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 2014

 


 

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/Xiaofan Wang

 

Name

:

Xiaofan Wang

 

Title

:

Chief Financial Officer

 

Date: May 8, 2014

 

2



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

Press release regarding Ctrip’s unaudited first quarter 2014 financial results

 

3


 

Exhibit 99.1

 

Ctrip Reports Unaudited First Quarter 2014 Financial Results

 

Shanghai, China, May 7, 2014 - Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China, today announced its unaudited financial results for the quarter ended March 31, 2014.

 

Highlights for the First Quarter of 2014

 

·                      Net revenues were RMB1.6 billion (US$254 million) for the first quarter of 2014, up 36% year-on-year, exceeding our net revenue guidance for the first quarter 2014 of 25-30% increase year-on-year.

·                      Gross margin was 72% for the first quarter of 2014, compared to 74% in the same period in 2013.

·                      Income from operations was RMB71 million (US$11 million) for the first quarter of 2014, down 56% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB193 million (US$31 million), down 29% year-on-year.

·                      Operating margin was 4% for the first quarter of 2014, compared to 14% in the same period in 2013. Excluding share-based compensation charges (non-GAAP), operating margin was 12%, compared to 23% in the same period in 2013.

·                      Net income attributable to Ctrip’s shareholders was RMB115 million (US$19 million) for the first quarter of 2014, down 25% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB237 million (US$38 million), down 11% year-on-year.

·                      Diluted earnings per ADS were RMB0.75 (US$0.12) for the first quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.52 (US$0.24) for the first quarter of 2014.

·                      Share-based compensation charges were RMB122 million (US$20 million), accounting for 8% of the net revenues, or RMB0.77 (US$0.12) per ADS for the first quarter of 2014.

 

“We are pleased to report the great performance in the first quarter of 2014,” said James Liang, Chairman and Chief Executive Officer of Ctrip. “We recently expanded our traditional hotel reservation and ticketing services to accommodation reservation and transportation ticketing services. The growth of both businesses is on the accelerating track with volume increasing 67% and 71% year-on-year, respectively. Total mobile transaction value was over four times the level in the first quarter of 2013 with peak daily transaction value reaching about RMB150 million. Mobile has surpassed PC Internet to be the most important booking platform for our accommodation reservation business, contributing over 40% of our transactions during the quarter and over 60% on the peak day. We are also very proud to see our new businesses start to take leading positions. For example, Ctrip Travel Community Channel experienced over 300% year-on-year growth in daily unique visitors and became the top player among travel information and community websites in China.

 



 

In addition, we recently became the second largest shareholder of LY.com and one of anchor investors for Tuniu.com in connection with its proposed IPO. As a leading player in the online and mobile travel market in China, we are seeing great potential in the industry. LY.com is a leading player in the local attraction ticket segment and Tuniu.com is strong in leisure package tour business. Ctrip is looking forward to working together with industry peers to create greater value for our customers and partners and to help develop a healthy and flourishing travel industry in China.”

 

First Quarter 2014 Financial Results

 

For the first quarter of 2014, Ctrip reported total revenues of RMB1.7 billion (US$269 million), representing a 36% increase from the same period in 2013. Total revenues for the first quarter of 2014 increased by 10% from the previous quarter.

 

Accommodation reservation revenues amounted to RMB657 million (US$106 million) for the first quarter of 2014, representing a 46% increase year-on-year, primarily driven by an increase of 67% in accommodation reservation volume and partially offset by the decrease of commission per room night. Accommodation reservation revenues increased by 2% quarter-on-quarter.

 

Transportation ticketing revenues for the first quarter of 2014 were RMB651 million (US$105 million), representing a 43% increase year-on-year, driven by an increase of 71% in ticketing volume. Transportation ticketing revenues increased by 12% quarter-on-quarter.

 

Packaged-tour revenues for the first quarter of 2014 were RMB259 million (US$42 million), representing a 10% increase year-on-year due to the increase of leisure travel volume. Packaged-tour revenues increased by 34% quarter-on-quarter, primarily due to seasonality.

 

Corporate travel revenues for the first quarter of 2014 were RMB71 million (US$11 million), representing a 39% increase year-on-year, primarily driven by the increased corporate travel demand from business activities. Corporate travel revenue decreased by 9% quarter-on-quarter, primarily due to seasonality.

 

For the first quarter of 2014, net revenues were RMB1.6 billion (US$254 million), representing a 36% increase from the same period in 2013. Net revenues for the first quarter of 2014 increased by 10% from the previous quarter.

 

Gross margin was 72% for the first quarter of 2014, compared to 74% in the same period in 2013 and 73% in the previous quarter.

 

Product development expenses for the first quarter of 2014 increased by 65% to RMB441 million (US$71 million) from the same period in 2013 and 32% from the previous quarter, primarily due to an increase in product development personnel related expenses. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 25% of the net revenues, increased from 20% in the same period in 2013 and 21% in the previous quarter.

 



 

Sales and marketing expenses for the first quarter of 2014 increased by 61% to RMB430 million (US$69 million) from the same period in 2013, primarily due to an increase in sales and marketing related activities. Sales and marketing expenses for the first quarter of 2014 increased by 14% from the previous quarter, primarily due to an increase in sales and marketing related activities and personnel related expenses. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 26% of the net revenues, increased from 22% in the same period in 2013 and 25% in the previous quarter.

 

General and administrative expenses for the first quarter of 2014 increased by 19% to RMB191 million (US$31 million) from the same period in 2013 and 24% from the previous quarter primarily due to an increase in administrative related expenses and 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 2013 and increased from 6% in the previous quarter.

 

Income from operations for the first quarter of 2014 was RMB71million (US$11 million), representing a decrease of 56% from the same period in 2013 and 61% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB193 million (US$31 million), representing a decrease of 29% from the same period in 2013 and 33% from the previous quarter.

 

Operating margin was 4% for the first quarter of 2014, compared to 14% in the same period in 2013, and 13% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 12%, compared to 23% in the same period in 2013, and 20% in the previous quarter.

 

The effective tax rate for the first quarter of 2014 was 40%, increased from 32% in the same period of 2013 and 26% 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.

 

Net income attributable to Ctrip’s shareholders for the first quarter of 2014 was RMB115 million (US$19 million), representing a decrease of 25% from the same period in 2013 and 56% from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB237 million (US$38 million), representing a decrease of 11% from the same period in 2013 and 36% from the previous quarter.

 

Diluted earnings per ADS were RMB0.75 (US$0.12) for the first quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.52 (US$0.24) for the first quarter of 2014.

 

As of March 31, 2014, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB11.5 billion (US$1.9 billion).

 



 

Business Outlook

 

For the second quarter of 2014, 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.

 

Recent Development

 

As of May 6, 2014, Ctrip had purchased approximately 18.6 million ADSs in aggregate with a total consideration of US$351 million.

 

Conference Call

 

Ctrip’s management team will host a conference call at 8:00PM U.S. Eastern Time on May 7, 2014 (or 8:00AM on May 8, 2014 in the Shanghai/Hong Kong Time) following the announcement.

 

The conference call will be available on Webcast live and replay at: http://ir.ctrip.com. The call will be archived for one month at this website.

 

The dial-in details for the live conference call: U.S. Toll Free Number +1.800.219.3192, International dial-in number +1.617.597.5412, Passcode 813 160 04#. For pre-registration, please click

 

https://www.theconferencingservice.com/prereg/key.process?key=P4BA7XXDE

 

A telephone replay of the call will be available after the conclusion of the conference call until May 14, 2014. 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 92483967.

 

Safe Harbor Statement

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Ctrip’s strategic and operational plans, contain forward-looking statements. Ctrip may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Ctrip’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip’s ADSs, Ctrip’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to further increase Ctrip’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in mainland China, Hong Kong, Macau or Taiwan, failure to successfully develop Ctrip’s corporate travel business, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip’s affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 



 

About Non-GAAP Financial Measures

 

To supplement Ctrip’s unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, and diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, “Compensation-Stock Compensation” for 2014 and 2013. Ctrip’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

 

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

 

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

 

About Ctrip.com International, Ltd.

 

Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. Ctrip aggregates hotel and flight information to enable business and leisure travellers 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, 2013

 

March 31, 2014

 

March 31, 2014

 

 

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

7,138,344,814

 

6,930,728,084

 

1,114,910,251

 

Restricted cash

 

739,543,614

 

737,981,100

 

118,715,189

 

Short-term investment

 

3,635,090,955

 

3,874,040,537

 

623,196,792

 

Accounts receivable, net

 

1,518,230,029

 

1,578,612,951

 

253,943,271

 

Prepayments and other current assets

 

1,237,530,956

 

1,459,578,058

 

234,794,746

 

Deferred tax assets, current

 

96,979,500

 

105,555,297

 

16,980,133

 

 

 

 

 

 

 

 

 

Total current assets

 

14,365,719,868

 

14,686,496,027

 

2,362,540,382

 

 

 

 

 

 

 

 

 

Long-term deposits and prepayments

 

559,185,652

 

547,252,203

 

88,033,621

 

Land use rights

 

107,476,794

 

106,699,743

 

17,164,234

 

Property, equipment and software

 

1,412,943,693

 

1,511,141,969

 

243,089,565

 

Investment

 

2,857,213,480

 

2,739,370,065

 

440,668,243

 

Goodwill

 

972,531,184

 

1,180,513,074

 

189,903,010

 

Intangible assets

 

356,653,022

 

426,640,957

 

68,631,516

 

Other long-term receviables

 

186,750,769

 

191,550,417

 

30,813,721

 

 

 

 

 

 

 

 

 

Total assets

 

20,818,474,462

 

21,389,664,455

 

3,440,844,292

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term borrowings

 

774,599,341

 

947,766,159

 

152,462,222

 

Accounts payable

 

1,637,545,824

 

2,082,438,868

 

334,991,131

 

Salary and welfare payable

 

257,641,763

 

246,317,205

 

39,623,770

 

Taxes payable

 

315,299,656

 

385,226,097

 

61,969,323

 

Advances from customers

 

2,451,931,450

 

2,082,398,077

 

334,984,569

 

Accrued liability for customer reward program

 

284,668,935

 

326,356,756

 

52,499,317

 

Other payables and accruals

 

646,321,729

 

724,906,360

 

116,611,923

 

 

 

 

 

 

 

 

 

Total current liabilities

 

6,368,008,698

 

6,795,409,522

 

1,093,142,255

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, non-current

 

63,197,155

 

72,218,275

 

11,617,379

 

Long-term Debt

 

5,657,182,650

 

5,809,225,800

 

934,500,000

 

 

 

 

 

 

 

 

 

Total liabilities

 

12,088,388,503

 

12,676,853,597

 

2,039,259,634

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Share capital

 

3,033,490

 

3,053,078

 

491,133

 

Additional paid-in capital

 

4,088,484,766

 

4,292,551,473

 

690,520,475

 

Statutory reserves

 

118,449,230

 

118,449,230

 

19,054,313

 

Accumulated other comprehensive income

 

372,634,580

 

76,881,359

 

12,367,505

 

Retained Earnings

 

5,498,934,733

 

5,614,286,486

 

903,141,124

 

Treasury stock

 

(1,551,141,268

)

(1,654,851,671

)

(266,207,398

)

 

 

 

 

 

 

 

 

Total Ctrip’s shareholders’ equity

 

8,530,395,531

 

8,450,369,955

 

1,359,367,152

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

199,690,428

 

262,440,903

 

42,217,506

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

8,730,085,959

 

8,712,810,858

 

1,401,584,658

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

20,818,474,462

 

21,389,664,455

 

3,440,844,292

 

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

March 31, 2013

 

December 31, 2013

 

March 31, 2014

 

March 31, 2014

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Accommodation reservation **

 

450,524,886

 

642,014,733

 

656,662,297

 

105,633,855

 

Transportation ticketing ***

 

456,502,524

 

578,995,620

 

651,065,201

 

104,733,479

 

Packaged tour

 

235,208,743

 

193,885,405

 

259,220,548

 

41,699,464

 

Corporate travel

 

50,973,701

 

78,217,923

 

70,956,329

 

11,414,376

 

Others

 

35,198,400

 

34,858,565

 

35,268,438

 

5,673,451

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

1,228,408,254

 

1,527,972,246

 

1,673,172,813

 

269,154,625

 

 

 

 

 

 

 

 

 

 

 

Less: business tax and related surcharges

 

(67,900,120

)

(87,566,153

)

(91,384,691

)

(14,700,581

)

 

 

 

 

 

 

 

 

 

 

Net revenues

 

1,160,508,134

 

1,440,406,093

 

1,581,788,122

 

254,454,044

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

(304,171,687

)

(394,362,609

)

(449,411,887

)

(72,294,557

)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

856,336,447

 

1,046,043,484

 

1,132,376,235

 

182,159,487

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Product development *

 

(267,532,617

)

(332,873,022

)

(440,653,457

)

(70,885,634

)

Sales and marketing *

 

(267,494,323

)

(376,172,398

)

(429,548,555

)

(69,099,246

)

General and administrative *

 

(161,292,761

)

(154,055,198

)

(191,227,092

)

(30,761,710

)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

(696,319,701

)

(863,100,618

)

(1,061,429,104

)

(170,746,590

)

 

 

 

 

 

 

 

 

 

 

Income from operations

 

160,016,746

 

182,942,866

 

70,947,131

 

11,412,897

 

 

 

 

 

 

 

 

 

 

 

Interest income ****

 

26,310,337

 

70,556,062

 

92,166,471

 

14,826,342

 

Interest expense ****

 

(3,750,917

)

(45,765,307

)

(32,998,931

)

(5,308,367

)

Other income

 

7,689,137

 

63,568,051

 

(14,298,252

)

(2,300,086

)

 

 

 

 

 

 

 

 

 

 

Income before income tax expense and equity in income

 

190,265,303

 

271,301,672

 

115,816,419

 

18,630,786

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(61,378,155

)

(69,776,649

)

(46,686,845

)

(7,510,270

)

Equity in income of affiliates

 

87,806

 

35,251,442

 

19,231,991

 

3,093,751

 

 

 

 

 

 

 

 

 

 

 

Net income

 

128,974,954

 

236,776,465

 

88,361,565

 

14,214,267

 

 

 

 

 

 

 

 

 

 

 

Less: Net loss attributable to noncontrolling interests

 

24,496,519

 

24,702,936

 

26,990,188

 

4,341,771

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

153,471,473

 

261,479,401

 

115,351,753

 

18,556,038

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (loss)/income attributable to Ctrip’s shareholders

 

130,095,984

 

648,352,184

 

(180,401,468

)

(29,020,248

)

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

 

 

 

 

- Basic

 

4.73

 

7.78

 

3.39

 

0.55

 

- Diluted

 

4.39

 

6.74

 

3.00

 

0.48

 

 

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

 

 

- Basic

 

1.18

 

1.95

 

0.85

 

0.14

 

- Diluted

 

1.10

 

1.68

 

0.75

 

0.12

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding

 

 

 

 

 

 

 

 

 

- Basic

 

32,439,013

 

33,605,765

 

33,994,500

 

33,994,500

 

- Diluted

 

36,015,108

 

39,290,366

 

39,496,370

 

39,496,370

 

 

 

 

 

 

 

 

 

 

 

* Share-based compensation charges included are as follows:

 

 

 

 

 

 

 

 

 

Product development

 

34,854,918

 

34,188,328

 

44,381,634

 

7,139,443

 

Sales and marketing

 

13,292,481

 

11,568,731

 

12,995,817

 

2,090,570

 

General and administrative

 

63,440,672

 

60,517,724

 

64,266,792

 

10,338,265

 

 


** Accommodation reservation revenues mainly represent revenues from reservations of hotels, hostels, vacation rentals and other accommodation related reservices.

 

*** Transportation ticketing revenues mainly represent revenues from reservations of air tickets, railway tickets and other transportation related services.

 

**** Interest expenses have been reclassified from interest income with no effect on net income or retained earnings.

 



 

Ctrip.com International, Ltd.

Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)

 

 

 

Quarter Ended March 31, 2014

 

 

 

GAAP  Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP
Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(440,653,457

)

28

%

44,381,634

 

3

%

(396,271,823

)

25

%

Sales and marketing

 

(429,548,555

)

27

%

12,995,817

 

1

%

(416,552,738

)

26

%

General and administrative

 

(191,227,092

)

12

%

64,266,792

 

4

%

(126,960,300

)

8

%

Total operating expenses

 

(1,061,429,104

)

67

%

121,644,243

 

8

%

(939,784,861

)

59

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

70,947,131

 

4

%

     121,644,243

 

8

%

192,591,374

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

115,351,753

 

7

%

     121,644,243

 

8

%

236,995,996

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

3.00

 

 

 

                    3.08

 

 

 

                   6.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.75

 

 

 

0.77

 

 

 

1.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.12

 

 

 

0.12

 

 

 

0.24

 

 

 

 

 

 

Quarter Ended December 31, 2013

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP
Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(332,873,022

)

23

%

34,188,328

 

2

%

(298,684,694

)

21

%

Sales and marketing

 

(376,172,398

)

26

%

11,568,731

 

1

%

(364,603,667

)

25

%

General and administrative

 

(154,055,198

)

11

%

60,517,724

 

4

%

(93,537,474

)

6

%

Total operating expenses

 

(863,100,618

)

60

%

106,274,783

 

7

%

(756,825,835

)

53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

182,942,866

 

13

%

106,274,783

 

7

%

289,217,649

 

20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

261,479,401

 

18

%

106,274,783

 

7

%

367,754,184

 

26

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

6.74

 

 

 

2.70

 

 

 

                   9.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

1.68

 

 

 

0.68

 

 

 

2.36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.28

 

 

 

0.11

 

 

 

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended March 31, 2013

 

 

 

GAAP  Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP
Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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=RMB6.2164 on March 31, 2014 published by the Federal Reserve Board.