Shulou(Shulou.com)11/24 Report--

Beijing time on June 8 morning news, Ctrip Group today announced the company's first quarter ended March 31,2023 unaudited financial results. According to the financial report, in the first quarter of 2023, Ctrip Group's net operating income was 9.2 billion yuan (about 1.3 billion US dollars), up 124% compared with the same period in 2022 and 83% compared with the previous quarter; Net profit was 3.4 billion yuan (about 491 million US dollars), net loss for the same period in 2022 was 1 billion yuan, net profit for the previous quarter was 2.1 billion yuan.

According to data provided by Yahoo Finance Channel, 11 Wall Street analysts had expected, on average, non-GAAP earnings per share for Ctrip Group in the first quarter to reach $0.25. According to the financial report, Ctrip Group's diluted earnings per common share and American depositary shares in the first quarter of 2023 were 3.07 yuan (about $0.45), exceeding analysts 'expectations.

In addition, 14 Wall Street analysts had expected, on average, that Ctrip's first-quarter revenue would reach $1.13 billion. Ctrip Group's net operating income for the first quarter was 9.2 billion yuan ($1.3 billion), exceeding analysts 'expectations, according to the earnings report.

Business Highlights in the First Quarter of 2023 Domestic and international businesses continued to show strong recovery in the first quarter of 2023.

- Domestic hotel bookings increased by more than 100% year-on-year.

- Hotel bookings in the same city increased by 150% compared with the same period in 2019, reaching pre-epidemic levels.

- Although the overall outbound aviation market recovered by 15%, outbound hotel and ticket bookings recovered to more than 40% of the same period in 2019, reaching pre-epidemic levels.

- Ticket bookings on the company's global OTA platform increased by more than 200% year-on-year and more than 100% compared with the same period in 2019 (pre-epidemic level).

Highlights of the first quarter of 2023-Net revenue increased by 124% year-on-year, exceeding the same period in 2019 (pre-pandemic).

- Net profit was 3.4 billion yuan ($491 million), compared with a net loss of 1 billion yuan in the same period in 2022 and a net profit of 2.1 billion yuan in the previous quarter.

- Adjusted EBITDA was 2.8 billion yuan ($410 million), and adjusted EBITDA margin was 31%, compared with 2% in the same period in 2022 and 6% in the previous quarter.

Details of the results for the first quarter of 2023: Since the lifting of most travel restrictions and quarantine requirements in China, Ctrip Group's business has recovered significantly. Since January 2023, cumulative travel backlog demand has been released.

Ctrip Group's net revenue for the first quarter of 2023 was 9.2 billion yuan ($1.3 billion), up 124% from the same period in 2022 and 83% from the previous quarter, mainly due to a significant recovery in the tourism market.

Ctrip Group's accommodation booking revenue in the first quarter of 2023 was 3.5 billion yuan (US $507 million), up 140% compared with the same period in 2022 and 106% compared with the previous quarter, mainly due to a significant recovery in the tourism market.

Ctrip Group's traffic ticket revenue in the first quarter of 2023 was 4.2 billion yuan (US $605 million), up 150% compared with the same period in 2022 and 89% compared with the previous quarter, mainly due to a significant recovery in the tourism market.

In the first quarter of 2023, Ctrip Group's operating revenue from tourism and vacation business was 386 million yuan (US $56 million), up 211% compared with the same period in 2022 and 135% compared with the previous quarter, mainly due to a significant recovery in the tourism market.

Ctrip Group's business travel management business revenue in the first quarter of 2023 was 445 million yuan (about US $65 million), up 100% compared with the same period in 2022 and 61% compared with the previous quarter, mainly due to the significant recovery of the tourism market

Ctrip Group's revenue cost for the first quarter of 2023 was 1.6 billion yuan ($238 million), up 53% from the same period in 2022 and 37% from the previous quarter, mainly due to a significant recovery in the tourism market. Ctrip Group's revenue cost in the first quarter of 2023 accounted for 18% of net revenue.

Ctrip Group's product development expenses in the first quarter of 2023 were 2.7 billion yuan (US $389 million), up 35% from the same period in 2022 and 27% from the previous quarter, mainly due to increased expenses related to product developers. Product development expenses accounted for 29% of net operating income in the first quarter of 2023.

Ctrip Group's sales and marketing expenses for the first quarter of 2023 were 1.8 billion yuan (US $256 million), up 108% from the same period in 2022 and 53% from the previous quarter, mainly due to increased expenses related to sales and marketing promotions. Sales and marketing expenses accounted for 19% of net operating income in the first quarter of 2023.

Ctrip Group's management expenses for the first quarter of 2023 were 891 million yuan (US $130 million), up 53% from the same period in 2022 and 9% from the previous quarter, mainly due to increased management-related expenses. Ctrip Group's administrative expenses accounted for 10% of net operating income in the first quarter of 2023.

Ctrip Group's income tax expense for the first quarter of 2023 was 341 million yuan ($50 million), compared with 14 million yuan in income tax revenue for the same period in 2022 and 246 million yuan in income tax expenses for the previous quarter. The change in the effective tax rate of Ctrip Group is mainly due to the combined effect of changes in the profitability of subsidiaries with different tax rates, certain non-taxable income or losses caused by changes in the fair value of equity securities investments and exchangeable senior notes, and changes in deferred tax asset valuation provisions.

Ctrip Group's net profit for the first quarter was 3.4 billion yuan ($491 million), compared with a net loss of 1 billion yuan in the same period in 2022 and a net profit of 2.1 billion yuan in the previous quarter. Ctrip Group's adjusted EBITDA for the first quarter was 2.8 billion yuan ($410 million), compared with 91 million yuan in the same period in 2022 and 286 million yuan in the previous quarter; adjusted EBITDA margin was 31%, compared with 2% in the same period in 2022 and 6% in the previous quarter.

Ctrip Group's net profit attributable to shareholders was 3.4 billion yuan ($491 million) in the first quarter, compared with a net loss of 1 billion yuan in the same period in 2022, compared with 2.1 billion yuan in the previous quarter. Excluding equity compensation expenses and changes in fair value of equity securities investments and exchangeable senior notes included in other income (expenses) and their tax effects, non-GAAP net profit attributable to shareholders of Ctrip Group for the first quarter of 2023 was RMB 2.1 billion (About $300 million), the non-GAAP net loss attributable to shareholders of the Company was RMB 36 million in the same period in 2022, compared with RMB 498 million in the previous quarter.

Ctrip Group's diluted earnings per common share and per American depositary share in the first quarter of 2023 were 5.02 yuan ($0.73). Excluding equity-based compensation expenses and changes in fair value of equity securities investments and exchangeable senior notes included in other income (expenses) and their tax effects (not in accordance with US GAAP), Ctrip Group's diluted earnings per common share and per American depositary share for the first quarter of 2023 were RMB 3.07 (approximately US $0.45). Each American Depositary Receipt of Ctrip Group represents 1 common share.

As of March 31,2023, the balance of cash, cash equivalents, restricted cash, short-term investments, held-to-maturity deposits and financial products held by Ctrip Group was RMB 68 billion yuan (about US $9.9 billion).

Share price changes: On the same day, the company's shares fell $0.83, or 2.36%, to close at $34.29 in regular Nasdaq trading. Ctrip shares rose $0.81, or 2.36 percent, to $35.10 in after-hours trading as of 6:47 p.m. ET on Monday. Over the past 52 weeks, Ctrip has had a high of $40.17 and a low of $19.25.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.