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 August 2015

 


 

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: August 4, 2015

 

2



 

EXHIBIT INDEX

 

 

Exhibit No. 

 

Description

 

 

 

99.1

 

Press release regarding Ctrip’s unaudited second quarter 2015 financial results

 

3


Exhibit 99.1

 

Ctrip Reports Unaudited Second Quarter of 2015 Financial Results

 

Shanghai, China, August 3, 2015 - 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 second quarter ended June 30, 2015.

 

Highlights for the Second Quarter of 2015

 

·                      Net revenues were RMB2.53 billion (US$408 million) for the second quarter of 2015, up 47% year-on-year.

 

·                      Net commission earned (non-GAAP) was Rmb2.49 billion for the second quarter, up 45% year-on-year. Net commission earned (non-GAAP) is calculated by deducting from the revenues the cost of transactions where the Company undertakes majority of the business risks, including the inventory risks*. The Company accounts for discount offered to the customers as reduction to its revenues, and certain significant discount may result in selling price lower than cost.

 

·                      Accommodation reservation volume increased 55% year-on-year, and accommodation reservation revenues increased 47% year-on-year, reaching RMB1.1 billion (US$178 million) for the second quarter of 2015.

 

·                      Transportation ticketing volume increased 106% year-on-year, and transportation ticketing revenues increased 45% year-on-year, reaching RMB1.1 billion (US$170 million) for the second quarter of 2015.

 

·                      Gross margin was 71% for the second quarter of 2015, compared to 72% in the same period in 2014, and 70% in the previous quarter.

 

·                      Net income attributable to Ctrip’s shareholders was RMB143 million (US$23 million) for the second quarter of 2015, compared to RMB135 million (US$22 million) in the same period in 2014. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB296 million (US$48 million), compared to RMB246 million (US$40 million) in the same period in 2014.

 

·                      Diluted earnings per ADS were RMB0.90 (US$0.15) for the second quarter of 2015. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.86 (US$0.30) for the second quarter of 2015.

 

·                      Share-based compensation charges were RMB153 million (US$25 million), accounting for 6% of the net revenues, or RMB0.96 (US$0.15) per ADS for the second quarter of 2015.

 

“We saw continued robust growth across all business lines,” said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. “Both our accommodation reservation and transportation ticketing businesses reached record-high revenues of over RMB1 billion, a landmark achievement in China’s online travel industry. Accommodation reservation, air ticketing and transportation ticketing maintained strong year-over-year volume growth of 55%, 60% and 106% respectively, with high revenue quality and sales and marketing efficiency. Such performance, coupled with increased revenue generation and improved cost control of our new businesses, has allowed us to remain the most profitable travel company in China. We will continue to enhance our core competencies, strengthen our leadership and strive for a balance between investment and profitability in the coming quarters.”

 


* The Company presents the revenue on a net basis. Revenues are recognized at gross basis when the Company undertakes the majority of the business risks and acts as principal. In the second quarter of 2015, the Company recognized the revenue on gross basis of RMB 0.05 billion and associated cost of RMB0.04 billion. Should all these transactions being presented on net basis, the net commission earned was RMB2.49 billion.

 



 

Second Quarter of 2015 Financial Results and Business Updates

 

For the second quarter of 2015, Ctrip reported total revenues of RMB2.7 billion (US$430 million), representing a 46% increase from the same period in 2014. Total revenues for the second quarter of 2015 increased by 9% from the previous quarter.

 

Accommodation reservation revenues amounted to RMB1.1 billion (US$178 million) for the second quarter of 2015, representing a 47% increase year-on-year, primarily driven by an increase of 55% in accommodation reservation volume. Accommodation reservation revenues increased by 16% quarter-on-quarter.

 

Transportation ticketing revenues for the second quarter of 2015 were RMB1.1 billion (US$170 million), representing a 45% increase year-on-year, primarily driven by an increase of 106% in ticketing volume. Transportation ticketing revenues increased by 11% quarter-on-quarter.

 

Packaged-tour revenues for the second quarter of 2015 were RMB329 million (US$53 million), representing a 61% increase year-on-year, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenues decreased by 17% quarter-on-quarter, primarily due to seasonality.

 

Corporate travel revenues for the second quarter of 2015 were RMB121 million (US$19 million), representing a 34% increase year-on-year, primarily driven by the increased corporate travel demand from business activities. Corporate travel revenues increased by 30% quarter-on-quarter, primarily due to seasonality.

 

For the second quarter of 2015, net revenues were RMB2.5 billion (US$408 million), representing a 47% increase from the same period in 2014. Net revenues for the second quarter of 2015 increased by 9% from the previous quarter.

 

Gross margin was 71% for the second quarter of 2015, compared to 72% in the same period in 2014 and 70% in the previous quarter.

 

Product development expenses for the second quarter of 2015 increased by 66% to RMB797 million (US$128 million) from the same period in 2014, primarily due to an increase in product development personnel related expenses. Product development expenses for the second quarter of 2015 decreased by 1% from the previous quarter. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 29% of the net revenues, increased from 25% in the same period in 2014 and decreased from 32% in the previous quarter.

 



 

Sales and marketing expenses for the second quarter of 2015 increased by 42% to RMB679 million (US$109 million) from the same period in 2014, primarily due to an increase in sales and marketing related activities. Sales and marketing expenses for the second quarter of 2015 decreased by 6% from the previous quarter. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 26% of the net revenues, decreased from 27% in the same period in 2014 and 30% in the previous quarter.

 

General and administrative expenses for the second quarter of 2015 increased by 34% to RMB261 million (US$42 million) from the same period in 2014 primarily due to an increase in amortization expenses for intangible assets of newly acquired entities and other office expenses. General and administrative expenses for the second quarter of 2015 increased by 1% from the previous quarter. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, remained consistent with the same period in 2014 and the previous quarter.

 

Income from operations for the second quarter of 2015 was RMB61 million (US$10 million), compared to RMB91 million (US$15 million) in the same period in 2014 and loss from operations of RMB180 million (US$29 million) in the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB214 million (US$35 million), compared to RMB202 million (US$33 million) in the same period in 2014 and loss from operations of RMB21 million (US$3 million) in the previous quarter.

 

Operating margin was 2% for the second quarter of 2015, compared to 5% in the same period in 2014, and -8% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 8%, compared to 12% in the same period in 2014 and -1% in the previous quarter.

 

Income tax expense for the second quarter of 2015 was RMB31 million (US$5 million), compared to income tax expense of RMB47 million (US$8 million) in the same period of 2014 and RMB6 million (US$1 million) in the previous quarter.

 

Net income attributable to Ctrip’s shareholders for the second quarter of 2015 was RMB143 million (US$23 million), compared to RMB135 million (US$22 million) in the same period in 2014 and net loss attributable to Ctrip’s shareholders of RMB126 million (US$20 million) in the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB296 million (US$48 million), compared to RMB246 million (US$40 million) in the same period in 2014 and RMB33 million (US$5 million) in the previous quarter.

 

Diluted earnings per ADS were RMB0.90 (US$0.15) for the second quarter of 2015. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.86 (US$0.30) for the second quarter of 2015.

 

As of June 30, 2015, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB20.5 billion (US$3.3billion).

 



 

Recent Development

 

As of August 3, 2015, Ctrip had purchased approximately 20 million ADSs in aggregate with a total consideration of US$474 million.

 

Business Outlook

 

For the third quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 45-50%. 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 August 3, 2015 (or 8:00AM on August 4, 2015 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 40828276#. For pre-registration, please click

 

https://www.theconferencingservice.com/prereg/key.process?key=PR96NW7LY.

 

A telephone replay of the call will be available after the conclusion of the conference call until August 10, 2015.  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 50047076.

 

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, 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. 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 2015 and 2014. 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 enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering 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 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 12928
Email: iremail@ctrip.com

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Balance Sheets

 

 

 

December 31, 2014

 

June 30, 2015

 

June 30, 2015

 

 

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

5,300,887,799

 

12,923,666,794

 

2,084,462,386

 

Restricted cash

 

836,394,951

 

1,167,673,256

 

188,334,396

 

Short-term investment

 

6,438,854,587

 

6,401,326,452

 

1,032,472,008

 

Accounts receivable, net

 

1,826,765,949

 

2,708,586,983

 

436,868,868

 

Prepayments and other current assets

 

2,480,276,272

 

3,223,484,751

 

519,916,895

 

Deferred tax assets, current

 

193,503,366

 

271,169,275

 

43,736,980

 

 

 

 

 

 

 

 

 

Total current assets

 

17,076,682,924

 

26,695,907,511

 

4,305,791,533

 

 

 

 

 

 

 

 

 

Long-term deposits and prepayments

 

306,661,011

 

415,450,333

 

67,008,118

 

Land use rights

 

104,568,868

 

103,719,867

 

16,729,011

 

Property, equipment and software

 

5,220,626,461

 

5,351,060,515

 

863,074,277

 

Investment

 

5,318,756,447

 

8,558,036,064

 

1,380,328,397

 

Goodwill

 

1,892,507,708

 

2,535,966,703

 

409,026,888

 

Intangible assets

 

668,202,371

 

1,063,545,732

 

171,539,634

 

Other long-term receviables

 

702,911,223

 

1,018,119,578

 

164,212,835

 

 

 

 

 

 

 

 

 

Total assets

 

31,290,917,013

 

45,741,806,303

 

7,377,710,693

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term Debt *

 

3,560,488,641

 

5,924,906,000

 

955,630,000

 

Accounts payable

 

2,304,111,525

 

3,794,225,569

 

611,971,866

 

Salary and welfare payable

 

525,157,105

 

694,199,366

 

111,967,640

 

Taxes payable

 

339,452,319

 

416,539,458

 

67,183,784

 

Advances from customers

 

3,937,477,522

 

4,767,922,969

 

769,019,834

 

Accrued liability for customer reward program

 

430,852,908

 

542,975,155

 

87,576,638

 

Other payables and accruals

 

1,617,162,761

 

1,546,024,508

 

249,358,789

 

 

 

 

 

 

 

 

 

Total current liabilities

 

12,714,702,781

 

17,686,793,025

 

2,852,708,551

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, non-current

 

132,506,644

 

213,202,920

 

34,387,568

 

Long-term Debt

 

8,065,980,000

 

16,430,000,000

 

2,650,000,000

 

 

 

 

 

 

 

 

 

Total liabilities

 

20,913,189,425

 

34,329,995,945

 

5,537,096,119

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Share capital

 

3,085,272

 

3,122,255

 

503,590

 

Additional paid-in capital

 

4,828,021,816

 

5,000,430,292

 

806,521,015

 

Statutory reserves

 

134,098,747

 

134,098,747

 

21,628,830

 

Accumulated other comprehensive income

 

443,579,376

 

889,959,877

 

143,541,916

 

Retained Earnings

 

5,726,024,997

 

5,742,816,738

 

926,260,764

 

Treasury stock

 

(1,605,630,913

)

(2,071,146,999

)

(334,055,968

)

 

 

 

 

 

 

 

 

Total Ctrip’s shareholders’ equity

 

9,529,179,295

 

9,699,280,910

 

1,564,400,147

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

848,548,293

 

1,712,529,448

 

276,214,427

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

10,377,727,588

 

11,411,810,358

 

1,840,614,574

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

31,290,917,013

 

45,741,806,303

 

7,377,710,693

 

 


* 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

 

 

 

June 30, 2014

 

March 31, 2015

 

June 30, 2015

 

June 30, 2015

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Accommodation reservation **

 

752,565,453

 

951,779,930

 

1,104,440,783

 

178,135,610

 

Transportation ticketing ***

 

725,513,462

 

947,907,791

 

1,052,550,664

 

169,766,236

 

Packaged tour

 

205,141,896

 

395,912,244

 

329,373,989

 

53,124,837

 

Corporate travel

 

90,442,575

 

92,713,417

 

120,746,346

 

19,475,217

 

Others

 

45,842,408

 

54,989,178

 

58,377,132

 

9,415,666

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

1,819,505,794

 

2,443,302,560

 

2,665,488,914

 

429,917,566

 

 

 

 

 

 

 

 

 

 

 

Less: business tax and related surcharges

 

(97,244,864

)

(128,526,318

)

(138,352,668

)

(22,314,946

)

 

 

 

 

 

 

 

 

 

 

Net revenues

 

1,722,260,930

 

2,314,776,242

 

2,527,136,246

 

407,602,620

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

(478,601,393

)

(704,606,314

)

(730,019,031

)

(117,745,005

)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,243,659,537

 

1,610,169,928

 

1,797,117,215

 

289,857,615

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Product development *

 

(479,262,194

)

(808,446,542

)

(796,503,880

)

(128,468,368

)

Sales and marketing *

 

(479,274,011

)

(722,504,606

)

(678,719,875

)

(109,470,948

)

General and administrative *

 

(194,203,673

)

(259,486,138

)

(261,010,168

)

(42,098,414

)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

(1,152,739,878

)

(1,790,437,286

)

(1,736,233,923

)

(280,037,730

)

 

 

 

 

 

 

 

 

 

 

Income/(loss) from operations

 

90,919,659

 

(180,267,358

)

60,883,292

 

9,819,885

 

 

 

 

 

 

 

 

 

 

 

Interest income ****

 

83,277,622

 

62,633,910

 

136,364,251

 

21,994,234

 

Interest expense ****

 

(33,693,033

)

(53,078,347

)

(58,841,079

)

(9,490,497

)

Other income/(expense)

 

5,265,556

 

(15,496,474

)

11,924,843

 

1,923,362

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before income tax expense and equity in income

 

145,769,804

 

(186,208,269

)

150,331,307

 

24,246,984

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(47,090,068

)

(6,289,394

)

(31,322,795

)

(5,052,064

)

Equity in income/(loss) of affiliates

 

13,215,687

 

9,391,560

 

(20,479,317

)

(3,303,116

)

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

111,895,423

 

(183,106,103

)

98,529,195

 

15,891,804

 

 

 

 

 

 

 

 

 

 

 

Less: Net loss attributable to noncontrolling interests

 

22,992,757

 

57,119,422

 

44,249,227

 

7,136,972

 

 

 

 

 

 

 

 

 

 

 

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

 

134,888,180

 

(125,986,681

)

142,778,422

 

23,028,776

 

 

 

 

 

 

 

 

 

 

 

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

 

260,740,944

 

(245,666,783

)

708,839,025

 

114,328,875

 

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

 

 

 

 

- Basic

 

3.97

 

(3.58

)

4.01

 

0.65

 

- Diluted

 

3.51

 

(3.58

)

3.61

 

0.58

 

 

 

 

 

 

 

 

 

 

 

Earnings per ADS

 

 

 

 

 

 

 

 

 

- Basic

 

0.99

 

(0.90

)

1.00

 

0.16

 

- Diluted

 

0.88

 

(0.90

)

0.90

 

0.15

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding

 

 

 

 

 

 

 

 

 

- Basic

 

33,952,472

 

35,178,644

 

35,646,304

 

35,646,304

 

- Diluted

 

39,339,689

 

35,178,644

 

39,940,625

 

39,940,625

 

 

 

 

 

 

 

 

 

 

 

* Share-based compensation charges included are as follows:

 

 

 

 

 

 

 

 

 

Product development

 

41,555,508

 

69,471,054

 

71,542,652

 

11,539,137

 

Sales and marketing

 

11,715,564

 

17,634,267

 

16,189,635

 

2,611,231

 

General and administrative

 

58,066,756

 

71,805,377

 

65,361,658

 

10,542,203

 

 


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

 

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

 

**** Interest expenses are separately presented and have been reclassified from interest income, net 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 June 30, 2015

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(796,503,880

)

32

%

71,542,652

 

3

%

(724,961,228

)

29

%

Sales and marketing

 

(678,719,875

)

27

%

16,189,635

 

1

%

(662,530,240

)

26

%

General and administrative

 

(261,010,168

)

10

%

65,361,658

 

2

%

(195,648,510

)

8

%

Total operating expenses

 

(1,736,233,923

)

69

%

153,093,945

 

6

%

(1,583,139,978

)

63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from operations

 

60,883,292

 

2

%

153,093,945

 

6

%

213,977,237

 

8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

142,778,422

 

6

%

153,093,945

 

6

%

295,872,367

 

12

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

3.61

 

 

 

3.80

 

 

 

7.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.90

 

 

 

0.96

 

 

 

1.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.15

 

 

 

0.15

 

 

 

0.30

 

 

 

 

 

 

Quarter Ended March 31, 2015

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(808,446,542

)

35

%

69,471,054

 

3

%

(738,975,488

)

32

%

Sales and marketing

 

(722,504,606

)

31

%

17,634,267

 

1

%

(704,870,339

)

30

%

General and administrative

 

(259,486,138

)

11

%

71,805,377

 

3

%

(187,680,761

)

8

%

Total operating expenses

 

(1,790,437,286

)

77

%

158,910,698

 

7

%

(1,631,526,588

)

70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

(180,267,358

)

-8

%

158,910,698

 

7

%

(21,356,660

)

-1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

(125,986,681

)

-5

%

158,910,698

 

7

%

32,924,017

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

(3.58

)

 

 

4.52

 

 

 

0.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

(0.90

)

 

 

1.13

 

 

 

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

(0.15

)

 

 

0.19

 

 

 

0.04

 

 

 

 

 

 

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

 

 

 

 


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=RMB6.2 on June 30, 2015 published by the Federal Reserve Board.