News Releases
Ctrip Reports Unaudited Fourth Quarter and Full Year 2014 Financial Results
Highlights for the Fourth Quarter of 2014
- Net revenues were
RMB1.9 billion (US$308 million ) for the fourth quarter of 2014, up 33% year-on-year, exceeding our net revenue guidance of 30% increase year-on-year for the fourth quarter 2014. - Accommodation reservation volume increased 53% year-on-year, exceeding our guidance of 40-50% volume increase year-on-year, and accommodation reservation revenues increased 31% year-on-year, reaching
RMB842 million (US$136 million ) for the fourth quarter of 2014. - Transportation ticketing volume increased 102% year-on-year, exceeding our guidance of 55-65% volume increase year-on-year, and transportation ticketing revenues increased 34% year-on-year, reaching
RMB774 million (US$125 million ) for the fourth quarter of 2014. - Gross margin was 69% for the fourth quarter of 2014, compared to 73% in the same period in 2013, and 72% in the previous quarter.
- Net Loss attributable to Ctrip's shareholders was
RMB224 million (US$36 million ) for the fourth quarter of 2014, compared to net income attributable to Ctrip's shareholders ofRMB261 million (US$43 million ) in the same period in 2013. Excluding share-based compensation charges (non-GAAP), net loss attributable to Ctrip's shareholders wasRMB98 million (US$16 million ), compared to net income attributable to Ctrip's shareholders ofRMB368 million (US$61 million ) in the same period in 2013. - Diluted earnings per ADS were
RMB-1.60 (US$-0.26) for the fourth quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS wereRMB-0.70 (US$-0.11) for the fourth quarter of 2014. - Share-based compensation charges were
RMB127 million (US$20 million ), accounting for 7% of the net revenues, orRMB0.90 (US$0.15) per ADS for the fourth quarter of 2014.
Highlights for the Full Year 2014
- Net revenues were
RMB7.3 billion (US$1.2 billion ) in 2014, up 36% year-on-year. - Accommodation reservation volume increased 63% year-on-year, and accommodation reservation revenues increased 45% year-on-year, reaching
RMB3.2 billion (US$516 million ) in 2014. - Transportation ticketing volume increased 90% year-on-year, and transportation ticketing revenues increased 36% year-on-year, reaching
RMB3.0 billion (US$475 million ) in 2014. - Gross margin was 71% in 2014, compared to 74% in 2013.
- Net income attributable to Ctrip's shareholders was
RMB243 million (US$39 million ) in 2014, down 76% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders wasRMB739 million (US$119 million ), down 49% year-on-year. - Diluted earnings per ADS were
RMB1.59 (US$0.26) in 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS wereRMB4.84 (US$0.78) in 2014. - Share-based compensation charges were
RMB497 million (US$80 million ), accounting for 7% of the net revenues, orRMB3.25 (US$0.52) per ADS in 2014.
"In the fourth quarter of 2014, our main business lines demonstrated strong momentum," said
Fourth Quarter and Full Year 2014 Financial Results and Business Updates
For the fourth quarter of 2014, Ctrip reported total revenues of
For the full year ended
Accommodation reservation revenues amounted to
For the full year ended
Transportation ticketing revenues for the fourth quarter of 2014 were
For the full year ended
Packaged-tour revenues for the fourth quarter of 2014 were
For the full year ended
Corporate travel revenues for the fourth quarter of 2014 were
For the full year ended
For the fourth quarter of 2014, net revenues were
For the full year ended
Gross margin was 69% for the fourth quarter of 2014, compared to 73% in the same period in 2013 and 72% in the previous quarter.
For the full year ended
Product development expenses for the fourth quarter of 2014 increased by 137% to
For the full year ended
Sales and marketing expenses for the fourth quarter of 2014 increased by 88% to
For the full year ended
General and administrative expenses for the fourth quarter of 2014 increased by 52% to
For the full year ended
Loss from operations for the fourth quarter of 2014 was
For the full year ended
Operating margin was -21% for the fourth quarter of 2014, compared to 13% in the same period in 2013, and 4% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was -14%, compared to 20% in the same period in 2013 and 11% in the previous quarter.
For the full year ended
Income tax benefit for the fourth quarter of 2014 was
Income tax expense for the full year ended
Net loss attributable to Ctrip's shareholders for the fourth quarter of 2014 was
For the full year ended
Diluted earnings per ADS were
For the full year ended
As of
In the first quarter 2015, Ctrip established
Joint Wisdom has integrated big data and cloud-based technology in three segments: software, information stream and data intelligence products. Utilizing these tools to meet the diverse needs of hotel's brand, operation and revenue management, Joint Wisdom effectively enables hotels to realize the potential of data-enabled operations. By providing hotels the complete solutions to improve operating efficiency, Joint Wisdom will ultimately create more value for both hotels and the travel industry as a whole.
Senior Management Promotion
In March, 2015, Ctrip announced that Ms.
Business Outlook
For the first quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 40-50%. 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 one month at 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 730 403 40#. For pre-registration, please click: https://www.theconferencingservice.com/prereg/key.process?key=PGGXEUL3M.
A telephone replay of the call will be available after the conclusion of the conference call until
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
About Non-GAAP Financial Measures
To supplement Ctrip's unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Ctrip uses non-GAAP financial information related to product development expenses, sales and marketing expenses, general and administrative expenses, income from operations, operating margin, net income, and diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" for 2014 and 2013. 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
For further information, please contact:
Investor Relations
Tel: +86-21-3406-4880 X 12229
Email: iremail@ctrip.com
Ctrip.com International, Ltd. |
||||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||||
December 31, 2013 |
December 31, 2014 |
December 31, 2014 |
||||||
RMB |
RMB |
USD |
||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
7,138,344,814 |
5,300,887,799 |
854,348,032 |
|||||
Restricted cash |
739,543,614 |
836,394,951 |
134,802,397 |
|||||
Short-term investment |
3,635,090,955 |
6,438,854,587 |
1,037,754,986 |
|||||
Accounts receivable, net |
1,518,230,029 |
1,826,765,949 |
294,421,228 |
|||||
Prepayments and other current assets |
1,237,530,956 |
2,480,276,272 |
399,747,973 |
|||||
Deferred tax assets, current |
96,979,500 |
193,503,366 |
31,187,082 |
|||||
Total current assets |
14,365,719,868 |
17,076,682,924 |
2,752,261,698 |
|||||
Long-term deposits and prepayments |
559,185,652 |
306,661,011 |
49,424,783 |
|||||
Land use rights |
107,476,794 |
104,568,868 |
16,853,442 |
|||||
Property, equipment and software |
1,412,943,693 |
5,220,626,461 |
841,412,252 |
|||||
Investment |
2,857,213,480 |
5,318,756,447 |
857,227,935 |
|||||
Goodwill |
972,531,184 |
1,892,507,708 |
305,016,876 |
|||||
Intangible assets |
356,653,022 |
668,202,371 |
107,694,673 |
|||||
Other long-term receviables |
186,750,769 |
702,911,223 |
113,288,725 |
|||||
Total assets |
20,818,474,462 |
31,290,917,013 |
5,043,180,384 |
|||||
LIABILITIES |
||||||||
Current liabilities: |
||||||||
Short-term Debt * |
774,599,341 |
3,560,488,641 |
573,846,604 |
|||||
Accounts payable |
1,637,545,824 |
2,304,111,525 |
371,355,369 |
|||||
Salary and welfare payable |
257,641,763 |
525,157,105 |
84,639,961 |
|||||
Taxes payable |
315,299,656 |
339,452,319 |
54,709,783 |
|||||
Advances from customers |
2,451,931,450 |
3,937,477,522 |
634,606,183 |
|||||
Accrued liability for customer reward program |
284,668,935 |
430,852,908 |
69,440,884 |
|||||
Other payables and accruals |
646,321,729 |
1,617,162,761 |
260,639,325 |
|||||
Total current liabilities |
6,368,008,698 |
12,714,702,781 |
2,049,238,109 |
|||||
Deferred tax liabilities, |
63,197,155 |
132,506,644 |
21,356,194 |
|||||
Long-term Debt |
5,657,182,650 |
8,065,980,000 |
1,300,000,000 |
|||||
Total liabilities |
12,088,388,503 |
20,913,189,425 |
3,370,594,303 |
|||||
SHAREHOLDERS' EQUITY |
||||||||
Share capital |
3,033,490 |
3,085,272 |
497,256 |
|||||
Additional paid-in capital |
4,088,484,766 |
4,828,021,816 |
778,135,870 |
|||||
Statutory reserves |
118,449,230 |
134,098,747 |
21,612,795 |
|||||
Accumulated other comprehensive income |
372,634,580 |
443,579,376 |
71,492,018 |
|||||
Retained Earnings |
5,498,934,733 |
5,726,024,997 |
922,867,711 |
|||||
Treasury stock |
(1,551,141,268) |
(1,605,630,913) |
(258,780,729) |
|||||
Total Ctrip's shareholders' equity |
8,530,395,531 |
9,529,179,295 |
1,535,824,921 |
|||||
Noncontrolling interests |
199,690,428 |
848,548,293 |
136,761,160 |
|||||
Total shareholders' equity |
8,730,085,959 |
10,377,727,588 |
1,672,586,081 |
|||||
Total liabilities and shareholders' equity |
20,818,474,462 |
31,290,917,013 |
5,043,180,384 |
|||||
* Short-term Debt represents short-term borrowings from commercial banks and Convertible Senior Notes which may be redemeed within one year |
Ctrip.com International, Ltd. |
|||||||||||
Unaudited Condensed Consolidated Statements of Comprehensive Income |
|||||||||||
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
||||||||
December 31, 2013 |
September 30, 2014 |
December 31, 2014 |
December 31, 2014 |
||||||||
RMB |
RMB |
RMB |
USD |
||||||||
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited)
|
||||||||
Revenues: |
|||||||||||
Accommodation reservation ** |
642,014,733 |
950,299,334 |
841,899,849 |
135,689,625 |
|||||||
Transportation ticketing *** |
578,995,620 |
799,796,927 |
773,696,894 |
124,697,304 |
|||||||
Packaged tour |
193,885,405 |
357,643,161 |
233,363,600 |
37,611,385 |
|||||||
Corporate travel |
78,217,923 |
103,858,502 |
108,149,606 |
17,430,552 |
|||||||
Others |
34,858,565 |
47,873,735 |
63,296,892 |
10,201,607 |
|||||||
Total revenues |
1,527,972,246 |
2,259,471,659 |
2,020,406,841 |
325,630,473 |
|||||||
Less: business tax and related surcharges |
(87,566,153) |
(129,901,116) |
(107,108,067) |
(17,262,687) |
|||||||
Net revenues |
1,440,406,093 |
2,129,570,543 |
1,913,298,774 |
308,367,786 |
|||||||
Cost of revenues |
(394,362,609) |
(588,980,230) |
(583,612,903) |
(94,061,326) |
|||||||
Gross profit |
1,046,043,484 |
1,540,590,313 |
1,329,685,871 |
214,306,460 |
|||||||
Operating expenses: |
|||||||||||
Product development * |
(332,873,022) |
(612,245,503) |
(789,187,599) |
(127,193,953) |
|||||||
Sales and marketing * |
(376,172,398) |
(598,185,788) |
(707,201,365) |
(113,980,170) |
|||||||
General and administrative * |
(154,055,198) |
(241,916,476) |
(234,203,387) |
(37,746,734) |
|||||||
Total operating expenses |
(863,100,618) |
(1,452,347,767) |
(1,730,592,351) |
(278,920,857) |
|||||||
Income/(loss) from operations |
182,942,866 |
88,242,546 |
(400,906,480) |
(64,614,397) |
|||||||
Interest income **** |
70,556,062 |
71,980,305 |
57,159,146 |
9,212,382 |
|||||||
Interest expense **** |
(45,765,307) |
(45,175,681) |
(50,487,030) |
(8,137,032) |
|||||||
Other income |
63,568,051 |
107,538,979 |
45,500,152 |
7,333,293 |
|||||||
Income/(loss) before income tax expense and equity in income |
271,301,672 |
222,586,149 |
(348,734,212) |
(56,205,754) |
|||||||
Income tax (expense)/benefit |
(69,776,649) |
(50,423,327) |
13,379,084 |
2,156,317 |
|||||||
Equity in income of affiliates |
35,251,442 |
16,323,840 |
38,233,823 |
6,162,174 |
|||||||
Net income/(loss) |
236,776,465 |
188,486,662 |
(297,121,305) |
(47,887,263) |
|||||||
Less: Net loss attributable to noncontrolling interests |
24,702,936 |
28,437,892 |
72,696,599 |
11,716,565 |
|||||||
Net income/(loss) attributable to Ctrip's shareholders |
261,479,401 |
216,924,554 |
(224,424,706) |
(36,170,698) |
|||||||
Comprehensive income/(loss) attributable to Ctrip's shareholders |
648,352,184 |
555,939,645 |
(322,594,544) |
(51,992,803) |
|||||||
Earnings per ordinary share |
|||||||||||
- Basic |
7.78 |
6.35 |
(6.41) |
(1.03) |
|||||||
- Diluted |
6.74 |
5.51 |
(6.41) |
(1.03) |
|||||||
Earnings per ADS |
|||||||||||
- Basic |
1.95 |
1.59 |
(1.60) |
(0.26) |
|||||||
- Diluted |
1.68 |
1.38 |
(1.60) |
(0.26) |
|||||||
Weighted average ordinary shares outstanding |
|||||||||||
- Basic |
33,605,765 |
34,166,995 |
35,032,648 |
35,032,648 |
|||||||
- Diluted |
39,290,366 |
39,905,707 |
35,032,648 |
35,032,648 |
|||||||
* Share-based compensation charges included are as follows: |
|||||||||||
Product development |
34,188,328 |
48,049,514 |
50,677,920 |
8,167,798 |
|||||||
Sales and marketing |
11,568,731 |
14,630,609 |
15,049,518 |
2,425,542 |
|||||||
General and administrative |
60,517,724 |
74,373,595 |
60,880,262 |
9,812,117 |
|||||||
** Accommodation reservation revenues mainly represent revenues from reservations of hotels, hostels, vacation rentals and other accommodation related services. |
|||||||||||
*** Transportation ticketing revenues mainly represent revenues from reservations of air tickets, railway tickets and other transportation related services. |
|||||||||||
**** Interest expenses are separately presented and have been reclassified from interest income, net with no effect on net income or retained earnings. |
Ctrip.com International, Ltd. |
|||||||||
Reconciliation of GAAP and Non-GAAP Results |
|||||||||
(In RMB, except % and per share information) |
|||||||||
Quarter Ended December 31, 2014 |
|||||||||
GAAP Result |
% of Net Revenues |
Share-based Compensation |
% of Net Revenues |
Non-GAAP Result |
% of Net Revenues |
||||
Product development |
(789,187,599) |
41% |
50,677,920 |
3% |
(738,509,679) |
39% |
|||
Sales and marketing |
(707,201,365) |
37% |
15,049,518 |
1% |
(692,151,847) |
36% |
|||
General and administrative |
(234,203,387) |
12% |
60,880,262 |
3% |
(173,323,125) |
9% |
|||
Total operating expenses |
(1,730,592,351) |
90% |
126,607,700 |
7% |
(1,603,984,651) |
84% |
|||
Income/(loss) from operations |
(400,906,480) |
-21% |
126,607,700 |
7% |
(274,298,780) |
-14% |
|||
Net income/(loss) attributable to Ctrip's shareholders |
(224,424,706) |
-12% |
126,607,700 |
7% |
(97,817,006) |
-5% |
|||
Diluted earnings per ordinary share (RMB) |
(6.41) |
3.61 |
(2.80) |
||||||
Diluted earnings per ADS (RMB) |
(1.60) |
0.90 |
(0.70) |
||||||
Diluted earnings per ADS (USD) |
(0.26) |
0.15 |
(0.11) |
||||||
Quarter Ended September 30, 2014 |
|||||||||
GAAP Result |
% of Net Revenues |
Share-based Compensation |
% of Net Revenues |
Non-GAAP Result |
% of Net Revenues |
||||
Product development |
(612,245,503) |
29% |
48,049,514 |
2% |
(564,195,989) |
26% |
|||
Sales and marketing |
(598,185,788) |
28% |
14,630,609 |
1% |
(583,555,179) |
27% |
|||
General and administrative |
(241,916,476) |
11% |
74,373,595 |
3% |
(167,542,881) |
8% |
|||
Total operating expenses |
(1,452,347,767) |
68% |
137,053,718 |
6% |
(1,315,294,049) |
62% |
|||
Income from operations |
88,242,546 |
4% |
137,053,718 |
6% |
225,296,264 |
11% |
|||
Net income attributable to Ctrip's shareholders |
216,924,554 |
10% |
137,053,718 |
6% |
353,978,272 |
17% |
|||
Diluted earnings per ordinary share (RMB) |
5.51 |
3.43 |
8.94 |
||||||
Diluted earnings per ADS (RMB) |
1.38 |
0.86 |
2.24 |
||||||
Diluted earnings per ADS (USD) |
0.22 |
0.14 |
0.36 |
||||||
Quarter Ended December 31, 2013 |
|||||||||
GAAP Result |
% of Net Revenues |
Share-based Compensation |
% of Net Revenues |
Non-GAAP Result |
% of Net Revenues |
||||
Product development |
(332,873,022) |
23% |
34,188,328 |
2% |
(298,684,694) |
21% |
|||
Sales and marketing |
(376,172,398) |
26% |
11,568,731 |
1% |
(364,603,667) |
25% |
|||
General and administrative |
(154,055,198) |
11% |
60,517,724 |
4% |
(93,537,474) |
6% |
|||
Total operating expenses |
(863,100,618) |
60% |
106,274,783 |
7% |
(756,825,835) |
53% |
|||
Income from operations |
182,942,866 |
13% |
106,274,783 |
7% |
289,217,649 |
20% |
|||
Net income attributable to Ctrip's shareholders |
261,479,401 |
18% |
106,274,783 |
7% |
367,754,184 |
26% |
|||
Diluted earnings per ordinary share (RMB) |
6.74 |
2.70 |
9.44 |
||||||
Diluted earnings per ADS (RMB) |
1.68 |
0.68 |
2.36 |
||||||
Diluted earnings per ADS (USD) |
0.28 |
0.11 |
0.39 |
||||||
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=RMB6.2046 on December 31, 2014 published by the Federal Reserve Board. |
Ctrip.com International, Ltd. |
||||||||
Condensed Consolidated Statements of Comprehensive Income |
||||||||
Year Ended |
Year Ended |
Year Ended |
||||||
December 31, 2013 |
December 31, 2014 |
December 31, 2014 |
||||||
RMB |
RMB |
USD |
||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||
Revenues: |
||||||||
Hotel reservation |
2,214,170,887 |
3,201,426,933 |
515,976,362 |
|||||
Ticketing services ** |
2,161,784,259 |
2,950,072,484 |
475,465,378 |
|||||
Packaged tour |
935,684,729 |
1,055,369,205 |
170,094,640 |
|||||
Corporate travel |
266,988,534 |
373,407,012 |
60,182,286 |
|||||
Others |
138,388,653 |
192,281,473 |
30,990,148 |
|||||
Total revenues |
5,717,017,062 |
7,772,557,107 |
1,252,708,814 |
|||||
Less: business tax and related surcharges |
(330,271,520) |
(425,638,738) |
(68,600,512) |
|||||
Net revenues |
5,386,745,542 |
7,346,918,369 |
1,184,108,302 |
|||||
Cost of revenues |
(1,386,767,067) |
(2,100,606,413) |
(338,556,299) |
|||||
Gross profit |
3,999,978,475 |
5,246,311,956 |
845,552,003 |
|||||
Operating expenses: |
||||||||
Product development * |
(1,245,719,192) |
(2,321,348,753) |
(374,133,506) |
|||||
Sales and marketing * |
(1,269,412,720) |
(2,214,209,719) |
(356,865,828) |
|||||
General and administrative * |
(646,404,879) |
(861,550,628) |
(138,856,756) |
|||||
Total operating expenses |
(3,161,536,791) |
(5,397,109,100) |
(869,856,090) |
|||||
Income/(loss) from operations |
838,441,684 |
(150,797,144) |
(24,304,087) |
|||||
Interest income *** |
200,068,533 |
304,583,544 |
49,089,956 |
|||||
Interest expense *** |
(57,043,756) |
(162,354,675) |
(26,166,824) |
|||||
Other income |
163,122,374 |
144,006,435 |
23,209,624 |
|||||
Income before income tax expense and equity in income |
1,144,588,835 |
135,438,160 |
21,828,669 |
|||||
Income tax expense |
(293,740,322) |
(130,821,156) |
(21,084,543) |
|||||
Equity in income of affiliates |
55,554,072 |
87,005,341 |
14,022,716 |
|||||
Net income |
906,402,585 |
91,622,345 |
14,766,842 |
|||||
Less: Net loss attributable to noncontrolling interests |
91,917,099 |
151,117,436 |
24,355,710 |
|||||
Net income attributable to Ctrip's shareholders |
998,319,684 |
242,739,781 |
39,122,552 |
|||||
Comprehensive income attributable to Ctrip's shareholders |
1,429,732,939 |
313,684,577 |
50,556,777 |
|||||
Earnings per ordinary share |
||||||||
- Basic |
30.34 |
7.08 |
1.14 |
|||||
- Diluted |
26.63 |
6.35 |
1.02 |
|||||
Earnings per ADS |
||||||||
- Basic |
7.58 |
1.77 |
0.29 |
|||||
- Diluted |
6.66 |
1.59 |
0.26 |
|||||
Weighted average ordinary shares outstanding |
||||||||
- Basic |
32,905,601 |
34,289,170 |
34,289,170 |
|||||
- Diluted |
38,069,841 |
38,207,858 |
38,207,858 |
|||||
* Share-based compensation charges included are as follows: |
||||||||
Product development |
138,668,196 |
184,664,576 |
29,762,527 |
|||||
Sales and marketing |
49,104,528 |
54,391,508 |
8,766,320 |
|||||
General and administrative |
250,156,753 |
257,587,405 |
41,515,554 |
|||||
** Ticketing services revenues mainly represent revenues from reservations of air tickets, railway tickets and other related services. |
||||||||
*** Interest expenses are separately presented and have been reclassified from interest income, net with no effect on net income or retained earnings. |
Ctrip.com International, Ltd. |
|||||||||
Reconciliation of GAAP and Non-GAAP Results |
|||||||||
(In RMB, except % and per share information) |
|||||||||
Year Ended December 31, 2014 |
|||||||||
GAAP Result |
% of Net Revenues |
Share-based Compensation |
% of Net Revenues |
Non-GAAP Result |
% of Net Revenues |
||||
Product development |
(2,321,348,753) |
32% |
184,664,576 |
3% |
(2,136,684,177) |
29% |
|||
Sales and marketing |
(2,214,209,719) |
30% |
54,391,508 |
1% |
(2,159,818,211) |
29% |
|||
General and administrative |
(861,550,628) |
12% |
257,587,405 |
4% |
(603,963,223) |
8% |
|||
Total operating expenses |
(5,397,109,100) |
73% |
496,643,489 |
7% |
(4,900,465,611) |
67% |
|||
Income/(loss) from operations |
(150,797,144) |
-2% |
496,643,489 |
7% |
345,846,345 |
5% |
|||
Net income attributable to Ctrip's shareholders |
242,739,781 |
3% |
496,643,489 |
7% |
739,383,270 |
10% |
|||
Diluted earnings per ordinary share (RMB) |
6.35 |
13.00 |
19.35 |
||||||
Diluted earnings per ADS (RMB) |
1.59 |
3.25 |
4.84 |
||||||
Diluted earnings per ADS (USD) |
0.26 |
0.52 |
0.78 |
||||||
Year Ended December 31, 2013 |
|||||||||
GAAP Result |
% of Net Revenues |
Share-based Compensation |
% of Net Revenues |
Non-GAAP Result |
% of Net Revenues |
||||
Product development |
(1,245,719,192) |
23% |
138,668,196 |
3% |
(1,107,050,996) |
21% |
|||
Sales and marketing |
(1,269,412,720) |
24% |
49,104,528 |
1% |
(1,220,308,192) |
23% |
|||
General and administrative |
(646,404,879) |
12% |
250,156,753 |
5% |
(396,248,126) |
7% |
|||
Total operating expenses |
(3,161,536,791) |
59% |
437,929,477 |
8% |
(2,723,607,314) |
51% |
|||
Income from operations |
838,441,684 |
16% |
437,929,477 |
8% |
1,276,371,161 |
24% |
|||
Net income attributable to Ctrip's shareholders |
998,319,684 |
19% |
437,929,477 |
8% |
1,436,249,161 |
27% |
|||
Diluted earnings per ordinary share (RMB) |
26.63 |
11.50 |
38.13 |
||||||
Diluted earnings per ADS (RMB) |
6.66 |
2.87 |
9.53 |
||||||
Diluted earnings per ADS (USD) |
1.10 |
0.47 |
1.57 |
||||||
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=RMB6.2046 on December 31, 2014 published by the Federal Reserve Board. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/ctrip-reports-unaudited-fourth-quarter-and-full-year-2014-financial-results-300053229.html
SOURCE