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Ctrip Reports Unaudited Fourth Quarter and Full Year 2016 Financial Results

SHANGHAI, Feb. 22, 2017 /PRNewswire/ -- 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 fourth quarter and full year ended December 31, 2016.

Key Highlights

  • Ctrip achieved strong financial results in the fourth quarter of 2016
    • Net revenues increased 76% year-on-year to RMB5.1 billion in the fourth quarter of 2016. The accommodation reservation business continued to execute well in the fourth quarter of 2016, despite a challenging comparison base last year. The transportation ticketing business benefited from fast growing new business units and strong execution.
    • Income from operations for the fourth quarter of 2016 increased 118% year-on-year to RMB207 million, mainly driven by operating efficiency improvements across the board. Excluding share-based compensation charges, Non-GAAP income from operations increased 173% year-on-year to RMB797 million in the fourth quarter of 2016.
    • Net income attributable to Ctrip's shareholders reached RMB645 million in the fourth quarter of 2016.
  • In December 2016, the Company completed the acquisition of Skyscanner Holdings Limited ("Skyscanner"), a leading global travel search site headquartered in Edinburgh, the United Kingdom. Ctrip has consolidated Skyscanner's financial results since December 31, 2016.

"The solid results in the fourth quarter of 2016 ended the year on a high note," said Jane Jie Sun, Chief Executive Officer. "The group delivered both healthy revenue growth and significant margin expansions throughout the year, despite challenges in the air ticket distribution environment. These results demonstrate the strength of our teams across all our business lines. Through our one-stop travel platform, we will continue to innovate and execute to better serve more customers around the world."

"Ctrip has been expanding its global footprint through China's growing outbound travel demand," said James Liang, Executive Chairman. "The addition of Skyscanner has complemented our positioning on a global scale. Skyscanner and Ctrip plan to share the best practices to unlock the potential of both brands."

Fourth Quarter and Full Year 2016 Financial Results and Business Updates

For the fourth quarter of 2016, Ctrip reported net revenues of RMB5.1 billion (US$730 million), representing a 76% increase from the same period in 2015, primarily due to the consolidation of the financial results of Qunar Cayman Islands Limited ("Qunar") starting from December 31, 2015. Net revenues for the fourth quarter of 2016 decreased 9% from the previous quarter, primarily due to seasonality.

For the full year ended December 31, 2016, net revenues were RMB19.2 billion (US$2.8 billion), representing a 76% increase from 2015.

Accommodation reservation revenues for the fourth quarter of 2016 were RMB1.8 billion (US$266 million), representing a 56% increase from the same period in 2015, primarily driven by an increase in accommodation reservation volume and the consolidation of Qunar's financial results since December 31, 2015. Accommodation reservation revenues for the fourth quarter of 2016 decreased 11% from the previous quarter, primarily due to seasonality.

For the full year ended December 31, 2016, accommodation reservation revenues were RMB7.3 billion (US$1.1 billion), representing a 58% increase from 2015. The hotel reservation revenues accounted for 37% of the total revenues in 2016 and 40% of the total revenue in 2015.

Transportation ticketing revenues for the fourth quarter of 2016 were RMB2.4 billion (US$352 million), representing a 97% increase from the same period in 2015, primarily driven by an increase in ticketing volume and the consolidation of Qunar's financial results since December 31, 2015. Transportation ticketing revenues increase 1% from the previous quarter.

For the full year ended December 31, 2016, transportation ticketing revenues were RMB8.8 billion (US$1.3 billion), representing a 98% increase from 2015. The transportation ticketing revenues accounted for 45% of the total revenues in 2016 and 39% of the total revenue in 2015.

Packaged-tour revenues for the fourth quarter of 2016 were RMB467 million (US$67 million), representing a 33% increase from the same period in 2015, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenues for the fourth quarter of 2016 decreased 43% from the previous quarter, primarily due to seasonality.

For the full year ended December 31, 2016, packaged-tour revenues were RMB2.3 billion (US$333 million), representing a 39% increase from 2015. The packaged-tour revenues accounted for 12% of the total revenues in 2016 and 15% of the total revenue in 2015.

Corporate travel revenues for the fourth quarter of 2016 were RMB179 million (US$26 million), representing a 32% increase from the same period in 2015 and a 8% increase from the previous quarter, primarily driven by increased corporate travel demand from business activities.

For the full year ended December 31, 2016, corporate travel revenues were RMB608 million (US$88 million), representing a 29% increase from 2015. The corporate travel revenues accounted for 3% of the total revenues in 2016 and 4% of the total revenue in 2015.

Gross margin was 78% for the fourth quarter of 2016, compared to 73% in the same period in 2015, and remained consistent with the previous quarter.

For the full year ended December 31, 2016, gross margin was 75%, compared to 72% in 2015.

Product development expenses for the fourth quarter of 2016 increased by 100% to RMB1.7 billion (US$248 million) from the same period in 2015, primarily due to the consolidation of Qunar's financial results since December 31, 2015. Product development expenses for the fourth quarter of 2016 decreased 7% from the previous quarter, primarily due to the decrease in product development personnel related expenses. Product development expenses for the fourth quarter of 2016 accounted for 34% of the net revenues. Excluding share-based compensation charges, Non-GAAP product development expenses for the fourth quarter of 2016 accounted for 27% of the net revenues, which remained consistent with the same period in 2015 and the previous quarter.

For the full year ended December 31, 2016, product development expenses increased by 133% to RMB7.7 billion (US$1.1 billion) from 2015 and accounted for 40% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses accounted for 29% of the net revenues, compared to 28% in 2015.

Sales and marketing expenses for the fourth quarter of 2016 increased by 73% to RMB1.5 billion (US$212 million) from the same period in 2015, primarily due to the consolidation of Qunar's financial results since December 31, 2015. Sales and marketing expenses for the fourth quarter of 2016 decreased 2% from the previous quarter. Sales and marketing expenses for the fourth quarter of 2016 accounted for 29% of the net revenues. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the fourth quarter of 2016 accounted for 28% of the net revenues, which decreased from 29% in the same period in 2015 and increased from 26% in the previous quarter.

For the full year ended December 31, 2016, sales and marketing expenses increased by 90% to RMB5.9 billion (US$844 million) from 2015 and accounted for 30% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses accounted for 28% of the net revenues, which remained consistent with 2015.

General and administrative expenses for the fourth quarter of 2016 increased by 76% to RMB540 million (US$78 million) from the same period in 2015, primarily due to the consolidation of Qunar's financial results since December 31, 2015. General and administrative expenses for the fourth quarter of 2016 increased 0.2% from the previous quarter. General and administrative expenses for the fourth quarter of 2016 accounted for 11% of the net revenues. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 7% of the net revenues, which remained consistent with the same period in 2015 and the previous quarter.

For the full year ended December 31, 2016, general and administrative expenses increased by 131% to RMB2.5 billion (US$363 million) from 2015 and accounted for 13% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 7% of the net revenues, which remained consistent with 2015.

Income from operations for the fourth quarter of 2016 was RMB207 million (US$30 million), compared to RMB95 million in the same period in 2015 and RMB447 million in the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB797 million (US$115 million), compared to RMB292 million in the same period in 2015 and RMB1.0 billion in the previous quarter.

For the full year ended December 31, 2016, loss from operations was RMB1.6 billion (US$226 million), compared to income from operations of RMB381 million in 2015. Excluding share-based compensation charges, Non-GAAP income from operations was RMB2.0 billion (US$287 million), compared to RMB1.0 billion in 2015.

Operating margin was 4% for the fourth quarter of 2016, compared to 3% in the same period in 2015, and 8% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 16%, compared to 10% in the same period in 2015 and 18% in the previous quarter. 

For the full year ended December 31, 2016, operating margin was -8%, compared to 3% in 2015. Excluding share-based compensation charges, Non-GAAP operating margin was 10%, compared to 9% in 2015.

Income tax expense for the fourth quarter of 2016 was RMB110 million (US$16 million), compared to RMB71 million in the same period of 2015 and RMB221 million in the previous quarter.

For the full year ended December 31, 2016, income tax expense was RMB478 million (US$69 million), compared to RMB470 million in 2015.

Net income attributable to Ctrip's shareholders for the fourth quarter of 2016 was RMB645 million (US$93 million), compared to RMB76 million in the same period in 2015 and RMB24 million in the previous quarter. Excluding share-based compensation charges, Non-GAAP net income attributable to Ctrip's shareholders was RMB1.2 billion (US$178 million), compared to RMB272 million in the same period in 2015 and RMB581 million in the previous quarter, primarily due to the net gain recognized from investing activities, including replacement and equity pick-ups from equity investments .

For the full year ended December 31, 2016, net loss attributable to Ctrip's shareholders was RMB1.4 billion (US$206 million), compared to net income of RMB2.5 billion in 2015. Excluding share-based compensation charges, Non-GAAP net income attributable to Ctrip's shareholders was RMB2.1 billion (US$307 million), compared to RMB3.2 billion in 2015.

Diluted earnings per ADS were RMB1.18 (US$0.17) for the fourth quarter of 2016. Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB2.24 (US$0.32) for the fourth quarter of 2016.

For the full year ended December 31, 2016, diluted earnings per ADS were RMB-3.02 (US$-0.44). Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB4.05 (US$0.58).

As of December 31, 2016, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB34 billion (US$5 billion).

Business Outlook

For the first quarter of 2017, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 40-45%. 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 7:00PM U.S. Eastern Time on February 22, 2017 (or 8:00AM on February 23, 2017 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.

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 59143965#. For pre-registration, please click

https://www.theconferencingservice.com/prereg/key.process?key=PJ6XND643.

A telephone replay of the call will be available after the conclusion of the conference call until March 1, 2017.  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 38311953.

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 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. 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 12300
Email: iremail@ctrip.com

 

 

Ctrip.com International, Ltd. 

Unaudited Condensed Consolidated Balance Sheets



December 31, 2015


December 31, 2016


December 31, 2016

RMB

RMB

USD




(unaudited)

(unaudited)

(unaudited)

ASSETS






Current assets:






Cash and cash equivalents

19,215,674,674


18,434,681,251


2,655,146,371

Restricted cash

2,286,882,592


1,744,490,307


251,258,866

Short-term investment 

8,235,785,516


14,112,862,288


2,032,674,966

Accounts receivable, net

3,150,768,364


4,624,818,322


666,112,390

Prepayments and other current assets

7,711,757,285


6,994,589,672


1,007,430,458







Total current assets

40,600,868,431


45,911,441,840


6,612,623,051







Long-term deposits and prepayments     

486,785,968


1,147,279,197


165,242,575

Land use rights

102,328,181


99,544,772


14,337,429

Property, equipment and software

5,555,959,499


5,591,960,081


805,409,777

Investment

13,870,523,498


20,532,822,365


2,957,341,548

Goodwill

45,690,440,903


56,015,185,590


8,067,864,841

Intangible assets

11,007,915,171


13,924,769,931


2,005,584,032

Other long-term receviables

1,122,435,740


815,586,298


117,468,860

Deferred tax assets, non-current

405,334,569


375,311,594


54,056,113







Total assets

118,842,591,960


144,413,901,668


20,799,928,226







LIABILITIES






Current liabilities:






Short-term Debt 

12,710,213,398


6,887,309,589


991,978,912

Accounts payable

5,944,501,681


7,278,791,082


1,048,363,976

Salary and welfare payable

1,196,691,839


2,508,430,757


361,289,177

Taxes payable

1,641,379,425


1,084,241,429


156,163,248

Advances from customers

5,955,827,306


8,190,840,057


1,179,726,351

Accrued liability for customer reward program

593,346,816


658,170,680


94,796,296

Other payables and accruals

5,624,133,603


3,687,242,592


531,073,396







Total current liabilities

33,666,094,068


30,295,026,186


4,363,391,356







Deferred tax liabilities, non-current

3,045,259,390


3,607,882,808


519,643,210

Long-term Debt *

18,354,608,260


34,650,673,553


4,990,735,065

Other long-term Liabilities

91,702,261


339,566,619


48,907,766







Total liabilities

55,157,663,979


68,893,149,166


9,922,677,397







SHAREHOLDERS' EQUITY






Share capital

4,121,245


4,960,354


714,440

Additional paid-in capital

37,991,678,952


65,819,998,701


9,480,051,664

Statutory reserves

168,940,969


237,495,820


34,206,513

Accumulated other comprehensive income

560,077,281


1,010,373,732


145,524,086

Retained Earnings

8,198,838,659


6,699,580,613


964,940,316

Treasury stock 

(2,372,927,372)


(2,235,574,510)


(321,989,703)







Total Ctrip's shareholders' equity

44,550,729,734


71,536,834,710


10,303,447,316







Noncontrolling interests

19,134,198,247


3,983,917,792


573,803,513







Total shareholders' equity

63,684,927,981


75,520,752,502


10,877,250,829







Total liabilities and shareholders' equity

118,842,591,960


144,413,901,668


20,799,928,226


* In April 2015, the FASB issued new guidance which changes the presentation of debt issuance cost. Under the new guidance, debt
issuance costs are presented as a reduction of the carrying amount of the related liability, rather than as an asset. This guidance has been
early adopted in 2015 year end and applied retrospectively by the Company to the prior period presented herein.

 

 

Ctrip.com International, Ltd. 

Unaudited Condensed Consolidated Statements of Comprehensive Income




Quarter Ended



Quarter Ended



Quarter Ended



Quarter Ended

December 31, 2015

September 30, 2016

December 31, 2016

December 31, 2016

RMB

RMB

RMB

USD





(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenues:












Accommodation reservation 


1,187,217,738



2,071,608,431



1,847,501,104



266,095,507

Transportation ticketing 


1,244,438,719



2,427,736,429



2,446,350,221



352,347,720

Packaged tour


349,554,765



813,260,976



466,510,925



67,191,549

Corporate travel


135,773,015



166,337,791



179,055,911



25,789,415

Others


115,402,073



188,851,094



239,340,250



34,472,166













Total revenues


3,032,386,310



5,667,794,721



5,178,758,411



745,896,357













Less: business tax and related surcharges


(158,331,192)



(95,928,079)



(111,476,576)



(16,055,967)













Net revenues


2,874,055,118



5,571,866,642



5,067,281,835



729,840,390













Cost of revenues


(763,236,345)



(1,234,297,161)



(1,126,360,012)



(162,229,585)













Gross profit


2,110,818,773



4,337,569,481



3,940,921,823



567,610,805













Operating expenses:












Product development *


(860,441,746)



(1,844,406,031)



(1,722,336,331)



(248,068,030)

Sales and marketing *


(848,674,020)



(1,506,558,491)



(1,470,860,760)



(211,848,014)

General and administrative *


(306,510,322)



(539,181,215)



(540,338,329)



(77,824,907)













Total operating expenses


(2,015,626,088)



(3,890,145,737)



(3,733,535,420)



(537,740,951)













Income from operations


95,192,685



447,423,744



207,386,403



29,869,854













Interest income 


124,921,975



99,167,513



126,421,150



18,208,433

Interest expense


(95,168,377)



(191,169,801)



(219,680,448)



(31,640,566)

Other income/(expense)


90,854,149



(27,905,573)



(286,715,547)



(41,295,628)













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


215,800,432



327,515,883



(172,588,442)



(24,857,907)













Income tax expense


(71,482,684)



(221,246,469)



(110,246,775)



(15,878,838)

Equity in (loss)/ income of affiliates


(94,569,524)



(63,833,906)



873,284,942



125,779,194













Net income


49,748,224



42,435,508



590,449,725



85,042,449













Less: Net loss/ (income) attributable to noncontrolling
interests


25,979,638



(18,518,066)



54,866,263



7,902,386













Net income attributable to Ctrip's shareholders


75,727,862



23,917,442



645,315,988



92,944,835













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


(145,866,588)



229,522,806



1,276,906,894



183,912,847













Earnings per ordinary share












- Basic


1.69



0.40



10.21



1.47

- Diluted


1.54



0.38



9.46



1.36













Earnings per ADS **












- Basic


0.21



0.05



1.28



0.18

- Diluted


0.19



0.05



1.18



0.17













Weighted average ordinary shares outstanding












- Basic


44,732,540



59,120,188



63,194,669



63,194,669

- Diluted


49,370,393



63,410,273



69,583,733



69,583,733













* Share-based compensation charges included are as follows:












  Product development 


86,925,299



324,427,727



338,257,956



48,719,279

  Sales and marketing 


17,849,767



70,609,154



68,550,655



9,873,348

  General and administrative 


91,711,157



161,796,351



182,401,276



26,271,248


**On November 18, 2015, the Company announced that it would change the ratio of its American depositary shares ("ADSs") to ordinary shares from four (4) ADSs
representing one (1) ordinary share to eight (8) ADSs representing one (1) ordinary share, effective December 1, 2015. The historical and present earnings/ (loss) per share
for the periods presented herein has been retrospectively adjusted to reflect such effect.

 

 

Ctrip.com International, Ltd. 

Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)



Quarter Ended December 31, 2016


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP
Result

% of Net
Revenues










Product development 

(1,722,336,331)

34%


338,257,956

7%


(1,384,078,375)

27%

Sales and marketing 

(1,470,860,760)

29%


68,550,655

1%


(1,402,310,105)

28%

General and administrative 

(540,338,329)

11%


182,401,276

4%


(357,937,053)

7%

Total operating expenses

(3,733,535,420)

74%


589,209,887

12%


(3,144,325,533)

62%










Income from operations

207,386,403

4%


589,209,887

12%


796,596,290

16%










Net income attributable to Ctrip's shareholders

645,315,988

13%


589,209,887

12%


1,234,525,875

24%










Diluted earnings per ordinary share (RMB)

9.46



8.47



17.93











Diluted earnings per ADS (RMB)

1.18



1.06



2.24











Diluted earnings per ADS (USD)

0.17



0.15



0.32




Quarter Ended September 30, 2016


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP
Result

% of Net
Revenues










Product development 

(1,844,406,031)

33%


324,427,727

6%


(1,519,978,304)

27%

Sales and marketing 

(1,506,558,491)

27%


70,609,154

1%


(1,435,949,337)

26%

General and administrative 

(539,181,215)

10%


161,796,351

3%


(377,384,864)

7%

Total operating expenses

(3,890,145,737)

70%


556,833,232

10%


(3,333,312,505)

60%










Income from operations

447,423,744

8%


556,833,232

10%


1,004,256,976

18%










Net income attributable to Ctrip's shareholders

23,917,442

0%


556,833,232

10%


580,750,674

10%










Diluted earnings per ordinary share (RMB)

0.38



8.78



9.16











Diluted earnings per ADS (RMB)

0.05



1.10



1.15











Diluted earnings per ADS (USD)

0.01



0.16



0.17




Quarter Ended December 31, 2015


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP
Result

% of Net
Revenues










Product development 

(860,441,746)

30%


86,925,299

3%


(773,516,447)

27%

Sales and marketing 

(848,674,020)

30%


17,849,767

1%


(830,824,253)

29%

General and administrative 

(306,510,322)

11%


91,711,157

3%


(214,799,165)

7%

Total operating expenses

(2,015,626,088)

70%


196,486,223

7%


(1,819,139,865)

63%










Income from operations

95,192,685

3%


196,486,223

7%


291,678,908

10%










Net income attributable to Ctrip's shareholders

75,727,862

3%


196,486,223

7%


272,214,085

9%










Diluted earnings per ordinary share (RMB)

1.54



3.98



5.52











Diluted earnings per ADS (RMB)

0.19



0.50



0.69











Diluted earnings per ADS (USD)

0.03



0.08



0.11



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=RMB6.9430 on December 30, 2016
published by the Federal Reserve Board.


Notes 2: On November 18, 2015, the Company announced that it would change the ratio of its American depositary shares ("ADSs") to ordinary shares from
four (4) ADSs representing one (1) ordinary share to eight (8) ADSs representing one (1) ordinary share, effective December 1, 2015. The historical and
present earnings/ (loss) per share for the periods presented herein has been retrospectively adjusted to reflect such effect.

 

 

Ctrip.com International, Ltd. 

Condensed Consolidated Statements of Comprehensive Income




Year Ended



Year Ended



Year Ended

December 31, 2015

December 31, 2016

December 31, 2016

RMB

RMB

USD




(unaudited)

(unaudited)

(unaudited)

Revenues:









Accommodation reservation 


4,616,649,394



7,308,958,863



1,052,709,040

Transportation ticketing 


4,453,885,749



8,826,516,571



1,271,282,813

Packaged tour


1,667,945,350



2,310,198,894



332,737,850

Corporate travel


473,245,440



608,122,125



87,587,804

Others


285,220,475



734,290,185



105,759,785










Total revenues


11,496,946,408



19,788,086,638



2,850,077,292










Less: business tax and related surcharges


(599,378,347)



(559,646,824)



(80,605,909)










Net revenues


10,897,568,061



19,228,439,814



2,769,471,383










Cost of revenues


(3,043,439,819)



(4,729,750,192)



(681,225,723)










Gross profit


7,854,128,242



14,498,689,622



2,088,245,660










Operating expenses:









Product development *


(3,296,692,936)



(7,687,421,506)



(1,107,218,998)

Sales and marketing *


(3,087,989,953)



(5,860,927,432)



(844,149,133)

General and administrative *


(1,088,402,408)



(2,518,819,170)



(362,785,420)










Total operating expenses


(7,473,085,297)



(16,067,168,108)



(2,314,153,551)










Income/ (loss) from operations


381,042,945



(1,568,478,486)



(225,907,891)










Interest income 


445,767,036



567,144,610



81,685,814

Interest expense


(302,425,829)



(731,922,838)



(105,418,816)

Other income/(expense)


2,480,979,830



(26,848,287)



(3,866,958)










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


3,005,363,982



(1,760,105,001)



(253,507,851)










Income tax expense


(470,188,423)



(478,009,033)



(68,847,621)

Equity in (loss)/ income of affiliates


(135,780,312)



601,883,179



86,689,209










Net income/(loss)


2,399,395,247



(1,636,230,855)



(235,666,263)










Less: Net loss attributable to noncontrolling interests


108,260,637



205,527,660



29,602,140










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


2,507,655,884



(1,430,703,195)



(206,064,123)










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


2,624,153,789



(839,754,985)



(120,949,875)










Earnings/(loss) per ordinary share









- Basic


66.34



(24.18)



(3.48)

- Diluted


56.85



(24.18)



(3.48)










Earnings/(loss) per ADS **









- Basic


8.29



(3.02)



(0.44)

- Diluted


7.11



(3.02)



(0.44)










Weighted average ordinary shares outstanding









- Basic


37,797,698



59,166,582



59,166,582

- Diluted


47,375,248



59,166,582



59,166,582










* Share-based compensation charges included are as follows:









  Product development 


291,642,931



2,079,514,506



299,512,387

  Sales and marketing 


65,574,256



392,641,663



56,552,162

  General and administrative 


285,379,287



1,087,562,537



156,641,587






    **On November 18, 2015, the Company announced that it would change the ratio of its American depositary shares ("ADSs") to ordinary shares from
four (4) ADSs representing one (1) ordinary share to eight (8) ADSs representing one (1) ordinary share, effective December 1, 2015. The historical and
present earnings/ (loss) per share for the periods presented herein has been retrospectively adjusted to reflect such effect.

 

 

Ctrip.com International, Ltd. 

Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)



Year Ended December 31, 2016


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP
Result

% of Net
Revenues










Product development 

(7,687,421,506)

40%


2,079,514,506

11%


(5,607,907,000)

29%

Sales and marketing 

(5,860,927,432)

30%


392,641,663

2%


(5,468,285,769)

28%

General and administrative 

(2,518,819,170)

13%


1,087,562,537

6%


(1,431,256,633)

7%

Total operating expenses

(16,067,168,108)

84%


3,559,718,706

19%


(12,507,449,402)

65%










(Loss)/income from operations

(1,568,478,486)

-8%


3,559,718,706

19%


1,991,240,220

10%










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

(1,430,703,195)

-7%


3,559,718,706

19%


2,129,015,511

11%










Diluted earnings per ordinary share (RMB)

(24.18)



56.58



32.40











Diluted earnings per ADS (RMB)

(3.02)



7.07



4.05











Diluted earnings per ADS (USD)

(0.44)



1.02



0.58




Year Ended December 31, 2015


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP
Result

% of Net
Revenues










Product development 

(3,296,692,936)

30%


291,642,931

3%


(3,005,050,005)

28%

Sales and marketing 

(3,087,989,953)

28%


65,574,256

1%


(3,022,415,697)

28%

General and administrative 

(1,088,402,408)

10%


285,379,287

3%


(803,023,121)

7%

Total operating expenses

(7,473,085,297)

69%


642,596,474

6%


(6,830,488,823)

63%










Income from operations

381,042,945

3%


642,596,474

6%


1,023,639,419

9%










Net income attributable to Ctrip's shareholders

2,507,655,884

23%


642,596,474

6%


3,150,252,358

29%










Diluted earnings per ordinary share (RMB)

56.85



13.56



70.41











Diluted earnings per ADS (RMB)

7.11



1.69



8.80











Diluted earnings per ADS (USD)

1.10



0.26



1.36




















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=RMB6.9430 on December 30, 2016 published by
the Federal Reserve Board.










Notes 2:On November 18, 2015, the Company announced that it would change the ratio of its American depositary shares ("ADSs") to ordinary shares from four
(4) ADSs representing one (1) ordinary share to eight (8) ADSs representing one (1) ordinary share, effective December 1, 2015. The historical and present
earnings/ (loss) per share for the periods presented herein has been retrospectively adjusted to reflect such effect.

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-fourth-quarter-and-full-year-2016-financial-results-300411587.html

SOURCE Ctrip.com International, Ltd.