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Ctrip Reports Unaudited Fourth Quarter and Full Year 2012 Financial Results

 Ctrip Reports Unaudited Fourth Quarter and Full Year 2012 Financial Results

PR Newswire

SHANGHAI, Jan. 31, 2013

SHANGHAI, Jan. 31, 2013 /PRNewswire/ -- Ctrip.com International, Ltd. (Nasdaq:
CTRP), a leading travel service provider of hotel accommodations, airline
tickets, packaged tours and corporate travel management in China, today
announced its unaudited financial results for the fourth quarter and the full
year ended December 31, 2012.

Highlights for the Fourth Quarter of 2012

  oNet revenues were RMB1.1 billion (US$177 million) for the fourth quarter
    of 2012, up 19% year-on-year, versus our fourth quarter net revenue
    guidance of 15-20% year-on-year.
  oGross margin was 74% for the fourth quarter of 2012, compared to 76% in
    the same period in 2011.
  oIncome from operations was RMB120 million (US$19 million) for the fourth
    quarter of 2012, down 48% year-on-year. Excluding share-based compensation
    charges (non-GAAP), income from operations was RMB234 million (US$38
    million), down 28% year-on-year.
  oOperating margin was 11% for the fourth quarter of 2012, compared to 25%
    in the same period in 2011. Excluding share-based compensation charges
    (non-GAAP), operating margin was 21%, compared to 35% in the same period
    in 2011.
  oNet income attributable to Ctrip's shareholders was RMB193 million (US$31
    million) for the fourth quarter of 2012, down 24% year-on-year. Excluding
    share-based compensation charges (non-GAAP), net income attributable to
    Ctrip's shareholders was RMB306 million (US$49 million), down 12%
    year-on-year.
  oDiluted earnings per ADS were RMB1.38 (US$0.22) for the fourth quarter of
    2012. Excluding share-based compensation charges (non-GAAP), diluted
    earnings per ADS were RMB2.17 (US$0.35) for the fourth quarter of 2012.
  oShare-based compensation charges were RMB114 million (US$18 million),
    accounting for 10% of the net revenues, or RMB0.80 (US$0.13) per ADS for
    the fourth quarter of 2012.

Highlights for the Full Year 2012

  oNet revenues were RMB4.2 billion (US$668 million) in 2012, up 19% from
    2011.
  oGross margin was 75% in 2012, compared to 77% in 2011.
  oIncome from operations was RMB655 million (US$105 million) in 2012, down
    39% from 2011. Excluding share-based compensation charges (non-GAAP),
    income from operations was RMB1.1 billion (US$174 million) in 2012, down
    23% from 2011.
  oOperating margin was 16% in 2012, compared to 30% in 2011. Excluding
    share-based compensation charges (non-GAAP), operating margin was 26%,
    compared to 40% in 2011.
  oNet income attributable to Ctrip's shareholders was RMB714 million (US$115
    million) in 2012, down 34% from 2011. Excluding share-based compensation
    charges (non-GAAP), net income attributable to Ctrip's shareholders was
    RMB1.1 billion (US$184 million), down 19% from 2011.
  oDiluted earnings per ADS were RMB4.98 (US$0.80) in 2012, compared to
    RMB7.08 (US$1.12) in 2011. Excluding share-based compensation charges
    (non-GAAP), diluted earnings per ADS were RMB7.97 (US$1.28), compared to
    RMB9.33 (US$1.48) in 2011.
  oShare-based compensation charges were RMB432 million (US$69 million),
    accounting for 10% of the net revenues, or RMB2.99 (US$0.48) per ADS in
    2012.

"We are pleased with the solid results in the fourth quarter and full year
2012," said Min Fan, President and Chief Executive Officer of Ctrip. "We
remain focused on our strategy of offering our customers the best products
with the best services at the best prices. 2012 was the year of investment and
we have enhanced our leadership in the online travel market of China. We will
continue to invest in our customer services, product offering, brand
recognition and technology development. Ctrip is well positioned to capture
the fast growing opportunity in China travel market in the future."

Fourth Quarter and Full Year 2012 Financial Results

For the fourth quarter of 2012, Ctrip reported total revenues of RMB1.17
billion (US$187 million), representing an 18% increase from the same period in
2011. Total revenues for the fourth quarter of 2012 decreased by 6% from the
previous quarter.

For the full year ended December 31, 2012, total revenues were RMB4.4 billion
(US$708 million), representing an 18% increase from 2011.

Hotel reservation revenues amounted to RMB468 million (US$75 million) for the
fourth quarter of 2012, representing a 17% increase year-on-year, primarily
driven by an increase of 36% in hotel reservation volume and partially offset
by a decrease of 14% in commission per room night. The decrease of commission
per room night was primarily due to promotional activities. Hotel reservation
revenues increased by 2% quarter-on-quarter.

For the full year ended December 31, 2012, hotel reservation revenues were
RMB1.7 billion (US$273 million), representing a 15% increase from 2011. The
hotel reservation revenues accounted for 39% of the total revenues in 2012,
compared to 40% in 2011.

Air ticket booking revenues for the fourth quarter of 2012 were RMB447 million
(US$72 million), representing an 18% increase year-on-year, primarily driven
by an increase in air tickets sales volume. Air ticket booking revenues
decreased by 7% quarter-on-quarter, primarily due to seasonality.

For the full year ended December 31, 2012, air ticket booking revenues were
RMB1.7 billion (US$271 million), representing an 18% increase from 2011. The
air ticket booking revenues accounted for 38% of the total revenues in 2012,
compared to 39% in 2011.

Packaged-tour revenues for the fourth quarter of 2012 were RMB166 million
(US$27 million), representing a 27% increase year-on-year due to the increase
of leisure travel volume. Packaged-tour revenues decreased by 26%
quarter-on-quarter, primarily due to seasonality.

For the full year ended December 31, 2012, packaged tour revenues were RMB690
million (US$111 million), representing a 29% increase from 2011. The packaged
tour revenues accounted for 16% of the total revenues in 2012, compared to 14%
in 2011.

Corporate travel revenues for the fourth quarter of 2012 were RMB58 million
(US$9 million), representing a 22% increase year-on-year and a 6% increase
quarter-on-quarter, primarily driven by the increased corporate travel demand
from business activities.

For the full year ended December 31, 2012, corporate travel revenues were
RMB200 million (US$32 million), representing a 24% increase from 2011. The
corporate travel revenues accounted for 5% of the total revenues in 2012,
compared to 4% in 2011.

For the fourth quarter of 2012, net revenues were RMB1.1 billion (US$177
million), representing a 19% increase from the same period in 2011. Net
revenues for the fourth quarter of 2012 decreased by 6% from the previous
quarter.

For the full year ended December 31, 2012, net revenues were RMB4.2 billion
(US$668 million), representing a 19% increase from 2011.

Gross margin was 74% for the fourth quarter of 2012, compared to 76% in the
same period in 2011 and in the previous quarter.

For the full year ended December 31, 2012, gross margin was 75%, compared to
77% in 2011.

Product development expenses for the fourth quarter of 2012 increased by 53%
to RMB264 million (US$42 million) from the same period in 2011, and increased
by 9% from the previous quarter, primarily due to an increase in product
development personnel related expense and share-based compensation charges.
Excluding share-based compensation charges (non-GAAP), product development
expenses accounted for 21% of the net revenues, increased from 16% in the same
period in 2011 and increased from 18% in the previous quarter.

For the full year ended December 31, 2012, product development expenses were
RMB912 million (US$146 million), representing an increase of 52% from 2011.
Excluding share-based compensation charges (non-GAAP), product development
expenses accounted for 19% of the net revenues, increased from 14% in 2011.

Sales and marketing expenses for the fourth quarter of 2012 increased by 52%
to RMB281 million (US$45 million) from the same period in 2011, primarily due
to an increase in sales and marketing related activities and personnel related
expense. Sales and marketing expenses for the fourth quarter of 2012 decreased
by 7% from the previous quarter, primarily due to a decrease in sales and
marketing related activities. Excluding share-based compensation charges
(non-GAAP), sales and marketing expenses accounted for 24% of the net
revenues, increased from 19% in the same period in 2011 and decreased from 25%
in the previous quarter.

For the full year ended December 31, 2012, sales and marketing expenses were
RMB984 million (US$158 million), representing an increase of 58% from 2011.
Excluding share-based compensation charges (non-GAAP), sales and marketing
expenses accounted for 22% of the net revenues, increasing from 16% in 2011.

General and administrative expenses for the fourth quarter of 2012 increased
by 34% to RMB152 million (US$24 million) from the same period in 2011,
primarily due to an increase in administrative personnel, share-based
compensation charges and the incremental turnover tax due to the new
value-added tax reform. General and administrative expenses for the fourth
quarter of 2012 increased by 1% from the previous quarter. Excluding
share-based compensation charges (non-GAAP), general and administrative
expenses accounted for 8% of the net revenues, increased from 6% in the same
period in 2011 and remained consistent with that in the previous quarter.

For the full year ended December 31, 2012, general and administrative expenses
were RMB570 million (US$92 million), representing a 42% increase from 2011.
Excluding share-based compensation charges (non-GAAP), general and
administrative expenses accounted for 8% of the net revenues, increasing from
6% in 2011.

Income from operations for the fourth quarter of 2012 was RMB120 million
(US$19 million), representing a decrease of 48% from the same period in 2011
and a decrease of 37% from the previous quarter. Excluding share-based
compensation charges (non-GAAP), income from operations was RMB234 million
(US$38 million), representing a decrease of 28% from the same period in 2011
and a decrease of 22% from the previous quarter.

For the full year ended December 31, 2012, income from operations was RMB655
million (US$105 million), representing a decrease of 39% from 2011. Excluding
share-based compensation charges (non-GAAP), income from operations was RMB1.1
billion (US$174 million), decreasing by 23% from 2011.

Operating margin was 11% for the fourth quarter of 2012, compared to 25% in
the same period in 2011, and 16% in the previous quarter. Excluding
share-based compensation charges (non-GAAP), operating margin was 21%,
decreased from 35% in the same period in 2011 and 25% in the previous
quarter.

For the full year ended December 31, 2012, operating margin was 16%, compared
to 30% in 2011. Excluding share-based compensation charges (non-GAAP),
operating margin was 26%, compared to 40% in 2011.

The effective tax rate for the fourth quarter of 2012 was 25%, increased from
23% in the same period of 2011 and increased from 24% in the previous quarter,
primarily due to the increase in the amount of non tax-deductible share-based
compensation as a percentage to our income before income tax expense as a
whole.

The effective tax rate for the full year ended December 31, 2012 was 31%,
compared to 20% in 2011, primarily due to the provision of 5% PRC withholding
tax related to the dividends that our PRC subsidiaries would pay to their
direct parent, which is our Hong Kong subsidiary to fund the share repurchase
program announced in June 2012, and the increase in the amount of non
tax-deductible share-based compensation as a percentage to our income before
income tax expense as a whole. This was partially offset by the preferential
tax treatment of certain consolidated PRC entities.

Net income attributable to Ctrip's shareholders for the fourth quarter of 2012
was RMB193 million (US$31 million), representing a decrease of 24% from the
same period in 2011 and a decrease of 1% from the previous quarter. Excluding
share-based compensation charges (non-GAAP), net income attributable to
Ctrip's shareholders was RMB306 million (US$49 million), representing a
decrease of 12% from the same period in 2011 and an increase of 1% from the
previous quarter.

For the full year ended December 31, 2012, net income attributable to Ctrip's
shareholders was RMB714 million (US$115 million), representing a decrease of
34% from 2011. Excluding share-based compensation charges (non-GAAP), net
income attributable to Ctrip's shareholders was RMB1.1 billion (US$184
million), representing a decrease of 19% from 2011.

Diluted earnings per ADS were RMB1.38 (US$0.22) for the fourth quarter of
2012. Excluding share-based compensation charges (non-GAAP), diluted earnings
per ADS were RMB2.17 (US$0.35) for the fourth quarter of 2012.

For the full year ended December 31, 2012, diluted earnings per ADS were
RMB4.98 (US$0.80), compared to RMB7.08 (US$1.12) in 2011. Excluding
share-based compensation charges (non-GAAP), diluted earnings per ADS were
RMB7.97 (US$1.28), compared to RMB9.33 (US$1.48) in 2011.

As of December 31, 2012, the balance of cash and cash equivalents, restricted
cash and short-term investment was RMB5.6 billion (US$899 million).

Business Outlook

For the first quarter of 2013, the Company expects to continue the net revenue
growth year-on-year at a rate of approximately 15-20%. This forecast reflects
Ctrip's current and preliminary view, which is subject to change.

Recent Development

As of January 31, 2013, Ctrip had purchased approximately 17.5 million ADSs in
aggregate with a total consideration of US$299 million under three existing
share repurchase plans adopted in 2008, 2011 and 2012.

Conference Call

Ctrip's management team will host a conference call at 8:00PM U.S. Eastern
Time on January 31, 2013 (or 9:00AM on February 1, 2013 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
+1.888.680.0865, International dial-in number + 1.617.213.4853, Passcode 933
687 02#. For pre-registration, please click:
https://www.theconferencingservice.com/prereg/key.process?key=PMQJDER9M

A telephone replay of the call will be available after the conclusion of the
conference call through February 8, 2013. 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 42293562.

SafeHarborStatement

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 and
contractual arrangements 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 mainland 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 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 2012 and
2011. 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 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:

Investor Relations

Ctrip.com International, Ltd.
Tel: (+86) 21 3406 4880 X 12928
Email: iremail@ctrip.com



Ctrip.com International, Ltd.
Unaudited Condensed Consolidated Balance Sheets
                                                   December31,2011   December31,2012   December31,2012
                                                   RMB                 RMB                 USD
                                                   (unaudited)         (unaudited)         (unaudited)
 ASSETS
 Current assets:
 Cashandcashequivalents     3,503,428,418       3,421,532,962       549,193,907
 Restricted cash                                   211,636,294         768,228,577         123,309,189
 Short-term investment                            1,288,471,562       1,408,664,335       226,106,216
 Accounts receivable, net                          789,036,329         983,804,403         157,911,495
 Prepayments and other current assets          566,187,711         999,148,710         160,374,425
 Deferred tax assets, current                      39,782,201          61,840,526          9,926,089
 Total current assets                              6,398,542,515       7,643,219,513       1,226,821,321
 Long-term deposits and prepayments           155,360,492         210,618,310         33,806,569
 Land use rights                                   113,460,899         110,659,284         17,762,040
 Property, equipment and software                  683,903,870         1,123,937,191       180,404,358
 Investment                                        1,305,145,043       1,437,247,949       230,694,202
 Goodwill                                          798,601,767         822,585,341         132,034,051
 Intangible assets                                 306,420,192         321,483,420         51,601,647
 Total assets                                      9,761,434,778       11,669,751,008      1,873,124,188
 LIABILITIES
 Current liabilities:
 Short-term borrowings                             -                   453,478,628         72,788,339
 Accounts payable                                  763,256,074         1,023,672,151       164,310,709
 Salary and welfare payable                        145,524,036         229,969,924         36,912,718
 Taxes payable                                     220,604,123         216,456,010         34,743,585
 Advances from customers                           1,090,852,066       1,414,865,769       227,101,615
 Accruedliabilityforcustomerrewardprogram  161,838,531         217,548,153         34,918,886
 Other payables and accruals                       185,985,423         354,153,607         56,845,573
 Total current liabilities                         2,568,060,253       3,910,144,242       627,621,425
 Deferred tax liabilities, non-current             48,308,692          53,309,153          8,556,709
 Long-term Debt                                    -                   1,121,418,000       180,000,000
 Total liabilities                                 2,616,368,945       5,084,871,395       816,178,134
 SHAREHOLDERS' EQUITY
 Share capital                                     2,939,527           2,979,144           478,186
 Additional paid-in capital                        3,465,924,424       3,818,256,227       612,872,382
 Statutory reserves                                98,049,668          103,222,512         16,568,356
 Accumulated other comprehensive loss              (172,466,277)       (58,778,675)        (9,434,628)
 Retained Earnings                                 3,806,608,747       4,515,841,767       724,842,580
 Treasury stock                                   (158,761,225)       (1,891,888,900)     (303,669,106)
 Total Ctrip's shareholders' equity                7,042,294,864       6,489,632,075       1,041,657,770
 Noncontrolling interests                          102,770,969         95,247,538          15,288,284
 Total shareholders' equity                        7,145,065,833       6,584,879,613       1,056,946,054
 Total liabilities and shareholders' equity        9,761,434,778       11,669,751,008      1,873,124,188







Ctrip.com International, Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
                                                        QuarterEnded       QuarterEnded        QuarterEnded       QuarterEnded
                                                        December31,2011   September30,2012   December31,2012   December31,2012
                                                        RMB                 RMB                  RMB                 USD
                                                        (unaudited)         (unaudited)          (unaudited)         (unaudited)
 Revenues:
 Hotel reservation                                      399,622,781         457,041,173          468,304,604         75,168,072
 Air-ticketing                                          378,235,877         478,367,942          447,186,315         71,778,353
 Packaged tour                                          130,155,486         223,779,798          165,724,297         26,600,584
 Corporate travel                                       47,237,358          54,073,606           57,532,553          9,234,611
 Others                                                 31,344,006          34,085,035           28,546,319          4,582,000
 Total revenues                                         986,595,508         1,247,347,554        1,167,294,088       187,363,620
 Less: business tax and related surcharges              (60,762,409)        (74,345,010)         (65,938,822)        (10,583,911)
 Net revenues                                           925,833,099         1,173,002,544        1,101,355,266       176,779,709
 Cost of revenues                                       (224,533,043)       (285,960,720)        (284,704,746)       (45,698,263)
 Gross profit                                           701,300,056         887,041,824          816,650,520         131,081,446
 Operating expenses:
 Product development *                                  (172,796,077)       (243,244,924)        (264,099,634)       (42,390,914)
 Sales and marketing *                                  (184,658,424)       (302,596,451)        (280,764,753)       (45,065,850)
 General and administrative *                           (113,264,071)       (151,107,619)        (151,879,211)       (24,378,294)
 Total operating expenses                               (470,718,572)       (696,948,994)        (696,743,598)       (111,835,058)
 Income from operations                                 230,581,484         190,092,830          119,906,922         19,246,388
 Interest income                                        32,710,259          54,099,884           34,061,163          5,467,194
 Other income                                           32,831,890          6,104,967            58,378,812          9,370,445
 Incomebeforeincometaxexpenseandequityinincome  296,123,633         250,297,681          212,346,897         34,084,027
 Income tax expense                                     (69,327,999)        (59,394,448)         (53,776,285)        (8,631,689)
 Equity in income of affiliates                         27,675,601          4,792,055            4,265,040           684,586
 Net income                                             254,471,235         195,695,288          162,835,652         26,136,924
 Less: Net (income)/loss attributable to                (1,947,341)         (1,878,491)          29,716,374          4,769,807
 noncontrolling interests
 Net income attributable to Ctrip's shareholders        252,523,894         193,816,797          192,552,026         30,906,731
 Comprehensive income                                   73,250,419          365,152,591          197,932,727         31,770,393
 Earnings per ordinary share
 - Basic                                                7.01                5.82                 5.96                0.96
 - Diluted                                              6.70                5.65                 5.51                0.88
 Earnings per ADS
 - Basic                                                1.75                1.46                 1.49                0.24
 - Diluted                                              1.67                1.41                 1.38                0.22
 Weighted average ordinary shares outstanding
 - Basic                                                36,003,255          33,287,150           32,282,299          32,282,299
 - Diluted                                              37,713,249          34,283,839           35,719,079          35,719,079
 * Share-based compensation charges included are as
 follows:
  Product development                                 28,161,520          33,671,462           35,881,144          5,759,321
  Sales and marketing                                 13,336,213          14,028,219           14,379,832          2,308,122
  General and administrative                          53,218,496          60,789,858           63,478,526          10,189,006





Ctrip.com International, Ltd.
Consolidated Statement of Operations Information
                                                         Year Ended          Year Ended          Year Ended
                                                         December31,2011   December31,2012   December31,2012
                                                         RMB                 RMB                 USD
                                                         (unaudited)         (unaudited)         (unaudited)
 Revenues:
 Hotel reservation                                       1,486,898,858       1,702,500,571       273,270,184
 Air-ticketing                                           1,437,118,164       1,690,285,903       271,309,594
 Packaged tour                                           534,640,183         689,660,631         110,698,164
 Corporate travel                                        161,610,123         199,756,068         32,063,060
 Others                                                  106,036,864         126,989,085         20,383,154
 Total revenues                                          3,726,304,192       4,409,192,258       707,724,156
 Less: business tax and related surcharges               (228,219,564)       (250,401,009)       (40,192,133)
 Net revenues                                            3,498,084,628       4,158,791,249       667,532,023
 Cost of revenues                                        (805,129,784)       (1,037,791,093)     (166,576,956)
 Gross profit                                            2,692,954,844       3,121,000,156       500,955,067
 Operating expenses:
 Product development *                                   (601,485,367)       (911,904,722)       (146,370,800)
 Sales and marketing *                                   (624,599,686)       (984,002,165)       (157,943,238)
 General and administrative *                            (400,875,621)       (570,487,457)       (91,569,552)
 Total operating expenses                                (1,626,960,674)     (2,466,394,344)     (395,883,590)
 Income from operations                                  1,065,994,170       654,605,812         105,071,477
 Interest income                                         106,002,655         165,799,964         26,612,729
 Other income                                            117,623,725         130,287,943         20,912,657
 Incomebeforeincometaxexpenseandequityinincome  1,289,620,550       950,693,719         152,596,863
 Income tax expense                                      (262,186,225)       (294,525,956)       (47,274,676)
 Equity in income of affiliates                          57,525,830          34,343,000          5,512,432
 Net income                                              1,084,960,155       690,510,763         110,834,619
 Less: Net (income)/loss attributable to noncontrolling  (8,545,258)         23,895,101          3,835,428
 interests
 Net income attributable to Ctrip's shareholders         1,076,414,897       714,405,864         114,670,047
 Comprehensive income                                    704,976,536         828,093,466         132,918,166
 Earnings per ordinary share
 - Basic                                                 29.92               20.87               3.35
 - Diluted                                               28.30               19.92               3.20
 Earnings per ADS
 - Basic                                                 7.48                5.22                0.84
 - Diluted                                               7.08                4.98                0.80
 Weighted average ordinary shares outstanding
 - Basic                                                 35,977,063          34,236,761          34,236,761
 - Diluted                                               38,030,974          36,090,785          36,090,785
 * Share-based compensation charges included are as
 follows:
  Product development                                  98,955,335          132,583,177         21,281,067
  Sales and marketing                                  48,191,019          55,892,394          8,971,348
  General and administrative                           195,645,003         243,245,751         39,043,635







Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)
                                                             Quarter Ended December 31, 2012
                                                                           % of     Share-based  % of     Non-GAAP      % of
                                                             GAAP Result  Net      Compensation Net      Result        Net
                                                                           Revenue               Revenue                Revenue
 Product development                                        (264,099,634) 24%      35,881,144   3%       (228,218,490) 21%
 Sales and marketing                                        (280,764,753) 25%      14,379,832   1%       (266,384,921) 24%
 General and administrative                                 (151,879,211) 14%      63,478,526   6%       (88,400,685)  8%
 Total operating expenses                                    (696,743,598) 63%      113,739,502  10%      (583,004,096) 53%
 Income from operations                                      119,906,922   11%      113,739,502  10%      233,646,424   21%
 Netincomeattributable to Ctrip's shareholders             192,552,026   17%      113,739,502  10%      306,291,528   28%
 Diluted earnings per ordinary share (RMB)                   5.51                   3.18                  8.70
 Diluted earnings per ADS (RMB)                              1.38                   0.80                  2.17
 Diluted earnings per ADS (USD)                              0.22                   0.13                  0.35
                                                             Quarter Ended September 30, 2012
                                                                           % of     Share-based  % of     Non-GAAP      % of
                                                             GAAP Result  Net      Compensation Net      Result        Net
                                                                           Revenue               Revenue                Revenue
 Product development                                        (243,244,924) 21%      33,671,462   3%       (209,573,462) 18%
 Sales and marketing                                        (302,596,451) 26%      14,028,219   1%       (288,568,232) 25%
 General and administrative                                 (151,107,619) 13%      60,789,858   5%       (90,317,761)  8%
 Totaloperatingexpenses                                    (696,948,994) 59%      108,489,539  9%       (588,459,455) 50%
 Income from operations                                      190,092,830   16%      108,489,539  9%       298,582,369   25%
 Net income attributable to Ctrip's shareholders             193,816,797   17%      108,489,539  9%       302,306,336   26%
 Diluted earnings per ordinary share (RMB)                   5.65                   3.16                  8.82
 Diluted earnings per ADS (RMB)                              1.41                   0.79                  2.20
 Diluted earnings per ADS (USD)                              0.22                   0.13                  0.35
                                                             Quarter Ended December 31, 2011
                                                                           % of     Share-based  % of     Non-GAAP      % of
                                                             GAAP Result  Net      Compensation Net      Result        Net
                                                                           Revenue               Revenue                Revenue
 Product development                                        (172,796,077) 19%      28,161,520   3%       (144,634,557) 16%
 Sales and marketing                                        (184,658,424) 20%      13,336,213   1%       (171,322,211) 19%
 Generalandadministrative                                 (113,264,071) 12%      53,218,496   6%       (60,045,575)  6%
 Totaloperatingexpenses (470,718,572) 51%      94,716,229   10%      (376,002,343) 41%
 Income from operations                                      230,581,484   25%      94,716,229   10%      325,297,713   35%
 Net income attributable to Ctrip's shareholders             252,523,894   27%      94,716,229   10%      347,240,123   38%
 Diluted earnings per ordinary share (RMB)                   6.70                   2.51                  9.21
 Diluted earnings per ADS (RMB)                              1.67                   0.63                  2.30
 Diluted earnings per ADS (USD)                              0.27                   0.10                  0.37
 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=RMB6.2301
 on December 31, 2012 published by the Federal Reserve Board.





Ctrip.com International, Ltd.
Reconciliation of GAAP and Non-GAAP Results
(In RMB, except % and per share information)
                                                              Year Ended December 31, 2012
                                                                              % of     Share-based  % of                     % of
                                                              GAAP Result    Net      Compensation Net      Non-GAAP Result Net
                                                                              Revenue               Revenue                  Revenue
 Product development                                         (911,904,722)   22%      132,583,177  3%       (779,321,545)   19%
 Sales and marketing                                         (984,002,165)   24%      55,892,394   1%       (928,109,771)   22%
 Generalandadministrative (570,487,457)   14%      243,245,751  6%       (327,241,706)   8%
 Total operating expenses                                     (2,466,394,344) 59%      431,721,322  10%      (2,034,673,022) 49%
 Income from operations                                       654,605,812     16%      431,721,322  10%      1,086,327,134   26%
 Net income attributable to Ctrip's shareholders              714,405,864     17%      431,721,322  10%      1,146,127,186   28%
 Diluted earnings per ordinary share (RMB)                    19.92                    11.96                 31.88
 Diluted earnings per ADS (RMB)                               4.98                     2.99                  7.97
 Diluted earnings per ADS (USD)                               0.80                     0.48                  1.28
                                                              Year Ended December 31, 2011
                                                                              % of     Share-based  % of                     % of
                                                              GAAP Result    Net      Compensation Net      Non-GAAP Result Net
                                                                              Revenue               Revenue                  Revenue
 Product development                                         (601,485,367)   17%      98,955,335   3%       (502,530,032)   14%
 Sales and marketing                                         (624,599,686)   18%      48,191,019   1%       (576,408,667)   16%
 General and administrative                                  (400,875,621)   11%      195,645,003  6%       (205,230,618)   6%
 Total operating expenses                                     (1,626,960,674) 47%      342,791,357  10%      (1,284,169,317) 37%
 Income from operations                                       1,065,994,170   30%      342,791,357  10%      1,408,785,527   40%
 Net income attributable to Ctrip's shareholders              1,076,414,897   31%      342,791,357  10%      1,419,206,254   41%
 Diluted earnings per ordinary share (RMB)                    28.30                    9.01                  37.32
 Diluted earnings per ADS (RMB)                               7.08                     2.25                  9.33
 Diluted earnings per ADS (USD)                               1.12                     0.36                  1.48
 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=RMB6.2301 on
 December 31, 2012 published by the Federal Reserve Board.

SOURCE Ctrip.com International, Ltd.

Website: http://ir.ctrip.com
Website:
https://www.theconferencingservice.com/prereg/key.process?key=PMQJDER9M
 
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