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 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2016

 


 

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             x           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.

 

 

 

CTRIP.COM INTERNATIONAL, LTD.

 

 

 

 

 

 

By

:

/s/Xiaofan Wang

 

Name

:

Xiaofan Wang

 

Title

:

Chief Financial Officer

 

Date: June 16, 2016

 

2



 

EXHIBIT INDEX

 

Exhibit No. 

 

Description

 

 

 

99.1

 

Press release regarding Ctrip’s unaudited first quarter 2016 financial results

 

3


Exhibit 99.1

 

Ctrip Reports Unaudited First Quarter of 2016 Financial Results

 

Shanghai, China, June 15, 2016 - 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 first quarter ended March 31, 2016.

 

Highlights for the First Quarter of 2016

 

·                      Net revenues were RMB4.2 billion (US$648 million) for the first quarter of 2016, up 80% year-on-year.

·                      Accommodation reservation revenues increased 70% year-on-year, reaching RMB1.6 billion (US$250 million) for the first quarter of 2016.

·                      Transportation ticketing revenues increased 106% year-on-year, reaching RMB1.9 billion (US$302 million) for the first quarter of 2016.

·                      Gross margin was 73% for the first quarter of 2016, compared to 70% in the same period in 2015, and remained consistent with the previous quarter.

·                      Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB257 million (US$40 million), compared to RMB33 million (US$5 million) in the same period in 2015.

 

“The first quarter of 2016 was a great quarter. Our team did an excellent job growing revenue and improving margins,” said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip.  “Going forward, we plan to devote more resources to innovation and outbound travel to build a solid foundation for our sustainable long-term growth.”

 

First Quarter of 2016 Financial Results and Business Updates

 

For the first quarter of 2016, Ctrip reported total revenues of RMB4.4 billion (US$682 million), representing an 80% increase from the same period in 2015 and a 45% increase from the previous quarter, primarily due to the consolidation of the financial results of Qunar Cayman Islands Limited (“Qunar”) starting from December 31, 2015.

 

Accommodation reservation revenues for the first quarter of 2016 were RMB1.6 billion (US$250 million), representing a 70% increase from the same period in 2015 and a 36% increase from the previous quarter, primarily driven by an increase in accommodation reservation volume and the consolidation of Qunar’s financial results since December 31, 2015.

 

Transportation ticketing revenues for the first quarter of 2016 were RMB1.9 billion (US$302 million), representing a 106% increase from the same period in 2015 and a 57% increase from the previous quarter, primarily driven by an increase in ticketing volume and the consolidation of Qunar’s financial results since December 31, 2015.

 



 

Packaged-tour revenues for the first quarter of 2016 were RMB556 million (US$86 million), representing a 41% increase from the same period in 2015 and a 59% increase from the previous quarter, primarily driven by an increase in volume growth of organized tours and self-guided tours.

 

Corporate travel revenues for the first quarter of 2016 were RMB116 million (US$18 million), representing a 25% increase from the same period in 2015, primarily driven by increased corporate travel demand from business activities. Corporate travel revenues decreased by 15% from the previous quarter, primarily due to seasonality.

 

For the first quarter of 2016, net revenues were RMB4.2 billion (US$648 million), representing an 80% increase from the same period in 2015. Net revenues for the first quarter of 2016 increased by 45% from the previous quarter.

 

Gross margin was 73% for the first quarter of 2016, compared to 70% in the same period in 2015 and remained consistent with the previous quarter.

 

Product development expenses for the first quarter of 2016 increased by 196% to RMB2.4 billion (US$372 million) from the same period in 2015 and increased by 179% from the previous quarter, primarily due to the one time transaction related share-based compensation charges as well as the consolidation of Qunar’s financial results since December 31, 2015. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 32% of the net revenues, which remained consistent with the same period in 2015 and increased from 27% in the previous quarter, primarily due to an increase in expenses relating to product development personnel and the consolidation of Qunar’s financial results since December 31, 2015.

 

Sales and marketing expenses for the first quarter of 2016 increased by 114% to RMB1.5 billion (US$239 million) from the same period in 2015 and increased by 82% from the previous quarter, primarily due to the one time transaction related share-based compensation charges as well as the consolidation of Qunar’s financial results since December 31, 2015. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 33% of the net revenues, which increased from 30% in the same period in 2015 and 29% in the previous quarter, primarily due to the consolidation of Qunar’s financial results since December 31, 2015.

 

General and administrative expenses for the first quarter of 2016 increased by 258% to RMB929 million (US$144 million) from the same period in 2015 and 203% from the previous quarter, primarily due to the one time transaction related share-based compensation charges as well as the consolidation of Qunar’s financial results since December 31, 2015. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, which remained consistent with the same period in 2015 and increased from 7% in the previous quarter.

 

Loss from operations for the first quarter of 2016 was RMB1.8 billion (US$283million), compared to loss of RMB180 million (US$29 million) in the same period in 2015 and income from operations of RMB95 million (US$15 million) in the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB8 million (US$1 million), compared to loss of RMB21 million (US$3 million) in the same period in 2015 and income of RMB292 million (US$45 million) in the previous quarter.

 



 

Operating margin was -44% for the first quarter of 2016, compared to -8% in the same period in 2015, and 3% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 0%, compared to -1% in the same period in 2015 and 10% in the previous quarter.

 

Income tax expense for the first quarter of 2016 was RMB94 million (US$15 million), compared to RMB6 million (US$1 million) in the same period of 2015 and RMB71 million (US$11 million) in the previous quarter.

 

Net loss attributable to Ctrip’s shareholders for the first quarter of 2016 was RMB1.6 billion (US$245 million), compared to net loss of RMB126 million (US$20 million) in the same period in 2015 and net income of RMB76 million (US$12 million) in the previous quarter, mainly due to the consolidation of Qunar’s net loss of RMB1.1 billion (US$167 million). Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB257 million (US$40 million), compared to RMB33 million (US$5 million) in the same period in 2015 and RMB272 million (US$42 million) in the previous quarter.

 

Diluted earnings per ADS were RMB-3.49 (US$-0.54) for the first quarter of 2016. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB0.57 (US$0.09) for the first quarter of 2015.

 

As of March 31, 2016, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB20.9 billion (US$3.2 billion).

 

In the first quarter of 2016, Ctrip recognized share-based compensation charges of RMB1.8 billion (US$285 million). The increase of share-based compensation charges is primarily due to the consolidation of Qunar’s share-based compensation charges and the one time transaction related share-based compensation charges.

 

Business Outlook

 

For the second quarter of 2016, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 70-75%. 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 June 15, 2016 (or 7:00AM on June 16, 2016 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 on this website.

 

The dial-in details for the live conference call: U.S. Toll Free Number +1.800.219.3192, International dial-in number +1.617.597.5412, Passcode 39492245#. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PMH6NTJ6D

 

A telephone replay of the call will be available after the conclusion of the conference call until June 22, 2016. 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 60335287.

 



 

Safe Harbor Statement

 

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” “is/are likely to,” “confident” or other similar statements. Among other things, quotations from management and the Business Outlook section in this press release, as well as Ctrip’s strategic and operational plans, contain forward-looking statements. Ctrip may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, severe or prolonged downturn in the global or Chinese economy, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip’s ADSs, Ctrip’s reliance on its relationships and contractual arrangements with travel suppliers and strategic alliances, failure to further increase Ctrip’s brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in mainland China, Hong Kong, Macau or Taiwan, failure to successfully develop Ctrip’s corporate travel business, damage to or failure of Ctrip’s infrastructure and technology, loss of services of Ctrip’s key executives, adverse changes in economic and political policies of the PRC government, inflation in China, risks and uncertainties associated with PRC laws and regulations with respect to the ownership structure of Ctrip’s affiliated Chinese entities and the contractual arrangements among Ctrip, its affiliated Chinese entities and their shareholders, and other risks outlined in Ctrip’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and Ctrip does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

About Non-GAAP Financial Measures

 

To supplement Ctrip’s unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, 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” for 2016 and 2015. Net commission earned is calculated by deducting from the revenues the cost of transactions in which the Company undertakes majority of the business risks. Ctrip’s management believes the non-GAAP financial measures facilitate better understanding of operating results from quarter to quarter and provide management with a better capability to plan and forecast future periods.

 



 

Non-GAAP information is not prepared in accordance with GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The presentation of this additional information should not be considered a substitute for GAAP results. A limitation of using non-GAAP financial measures is that non-GAAP measures exclude share-based compensation charges that have been and will continue to be significant recurring expenses in Ctrip’s business for the foreseeable future.

 

Reconciliations of Ctrip’s non-GAAP financial data to the most comparable GAAP data included in the consolidated statement of operations are included at the end of this press release.

 

About Ctrip.com International, Ltd.

 

Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

 

For further information, please contact:

 

Investor Relations

Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12300
Email: iremail@ctrip.com

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Balance Sheets

 

 

 

December 31, 2015

 

March 31, 2016

 

March 31, 2016

 

 

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash and cash equivalents

 

19,215,674,674

 

12,405,654,720

 

1,923,953,896

 

Restricted cash

 

2,286,882,592

 

2,417,966,589

 

374,994,818

 

Short-term investment

 

8,235,785,516

 

6,046,785,842

 

937,776,961

 

Accounts receivable, net

 

3,150,768,364

 

2,797,741,510

 

433,892,914

 

Prepayments and other current assets

 

7,711,757,285

 

6,461,434,493

 

1,002,083,513

 

 

 

 

 

 

 

 

 

Total current assets

 

40,600,868,431

 

30,129,583,154

 

4,672,702,102

 

 

 

 

 

 

 

 

 

Long-term deposits and prepayments

 

486,785,968

 

685,506,608

 

106,313,060

 

Land use rights

 

102,328,181

 

101,632,329

 

15,761,838

 

Property, equipment and software

 

5,555,959,499

 

5,562,976,976

 

862,744,568

 

Investment

 

13,870,523,498

 

14,743,122,934

 

2,286,464,475

 

Goodwill

 

45,690,440,903

 

46,440,453,882

 

7,202,303,642

 

Intangible assets

 

11,007,915,171

 

10,947,068,997

 

1,697,746,433

 

Other long-term receviables

 

1,122,435,740

 

912,448,425

 

141,508,751

 

Deferred tax assets, non-current

 

405,334,569

 

445,749,505

 

69,129,886

 

 

 

 

 

 

 

 

 

Total assets

 

118,842,591,960

 

109,968,542,810

 

17,054,674,755

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

Short-term Debt

 

12,710,213,398

 

11,496,943,520

 

1,783,024,739

 

Accounts payable

 

5,944,501,681

 

6,054,256,191

 

938,935,513

 

Salary and welfare payable

 

1,196,691,839

 

1,049,986,615

 

162,839,115

 

Taxes payable

 

1,641,379,425

 

1,326,151,122

 

205,668,598

 

Advances from customers

 

5,955,827,306

 

4,402,731,865

 

682,805,810

 

Accrued liability for customer reward program

 

593,346,816

 

621,644,908

 

96,408,950

 

Other payables and accruals

 

5,624,133,603

 

2,571,304,434

 

398,775,504

 

 

 

 

 

 

 

 

 

Total current liabilities

 

33,666,094,068

 

27,523,018,655

 

4,268,458,229

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, non-current

 

3,045,259,390

 

3,030,371,251

 

469,970,728

 

Long-term Debt

 

18,354,608,260

 

19,157,574,462

 

2,971,087,851

 

Other long-term Liabilities

 

91,702,261

 

94,737,850

 

14,692,595

 

 

 

 

 

 

 

 

 

Total liabilities

 

55,157,663,979

 

49,805,702,218

 

7,724,209,403

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Share capital

 

4,121,245

 

4,550,789

 

705,768

 

Additional paid-in capital

 

37,991,678,952

 

50,701,098,505

 

7,863,073,589

 

Statutory reserves

 

168,940,969

 

168,940,969

 

26,200,522

 

Accumulated other comprehensive income

 

560,077,281

 

648,866,557

 

100,630,670

 

Retained Earnings

 

8,198,838,659

 

6,620,154,568

 

1,026,698,909

 

Treasury stock

 

(2,372,927,372

)

(2,287,415,685

)

(354,748,090

)

 

 

 

 

 

 

 

 

Total Ctrip’s shareholders’ equity

 

44,550,729,734

 

55,856,195,703

 

8,662,561,368

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

19,134,198,247

 

4,306,644,889

 

667,903,984

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

63,684,927,981

 

60,162,840,592

 

9,330,465,352

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

118,842,591,960

 

109,968,542,810

 

17,054,674,755

 

 



 

Ctrip.com International, Ltd.

Unaudited Condensed Consolidated Statements of Comprehensive Income

 

 

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

Quarter Ended

 

 

 

March 31, 2015

 

December 31, 2015

 

March 31, 2016

 

March 31, 2016

 

 

 

RMB

 

RMB

 

RMB

 

USD

 

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Accommodation reservation

 

951,779,930

 

1,187,217,738

 

1,614,031,154

 

250,315,005

 

Transportation ticketing

 

947,907,791

 

1,244,438,719

 

1,949,003,126

 

302,264,753

 

Packaged tour

 

395,912,244

 

349,554,765

 

556,495,540

 

86,305,140

 

Corporate travel

 

92,713,417

 

135,773,015

 

115,632,061

 

17,933,012

 

Others

 

54,989,178

 

115,402,073

 

163,979,409

 

25,431,050

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

2,443,302,560

 

3,032,386,310

 

4,399,141,290

 

682,248,960

 

 

 

 

 

 

 

 

 

 

 

Less: business tax and related surcharges

 

(128,526,318

)

(158,331,192

)

(221,134,734

)

(34,295,089

)

 

 

 

 

 

 

 

 

 

 

Net revenues

 

2,314,776,242

 

2,874,055,118

 

4,178,006,556

 

647,953,871

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

(704,606,314

)

(763,236,345

)

(1,135,944,483

)

(176,170,050

)

 

 

 

 

 

 

 

 

 

 

Gross profit

 

1,610,169,928

 

2,110,818,773

 

3,042,062,073

 

471,783,821

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Product development *

 

(808,446,542

)

(860,441,746

)

(2,396,921,596

)

(371,731,017

)

Sales and marketing *

 

(722,504,606

)

(848,674,020

)

(1,543,324,251

)

(239,349,295

)

General and administrative *

 

(259,486,138

)

(306,510,322

)

(929,191,857

)

(144,105,437

)

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

(1,790,437,286

)

(2,015,626,088

)

(4,869,437,704

)

(755,185,749

)

 

 

 

 

 

 

 

 

 

 

(Loss)/ income from operations

 

(180,267,358

)

95,192,685

 

(1,827,375,631

)

(283,401,928

)

 

 

 

 

 

 

 

 

 

 

Interest income

 

62,633,910

 

124,921,975

 

190,697,649

 

29,574,697

 

Interest expense

 

(53,078,347

)

(95,168,377

)

(158,107,727

)

(24,520,429

)

Other (expense)/income

 

(15,496,474

)

90,854,149

 

318,195,868

 

49,347,994

 

 

 

 

 

 

 

 

 

 

 

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

 

(186,208,269

)

215,800,432

 

(1,476,589,841

)

(228,999,666

)

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(6,289,394

)

(71,482,684

)

(93,531,478

)

(14,505,502

)

Equity in loss/ (income) of affiliates

 

9,391,560

 

(94,569,524

)

(107,909,642

)

(16,735,366

)

 

 

 

 

 

 

 

 

 

 

Net (loss)/income

 

(183,106,103

)

49,748,224

 

(1,678,030,961

)

(260,240,534

)

 

 

 

 

 

 

 

 

 

 

Less: Net loss attributable to noncontrolling interests

 

57,119,422

 

25,979,638

 

99,346,870

 

15,407,393

 

 

 

 

 

 

 

 

 

 

 

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

 

(125,986,681

)

75,727,862

 

(1,578,684,091

)

(244,833,141

)

 

 

 

 

 

 

 

 

 

 

Comprehensive loss attributable to Ctrip’s shareholders

 

(245,666,783

)

(145,866,588

)

(1,489,894,815

)

(231,063,092

)

 

 

 

 

 

 

 

 

 

 

Earnings per ordinary share

 

 

 

 

 

 

 

 

 

- Basic

 

(3.58

)

1.69

 

(27.90

)

(4.33

)

- Diluted

 

(3.58

)

1.54

 

(27.90

)

(4.33

)

 

 

 

 

 

 

 

 

 

 

Earnings per ADS **

 

 

 

 

 

 

 

 

 

- Basic

 

(0.45

)

0.21

 

(3.49

)

(0.54

)

- Diluted

 

(0.45

)

0.19

 

(3.49

)

(0.54

)

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding

 

 

 

 

 

 

 

 

 

- Basic

 

35,178,644

 

44,732,540

 

56,591,142

 

56,591,142

 

- Diluted

 

35,178,644

 

49,370,393

 

56,591,142

 

56,591,142

 

 

 

 

 

 

 

 

 

 

 

* Share-based compensation charges included are as follows:

 

 

 

 

 

 

 

 

 

Product development

 

69,471,054

 

86,925,299

 

1,071,652,534

 

166,199,214

 

Sales and marketing

 

17,634,267

 

17,849,767

 

184,425,162

 

28,601,917

 

General and administrative

 

71,805,377

 

91,711,157

 

579,558,336

 

89,881,876

 

 


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

 



 

Ctrip.com International, Ltd.

Reconciliation of GAAP and Non-GAAP Results

(In RMB, except % and per share information)

 

 

 

Quarter Ended March 31, 2016

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

Product development

 

(2,396,921,596

)

57

%

1,071,652,534

 

26

%

(1,325,269,062

)

32

%

Sales and marketing

 

(1,543,324,251

)

37

%

184,425,162

 

4

%

(1,358,899,089

)

33

%

General and administrative

 

(929,191,857

)

22

%

579,558,336

 

14

%

(349,633,521

)

8

%

Total operating expenses

 

(4,869,437,704

)

117

%

1,835,636,032

 

44

%

(3,033,801,672

)

73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss/(income) from operations

 

(1,827,375,631

)

-44

%

1,835,636,032

 

44

%

8,260,401

 

0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(1,578,684,091

)

-38

%

1,835,636,032

 

44

%

256,951,941

 

6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

(27.90

)

 

 

32.44

 

 

 

4.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

(3.49

)

 

 

4.06

 

 

 

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

(0.54

)

 

 

0.63

 

 

 

0.09

 

 

 

 

 

 

Quarter Ended December 31, 2015

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(860,441,746

)

30

%

86,925,299

 

3

%

(773,516,447

)

27

%

Sales and marketing

 

(848,674,020

)

30

%

17,849,767

 

1

%

(830,824,253

)

29

%

General and administrative

 

(306,510,322

)

11

%

91,711,157

 

3

%

(214,799,165

)

7

%

Total operating expenses

 

(2,015,626,088

)

70

%

196,486,223

 

7

%

(1,819,139,865

)

63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

95,192,685

 

3

%

196,486,223

 

7

%

291,678,908

 

10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Ctrip’s shareholders

 

75,727,862

 

3

%

196,486,223

 

7

%

272,214,085

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

1.54

 

 

 

3.98

 

 

 

5.52

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

0.19

 

 

 

0.50

 

 

 

0.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

0.03

 

 

 

0.08

 

 

 

0.11

 

 

 

 

 

 

Quarter Ended March 31, 2015

 

 

 

GAAP Result

 

% of Net
Revenues

 

Share-based
Compensation

 

% of Net
Revenues

 

Non-GAAP Result

 

% of Net
Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product development

 

(808,446,542

)

35

%

69,471,054

 

3

%

(738,975,488

)

32

%

Sales and marketing

 

(722,504,606

)

31

%

17,634,267

 

1

%

(704,870,339

)

30

%

General and administrative

 

(259,486,138

)

11

%

71,805,377

 

3

%

(187,680,761

)

8

%

Total operating expenses

 

(1,790,437,286

)

77

%

158,910,698

 

7

%

(1,631,526,588

)

70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss/(income) from operations

 

(180,267,358

)

-8

%

158,910,698

 

7

%

(21,356,660

)

-1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

(125,986,681

)

-5

%

158,910,698

 

7

%

32,924,017

 

2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ordinary share (RMB)

 

(3.58

)

 

 

4.52

 

 

 

0.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (RMB)

 

(0.45

)

 

 

0.57

 

 

 

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per ADS (USD)

 

(0.07

)

 

 

0.09

 

 

 

0.02

 

 

 

 

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=RMB6.4480 on March 31, 2016 published by the Federal Reserve Board.

 

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