新聞稿
Trip.com Group Limited Reports Unaudited Third Quarter of 2019 Financial Results
Key Highlights for the Third Quarter of 2019
- The Company officially changed its corporate name to "
Trip.com Group Limited " onOctober 25, 2019 and its ticker to "TCOM" onNovember 5, 2019 .Trip.com Group operates a family of travel brands, which mainly consists ofTrip.com , Ctrip, Skyscanner and Qunar. Trip.com Group reported strong financial results for the third quarter of 2019.
- Income from operations increased by 52% year-over-year to
- Operating margin was 21% for the third quarter of 2019, compared to 16% in the same period in 2018, and 15% in the previous quarter. Excluding share-based compensation charges, non-GAAP operating margin reached 25%, the highest margin over the past 6 years.
Trip.com Group's international businesses (excludingGreater China destinations) sustained robust growth momentum.
- The year-over-year revenue growth rate of international hotel business (excluding
-
Third Quarter of 2019 Financial Results and Business Updates
For the third quarter of 2019,
Accommodation reservation revenue for the third quarter of 2019 was
Transportation ticketing revenue for the third quarter of 2019 was
Packaged-tour revenue for the third quarter of 2019 was
Corporate travel revenue for the third quarter of 2019 was
Gross margin was 79% for the third quarter of 2019, which remained consistent with that for the same period in 2018 and the previous quarter.
Product development expenses for the third quarter of 2019 increased by 12% to
Sales and marketing expenses for the third quarter of 2019 decreased by 8% to
General and administrative expenses for the third quarter of 2019 increased by 18% to
Income from operations for the third quarter of 2019 was
Operating margin was 21% for the third quarter of 2019, compared to 16% in the same period in 2018, and 15% in the previous quarter. Excluding share-based compensation charges, non-GAAP operating margin was 25%, compared to 20% in the same period in 2018 and in the previous quarter.
Income tax expense for the third quarter of 2019 was
Net income attributable to
Diluted earnings per ADS were
As of
Business Outlook
For the fourth quarter of 2019, the Company expects the net revenue growth to continue at a year-over-year rate of approximately 8%-13%. This forecast reflects
Conference Call
The conference call will be available on Webcast live and replay at: https://investors.trip.com. The call will be archived for twelve months at this website.
Listeners may access the call by dialing the following numbers:
US: |
1-855-881-1339 or 1-914-202-3258 |
Hong Kong: |
800-966-806 |
Mainland China: |
400-120-0659 |
International: |
+61-731-454-010 |
Passcode: |
10002551 |
For pre-registration, please click
https://s1.c-conf.com/diamondpass/Ctrip-10002551-invite.html
A telephone replay of the call will be available after the conclusion of the conference call until
The dial-in details for the replay:
International dial-in number: |
+61-7-3107-6325 |
Passcode: |
10002551 |
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
About Non-GAAP Financial Measures
To supplement
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 and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in
Reconciliations of
About
For further information, please contact:
Investor Relations
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com
Trip.com Group Limited |
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Unaudited Consolidated Balance Sheets |
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(In millions, except share and per share data) |
||||||||
December 31, 2018 |
September 30, 2019 |
September 30, 2019 |
||||||
RMB (million) |
RMB (million) |
USD (million) |
||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
21,530 |
18,330 |
2,565 |
|||||
Restricted cash |
4,244 |
3,905 |
546 |
|||||
Short-term investments |
36,753 |
26,069 |
3,647 |
|||||
Accounts receivable, net |
5,668 |
9,295 |
1,300 |
|||||
Prepayments and other current assets |
11,199 |
17,979 |
2,515 |
|||||
Total current assets |
79,394 |
75,578 |
10,573 |
|||||
Long-term deposits and prepayments |
768 |
594 |
83 |
|||||
Land use rights |
94 |
92 |
13 |
|||||
Property, equipment and software |
5,872 |
5,978 |
836 |
|||||
Investments |
26,874 |
47,647 |
6,666 |
|||||
Goodwill |
58,026 |
57,915 |
8,103 |
|||||
Intangible assets |
13,723 |
13,281 |
1,858 |
|||||
Other long-term receivable |
229 |
26 |
4 |
|||||
Right-of-use asset* |
- |
993 |
139 |
|||||
Deferred tax assets |
850 |
979 |
137 |
|||||
Total assets |
185,830 |
203,083 |
28,412 |
|||||
LIABILITIES |
||||||||
Current liabilities: |
||||||||
Short-term debt and current portion of long-term debt |
36,011 |
36,751 |
5,142 |
|||||
Accounts payable |
11,714 |
13,386 |
1,873 |
|||||
Salary and welfare payable |
3,694 |
4,387 |
614 |
|||||
Taxes payable |
1,019 |
1,367 |
191 |
|||||
Advances from customers |
9,472 |
9,944 |
1,391 |
|||||
Accrued liability for customer reward program |
528 |
471 |
66 |
|||||
Other payables and accruals* |
6,346 |
7,812 |
1,093 |
|||||
Total current liabilities |
68,784 |
74,118 |
10,370 |
|||||
Deferred tax liabilities |
3,838 |
3,624 |
507 |
|||||
Long-term debt |
24,146 |
20,600 |
2,882 |
|||||
Other long-term liabilities |
329 |
257 |
36 |
|||||
Long-term lease liability* |
- |
653 |
91 |
|||||
Total liabilities |
97,097 |
99,252 |
13,886 |
|||||
MEZZANINE EQUITY |
||||||||
Redeemable non-controlling interests |
- |
1,122 |
157 |
|||||
SHAREHOLDERS' EQUITY |
||||||||
Total Trip.com Group Limited shareholders' equity |
86,715 |
100,662 |
14,083 |
|||||
Non-controlling interests |
2,018 |
2,047 |
286 |
|||||
Total shareholders' equity |
88,733 |
102,709 |
14,369 |
|||||
Total liabilities, mezzanine equity and shareholders' equity |
185,830 |
203,083 |
28,412 |
|||||
* The Company adopted ASU No. 2016-02 and ASU No.2018-11, "Leases," beginning January 1, 2019 and elected to utilize the additional |
Trip.com Group Limited |
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Unaudited Consolidated Statements of Comprehensive Income |
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(In millions, except share and per share data) |
|||||||||||
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
||||||||
September 30, 2018 |
June 30, 2019 |
September 30, 2019 |
September 30, 2019 |
||||||||
RMB (million) |
RMB (million) |
RMB (million) |
USD (million) |
||||||||
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||||
Revenue: |
|||||||||||
Accommodation reservation |
3,627 |
3,410 |
4,117 |
576 |
|||||||
Transportation ticketing |
3,621 |
3,407 |
3,721 |
521 |
|||||||
Packaged-tour |
1,378 |
1,051 |
1,638 |
229 |
|||||||
Corporate travel |
267 |
309 |
335 |
47 |
|||||||
Others |
503 |
524 |
688 |
96 |
|||||||
Total revenue |
9,396 |
8,701 |
10,499 |
1,469 |
|||||||
Less: Sales tax and surcharges |
(41) |
(10) |
(23) |
(3) |
|||||||
Net revenue |
9,355 |
8,691 |
10,476 |
1,466 |
|||||||
Cost of revenue |
(1,991) |
(1,798) |
(2,157) |
(302) |
|||||||
Gross profit |
7,364 |
6,893 |
8,319 |
1,164 |
|||||||
Operating expenses: |
|||||||||||
Product development *** |
(2,491) |
(2,642) |
(2,790) |
(390) |
|||||||
Sales and marketing *** |
(2,705) |
(2,108) |
(2,478) |
(347) |
|||||||
General and administrative *** |
(688) |
(810) |
(809) |
(113) |
|||||||
Total operating expenses |
(5,884) |
(5,560) |
(6,077) |
(850) |
|||||||
Income from operations |
1,480 |
1,333 |
2,242 |
314 |
|||||||
Interest income |
521 |
562 |
509 |
71 |
|||||||
Interest expense |
(393) |
(426) |
(423) |
(59) |
|||||||
Other loss ** |
(2,625) |
(1,412) |
(1,349) |
(189) |
|||||||
(Loss)/income before income tax expense, |
(1,017) |
57 |
979 |
137 |
|||||||
Income tax expense ** |
(257) |
(336) |
(365) |
(51) |
|||||||
Equity in income/(loss) of affiliates |
169 |
(123) |
206 |
29 |
|||||||
Net (loss)/income |
(1,105) |
(402) |
820 |
115 |
|||||||
Net (income)/loss attributable to non-controlling |
(34) |
7 |
(18) |
(2) |
|||||||
Accretion to redemption value of redeemable non- |
- |
(8) |
(9) |
(1) |
|||||||
Net (loss)/ income attributable to Trip.com Group |
(1,139) |
(403) |
793 |
112 |
|||||||
Comprehensive (loss)/income attributable to |
(1,561) |
(308) |
477 |
67 |
|||||||
(Losses)/earnings per ordinary share |
|||||||||||
- Basic |
(16.62) |
(5.81) |
11.19 |
1.57 |
|||||||
- Diluted |
(16.62) |
(5.81) |
10.83 |
1.52 |
|||||||
(Losses)/earnings per ADS |
|||||||||||
- Basic |
(2.08) |
(0.73) |
1.40 |
0.20 |
|||||||
- Diluted |
(2.08) |
(0.73) |
1.35 |
0.19 |
|||||||
Weighted average ordinary shares outstanding |
|||||||||||
- Basic |
68,518,501 |
69,484,264 |
70,979,652 |
70,979,652 |
|||||||
- Diluted |
68,518,501 |
69,484,264 |
75,203,352 |
75,203,352 |
|||||||
- Diluted-non GAAP |
80,394,301 |
77,807,991 |
79,585,733 |
79,585,733 |
|||||||
*** Share-based compensation included in Operating expenses above is as follows: |
|||||||||||
Product development |
217 |
215 |
213 |
30 |
|||||||
Sales and marketing |
36 |
34 |
34 |
5 |
|||||||
General and administrative |
148 |
144 |
146 |
20 |
|||||||
** Fair value changes of equity securities investments included in Net (loss)/income is as follow: |
|||||||||||
Fair value loss of equity securities investments, |
2,470 |
1,339 |
1,076 |
150 |
Trip.com Group Limited |
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Reconciliation of GAAP and Non-GAAP Results |
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(In millions, except % and per share data) |
|||||||||
Quarter Ended September 30, 2019 |
|||||||||
GAAP Result
|
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
% of Net |
||||
Share-based compensation included in Operating expense is as follows: |
|||||||||
Product development |
(2,790) |
-27% |
213 |
2% |
(2,577) |
-25% |
|||
Sales and marketing |
(2,478) |
-24% |
34 |
0% |
(2,444) |
-23% |
|||
General and administrative |
(809) |
-8% |
146 |
1% |
(663) |
-6% |
|||
Total operating expenses |
(6,077) |
-58% |
393 |
4% |
(5,684) |
-54% |
|||
Income from operations |
2,242 |
21% |
393 |
4% |
2,635 |
25% |
|||
Fair value changes of equity securities investments, net of tax |
(1,076) |
-10% |
1,076 |
10% |
- |
0% |
|||
Net income attributable to Trip.com Group's shareholders |
793 |
8% |
1,469 |
14% |
2,262 |
22% |
|||
Diluted earnings per ordinary share (RMB) |
10.83 |
18.73 |
29.56 |
||||||
Diluted earnings per ADS (RMB) |
1.35 |
2.35 |
3.70 |
||||||
Diluted earnings per ADS (USD) |
0.19 |
0.33 |
0.52 |
||||||
Quarter Ended June 30, 2019 |
|||||||||
GAAP Result
|
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
% of Net |
||||
Share-based compensation included in Operating expense is as follows: |
|||||||||
Product development |
(2,642) |
-30% |
215 |
2% |
(2,427) |
-28% |
|||
Sales and marketing |
(2,108) |
-24% |
34 |
0% |
(2,074) |
-24% |
|||
General and administrative |
(810) |
-9% |
144 |
2% |
(666) |
-8% |
|||
Total operating expenses |
(5,560) |
-64% |
393 |
5% |
(5,167) |
-59% |
|||
Income from operations |
1,333 |
15% |
393 |
5% |
1,726 |
20% |
|||
Fair value changes of equity securities investments, net of tax |
(1,339) |
-15% |
1,339 |
15% |
- |
0% |
|||
Net (loss)/income attributable to Trip.com Group's shareholders |
(403) |
-5% |
1,732 |
20% |
1,329 |
15% |
|||
Diluted (losses)/earnings per ordinary share (RMB) |
(5.81) |
23.81 |
18.00 |
||||||
Diluted (losses)/earnings per ADS (RMB) |
(0.73) |
2.98 |
2.25 |
||||||
Diluted (losses)/earnings per ADS (USD) |
(0.11) |
0.43 |
0.33 |
||||||
Quarter Ended September 30, 2018 |
|||||||||
GAAP Result
|
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
% of Net |
||||
Share-based compensation included in Operating expense is as follows: |
|||||||||
Product development |
(2,491) |
-27% |
217 |
2% |
(2,274) |
-24% |
|||
Sales and marketing |
(2,705) |
-29% |
36 |
0% |
(2,669) |
-29% |
|||
General and administrative |
(688) |
-7% |
148 |
2% |
(540) |
-6% |
|||
Total operating expenses |
(5,884) |
-63% |
401 |
4% |
(5,483) |
-59% |
|||
Income from operations |
1,480 |
16% |
401 |
4% |
1,881 |
20% |
|||
Fair value changes of equity securities investments, net of tax |
(2,470) |
-26% |
2,470 |
26% |
- |
0% |
|||
Net (loss)/income attributable to Trip.com Group's shareholders |
(1,139) |
-12% |
2,871 |
31% |
1,732 |
19% |
|||
Diluted (losses)/earnings per ordinary share (RMB) |
(16.62) |
39.68 |
23.06 |
||||||
Diluted (losses)/earnings per ADS (RMB) |
(2.08) |
4.96 |
2.88 |
||||||
Diluted (losses)/earnings per ADS (USD) |
(0.30) |
0.72 |
0.42 |
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Notes for all the condensed consolidated financial schedules presented: |
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Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the certified exchange rate of USD1.00=RMB7.1477 on September 30, 2019 published by |
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