TRIP.COM(09961)2024-05-20 22:17Financial Performance - In Q1 2024, Trip.com Group's net revenue reached RMB 11.9 billion (USD 1.6 billion), representing a year-over-year increase of 29% and a quarter-over-quarter increase of 15%[3]. - Q1 2024 net profit was RMB 4.3 billion (USD 599 million), compared to RMB 3.4 billion in the same period of 2023[5]. - Total revenue for the three months ended March 31, 2024, reached RMB 11,921 million, a 15.4% increase from RMB 10,338 million in the same period of 2023[13]. - Net profit attributable to Ctrip Group for the three months ended March 31, 2024, was RMB 4,312 million, compared to RMB 1,297 million in the same period of 2023, representing a significant increase of 232.5%[14]. - The gross profit for the three months ended March 31, 2024, was RMB 9,667 million, up from RMB 8,315 million in the same period of 2023, reflecting a growth of 16.3%[13]. - Operating profit for the three months ended March 31, 2024, was RMB 3,315 million, an increase of 50.9% from RMB 2,197 million in the same period of 2023[13]. - The EBITDA margin for the three months ended March 31, 2024, was 33%, compared to 28% in the same period of 2023, indicating improved operational efficiency[15]. - Ctrip Group's diluted earnings per share for the three months ended March 31, 2024, was RMB 6.38, compared to RMB 1.94 in the same period of 2023, reflecting a substantial increase[14]. Revenue Breakdown - Revenue from accommodation bookings in Q1 2024 was RMB 4.5 billion (USD 623 million), a 29% year-over-year increase[3]. - Transportation ticketing revenue for Q1 2024 was RMB 5 billion (USD 692 million), reflecting a 20% year-over-year increase[4]. - The company reported a significant increase in accommodation booking revenue, which reached RMB 4,496 million for the three months ended March 31, 2024, compared to RMB 3,480 million in the same period of 2023, marking a growth of 29.2%[13]. Investment and Development - The company invested RMB 3.1 billion (USD 431 million) in product development in Q1 2024, which accounted for 26% of net revenue[4]. - Research and development expenses for the three months ended March 31, 2024, amounted to RMB 214 million, slightly down from RMB 215 million in the previous quarter[14]. - Trip.com Group is committed to product and technology innovation to enhance user experience and drive sustainable growth[2]. - The company emphasized its commitment to enhancing its travel platform and expanding its market presence, particularly focusing on user engagement and innovative travel solutions[10]. - The company anticipates continued growth in user data and market expansion, driven by new product developments and strategic initiatives[15]. Financial Position - As of March 31, 2024, the company had cash and cash equivalents totaling RMB 81.9 billion (USD 11.3 billion)[5]. - As of March 31, 2024, the total assets of the company amounted to RMB 228.5 billion, an increase from RMB 219.1 billion as of December 31, 2023, representing a growth of approximately 4.2%[11]. - The total liabilities increased to RMB 99.9 billion as of March 31, 2024, compared to RMB 96.1 billion as of December 31, 2023, reflecting a rise of about 3.0%[12]. - The company's total equity rose to RMB 128.6 billion as of March 31, 2024, up from RMB 123.0 billion as of December 31, 2023, indicating an increase of approximately 4.6%[12]. - The cash and cash equivalents, along with restricted cash and short-term investments, totaled RMB 44.8 billion as of March 31, 2024, compared to RMB 44.0 billion as of December 31, 2023, showing a slight increase of about 1.8%[11]. - The net accounts receivable increased to RMB 12.3 billion as of March 31, 2024, from RMB 11.4 billion as of December 31, 2023, marking a growth of approximately 7.4%[11]. - The company reported a total current liabilities of RMB 86.8 billion as of March 31, 2024, up from RMB 72.4 billion as of December 31, 2023, which is an increase of about 19.9%[12]. - The goodwill remained stable at RMB 59.4 billion as of both December 31, 2023, and March 31, 2024, indicating no significant changes in this area[11]. Market Trends and Challenges - Domestic hotel and flight bookings grew by over 20% year-over-year, while outbound hotel and flight bookings increased by over 100%[2]. - The company's international OTA platform, Trip.com, saw total revenue growth of approximately 80% year-over-year[2]. - The company continues to face risks related to economic fluctuations and competition, which may impact future performance and strategic initiatives[7].