March 19 -- Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), today announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2014.
"In the fourth quarter of 2014, our main business lines demonstrated strong momentum," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Accommodation reservation and transportation ticketing services reached 53% and 102% year-over-year volume growth respectively. Total GMV of packaged tour business reached RMB13 billion in 2014. Our new initiatives have propelled the expansion in our market share. Cumulative mobile app downloads reached nearly 600 million by the end of the year, growing over 70% from the previous quarter. Over 70% of transactions were made through mobile platforms during the Chinese New Year holiday.
2015 could be another exciting year. We will continue to focus on technology, service quality and efficiency, product comprehensiveness and price competitiveness, to create greater value for our customers, our partners, our employees and ultimately, our investors."
Fourth Quarter and Full Year 2014 Financial Results and Business Updates
For the fourth quarter of 2014, Ctrip reported total revenues of RMB2.0 billion (US$326 million), representing a 32% increase from the same period in 2013. Total revenues for the fourth quarter of 2014 decreased by 11% from the previous quarter.
For the full year ended December 31, 2014, total revenues were RMB7.8 billion (US$1.3 billion), representing a 36% increase from 2013.
Accommodation reservation revenues amounted to RMB842 million (US$136 million) for the fourth quarter of 2014, representing a 31% increase year-on-year, primarily driven by an increase of 53% in accommodation reservation volume, partially offset by the decrease of commission per room night.
Accommodation reservation revenues decreased by 11% quarter-on-quarter.
For the full year ended December 31, 2014, accommodation reservation revenues were RMB3.2 billion (US$516 million), representing a 45% increase from 2013. The hotel reservation revenues accounted for 41% of the total revenues in 2014 and 39% of the total revenue in 2013.
Transportation ticketing revenues for the fourth quarter of 2014 were RMB774 million (US$125 million), representing a 34% increase year-on-year, driven by an increase of 102% in ticketing volume. Transportation ticketing revenues decreased by 3% quarter-on-quarter.
For the full year ended December 31, 2014, transportation ticketing reservation revenues were RMB3.0 billion (US$475 million), representing a 36% increase from 2013. The transportation ticketing revenues accounted for 38% of the total revenues in 2014 and 2013.
Packaged-tour revenues for the fourth quarter of 2014 were RMB233 million (US$38 million), representing a 20% increase year-on-year, driven by an increase of 54% in volume of organized tours and self-guided tours. Packaged-tour revenues decreased by 35% quarter-on-quarter, primarily due to seasonality.
For the full year ended December 31, 2014, packaged-tour reservation revenues were RMB1.1 billion (US$170 million), representing a 13% increase from 2013. The packaged-tour reservation revenues accounted for 14% of the total revenues in 2014 and 16% of the total revenues in 2013.
Corporate travel revenues for the fourth quarter of 2014 were RMB108 million (US$17 million), representing a 38% increase year-on-year, primarily driven by the increased corporate travel demand from business activities. Corporate travel revenues increased by 4% quarter-on-quarter.
For the full year ended December 31, 2014, corporate travel revenues were RMB373 million (US$60 million), representing a 40% increase from 2013. The corporate travel reservation revenues accounted for 5% of the total revenues in 2014 and 2013.
For the fourth quarter of 2014, net revenues were RMB1.9 billion (US$308 million), representing a 33% increase from the same period in 2013. Net revenues for the fourth quarter of 2014 decreased by 10% from the previous quarter.
For the full year ended December 31, 2014, net revenues were RMB7.3 billion (US$1.2 billion), representing a 36% increase from 2013.
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 December 31, 2014, gross margin was 71%, compared to 74% in 2013.
Product development expenses for the fourth quarter of 2014 increased by 137% to RMB789 million (US$127 million) from the same period in 2013 and 29% from the previous quarter, primarily due to an increase in product development personnel related expenses. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 39% of the net revenues, increased from 21% in the same period in 2013 and 26% in the previous quarter.
For the full year ended December 31, 2014, product development expenses were RMB2.3 billion (US$374 million), representing an increase of 86% from 2013. Excluding share-based compensation charges (non-GAAP), product development expenses accounted for 29% of the net revenues, increased from 21% in 2013.
Sales and marketing expenses for the fourth quarter of 2014 increased by 88% to RMB707 million (US$114 million) from the same period in 2013 and increased by 18% from the previous quarter, primarily due to an increase in sales and marketing related activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 36% of the net revenues, increased from 25% in the same period in 2013 and 27% in the previous quarter.
For the full year ended December 31, 2014, sales and marketing expenses were RMB2.2 billion (US$357 million), representing an increase of 74% from 2013. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accounted for 29% of the net revenues, increased from 23% in 2013.
General and administrative expenses for the fourth quarter of 2014 increased by 52% to RMB234 million (US$38 million) from the same period in 2013, primarily due to an increase in administrative personnel related expenses. General and administrative expenses for the fourth quarter of 2014 decreased by 3% from the previous quarter. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 9% of the net revenues, increased from 6% in the same period in 2013 and 8% in the previous quarter.
For the full year ended December 31, 2014, general and administrative expenses were RMB862 million (US$139 million), representing an increase of 33% from 2013. Excluding share-based compensation charges (non-GAAP), general and administrative expenses accounted for 8% of the net revenues, increased from 7% in 2013.
Loss from operations for the fourth quarter of 2014 was RMB401 million (US$65 million), compared to income from operations of RMB183 million (US$30 million) in the same period in 2013 and RMB88 million (US$14 million) in the previous quarter. Excluding share-based compensation charges (non-GAAP), loss from operations was RMB274 million (US$44 million), compared to income from operations of RMB289 million (US$48 million) in the same period in 2013 and RMB225 million (US$37 million) in the previous quarter.
For the full year ended December 31, 2014, loss from operations was RMB151 million (US$24 million), compared to income from operations of RMB838 million (US$139 million) in 2013.
Excluding share-based compensation charges (non-GAAP), income from operations was RMB346 million (US$56 million), decreasing by 73% from 2013.
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 December 31, 2014, operating margin was -2%, compared to 16% in 2013.
Excluding share-based compensation charges (non-GAAP), operating margin was 5%, compared to 24% in 2013.
Income tax benefit for the fourth quarter of 2014 was RMB13 million (US$2 million), compared to income tax expense of RMB70 million (US$12 million) in the same period of 2013 and RMB50 million (US$8 million) in the previous quarter.
Income tax expense for the full year ended December 31, 2014 was RMB131 million (US$21 million), compared to RMB294 million (US$49 million) in 2013.
Net loss attributable to Ctrip's shareholders for the fourth quarter of 2014 was RMB224 million (US$36 million), compared to net income attributable to Ctrip's shareholders of RMB261 million (US$43 million) in the same period in 2013 and RMB217 million (US$35 million) in the previous quarter. Excluding share-based compensation charges (non-GAAP), net loss attributable to Ctrip's shareholders was RMB98 million (US$16 million), compared to net income attributable to Ctrip's shareholders of RMB368 million (US$61 million) in the same period in 2013 and RMB354 million (US$58 million) in the previous quarter.
For the full year ended December 31, 2014, net income attributable to Ctrip's shareholders was RMB243 million (US$39 million), representing a decrease of 76% from 2013. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB739 million (US$119 million), representing a decrease of 49% from 2013.
Diluted earnings per ADS were RMB-1.60 (US$-0.26) for the fourth quarter of 2014. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB-0.70 (US$-0.11) for the fourth quarter of 2014.
For the full year ended December 31, 2014, diluted earnings per ADS were RMB1.59 (US$0.26), compared to RMB6.66 (US$1.10) in 2013. Excluding share-based compensation charges (non-GAAP), diluted earnings per ADS were RMB4.84 (US$0.78), compared to RMB9.53 (US$1.57) in 2013.
As of December 31, 2014, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB12.6 billion (US$2.0 billion).
Recent Development
In the first quarter 2015, Ctrip established Beijing Joint Wisdom Information Technology Co., Ltd. (Joint Wisdom) by merging several key subsidiaries, including Brandwisdom.cn, China's leading company providing hotel big data mining and other value-added services, with Ctrip Beijing China Software Hotel Information System Co., Ltd., China's one of the leading property management system providers. With the combined strength, Joint Wisdom is providing the full set of property management system solutions to cover about 60,000 hotels in China, ranging from hostels to high star ones.
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. Jane Jie Sun, Chief Operating Officer of the Company since May 2012 and Chief Financial Officer of the Company from December 2005 to May 2012, to be promoted and concurrently serve as Co-President and Chief Operating Officer of the Company, effective immediately. Ms. Sun has made significant contributions in building Ctrip into a leading internet travel company since she joined Ctrip over nine years ago. With an ongoing focus on business operations, Ms. Sun will work closely with the other core management team and bring the Company to the next level of success.
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.
Source: Ctrip
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