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 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2013

 


 

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  x               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

 

 

 



 

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.

 

 

 

CTRIP.COM INTERNATIONAL, LTD.

 

 

 

 

 

 

 

By

:

/s/ Jenny Wenjie Wu

 

Name

:

Jenny Wenjie Wu

 

Title

:

Chief Financial Officer

 

 

Date: May 9, 2013

 

2



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

99.1

 

Press release regarding Ctrip’s unaudited first quarter 2013 financial results

 

3


Exhibit 99.1

 

Ctrip Reports First Quarter 2013 Financial Results

 

Shanghai, China, May 8, 2013 - Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, airline tickets, packaged tours and corporate travel management in China, today announced its unaudited financial results for the quarter ended March 31, 2013.

 

Highlights for the First Quarter of 2013

 

·                     Net revenues were RMB1.2 billion (US$187 million) for the first quarter of 2013, up 27% year-on-year, versus our first quarter net revenue guidance of 15-20% increase year-on-year.

 

·                     Gross margin was 74% for the first quarter of 2013, compared to 75% in the same period in 2012.

 

·                     Income from operations was RMB160 million (US$26 million) for the first quarter of 2013, down 9% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB272 million (US$44 million), down 2% year-on-year.

 

·                     Operating margin was 14% for the first quarter of 2013, compared to 19% in the same period in 2012. Excluding share-based compensation charges (non-GAAP), operating margin was 23%, compared to 30% in the same period in 2012.

 

·                     Net income attributable to Ctrip’s shareholders was RMB153 million (US$25 million) for the first quarter of 2013, down 26% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB265 million (US$43 million), down 14% year-on-year.

 

·                     Diluted earnings per ADS were RMB1.10 (US$0.18) for the first quarter of 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.87 (US$0.30) for the first quarter of 2013.

 

·                     Share-based compensation charges were RMB112 million (US$18 million), accounting for 10% of the net revenues, or RMB0.77 (US$0.12) per ADS for the first quarter of 2013.

 

“We are glad to report strong results in the first quarter of 2013,” said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. “We have made solid progress and gained market shares across major business lines. We will continue to focus on our mobile strategy, improve price competitiveness, strengthen partner relationships, and enhance marketing effectiveness. Our goal is to become the one-stop travel platform with best products, best services, and best prices for our customers. We are excited to capture the opportunities in the travel industry in China and will work hard to elevate our leadership to the next level.”

 

First Quarter 2013 Financial Results

 

For the first quarter of 2013, Ctrip reported total revenues of RMB1.2 billion (US$198 million), representing a 27% increase from the same period in 2012. Total revenues for the first quarter of 2013 increased by 5% from the previous quarter.

 

Hotel reservation revenues amounted to RMB451 million (US$73 million) for the first quarter of 2013, representing a 23% increase year-on-year, primarily driven by an increase of 41% in hotel reservation volume and partially offset by a decrease of 13% in commission per room night. The decrease of commission per room night was primarily due to promotional activities. Hotel reservation revenues decreased by 4% quarter-on-quarter.

 



 

Air ticket booking revenues for the first quarter of 2013 were RMB457 million (US$74 million), representing a 27% increase year-on-year, primarily driven by an increase in air tickets sales volume. Air ticket booking revenues increased by 2% quarter-on-quarter.

 

Packaged-tour revenues for the first quarter of 2013 were RMB235 million (US$38 million), representing a 41% increase year-on-year due to the increase of leisure travel volume. Packaged-tour revenues increased by 42% quarter-on-quarter, primarily due to seasonality.

 

Corporate travel revenues for the first quarter of 2013 were RMB51 million (US$8 million), representing a 31% increase year-on-year, primarily driven by the increased corporate travel demand from business activities. Corporate travel revenue decreased by 11% quarter-on-quarter, primarily due to seasonality.

 

For the first quarter of 2013, net revenues were RMB1.2 billion (US$187 million), representing a 27% increase from the same period in 2012. Net revenues for the first quarter of 2013 increased by 5% from the previous quarter.

 

Gross margin was 74% for the first quarter of 2013, compared to 75% in the same period in 2012 and remained consistent with that in the previous quarter.

 

Product development expenses for the first quarter of 2013 increased by 36% to RMB268 million (US$43 million) from the same period in 2012, primarily due to an increase in product development personnel related expense and share-based compensation charges. Product development expenses for the first quarter of 2013 increased by 1% from the previous quarter. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 20% of the net revenues, increased from 18% in the same period in 2012 and decreased from 21% in the previous quarter.

 

Sales and marketing expenses for the first quarter of 2013 increased by 46% to RMB267 million (US$43 million) from the same period in 2012, primarily due to an increase in sales and marketing related activities. Sales and marketing expenses for the first quarter of 2013 decreased by 5% from the previous quarter, primarily due to a decrease in sales and marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 22% of the net revenues, increased from 19% in the same period in 2012 and decreased from 24% in the previous quarter.

 

General and administrative expenses for the first quarter of 2013 increased by 25% to RMB161 million (US$26 million) from the same period in 2012, primarily due to an increase in personnel related expenses and share-based compensation charges. General and administrative expenses for the first quarter of 2013 increased by 6% from the previous quarter, primarily due to an increase in personnel related expenses. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, remained consistent with that in the same period in 2012 and in the previous quarter.

 



 

Income from operations for the first quarter of 2013 was RMB160 million (US$26 million), representing a decrease of 9% from the same period in 2012 and an increase of 33% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB272 million (US$44 million), representing a decrease of 2% from the same period in 2012 and an increase of 16% from the previous quarter.

 

Operating margin was 14% for the first quarter of 2013, compared to 19% in the same period in 2012, and 11% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 23%, compared to 30% in the same period in 2012, and 21% in the previous quarter.

 

The effective tax rate for the first quarter of 2013 was 32%, increased from 28% in the same period of 2012 and 25% in the previous quarter, primarily due to certain non tax-deductible items in PRC subsidiaries.

 

Net income attributable to Ctrip’s shareholders for the first quarter of 2013 was RMB153 million (US$25 million), representing a decrease of 26% from the same period in 2012 and a decrease of 20% from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB265 million (US$43 million), representing a decrease of 14% from the same period in 2012 and a decrease of 13% from the previous quarter.

 

Diluted earnings per ADS were RMB1.10 (US$0.18) for the first quarter of 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.87 (US$0.30) for the first quarter of 2013.

 

As of March 31, 2013, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB6.2 billion (US$993 million).

 

Business Outlook

 

For the second quarter of 2013, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 15-20%. 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 May 8, 2013 (or 8:00AM on May 9, 2013 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 +1.800.219.3192, International dial-in number + 1.617.597.5412, Passcode 893 736 31#. For pre-registration, please click

 

https://www.theconferencingservice.com/prereg/key.process?key=P4DMDMUTH

 

A telephone replay of the call will be available after the conclusion of the conference call through May 16, 2013. 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 46370952.

 



 

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 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, 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 condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, and diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, “Compensation-Stock Compensation” for 2013 and 2012. Ctrip’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

 



 

Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges that have been and will continue to be significant recurring expenses in Ctrip’s business for the foreseeable future.

 

Reconciliations of Ctrip’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

 

About Ctrip.com International, Ltd.

 

Ctrip.com International, Ltd. is a leading travel service provider of hotel accommodations, 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 helps customers book vacation packages and guided tours. In addition, Ctrip corporate travel management services help corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

 

For further information, please contact:

 

Investor Relations

Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12928
Email: iremail@ctrip.com

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Balance Sheets

 

 

 

December 31, 2012

 

March 31, 2013

 

March 31, 2013

 

 

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

3,421,532,962

 

3,939,763,848

 

634,340,801

 

Restricted cash

 

768,228,577

 

737,745,826

 

118,784,348

 

Short-term investment

 

1,408,664,335

 

1,487,624,662

 

239,522,229

 

Accounts receivable, net

 

983,804,403

 

1,254,443,621

 

201,977,784

 

Prepayments and other current assets

 

999,148,710

 

745,785,290

 

120,078,781

 

Deferred tax assets, current

 

61,840,526

 

72,365,245

 

11,651,518

 

 

 

 

 

 

 

 

 

Total current assets

 

7,643,219,513

 

8,237,728,492

 

1,326,355,461

 

 

 

 

 

 

 

 

 

Long-term deposits and prepayments

 

210,618,310

 

191,532,838

 

30,838,674

 

Land use rights

 

110,659,284

 

109,716,237

 

17,665,395

 

Property, equipment and software

 

1,123,937,191

 

1,302,525,959

 

209,719,514

 

Investment

 

1,437,247,949

 

1,413,670,522

 

227,614,884

 

Goodwill

 

822,585,341

 

828,989,339

 

133,475,452

 

Intangible assets

 

321,483,420

 

319,630,175

 

51,463,608

 

 

 

 

 

 

 

 

 

Total assets

 

11,669,751,008

 

12,403,793,562

 

1,997,132,988

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term borrowings

 

453,478,628

 

452,201,931

 

72,808,967

 

Accounts payable

 

1,023,672,151

 

1,472,683,797

 

237,116,603

 

Salary and welfare payable

 

229,969,924

 

206,125,620

 

33,188,256

 

Taxes payable

 

216,456,010

 

216,034,596

 

34,783,699

 

Advances from customers

 

1,414,865,769

 

1,330,890,648

 

214,286,509

 

Accrued liability for customer reward program

 

217,548,153

 

228,917,574

 

36,857,985

 

Other payables and accruals

 

354,153,607

 

375,254,743

 

60,419,711

 

 

 

 

 

 

 

 

 

Total current liabilities

 

3,910,144,242

 

4,282,108,909

 

689,461,730

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, non-current

 

53,309,153

 

53,147,954

 

8,557,344

 

Long-term Debt

 

1,121,418,000

 

1,117,944,000

 

180,000,000

 

 

 

 

 

 

 

 

 

Total liabilities

 

5,084,871,395

 

5,453,200,863

 

878,019,074

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Share capital

 

2,979,144

 

2,993,488

 

481,981

 

Additional paid-in capital

 

3,818,256,227

 

3,945,645,513

 

635,287,807

 

Statutory reserves

 

103,222,512

 

103,222,514

 

16,619,842

 

Accumulated other comprehensive loss

 

(58,778,675

)

(82,154,164

)

(13,227,630

)

Retained Earnings

 

4,515,841,767

 

4,669,313,240

 

751,805,442

 

Treasury stock

 

(1,891,888,900

)

(1,891,888,900

)

(304,612,755

)

 

 

 

 

 

 

 

 

Total Ctrip’s shareholders’ equity

 

6,489,632,075

 

6,747,131,691

 

1,086,354,687

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

95,247,538

 

203,461,008

 

32,759,227

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

6,584,879,613

 

6,950,592,699

 

1,119,113,914

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

11,669,751,008

 

12,403,793,562

 

1,997,132,988

 

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

 

 

Quarter Ended
March 31, 2012
RMB

 

Quarter Ended
December 31, 2012
RMB

 

Quarter Ended
March 31, 2013
RMB

 

Quarter Ended
March 31, 2013
USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Hotel reservation

 

366,784,363

 

468,304,604

 

450,524,886

 

72,538,946

 

Air-ticketing

 

360,463,420

 

447,186,315

 

456,502,524

 

73,501,405

 

Packaged tour

 

166,379,981

 

165,724,297

 

235,208,743

 

37,870,925

 

Corporate travel

 

38,801,113

 

57,532,553

 

50,973,701

 

8,207,268

 

Others

 

31,170,118

 

28,546,319

 

35,198,400

 

5,667,289

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

963,598,995

 

1,167,294,088

 

1,228,408,254

 

197,785,833

 

 

 

 

 

 

 

 

 

 

 

Less: business tax and related surcharges

 

(52,790,604

)

(65,938,822

)

(67,900,120

)

(10,932,588

)

 

 

 

 

 

 

 

 

 

 

Net revenues

 

910,808,391

 

1,101,355,266

 

1,160,508,134

 

186,853,245

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

(225,956,740

)

(284,704,746

)

(304,171,687

)

(48,974,639

)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

684,851,651

 

816,650,520

 

856,336,447

 

137,878,606

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Product development *

 

(196,216,150

)

(264,099,634

)

(267,532,617

)

(43,075,388

)

Sales and marketing *

 

(183,405,064

)

(280,764,753

)

(267,494,323

)

(43,069,222

)

General and administrative *

 

(128,674,249

)

(151,879,211

)

(161,292,761

)

(25,969,724

)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

(508,295,463

)

(696,743,598

)

(696,319,701

)

(112,114,334

)

 

 

 

 

 

 

 

 

 

 

Income from operations

 

176,556,188

 

119,906,922

 

160,016,746

 

25,764,272

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

45,773,353

 

34,061,163

 

22,559,420

 

3,632,289

 

Other income

 

9,437,752

 

58,378,812

 

7,689,137

 

1,238,027

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense and equity in income

 

231,767,293

 

212,346,897

 

190,265,303

 

30,634,588

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(64,797,513

)

(53,776,285

)

(61,378,155

)

(9,882,488

)

Equity in income of affiliates

 

43,475,409

 

4,265,040

 

87,806

 

14,138

 

 

 

 

 

 

 

 

 

 

 

Net income

 

210,445,189

 

162,835,652

 

128,974,954

 

20,766,238

 

 

 

 

 

 

 

 

 

 

 

Less: Net (income)/loss attributable to noncontrolling interests

 

(2,077,847

)

29,716,374

 

24,496,519

 

3,944,181

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

208,367,342

 

192,552,026

 

153,471,473

 

24,710,419

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

127,215,669

 

197,932,727

 

130,095,984

 

20,946,735

 

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

 

 

 

 

- Basic

 

5.80

 

5.96

 

4.73

 

0.76

 

- Diluted

 

5.48

 

5.51

 

4.39

 

0.71

 

 

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

 

 

- Basic

 

1.45

 

1.49

 

1.18

 

0.19

 

- Diluted

 

1.37

 

1.38

 

1.10

 

0.18

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding

 

 

 

 

 

 

 

 

 

- Basic

 

35,911,996

 

32,282,299

 

32,439,013

 

32,439,013

 

- Diluted

 

38,053,311

 

35,719,079

 

36,015,108

 

36,015,108

 

 


* Share-based compensation charges included are as follows:

 

 

 

 

 

 

Product development

 

29,767,590

 

35,881,144

 

34,854,918

 

5,611,985

 

Sales and marketing

 

13,547,719

 

14,379,832

 

13,292,481

 

2,140,220

 

General and administrative

 

57,363,156

 

63,478,526

 

63,440,672

 

10,214,573

 

 



 

Ctrip.com International, Ltd.
Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)

 

 

 

Quarter Ended March 31, 2013

 

 

 

GAAP Result

 

% of Net
Revenue

 

Share-based
Compensation

 

% of Net
Revenue

 

Non-GAAP
Result

 

% of Net
Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(267,532,617

)

23

%

34,854,918

 

3

%

(232,677,699

)

20

%

Sales and marketing

 

(267,494,323

)

23

%

13,292,481

 

1

%

(254,201,842

)

22

%

General and administrative

 

(161,292,761

)

14

%

63,440,672

 

5

%

(97,852,089

)

8

%

Total operating expenses

 

(696,319,701

)

60

%

111,588,071

 

10

%

(584,731,630

)

50

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

160,016,746

 

14

%

111,588,071

 

10

%

271,604,817

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

153,471,473

 

13

%

111,588,071

 

10

%

265,059,544

 

23

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

4.39

 

 

 

3.10

 

 

 

7.49

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

1.10

 

 

 

0.77

 

 

 

1.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.18

 

 

 

0.12

 

 

 

0.30

 

 

 

 

 

 

Quarter Ended December 31, 2012

 

 

 

GAAP Result

 

% of Net
Revenue

 

Share-based
Compensation

 

% of Net
Revenue

 

Non-GAAP
Result

 

% of Net
Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(264,099,634

)

24

%

35,881,144

 

3

%

(228,218,490

)

21

%

Sales and marketing

 

(280,764,753

)

25

%

14,379,832

 

1

%

(266,384,921

)

24

%

General and administrative

 

(151,879,211

)

14

%

63,478,526

 

6

%

(88,400,685

)

8

%

Total operating expenses

 

(696,743,598

)

63

%

113,739,502

 

10

%

(583,004,096

)

53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

119,906,922

 

11

%

113,739,502

 

10

%

233,646,424

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

192,552,026

 

17

%

113,739,502

 

10

%

306,291,528

 

28

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

5.51

 

 

 

3.18

 

 

 

8.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

1.38

 

 

 

0.80

 

 

 

2.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.22

 

 

 

0.13

 

 

 

0.35

 

 

 

 

 

 

Quarter Ended March 31, 2012

 

 

 

GAAP Result

 

% of Net
Revenue

 

Share-based
Compensation

 

% of Net
Revenue

 

Non-GAAP
Result

 

% of Net
Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(196,216,150

)

22

%

29,767,590

 

3

%

(166,448,560

)

18

%

Sales and marketing

 

(183,405,064

)

20

%

13,547,719

 

1

%

(169,857,345

)

19

%

General and administrative

 

(128,674,249

)

14

%

57,363,156

 

6

%

(71,311,093

)

8

%

Total operating expenses

 

(508,295,463

)

56

%

100,678,465

 

11

%

(407,616,998

)

45

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

176,556,188

 

19

%

100,678,465

 

11

%

277,234,653

 

30

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

208,367,342

 

23

%

100,678,465

 

11

%

309,045,807

 

34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

5.48

 

 

 

2.65

 

 

 

8.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

1.37

 

 

 

0.66

 

 

 

2.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.22

 

 

 

0.11

 

 

 

0.32

 

 

 

 

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=RMB6.2108 on March 29, 2013 published by the Federal Reserve Board.