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Ctrip Reports Unaudited Fourth Quarter and Full Year of 2017 Financial Results

SHANGHAI, March 14, 2018 /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, 2017.

Key Highlights for the Fourth Quarter and Full Year of 2017

  • Ctrip reported strong financial results in the fourth quarter of 2017 and achieved robust growth for the full year of 2017.
  • - Net revenue increased 26% year-on-year to RMB6.4 billion (US$980 million) in the fourth quarter of 2017, and achieved RMB26.8 billion (US$4.1 billion) for the full year of 2017, representing 39% growth year-on-year.

    - Gross margin was 83% for the fourth quarter of 2017, improving from 78% for the same period of 2016 due to further efficiency gain, which was consistent with the previous quarter.

- Operating margin for the full year of 2017 was 11%, compared to -8% in 2016. Excluding share-based compensation charges, non-GAAP operating margin for the full year of 2017 was 18%, compared to 10% in 2016.

  • Ctrip's international businesses sustained robust growth momentum.
  • - Non-China related flight ticket volume for the fourth quarter of 2017 continued to grow rapidly, accounting for 30% of total international tickets.

    - Skyscanner's direct booking revenue for the fourth quarter of 2017 nearly doubled compared to the same period of 2016.

- Trip.com, achieved triple-digit growth in air ticketing volume for five consecutive quarters, benefiting from Skyscanner's direct booking initiatives.

  • The Company continued to make progress in penetrating lower-tier cities.
  • - Penetration rate in targeted cities increased by over 50% on average in 2017.

- The Company opened over 1,000 Ctrip and Qunar branded offline stores in 2017. Total gross merchandise volume, or GMV, of these stores, including 5,000 Traveling Bestone stores, grew over 30% in 2017.

"We had strong results in the fourth quarter, even as we transitioned through short-term challenges in certain areas of our business," said Jane Sun, Chief Executive Officer. "We continue to execute on our growth strategy and are encouraged with our progress, especially in international expansion and penetration of lower-tier cities. As users increasingly appreciate the convenience of Ctrip's unique one-stop travel platform, we are very excited about the opportunities ahead of us."

"I'm proud of the progress our team has made, and the many ways that Ctrip is striving to make travel more convenient and enjoyable," said James Liang, Executive Chairman. "We will always endeavor to maximize Ctrip's social impact while increasing the company's commercial value. Guided by the fundamental principles of consistency, transparency, and equality, we will continuously improve our products and services."

Fourth Quarter and Full Year of 2017 Financial Results and Business Updates

For the fourth quarter of 2017, Ctrip reported net revenue of RMB6.4 billion (US$980 million), representing a 26% increase from the same period in 2016. Net revenue for the fourth quarter of 2017 decreased 19% from the previous quarter, primarily due to seasonality and product change in domestic air ticketing.

For the full year ended December 31, 2017, net revenue was RMB26.8 billion (US$4.1 billion), representing a 39% increase from 2016.

Accommodation reservation revenue for the fourth quarter of 2017 was RMB2.3 billion (US$356 million), representing a 25% increase from the same period in 2016, primarily driven by an increase in accommodation reservation volume. Accommodation reservation revenue for the fourth quarter of 2017 decreased 18% from the previous quarter, primarily due to seasonality.

For the full year ended December 31, 2017, accommodation reservation revenue was RMB9.5 billion (US$1.5 billion), representing a 30% increase from 2016. The accommodation reservation revenue accounted for 35% of the total revenue in 2017 and 37% of the total revenue in 2016.

Transportation ticketing revenue for the fourth quarter of 2017 was RMB2.9 billion (US$450 million), representing a 20% increase from the same period in 2016, primarily driven by an increase in ticketing volume and the consolidation of Skyscanner's financial results since December 31, 2016. Transportation ticketing revenue decrease 15% from the previous quarter, primarily due to product change in domestic air ticketing.

For the full year ended December 31, 2017, transportation ticketing revenue was RMB12.2 billion (US$1.9 billion), representing a 38% increase from 2016. The transportation ticketing revenue accounted for 45% of the total revenue in 2017 and remained consistent with 2016.

Packaged tour revenue for the fourth quarter of 2017 was RMB623 million (US$96 million), representing a 34% increase from the same period in 2016, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the fourth quarter of 2017 decreased 40% from the previous quarter, primarily due to seasonality.

For the full year ended December 31, 2017, packaged-tour revenue was RMB3.0 billion (US$457 million), representing a 29% increase from 2016. The packaged-tour revenue accounted for 11% of the total revenue in 2017 and 12% of the total revenue in 2016.

Corporate travel revenue for the fourth quarter of 2017 was RMB207 million (US$32 million), representing a 15% increase from the same period in 2016, primarily driven by expansion in travel product coverage. Corporate travel revenue for the fourth quarter of 2017 increased 2% from the previous quarter.

For the full year ended December 31, 2017, corporate travel revenue was RMB753 million (US$116 million), representing a 24% increase from 2016. The corporate travel revenue accounted for 3% of the total revenue in 2017 and remained consistent with 2016.

Gross margin was 83% for the fourth quarter of 2017, compared to 78% in the same period in 2016, and remained consistent with the previous quarter.

For the full year ended December 31, 2017, gross margin was 83%, compared to 75% in 2016.

Product development expenses for the fourth quarter of 2017 increased by 20% to RMB2.1 billion (US$319 million) from the same period in 2016, primarily due to the increase in product development personnel related expenses. Product development expenses for the fourth quarter of 2017 decreased 5% from the previous quarter, primarily due to the decrease in product development personnel related expenses. Product development expenses for the fourth quarter of 2017 accounted for 33% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses for the fourth quarter of 2017 accounted for 29% of the net revenue, which increased from 27% for the same period of 2016 and increased from 25% for the previous quarter.

For the full year ended December 31, 2017, product development expenses increased by 7% to RMB8.3 billion (US$1.3 billion) from 2016 and accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses accounted for 27% of the net revenue, compared to 29% in 2016.

Sales and marketing expenses for the fourth quarter of 2017 increased by 38% to RMB2.0 billion (US$313 million) from the same period in 2016, primarily due to an increase in sales and marketing related activities. Sales and marketing expenses for the fourth quarter of 2017 decreased 14% from the previous quarter, primarily due to the decrease in sales and marketing related activities. Sales and marketing expenses for the fourth quarter of 2017 accounted for 32% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the fourth quarter of 2017 accounted for 31% of the net revenue, which increased from 28% in the same period in 2016 and increased from 30% in the previous quarter.

For the full year ended December 31, 2017, sales and marketing expenses increased by 42% to RMB8.3 billion (US$1.3 billion) from 2016 and accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses accounted for 30% of the net revenue, which increased from 28% in 2016.

General and administrative expenses for the fourth quarter of 2017 increased by 30% to RMB701 million (US$108 million) from the same period in 2016, primarily due to an increase in consulting expenses and the provision of trade and other receivables. General and administrative expenses for the fourth quarter of 2017 increased 4% from the previous quarter, primarily due to an increase in the provision of trade and other receivables. General and administrative expenses for the fourth quarter of 2017 accounted for 11% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 9% of the net revenue, which increased from 7% for the same period in 2016 and the previous quarter.

For the full year ended December 31, 2017, general and administrative expenses increased by 4% to RMB2.6 billion (US$403 million) from 2016 and accounted for 10% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 7% of the net revenue, which remained consistent with 2016.

Income from operations for the fourth quarter of 2017 was RMB508 million (US$78 million), compared to RMB207 million in the same period in 2016 and RMB1.4 billion in the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB908 million (US$140 million), compared to RMB797 million in the same period in 2016 and RMB1.7 billion in the previous quarter.

For the full year ended December 31, 2017, income from operations was RMB2.9 billion (US$450 million), compared to loss from operations of RMB1.6 billion in 2016. Excluding share-based compensation charges, Non-GAAP income from operations was RMB4.8 billion (US$732 million), compared to RMB2.0 billion in 2016.

Operating margin was 8% for the fourth quarter of 2017, compared to 4% in the same period in 2016, and 17% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 14%, compared to 16% in the same period in 2016 and 22% in the previous quarter.

For the full year ended December 31, 2017, operating margin was 11%, compared to -8% in 2016. Excluding share-based compensation charges, Non-GAAP operating margin was 18%, compared to 10% in 2016.

Income tax expense for the fourth quarter of 2017 was RMB289 million (US$44 million), compared to RMB110 million in the same period of 2016 and RMB313 million in the previous quarter. The change in the Group's effective tax rate reflects primarily profitability changes in our subsidiaries with different tax rates and certain non-tax deductible losses including the share based compensation.

For the full year ended December 31, 2017, income tax expense was RMB1.3 billion (US$197 million), compared to RMB478 million in 2016.

Net income attributable to Ctrip's shareholders for the fourth quarter of 2017 was RMB504 million (US$77 million), compared to RMB645 million in the same period in 2016 and RMB1.2 billion in the previous quarter. Excluding share-based compensation charges, Non-GAAP net income attributable to Ctrip's shareholders was RMB904 million (US$139 million), compared to RMB1.2 billion in the same period in 2016 and RMB1.6 billion in the previous quarter.

For the full year ended December 31, 2017, net income attributable to Ctrip's shareholders was RMB2.1 billion (US$329 million), compared to net loss of RMB1.4 billion in 2016. Excluding share-based compensation charges, Non-GAAP net income attributable to Ctrip's shareholders was RMB4.0 billion (US$611 million), compared to RMB2.1 billion in 2016.

Diluted earnings per ADS were RMB0.88 (US$0.14) for the fourth quarter of 2017. Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB1.56 (US$0.24) for the fourth quarter of 2017.

For the full year ended December 31, 2017, diluted earnings per ADS were RMB3.82 (US$0.59). Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB6.90 (US$1.06).

As of December 31, 2017, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB48.1 billion (US$7.4 billion).

New Revenue Recognition Accounting Standard

Effective January 1, 2018, the Company adopted a new revenue recognition standard, Accounting Standards Update 2014-09 (the "New Revenue Accounting Standard"). The Company currently estimates that the impact of this new standard on its revenue reported in comparative periods of 2018 is not material if the new standard is adopted retrospectively.

Business Outlook

For the first quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 9~11%, which is estimated based on Crip's new revenue recognition standard while taking into account the revenue reported for the same period in 2017. 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 March 14, 2018 (or 8:00AM on Mar 15, 2018 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 archive for twelve months at this website.

Listeners may access the call by dialing the following numbers:

US:

+1-855-8219-305 or +1-240-254-3156

Hong Kong:

+852- 3077-3569

Mainland China:

800-820-8527 or 400-612-6501

International:

+65-6653-5870

Passcode:

07034263#

For pre-registration, please click http://aerp.arkadinasia.com/e-142/nasdaq-ctrip-com-international.

A telephone replay of the call will be available after the conclusion of the conference call until March 21, 2018. The dial-in details for the replay:

International dial-in number:

+65-6653-5846

Passcode:

515076012#

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. 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 196455
Email: iremail@ctrip.com

 

 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Balance Sheets











December 31, 2016


December 31, 2017


December 31, 2017

RMB

RMB

USD







(unaudited)

 

(unaudited)

 

(unaudited)

ASSETS







Current assets:







Cash and cash equivalents


18,434,681,251


18,242,991,687


2,803,896,483

Restricted cash


1,744,490,307


1,748,796,431


268,785,090

Short-term investment 


14,112,862,288


28,129,938,110


4,323,492,324

Accounts receivable, net


4,624,818,322


4,559,052,701


700,713,570

Prepayments and other current assets


6,994,589,672


6,546,041,220


1,006,108,114








Total current assets


45,911,441,840


59,226,820,149


9,102,995,581








Long-term deposits and prepayments     


1,147,279,197


839,920,256


129,093,380

Land use rights


99,544,772


96,761,364


14,871,949

Property, equipment and software


5,591,960,081


5,615,500,429


863,086,613

Investment


20,532,822,365


25,573,785,268


3,930,618,826

Goodwill


56,015,185,590


56,246,051,292


8,644,859,796

Intangible assets


13,924,769,931


13,750,315,921


2,113,384,861

Other long-term receivable


815,586,298


237,353,359


36,480,543

Deferred tax assets, non-current


375,311,594


461,969,275


71,003,377








Total assets


144,413,901,668


162,048,477,313


24,906,394,926








LIABILITIES







Current liabilities:







Short-term debt 


6,887,309,589


16,316,282,473


2,507,766,699

Accounts payable


7,278,791,082


7,459,203,252


1,146,458,548

Salary and welfare payable


2,508,430,757


3,464,692,073


532,513,421

Taxes payable


1,084,241,429


927,463,089


142,548,467

Advances from customers


8,190,840,057


7,867,532,529


1,209,217,609

Accrued liability for customer reward program


658,170,680


609,621,643


93,697,131

Other payables and accruals


3,687,242,592


5,515,137,342


847,661,087








Total current liabilities


30,295,026,186


42,159,932,401


6,479,862,962








Deferred tax liabilities, non-current


3,607,882,808


3,847,440,251


591,340,739

Long-term debt


34,650,673,553


29,220,254,767


4,491,070,926

Other long-term liabilities


339,566,619


347,820,491


53,459,031








Total liabilities


68,893,149,166


75,575,447,910


11,615,733,658








SHAREHOLDERS' EQUITY







Share capital


4,960,354


5,173,301


795,122

Additional paid-in capital


65,819,998,701


71,341,098,032


10,964,926,000

Statutory reserves


237,495,820


383,623,583


58,961,865

Accumulated other comprehensive income


1,010,373,732


6,379,296,866


980,479,976

Retained Earnings


6,699,580,613


8,695,442,393


1,336,465,025

Treasury stock 


(2,235,574,510)


(2,110,820,623)


(324,427,189)








Total Ctrip's shareholders' equity


71,536,834,710


84,693,813,552


13,017,200,799








Noncontrolling interests


3,983,917,792


1,779,215,851


273,460,469








Total shareholders' equity


75,520,752,502


86,473,029,403


13,290,661,268








Total liabilities and shareholders' equity


144,413,901,668


162,048,477,313


24,906,394,926

 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income




Quarter Ended


Quarter Ended


Quarter Ended


Quarter Ended

December 31, 2016

September 30, 2017

December 31, 2017

December 31, 2017

RMB

RMB

RMB

USD











(unaudited)


(unaudited)


(unaudited)


(unaudited)

  Revenue:









Accommodation reservation 


1,847,501,104


2,820,384,460


2,315,910,747


355,948,964

Transportation ticketing 


2,446,350,221


3,428,194,609


2,925,129,686


449,584,201

Packaged-tour


466,510,925


1,033,088,540


623,164,978


95,778,703

Corporate travel


179,055,911


202,879,041


206,505,261


31,739,277

Others


239,340,250


472,404,223


354,490,157


54,484,140










Total revenue


5,178,758,411


7,956,950,873


6,425,200,829


987,535,285










Less: Sales tax and surcharges


(111,476,576)


(57,274,816)


(46,076,958)


(7,081,899)










Net revenue


5,067,281,835


7,899,676,057


6,379,123,871


980,453,386










Cost of revenue


(1,126,360,012)


(1,303,483,658)


(1,061,324,509)


(163,122,590)










Gross profit


3,940,921,823


6,596,192,399


5,317,799,362


817,330,796










Operating expenses:









Product development *


(1,722,336,331)


(2,185,439,369)


(2,074,369,881)


(318,824,813)

Sales and marketing *


(1,470,860,760)


(2,377,850,924)


(2,034,233,300)


(312,655,933)

General and administrative *


(540,338,329)


(673,903,837)


(701,459,946)


(107,812,420)










Total operating expenses


(3,733,535,420)


(5,237,194,130)


(4,810,063,127)


(739,293,166)










Income from operations


207,386,403


1,358,998,269


507,736,235


78,037,630










Interest income 


126,421,150


271,592,321


336,310,776


51,690,020

Interest expense


(219,680,448)


(318,779,226)


(323,800,026)


(49,767,153)

Other (expense)/income


(286,715,547)


233,444,936


336,851,596


51,773,142










(Loss)/income before income tax expense and equity in income


(172,588,442)


1,545,256,300


857,098,581


131,733,639










Income tax expense


(110,246,775)


(313,405,180)


(289,470,044)


(44,490,731)

Equity in income/(loss) of affiliates


873,284,942


32,357,293


(98,044,574)


(15,069,175)










Net income


590,449,725


1,264,208,413


469,583,963


72,173,733










Net loss/(income) attributable to non-controlling interests


54,866,263


(35,090,626)


33,989,737


5,224,127










Net income attributable to Ctrip's shareholders


645,315,988


1,229,117,787


503,573,700


77,397,860










Comprehensive income attributable to Ctrip's shareholders


1,276,906,894


2,836,812,328


2,528,341,451


388,598,966










Earnings per ordinary share









- Basic


10.21


18.35


7.46


1.15

- Diluted


9.46


16.76


7.07


1.09










Earnings per ADS 









- Basic


1.28


2.29


0.93


0.14

- Diluted


1.18


2.10


0.88


0.14










Weighted average ordinary shares outstanding









- Basic


63,194,669


66,988,804


67,498,755


67,498,755

- Diluted


69,583,733


78,630,110


73,845,325


73,845,325










* Share-based compensation charges included are as follows:









  Product development 


338,257,956


210,505,836


213,727,387


32,849,298

  Sales and marketing 


68,550,655


37,738,032


40,273,787


6,189,968

  General and administrative 


182,401,276


135,789,753


146,177,357


22,467,048

 

Ctrip.com International, Ltd.

Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)



Quarter Ended December 31, 2017


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP Result

% of Net
Revenues










Product development 

(2,074,369,881)

33%


213,727,387

3%


(1,860,642,494)

29%

Sales and marketing 

(2,034,233,300)

32%


40,273,787

1%


(1,993,959,513)

31%

General and administrative 

(701,459,946)

11%


146,177,357

2%


(555,282,589)

9%

Total operating expenses

(4,810,063,127)

75%


400,178,531

6%


(4,409,884,596)

69%










Income from operations

507,736,235

8%


400,178,531

6%


907,914,766

14%










Net income attributable to Ctrip's shareholders

503,573,700

8%


400,178,531

6%


903,752,231

14%










Diluted earnings per ordinary share (RMB)

7.07



5.38



12.45











Diluted earnings per ADS (RMB)

0.88



0.68



1.56











Diluted earnings per ADS (USD)

0.14



0.10



0.24





















Quarter Ended September 30, 2017


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP Result

% of Net
Revenues










Product development 

(2,185,439,369)

28%


210,505,836

3%


(1,974,933,533)

25%

Sales and marketing 

(2,377,850,924)

30%


37,738,032

0%


(2,340,112,892)

30%

General and administrative 

(673,903,837)

9%


135,789,753

2%


(538,114,084)

7%

Total operating expenses

(5,237,194,130)

66%


384,033,621

5%


(4,853,160,509)

61%










Income from operations

1,358,998,269

17%


384,033,621

5%


1,743,031,890

22%










Net income attributable to Ctrip's shareholders

1,229,117,787

16%


384,033,621

5%


1,613,151,408

20%










Diluted earnings per ordinary share (RMB)

16.76



4.82



21.58











Diluted earnings per ADS (RMB)

2.10



0.60



2.70











Diluted earnings per ADS (USD)

0.32



0.09



0.41





















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




















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=RMB6.5063 on December 29, 2017 published by the Federal
Reserve Board.

 

Ctrip.com International, Ltd.

Condensed Consolidated Statements of Comprehensive Income




Year Ended


Year Ended


Year Ended

December 31, 2016

December 31, 2017

December 31, 2017

RMB

RMB

USD









(unaudited)


(unaudited)


(unaudited)

  Revenue:







Accommodation reservation 


7,308,958,863


9,517,374,339


1,462,793,652

Transportation ticketing 


8,826,516,571


12,221,029,997


1,878,337,918

Packaged-tour


2,310,198,894


2,970,383,429


456,539,574

Corporate travel


608,122,125


753,218,904


115,767,626

Others


734,290,185


1,514,978,795


232,847,977








Total revenue


19,788,086,638


26,976,985,464


4,146,286,747








Less: Sales tax and surcharges


(559,646,824)


(197,354,446)


(30,332,823)








Net revenue


19,228,439,814


26,779,631,018


4,115,953,924








Cost of revenue


(4,729,750,192)


(4,678,209,103)


(719,027,574)








Gross profit


14,498,689,622


22,101,421,915


3,396,926,350








Operating expenses:







Product development *


(7,687,421,506)


(8,259,232,508)


(1,269,420,793)

Sales and marketing *


(5,860,927,432)


(8,294,186,482)


(1,274,793,121)

General and administrative *


(2,518,819,170)


(2,621,832,381)


(402,968,259)








Total operating expenses


(16,067,168,108)


(19,175,251,371)


(2,947,182,173)








(Loss)/income from operations


(1,568,478,486)


2,926,170,544


449,744,177








Interest income 


567,144,610


987,610,015


151,792,880

Interest expense


(731,922,838)


(1,286,284,010)


(197,698,232)

Other (expense)/income


(26,848,287)


878,998,137


135,099,540








(Loss)/income before income tax expense and equity in income


(1,760,105,001)


3,506,494,686


538,938,365








Income tax expense


(478,009,033)


(1,280,523,340)


(196,812,834)

Equity in income/(loss) of affiliates


601,883,179


(65,116,066)


(10,008,156)








Net (loss)/income


(1,636,230,855)


2,160,855,280


332,117,375








Net loss/(income) attributable to non-controlling interests


205,527,660


(18,843,743)


(2,896,230)








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


(1,430,703,195)


2,142,011,537


329,221,145








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


(980,406,744)


7,510,934,671


1,154,409,522








(Loss)/earnings per ordinary share







- Basic


(24.18)


32.31


4.97

- Diluted


(24.18)


30.57


4.70








(Loss)/earnings per ADS 







- Basic


(3.02)


4.04


0.62

- Diluted


(3.02)


3.82


0.59








Weighted average ordinary shares outstanding







- Basic


59,166,582


66,300,808


66,300,808

- Diluted


59,166,582


71,775,893


71,775,893








* Share-based compensation charges included are as follows:







  Product development 


2,079,514,506


1,012,746,515


155,656,289

  Sales and marketing 


392,641,663


185,785,599


28,554,724

  General and administrative 


1,087,562,537


635,279,991


97,640,747

 

 

 

Ctrip.com International, Ltd.

Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)



Year Ended December 31, 2017


GAAP  Result

% of Net
Revenues


Share-based
Compensation

% of Net
Revenues


Non-GAAP Result

% of Net
Revenues










Product development 

(8,259,232,508)

31%


1,012,746,515

4%


(7,246,485,993)

27%

Sales and marketing 

(8,294,186,482)

31%


185,785,599

1%


(8,108,400,883)

30%

General and administrative 

(2,621,832,381)

10%


635,279,991

2%


(1,986,552,390)

7%

Total operating expenses

(19,175,251,371)

72%


1,833,812,105

7%


(17,341,439,266)

65%










Income from operations

2,926,170,544

11%


1,833,812,105

7%


4,759,982,649

18%










Net income attributable to Ctrip's shareholders

2,142,011,537

8%


1,833,812,105

7%


3,975,823,642

15%










Diluted earnings per ordinary share (RMB)

30.57



24.63



55.20











Diluted earnings per ADS (RMB)

3.82



3.08



6.90











Diluted earnings per ADS (USD)

0.59



0.47



1.06





















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 (loss)/earnings per ordinary share (RMB)

(24.18)



56.58



32.40











Diluted (loss)/earnings per ADS (RMB)

(3.02)



7.07



4.05











Diluted (loss)/earnings per ADS (USD)

(0.44)



1.02



0.58




















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=RMB6.5063 on December 29, 2017 published by the Federal
Reserve Board.

Note 2: Diluted net income/(loss) per share is calculated by dividing net income/(loss) attributable to ordinary shareholders by the weighted average number of ordinary shares and
dilutive potential ordinary shares outstanding during the periods, including the dilutive effects of share-based awards and convertible senior notes. All dilutive potential ordinary shares
had anti-dilutive impact and were excluded in computation of diluted EPS in the period when loss was reported.

 

Cision View original content:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-fourth-quarter-and-full-year-of-2017-financial-results-300613924.html

SOURCE Ctrip.com International, Ltd.