Ctrip Reports Unaudited Fourth Quarter and Full Year 2013 Financial Results - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Ctrip Reports Unaudited Fourth Quarter and Full Year 2013 Financial Results

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SOURCE Ctrip.com International, Ltd.

SHANGHAI, Feb. 12, 2014 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of hotel accommodations, ticketing services, packaged tours and corporate travel management in China, today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2013.

Highlights for the Fourth Quarter of 2013

  • Net revenues were RMB1.4 billion (US$238 million) for the fourth quarter of 2013, up 31% year-on-year.
  • Gross margin was 73% for the fourth quarter of 2013, compared to 74% in the same period of 2012.
  • Income from operations was RMB183 million (US$30 million) for the fourth quarter of 2013, up 53% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB289 million (US$48 million), up 24% year-on-year.
  • Operating margin was 13% for the fourth quarter of 2013, compared to 11% in the same period of 2012. Excluding share-based compensation charges (non-GAAP), operating margin was 20%, compared to 21% in the same period of 2012.
  • Net income attributable to Ctrip's shareholders was RMB261 million (US$43 million) in the fourth quarter of 2013, up 36% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB368 million (US$61 million), up 20% year-on-year.
  • Diluted earnings per ADS were RMB1.68 (US$0.28) for the fourth quarter of 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.36 (US$0.39) for the fourth quarter of 2013.
  • Share-based compensation charges were RMB106 million (US$18 million), accounting for 7% of the net revenues, or RMB0.68 (US$0.11) per ADS for the fourth quarter of 2013.

Highlights for the Full Year 2013

  • Net revenues were RMB5.4 billion (US$890 million) in 2013, up 30% from 2012.
  • Gross margin was 74% in 2013, compared to 75% in 2012.
  • Income from operations was RMB838 million (US$139 million) in 2013, up 28% from 2012. Excluding share-based compensation charges (non-GAAP), income from operations was RMB1.3 billion (US$211 million) in 2013, up 17% from 2012.
  • Operating margin was 16% in 2013, which remained consistent with that in 2012. Excluding share-based compensation charges (non-GAAP), operating margin was 24%, compared to 26% in 2012.
  • Net income attributable to Ctrip's shareholders was RMB998 million (US$165 million) in 2013, up 40% from 2012. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB1.4 billion (US$237 million), up 25% from 2012.
  • Diluted earnings per ADS were RMB6.66 (US$1.10) in 2013, compared to RMB4.98 (US$0.80) in 2012. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB9.53 (US$1.57), compared to RMB7.97 (US$1.28) in 2012.
  • Share-based compensation charges were RMB438 million (US$72 million), accounting for 8% of the net revenues, or RMB2.87 (US$0.47) per ADS in 2013.

"We are pleased to report the strong performance of the fourth quarter and the full year for 2013," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "The accelerated growth across all business lines reflected Ctrip's strong execution of our market share gain strategy. The investment that Ctrip has made in leisure travel products, price competitiveness, open-platform, and mobile Internet has significantly enhanced our leadership in the online and mobile travel markets. Cumulative downloads for Ctrip mobile app recently reached 100 million, with around 50% of hotel and 30% of air transactions booked through mobile channels during peak days. We are encouraged by the results and will continue our investments in branding, promotions, and new businesses in 2014."

Fourth Quarter and Full Year 2013 Financial Results and Business Updates

For the fourth quarter of 2013, Ctrip reported total revenues of RMB1.5 billion (US$252 million), representing a 31% increase from the same period of 2012. Total revenues for the fourth quarter of 2013 decreased by 7% from the previous quarter.

For the full year ended December 31, 2013, total revenues were RMB5.7 billion (US$944 million), representing a 30% increase from 2012.

Hotel reservation revenues amounted to RMB642 million (US$106 million) for the fourth quarter of 2013, representing a 37% increase year-on-year, primarily driven by an increase of 55% in hotel reservation volume and partially offset by the decrease of commission per room night. Hotel reservation revenues increased by 5% quarter-on-quarter, primarily driven by hotel reservation volume growth.

For the full year ended December 31, 2013, hotel reservation revenues were RMB2.2 billion (US$366 million), representing a 30% increase from 2012. The hotel reservation revenues accounted for 39% of the total revenues in 2013 and 2012.

Ticketing services revenues for the fourth quarter of 2013 were RMB579 million (US$96 million), representing a 29% increase year-on-year, primarily driven by an increase of 37% in air ticketing sales volume and partially offset by the decrease of commission per ticket. Ticketing services revenues decreased 4% quarter-on-quarter, primarily due to the decrease of commission per ticket.

For the full year ended December 31, 2013, ticketing services revenues were RMB2.2 billion (US$357 million), representing a 28% increase from 2012. Ticketing services revenues accounted for 38% of the total revenues in 2013 and 2012.

Packaged-tour revenues for the fourth quarter of 2013 were RMB194 million (US$32 million), representing a 17% increase year-on-year due to the increase of leisure travel volume. Packaged-tour revenues decreased 39% quarter-on-quarter, primarily due to seasonality.

For the full year ended December 31, 2013, packaged tour revenues were RMB936 million (US$155 million), representing a 36% increase from 2012. The packaged tour revenues accounted for 16% of the total revenues in 2013 and 2012.

Corporate travel revenues for the fourth quarter of 2013 were RMB78 million (US$13 million), representing a 36% increase year-on-year and a 9% increase quarter-on-quarter, primarily driven by the increased corporate travel demand from business activities.

For the full year ended December 31, 2013, corporate travel revenues were RMB267 million (US$44 million), representing a 34% increase from 2012. The corporate travel revenues accounted for 5% of the total revenues in 2013 and 2012.

For the fourth quarter of 2013, net revenues were RMB1.4 billion (US$238 million), representing a 31% increase from the same period of 2012. Net revenues for the fourth quarter of 2013 decreased by 7% from the previous quarter.

For the full year ended December 31, 2013, net revenues were RMB5.4 billion (US$890 million), representing a 30% increase from 2012.

Gross margin was 73% in the fourth quarter of 2013, compared to 74% in the same period of 2012 and 75% in the previous quarter.

For the full year ended December 31, 2013, gross margin was 74%, compared to 75% in 2012.

Product development expenses for the fourth quarter of 2013 increased by 26% to RMB333 million (US$55 million) from the same period of 2012, primarily due to an increase in product development personnel related expense. Product development expenses for the fourth quarter of 2013 decreased by 1% from the previous quarter. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 21% of the net revenues, remained consistent with that in the same period of 2012 and increased from 20% in the previous quarter.

For the full year ended December 31, 2013, product development expenses were RMB1.2 billion (US$206 million), representing an increase of 37% from 2012. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 21% of the net revenues, increased from 19% in 2012.

Sales and marketing expenses for the fourth quarter of 2013 increased by 34% to RMB376 million (US$62 million) from the same period in 2012 and by 6% from the previous quarter, primarily due to an increase in sales and marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 25% of the net revenues, increased from 24% in the same period of 2012 and 22% in the previous quarter.

For the full year ended December 31, 2013, sales and marketing expenses were RMB1.3 billion (US$210 million), representing an increase of 29% from 2012. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 23% of the net revenues, increasing from 22% in 2012.

General and administrative expenses for the fourth quarter of 2013 increased by 1% to RMB154 million (US$25 million) from the same period in 2012, and decreased by 11% from the previous quarter. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, decreased from 8% in the same period of 2012 and 7% in the previous quarter.

For the full year ended December 31, 2013, general and administrative expenses were RMB646 million (US$107 million), representing a 13% increase from 2012. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 7% of the net revenues, decreasing from 8% in 2012.

Income from operations for the fourth quarter of 2013 was RMB183 million (US$30 million), representing an increase of 53% from the same period in 2012 and a decrease of 39% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB289 million (US$48 million), representing an increase of 24% from the same period in 2012 and a decrease of 29% from the previous quarter.

For the full year ended December 31, 2013, income from operations was RMB838 million (US$139 million), representing an increase of 28% from 2012. Excluding share-based compensation charges (non-GAAP), income from operations was RMB1.3 billion (US$211 million), increasing by 17% from 2012.

Operating margin was 13% in the fourth quarter of 2013, compared to 11% in the same period of 2012 and 19% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 20%, decreased from 21% in the same period of 2012 and 27% in the previous quarter.

For the full year ended December 31, 2013, operating margin was 16%, which remained consistent with that in 2012. Excluding share-based compensation charges (non-GAAP), operating margin was 24%, compared to 26% in 2012.

The effective tax rate for the fourth quarter of 2013 was 26%, increased from 25% in the same period of 2012. The effective tax rate for the fourth quarter increased from 22% from the previous quarter, primarily due to the increase in the amount of non tax-deductible share-based compensation as a percentage to our income as a whole.

The effective tax rate for the full year ended December 31, 2013 was 26%, compared to 31% in 2012, primarily because Ctrip accrued the provision of 5% PRC withholding tax related to the dividends that our PRC subsidiaries would pay to our Hong Kong subsidiary to fund the share repurchase program in 2012.

Net income attributable to Ctrip's shareholders for the fourth quarter of 2013 was RMB261 million (US$43 million), representing an increase of 36% from the same period in 2012 and a decrease of 30% from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB368 million (US$61 million), representing an increase of 20% from the same period in 2012 and a decrease of 24% from the previous quarter.

For the full year ended December 31, 2013, net income attributable to Ctrip's shareholders was RMB998 million (US$165 million), representing an increase of 40% from 2012. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB1.4 billion (US$237 million), representing an increase of 25% from 2012.

Diluted earnings per ADS were RMB1.68 (US$0.28) for the fourth quarter of 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.36 (US$0.39) for the fourth quarter of 2013.

For the full year ended December 31, 2013, diluted earnings per ADS were RMB6.66 (US$1.10), compared to RMB4.98 (US$0.80) in 2012. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB9.53 (US$1.57), compared to RMB7.97 (US$1.28) in 2012.

As of December 31, 2013, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB11.5 billion (US$1.9 billion).

Business Outlook

For the first quarter of 2014, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 25-30%. 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 12, 2014 (or 8:00AM on February 13, 2014 in the Shanghai / Hong Kong Time) following the announcement.

The conference call will be available on Webcast live and replay at: http://ir.ctrip.com. The call will be archived for one month at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1.877.299.4502, International dial-in number +1.617.597.5442, Passcode 45211058#. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PH3V4TXXV.

A telephone replay of the call will be available after the conclusion of the conference call until February 19, 2014. 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 84129925.

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 on Forms 20-F and 6-K, etc., 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. Statements that are not historical facts, including statements about Ctrip's beliefs and expectations, are 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 further increase Ctrip's brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in mainland China, Hong Kong, Macau or Taiwan, failure to successfully develop Ctrip's corporate travel business, damage to or failure of Ctrip's infrastructure and technology, loss of services of Ctrip's key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip's affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Non-GAAP Financial Measures

To supplement Ctrip's unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, and diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" for 2013 and 2012. 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 hotel accommodations, ticketing services, packaged tours, and corporate travel management in China. Ctrip aggregates hotel and flight information to enable business and leisure travellers to make informed and cost-effective bookings. Ctrip also helps customers book vacation packages and guided tours. In addition, Ctrip corporate travel management services help corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

For further information, please contact:

Investor Relations
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12928
Email: iremail@ctrip.com

Ctrip.com International, Ltd.









Unaudited Condensed Consolidated Balance Sheets
































December 31, 2012



December 31, 2013



December 31, 2013


RMB

RMB

USD












(unaudited)



(unaudited)



(unaudited)



ASSETS










Current assets:










Cash and cash equivalents


3,421,532,962



7,138,344,814



1,179,170,559


Restricted cash


768,228,577



739,543,614



122,163,902


Short-term investment


1,408,664,335



3,635,090,955



600,474,248


Accounts receivable, net


983,804,403



1,518,230,029



250,793,734


Prepayments and other current assets


999,148,710



1,237,530,956



204,425,551


Deferred tax assets, current


61,840,526



96,979,500



16,019,872












Total current assets


7,643,219,513



14,365,719,868



2,373,047,866












Long-term deposits and prepayments    


210,618,310



559,185,652



92,370,889


Land use rights


110,659,284



107,476,794



17,753,902


Property, equipment and software


1,123,937,191



1,412,943,693



233,401,671


Investment


1,437,247,949



2,857,213,480



471,978,043


Goodwill


822,585,341



972,531,184



160,650,707


Intangible assets


321,483,420



356,653,022



58,914,882


Other long-term receviables


-



186,750,769



30,849,029












Total assets


11,669,751,008



20,818,474,462



3,438,966,989












LIABILITIES










Current liabilities:










Short-term borrowings


453,478,628



774,599,341



127,954,696


Accounts payable


1,023,672,151



1,637,545,824



270,503,299


Salary and welfare payable


229,969,924



257,641,763



42,559,387


Taxes payable


216,456,010



315,299,656



52,083,793


Advances from customers


1,414,865,769



2,451,931,450



405,030,221


Accrued liability for customer reward program


217,548,153



284,668,935



47,023,958


Other payables and accruals


354,153,607



646,321,729



106,764,744












Total current liabilities


3,910,144,242



6,368,008,698



1,051,920,098












Deferred tax liabilities, non-current


53,309,153



63,197,155



10,439,426


Long-term Debt


1,121,418,000



5,657,182,650



934,500,000












Total liabilities


5,084,871,395



12,088,388,503



1,996,859,524












SHAREHOLDERS' EQUITY










Share capital


2,979,144



3,033,490



501,097


Additional paid-in capital


3,818,256,227



4,088,484,766



675,369,571


Statutory reserves


103,222,512



118,449,230



19,566,419


Accumulated other comprehensive (loss)/income


(58,778,675)



372,634,580



61,554,847


Retained Earnings


4,515,841,767



5,498,934,733



908,359,306


Treasury stock


(1,891,888,900)



(1,551,141,268)



(256,230,284)












Total Ctrip's shareholders' equity


6,489,632,075



8,530,395,531



1,409,120,956












Noncontrolling interests


95,247,538



199,690,428



32,986,509












Total shareholders' equity


6,584,879,613



8,730,085,959



1,442,107,465












Total liabilities and shareholders' equity


11,669,751,008



20,818,474,462



3,438,966,989

 

Ctrip.com International, Ltd.












Unaudited Condensed Consolidated Statements of Comprehensive Income







































Quarter Ended



Quarter Ended



Quarter Ended



Quarter Ended


December 31, 2012

September 30, 2013

December 31, 2013

December 31, 2013


RMB

RMB

RMB

USD














(unaudited)



(unaudited)



(unaudited)



(unaudited)



Revenues:













Hotel reservation


468,304,604



610,653,418



642,014,733



106,053,279


Ticketing services **


447,186,315



604,272,344



578,995,620



95,643,263


Packaged tour


165,724,297



319,566,156



193,885,405



32,027,587


Corporate travel


57,532,553



71,852,907



78,217,923



12,920,680


Others


28,546,319



34,141,394



34,858,565



5,758,225















Total revenues


1,167,294,088



1,640,486,219



1,527,972,246



252,403,034















Less: business tax and related surcharges


(65,938,822)



(99,510,607)



(87,566,153)



(14,464,898)















Net revenues


1,101,355,266



1,540,975,612



1,440,406,093



237,938,136















Cost of revenues


(284,704,746)



(379,121,709)



(394,362,609)



(65,144,062)















Gross profit


816,650,520



1,161,853,903



1,046,043,484



172,794,074















Operating expenses:













Product development *


(264,099,634)



(335,461,829)



(332,873,022)



(54,986,706)


Sales and marketing *


(280,764,753)



(354,501,850)



(376,172,398)



(62,139,253)


General and administrative *


(151,879,211)



(172,348,825)



(154,055,198)



(25,448,106)















Total operating expenses


(696,743,598)



(862,312,504)



(863,100,618)



(142,574,065)















Income from operations


119,906,922



299,541,399



182,942,866



30,220,009















Interest income ***


38,828,870



56,207,564



70,556,062



11,655,031


Interest expense ***


(4,767,707)



(3,595,298)



(45,765,307)



(7,559,890)


Other income


58,378,812



67,808,945



63,568,051



10,500,694















Income before income tax expense and equity in income


212,346,897



419,962,610



271,301,672



44,815,844















Income tax expense


(53,776,285)



(92,166,420)



(69,776,649)



(11,526,281)


Equity in income of affiliates


4,265,040



24,740,697



35,251,442



5,823,123















Net income


162,835,652



352,536,887



236,776,465



39,112,686















Less: Net loss attributable to noncontrolling interests


29,716,374



20,450,829



24,702,936



4,080,634















Net income attributable to Ctrip's shareholders


192,552,026



372,987,716



261,479,401



43,193,320















Comprehensive income attributable to Ctrip's shareholders


197,932,727



443,127,464



648,352,184



107,100,151















Earnings per ordinary share













- Basic


5.96



11.34



7.78



1.29


- Diluted


5.51



9.74



6.74



1.11















Earnings per ADS













- Basic


1.49



2.84



1.95



0.32


- Diluted


1.38



2.44



1.68



0.28















Weighted average ordinary shares outstanding













- Basic


32,282,299



32,887,276



33,605,765



33,605,765


- Diluted


35,719,079



38,745,348



39,290,366



39,290,366















* Share-based compensation charges included are as follows:













  Product development


35,881,144



34,621,728



34,188,328



5,647,509


  Sales and marketing


14,379,832



11,917,951



11,568,731



1,911,018


  General and administrative


63,478,526



62,359,499



60,517,724



9,996,816















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


















*** Interest expenses have been reclassified from interest income with no effect on net income or retained earnings.







 

Ctrip.com International, Ltd.









Condensed Consolidated Statements of Comprehensive Income
































Year Ended



Year Ended



Year Ended


December 31, 2012

December 31, 2013

December 31, 2013


RMB

RMB

USD












(unaudited)



(unaudited)



(unaudited)



Revenues:                                                                                           










Hotel reservation


1,702,500,571



2,214,170,887



365,754,974


Ticketing services **


1,690,285,903



2,161,784,259



357,101,320


Packaged tour


689,660,631



935,684,729



154,564,106


Corporate travel


199,756,068



266,988,534



44,103,364


Others


126,989,085



138,388,653



22,860,177












Total revenues


4,409,192,258



5,717,017,062



944,383,941












Less: business tax and related surcharges


(250,401,009)



(330,271,520)



(54,556,968)












Net revenues


4,158,791,249



5,386,745,542



889,826,973












Cost of revenues


(1,037,791,093)



(1,386,767,067)



(229,077,600)












Gross profit


3,121,000,156



3,999,978,475



660,749,373












Operating expenses:










Product development *


(911,904,722)



(1,245,719,192)



(205,778,151)


Sales and marketing *


(984,002,165)



(1,269,412,720)



(209,692,043)


General and administrative *


(570,487,457)



(646,404,879)



(106,778,479)












Total operating expenses


(2,466,394,344)



(3,161,536,791)



(522,248,673)












Income from operations


654,605,812



838,441,684



138,500,700












Interest income ***


176,192,796



200,068,533



33,048,967


Interest expense ***


(10,392,832)



(57,043,756)



(9,422,957)


Other income


130,287,943



163,122,374



26,945,897












Income before income tax expense and equity in income


950,693,719



1,144,588,835



189,072,607












Income tax expense


(294,525,956)



(293,740,322)



(48,522,444)


Equity in income of affiliates


34,343,000



55,554,072



9,176,879












Net income


690,510,763



906,402,585



149,727,042












Less: Net loss attributable to noncontrolling interests


23,895,101



91,917,099



15,183,623












Net income attributable to Ctrip's shareholders


714,405,864



998,319,684



164,910,665












Comprehensive income attributable to Ctrip's shareholders


828,093,466



1,429,732,939



236,175,056












Earnings per ordinary share










- Basic


20.87



30.34



5.01


- Diluted


19.92



26.63



4.40












Earnings per ADS










- Basic


5.22



7.58



1.25


- Diluted


4.98



6.66



1.10












Weighted average ordinary shares outstanding










- Basic


34,236,761



32,905,601



32,905,601


- Diluted


36,090,785



38,069,841



38,069,841












* Share-based compensation charges included are as follows:










  Product development


132,583,177



138,668,196



22,906,354


  Sales and marketing


55,892,394



49,104,528



8,111,490


  General and administrative


243,245,751



250,156,753



41,322,952












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












*** Interest expenses have been reclassified from interest income with no effect on net income or retained earnings.




 

Ctrip.com International, Ltd.









Reconciliation of  GAAP and Non-GAAP Results









(In RMB, except % and per share information)































Quarter Ended December 31, 2013



GAAP  Result

% of Net Revenues


Share-based Compensation

% of Net Revenues


Non-GAAP Result

% of Net Revenues












Product development

(332,873,022)

23%


34,188,328

2%


(298,684,694)

21%


Sales and marketing

(376,172,398)

26%


11,568,731

1%


(364,603,667)

25%


General and administrative

(154,055,198)

11%


60,517,724

4%


(93,537,474)

6%


Total operating expenses

(863,100,618)

60%


106,274,783

7%


(756,825,835)

53%












Income from operations

182,942,866

13%


106,274,783

7%


289,217,649

20%












Net income attributable to Ctrip's shareholders

261,479,401

18%


106,274,783

7%


367,754,184

26%












Diluted earnings per ordinary share (RMB)

6.74



2.70



9.44













Diluted earnings per ADS (RMB)

1.68



0.68



2.36













Diluted earnings per ADS (USD)

0.28



0.11



0.39
























Quarter Ended September 30, 2013



GAAP  Result

% of Net Revenues


Share-based Compensation

% of Net Revenues


Non-GAAP Result

% of Net Revenues












Product development

(335,461,829)

22%


34,621,728

2%


(300,840,101)

20%


Sales and marketing

(354,501,850)

23%


11,917,951

1%


(342,583,899)

22%


General and administrative

(172,348,825)

11%


62,359,499

4%


(109,989,326)

7%


Total operating expenses

(862,312,504)

56%


108,899,178

7%


(753,413,326)

49%












Income from operations

299,541,399

19%


108,899,178

7%


408,440,577

27%












Net income attributable to Ctrip's shareholders

372,987,716

24%


108,899,178

7%


481,886,894

31%












Diluted earnings per ordinary share (RMB)

9.74



2.81



12.55













Diluted earnings per ADS (RMB)

2.44



0.70



3.14













Diluted earnings per ADS (USD)

0.40



0.11



0.51
























Quarter Ended December 31, 2012



GAAP  Result

% of Net Revenues


Share-based Compensation

% of Net Revenues


Non-GAAP Result

% of Net Revenues












Product development

(264,099,634)

24%


35,881,144

3%


(228,218,490)

21%


Sales and marketing

(280,764,753)

25%


14,379,832

1%


(266,384,921)

24%


General and administrative

(151,879,211)

14%


63,478,526

6%


(88,400,685)

8%


Total operating expenses

(696,743,598)

63%


113,739,502

10%


(583,004,096)

53%












Income from operations

119,906,922

11%


113,739,502

10%


233,646,424

21%












Net income attributable to Ctrip's shareholders

192,552,026

17%


113,739,502

10%


306,291,528

28%












Diluted earnings per ordinary share (RMB)

5.51



3.18



8.70













Diluted earnings per ADS (RMB)

1.38



0.80



2.17













Diluted earnings per ADS (USD)

0.22



0.13



0.35























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=RMB6.0537 on December 31, 2013 published by the Federal Reserve Board.


 

Ctrip.com International, Ltd. 

Reconciliation of  GAAP and Non-GAAP Results

(In RMB, except % and per share information)























Year Ended December 31, 2013



GAAP  Result

% of Net Revenues


Share-based Compensation

% of Net Revenues


Non-GAAP Result

% of Net Revenues












Product development 

(1,245,719,192)

23%


138,668,196

3%


(1,107,050,996)

21%


Sales and marketing 

(1,269,412,720)

24%


49,104,528

1%


(1,220,308,192)

23%


General and administrative 

(646,404,879)

12%


250,156,753

5%


(396,248,126)

7%


Total operating expenses

(3,161,536,791)

59%


437,929,477

8%


(2,723,607,314)

51%












Income from operations

838,441,684

16%


437,929,477

8%


1,276,371,161

24%












Net income attributable to Ctrip's shareholders

998,319,684

19%


437,929,477

8%


1,436,249,161

27%












Diluted earnings per ordinary share (RMB)

26.63



11.50



38.13













Diluted earnings per ADS (RMB)

6.66



2.87



9.53













Diluted earnings per ADS (USD)

1.10



0.47



1.57
























Year Ended December 31, 2012



GAAP  Result

% of Net Revenues


Share-based Compensation

% of Net Revenues


Non-GAAP Result

% of Net Revenues












Product development 

(911,904,722)

22%


132,583,177

3%


(779,321,545)

19%


Sales and marketing 

(984,002,165)

24%


55,892,394

1%


(928,109,771)

22%


General and administrative 

(570,487,457)

14%


243,245,751

6%


(327,241,706)

8%


Total operating expenses

(2,466,394,344)

59%


431,721,322

10%


(2,034,673,022)

49%












Income from operations

654,605,812

16%


431,721,322

10%


1,086,327,134

26%












Net income attributable to Ctrip's shareholders

714,405,864

17%


431,721,322

10%


1,146,127,186

28%












Diluted earnings per ordinary share (RMB)

19.92



11.96



31.88













Diluted earnings per ADS (RMB)

4.98



2.99



7.97













Diluted earnings per ADS (USD)

0.80



0.48



1.28























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=RMB6.0537 on December 31, 2013 published by the Federal Reserve Board.


 

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