SHANGHAI, Sept. 9, 2019 /PRNewswire/ -- Ctrip.com
International, Ltd. (Nasdaq: CTRP) ("Ctrip" or the "Company"), a
leading provider of online travel and related services, including
accommodation reservation, transportation ticketing, packaged tours
and in-destination services, corporate travel management, and other
travel-related services, today announced its unaudited financial
results for the second quarter ended June
30, 2019.
Key Highlights for the Second Quarter of 2019
- Ctrip reported strong financial results for the second quarter
of 2019
-
- Income from operations increased by 84% year-over-year to
RMB1.3 billion (US$194 million). Excluding share-based
compensation charges, non-GAAP income from operations increased by
43% year-over-year to RMB1.7 billion
(US$251 million) in the second
quarter of 2019.
- Net revenue increased by 19% year-over-year to RMB8.7 billion (US$1.3
billion) in the second quarter of 2019.
- Ctrip's international businesses sustained robust growth
momentum.
-
- The growth rate of the international hotel business and
international air business (excluding the Skyscanner business) in
the second quarter of 2019 more than doubled that of the
China outbound traffic growth in
the same period
- In the second quarter of 2019, revenues generated from
international businesses, including travel services for
cross-border travelers in Greater
China area and users in foreign countries, accounted for
over 35% of total revenue in the second quarter of 2019.
- Ctrip increased its presence in lower-tier cities in
China.
-
- Ctrip branded low-star hotel room-nights increased more than
50% year-over-year in the second quarter of 2019.
- Gross merchandise value, or GMV, of the offline stores
experienced continued strong growth, with daily GMV reaching
RMB120 million during peak days.
"We are encouraged by our results across our businesses and
markets," said Jane Sun, Chief
Executive Officer. "Our team continued to push the product coverage
in scope and depth, improve customer service quality, and expand
our exposure in domestic and oversea markets. We are confident and
excited about the long-term future for the travel industry in
China and the world."
"Today, we also announced a proposal to change the company's
name to Trip.com Group Limited," said James
Liang, Executive Chairman. "The new name reflects the
services and products we provide, and can be easily remembered by
global users. In October, we will celebrate the 20th Anniversary.
Over the next decade, we will strive to become one of the most
innovative and respected companies in the global travel
industry."
Second Quarter of 2019 Financial Results and Business
Updates
For the second quarter of 2019, Ctrip reported net revenue of
RMB8.7 billion (US$1.3 billion), representing a 19% increase from
the same period in 2018. Net revenue for the second quarter of 2019
increased by 6% from the previous quarter.
Accommodation reservation revenue for the second quarter of 2019
was RMB3.4 billion (US$497 million), representing a 21% increase from
the same period in 2018, primarily due to strong execution by our
brand teams to increase the accommodation choices we offer and
provide a continuously improving consumer experience. Accommodation
reservation revenue for the second quarter of 2019 increased by 13%
from the previous quarter, primarily due to seasonality.
Transportation ticketing revenue for the second quarter of 2019
was RMB3.4 billion (US$496 million), representing a 13% increase from
the same period in 2018, primarily driven by strong international
air ticketing demand and an increase in ground transportation.
Transportation ticketing revenue for the second quarter of 2019
increased by 2% from the previous quarter.
Packaged-tour revenue for the second quarter of 2019 was
RMB1.1 billion (US$153 million), representing a 25% increase from
the same period in 2018, primarily driven by significant traffic
from offline stores and high demand of customized tours.
Packaged-tour revenue for the second quarter of 2019 remained
consistent with that for the previous quarter.
Corporate travel revenue for the second quarter of 2019 was
RMB309 million (US$45 million), representing a 21% increase from
the same period in 2018, primarily driven by expansion in corporate
customer base and an optimized product mix trend. Corporate travel
revenue for the second quarter of 2019 increased by 30% from the
previous quarter, primarily due to seasonality.
Gross margin was 79% for the second quarter of 2019, compared to
80% in the same period in 2018, and remained consistent with that
for the previous quarter.
Product development expenses for the second quarter of 2019
increased by 17% to RMB2.6 billion
(US$385 million) from the same period
in 2018, product development expenses increased by 4% from the
previous quarter, primarily due to an increase in product
development personnel related expenses. Product development
expenses for the second quarter of 2019 accounted for 30% of the
net revenue for the same period. Excluding share-based compensation
charges, non-GAAP product development expenses for the second
quarter of 2019 accounted for 28% of the net revenue for the same
period, which increased from 27% in the same period in 2018 and
remained consistent with those for the previous quarter.
Sales and marketing expenses for the second quarter of 2019
decreased by 4% to RMB2.1 billion
(US$307 million) from the same period
in 2018, decreased by 5% from the previous quarter, primarily due
to a decrease in sales and marketing activities related expenses.
Sales and marketing expenses for the second quarter of 2019
accounted for 24% of the net revenue for the same period. Excluding
share-based compensation charges, non-GAAP sales and marketing
expenses for the second quarter of 2019 accounted for 24% of the
net revenue for the same period, which decreased from 29% in the
same period in 2018 and 27% in the previous quarter.
General and administrative expenses for the second quarter of
2019 increased by 18% to RMB810
million (US$118 million) from
the same period in 2018, primarily due to an increase in general
and administrative personnel related expenses. General and
administrative expenses decreased by 2% from the previous quarter.
General and administrative expenses for the second quarter of 2019
accounted for 9% of the net revenue for the same period. Excluding
share-based compensation charges, non-GAAP general and
administrative expenses accounted for 8% of the net revenue for the
same period, which increased from 7% in the same period in 2018 and
remained consistent with those for the previous quarter.
Income from operations for the second quarter of 2019 was
RMB1.3 billion (US$194 million), compared to income from
operations of RMB724 million in the
same period in 2018 and RMB885
million in the previous quarter. Income from operations
increased by 84% year-over-year in the second quarter of 2019.
Excluding share-based compensation charges, non-GAAP income from
operations was RMB1.7 billion
(US$251 million), compared to
RMB1.2 billion in the same period in
2018 and RMB1.4 billion in the
previous quarter. Non-GAAP income from operations increased by 43%
year-over-year in the second quarter of 2019.
Operating margin was 15% for the second quarter of 2019,
compared to 10% in the same period in 2018, and 11% in the previous
quarter. Excluding share-based compensation charges, non-GAAP
operating margin was 20%, compared to 16% in the same period in
2018 and 17% in the previous quarter.
Income tax expense for the second quarter of 2019 was
RMB336 million (US$49 million), compared to RMB322 million in the same period of 2018 and
RMB677 million in the previous
quarter. The change in our effective tax rate was primarily due to
changes in the profitability of our subsidiaries that have
different tax rates, including certain non-taxable income of the
fair value changes in equity securities investments.
Net loss attributable to Ctrip's shareholders for the second
quarter of 2019 was RMB403 million
(US$59 million), compared to net
income attributable to Ctrip's shareholders of RMB2.4 billion in the same period in 2018 and
RMB4.6 billion in the previous
quarter, mainly due to the RMB1.3
billion loss from fair value changes in equity securities
investments. Excluding share-based compensation charges and fair
value changes of equity securities investments, non-GAAP net income
attributable to Ctrip's shareholders was RMB1.3 billion (US$193
million), compared to RMB1.1
billion in the same period in 2018 and RMB1.8 billion in the previous quarter.
Diluted losses per ADS were RMB0.73 (US$0.11)
for the second quarter of 2019. Excluding share-based compensation
charges and fair value changes of equity securities investments,
non-GAAP diluted earnings per ADS were RMB2.25 (US$0.33)
for the second quarter of 2019.
As of June 30, 2019, the balance
of cash and cash equivalents, restricted cash, short-term
investment, held to maturity time deposit and financial products
was RMB67.8 billion (US$9.9 billion).
Business Outlook
For the third quarter of 2019, the Company expects the net
revenue growth to continue at a year-over-year rate of
approximately 10%-15%. This forecast reflects Ctrip's current and
preliminary view, which is subject to change.
Conference Call
Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading provider
of online travel and related services, including accommodation
reservation, transportation ticketing, packaged tours and
in-destination services, corporate travel management, and other
travel-related services, will announce its second quarter of
2019 results on Monday, September 9,
2019, U.S. Time, after the market closes.
Ctrip's management team will host a conference call at
8:00PM U.S. Eastern Time on
September 9, 2019 (or 8:00AM on September 10,
2019 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 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:
|
10001548
|
For pre-registration, please click
https://s1.c-conf.com/diamondpass/Ctrip-10001548-invite.html
A telephone replay of the call will be available after the
conclusion of the conference call until September 17, 2019. The dial-in details for
the replay:
International dial-in
number:
|
+61-7-3107-6325
|
Passcode:
|
10001548
|
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. 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 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 the relevant jurisdictions
where Ctrip operates, failure to successfully develop Ctrip's
existing or future business lines, 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. 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 attributable
to Ctrip's shareholders, and diluted earnings per ordinary share
and per ADS, each of which (except for net commission earned) is
adjusted from the most comparable GAAP result to exclude the
share-based compensation charges recorded under ASC 718,
"Compensation-Stock Compensation" and its share-based compensation
charges are not tax deductible, and fair value changes of equity
securities investments, net of tax, recorded under ASU 2016-1.
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 and fair value
changes of equity securities investments 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 provider of online
travel and related services, including accommodation reservation,
transportation ticketing, packaged tours and in-destination
services, corporate travel management, and other travel-related
services. It 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 toll-free, 24-hour customer service
centers. The family of travel brands mainly includes: Ctrip, a
leading provider of online travel and related services in
China; Qunar, a leading online
travel agency in China; Trip.com,
an online travel agency for global consumers; and Skyscanner, a
leading global travel search site. The Company has experienced
significant growth since its inception in 1999 and become one of
the largest travel service providers in the world.
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
Consolidated Balance Sheets
|
(In millions,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2018
|
|
|
June
30, 2019
|
|
|
June
30, 2019
|
|
RMB
(million)
|
RMB
(million)
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
21,530
|
|
|
23,002
|
|
|
3,351
|
|
Restricted
cash
|
|
4,244
|
|
|
3,901
|
|
|
568
|
|
Short-term
investments
|
|
36,753
|
|
|
32,949
|
|
|
4,799
|
|
Accounts receivable,
net
|
|
5,668
|
|
|
7,927
|
|
|
1,155
|
|
Prepayments and other
current assets
|
|
11,199
|
|
|
12,386
|
|
|
1,804
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
79,394
|
|
|
80,165
|
|
|
11,677
|
|
|
|
|
|
|
|
|
|
|
|
Long-term deposits
and prepayments
|
|
768
|
|
|
988
|
|
|
144
|
|
Land use
rights
|
|
94
|
|
|
93
|
|
|
13
|
|
Property, equipment
and software
|
|
5,872
|
|
|
5,879
|
|
|
856
|
|
Investments
|
|
26,874
|
|
|
35,000
|
|
|
5,098
|
|
Goodwill
|
|
58,026
|
|
|
57,920
|
|
|
8,437
|
|
Intangible
assets
|
|
13,723
|
|
|
13,388
|
|
|
1,950
|
|
Other long-term
receivable
|
|
229
|
|
|
23
|
|
|
3
|
|
Right-of-use
asset*
|
|
-
|
|
|
1,058
|
|
|
154
|
|
Deferred tax
assets
|
|
850
|
|
|
758
|
|
|
110
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
185,830
|
|
|
195,272
|
|
|
28,442
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
|
36,011
|
|
|
37,690
|
|
|
5,490
|
|
Accounts
payable
|
|
11,714
|
|
|
12,925
|
|
|
1,883
|
|
Salary and welfare
payable
|
|
3,694
|
|
|
4,234
|
|
|
617
|
|
Taxes
payable
|
|
1,019
|
|
|
1,175
|
|
|
171
|
|
Advances from
customers
|
|
9,472
|
|
|
10,680
|
|
|
1,556
|
|
Accrued liability for
customer reward program
|
|
528
|
|
|
470
|
|
|
68
|
|
Other payables and
accruals*
|
|
6,346
|
|
|
7,455
|
|
|
1,083
|
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
68,784
|
|
|
74,629
|
|
|
10,868
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
3,838
|
|
|
3,657
|
|
|
533
|
|
Long-term
debt
|
|
24,146
|
|
|
21,673
|
|
|
3,157
|
|
Other long-term
liabilities
|
|
329
|
|
|
123
|
|
|
18
|
|
Long-term lease
liability*
|
|
-
|
|
|
696
|
|
|
101
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
97,097
|
|
|
100,778
|
|
|
14,677
|
|
|
|
|
|
|
|
|
|
|
|
MEZZANINE
EQUITY
|
|
|
|
|
|
|
|
|
|
Redeemable
non-controlling interests
|
|
-
|
|
|
432
|
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Ctrip.com
International, Ltd. shareholders' equity
|
|
86,715
|
|
|
92,077
|
|
|
13,413
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
2,018
|
|
|
1,985
|
|
|
289
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
88,733
|
|
|
94,062
|
|
|
13,702
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders'
equity
|
|
185,830
|
|
|
195,272
|
|
|
28,442
|
|
|
|
|
|
|
|
|
|
|
|
* The Company adopted
ASU No. 2016-02 and ASU No.2018-11, "Leases," beginning January 1,
2019 and elected to utilize the additional
transition method which allowed the Company to initially apply the
new lease standard at the adoption date and recognize a cumulative
effect
adjustment to the opening balance of retained earnings of 2019,
with no adjustments to prior periods presented. No cumulative
effect adjustment
to the opening balance of retained earnings were required. The
adoption of the new guidance did not have a material effect on our
results of
operations, financial condition or liquidity.
|
Ctrip.com
International, Ltd.
|
Unaudited
Consolidated Statements of Comprehensive Income
|
(In millions,
except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
|
Quarter
Ended
|
|
June
30, 2018
|
March
31, 2019
|
June
30, 2019
|
June
30, 2019
|
|
RMB
(million)
|
RMB
(million)
|
RMB
(million)
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
2,810
|
|
|
3,019
|
|
|
3,410
|
|
|
497
|
|
Transportation
ticketing
|
|
3,024
|
|
|
3,354
|
|
|
3,407
|
|
|
496
|
|
Packaged-tour
|
|
839
|
|
|
1,045
|
|
|
1,051
|
|
|
153
|
|
Corporate
travel
|
|
255
|
|
|
238
|
|
|
309
|
|
|
45
|
|
Others
|
|
429
|
|
|
517
|
|
|
524
|
|
|
76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
7,357
|
|
|
8,173
|
|
|
8,701
|
|
|
1,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Sales tax and
surcharges
|
|
(38)
|
|
|
(9)
|
|
|
(10)
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
7,319
|
|
|
8,164
|
|
|
8,691
|
|
|
1,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
(1,469)
|
|
|
(1,689)
|
|
|
(1,798)
|
|
|
(262)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
5,850
|
|
|
6,475
|
|
|
6,893
|
|
|
1,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
***
|
|
(2,251)
|
|
|
(2,544)
|
|
|
(2,642)
|
|
|
(385)
|
|
Sales and marketing
***
|
|
(2,191)
|
|
|
(2,222)
|
|
|
(2,108)
|
|
|
(307)
|
|
General and
administrative ***
|
|
(684)
|
|
|
(824)
|
|
|
(810)
|
|
|
(118)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(5,126)
|
|
|
(5,590)
|
|
|
(5,560)
|
|
|
(810)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
724
|
|
|
885
|
|
|
1,333
|
|
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
324
|
|
|
487
|
|
|
562
|
|
|
82
|
|
Interest
expense
|
|
(371)
|
|
|
(441)
|
|
|
(426)
|
|
|
(62)
|
|
Other income/(loss)
**
|
|
2,256
|
|
|
4,616
|
|
|
(1,412)
|
|
|
(206)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
income tax expense, equity in
income of affiliates and non-controlling interests
|
|
2,933
|
|
|
5,547
|
|
|
57
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense **
|
|
(322)
|
|
|
(677)
|
|
|
(336)
|
|
|
(49)
|
|
Equity in (loss) of
affiliates
|
|
(213)
|
|
|
(283)
|
|
|
(123)
|
|
|
(18)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
2,398
|
|
|
4,587
|
|
|
(402)
|
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income)/loss
attributable to non-controlling
interests
|
|
(17)
|
|
|
30
|
|
|
7
|
|
|
1
|
|
Accretion to
redemption value of redeemable non-
controlling interests
|
|
-
|
|
|
(4)
|
|
|
(8)
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Ctrip.com
International, Ltd.
|
|
2,381
|
|
|
4,613
|
|
|
(403)
|
|
|
(59)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income/(loss) attributable to
Ctrip.com International, Ltd. **
|
|
1,443
|
|
|
4,631
|
|
|
(308)
|
|
|
(45)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(losses) per
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
34.84
|
|
|
66.54
|
|
|
(5.81)
|
|
|
(0.85)
|
|
- Diluted
|
|
31.09
|
|
|
59.59
|
|
|
(5.81)
|
|
|
(0.85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(losses) per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
4.36
|
|
|
8.32
|
|
|
(0.73)
|
|
|
(0.11)
|
|
- Diluted
|
|
3.89
|
|
|
7.45
|
|
|
(0.73)
|
|
|
(0.11)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
68,351,426
|
|
|
69,345,914
|
|
|
69,484,264
|
|
|
69,484,264
|
|
- Diluted
|
|
80,424,419
|
|
|
79,218,054
|
|
|
69,484,264
|
|
|
69,484,264
|
|
- Diluted-non
GAAP
|
|
75,802,146
|
|
|
79,218,054
|
|
|
77,807,991
|
|
|
77,807,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*** Share-based
compensation included in Operating expenses above is as
follows:
|
|
|
|
|
|
|
|
Product
development
|
|
268
|
|
|
251
|
|
|
215
|
|
|
31
|
|
Sales and
marketing
|
|
44
|
|
|
38
|
|
|
34
|
|
|
5
|
|
General and
administrative
|
|
168
|
|
|
196
|
|
|
144
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
** Fair value changes
of equity securities investments included in Net income/(loss) is
as follow:
|
|
|
|
|
|
|
|
Fair value
(income)/loss of equity securities
investments, net of tax
|
|
(1,750)
|
|
|
(3,348)
|
|
|
1,339
|
|
|
195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ctrip.com
International, Ltd.
|
Reconciliation
of GAAP and Non-GAAP Results
|
(In millions,
except % and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2019
|
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Non-GAAP
Adjustment
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Ctrip'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
March 31, 2019
|
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Non-GAAP
Adjustment
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in Operating expense is as
follows:
|
|
|
|
|
|
|
|
|
|
Product
development
|
(2,544)
|
31%
|
|
251
|
3%
|
|
(2,293)
|
28%
|
|
|
Sales and
marketing
|
(2,222)
|
27%
|
|
38
|
0%
|
|
(2,184)
|
27%
|
|
|
General and
administrative
|
(824)
|
10%
|
|
196
|
2%
|
|
(628)
|
8%
|
|
|
Total operating
expenses
|
(5,590)
|
68%
|
|
485
|
6%
|
|
(5,105)
|
63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
885
|
11%
|
|
485
|
6%
|
|
1,370
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value changes of
equity securities investments, net of tax
|
3,348
|
41%
|
|
(3,348)
|
-41%
|
|
-
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Ctrip's shareholders
|
4,613
|
57%
|
|
(2,863)
|
-35%
|
|
1,750
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings/(losses) per ordinary share (RMB)
|
59.59
|
|
|
(36.15)
|
|
|
23.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings/(losses) per ADS (RMB)
|
7.45
|
|
|
(4.52)
|
|
|
2.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings/(losses) per ADS (USD)
|
1.11
|
|
|
(0.67)
|
|
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June
30, 2018
|
|
|
|
GAAP
Result
|
% of Net
Revenue
|
|
Non-GAAP
Adjustment
|
% of Net
Revenue
|
|
Non-GAAP
Result
|
% of Net
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation included in Operating expense is as
follows:
|
|
|
|
|
|
|
|
|
|
Product
development
|
(2,251)
|
31%
|
|
268
|
4%
|
|
(1,983)
|
27%
|
|
|
Sales and
marketing
|
(2,191)
|
30%
|
|
44
|
1%
|
|
(2,147)
|
29%
|
|
|
General and
administrative
|
(684)
|
9%
|
|
168
|
2%
|
|
(516)
|
7%
|
|
|
Total operating
expenses
|
(5,126)
|
70%
|
|
480
|
7%
|
|
(4,646)
|
63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
724
|
10%
|
|
480
|
7%
|
|
1,204
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value changes of
equity securities investments, net of tax
|
1,750
|
24%
|
|
(1,750)
|
-24%
|
|
-
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Ctrip's shareholders
|
2,381
|
33%
|
|
(1,270)
|
-17%
|
|
1,111
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings/(losses) per ordinary share (RMB)
|
31.09
|
|
|
(15.88)
|
|
|
15.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings/(losses) per ADS (RMB)
|
3.89
|
|
|
(1.99)
|
|
|
1.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings/(losses) per ADS (USD)
|
0.59
|
|
|
(0.30)
|
|
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB6.8650 on June 28, 2019
published by the
Federal Reserve Board.
|
View original
content:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-second-quarter-of-2019-financial-results-300913895.html
SOURCE Ctrip.com International, Ltd.