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 November 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: November 26, 2014

 

1



 

EXHIBIT INDEX

 

Exhibit No.

 

Description

 

 

 

99.1

 

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

 

2


Exhibit 99.1

 

Ctrip Reports Unaudited Third Quarter 2014 Financial Results

 

Shanghai, China, November 25, 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 (“Ctrip” or the “Company”), today announced its unaudited financial results for the quarter ended September 30, 2014.

 

Highlights for the Third Quarter of 2014

 

·                      Net revenues were RMB2.1 billion (US$347 million) for the third quarter of 2014, up 38% year-on-year, exceeding our net revenue guidance for the third quarter 2014 of 30-35% increase year-on-year.

·                      Accommodation reservation volume increased 69% year-on-year, exceeding our guidance of 50-60% volume increase year-on year, and accommodation reservation revenues increased 56% year-on-year, reaching RMB950 million (US$155 million) for the third quarter of 2014.

·                      Transportation ticketing volume increased 98% year-on-year, exceeding our guidance of 60-70% volume increase year-on year, and transportation ticketing revenues increased 32% year-on-year, reaching RMB800 million (US$130 million) for the third quarter of 2014.

·                      Gross margin was 72% for the third quarter of 2014, compared to 75% in the same period in 2013, and remained consistent with that in the previous quarter.

·                      Income from operations was RMB88 million (US$14 million) for the third quarter of 2014, down 71% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB225 million (US$37 million), down 45% year-on-year.

·                      Operating margin was 4% for the third quarter of 2014, compared to 19% in the same period in 2013 and 5% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 11%, compared to 27% in the same period in 2013, and 12% in the previous quarter.

·                      Net income attributable to Ctrip’s shareholders was RMB217 million (US$35 million) for the third quarter of 2014, down 42% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB354 million (US$58 million), down 27% year-on-year.

·                      Diluted earnings per ADS were RMB1.38 (US$0.22) for the third quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.24 (US$0.36) for the third quarter of 2014.

·                      Share-based compensation charges were RMB137 million (US$22 million), accounting for 6% of the net revenues, or RMB0.86 (US$0.14) per ADS for the third quarter of 2014.

 

“We are pleased to report the solid performance of Ctrip in the third quarter of 2014,” said James Liang, Chairman and Chief Executive Officer of Ctrip. “Accommodation reservation and transportation ticketing services maintained robust growth, reaching 69% and 98% year-over-year in volume respectively. The number of Ctrip mobile app downloads reached 350 million, growing 75% from the previous quarter. We are also encouraged by the progress of our new initiatives. Through the open-platform, we work with around 1,000 hotel agency partners, China’s top 600 air ticketing agencies, and over 800 local travel agencies. Total hotel transactions through the open-platform reached approximately RMB1 billion during the third quarter. We will continue to invest in our open platform strategy and in technology and services to create more value for both our customers and partners.”

 



 

Third Quarter 2014 Financial Results

 

For the third quarter of 2014, Ctrip reported total revenues of RMB2.3 billion (US$368 million), representing a 38% increase from the same period in 2013. Total revenues for the third quarter of 2014 increased by 24% from the previous quarter.

 

Accommodation reservation revenues amounted to RMB950 million (US$155 million) for the third quarter of 2014, representing a 56% increase year-on-year, primarily driven by an increase of 69% in accommodation reservation volume, partially offset by the decrease of commission per room night. Accommodation reservation revenues increased by 26% quarter-on-quarter.

 

Transportation ticketing revenues for the third quarter of 2014 were RMB800 million (US$130 million), representing a 32% increase year-on-year, driven by an increase of 98% in ticketing volume. Transportation ticketing revenues increased by 10% quarter-on-quarter.

 

Packaged-tour revenues for the third quarter of 2014 were RMB358 million (US$58 million), representing a 12% increase year-on-year, driven by an increase of 52% in volume of organized tours and self-guided tours. Packaged-tour revenues increased by 74% quarter-on-quarter, primarily due to seasonality.

 

Corporate travel revenues for the third quarter of 2014 were RMB104 million (US$17 million), representing a 45% increase year-on-year, primarily driven by the increased corporate travel demand from business activities. Corporate travel revenues increased by 15% quarter-on-quarter, primarily due to seasonality.

 

For the third quarter of 2014, net revenues were RMB2.1 billion (US$347 million), representing a 38% increase from the same period in 2013. Net revenues for the third quarter of 2014 increased by 24% from the previous quarter.

 

Gross margin was 72% for the third quarter of 2014, compared to 75% in the same period in 2013 and remained consistent with that in the previous quarter.

 

Product development expenses for the third quarter of 2014 increased by 83% to RMB612 million (US$100 million) from the same period in 2013 and 28% 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 26% of the net revenues, increased from 20% in the same period in 2013 and 25% in the previous quarter.

 

Sales and marketing expenses for the third quarter of 2014 increased by 69% to RMB598 million (US$97 million) from the same period in 2013 and increased by 25% from the previous quarter, primarily due to an increase in sales and marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 27% of the net revenues, increased from 22% in the same period in 2013 and remained consistent with that in the previous quarter.

 



 

General and administrative expenses for the third quarter of 2014 increased by 40% to RMB242 million (US$39 million) from the same period in 2013 and 25% from the previous quarter primarily due to an increase in administrative personnel related expenses. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, increased from 7% in the same period in 2013 and remained consistent with that in the previous quarter.

 

Income from operations for the third quarter of 2014 was RMB88 million (US$14 million), representing a  decrease of 71% from the same period in 2013 and a decrease of 3% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB225 million (US$37 million), representing a decrease of 45% from the same period in 2013 and an increase of 11% from the previous quarter.

 

Operating margin was 4% for the third quarter of 2014, compared to 19% in the same period in 2013, and 5% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 11%, compared to 27% in the same period in 2013 and 12% in the previous quarter.

 

The effective tax rate for the third quarter of 2014 was 23%, increased from 22% in the same period of 2013, 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 third quarter of 2014 decreased from 32% in the previous quarter, primarily due to the decrease 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 third quarter of 2014 was RMB217 million (US$35 million), representing a decrease of 42% from the same period in 2013 and an increase of 61% from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB354 million (US$58 million), representing a decrease of 27% from the same period in 2013 and an increase of 44% from the previous quarter.

 

Diluted earnings per ADS were RMB1.38 (US$0.22) for the third quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.24 (US$0.36) for the third quarter of 2014.

 

As of September 30, 2014, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB11 billion (US$1.8 billion).

 

Business Outlook

 

For the fourth quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 30%. This forecast reflects Ctrip’s current and preliminary view, which is subject to change.

 



 

Recent Development

 

In November, 2014, Ctrip and Royal Caribbean Cruises Ltd. have agreed to form a strategic partnership through SkySea Cruises, a joint venture which is designed to serve the Chinese cruise market. Royal Caribbean and Ctrip will each own 35% of the new company, with the balance being owned by SkySea management and a private equity fund. The transaction is expected to close before the end of November.

 

Conference Call

 

Ctrip’s management team will host a conference call at 7:00PM U.S. Eastern Time on November 25, 2014 (or 8:00AM on November 26, 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 +1.800.230.3019, International dial-in number +1.617.597.5413, Passcode 92795298#. For pre-registration, please click

 

https://www.theconferencingservice.com/prereg/key.process?key=P6NJ7YH7K.

 

A telephone replay of the call will be available after the conclusion of the conference call until December 3, 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 80825457.

 

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. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip aggregates comprehensive travel related information and offers its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip enables business and leisure travelers to make informed and cost-effective bookings. It also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps 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 12229
Email: iremail@ctrip.com

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Balance Sheets

 

 

 

December 31, 2013

 

September 30, 2014

 

September 30, 2014

 

 

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

7,138,344,814

 

6,969,956,248

 

1,135,541,911

 

Restricted cash

 

739,543,614

 

821,226,443

 

133,793,816

 

Short-term investment

 

3,635,090,955

 

3,225,218,438

 

525,451,033

 

Accounts receivable, net

 

1,518,230,029

 

2,017,679,173

 

328,719,318

 

Prepayments and other current assets

 

1,237,530,956

 

3,022,529,945

 

492,429,121

 

Deferred tax assets, current

 

96,979,500

 

137,502,681

 

22,401,870

 

 

 

 

 

 

 

 

 

Total current assets

 

14,365,719,868

 

16,194,112,928

 

2,638,337,069

 

 

 

 

 

 

 

 

 

Long-term deposits and prepayments

 

559,185,652

 

1,623,315,083

 

264,469,710

 

Land use rights

 

107,476,794

 

105,197,516

 

17,138,729

 

Property, equipment and software

 

1,412,943,693

 

3,479,457,356

 

566,871,514

 

Investment

 

2,857,213,480

 

5,067,386,530

 

825,576,170

 

Goodwill

 

972,531,184

 

1,185,513,074

 

193,143,218

 

Intangible assets

 

356,653,022

 

425,307,831

 

69,290,947

 

Other long-term receviables

 

186,750,769

 

187,195,951

 

30,497,874

 

 

 

 

 

 

 

 

 

Total assets

 

20,818,474,462

 

28,267,486,269

 

4,605,325,231

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term Debt *

 

774,599,341

 

2,377,417,044

 

387,327,638

 

Accounts payable

 

1,637,545,824

 

2,152,769,646

 

350,728,193

 

Salary and welfare payable

 

257,641,763

 

343,564,283

 

55,973,327

 

Taxes payable

 

315,299,656

 

366,278,593

 

59,673,932

 

Advances from customers

 

2,451,931,450

 

3,381,752,999

 

550,953,568

 

Accrued liability for customer reward program

 

284,668,935

 

410,536,094

 

66,884,342

 

Other payables and accruals

 

646,321,729

 

1,221,345,494

 

198,981,019

 

 

 

 

 

 

 

 

 

Total current liabilities

 

6,368,008,698

 

10,253,664,153

 

1,670,522,019

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, non-current

 

63,197,155

 

71,791,275

 

11,696,200

 

Long-term Debt

 

5,657,182,650

 

7,979,400,000

 

1,300,000,000

 

 

 

 

 

 

 

 

 

Total liabilities

 

12,088,388,503

 

18,304,855,428

 

2,982,218,219

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Share capital

 

3,033,490

 

3,081,448

 

502,028

 

Additional paid-in capital

 

4,088,484,766

 

4,680,212,986

 

762,498,043

 

Statutory reserves

 

118,449,230

 

118,449,230

 

19,297,691

 

Accumulated other comprehensive income

 

372,634,580

 

541,749,214

 

88,261,521

 

Retained Earnings

 

5,498,934,733

 

5,966,099,220

 

971,994,008

 

Treasury stock

 

(1,551,141,268

)

(1,883,002,778

)

(306,777,905

)

 

 

 

 

 

 

 

 

Total Ctrip’s shareholders’ equity

 

8,530,395,531

 

9,426,589,320

 

1,535,775,386

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

199,690,428

 

536,041,521

 

87,331,626

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

8,730,085,959

 

9,962,630,841

 

1,623,107,012

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

20,818,474,462

 

28,267,486,269

 

4,605,325,231

 

 


* Short-term Debt represents short-term borrowings from commercial banks and Convertible Senior Notes which may be redemeed within one year

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

September 30, 2013

 

June 30, 2014

 

September 30, 2014

 

September 30, 2014

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

 

Accommodation reservation **

 

610,653,418

 

752,565,453

 

950,299,334

 

154,822,309

 

Transportation ticketing ***

 

604,272,344

 

725,513,462

 

799,796,927

 

130,302,530

 

Packaged tour

 

319,566,156

 

205,141,896

 

357,643,161

 

58,267,051

 

Corporate travel

 

71,852,907

 

90,442,575

 

103,858,502

 

16,920,577

 

Others

 

34,141,394

 

45,842,408

 

47,873,735

 

7,799,566

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

1,640,486,219

 

1,819,505,794

 

2,259,471,659

 

368,112,033

 

 

 

 

 

 

 

 

 

 

 

Less: business tax and related surcharges

 

(99,510,607

)

(97,244,864

)

(129,901,116

)

(21,163,427

)

 

 

 

 

 

 

 

 

 

 

Net revenues

 

1,540,975,612

 

1,722,260,930

 

2,129,570,543

 

346,948,606

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

(379,121,709

)

(478,601,393

)

(588,980,230

)

(95,956,375

)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,161,853,903

 

1,243,659,537

 

1,540,590,313

 

250,992,231

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Product development *

 

(335,461,829

)

(479,262,194

)

(612,245,503

)

(99,746,742

)

Sales and marketing *

 

(354,501,850

)

(479,274,011

)

(598,185,788

)

(97,456,140

)

General and administrative *

 

(172,348,825

)

(194,203,673

)

(241,916,476

)

(39,412,916

)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

(862,312,504

)

(1,152,739,878

)

(1,452,347,767

)

(236,615,798

)

 

 

 

 

 

 

 

 

 

 

Income from operations

 

299,541,399

 

90,919,659

 

88,242,546

 

14,376,433

 

 

 

 

 

 

 

 

 

 

 

Interest income ****

 

56,207,564

 

83,277,622

 

71,980,305

 

11,726,997

 

Interest expense ****

 

(3,595,298

)

(33,693,033

)

(45,175,681

)

(7,360,000

)

Other income

 

67,808,945

 

5,265,556

 

107,538,979

 

17,520,199

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense and equity in income

 

419,962,610

 

145,769,804

 

222,586,149

 

36,263,629

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(92,166,420

)

(47,090,068

)

(50,423,327

)

(8,214,944

)

Equity in income of affiliates

 

24,740,697

 

13,215,687

 

16,323,840

 

2,659,472

 

 

 

 

 

 

 

 

 

 

 

Net income

 

352,536,887

 

111,895,423

 

188,486,662

 

30,708,157

 

 

 

 

 

 

 

 

 

 

 

Less: Net loss attributable to noncontrolling interests

 

20,450,829

 

22,992,757

 

28,437,892

 

4,633,088

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

372,987,716

 

134,888,180

 

216,924,554

 

35,341,245

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Ctrip’s shareholders

 

443,127,464

 

260,740,944

 

555,939,645

 

90,573,419

 

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

 

 

 

 

- Basic

 

11.34

 

3.97

 

6.35

 

1.03

 

- Diluted

 

9.74

 

3.51

 

5.51

 

0.90

 

 

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

 

 

- Basic

 

2.84

 

0.99

 

1.59

 

0.26

 

- Diluted

 

2.44

 

0.88

 

1.38

 

0.22

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding

 

 

 

 

 

 

 

 

 

- Basic

 

32,887,276

 

33,952,472

 

34,166,995

 

34,166,995

 

- Diluted

 

38,745,348

 

39,339,689

 

39,905,707

 

39,905,707

 

 

 

 

 

 

 

 

 

 

 

* Share-based compensation charges included are as follows:

 

 

 

 

 

 

 

 

 

Product development

 

34,621,728

 

41,555,508

 

48,049,514

 

7,828,204

 

Sales and marketing

 

11,917,951

 

11,715,564

 

14,630,609

 

2,383,612

 

General and administrative

 

62,359,499

 

58,066,756

 

74,373,595

 

12,116,910

 

 

** 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 September 30, 2014

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(612,245,503

)

29

%

48,049,514

 

2

%

(564,195,989

)

26

%

Sales and marketing

 

(598,185,788

)

28

%

14,630,609

 

1

%

(583,555,179

)

27

%

General and administrative

 

(241,916,476

)

11

%

74,373,595

 

3

%

(167,542,881

)

8

%

Total operating expenses

 

(1,452,347,767

)

68

%

137,053,718

 

6

%

(1,315,294,049

)

62

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

88,242,546

 

4

%

137,053,718

 

6

%

225,296,264

 

11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

216,924,554

 

10

%

137,053,718

 

6

%

353,978,272

 

17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

5.51

 

 

 

3.43

 

 

 

8.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

1.38

 

 

 

0.86

 

 

 

2.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.22

 

 

 

0.14

 

 

 

0.36

 

 

 

 

 

 

Quarter Ended June 30, 2014

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(479,262,194

)

28

%

41,555,508

 

2

%

(437,706,686

)

25

%

Sales and marketing

 

(479,274,011

)

28

%

11,715,564

 

1

%

(467,558,447

)

27

%

General and administrative

 

(194,203,673

)

11

%

58,066,756

 

3

%

(136,136,917

)

8

%

Total operating expenses

 

(1,152,739,878

)

67

%

111,337,828

 

6

%

(1,041,402,050

)

60

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

90,919,659

 

5

%

111,337,828

 

6

%

202,257,487

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

134,888,180

 

8

%

111,337,828

 

6

%

246,226,008

 

14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

3.51

 

 

 

2.83

 

 

 

6.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.88

 

 

 

0.70

 

 

 

1.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.14

 

 

 

0.12

 

 

 

0.26

 

 

 

 

 

 

Quarter Ended September 30, 2013

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(335,461,829

)

22

%

34,621,728

 

2

%

(300,840,101

)

20

%

Sales and marketing

 

(354,501,850

)

23

%

11,917,951

 

1

%

(342,583,899

)

22

%

General and administrative

 

(172,348,825

)

11

%

62,359,499

 

4

%

(109,989,326

)

7

%

Total operating expenses

 

(862,312,504

)

56

%

108,899,178

 

7

%

(753,413,326

)

49

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

299,541,399

 

19

%

108,899,178

 

7

%

408,440,577

 

27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

372,987,716

 

24

%

108,899,178

 

7

%

481,886,894

 

31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

9.74

 

 

 

2.81

 

 

 

12.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

2.44

 

 

 

0.70

 

 

 

3.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.40

 

 

 

0.11

 

 

 

0.51

 

 

 

 

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=RMB6.138 on September 30, 2014 published by the Federal Reserve Board.