SHANGHAI, Feb. 21, 2024 /PRNewswire/ -- Trip.com Group
Limited (Nasdaq: TCOM; HKEX: 9961) ("Trip.com Group" or the
"Company"), a leading one-stop travel service provider of
accommodation reservation, transportation ticketing, packaged
tours, and corporate travel management, today announced its
unaudited financial results for the fourth quarter and full year of
2023.
Key Highlights for the Fourth Quarter and Full Year of
2023
- Domestic and international businesses continued to show
robust recovery in the fourth quarter of 2023
- Domestic hotel reservations grew by over 130% year over
year.
- Outbound hotel and air reservations both recovered to over 80%
of the pre-COVID level for the same period in 2019, compared to a
60% industry recovery in terms of international air passenger
volume for the same period.
- Total bookings on the Company's global OTA platform have
increased by over 70% year over year.
- The Company delivered strong financial results in the fourth
quarter of 2023
- Net revenue for the fourth quarter grew by 105% compared to the
same period in 2022.
- Net income for the fourth quarter was RMB1.3 billion (US$189
million).
- Adjusted EBITDA for the fourth quarter was RMB2.9 billion (US$401
million). Adjusted EBITDA margin was 28%, improved from 6%
for the same period in 2022.
"In 2023, China embarked on a
significant journey of reconnecting with the world driven by the
rising travel sentiment. Our global business also experienced
substantial growth fueled by our expanded market presence," said
James Liang, Executive Chairman.
"With a continued focus on globalization and AI innovations, we are
confident to build upon the success of 2023 and further explore the
opportunities that lie ahead."
"We are pleased with the strong results achieved across our
business segments in the past year," said Jane Sun, Chief Executive Officer. "The global
travel industry has shown remarkable resilience and is poised to
sustain its growth trajectory. To capitalize on this trend and
unlock new opportunities, we remain committed to investing in
technology and product innovation, enhancing customer services, and
promoting sustainable development of the travel industry."
Fourth Quarter and Full Year of 2023 Financial Results
and Business Updates
The Company's business has recovered significantly due to the
resilient travel demand, leading to a surge in travel bookings year
over year.
For the fourth quarter of 2023, Trip.com Group reported net
revenue of RMB10.3 billion
(US$1.5 billion), representing a 105%
increase from the same period in 2022 primarily due to substantial
recovery of travel market. Net revenue for the fourth quarter of
2023 decreased by 25% from the previous quarter, primarily due to
seasonality.
For the full year of 2023, net revenue was RMB44.5 billion (US$6.3
billion), representing a 122% increase from 2022.
Accommodation reservation revenue for the fourth quarter of 2023
was RMB3.9 billion (US$550 million), representing a 131% increase
from the same period in 2022 primarily due to substantial recovery
of travel market. Accommodation reservation revenue for the
fourth quarter of 2023 decreased by 30% from the previous quarter,
primarily due to seasonality.
For the full year of 2023, accommodation reservation revenue was
RMB17.3 billion (US$2.4 billion), representing a 133% increase
from 2022. The accommodation reservation revenue accounted for 39%
of the total revenue in 2023 and 37% of the total revenue in
2022.
Transportation ticketing revenue for the fourth quarter of
2023 was RMB4.1 billion
(US$578 million), representing an 86%
increase from the same period in 2022 primarily due to substantial
recovery of travel market. Transportation ticketing
revenue for the fourth quarter of 2023 decreased by 23%
from the previous quarter, primarily due to seasonality.
For the full year of 2023, transportation ticketing revenue was
RMB18.4 billion (US$2.6 billion), representing a 123% increase
from 2022. The transportation ticketing revenue accounted for 41%
of the total revenue both in 2023 and 2022.
Packaged-tour revenue for the fourth quarter of 2023 was
RMB704 million (US$99 million), representing a 329%
increase from the same period in 2022 primarily due to substantial
recovery of travel market. Packaged-tour revenue for the
fourth quarter of 2023 decreased by 47% from the previous
quarter, primarily due to seasonality.
For the full year of 2023, packaged-tour revenue was
RMB3.1 billion (US$442 million), representing a 294% increase
from 2022. The packaged-tour revenue accounted for 7% of the total
revenue in 2023 and 4% of the total revenue in 2022.
Corporate travel revenue for the fourth quarter of 2023 was
RMB634 million (US$89 million),
representing a 129% increase from the same period in 2022 and
a 7% increase from the previous quarter, primarily due to
substantial recovery of travel market.
For the full year of 2023, corporate travel revenue was
RMB2.3 billion (US$317 million), representing a 109% increase
from 2022. The corporate travel revenue accounted for 5% of the
total revenue both in 2023 and 2022.
Cost of revenue for the fourth quarter of 2023 increased by
68% to RMB2.0 billion (US$283 million) from the same period in 2022 and
decreased by 19% from the previous quarter, which was in line with
the increase in net revenue. Cost of revenue as a percentage of net
revenue was 19% for the fourth quarter of 2023.
For the full year of 2023, cost of revenue increased by 80% to
RMB8.1 billion (US$1.1 billion), compared to that for 2022, which
accounted for 18% of net revenue in 2023.
Product development expenses for the fourth quarter of
2023 increased by 39% to RMB2.9 billion (US$411 million) from the same period in 2022 and
decreased by 18% from the previous quarter, primarily due to the
fluctuations in product development personnel related expenses.
Product development expenses as a percentage of net
revenue was 28% for the fourth quarter of 2023.
For the full year of 2023, product development expenses
increased by 45% to RMB12.1 billion
(US$1.7 billion) from 2022, which
accounted for 27% of net revenue in 2023.
Sales and marketing expenses for the fourth quarter of 2023
increased by 103% to RMB2.3 billion
(US$329 million) from the same period
in 2022 and decreased by 15% from the previous quarter, primarily
due to the fluctuations in expenses relating to sales and marketing
promotion activities. Sales and marketing expenses as a percentage
of net revenue was 23% for the fourth quarter of 2023.
For the full year of 2023, sales and marketing expenses
increased by 117% to RMB9.2 billion
(US$1.3 billion) from 2022, which
accounted for 21% of net revenue in 2023.
General and administrative expenses for the fourth quarter of
2023 increased by 6% to RMB869
million (US$122 million) from the same period in 2022.
General and administrative expenses for the fourth quarter of
2023 decreased by 15% from the previous quarter primarily due to a
decrease in general and administrative personnel related expenses.
General and administrative expenses as a percentage of net
revenue was 8% for the fourth quarter of 2023.
For the full year of 2023, general and administrative expenses
increased by 31% to RMB3.7 billion
(US$527 million) from 2022, which
accounted for 8% of net revenue in 2023.
Income tax expense for the fourth quarter of 2023 was
RMB399 million (US$56 million), compared to RMB246 million for the same period in 2022 and
RMB448 million for the previous
quarter. The change in Trip.com Group's effective tax rate was
primarily due to the combined impacts of changes in respective
profitability of its subsidiaries with different tax rates, changes
in deferred tax liabilities relating to withholding tax, certain
non-taxable income or loss resulting from the fair value changes in
equity securities investments and exchangeable senior notes
recorded in other income/(expense), and changes in valuation
allowance provided for deferred tax assets.
For the full year of 2023, income tax expense was RMB1.8 billion (US$246
million), compared to RMB682
million in 2022.
Net income for the fourth quarter of 2023 was RMB1.3 billion (US$189
million), compared to RMB2.1
billion for the same period in 2022 and RMB4.6 billion for the previous quarter. Adjusted
EBITDA for the fourth quarter of 2023 was RMB2.9 billion (US$401 million),
compared to RMB286 million for the
same period in 2022 and RMB4.6
billion for the previous quarter. Adjusted EBITDA margin was
28% for the fourth quarter of 2023, compared to 6% for the same
period in 2022 and 34% for the previous quarter.
For the full year of 2023, net income was RMB10.0 billion (US$1.4
billion), compared to RMB1.4
billion in 2022.
Net income attributable to Trip.com Group's shareholders for the
fourth quarter of 2023 was RMB1.3
billion (US$183 million),
compared to RMB2.1 billion for the
same period in 2022 and RMB4.6
billion for the previous quarter. Excluding share-based
compensation charges, fair value changes of equity securities
investments and exchangeable senior notes recorded in other
income/(expense), and their tax effects, non-GAAP net income
attributable to Trip.com Group's shareholders for the fourth
quarter of 2023 was RMB2.7 billion
(US$376 million), compared to
RMB498 million for the same period in
2022 and RMB4.9 billion for the
previous quarter.
For the full year of 2023, net income attributable to Trip.com
Group's shareholders was RMB9.9
billion (US$1.4 billion),
compared to RMB1.4 billion in 2022.
Excluding share-based compensation charges, fair value changes of
equity securities investments and exchangeable senior notes
recorded in other income/(expense), and their tax effects, non-GAAP
net income attributable to Trip.com Group's shareholders was
RMB13.1 billion (US$1.8 billion) in 2023, compared to RMB1.3 billion in 2022.
Diluted earnings per ordinary share and per ADS was RMB1.94 (US$0.27) for the fourth quarter of
2023. Excluding share-based compensation charges, fair value
changes of equity securities investments and exchangeable senior
notes recorded in other income/(expense), and their tax effects,
non-GAAP diluted earnings per ordinary share and per ADS was
RMB4.00 (US$0.56) for the fourth
quarter of 2023. Each ADS currently represents one ordinary share
of the Company.
For the full year of 2023, diluted earnings per share and per
ADS was RMB14.78 (US$2.08). Excluding share-based compensation
charges, fair value changes of equity securities investments and
exchangeable senior notes recorded in other income/(expense), and
their tax effects, non-GAAP diluted earnings per share and per ADS
was RMB19.48 (US$2.74).
As of December 31, 2023, the
balance of cash and cash equivalents, restricted cash, short-term
investment, and held to maturity time deposit and financial
products was RMB77.3 billion
(US$10.9 billion).
Recent Development
From September 2023 to the date of
this press release, the Company purchased 6.8 million ADSs in
aggregate with a total gross consideration of US$224 million pursuant to its existing share
repurchase plan.
Pursuant to the regular capital return policy adopted by the
Company's board of directors in November
2023, in February 2024, the
board of directors of the Company approved and authorized the
Company to implement strategic capital return initiatives from time
to time for an aggregate value up to US$300
million (the "2024 Capital Return Program"). The 2024
Capital Return Program permit discretionary annual share
repurchases, discretionary annual cash dividends, or a combination
of both.
Conference Call
Trip.com Group's management team will host a conference call at
7:00 PM EST on February 21, 2024
(or 8:00 AM CST on February 22, 2024) following this
announcement.
The conference call will be available live on Webcast and for
replay at: https://investors.trip.com. The call will be archived
for twelve months on our website.
All participants must pre-register to join this conference call
using the Participant Registration link below:
https://register.vevent.com/register/BIe44158d2fc1245a3a7358621c0de47c7
Upon registration, each participant will receive details for
this conference call, including dial-in numbers and a unique access
PIN. To join the conference, please dial the number provided, enter
your PIN, and you will join the conference instantly.
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
in this press release, as well as Trip.com Group's strategic and
operational plans, contain 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, severe or prolonged downturn in
the global or Chinese economy, general declines or disruptions in
the travel industry, volatility in the trading price of Trip.com
Group's ADSs or shares, Trip.com Group's reliance on its
relationships and contractual arrangements with travel suppliers
and strategic alliances, 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
the relevant jurisdictions where Trip.com Group operates, failure
to successfully develop Trip.com Group's existing or future
business lines, damage to or failure of Trip.com Group's
infrastructure and technology, loss of services of Trip.com Group's
key executives, the impact of COVID-19 to Trip.com Group's business
operations, adverse changes in economic and political policies of
the PRC government, inflation in China, risks and uncertainties associated with
PRC laws and regulations with respect to the ownership structure of
the variable interest entities and the contractual arrangements
among Trip.com Group, the variable interest entities and their
shareholders, and other risks outlined in Trip.com Group's filings
with the U.S. Securities and Exchange Commission or the Stock
Exchange of Hong Kong Limited. All information provided in this
press release and in the attachments is as of the date of the
issuance, and Trip.com Group does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law.
About Non-GAAP Financial Measures
To supplement Trip.com Group's consolidated financial
statements, which are prepared and presented in accordance with
United States Generally Accepted Accounting Principles ("GAAP"),
Trip.com Group uses non-GAAP financial information related to
adjusted net income attributable to Trip.com Group Limited,
adjusted EBITDA, adjusted EBITDA margin, and adjusted 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 that are not tax deductible, fair value
changes of equity securities investments and exchangeable senior
notes recorded in other income/(expense), net of tax, and other
applicable items. Trip.com Group'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,
does not have a standardized meaning under 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, fair value
changes of equity securities investments and exchangeable senior
notes recorded in other income/(expense), and their tax effects
that have been and will continue to be significant recurring
expenses in Trip.com Group's business for the foreseeable
future.
Reconciliations of Trip.com Group'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 Trip.com Group Limited
Trip.com Group Limited (Nasdaq: TCOM; HKEX: 9961) is a leading
global one-stop travel platform, integrating a comprehensive suite
of travel products and services and differentiated travel content.
It is the go-to destination for travelers in China, and increasingly for travelers around
the world, to explore travel, get inspired, make informed and
cost-effective travel bookings, enjoy hassle-free on-the-go
support, and share travel experience. Founded in 1999 and listed on
Nasdaq in 2003 and HKEX in 2021, the Company currently operates
under a portfolio of brands, including Ctrip, Qunar, Trip.com, and
Skyscanner, with the mission "to pursue the perfect trip for a
better world."
For further information, please contact:
Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com
Trip.com Group
Limited
|
Unaudited
Consolidated Balance Sheets
|
(In millions, except
share and per share data)
|
|
|
|
|
|
December
31, 2022
|
|
December
31, 2023
|
|
December
31, 2023
|
|
RMB
(million)
|
RMB
(million)
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash
|
|
18,487
|
|
43,983
|
|
6,195
|
|
Short-term
investments
|
|
25,545
|
|
17,748
|
|
2,500
|
|
Accounts receivable,
net
|
|
5,486
|
|
11,410
|
|
1,607
|
|
Prepayments and other
current assets
|
|
11,917
|
|
15,591
|
|
2,196
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
61,435
|
|
88,732
|
|
12,498
|
|
|
|
|
|
|
|
|
|
Property, equipment and
software
|
|
5,204
|
|
5,142
|
|
724
|
|
Intangible assets and
land use rights
|
|
12,825
|
|
12,644
|
|
1,781
|
|
Right-of-use
asset
|
|
819
|
|
641
|
|
90
|
|
Investments (Includes
held to maturity time deposit and
financial products of RMB15,527 million and RMB15,530
million as of December 31,2022 and December 31,
2023, respectively)
|
|
50,177
|
|
49,342
|
|
6,950
|
|
Goodwill
|
|
59,337
|
|
59,372
|
|
8,362
|
|
Other long-term
assets
|
|
570
|
|
688
|
|
97
|
|
Deferred tax
asset
|
|
1,324
|
|
2,576
|
|
363
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
191,691
|
|
219,137
|
|
30,865
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Short-term debt and
current portion of long-term debt
|
|
32,674
|
|
25,857
|
|
3,642
|
|
Accounts
payable
|
|
7,569
|
|
16,459
|
|
2,318
|
|
Advances from
customers
|
|
8,278
|
|
13,380
|
|
1,885
|
|
Other current
liabilities
|
|
12,718
|
|
16,715
|
|
2,354
|
|
Total current
liabilities
|
|
61,239
|
|
72,411
|
|
10,199
|
|
|
|
|
|
|
|
|
|
Deferred tax
liability
|
|
3,487
|
|
3,825
|
|
539
|
|
Long-term
debt
|
|
13,177
|
|
19,099
|
|
2,690
|
|
Long-term lease
liability
|
|
534
|
|
477
|
|
67
|
|
Other long-term
liabilities
|
|
235
|
|
319
|
|
45
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
78,672
|
|
96,131
|
|
13,540
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Trip.com Group
Limited shareholders' equity
|
|
112,283
|
|
122,184
|
|
17,209
|
|
|
|
|
|
|
|
|
|
Non-controlling
interests
|
|
736
|
|
822
|
|
116
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
113,019
|
|
123,006
|
|
17,325
|
|
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
191,691
|
|
219,137
|
|
30,865
|
Trip.com Group
Limited
|
Unaudited
Consolidated Statements of Income/(Loss)
|
(In millions, except
share and per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31, 2022
|
|
September
30, 2023
|
|
December
31, 2023
|
|
December
31, 2023
|
|
December
31, 2022
|
|
December
31, 2023
|
|
December
31, 2023
|
|
RMB
(million)
|
|
RMB
(million)
|
|
RMB
(million)
|
|
USD
(million)
|
|
RMB
(million)
|
|
RMB
(million)
|
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accommodation
reservation
|
|
1,689
|
|
5,589
|
|
3,903
|
|
550
|
|
7,400
|
|
17,257
|
|
2,431
|
|
Transportation
ticketing
|
|
2,204
|
|
5,367
|
|
4,106
|
|
578
|
|
8,253
|
|
18,443
|
|
2,598
|
|
Packaged-tour
|
|
164
|
|
1,328
|
|
704
|
|
99
|
|
797
|
|
3,140
|
|
442
|
|
Corporate
travel
|
|
277
|
|
591
|
|
634
|
|
89
|
|
1,079
|
|
2,254
|
|
317
|
|
Others
|
|
697
|
|
876
|
|
991
|
|
140
|
|
2,526
|
|
3,468
|
|
488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
|
5,031
|
|
13,751
|
|
10,338
|
|
1,456
|
|
20,055
|
|
44,562
|
|
6,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Sales tax and
surcharges
|
|
(4)
|
|
(11)
|
|
(13)
|
|
(2)
|
|
(16)
|
|
(52)
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
5,027
|
|
13,740
|
|
10,325
|
|
1,454
|
|
20,039
|
|
44,510
|
|
6,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
(1,199)
|
|
(2,467)
|
|
(2,010)
|
|
(283)
|
|
(4,513)
|
|
(8,121)
|
|
(1,144)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
3,828
|
|
11,273
|
|
8,315
|
|
1,171
|
|
15,526
|
|
36,389
|
|
5,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
*
|
|
(2,104)
|
|
(3,577)
|
|
(2,916)
|
|
(411)
|
|
(8,341)
|
|
(12,120)
|
|
(1,707)
|
|
Sales and marketing
*
|
|
(1,148)
|
|
(2,759)
|
|
(2,333)
|
|
(329)
|
|
(4,250)
|
|
(9,202)
|
|
(1,296)
|
|
General and
administrative *
|
|
(816)
|
|
(1,028)
|
|
(869)
|
|
(122)
|
|
(2,847)
|
|
(3,743)
|
|
(527)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(4,068)
|
|
(7,364)
|
|
(6,118)
|
|
(862)
|
|
(15,438)
|
|
(25,065)
|
|
(3,530)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from
operations
|
|
(240)
|
|
3,909
|
|
2,197
|
|
309
|
|
88
|
|
11,324
|
|
1,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
458
|
|
543
|
|
593
|
|
84
|
|
2,046
|
|
2,090
|
|
294
|
|
Interest
expense
|
|
(427)
|
|
(529)
|
|
(497)
|
|
(70)
|
|
(1,514)
|
|
(2,067)
|
|
(291)
|
|
Other
income/(expense)
|
|
2,745
|
|
545
|
|
(903)
|
|
(127)
|
|
2,015
|
|
(667)
|
|
(94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax
expense and equity in
(loss)/income of affiliates
|
|
2,536
|
|
4,468
|
|
1,390
|
|
196
|
|
2,635
|
|
10,680
|
|
1,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(246)
|
|
(448)
|
|
(399)
|
|
(56)
|
|
(682)
|
|
(1,750)
|
|
(246)
|
|
Equity in (loss)/gain
of affiliates
|
|
(210)
|
|
618
|
|
351
|
|
49
|
|
(586)
|
|
1,072
|
|
151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
2,080
|
|
4,638
|
|
1,342
|
|
189
|
|
1,367
|
|
10,002
|
|
1,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (income)/loss
attributable to non-
controlling interests
|
|
(23)
|
|
(23)
|
|
(45)
|
|
(6)
|
|
36
|
|
(84)
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to
Trip.com Group Limited
|
|
2,057
|
|
4,615
|
|
1,297
|
|
183
|
|
1,403
|
|
9,918
|
|
1,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
3.17
|
|
7.05
|
|
1.99
|
|
0.28
|
|
2.17
|
|
15.19
|
|
2.14
|
|
- Diluted
|
|
3.12
|
|
6.84
|
|
1.94
|
|
0.27
|
|
2.14
|
|
14.78
|
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
3.17
|
|
7.05
|
|
1.99
|
|
0.28
|
|
2.17
|
|
15.19
|
|
2.14
|
|
- Diluted
|
|
3.12
|
|
6.84
|
|
1.94
|
|
0.27
|
|
2.14
|
|
14.78
|
|
2.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
649,893,734
|
|
654,146,029
|
|
652,033,082
|
|
652,033,082
|
|
648,380,590
|
|
652,859,211
|
|
652,859,211
|
|
- Diluted
|
|
658,660,803
|
|
674,134,652
|
|
668,332,395
|
|
668,332,395
|
|
657,092,826
|
|
671,062,240
|
|
671,062,240
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Share-based
compensation included in Operating expenses above is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
147
|
|
242
|
|
215
|
|
30
|
|
567
|
|
870
|
|
123
|
|
Sales and
marketing
|
|
37
|
|
44
|
|
39
|
|
5
|
|
115
|
|
158
|
|
22
|
|
General and
administrative
|
|
126
|
|
223
|
|
196
|
|
28
|
|
506
|
|
806
|
|
113
|
Trip.com Group
Limited
|
Unaudited
Reconciliation of GAAP and Non-GAAP Results
|
(In millions, except
%, share and per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31, 2022
|
|
September
30, 2023
|
|
December
31, 2023
|
|
December
31, 2023
|
|
December
31, 2022
|
|
December
31, 2023
|
|
December
31, 2023
|
|
|
RMB
(million)
|
|
RMB
(million)
|
|
RMB
(million)
|
|
USD
(million)
|
|
RMB
(million)
|
|
RMB
(million)
|
|
USD
(million)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
2,080
|
|
4,638
|
|
1,342
|
|
189
|
|
1,367
|
|
10,002
|
|
1,409
|
|
|
Less: Interest
income
|
|
(458)
|
|
(543)
|
|
(593)
|
|
(84)
|
|
(2,046)
|
|
(2,090)
|
|
(294)
|
|
|
Add: Interest
expense
|
|
427
|
|
529
|
|
497
|
|
70
|
|
1,514
|
|
2,067
|
|
291
|
|
|
Add: Other
(income)/expense
|
|
(2,745)
|
|
(545)
|
|
903
|
|
127
|
|
(2,015)
|
|
667
|
|
94
|
|
|
Add: Income tax
expense
|
|
246
|
|
448
|
|
399
|
|
56
|
|
682
|
|
1,750
|
|
246
|
|
|
Add: Equity in
loss/(income) of affiliates
|
|
210
|
|
(618)
|
|
(351)
|
|
(49)
|
|
586
|
|
(1,072)
|
|
(151)
|
|
|
(Loss)/income from
operations
|
|
(240)
|
|
3,909
|
|
2,197
|
|
309
|
|
88
|
|
11,324
|
|
1,595
|
|
|
Add: Share-based
compensation
|
|
310
|
|
509
|
|
450
|
|
63
|
|
1,188
|
|
1,834
|
|
258
|
|
|
Add: Depreciation and
amortization
|
|
216
|
|
204
|
|
208
|
|
29
|
|
875
|
|
817
|
|
115
|
|
|
Adjusted
EBITDA
|
|
286
|
|
4,622
|
|
2,855
|
|
401
|
|
2,151
|
|
13,975
|
|
1,968
|
|
|
Adjusted EBITDA
margin
|
|
6 %
|
|
34 %
|
|
28 %
|
|
28 %
|
|
11 %
|
|
31 %
|
|
31 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Trip.com Group Limited
|
|
2,057
|
|
4,615
|
|
1,297
|
|
183
|
|
1,403
|
|
9,918
|
|
1,397
|
|
|
Add: Share-based
compensation
|
|
310
|
|
509
|
|
450
|
|
63
|
|
1,188
|
|
1,834
|
|
258
|
|
|
Add: (Gain)/loss from
fair value changes of equity securities investments
and exchangeable senior notes
|
|
(1,945)
|
|
(185)
|
|
989
|
|
139
|
|
(1,338)
|
|
1,507
|
|
212
|
|
|
Add: Tax effects on
fair value changes of equity securities investments and
exchangeable senior notes
|
|
76
|
|
(42)
|
|
(61)
|
|
(9)
|
|
41
|
|
(188)
|
|
(26)
|
|
|
Non-GAAP net income
attributable to Trip.com Group Limited
|
|
498
|
|
4,897
|
|
2,675
|
|
376
|
|
1,294
|
|
13,071
|
|
1,841
|
|
|
Weighted average
ordinary shares outstanding-
Diluted-non GAAP
|
|
658,571,739
|
|
674,134,652
|
|
668,332,395
|
|
668,332,395
|
|
657,092,826
|
|
671,062,240
|
|
671,062,240
|
|
|
Non-GAAP Diluted income
per share
|
|
0.76
|
|
7.26
|
|
4.00
|
|
0.56
|
|
1.97
|
|
19.48
|
|
2.74
|
|
|
Non-GAAP Diluted income
per ADS
|
|
0.76
|
|
7.26
|
|
4.00
|
|
0.56
|
|
1.97
|
|
19.48
|
|
2.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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=RMB7.0999 on December 29, 2023 published
by the Federal Reserve Board.
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/tripcom-group-limited-reports-unaudited-fourth-quarter-and-full-year-of-2023-financial-results-302067259.html
SOURCE Trip.com Group Limited