Ctrip Reports Unaudited Second Quarter of 2017 Financial Results

SHANGHAI, Aug. 30, 2017 /PRNewswire/ -- 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 second quarter ended June 30, 2017.

Key Highlights

    --  Ctrip reported strong financial results in the second quarter of 2017.
        --  Net revenue increased 45% year-on-year to RMB6.4 billion in the
            second quarter of 2017.
            --  The accommodation reservation business delivered healthy growth
                in the second quarter of 2017, primarily driven by the volume
                growth of organic businesses.
            --  The transportation ticketing business also continued its strong
                growth, benefiting from solid execution of organic air ticketing
                business, fast growing new business units and the addition of
                Skyscanner to the Ctrip group.
        --  Gross margin was 82% for the second quarter of 2017, improving from
            72% for the same quarter of 2016 and 80% for the previous quarter,
            due to further efficiency gain
        --  Operating margin for the second quarter of 2017 was 10%. Excluding
            share-based compensation charges, Non-GAAP operating margin for the
            second quarter of 2017 was 18%, improving significantly from 4% for
            the same quarter a year of 2016, primarily driven by improvements in
            operating efficiency across the board and synergies from the
            invested companies.
    --  The company has continued to strengthen its position in lower-tier
        cities. Both new customer acquisition and user engagement in lower-tier
        cities improved significantly in the second quarter of 2017. Ctrip and
        Qunar have opened over 400 offline retail stores by the end of the
        quarter with approximately 200 more in the pipeline.
    --  Skyscanner has officially launched its "direct booking" business, which
        introduces travelers to a seamless booking experience. Conversion rates
        of mobile traffic for direct-booking partners have increased by
        approximately 50%.

"We are pleased with the strong operating and financial results in the second quarter." said Jane Jie Sun, Chief Executive Officer. "Ctrip maintained healthy revenue growth and achieved continual improvement in operating efficiency. The group will remain focused on operating fundamentals that create value for our customers and suppliers. We are confident that Ctrip will generate long-term value for shareholders in the years to come."

"The Ctrip group has made good progress in expanding into lower-tier cities and increasing presence in international markets in the first half of 2017," said James Jianzhang Liang, Executive Chairman. "We will continue to invest in these markets and keep improving our comprehensive product offering, providing superior services and driving effective marketing to serve both domestic and international customers."

Second Quarter of 2017 Financial Results and Business Updates

For the second quarter of 2017, Ctrip reported net revenue of RMB6.4 billion (US$946 million), representing a 45% increase from the same period of 2016. Net revenue for the second quarter of 2017 increased 5% from the previous quarter.

Accommodation reservation revenue for the second quarter of 2017 were RMB2.3 billion (US$341 million), representing a 30% increase from the same period of 2016, primarily driven by an increase in accommodation reservation volume. Accommodation reservation revenue for the second quarter of 2017 increased 12% from the previous quarter, primarily due to seasonality.

Transportation ticketing revenue for the second quarter of 2017 were RMB3.0 billion (US$441 million), representing a 49% increase from the same period of 2016, primarily driven by an increase in ticketing volume and the consolidation of Skyscanner's financial results since December 31, 2016. Transportation ticketing revenue increased 4% from the previous quarter, primarily due to seasonality.

Packaged-tour revenue for the second quarter of 2017 were RMB612 million (US$90 million), representing a 29% increase from the same period of 2016, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the second quarter of 2017 decreased 13% from the previous quarter, primarily due to seasonality for Chinese New Year in the first quarter.

Corporate travel revenue for the second quarter of 2017 were RMB199 million (US$29 million), representing a 36% increase from the same period of 2016, primarily driven by expansion in travel product coverage. Corporate travel revenue for the second quarter of 2017 increased 38% from the previous quarter, primarily due to seasonality.

Gross margin was 82% for the second quarter of 2017, compared to 72% for the same period of 2016, and 80% for the previous quarter.

Product development expenses for the second quarter of 2017 increased by 18% to RMB2.0 billion (US$300 million) from the same period of 2016, primarily due to an increase in product development personnel related expenses. Product development expenses for the second quarter of 2017 increased 4% from the previous quarter. Product development expenses for the second quarter of 2017 accounted for 32% of the net revenue. Excluding share-based compensation charges, Non-GAAP product development expenses for the second quarter of 2017 accounted for 27% of the net revenue, which decreased from 31% for the same period of 2016 and decreased from 28% for the previous quarter.

Sales and marketing expenses for the second quarter of 2017 increased by 49% to RMB2.0 billion (US$295 million) from the same period of 2016, primarily due to an increase in sales and marketing related activities. Sales and marketing expenses for the second quarter of 2017 increased 6% from the previous quarter. Sales and marketing expenses for the second quarter of 2017 accounted for 31% of the net revenue. Excluding share-based compensation charges, Non-GAAP sales and marketing expenses for the second quarter of 2017 accounted for 30% of the net revenue, which increased from 29% for the same period of 2016 and remained consistent with the previous quarter.

General and administrative expenses for the second quarter of 2017 increased by 19% to RMB608 million (US$90 million) from the same period of 2016, primarily due to an increase in general and administrative personnel related expenses and consulting expenses. General and administrative expenses for the second quarter of 2017 decreased 5% from the previous quarter. General and administrative expenses for the second quarter of 2017 accounted for 9% of the net revenue. Excluding share-based compensation charges, Non-GAAP general and administrative expenses accounted for 7% of the net revenue, which decreased from 8% for the same period of 2016 and remained consistent with the previous quarter.

Income from operations for the second quarter of 2017 was RMB645 million (US$95 million), compared to loss of RMB396 million for the same period of 2016 and income of RMB414 million for the previous quarter. Excluding share-based compensation charges, Non-GAAP income from operations was RMB1.2 billion (US$173 million), compared to RMB182 million for the same period of 2016 and RMB936 million for the previous quarter.

Operating margin was 10% for the second quarter of 2017, compared to -9% for the same period of 2016, and 7% for the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin was 18%, compared to 4% for the same period of 2016 and 15% for the previous quarter.

Income tax expense for the second quarter of 2017 was RMB529 million (US$78 million), compared to RMB53 million for the same period of 2016 and RMB148 million for the previous quarter. The change in the Group's effective tax rates is primarily due to the change in profitability in the subsidiaries with different tax rates and certain non-tax deductible losses including the share based compensation.

Net income attributable to Ctrip's shareholders for the second quarter of 2017 was RMB327 million (US$48 million), compared to net loss of RMB521 million for the same period of 2016 and net income of RMB82 million for the previous quarter, primarily due to the net gain recognized from a number of investing activities.

Diluted earnings per ADS were RMB0.59 (US$0.09) for the second quarter of 2017. Excluding share-based compensation charges, Non-GAAP diluted earnings per ADS were RMB1.49 (US$0.22) for the second quarter of 2017.

As of June 30, 2017, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB42 billion (US$6 billion).

Business Outlook

For the third quarter of 2017, the Company expects the net revenue growth to continue at a year-on-year 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 8:00PM U.S. Eastern Time on August 30, 2017 (or 8:00AM on August 31, 2017 in the Shanghai/Hong Kong Time) 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 twelve months at this website.

The dial-in details for the live conference call: U.S. Toll Free Number +1.800.219.3192, International dial-in number +1.617.597.5412, Passcode 73775212#. For pre-registration, please click https://www.theconferencingservice.com/prereg/key.process?key=PCRWLE6WB.

A telephone replay of the call will be available after the conclusion of the conference call until September 6, 2017. 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 95039104.

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. 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 Ctrip's ADSs, Ctrip'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 Ctrip operates, failure to successfully develop Ctrip's existing or future business lines, damage to or failure of Ctrip's infrastructure and technology, loss of services of Ctrip's key executives, 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 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. 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 attributable to Ctrip's shareholders, and diluted earnings per ordinary share and per ADS, each of which (except for net commission earned) is adjusted from the most comparable GAAP result to exclude the share-based compensation charges recorded under ASC 718, "Compensation-Stock Compensation" and its share-based compensation charges are not tax deductible. 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 accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps 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 12229
Email: iremail@ctrip.com


                                                                    Ctrip.com International, Ltd.

                                                           Unaudited Condensed Consolidated Balance Sheets



                                                                        December 31, 2016                  June 30, 2017                June 30, 2017

                                                   RMB RMB                     USD



                                                                           (unaudited)                      (unaudited)                  (unaudited)


     ASSETS

     Current assets:

     Cash and cash equivalents                                                            18,434,681,251                 16,196,266,530                2,389,076,532

     Restricted cash                                                                       1,744,490,307                  1,967,095,499                  290,162,037

     Short-term investment                                                                14,112,862,288                 24,259,372,528                3,578,448,000

     Accounts receivable, net                                                              4,624,818,322                  5,266,699,517                  776,879,548

     Prepayments and other current assets                                                  6,994,589,672                  7,096,517,421                1,046,792,061


     Total current assets                                                                 45,911,441,840                 54,785,951,495                8,081,358,178


     Long-term deposits and prepayments                                                    1,147,279,197                  1,197,325,755                  176,614,954

     Land use rights                                                                          99,544,772                     98,153,068                   14,478,349

     Property, equipment and software                                                      5,591,960,081                  5,647,530,298                  833,055,079

     Investment                                                                           20,532,822,365                 22,166,556,356                3,269,741,176

     Goodwill                                                                             56,015,185,590                 56,218,081,472                8,292,608,599

     Intangible assets                                                                    13,924,769,931                 13,736,713,759                2,026,273,178

     Other long-term receivable                                                              815,586,298                    427,828,839                   63,108,114

     Deferred tax assets, non-current                                                        375,311,594                    403,491,741                   59,518,201


     Total assets                                                                        144,413,901,668                154,681,632,783               22,816,755,828


     LIABILITIES

     Current liabilities:

     Short-term debt                                                                       6,887,309,589                 10,587,149,173                1,561,687,663

     Accounts payable                                                                      7,278,791,082                  7,029,505,820                1,036,907,324

     Salary and welfare payable                                                            2,508,430,757                  2,578,007,248                  380,276,319

     Taxes payable                                                                         1,084,241,429                    928,723,072                  136,993,948

     Advances from customers                                                               8,190,840,057                  7,782,891,124                1,148,037,574

     Accrued liability for customer reward program                                           658,170,680                    631,248,684                   93,114,139

     Other payables and accruals                                                           3,687,242,592                  5,229,738,409                  771,427,494


     Total current liabilities                                                            30,295,026,186                 34,767,263,530                5,128,444,461


     Deferred tax liabilities, non-current                                                 3,607,882,808                  3,536,174,707                  521,613,545

     Long-term debt                                                                       34,650,673,553                 35,595,921,305                5,250,677,991

     Other long-term liabilities                                                             339,566,619                    478,675,528                   70,608,400


     Total liabilities                                                                    68,893,149,166                 74,378,035,070               10,971,344,397


     SHAREHOLDERS' EQUITY

     Share capital                                                                             4,960,354                      5,139,501                      758,117

     Additional paid-in capital                                                           65,819,998,701                 70,425,644,869               10,388,335,797

     Statutory reserves                                                                      237,495,820                    237,473,826                   35,029,255

     Accumulated other comprehensive income                                                1,010,373,732                  2,746,834,574                  405,179,675

     Retained Earnings                                                                     6,699,580,613                  7,108,900,663                1,048,618,687

     Treasury stock                                                                      (2,235,574,510)               (2,214,966,126)               (326,724,902)


     Total Ctrip's shareholders' equity                                                   71,536,834,710                 78,309,027,307               11,551,196,629


     Noncontrolling interests                                                              3,983,917,792                  1,994,570,406                  294,214,802


     Total shareholders' equity                                                           75,520,752,502                 80,303,597,713               11,845,411,431


     Total liabilities and shareholders' equity                                          144,413,901,668                154,681,632,783               22,816,755,828


                                                                                                           Ctrip.com International, Ltd.

                                                                                        Unaudited Condensed Consolidated Statements of Comprehensive Income



                                                                                                                  Quarter Ended                                  Quarter Ended               Quarter Ended               Quarter Ended

                                                                      June 30, 2016 March 31, 2017                June 30, 2017                    June 30, 2017

                                                                           RMB            RMB                          RMB                            USD



                                                                                                                   (unaudited)                                    (unaudited)                 (unaudited)                 (unaudited)


     Revenue:

     Accommodation reservation                                                                                                1,775,818,174                                    2,069,936,145               2,311,142,987                  340,911,744

     Transportation ticketing                                                                                                 2,003,426,795                                    2,875,375,346               2,992,330,356                  441,392,232

     Packaged-tour                                                                                                              473,931,453                                      701,832,134                 612,297,777                   90,318,732

     Corporate travel                                                                                                           147,096,362                                      144,481,666                 199,352,936                   29,406,124

     Others                                                                                                                     142,119,432                                      341,645,121                 346,439,294                   51,102,517


     Total revenue                                                                                                            4,542,392,216                                    6,133,270,412               6,461,563,350                  953,131,349


     Less: business tax and related surcharges                                                                                (131,107,435)                                    (48,208,523)               (45,794,149)                 (6,754,997)


     Net revenue                                                                                                              4,411,284,781                                    6,085,061,889               6,415,769,201                  946,376,352


     Cost of revenue                                                                                                        (1,233,148,536)                                 (1,189,306,790)            (1,124,094,146)               (165,812,716)


     Gross profit                                                                                                             3,178,136,245                                    4,895,755,099               5,291,675,055                  780,563,636


     Operating expenses:

     Product development *                                                                                                  (1,723,757,548)                                 (1,962,685,237)            (2,036,738,021)               (300,434,856)

     Sales and marketing *                                                                                                  (1,340,183,930)                                 (1,880,630,701)            (2,001,471,557)               (295,232,776)

     General and administrative *                                                                                             (510,107,769)                                   (638,265,375)              (608,203,223)                (89,714,753)


     Total operating expenses                                                                                               (3,574,049,247)                                 (4,481,581,313)            (4,646,412,801)               (685,382,385)


     (Loss)/ income from operations                                                                                           (395,913,002)                                     414,173,786                 645,262,254                   95,181,251


     Interest income                                                                                                            150,858,298                                      130,280,136                 249,426,782                   36,792,410

     Interest expense                                                                                                         (162,964,862)                                   (260,257,970)              (383,446,788)                (56,561,413)

     Other (expense)/income                                                                                                    (30,423,035)                                    (88,401,074)                397,102,679                   58,575,764


     (Loss)/ income before income tax expense and equity in income                                                            (438,442,601)                                     195,794,878                 908,344,927                  133,988,012


     Income tax expense                                                                                                        (52,984,311)                                   (148,445,807)              (529,202,309)                (78,061,497)

     Equity in (loss)/ income of affiliates                                                                                    (99,658,215)                                      27,267,588                (26,696,373)                 (3,937,925)


     Net (loss)/income                                                                                                        (591,085,127)                                      74,616,659                 352,446,245                   51,988,590


     Less: Net loss/(income) attributable to noncontrolling interests                                                            69,832,593                                        7,831,322                (25,574,176)                 (3,772,392)


     Net (loss)/ income attributable to Ctrip's shareholders                                                                  (521,252,534)                                      82,447,981                 326,872,069                   48,216,198


     Comprehensive (loss) /income attributable to Ctrip's                                                                     (996,941,629)                                   1,233,112,187                 912,668,705                  134,625,803
     shareholders


     Earnings per ordinary share

     - Basic                                                                                                                         (9.03)                                            1.27                        4.97                         0.73

     - Diluted                                                                                                                       (9.03)                                            1.21                        4.72                         0.70


     Earnings per ADS

     - Basic                                                                                                                         (1.13)                                            0.16                        0.62                         0.09

     - Diluted                                                                                                                       (1.13)                                            0.15                        0.59                         0.09


     Weighted average ordinary shares outstanding

     - Basic                                                                                                                     57,716,573                                       64,940,107                  65,743,078                   65,743,078

     - Diluted                                                                                                                   57,716,573                                       68,483,538                  69,361,680                   69,361,680


     * Share-based compensation charges included are as follows:

       Product development                                                                                                      345,176,289                                      283,241,889                 305,271,403                   45,029,930

       Sales and marketing                                                                                                       69,056,692                                       48,779,212                  58,994,568                    8,702,162

       General and administrative                                                                                               163,806,574                                      189,720,083                 163,592,798                   24,131,223


                                                                                                  Ctrip.com International, Ltd.

                                                                                          Reconciliation of  GAAP and Non-GAAP Results

                                                                                          (In RMB, except % and per share information)



                                                                                                                                                   Quarter Ended June 30, 2017
                                                                                                                                                   ---------------------------

                                                        GAAP  Result                                                         % of Net                 Share-based        % of Net          Non-GAAP Result  % of Net
                                                                                                                              revenue                 Compensation       revenue                             revenue
                                                                                                                              -------                 ------------       -------                             -------


     Product development                                                                                                  (2,036,738,021)       32%                      305,271,403   5%                  (1,731,466,618)  27%

     Sales and marketing                                                                                                  (2,001,471,557)       31%                       58,994,568   1%                  (1,942,476,989)  30%

     General and administrative                                                                                             (608,203,223)        9%                      163,592,798   3%                    (444,610,425)   7%
                                                                                                                          -------------

     Total operating expenses                                                                                             (4,646,412,801)       72%                      527,858,769   8%                  (4,118,554,032)  64%


     Income from operations                                                                                                   645,262,254        10%                      527,858,769   8%                    1,173,121,023   18%


     Net income attributable to Ctrip's shareholders                                                                          326,872,069         5%                      527,858,769   8%                      854,730,838   13%


     Diluted earnings per ordinary share (RMB)                                                                                       4.72                                        7.24                                 11.96


     Diluted earnings per ADS (RMB)                                                                                                  0.59                                        0.90                                  1.49


     Diluted earnings per ADS (USD)                                                                                                  0.09                                        0.13                                  0.22



                                                                                                                                                Quarter Ended March 31, 2017
                                                                                                                                                ----------------------------

                                                        GAAP  Result                                                         % of Net                 Share-based        % of Net          Non-GAAP Result  % of Net
                                                                                                                              revenue                 Compensation       revenue                             revenue
                                                                                                                              -------                 ------------       -------                             -------


     Product development                                                                                                  (1,962,685,237)       32%                      283,241,889   5%                  (1,679,443,348)  28%

     Sales and marketing                                                                                                  (1,880,630,701)       31%                       48,779,212   1%                  (1,831,851,489)  30%

     General and administrative                                                                                             (638,265,375)       10%                      189,720,083   3%                    (448,545,292)   7%
                                                                                                                          -------------

     Total operating expenses                                                                                             (4,481,581,313)       74%                      521,741,184   9%                  (3,959,840,129)  65%


     Income from operations                                                                                                   414,173,786         7%                      521,741,184   9%                      935,914,970   15%


     Net income attributable to Ctrip's shareholders                                                                           82,447,981         1%                      521,741,184   9%                      604,189,165   10%


     Diluted earnings per ordinary share (RMB)                                                                                       1.21                                        7.54                                  8.75


     Diluted earnings per ADS (RMB)                                                                                                  0.15                                        0.94                                  1.09


     Diluted earnings per ADS (USD)                                                                                                  0.02                                        0.14                                  0.16



                                                                                                                                                Quarter Ended June 30, 2016
                                                                                                                                                ---------------------------

                                                        GAAP  Result                                                         % of Net                 Share-based        % of Net          Non-GAAP Result  % of Net
                                                                                                                              revenue                 Compensation       revenue                             revenue
                                                                                                                              -------                 ------------       -------                             -------


     Product development                                                                                                  (1,723,757,548)       39%                      345,176,289   8%                  (1,378,581,259)  31%

     Sales and marketing                                                                                                  (1,340,183,930)       30%                       69,056,692   2%                  (1,271,127,238)  29%

     General and administrative                                                                                             (510,107,769)       12%                      163,806,574   4%                    (346,301,195)   8%
                                                                                                                          -------------

     Total operating expenses                                                                                             (3,574,049,247)       81%                      578,039,555  13%                  (2,996,009,692)  68%


     Loss/(income) from operations                                                                                          (395,913,002)       -9%                      578,039,555  13%                      182,126,553    4%


     Net loss/(income) attributable to Ctrip's shareholders                                                                 (521,252,534)      -12%                      578,039,555  13%                       56,787,021    1%


     Diluted earnings per ordinary share (RMB)                                                                                     (9.03)                                      10.01                                  0.98


     Diluted earnings per ADS (RMB)                                                                                                (1.13)                                       1.25                                  0.12


     Diluted earnings per ADS (USD)                                                                                                (0.17)                                       0.19                                  0.02



     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=RMB6.7793 on June 30
      2017 published
     by the Federal Reserve Board.

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SOURCE Ctrip.com International, Ltd.