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Ctrip Reports Third Quarter 2007 Financial Results

新闻来源:918 发布时间:2018-11-04

SHANGHAI, China, Nov. 7 /Xinhua-PRNewswire-FirstCall/ -- 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 September 30, 2007.

Highlights for the third quarter of 2007

-- Net revenues were RMB323 million (US$43 million) in the third quarter

of 2007, up 55% year-on-year.

-- Gross margin was 80% in the third quarter of 2007, compared to 79% in

the same period in 2006.

-- Income from operations was RMB111 million (US$15 million) in the

third quarter of 2007. Excluding share-based compensation charges

(non-GAAP), income from operations was RMB134 million

(US$18 million), up 71% year-on-year.

-- Operating margin was 34% in the third quarter of 2007. Excluding

share-based compensation charges (non-GAAP), operating margin was

41%, compared to 38% during the same period in 2006.

-- Net income was RMB110 million (US$15 million) in the third quarter of

2007. Excluding share-based compensation charges (non-GAAP), net

income was RMB133 million (US$18 million), up 68% year-on-year.

-- Diluted earnings per ADS were RMB1.60 (US$0.21). Excluding share-

based compensation charges (non-GAAP), diluted earnings per ADS were

RMB1.94 (US$0.26).

-- Share-based compensation charges were RMB23 million (US$3 million),

accounting for 7% of the net revenues, or RMB0.33 (US$0.04) per ADS

for the third quarter of 2007.

Mr. Min Fan, Chief Executive Office of Ctrip, said: "We are very pleased with the strong results for the third quarter of 2007. Our team has executed our strategies effectively to expand into new geographic areas, to enhance customer service level and to strengthen our product lines. We are committed to bringing the best travel experience to our customers and increasing return to our shareholders."

Financial results for the third quarter of 2007

For the third quarter of 2007, Ctrip reported total revenues of RMB346 million (US$46 million), representing a 55% increase from the same period in 2006 and a 12% increase from the previous quarter.

Hotel reservation revenues totaled RMB176 million (US$23 million) for the third quarter of 2007, representing a 40% increase from the same period in 2006 and a 2% increase from the previous quarter primarily due to increased volume in hotel bookings.

The total number of hotel room nights booked was approximately 2.52 million in the third quarter of 2007, compared to approximately 1.82 million for the same period in 2006 and approximately 2.41 million room nights in the previous quarter.

Air ticket booking revenues for the third quarter of 2007 were RMB138 million (US$18 million), representing a 76% increase from the same period in 2006, and an 18% increase from the previous quarter, primarily due to strong growth of air tickets sales volume.

The total number of air tickets sold in the third quarter of 2007 was approximately 2.91 million, compared to approximately 1.72 million for the same period in 2006 and approximately 2.55 million in the previous quarter.

Packaged-tour revenues for the third quarter of 2007 were RMB21 million (US$3 million), up 61% from the both the same period in 2006 and the previous quarter, primarily due to the increased leisure travel volume in the third quarter.

For the third quarter of 2007, net revenues were RMB323 million (US$43 million), a 55% increase from the same period in 2006. Net revenues increased by 12% from the previous quarter.

The gross margin was 80% in the third quarter of 2007, compared to 79% for the same period in 2006 and 80% in the previous quarter.

Product development expenses for the third quarter of 2007 increased by 75% to RMB48 million (US$6 million) from the same period in 2006 and increased by 15% compared to the previous quarter, primarily due to the increase of product development personnel resources. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 13% of the net revenues, compared to 11% in the same period last year and 12% in the previous quarter.

Sales and marketing expenses for the third quarter of 2007 increased by 33% to RMB63 million (US$8 million) from the same period in 2006 and increased by 8% compared to the previous quarter, primarily due to the increase of sales and marketing personnel resources and advertisement expenses. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 19% of the net revenues, lower than the 22% in the same period last year and remained relatively consistent with the previous quarter.

General and administrative expenses for the third quarter of 2007 increased by 44% to RMB36 million (US$5 million) from the same period in 2006, primarily due to the recognition of RMB13 million (US$2 million) share-based compensation charges. General and administrative expenses for the third quarter of 2007 remained relatively consistent with the previous quarter, with an increase of 3%. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 7% of the net revenues, remained relatively consistent with 8% for the same period last year and 7% in the previous quarter.

Income from operations for the third quarter of 2007 was RMB111 million (US$15 million). Excluding share-based compensation charges (non-GAAP), income from operations was RMB134 million (US$18 million), increased by 71% from the same period in 2006, and 13% from the previous quarter.

Operating margin was 34% in the third quarter of 2007. Excluding share-based compensation charges (non-GAAP), operating margin was 41% compared to 38% in the same period in 2006 and 41% in the previous quarter.

Net income for the third quarter of 2007 was RMB110 million (US$15 million). Excluding share-based compensation charges (non-GAAP), net income was RMB133 million (US$18 million), representing a 68% increase from the same period in 2006 and a 19% increase from the previous quarter, mainly due to higher income from operations.

The diluted earnings per ADS were RMB1.60 (US$0.21) and the diluted earnings per ordinary share were RMB3.21 (US$0.43). Excluding share-based compensation charges (non-GAAP), the diluted earnings per ADS were RMB1.94 (US$0.26) for the third quarter of 2007.

As of September 30, 2007, Ctrip's cash balance increased to RMB1.2 billion (US$160 million), compared to RMB978 million as of June 30, 2007.

Business Outlook

For the fourth quarter of 2007, Ctrip expects to continue strong year-on-year net revenue growth of approximately 35%.

Note to Financial Information

Certain prior year amounts have been reclassified with no effect on net income or retained earnings to conform to the 2007 financial information presentation.

Conference Call

Ctrip's management team will host a conference call at 8:00PM Eastern Time on November 7, 2007 (or 9:00AM on November 8, 2007 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 12 months at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1-888-679-8035, International dial-in number +1-617-213-4848; Passcode 94859248.

A telephone replay of the call will be available after the conclusion of the conference call through November 14, 2007. 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 51114998.

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 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 slow-down of economic growth, 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 brand recognition to obtain new business partners and consumers, failure to compete against new and existing competitors, damage to infrastructure and technology, PRC laws and regulations governing internet content providers in China 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 November 7, 2007, 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 ADS and per share, 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 2007 and 2006. 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 sell 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.

-- Table to Follow -

Ctrip.com International, Ltd.

Consolidated Balance Sheet Information

December September September

31, 2006 30, 2007 30, 2007

RMB RMB USD

(unaudited) (unaudited) (unaudited)

ASSETS

Current assets:

Cash 844,392,604 1,188,937,011 158,677,265

Restricted cash 6,600,000 6,600,000 880,846

Short-term investment -- 13,000,000 1,734,999

Accounts receivable 136,688,354 219,513,282 29,296,562

Prepayments and other

current assets 62,870,154 106,808,185 14,254,776

Deferred tax assets 2,916,151 4,527,454 604,241

Total current assets 1,053,467,263 1,539,385,932 205,448,689

Long-term deposits 80,174,984 126,028,553 16,819,954

Land use rights 66,449,208 65,425,162 8,731,737

Property, equipment and

software 153,690,484 262,142,514 34,985,922

Investment 80,416,250 80,416,250 10,732,470

Goodwill 14,595,849 14,595,849 1,947,983

Other long-term assets 3,058,465 2,953,723 394,208

Total assets 1,451,852,503 2,090,947,983 279,060,963

LIABILITIES

Current liabilities:

Accounts payable 151,408,198 349,935,209 46,702,863

Salary and welfare payable 32,778,110 45,630,835 6,089,958

Taxes payable 34,913,392 40,827,771 5,448,934

Advances from customers 38,178,866 95,165,912 12,700,981

Accrued liability for

customer reward program 29,566,712 40,404,980 5,392,507

Dividend payable 72,169,155 -- --

Other payables and

accruals 62,030,840 99,001,489 13,212,883

Total current liabilities 421,045,273 670,966,196 89,548,126

Other long-term payables 2,437,500 1,625,000 216,875

Total liabilities 423,482,773 672,591,196 89,765,001

Minority interests 672,780 1,189,725 158,782

SHAREHOLDERS' EQUITY

Share capital 2,700,889 2,738,668 365,507

Additional paid-in capital 627,461,168 762,719,178 101,793,612

Statutory reserves 53,787,911 53,787,911 7,178,613

Cumulative translation

adjustments (16,099,263) (24,753,481) (3,303,636)

Retained Earnings 359,846,245 622,674,786 83,103,084

Total shareholders'

equity 1,027,696,950 1,417,167,062 189,137,180

Total liabilities and

shareholders' equity 1,451,852,503 2,090,947,983 279,060,963

Ctrip.com International, Ltd.

Consolidated Statement of Operations Information

Quarter Ended Quarter Ended Quarter Ended Quarter Ended

September 30, June 30, September 30, September 30,

2006 2007 2007 2007

RMB RMB RMB USD

(unaudited) (unaudited) (unaudited) (unaudited)

Revenues:

Hotel

reservation 125,143,244 171,428,902 175,578,714 23,432,991

Air-ticketing 78,312,011 116,940,167 137,659,009 18,372,172

Packaged tour 12,863,465 12,858,353 20,683,731 2,760,481

Others 6,253,938 7,950,457 11,909,481 1,589,456

Total revenues 222,572,658 309,177,879 345,830,935 46,155,100

Less: business

tax and

related

surcharges (14,417,209) (21,159,382) (23,160,551) (3,091,041)

Net revenues 208,155,449 288,018,497 322,670,384 43,064,059

Cost of

revenues (43,640,055) (57,223,269) (64,011,659) (8,543,089)

Gross profit 164,515,394 230,795,228 258,658,725 34,520,970

Operating

expenses:

Product

development* (27,349,052) (41,554,054) (47,941,336) (6,398,321)

Sales and

marketing* (47,701,000) (58,973,708) (63,466,452) (8,470,325)

General and

administrative* (25,271,889) (35,065,802) (36,269,362) (4,840,562)

Total operating

expenses (100,321,941) (135,593,564) (147,677,150)(19,709,208)

Income from

operations 64,193,453 95,201,664 110,981,575 14,811,762

Interest income 3,704,148 3,079,558 4,670,322 623,308

Other income 8,116,653 5,671,677 13,577,722 1,812,103

Income before

income tax

expense and

minority

interest 76,014,254 103,952,899 129,229,619 17,247,173

Income tax

expense (11,304,888) (15,737,675) (19,518,480) (2,604,965)

Minority

interests (12,890) 12,530 (32,723) (4,367)

Net income 64,696,476 88,227,754 109,678,416 14,637,841

Earnings per

ordinary share

- Basic 1.99 2.69 3.32 0.44

- Diluted 1.94 2.60 3.21 0.43

Earnings per

ADS

- Basic 1.00 1.35 1.66 0.22

- Diluted 0.97 1.30 1.60 0.21

Weighted

average

ordinary

shares

outstanding

- Basic 32,478,507 32,796,200 33,070,087 33,070,087

- Diluted 33,366,826 33,887,925 34,197,196 34,197,196

* Share-based

compensation

charges included

are as follows:

Product

development 3,657,057 5,909,391 5,918,151 789,845

Sales and

marketing 2,283,444 3,562,392 3,540,669 472,543

General and

administrative 8,265,930 13,626,650 13,396,356 1,787,897

Ctrip.com International, Ltd.

Reconciliation of GAAP and Non-GAAP Results

(In RMB, except % and per share information)

Quarter Ended September 30, 2007

GAAP Result % of Share-based % of Non-GAAP % of

Net Compensation Net Result Net

Revenue Revenue Revenue

Product

development (47,941,336) 15% 5,918,151 2% (42,023,185) 13%

Sales and

marketing (63,466,452) 20% 3,540,669 1% (59,925,783) 19%

General and

administrative (36,269,362) 11% 13,396,356 4% (22,873,006) 7%

Total

operating

expenses (147,677,150) 46% 22,855,176 7% (124,821,974) 39%

Income from

operations 110,981,575 34% 22,855,176 7% 133,836,751 41%

Net income 109,678,416 34% 22,855,176 7% 132,533,592 41%

Diluted

earnings per

ordinary share

(RMB) 3.21 -- 0.67 -- 3.88 --

Diluted

earnings per

ADS (RMB) 1.60 -- 0.33 -- 1.94 --

Diluted

earnings per

ADS (USD) 0.21 -- 0.04 -- 0.26 --

Quarter Ended June 30, 2007

GAAP Result % of Share-based % of Non-GAAP % of

Net Compensation Net Result Net

Revenue Revenue Revenue

Product

development (41,554,054) 14% 5,909,391 2% (35,644,663) 12%

Sales and

marketing (58,973,708) 20% 3,562,392 1% (55,411,316) 19%

General and

administrative (35,065,802) 12% 13,626,650 5% (21,439,152) 7%

Total

operating

expenses (135,593,564) 47% 23,098,433 8% (112,495,131) 39%

Income from

operations 95,201,664 33% 23,098,433 8% 118,300,097 41%

Net income 88,227,754 31% 23,098,433 8% 111,326,187 39%

Diluted

earnings per

ordinary share

(RMB) 2.60 -- 0.68 -- 3.29 --

Diluted

earnings per

ADS (RMB) 1.30 -- 0.34 -- 1.64 --

Diluted

earnings per

ADS (USD) 0.17 -- 0.04 -- 0.22 --

Quarter Ended September 30, 2006

GAAP Result % of Share-based % of Non-GAAP % of

Net Compensation Net Result Net

Revenue Revenue Revenue

Product

development (27,349,052) 13% 3,657,057 2% (23,691,995) 11%

Sales and

marketing (47,701,000) 23% 2,283,444 1% (45,417,556) 22%

General and

administrative (25,271,889) 12% 8,265,930 4% (17,005,959) 8%

Total

operating

expenses (100,321,941) 48% 14,206,431 7% (86,115,510) 41%

Income from

operations 64,193,453 31% 14,206,431 7% 78,399,884 38%

Net income 64,696,476 31% 14,206,431 7% 78,902,907 38%

Diluted

earnings per

ordinary share

(RMB) 1.94 -- 0.43 -- 2.36 --

Diluted

earnings per

ADS (RMB) 0.97 -- 0.21 -- 1.18 --

Diluted

earnings per

ADS (USD) 0.12 -- 0.03 -- 0.15 --

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=RMB7.4928 on Septebmer 30, 2007 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.

Note 2: Certain prior year amounts have been reclassified with no effect on net income or retained earnings to conform to the 2007 financial information presentation.

Note 3: Effective on July 31, 2007, Company changed ratio of the American Depositary Shares ("ADSs") to ordinary shares from one (1) ADS representing one (1) ordinary shares to two (2) ADS representing one (1) ordinary share. The change is reflected retroactively in the numbers for all the periods presented above.

For further information

Tracy Cui

Ctrip.com International, Ltd.

Tel: +86-21-3406-4880 X 12216

Email: jrcui@ctrip.com

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