UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2009

Commission File Number: 001-33853

CTRIP.COM INTERNATIONAL, LTD.

99 Fu Quan Road
Shanghai 200335, People’s Republic of China
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ		Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 05, 2009

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press release regarding Ctrip’s second quarter 2009 financial results

Exhibit 99.1

Ctrip Reports Second Quarter 2009 Financial Results

Shanghai, China, August 4, 2009 — Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider for hotel accommodations, airline tickets and packaged tours in China, today announced its unaudited financial results for the quarter ended June 30, 2009.

Highlights for the Second Quarter of 2009

	•		Net revenues were RMB476 million (US$70 million) for the second quarter of 2009, up 27% year-on-year.
	•		For the second quarter of 2009, Ctrip consolidated the financial statements of ezTravel, a Taiwan based on-line travel service provider. Excluding net revenues attributable to ezTravel, Ctrip’s net revenues were RMB453 million (US$66 million) for the second quarter of 2009, up 21% year-on-year.
	•		Gross margin was 77% for the second quarter of 2009, compared to 79% in the same period in 2008.
	•		Income from operations was RMB164 million (US$24 million) for the second quarter of 2009, up 29% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB191 million (US$28 million), up 20% year-on-year.
	•		Operating margin was 34% in the second quarter of 2009, remaining consistent with the second quarter of 2008. Excluding share-based compensation charges (non-GAAP), operating margin was 40%, compared to 42% during the same period in 2008.
	•		Net income attributable to Ctrip’s shareholders was RMB159 million (US$23 million) in the second quarter of 2009, up 33% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB186 million (US$27 million), up 23% year-on-year.
	•		Diluted earnings per ADS were RMB2.27 (US$0.33). Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.66 (US$0.39).
	•		Share-based compensation charges were RMB27 million (US$4 million), accounting for 6% of the net revenues, or RMB0.39 (US$0.06) per ADS, for the second quarter of 2009.

“We are pleased that our team once again delivered solid results in the second quarter of 2009. We strengthened our competitiveness despite the challenges that we faced during this period,” said Min Fan, Chief Executive Officer of Ctrip, ”We will continue to improve our customer service, to apply new technologies, and to broaden sales and marketing channels in order to extend our leadership.”

Second Quarter 2009 Financial Results

For the second quarter of 2009, Ctrip reported total revenues of RMB508 million (US$74 million), representing a 26% increase from the same period in 2008 and an 18% increase from the previous quarter.

Hotel reservation revenues amounted to RMB227 million (US$33 million) for the second quarter of 2009, representing a 16% increase year-on-year, and a 21% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues were RMB223 million (US$33 million), representing a14% increase year-on-year, primarily driven by a 26% increase in hotel reservation volume, which was partially offset by a decrease in commission per room. Excluding revenues attributable to ezTravel, Ctrip’s hotel reservation revenues increased by 19% quarter-on-quarter, primarily driven by a 24% increase in hotel room reservation volume, which was partially offset by a decrease in commission per room.

Air-ticketing revenues for the second quarter of 2009 were RMB222 million (US$33 million), representing a 32% increase year-on-year, and a 20% increase quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s air-ticketing revenues were RMB215 million (US$31 million) for the second quarter of 2009, representing a 27% increase year-on-year, primarily driven by a 42% increase in air-ticketing sales volume, which was partially offset by a decrease in commission per ticket. Excluding revenues attributable to ezTravel, Ctrip’s air-ticketing revenues grew 17% quarter-on-quarter, primarily driven by increases in air-ticketing sales volume and commission per ticket.

Packaged-tour revenues for the second quarter of 2009 were RMB36 million (US$5 million), representing a 51% increase year-on-year, and a 5% decrease quarter-on-quarter. Excluding revenues attributable to ezTravel, Ctrip’s packaged-tour revenues for the second quarter of 2009 increased by 13% year-on-year, due to the increase in the leisure travel volume. Excluding revenues attributable to ezTravel, Ctrip’s packaged-tour revenues decreased by 28% quarter-on-quarter, primarily due to the impact of HINI flu and the seasonality of leisure travel.

For the second quarter of 2009, net revenues were RMB476 million (US$70 million), a 27% increase from the same period in 2008 and a 19% increase from the previous quarter. Excluding net revenues attributable to ezTravel, net revenues were RMB453 million (US$66 million), a 21% increase from the same period in 2008 and a 13% increase from the previous quarter.

Gross margin was 77% in the second quarter of 2009, compared with 79% in the same period in 2008 and 78% in the previous quarter.

Product development expenses for the second quarter of 2009 increased by 34% to RMB76 million (US$ 11 million) from the same period in 2008, and by 20% from the previous quarter, primarily due to the increase in product development personnel. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues, compared to 13% in the same period of last year and 14% in the previous quarter.

Sales and marketing expenses for the second quarter of 2009 increased by 21% to RMB83 million (US$12 million) from the same period in 2008 and by 17% from the previous quarter primarily due to the increase in sales and marketing activities and personnel. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 17% of the net revenues, which was consistent with that in the same period last year and in the previous quarter.

General and administrative expenses for the second quarter of 2009 increased by 6% to RMB45 million (US$7 million) from the same period in 2008 and 10% from the previous quarter primarily due to the increase in personnel. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 6% of the net revenues, which was consistent with that in the same period last year and in the previous quarter.

Income from operations for the second quarter of 2009 was RMB164 million (US$24 million), representing a 29% increase from the same period in 2008 and a 21% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB191 million (US$28 million), representing a 20% increase from the same period in 2008 and an 18% increase from the pervious quarter.

Operating margin was 34% in the second quarter of 2009, remaining consistent with the second quarter of 2008 and that of the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 40% in the second quarter of 2009 compared to 42% in the second quarter of 2008, and remained consistent with that in the previous quarter.

Net income attributable to Ctrip’s shareholders for the second quarter of 2009 was RMB159 million (US$23 million), representing a 33% increase from the same period in 2008, and a 31% increase from the previous quarter. Net income attributable to Ctrip’s shareholders for the current quarter includes equity income of RMB7 million (US$1 million) from the Home Inns’ investment, which represents proportional equity pick-up of its results of operations from the third quarter of 2008 through the first quarter of 2009 as required by applicable accounting guidelines. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB186 million (US$27 million), representing a 23% increase from the same period in 2008, and a 25% increase from the previous quarter.

The effective tax rate for the second quarter of 2009 decreased to 18%, compared to 26% in the same period of 2008 due to the application of the High and New Technology Enterprise preferential treatment to certain of Ctrip’s PRC subsidiaries. The effective tax rate for the second quarter of 2009 remained consistent with that in the previous quarter.

Diluted earnings per ADS were RMB2.27 (US$0.33) for the second quarter of 2009. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB2.66 (US$0.39).

As of June 30, 2009, the balance of cash and short-term investment was RMB1.2 billion (US$182 million).

Business Outlook

For the third quarter of 2009, Ctrip expects the year-on-year net revenue growth of approximately 25%. 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 9:00PM US Eastern Time on August 4, 2009 (or 9:00AM on August 5, 2009 in the Shanghai/HK time zone) 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 +1.888.679.8033, International dial-in number +1.617.213.4846; Passcode 15953252. For pre-registration, please click
https://www.theconferencingservice.com/prereg/key.process?key=PDBMGV6JP.

A telephone replay of the call will be available after the conclusion of the conference call through August 12, 2009. 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 64332280.

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 “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe” “estimate,” and “confident” and 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, a reoccurrence of slow-down of economic growth in China and the worldwide recession, declines or disruptions in the travel industry, volatility in the trading price of Ctrip’s ADSs, Ctrip’s reliance on the relationships 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, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, risks associated with any strategic investments or acquisitions, risks related to health epidemics, such as outbreaks of H1N1 flu (swine flu), SARs or avian flu, that may materially disrupt the travel industry, risks and uncertainties associated with PRC laws and regulations governing internet content providers and affecting Ctrip’s business in China, Ctrip’s failure to prevent others from using its intellectual property, Ctrip’s failure to successfully manage current growth and potential future growth, 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 August 4, 2009, 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 consolidated financial statements presented in accordance with the 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 Statement of Financial Accounting Standard 123R, “Share-Based Payment” for 2009 and 2008. Ctrip’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provides the management better capability to plan and forecast future periods.

The non-GAAP information is not 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 the GAAP results. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be significant recurring expenses in our 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, airline tickets and packaged tours in China. Ctrip aggregates information on hotels and flights and enables customers to make informed and cost-effective hotel and flight bookings. Ctrip also sells packaged tours that include transportation and accommodations, as well as guided tours in some instances. Ctrip targets primarily business and leisure travelers in China who do not travel in groups. These travelers form a traditionally under-served yet fast-growing segment of the travel industry in China. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

For further information:

Jade Wei
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 11543
Email: yuwei@ctrip.com

Lin Zhang
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12920
Email: z_lin@ctrip.com

Ctrip.com International, Ltd.
Consolidated Balance Sheet Information

		December 31, 2008				June 30, 2009				June 30, 2009
		RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)
ASSETS
Current assets:
Cash			1,069,827,364				1,075,353,097				157,440,938
Restricted cash			6,600,000				51,991,541				7,612,009
Short-term investment			176,585,908				113,175,500				16,569,866
Accounts receivable, net			274,302,454				392,658,712				57,488,611
Prepayments and other current assets			95,150,506				93,357,800				13,668,384
Deferred tax assets			8,840,772				11,356,543				1,662,696
Total current assets			1,631,307,004				1,737,893,193				254,442,504
Long-term deposits			145,500,002				143,441,978				21,001,139
Land use rights			111,510,231				110,216,124				16,136,588
Property, equipment and software			346,117,083				397,440,374				58,188,688
Investment			237,943,497				632,282,851				92,571,645
Goodwill			63,689,736				322,936,838				47,280,730
Other long-term assets			24,498,763				67,688,042				9,910,111
Total assets			2,560,566,316				3,411,899,400				499,531,405
LIABILITIES
Current liabilities:
Accounts payable			138,657,593				294,477,061				43,113,973
Salary and welfare payable			65,590,151				86,008,912				12,592,444
Taxes payable			54,745,686				75,500,287				11,053,891
Advances from customers			187,576,416				162,314,375				23,764,220
Accrued liability for customer reward program			58,046,062				69,762,952				10,213,896
Deferred tax liabilities			—				17,404,821				2,548,216
Other payables and accruals			121,421,617				149,279,791				21,855,845
Total current liabilities			626,037,525				854,748,199				125,142,485
Other long-term payables			812,500				—				—
Total liabilities			626,850,025				854,748,199				125,142,485
SHAREHOLDERS’ EQUITY
Share capital			2,761,259				2,773,873				406,119
Additional paid-in capital			967,687,772				1,067,763,472				156,329,752
Statutory reserves			75,948,298				60,579,898				8,869,418
Accumulated other comprehensive loss			(175,929,389	)			(76,830,002	)			(11,248,573	)
Retained Earnings			1,060,620,258				1,340,871,346				196,315,093
Noncontrolling interests *			2,628,093				161,992,614				23,717,111
Total shareholders’ equity			1,933,716,291				2,557,151,201				374,388,920
Total liabilities and shareholders’ equity			2,560,566,316				3,411,899,400				499,531,405

* It reflects implementation of SFAS No.160, “Noncontrolling Interests in Consolidated Financial Statements-an amendment of ARB No.51.”

Ctrip.com International, Ltd.
Consolidated Statement of Operations Information

		Quarter Ended				Quarter Ended				Quarter Ended				Quarter Ended
		June 30, 2008				March 31, 2009				June 30, 2009				June 30, 2009
		RMB				RMB				RMB				USD
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues:
Hotel reservation			195,873,161				187,312,294				226,835,080				33,210,606
Air-ticketing			168,818,839				184,494,502				222,283,380				32,544,198
Packaged tour			23,831,611				37,717,241				35,874,457				5,252,329
Others			13,361,644				19,077,054				22,665,693				3,318,452
Total revenues			401,885,255				428,601,091				507,658,610				74,325,585
Less: business tax and related surcharges			(26,841,572	)			(28,023,671	)			(31,371,685	)			(4,593,084	)
Net revenues			375,043,683				400,577,420				476,286,925				69,732,501
Cost of revenues			(79,671,771	)			(89,970,448	)			(108,061,461	)			(15,821,127	)
Gross profit			295,371,912				310,606,972				368,225,464				53,911,374
Operating expenses:
Product development *			(56,890,322	)			(63,322,718	)			(76,285,782	)			(11,168,894	)
Sales and marketing *			(68,281,458	)			(70,724,071	)			(82,817,192	)			(12,125,149	)
General and administrative *			(42,902,709	)			(41,321,278	)			(45,444,456	)			(6,653,459	)
Total operating expenses			(168,074,489	)			(175,368,067	)			(204,547,430	)			(29,947,502	)
Income from operations			127,297,423				135,238,905				163,678,034				23,963,872
Interest income			9,272,875				3,363,165				5,000,977				732,186
Other income			24,597,709				9,673,844				18,276,381				2,675,819
Income before income tax expense and equity income			161,168,007				148,275,914				186,955,392				27,371,877
Income tax expense			(41,600,995	)			(26,792,879	)			(33,393,036	)			(4,889,028	)
Equity income in affiliates			—				—				6,581,137				963,535
Net income			119,567,012				121,483,035				160,143,493				23,446,384
Less: Net income attributable to noncontrolling interests**			(251,471	)			(90,755	)			(1,284,685	)			(188,089	)
Net income attributable to Ctrip’s shareholders			119,315,541				121,392,280				158,858,808				23,258,295
Earnings per ordinary share
- Basic			3.58				3.62				4.73				0.69
- Diluted			3.44				3.57				4.54				0.67
Earnings per ADS
- Basic			1.79				1.81				2.37				0.35
- Diluted			1.72				1.79				2.27				0.33
Weighted average ordinary shares outstanding
- Basic			33,339,364				33,489,695				33,574,513				33,574,513
- Diluted			34,648,516				33,957,107				34,973,103				34,973,103
* Share-based compensation charges included are as follows:
Product development			7,843,570				7,242,840				7,279,340				1,065,758
Sales and marketing			4,516,199				4,025,165				4,040,372				591,545
General and administrative			18,923,915				15,706,497				15,661,986				2,293,049
** It reflects implementation of SFAS No.160, “Noncontrolling Interests in Consolidated Financial Statements-an amendment of ARB No.51.”

Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)

		Quarter Ended June 30, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(76,285,782	)			16	%			7,279,340				2	%			(69,006,442	)			14	%
Sales and marketing			(82,817,192	)			17	%			4,040,372				1	%			(78,776,820	)			17	%
General and administrative			(45,444,456	)			10	%			15,661,986				3	%			(29,782,470	)			6	%
Total operating expenses			(204,547,430	)			43	%			26,981,698				6	%			(177,565,732	)			37	%
Income from operations			163,678,034				34	%			26,981,698				6	%			190,659,732				40	%
Net income attributable to Ctrip’s shareholders			158,858,808				33	%			26,981,698				6	%			185,840,506				39	%
Diluted earnings per ordinary share (RMB)			4.54								0.77								5.31
Diluted earnings per ADS (RMB)			2.27								0.39								2.66
Diluted earnings per ADS (USD)			0.33								0.06								0.39

		Quarter Ended March 31, 2009
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(63,322,718	)			16	%			7,242,840				2	%			(56,079,878	)			14	%
Sales and marketing			(70,724,071	)			18	%			4,025,165				1	%			(66,698,906	)			17	%
General and administrative			(41,321,278	)			10	%			15,706,497				4	%			(25,614,781	)			6	%
Total operating expenses			(175,368,067	)			44	%			26,974,502				7	%			(148,393,565	)			37	%
Income from operations			135,238,905				34	%			26,974,502				7	%			162,213,407				40	%
Net income attributable to Ctrip’s shareholders			121,392,280				30	%			26,974,502				7	%			148,366,782				37	%
Diluted earnings per ordinary share (RMB)			3.57								0.79								4.37
Diluted earnings per ADS (RMB)			1.79								0.40								2.18
Diluted earnings per ADS (USD)			0.26								0.06								0.32

		Quarter Ended June 30, 2008
		GAAP				% of Net				Share-based				% of Net				Non-GAAP				% of Net
		Result				Revenue				Compensation				Revenue				Result				Revenue
Product development			(56,890,322	)			15	%			7,843,570				2	%			(49,046,752	)			13	%
Sales and marketing			(68,281,458	)			18	%			4,516,199				1	%			(63,765,259	)			17	%
General and administrative			(42,902,709	)			11	%			18,923,915				5	%			(23,978,794	)			6	%
Total operating expenses			(168,074,489	)			45	%			31,283,684				8	%			(136,790,805	)			36	%
Income from operations			127,297,423				34	%			31,283,684				8	%			158,581,107				42	%
Net income attributable to Ctrip’s shareholders			119,315,541				32	%			31,283,684				8	%			150,599,225				40	%
Diluted earnings per ordinary share (RMB)			3.44								0.90								4.35
Diluted earnings per ADS (RMB)			1.72								0.45								2.17
Diluted earnings per ADS (USD)			0.25								0.07								0.32

Notes for all the financial schedules presented:

Note 1: The conversion of Renminbi (RMB) into U.S. dollars (USD) is based on the noon buying rate of USD1.00=RMB6.8302 on June 30, 2009 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.