TRIP.COM(09961)2024-02-21 22:10Revenue Growth - Domestic hotel bookings increased by over 130% year-over-year in Q4 2023[2] - Total bookings on the company's international OTA platform grew by over 70% year-over-year in Q4 2023[2] - Net revenue for Q4 2023 was RMB 10.3 billion (USD 1.5 billion), a 105% increase year-over-year[3] - Full-year net revenue for 2023 was RMB 44.5 billion (USD 6.3 billion), a 122% increase year-over-year[3] - Accommodation booking revenue for Q4 2023 was RMB 3.9 billion (USD 550 million), a 131% increase year-over-year[3] - Transportation ticketing revenue for Q4 2023 was RMB 4.1 billion (USD 578 million), an 86% increase year-over-year[3] - Package tour revenue for Q4 2023 was RMB 704 million (USD 99 million), a 329% increase year-over-year[3] - Total revenue for 2023 reached RMB 44,562 million (USD 6,276 million), a significant increase from RMB 20,055 million in 2022[15] - Accommodation booking revenue grew to RMB 17,257 million (USD 2,431 million) in 2023, up from RMB 7,400 million in 2022[15] - Transportation ticketing revenue increased to RMB 18,443 million (USD 2,598 million) in 2023, compared to RMB 8,253 million in 2022[15] Profitability - Net profit for Q4 2023 was RMB 1.3 billion (USD 189 million)[2] - Adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 401 million), with an adjusted EBITDA margin of 28%, compared to 6% in the same period of 2022[2] - Net profit for Q4 2023 was RMB 1.3 billion (USD 189 million), compared to RMB 2.1 billion in the same period of 2022 and RMB 4.6 billion in the previous quarter[5] - Adjusted EBITDA for Q4 2023 was RMB 2.9 billion (USD 401 million), with a margin of 28%, compared to RMB 286 million and a 6% margin in the same period of 2022[5] - Net profit attributable to Trip.com Group shareholders for the full year 2023 was RMB 9.9 billion (USD 1.4 billion), compared to RMB 1.4 billion in 2022[5] - Operating profit for 2023 was RMB 11,324 million (USD 1,595 million), a substantial improvement from RMB 88 million in 2022[15] - Gross profit for 2023 reached RMB 36,389 million (USD 5,125 million), up from RMB 15,526 million in 2022[15] - Net profit for the year ended December 31, 2023, was RMB 10,002 million (USD 1,409 million), a significant increase from RMB 1,367 million in 2022[16] - Adjusted EBITDA for the year ended December 31, 2023, was RMB 13,975 million (USD 1,968 million), with an adjusted EBITDA margin of 31%[17] - Net profit attributable to Trip.com Group Limited for the year ended December 31, 2023, was RMB 9,918 million (USD 1,397 million), compared to RMB 1,403 million in 2022[16] Financial Position - Cash, cash equivalents, restricted cash, short-term investments, and held-to-maturity time deposits and financial products totaled RMB 77.3 billion (USD 10.9 billion) as of December 31, 2023[6] - Total assets increased to RMB 219,137 million (USD 30,865 million) in 2023 from RMB 191,691 million in 2022[13] - Cash, cash equivalents, and restricted cash surged to RMB 43,983 million (USD 6,195 million) in 2023, up from RMB 18,487 million in 2022[13] - Total liabilities rose to RMB 96,131 million (USD 13,540 million) in 2023 from RMB 78,672 million in 2022[14] - Shareholders' equity increased to RMB 123,006 million (USD 17,325 million) in 2023 from RMB 113,019 million in 2022[14] Expenses and Taxes - Corporate income tax expense for the full year 2023 was RMB 1.8 billion (USD 246 million), compared to RMB 682 million in 2022[5] - Total operating expenses for 2023 were RMB 25,065 million (USD 3,530 million), compared to RMB 15,438 million in 2022[15] - Product development expenses for the year ended December 31, 2023, were RMB 870 million (USD 123 million), up from RMB 567 million in 2022[16] - Sales and marketing expenses for the year ended December 31, 2023, were RMB 158 million (USD 22 million), compared to RMB 115 million in 2022[16] - General and administrative expenses for the year ended December 31, 2023, were RMB 806 million (USD 113 million), up from RMB 506 million in 2022[16] Shareholder Returns - The company repurchased approximately 6.8 million ADSs for a total consideration of approximately USD 224 million from September 2023 to the announcement date[7] - The board authorized a strategic capital return plan of up to USD 300 million, which may include annual share repurchases, annual cash dividends, or a combination of both[7] - Diluted earnings per ordinary share and per ADS for the full year 2023 were RMB 14.78 (USD 2.08), and RMB 19.48 (USD 2.74) on a non-GAAP basis[6] - Basic earnings per share for the year ended December 31, 2023, were RMB 15.19 (USD 2.14), up from RMB 2.17 in 2022[16] - Diluted earnings per share (non-GAAP) for the year ended December 31, 2023, were RMB 19.48 (USD 2.74), compared to RMB 1.97 in 2022[18] - The weighted average number of diluted shares outstanding (non-GAAP) for the year ended December 31, 2023, was 671,062,240[18] Exchange Rate - The exchange rate used for conversion was RMB 7.0999 per USD as of December 29, 2023[18] Recovery Metrics - Outbound hotel and air ticket bookings recovered to over 80% of pre-pandemic levels in Q4 2019, compared to 60% recovery in international airline passenger volume[2]