-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Jum0im7MqJ/O4QDqb4krcVcEvHQtm2InaZTo0UyckP2k+YyMdlPgzpvOeGN6wFJs 2g6JNXYzWhydB5jcwAnyEA== 0000950123-10-075323.txt : 20100810 0000950123-10-075323.hdr.sgml : 20100810 20100810060139 ACCESSION NUMBER: 0000950123-10-075323 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100801 FILED AS OF DATE: 20100810 DATE AS OF CHANGE: 20100810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CTRIP COM INTERNATIONAL LTD CENTRAL INDEX KEY: 0001269238 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33853 FILM NUMBER: 101003324 BUSINESS ADDRESS: STREET 1: NO. 99 FU QUAN ROAD CITY: SHANGHAI STATE: F4 ZIP: 200335 BUSINESS PHONE: 862134064880 MAIL ADDRESS: STREET 1: NO. 99 FU QUAN ROAD CITY: SHANGHAI STATE: F4 ZIP: 200335 6-K 1 c04612e6vk.htm FORM 6-K Form 6-K
 
 
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 2010
 
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
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No þ
 
 

 

 


 

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/ Jane Jie Sun    
    Name:   Jane Jie Sun   
    Title:   Chief Financial Officer   
Date: August 10, 2010

 

2


 

EXHIBIT INDEX
         
Exhibit No.   Description
       
 
  99.1    
Press release regarding Ctrip’s second quarter 2010 financial results

 

3

EX-99.1 2 c04612exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
Ctrip Reports Second Quarter 2010 Financial Results
Shanghai, China, August 9, 2010 — Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider for hotel accommodations, airline tickets, packaged tours and corporate travel management in China, today announced its unaudited financial results for the second quarter ended June 30, 2010.
Highlights for the Second Quarter of 2010
   
On May 27, 2010, Ctrip successfully completed the transaction to invest 90% of the issued share capital of Wing On Travel’s travel service segment, a Hong Kong based travel service provider. Ctrip began consolidating Wing On’s financials since then.
   
Net revenues were RMB695 million (US$103 million) for the second quarter of 2010, up 46% year-on-year. In the second quarter, Wing On Travel and ezTravel contributed 2% for the year-on-year growth for net revenues.
   
Gross margin was 78% for the second quarter of 2010, compared to 77% in the same period in 2009.
   
Income from operations was RMB257 million (US$38 million) for the second quarter of 2010, up 57% year-on-year. Excluding share-based compensation charges (non-GAAP), income from operations was RMB316 million (US$47 million), up 66% year-on-year.
   
Operating margin was 37% for the second quarter of 2010, compared to 34% in the same period in 2009. Excluding share-based compensation charges (non-GAAP), operating margin was 45%, compared to 40% in the same period in 2009.
   
Net income attributable to Ctrip’s shareholders was RMB235 million (US$35 million) in the second quarter of 2010, up 48% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB293 million (US$43 million), up 58% year-on-year.
   
Diluted earnings per ADS were RMB1.55 (US$0.23) for the second quarter of 2010. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.93 (US$0.29) for the second quarter of 2010.
   
Share-based compensation charges were RMB58 million (US$9 million), accounting for 8% of the net revenues, or RMB0.38 (US$0.06) per ADS for the second quarter of 2010.
“We are pleased to announce solid results for the second quarter of 2010,” said Min Fan, President and Chief Executive Officer of Ctrip. “Through our strong execution, we were able to extend our leadership in all business lines. Our presence in the Greater China region will enable us to provide excellent services to customers travelling abroad. The Ctrip team is well positioned to capture more opportunities in the travel industry in China.”

 

 


 

Second Quarter 2010 Financial Results
For the second quarter of 2010, Ctrip reported total revenues of RMB742 million (US$109 million), representing a 46% increase from the same period in 2009 and an 18% increase from the previous quarter.
Hotel reservation revenues amounted to RMB316 million (US$47 million) for the second quarter of 2010, representing a 42% increase year-on-year, primarily driven by an increase of 34% in hotel reservation volume, and an increase of 5% commission per room night year-on-year. Hotel reservation revenues increased 26% quarter-on-quarter.
Air ticket booking revenues for the second quarter of 2010 were RMB307 million (US$45 million), representing a 42% increase year-on-year, primarily driven by a 22% increase in air ticketing sales volume, and a 17% increase in commission per ticket year-on-year. Air ticket booking revenues increased 16% quarter-on-quarter.
Packaged-tour revenues for the second quarter of 2010 were RMB67 million (US$10 million), representing an 88% increase year-on-year, due to the increase of leisure travel volume, and a 7% decrease quarter-on-quarter, due to seasonality.
Corporate travel revenues for the second quarter of 2010 were RMB34 million (US$5 million), representing an 83% increase year-on-year, and a 28% increase quarter-on-quarter, primarily driven by the increased corporate travel demand from business activities.
For the second quarter of 2010, net revenues were RMB695 million (US$103 million), representing a 46% increase from the same period in 2009 and an 18% increase from the previous quarter. In the second quarter, Wing On Travel and ezTravel contributed 2% for the year-on-year growth for net revenues.
Gross margin was 78% in the second quarter of 2010, compared to 77% in the same period in 2009, and remained consistent with that in the previous quarter.
Product development expenses for the second quarter of 2010 increased by 43% to RMB109 million (US$16 million) from the same period in 2009, primarily due to an increase of product development personnel and share-based compensation charges. Product development expenses for the second quarter of 2010 increased by 9% from the previous quarter, primarily due to an increase of product development personnel. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 14% of the net revenues and remained consistent with that in the same period in 2009 and in the previous quarter.
Sales and marketing expenses for the second quarter of 2010 increased by 29% to RMB107 million (US$16 million) from the same period in 2009, and increased by 13% from the previous quarter, primarily due to the increase of sales and marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 14% of the net revenues, decreasing from 17% in the same period in 2009 and 15% in the previous quarter.
General and administrative expenses for the second quarter of 2010 increased by 55% to RMB71 million (US$10 million) from the same period in 2009, primarily due to an increase of administrative personnel and share-based compensation charges. General and administrative expenses for the second quarter of 2010 increased by 6% from the previous quarter, primarily due to an increase of administrative personnel. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 5% of the net revenues, decreasing from 6% in the same period in 2009, and remained consistent with that in the previous quarter.

 

 


 

Income from operations for the second quarter of 2010 was RMB257 million (US$38 million), representing an increase of 57% from the same period in 2009 and an increase of 31% from the previous quarter. Excluding share-based compensation charges (non-GAAP), income from operations was RMB316 million (US$47 million), representing an increase of 66% from the same period in 2009 and an increase of 21% from the previous quarter.
Operating margin was 37% in the second quarter of 2010, compared to 34% in the same period in 2009, and 33% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 45%, compared to 40% in the same period in 2009 and 44% in the previous quarter.
Net income attributable to Ctrip’s shareholders for the second quarter of 2010 was RMB235 million (US$35 million), representing a 48% increase from the same period in 2009, and a 24% increase from the previous quarter. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip’s shareholders was RMB293 million (US$43 million), representing an increase of 58% from the same period in 2009, and an increase of 15% from the previous quarter.
The effective tax rate for the second quarter of 2010 was 19%, increased from 18% in the same period of 2009 and 12% in the previous quarter, primarily due to the normalization of the tax rate in the second quarter of 2010.
Diluted earnings per ADS were RMB1.55 (US$0.23) for the second quarter of 2010. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB1.93 (US$0.29) for the second quarter of 2010.
As of June 30, 2010, the balance of cash, restricted cash and short-term investment was RMB2.7 billion (US$404 million).
Business Outlook
For the third quarter of 2010, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 35-40%. 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 U.S. Eastern Time on August 9, 2010 (or 9:00AM on August 10, 2010 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 +1.888.680.0894, International dial-in number +1.617.213.4860, Passcode 58663153. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PMCABWTWF.
A telephone replay of the call will be available after the conclusion of the conference call through August 17, 2010. 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 57641801.
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 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, the slow-down of economic growth in China and the global economic downturn, general declines or disruptions in the travel industry, volatility in the trading price of Ctrip’s ADSs, Ctrip’s reliance on its 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, failure to successfully manage current growth and potential future growth, risks associated with any strategic investments or acquisitions, seasonality in the travel industry in 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, inflation in China and in other countries, 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 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, “Stock Compensation” for 2010 and 2009. 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 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, packaged tours, and corporate travel management in China. Ctrip aggregates hotel and flight information to enable business and leisure travelers to make informed and cost-effective bookings. Ctrip also books vacation packages and guided tours. In addition, Ctrip corporate travel management services help 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:
June Zhu
Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12258
Email: jun_zhu@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, 2009     June 30, 2010     June 30, 2010  
    RMB     RMB     USD  
    (unaudited)     (unaudited)     (unaudited)  
 
                       
ASSETS
                       
Current assets:
                       
Cash
    1,434,618,382       1,539,479,378       227,011,631  
Restricted cash
    113,150,289       160,894,895       23,725,561  
Short-term investment
    180,183,917       1,038,322,278       153,111,005  
Accounts receivable, net
    420,579,005       647,605,152       95,495,857  
Prepayments and other current assets
    134,318,164       401,343,732       59,182,147  
Deferred tax assets, current
    23,446,059       34,979,527       5,158,081  
 
                       
Total current assets
    2,306,295,816       3,822,624,962       563,684,282  
 
                       
Long-term deposits
    143,195,191       153,256,984       22,599,275  
Land use rights
    108,922,018       107,627,912       15,870,812  
Property, equipment and software
    550,506,595       612,880,727       90,375,393  
Investment
    658,051,285       1,244,942,687       183,579,250  
Goodwill
    322,936,838       758,231,441       111,808,809  
Intangible assets
    66,851,954       295,887,513       43,631,573  
 
                       
Total assets
    4,156,759,697       6,995,452,226       1,031,549,394  
 
                       
LIABILITIES
                       
Current liabilities:
                       
Accounts payable
    291,045,743       625,913,266       92,297,171  
Salary and welfare payable
    130,539,660       144,638,916       21,328,455  
Taxes payable
    142,256,695       117,864,771       17,380,339  
Advances from customers
    276,792,049       487,229,567       71,846,873  
Accrued liability for customer reward program
    88,254,996       103,249,360       15,225,151  
Other payables and accruals
    229,652,319       227,395,815       33,531,786  
 
                       
Total current liabilities
    1,158,541,462       1,706,291,695       251,609,775  
 
                       
Deferred tax liabilities, non-current
    11,509,937       49,180,880       7,252,213  
 
                       
Total liabilities
    1,170,051,399       1,755,472,575       258,861,988  
 
                       
SHAREHOLDERS’ EQUITY
                       
Share capital
    2,801,334       2,920,614       430,674  
Additional paid-in capital
    1,219,815,250       2,931,265,943       432,244,480  
Statutory reserves
    72,489,182       72,489,182       10,689,255  
Accumulated other comprehensive (loss) / income
    (77,742,443 )     16,883,180       2,489,594  
Retained Earnings
    1,707,684,596       2,133,341,440       314,582,532  
 
                       
Total Ctrip’s shareholders’ equity
    2,925,047,919       5,156,900,359       760,436,535  
 
                       
Noncontrolling interests
    61,660,379       83,079,292       12,250,871  
 
                       
Total shareholders’ equity
    2,986,708,298       5,239,979,651       772,687,406  
 
                       
Total liabilities and shareholders’ equity
    4,156,759,697       6,995,452,226       1,031,549,394  

 

 


 

Ctrip.com International, Ltd.
Consolidated Statement of Operations Information
                                 
    Quarter Ended     Quarter Ended     Quarter Ended     Quarter Ended  
    June 30, 2009     March 31, 2010     June 30, 2010     June 30, 2010  
    RMB     RMB     RMB     USD  
    (unaudited)     (unaudited)     (unaudited)     (unaudited)  
 
                               
Revenues:
                               
Hotel reservation
    223,271,782       251,912,292       316,150,468       46,619,548  
Air-ticketing**
    216,242,260       264,723,073       307,233,692       45,304,681  
Packaged tour
    35,689,994       71,781,013       67,042,613       9,886,104  
Corporate travel**
    18,366,314       26,274,358       33,659,355       4,963,409  
Others
    14,088,260       12,514,361       17,559,484       2,589,322  
 
                               
Total revenues
    507,658,610       627,205,097       741,645,612       109,363,064  
 
                               
Less: business tax and related surcharges
    (31,371,685 )     (40,483,224 )     (46,465,222 )     (6,851,762 )
 
                               
Net revenues
    476,286,925       586,721,873       695,180,390       102,511,302  
 
                               
Cost of revenues
    (108,061,461 )     (128,377,508 )     (151,154,849 )     (22,289,294 )
 
                               
Gross profit
    368,225,464       458,344,365       544,025,541       80,222,008  
 
                               
Operating expenses:
                               
Product development *
    (76,285,782 )     (100,721,820 )     (109,293,974 )     (16,116,490 )
Sales and marketing *
    (82,817,192 )     (94,439,324 )     (106,724,067 )     (15,737,531 )
General and administrative *
    (45,444,456 )     (66,741,488 )     (70,629,317 )     (10,414,999 )
 
                               
Total operating expenses
    (204,547,430 )     (261,902,632 )     (286,647,358 )     (42,269,020 )
 
                               
Income from operations
    163,678,034       196,441,733       257,378,183       37,952,988  
 
                               
Interest income
    5,000,977       5,337,051       8,954,150       1,320,379  
Other income
    18,276,381       581,797       15,980,806       2,356,530  
 
                               
Income before income tax expense and equity in income
    186,955,392       202,360,581       282,313,139       41,629,897  
 
                               
Income tax expense
    (33,393,036 )     (24,314,306 )     (52,389,816 )     (7,725,402 )
Equity in income of affiliates
    6,581,137       11,236,298       7,222,181       1,064,983  
 
                               
Net income
    160,143,493       189,282,573       237,145,504       34,969,478  
 
                               
Less: Net (income) / loss attributable to noncontrolling interests
    (1,284,685 )     1,162,858       (1,934,091 )     (285,201 )
 
                               
Net income attributable to Ctrip’s shareholders
    158,858,808       190,445,431       235,211,413       34,684,277  
 
                               
Earnings per ordinary share
                               
- Basic
    4.73       5.53       6.58       0.97  
- Diluted
    4.54       5.21       6.20       0.91  
 
                               
Earnings per ADS
                               
- Basic
    1.18       1.38       1.64       0.24  
- Diluted
    1.14       1.30       1.55       0.23  
 
                               
Weighted average ordinary shares outstanding
                               
- Basic
    33,574,513       34,467,334       35,756,826       35,756,826  
- Diluted
    34,973,103       36,561,172       37,917,285       37,917,285  
 
                               
* Share-based compensation charges included are as follows:
                               
Product development
    7,279,340       15,993,081       14,981,755       2,209,210  
Sales and marketing
    4,040,372       8,843,140       8,033,136       1,184,566  
General and administrative
    15,661,986       39,386,817       35,211,001       5,192,214  
     
**  
Certain prior year amounts have been reclassified with no effect on net income or retained earnings to conform to the 2010 financial information presentation. Revenues are presented in accordance with the definitions below:
 
   
Air-ticketing revenues primarily include commissions from air ticket booking and related services, including sales of aviation casualty insurance, and revenue generated from air-ticket delivery services.
 
   
Corporate travel management revenues primarily include commissions from hotel reservation, air ticket booking and packaged-tour services rendered to corporate clients.

 

 


 

Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)
                                                 
    Quarter Ended June 30, 2010  
            % of Net     Share-based     % of Net     Non-GAAP     % of Net  
    GAAP Result     Revenue     Compensation     Revenue     Result     Revenue  
 
                                               
Product development
    (109,293,974 )     16 %     14,981,755       2 %     (94,312,219 )     14 %
Sales and marketing
    (106,724,067 )     15 %     8,033,136       1 %     (98,690,931 )     14 %
General and administrative
    (70,629,317 )     10 %     35,211,001       5 %     (35,418,316 )     5 %
 
                                         
Total operating expenses
    (286,647,358 )     41 %     58,225,892       8 %     (228,421,466 )     33 %
 
                                               
Income from operations
    257,378,183       37 %     58,225,892       8 %     315,604,075       45 %
 
                                               
Net income attributable to Ctrip’s shareholders
    235,211,413       34 %     58,225,892       8 %     293,437,305       42 %
 
                                               
Diluted earnings per ordinary share (RMB)
    6.20               1.54               7.74          
 
                                               
Diluted earnings per ADS (RMB)
    1.55               0.38               1.93          
 
                                               
Diluted earnings per ADS (USD)
    0.23               0.06               0.29          
                                                 
    Quarter Ended March 31, 2010  
            % of Net     Share-based     % of Net     Non-GAAP     % of Net  
    GAAP Result     Revenue     Compensation     Revenue     Result     Revenue  
 
                                               
Product development
    (100,721,820 )     17 %     15,993,081       3 %     (84,728,739 )     14 %
Sales and marketing
    (94,439,324 )     16 %     8,843,140       2 %     (85,596,184 )     15 %
General and administrative
    (66,741,488 )     11 %     39,386,817       7 %     (27,354,671 )     5 %
 
                                         
Total operating expenses
    (261,902,632 )     45 %     64,223,038       11 %     (197,679,594 )     34 %
 
                                               
Income from operations
    196,441,733       33 %     64,223,038       11 %     260,664,771       44 %
 
                                               
Net income attributable to Ctrip’s shareholders
    190,445,431       32 %     64,223,038       11 %     254,668,469       43 %
 
                                               
Diluted earnings per ordinary share (RMB)
    5.21               1.76               6.97          
 
                                               
Diluted earnings per ADS (RMB)
    1.30               0.44               1.74          
 
                                               
Diluted earnings per ADS (USD)
    0.19               0.06               0.26          
                                                 
    Quarter Ended June 30, 2009  
            % of Net     Share-based     % of Net     Non-GAAP     % of Net  
    GAAP 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)
    1.14               0.19               1.33          
 
                                               
Diluted earnings per ADS (USD)
    0.17               0.03               0.19          
     
Notes for all the 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=RMB6.7815 on June 30, 2010 published by the Federal Reserve Board.
 
Note 2:  
Effective on January 21, 2010, Company changed ratio of the American Depositary Shares (“ADSs”) to ordinary shares from two (2) ADSs representing one (1) ordinary shares to four (4) ADSs representing one (1) ordinary share. The change is reflected retroactively in the numbers for all the periods presented above.

 

 

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