-based compensation charges included are as follows:
Product development			7,242,840				12,319,485				15,993,081				2,343,034
Sales and marketing			4,025,165				6,896,401				8,843,140				1,295,546
General and administrative			15,706,497				30,390,027				39,386,817				5,770,286

Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)

		Quarter Ended March 31, 2010
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(100,721,820	)			17	%			15,993,081				3	%			(84,728,739	)			14	%
Sales and marketing			(94,439,324	)			16	%			8,843,140				2	%			(85,596,184	)			15	%
General and administrative			(66,741,488	)			11	%			39,386,817				7	%			(27,354,671	)			5	%
Total operating expenses			(261,902,632	)			45	%			64,223,038				11	%			(197,679,594	)			34	%
Income from operations			196,441,733				33	%			64,223,038				11	%			260,664,771				44	%
Net income attributable to Ctrip’s shareholders			190,445,431				32	%			64,223,038				11	%			254,668,469				43	%
Diluted earnings per ordinary share (RMB)			5.21								1.76								6.97
Diluted earnings per ADS (RMB)			1.30								0.44								1.74
Diluted earnings per ADS (USD)			0.19								0.06								0.26

		Quarter Ended December 31, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				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 March 31, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(63,322,718	)			16	%			7,242,840				2	%			(56,079,878	)			14	%
Sales and marketing			(70,724,071	)			18	%			4,025,165				1	%			(66,698,906	)			17	%
General and administrative			(41,321,278	)			10	%			15,706,497				4	%			(25,614,781	)			6	%
Total operating expenses			(175,368,067	)			44	%			26,974,502				7	%			(148,393,565	)			37	%
Income from operations			135,238,905				34	%			26,974,502				7	%			162,213,407				40	%
Net income attributable to Ctrip’s shareholders			121,392,280				30	%			26,974,502				7	%			148,366,782				37	%
Diluted earnings per ordinary share (RMB)			3.57								0.79								4.37
Diluted earnings per ADS (RMB)			0.89								0.20								1.09
Diluted earnings per ADS (USD)			0.13								0.03								0.16

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=RMB6.8258 on March 31, 2010 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.