新聞稿
Ctrip Reports Unaudited First Quarter of 2019 Financial Results
Key Highlights for the First Quarter of 2019
- Ctrip reported strong financial results for the first quarter of 2019.
- Net revenue increased by 21% year-over-year toRMB8.2 billion (US$1.2 billion ) in the first quarter of 2019.
- Income from operations increased by 50% year-over-year toRMB885 million (US$132 million ). Excluding share-based compensation charges, non-GAAP income from operations increased by 42% year-over-year toRMB1.4 billion (US$204 million ) in the first quarter of 2019. - Ctrip's international businesses sustained robust growth momentum.
- Skyscanner's direct booking program continued its strong momentum, having achieved approximately 250% growth in bookings year-over-year in the first quarter of 2019.
- The growth rate of the international hotel business and international air business (excluding the Skyscanner business) in the first quarter of 2019 more than doubled that of theChina outbound traffic growth in the same period.
- In the first quarter of 2019, revenue generated from international business accounted for approximately 35% of total revenue. - Ctrip increased its presence in lower-tier cities in
China .
- Ctrip branded low-star hotel room-nights increased approximately 60% year-over-year in the first quarter of 2019.
- Gross merchandise value, or GMV, of the offline stores experienced triple-digit year-over-year growth in the first quarter of 2019.
"Ctrip delivered solid results in the first quarter of 2019. We are seeing both healthy revenue growth and non-GAAP operating margin expansion," said
"We are pleased that our first quarter results reflected our faith in the outlook of the travel industry in
First Quarter of 2019 Financial Results and Business Updates
For the first quarter of 2019, Ctrip reported net revenue of
Accommodation reservation revenue for the first quarter of 2019 was
Transportation ticketing revenue for the first quarter of 2019 was
Packaged-tour revenue for the first quarter of 2019 was
Corporate travel revenue for the first quarter of 2019 was
Gross margin was 79% for the first quarter of 2019, compared to 82% in the same period in 2018, and remained consistent with that for the previous quarter.
Product development expenses for the first quarter of 2019 increased by 18% to
Sales and marketing expenses for the first quarter of 2019 increased by 6% to
General and administrative expenses for the first quarter of 2019 increased by 28% to
Income from operations for the first quarter of 2019 was
Operating margin was 11% for the first quarter of 2019, compared to 9% in the same period in 2018, and -3% in the previous quarter. Excluding share-based compensation charges, non-GAAP operating margin was 17%, compared to 14% in the same period in 2018 and 3% in the previous quarter.
Income tax expense for the first quarter of 2019 was
Net income attributable to Ctrip's shareholders for the first quarter of 2019 was
Diluted earnings per ADS were
As of
Business Outlook
For the second quarter of 2019, the Company expects the net revenue growth to continue at a year-over-year rate of approximately 16~21%. 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: |
58826333# |
For pre-registration, please click http://event.onlineseminarsolutions.com/wcc/r/2001877-1/19BF2B975BF8CBC6854754734CF3D6BD
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: |
515102406# |
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, 2018 |
March 31, 2019 |
March 31, 2019 |
||||||
RMB (million) |
RMB (million) |
USD (million) |
||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
21,530 |
22,708 |
3,384 |
|||||
Restricted cash |
4,244 |
5,170 |
770 |
|||||
Short-term investments |
36,753 |
33,703 |
5,022 |
|||||
Accounts receivable, net |
5,668 |
6,108 |
910 |
|||||
Prepayments and other current assets |
11,199 |
11,660 |
1,737 |
|||||
Total current assets |
79,394 |
79,349 |
11,823 |
|||||
Long-term deposits and prepayments |
768 |
782 |
117 |
|||||
Land use rights |
94 |
93 |
14 |
|||||
Property, equipment and software |
5,872 |
5,851 |
872 |
|||||
Investments |
26,874 |
34,244 |
5,102 |
|||||
Goodwill |
58,026 |
57,920 |
8,630 |
|||||
Intangible assets |
13,723 |
13,502 |
2,012 |
|||||
Other long-term receivable |
229 |
23 |
3 |
|||||
Right-of-use asset* |
- |
814 |
121 |
|||||
Deferred tax assets |
850 |
649 |
97 |
|||||
Total assets |
185,830 |
193,227 |
28,791 |
|||||
LIABILITIES |
||||||||
Current liabilities: |
||||||||
Short-term debt and current portion of long-term debt |
36,011 |
37,924 |
5,651 |
|||||
Accounts payable |
11,714 |
10,969 |
1,634 |
|||||
Salary and welfare payable |
3,694 |
3,521 |
525 |
|||||
Taxes payable |
1,019 |
1,078 |
161 |
|||||
Advances from customers |
9,472 |
8,646 |
1,288 |
|||||
Accrued liability for customer reward program |
528 |
494 |
74 |
|||||
Other payables and accruals* |
6,346 |
6,873 |
1,024 |
|||||
Total current liabilities |
68,784 |
69,505 |
10,357 |
|||||
Deferred tax liabilities |
3,838 |
3,978 |
593 |
|||||
Long-term debt |
24,146 |
24,465 |
3,645 |
|||||
Other long-term liabilities |
329 |
345 |
51 |
|||||
Long-term lease liability* |
- |
599 |
89 |
|||||
Total liabilities |
97,097 |
98,892 |
14,735 |
|||||
MEZZANINE EQUITY |
||||||||
Redeemable non-controlling interests |
- |
437 |
65 |
|||||
SHAREHOLDERS' EQUITY |
||||||||
Total Ctrip.com International, Ltd. shareholders' equity |
86,715 |
91,908 |
13,695 |
|||||
Non-controlling interests |
2,018 |
1,990 |
296 |
|||||
Total shareholders' equity |
88,733 |
93,898 |
13,991 |
|||||
Total liabilities, mezzanine equity and shareholders' equity |
185,830 |
193,227 |
28,791 |
|||||
* The Company adopted ASU No. 2016-02 and ASU No.2018-11, "Leases," beginning January 1, 2019 and elected to utilize the additional |
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 |
||||||||
March 31, 2018 |
December 31, 2018 |
March 31, 2019 |
March 31, 2019 |
||||||||
RMB (million) |
RMB (million) |
RMB (million) |
USD (million) |
||||||||
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
||||||||
Revenue: |
|||||||||||
Accommodation reservation |
2,487 |
2,656 |
3,019 |
450 |
|||||||
Transportation ticketing |
2,888 |
3,414 |
3,354 |
500 |
|||||||
Packaged-tour |
834 |
721 |
1,045 |
156 |
|||||||
Corporate travel |
180 |
279 |
238 |
35 |
|||||||
Others |
377 |
515 |
517 |
77 |
|||||||
Total revenue |
6,766 |
7,585 |
8,173 |
1,218 |
|||||||
Less: Sales tax and surcharges |
(35) |
(25) |
(9) |
(1) |
|||||||
Net revenue |
6,731 |
7,560 |
8,164 |
1,217 |
|||||||
Cost of revenue |
(1,244) |
(1,620) |
(1,689) |
(252) |
|||||||
Gross profit |
5,487 |
5,940 |
6,475 |
965 |
|||||||
Operating expenses: |
|||||||||||
Product development *** |
(2,160) |
(2,718) |
(2,544) |
(379) |
|||||||
Sales and marketing *** |
(2,091) |
(2,609) |
(2,222) |
(331) |
|||||||
General and administrative *** |
(646) |
(802) |
(824) |
(123) |
|||||||
Total operating expenses |
(4,897) |
(6,129) |
(5,590) |
(833) |
|||||||
Income/(loss) from operations |
590 |
(189) |
885 |
132 |
|||||||
Interest income |
480 |
574 |
487 |
73 |
|||||||
Interest expense |
(322) |
(422) |
(441) |
(66) |
|||||||
Other income/(loss) ** |
397 |
(1,103) |
4,616 |
688 |
|||||||
Income/(loss) before income tax expense, equity |
1,145 |
(1,140) |
5,547 |
827 |
|||||||
Income tax expense ** |
(179) |
(35) |
(677) |
(101) |
|||||||
Equity in income/(loss) of affiliates |
78 |
(66) |
(283) |
(42) |
|||||||
Net income/(loss) |
1,044 |
(1,241) |
4,587 |
684 |
|||||||
Net loss attributable to non-controlling interests |
16 |
51 |
30 |
4 |
|||||||
Accretion to redemption value of redeemable non- |
- |
- |
(4) |
(1) |
|||||||
Net income/(loss) attributable to Ctrip.com |
1,060 |
(1,190) |
4,613 |
687 |
|||||||
Comprehensive income/(loss) attributable to |
1,459 |
(1,997) |
4,631 |
690 |
|||||||
Earnings/(losses) per ordinary share |
|||||||||||
- Basic |
15.47 |
(17.32) |
66.54 |
9.91 |
|||||||
- Diluted |
14.49 |
(17.32) |
59.59 |
8.88 |
|||||||
Earnings/(losses) per ADS |
|||||||||||
- Basic |
1.93 |
(2.17) |
8.32 |
1.24 |
|||||||
- Diluted |
1.81 |
(2.17) |
7.45 |
1.11 |
|||||||
Weighted average ordinary shares outstanding |
|||||||||||
- Basic |
68,506,090 |
68,758,052 |
69,345,914 |
69,345,914 |
|||||||
- Diluted |
75,855,705 |
68,758,052 |
79,218,054 |
79,218,054 |
|||||||
- Diluted-non GAAP |
80,477,978 |
74,464,863 |
79,218,054 |
79,218,054 |
|||||||
*** Share-based compensation included in Operating expenses above is as follows: |
|||||||||||
Product development |
210 |
239 |
251 |
37 |
|||||||
Sales and marketing |
35 |
41 |
38 |
6 |
|||||||
General and administrative |
131 |
170 |
196 |
29 |
|||||||
** Fair value changes of equity securities investments included in Net income/(loss) is as follow: |
|||||||||||
Fair value loss/(income) of equity securities investments, net of tax |
688 |
1,253 |
(3,348) |
(499) |
Ctrip.com International, Ltd. |
||||||||
Reconciliation of GAAP and Non-GAAP Results |
||||||||
(In millions, except % and per share data) |
||||||||
Quarter Ended March 31, 2019 |
||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
% of Net |
|||
Share-based compensation included in Operating expense is as follows: |
||||||||
Product development |
(2,544) |
31% |
251 |
3% |
(2,293) |
28% |
||
Sales and marketing |
(2,222) |
27% |
38 |
0% |
(2,184) |
27% |
||
General and administrative |
(824) |
10% |
196 |
2% |
(628) |
8% |
||
Total operating expenses |
(5,590) |
68% |
485 |
6% |
(5,105) |
63% |
||
Income from operations |
885 |
11% |
485 |
6% |
1,370 |
17% |
||
Fair value changes of equity securities investments, net of tax |
3,348 |
41% |
(3,348) |
-41% |
- |
0% |
||
Net income attributable to Ctrip's shareholders |
4,613 |
57% |
(2,863) |
-35% |
1,750 |
21% |
||
Diluted earnings per ordinary share (RMB) |
59.59 |
(36.15) |
23.44 |
|||||
Diluted earnings per ADS (RMB) |
7.45 |
(4.52) |
2.93 |
|||||
Diluted earnings per ADS (USD) |
1.11 |
(0.67) |
0.44 |
|||||
Quarter Ended December 31, 2018 |
||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
% 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 March 31, 2018 |
||||||||
GAAP Result |
% of Net |
Non-GAAP |
% of Net |
Non-GAAP |
% of Net |
|||
Share-based compensation included in Operating expense is as follows: |
||||||||
Product development |
(2,160) |
32% |
210 |
3% |
(1,950) |
29% |
||
Sales and marketing |
(2,091) |
31% |
35 |
1% |
(2,056) |
31% |
||
General and administrative |
(646) |
10% |
131 |
2% |
(515) |
8% |
||
Total operating expenses |
(4,897) |
73% |
376 |
6% |
(4,521) |
67% |
||
Income from operations |
590 |
9% |
376 |
6% |
966 |
14% |
||
Fair value changes of equity securities investments, net of tax |
(688) |
-10% |
688 |
10% |
- |
0% |
||
Net income attributable to Ctrip's shareholders |
1,060 |
16% |
1,064 |
16% |
2,124 |
32% |
||
Diluted earnings per ordinary share (RMB) |
14.49 |
13.34 |
27.83 |
|||||
Diluted earnings per ADS (RMB) |
1.81 |
1.67 |
3.48 |
|||||
Diluted earnings per ADS (USD) |
0.29 |
0.27 |
0.55 |
|||||
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=RMB6.7112 on March 29, 2019 published by |
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