News Releases
Ctrip Reports Unaudited Fourth Quarter and Full Year of 2018 Financial Results
Key Highlights for the Fourth Quarter and Full Year of 2018
- Ctrip reported strong financial results in the fourth quarter of 2018 and achieved robust growth for the full year of 2018.
- Net revenue increased by 22% year-on-year to
RMB7.6 billion (US$1.1 billion ) in the fourth quarter of 2018, and increased by 16% year-on-year toRMB31.0 billion (US$4.5 billion ) for the full year of 2018.
- Ctrip's international businesses sustained robust growth momentum.
- In the fourth quarter of 2018, revenue generated from international business makes up 30%~35% of group level revenue.
- Both international hotel business and international air business excluding Skyscanner tripled the industry growth in the fourth quarter of 2018.
- Skyscanner's direct booking program continued strong momentum, delivering over 200% revenue growth year-on-year in the fourth quarter of 2018.
- Ctrip increased its presence in lower-tier cities.
- Ctrip branded low-star hotel room-nights maintained strong growth at 50% year-on-year in the fourth quarter of 2018.
- Gross merchandise value, or GMV, of the offline stores delivered triple digit year-on-year growth in the fourth quarter of 2018.
- Excluding Skyscanner, total GMV reached increased by approximately 30% year-on-year to
"The solid results in the fourth quarter of 2018 ended the year on a strong note," said
"We are pleased with Ctrip's overall performance in 2018," said
Fourth Quarter and Full Year of 2018 Financial Results and Business Updates
For the fourth quarter of 2018, Ctrip reported net revenue of
For the full year ended
Accommodation reservation revenue for the fourth quarter of 2018 was
For the full year ended
Transportation ticketing revenue for the fourth quarter of 2018 was
For the full year ended
Packaged tour revenue for the fourth quarter of 2018 was
For the full year ended
Corporate travel revenue for the fourth quarter of 2018 was
For the full year ended
Gross margin was 79% for the fourth quarter of 2018, compared to 83% in the same period in 2017, and remained consistent with the previous quarter.
For the full year ended
Product development expenses for the fourth quarter of 2018 increased by 31% to
For the full year ended
Sales and marketing expenses for the fourth quarter of 2018 increased by 28% to
For the full year ended
General and administrative expenses for the fourth quarter of 2018 increased by 14% to
For the full year ended
Loss from operations for the fourth quarter of 2018 was
For the full year ended
Operating margin was -3% for the fourth quarter of 2018, compared to 5% in the same period in 2017, and 16% in the previous quarter. Excluding share-based compensation charges, non-GAAP operating margin was 3%, compared to 11% in the same period in 2017 and 20% in the previous quarter. The decrease in operating margin is resulted from the changes in gross margin and increase in operating expenses.
For the full year ended
Income tax expense for the fourth quarter of 2018 was
For the full year ended
Net loss attributable to Ctrip's shareholders for the fourth quarter of 2018 was
For the full year ended
Diluted losses per ADS were
For the full year ended
As of
Business Outlook
For the first quarter of 2019, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 18~23%. 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
The conference call will be available on Webcast live and replay at: http://ir.ctrip.com. The call will be archived for twelve months at this website.
Listeners may access the call by dialing the following numbers:
US: |
+1-855-8219-305 or +1-240-254-3156 |
Hong Kong: |
+852- 3077-3569 |
China: |
800-820-8527 or 400-612-6501 |
International: |
+65-6653-5870 |
Passcode: |
84822993# |
For pre-registration, please click
http://event.onlineseminarsolutions.com/wcc/r/1941807-1/6B706C2E6814E3161EFA225A356815B8
A telephone replay of the call will be available after the conclusion of the conference call until
International dial-in number: |
+65-6653-5846 |
Passcode: |
515097714# |
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
About Non-GAAP Financial Measures
To supplement Ctrip's unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Ctrip uses Non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income attributable to Ctrip's shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible, and fair value changes of equity securities investments, net of tax, recorded under ASU 2016-1. Ctrip's management believes the Non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.
Non-GAAP information is not prepared in accordance with GAAP and may be different from Non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using Non-GAAP financial measures is that Non-GAAP measures exclude share-based compensation charges and fair value changes of equity securities investments that have been and will continue to be significant recurring expenses in Ctrip's business for the foreseeable future.
Reconciliations of Ctrip's Non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.
About
For further information, please contact:
Investor Relations
Tel: (+86) 21 3406 4880 X 12229
Email: iremail@ctrip.com
Ctrip.com International, Ltd. |
||||||||
Unaudited Consolidated Balance Sheets |
||||||||
(In millions, except share and per share data) |
||||||||
December 31, 2017 |
December 31, 2018 |
December 31, 2018 |
||||||
RMB (million) |
RMB (million) |
USD (million) |
||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
18,243 |
21,530 |
3,131 |
|||||
Restricted cash |
1,749 |
4,244 |
617 |
|||||
Short-term investments |
28,130 |
36,753 |
5,346 |
|||||
Accounts receivable, net * |
4,749 |
5,668 |
824 |
|||||
Prepayments and other current assets |
6,547 |
11,199 |
1,629 |
|||||
Total current assets |
59,418 |
79,394 |
11,547 |
|||||
Long-term deposits and prepayments |
840 |
768 |
112 |
|||||
Land use rights |
97 |
94 |
14 |
|||||
Property, equipment and software |
5,616 |
5,872 |
854 |
|||||
Investments |
25,574 |
26,874 |
3,909 |
|||||
Goodwill |
56,246 |
58,026 |
8,439 |
|||||
Intangible assets |
13,750 |
13,723 |
1,996 |
|||||
Other long-term receivable |
237 |
229 |
33 |
|||||
Deferred tax assets |
462 |
850 |
124 |
|||||
Total assets |
162,240 |
185,830 |
27,028 |
|||||
LIABILITIES |
||||||||
Current liabilities: |
||||||||
Short-term debt and current portion of long-term debt |
16,316 |
35,403 |
5,149 |
|||||
Accounts payable |
7,459 |
11,714 |
1,704 |
|||||
Salary and welfare payable |
3,465 |
3,694 |
537 |
|||||
Taxes payable |
927 |
1,019 |
148 |
|||||
Advances from customers |
7,868 |
9,472 |
1,378 |
|||||
Accrued liability for customer reward program |
610 |
528 |
77 |
|||||
Other payables and accruals |
5,517 |
6,954 |
1,012 |
|||||
Total current liabilities |
42,162 |
68,784 |
10,005 |
|||||
Deferred tax liabilities * |
3,895 |
3,838 |
558 |
|||||
Long-term debt |
29,220 |
24,146 |
3,512 |
|||||
Other long-term liabilities |
348 |
329 |
48 |
|||||
Total liabilities |
75,625 |
97,097 |
14,123 |
|||||
SHAREHOLDERS' EQUITY |
||||||||
Total Ctrip.com International, Ltd. shareholders' equity |
84,836 |
86,715 |
12,612 |
|||||
Non-controlling interests |
1,779 |
2,018 |
293 |
|||||
Total shareholders' equity |
86,615 |
88,733 |
12,905 |
|||||
Total liabilities and shareholders' equity |
162,240 |
185,830 |
27,028 |
Ctrip.com International, Ltd. |
|||||||||||
Unaudited Consolidated Statements of Comprehensive Income |
|||||||||||
(In millions, except share and per share data) |
|||||||||||
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
||||||||
December 31, 2017 |
September 30, 2018 |
December 31, 2018 |
December 31, 2018 |
||||||||
RMB (million) |
RMB (million) |
RMB (million) |
USD (million) |
||||||||
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||||
Revenue*: |
|||||||||||
Accommodation reservation |
2,184 |
3,627 |
2,656 |
386 |
|||||||
Transportation ticketing |
2,925 |
3,621 |
3,414 |
496 |
|||||||
Packaged-tour |
549 |
1,378 |
721 |
105 |
|||||||
Corporate travel |
207 |
267 |
279 |
41 |
|||||||
Others |
354 |
503 |
515 |
75 |
|||||||
Total revenue |
6,219 |
9,396 |
7,585 |
1,103 |
|||||||
Less: Sales tax and surcharges |
(46) |
(41) |
(25) |
(4) |
|||||||
Net revenue |
6,173 |
9,355 |
7,560 |
1,099 |
|||||||
Cost of revenue |
(1,061) |
(1,991) |
(1,620) |
(236) |
|||||||
Gross profit |
5,112 |
7,364 |
5,940 |
863 |
|||||||
Operating expenses: |
|||||||||||
Product development *** |
(2,074) |
(2,491) |
(2,718) |
(395) |
|||||||
Sales and marketing *** |
(2,034) |
(2,705) |
(2,609) |
(380) |
|||||||
General and administrative *** |
(701) |
(688) |
(802) |
(117) |
|||||||
Total operating expenses |
(4,809) |
(5,884) |
(6,129) |
(892) |
|||||||
Income/(loss) from operations |
303 |
1,480 |
(189) |
(29) |
|||||||
Interest income |
336 |
521 |
574 |
83 |
|||||||
Interest expense |
(324) |
(393) |
(422) |
(61) |
|||||||
Other income/(loss) ** |
337 |
(2,625) |
(1,103) |
(161) |
|||||||
Income/(loss) before income tax expense, equity |
652 |
(1,017) |
(1,140) |
(168) |
|||||||
Income tax expense * / ** |
(238) |
(257) |
(35) |
(5) |
|||||||
Equity in (loss)/income of affiliates |
(98) |
169 |
(66) |
(10) |
|||||||
Net income/(loss) |
316 |
(1,105) |
(1,241) |
(183) |
|||||||
Net loss/(income) attributable to non-controlling |
34 |
(34) |
51 |
7 |
|||||||
Net income/(loss) attributable to Ctrip.com |
350 |
(1,139) |
(1,190) |
(176) |
|||||||
Comprehensive income/(loss) attributable to |
2,374 |
(1,561) |
(1,997) |
(291) |
|||||||
Earnings/(losses) per ordinary share |
|||||||||||
- Basic |
5.18 |
(16.62) |
(17.32) |
(2.52) |
|||||||
- Diluted |
4.99 |
(16.62) |
(17.32) |
(2.52) |
|||||||
Earnings/(losses) per ADS |
|||||||||||
- Basic |
0.65 |
(2.08) |
(2.17) |
(0.32) |
|||||||
- Diluted |
0.62 |
(2.08) |
(2.17) |
(0.32) |
|||||||
Weighted average ordinary shares outstanding |
|||||||||||
- Basic |
67,498,755 |
68,518,501 |
68,758,052 |
68,758,052 |
|||||||
- Diluted |
73,845,325 |
68,518,501 |
68,758,052 |
68,758,052 |
|||||||
- Diluted-non GAAP |
75,502,023 |
80,394,301 |
74,464,863 |
74,464,863 |
|||||||
*** Share-based compensation included in Operating expenses above is as follows: |
|||||||||||
Product development |
214 |
217 |
239 |
35 |
|||||||
Sales and marketing |
40 |
36 |
41 |
6 |
|||||||
General and administrative |
146 |
148 |
170 |
25 |
|||||||
** Fair value changes of equity securities investments included in Net income/(loss) is as follow: |
|||||||||||
Fair value loss of equity securities investments, net of tax |
- |
2,470 |
1,253 |
182 |
|||||||
** The Company adopted the new financial instruments accounting standard from January 1, 2018 and approximately RMB6 billion of accumulated other comprehensive |
|||||||||||
* The new revenue standard (ASC 606) was effective from January 1, 2018 and the revenue of 2018 was reported under new standard. We adopted the full retrospective periods were restated accordingly. The impact of applying this new standard for the fourth quarter of 2017 resulted in a decrease of approximately RMB206 million in net |
Ctrip.com International, Ltd. |
|||||||||
Reconciliation of GAAP and Non-GAAP Results |
|||||||||
(In RMB (million), except % and per share information) |
|||||||||
Quarter Ended December 31, 2018 |
|||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP Result |
% of Net |
||||
Share-based compensation included in Operating expense is as follows: |
|||||||||
Product development |
(2,718) |
36% |
239 |
3% |
(2,479) |
33% |
|||
Sales and marketing |
(2,609) |
35% |
41 |
1% |
(2,568) |
34% |
|||
General and administrative |
(802) |
11% |
170 |
2% |
(632) |
8% |
|||
Total operating expenses |
(6,129) |
81% |
450 |
6% |
(5,679) |
75% |
|||
(Loss)/income from operations |
(189) |
-3% |
450 |
6% |
261 |
3% |
|||
Fair value changes of equity securities investments, net of tax |
(1,253) |
-17% |
1,253 |
17% |
- |
0% |
|||
Net (loss)/income attributable to Ctrip's shareholders |
(1,190) |
-16% |
1,703 |
23% |
513 |
7% |
|||
Diluted (losses)/earnings per ordinary share (RMB) |
(17.32) |
24.53 |
7.21 |
||||||
Diluted (losses)/earnings per ADS (RMB) |
(2.17) |
3.07 |
0.90 |
||||||
Diluted (losses)/earnings per ADS (USD) |
(0.32) |
0.45 |
0.13 |
||||||
Quarter Ended September 30, 2018 |
|||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP Result |
% of Net |
||||
Share-based compensation included in Operating expense is as follows: |
|||||||||
Product development |
(2,491) |
27% |
217 |
2% |
(2,274) |
24% |
|||
Sales and marketing |
(2,705) |
29% |
36 |
0% |
(2,669) |
29% |
|||
General and administrative |
(688) |
7% |
148 |
2% |
(540) |
6% |
|||
Total operating expenses |
(5,884) |
63% |
401 |
4% |
(5,483) |
59% |
|||
Income from operations |
1,480 |
16% |
401 |
4% |
1,881 |
20% |
|||
Fair value changes of equity securities investments, net of tax |
(2,470) |
-26% |
2,470 |
26% |
- |
0% |
|||
Net (loss)/income attributable to Ctrip's shareholders |
(1,139) |
-12% |
2,871 |
31% |
1,732 |
19% |
|||
Diluted (losses)/earnings per ordinary share (RMB) |
(16.62) |
39.68 |
23.06 |
||||||
Diluted (losses)/earnings per ADS (RMB) |
(2.08) |
4.96 |
2.88 |
||||||
Diluted (losses)/earnings per ADS (USD) |
(0.30) |
0.72 |
0.42 |
||||||
Quarter Ended December 31, 2017 |
|||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP Result |
% of Net |
||||
Share-based compensation included in Operating expense is as follows: |
|||||||||
Product development |
(2,074) |
34% |
214 |
3% |
(1,860) |
30% |
|||
Sales and marketing |
(2,034) |
33% |
40 |
1% |
(1,994) |
32% |
|||
General and administrative |
(701) |
11% |
146 |
2% |
(555) |
9% |
|||
Total operating expenses |
(4,809) |
78% |
400 |
6% |
(4,409) |
71% |
|||
Income from operations |
303 |
5% |
400 |
6% |
703 |
11% |
|||
Net income attributable to Ctrip's shareholders |
350 |
6% |
400 |
6% |
750 |
12% |
|||
Diluted earnings per ordinary share (RMB) |
4.99 |
5.42 |
10.41 |
||||||
Diluted earnings per ADS (RMB) |
0.62 |
0.68 |
1.30 |
||||||
Diluted earnings per ADS (USD) |
0.10 |
0.10 |
0.20 |
||||||
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=RMB6.8755 on December 31, 2018 published by |
|||||||||
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 |
Ctrip.com International, Ltd. |
||||||||
Unaudited Consolidated Statements of Comprehensive Income |
||||||||
(In millions, except share and per share data) |
||||||||
Year Ended |
Year Ended |
Year Ended |
||||||
December 31, 2017 |
December 31, 2018 |
December 31, 2018 |
||||||
RMB (million) |
RMB (million) |
USD (million) |
||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||
Revenue*: |
||||||||
Accommodation reservation |
9,531 |
11,580 |
1,684 |
|||||
Transportation ticketing |
12,221 |
12,947 |
1,883 |
|||||
Packaged-tour |
2,973 |
3,772 |
549 |
|||||
Corporate travel |
753 |
981 |
143 |
|||||
Others |
1,515 |
1,824 |
265 |
|||||
Total revenue |
26,993 |
31,104 |
4,524 |
|||||
Less: Sales tax and surcharges |
(197) |
(139) |
(20) |
|||||
Net revenue |
26,796 |
30,965 |
4,504 |
|||||
Cost of revenue |
(4,678) |
(6,324) |
(920) |
|||||
Gross profit |
22,118 |
24,641 |
3,584 |
|||||
Operating expenses: |
||||||||
Product development *** |
(8,259) |
(9,620) |
(1,399) |
|||||
Sales and marketing *** |
(8,294) |
(9,596) |
(1,396) |
|||||
General and administrative *** |
(2,622) |
(2,820) |
(410) |
|||||
Total operating expenses |
(19,175) |
(22,036) |
(3,205) |
|||||
Income from operations |
2,943 |
2,605 |
379 |
|||||
Interest income |
988 |
1,899 |
276 |
|||||
Interest expense |
(1,286) |
(1,508) |
(219) |
|||||
Other income/(loss) ** |
879 |
(1,075) |
(156) |
|||||
Income before income tax expense, equity in |
3,524 |
1,921 |
280 |
|||||
Income tax expense * / ** |
(1,285) |
(793) |
(115) |
|||||
Equity in (loss) of affiliates |
(65) |
(32) |
(5) |
|||||
Net income |
2,174 |
1,096 |
160 |
|||||
Net (income)/loss attributable to non-controlling interests |
(19) |
16 |
2 |
|||||
Net income attributable to Ctrip.com |
2,155 |
1,112 |
162 |
|||||
Comprehensive income/(loss) attributable to |
7,524 |
(656) |
(96) |
|||||
Earnings per ordinary share |
||||||||
- Basic |
32.51 |
16.25 |
2.36 |
|||||
- Diluted |
30.75 |
15.67 |
2.28 |
|||||
Earnings per ADS |
||||||||
- Basic |
4.06 |
2.03 |
0.30 |
|||||
- Diluted |
3.84 |
1.96 |
0.29 |
|||||
Weighted average ordinary shares outstanding |
||||||||
- Basic |
66,300,808 |
68,403,426 |
68,403,426 |
|||||
- Diluted |
71,775,893 |
70,924,623 |
70,924,623 |
|||||
- Diluted-non GAAP |
75,435,099 |
80,529,171 |
80,529,171 |
|||||
*** Share-based compensation included in Operating expenses above is as follows: |
||||||||
Product development |
1,013 |
934 |
136 |
|||||
Sales and marketing |
186 |
156 |
23 |
|||||
General and administrative |
635 |
617 |
90 |
|||||
** Fair value changes of equity securities investments included in Net income is as follow: |
||||||||
Fair value loss of equity securities investments, net of tax |
- |
2,661 |
387 |
Ctrip.com International, Ltd. |
|||||||||
Reconciliation of GAAP and Non-GAAP Results |
|||||||||
(In RMB (million), except % and per share data) |
|||||||||
Year Ended December 31, 2018 |
|||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP Result |
% of Net |
||||
Product development |
(9,620) |
31% |
934 |
3% |
(8,686) |
28% |
|||
Sales and marketing |
(9,596) |
31% |
156 |
1% |
(9,440) |
30% |
|||
General and administrative |
(2,820) |
9% |
617 |
2% |
(2,203) |
7% |
|||
Total operating expenses |
(22,036) |
71% |
1,707 |
6% |
(20,329) |
66% |
|||
Income from operations |
2,605 |
8% |
1,707 |
6% |
4,312 |
14% |
|||
Changes in fair value for equity investments measured at fair value |
(2,661) |
-9% |
2,661 |
9% |
- |
0% |
|||
Net income attributable to Ctrip's shareholders |
1,112 |
4% |
4,368 |
14% |
5,480 |
18% |
|||
Diluted earnings per ordinary share (RMB) |
15.67 |
58.12 |
73.79 |
||||||
Diluted earnings per ADS (RMB) |
1.96 |
7.26 |
9.22 |
||||||
Diluted earnings per ADS (USD) |
0.29 |
1.05 |
1.34 |
||||||
Year Ended December 31, 2017 |
|||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP Result |
% of Net |
||||
Product development |
(8,259) |
31% |
1,013 |
4% |
(7,246) |
27% |
|||
Sales and marketing |
(8,294) |
31% |
186 |
1% |
(8,108) |
30% |
|||
General and administrative |
(2,622) |
10% |
635 |
2% |
(1,987) |
7% |
|||
Total operating expenses |
(19,175) |
72% |
1,834 |
7% |
(17,341) |
65% |
|||
Income from operations |
2,943 |
11% |
1,834 |
7% |
4,777 |
18% |
|||
Net income attributable to Ctrip's shareholders |
2,155 |
8% |
1,834 |
7% |
3,989 |
15% |
|||
Diluted earnings per ordinary share (RMB) |
30.75 |
24.62 |
55.37 |
||||||
Diluted earnings per ADS (RMB) |
3.84 |
3.08 |
6.92 |
||||||
Diluted earnings per ADS (USD) |
0.59 |
0.47 |
1.06 |
||||||
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=RMB6.8755 on December 31, 2018 published by the |
|||||||||
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 |
View original content:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-fourth-quarter-and-full-year-of-2018-financial-results-300805730.html
SOURCE