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, Peoples 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.
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CTRIP.COM INTERNATIONAL, LTD. | ||
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| |
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| |
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By |
: |
/s/Xiaofan Wang |
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Name |
: |
Xiaofan Wang |
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Title |
: |
Chief Financial Officer |
Date: November 26, 2014
EXHIBIT INDEX
Exhibit No. |
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Description |
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|
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99.1 |
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Press release regarding Ctrips unaudited third quarter 2014 financial results |
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 Ctrips 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 Ctrips 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, Chinas 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 Ctrips 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 Ctrips 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 Ctrips 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
Ctrips 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 Ctrips 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 Ctrips 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 Ctrips ADSs, Ctrips reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to further increase Ctrips 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 Ctrips corporate travel business, damage to or failure of Ctrips infrastructure and technology, loss of services of Ctrips 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 Ctrips affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrips 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 Ctrips 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. Ctrips 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 Ctrips business for the foreseeable future.
Reconciliations of Ctrips 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 Ctrips 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 Ctrips shareholders |
|
372,987,716 |
|
134,888,180 |
|
216,924,554 |
|
35,341,245 |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to Ctrips 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 |
|
Share-based |
|
% of Net |
|
Non-GAAP Result |
|
% of Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ctrips 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 |
|
Share-based |
|
% of Net |
|
Non-GAAP Result |
|
% of Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ctrips 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 |
|
Share-based |
|
% of Net |
|
Non-GAAP Result |
|
% of Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ctrips 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.