携程集团-S(09961) - 2023 Q1 - 季度业绩

Financial Performance - In Q1 2023, Trip.com Group's net revenue reached RMB 9.2 billion (USD 1.3 billion), representing a year-over-year increase of 124% and a quarter-over-quarter increase of 83%[3]. - The company's net profit for Q1 2023 was RMB 3.4 billion (USD 491 million), a significant recovery from a net loss of RMB 1 billion in the same period of 2022[5]. - Adjusted EBITDA for Q1 2023 was RMB 2.8 billion (USD 410 million), with an EBITDA margin of 31%, compared to 2% in Q1 2022[5]. - Total revenue for Q1 2023 reached RMB 9,211 million, a significant increase of 83% compared to RMB 5,031 million in Q4 2022[13]. - Net income for Q1 2023 was RMB 3,375 million, compared to a net loss of RMB 989 million in Q1 2022, reflecting a strong recovery[14]. - Adjusted EBITDA for Q1 2023 was RMB 2,820 million, with an adjusted EBITDA margin of 31%[15]. - The gross profit for Q1 2023 was RMB 7,561 million, representing a gross margin of approximately 82%[13]. Revenue Breakdown - Revenue from accommodation bookings was RMB 3.5 billion (USD 570 million), up 140% year-over-year, while transportation ticketing revenue reached RMB 4.2 billion (USD 650 million), up 150% year-over-year[4]. - The travel ticketing segment generated RMB 4,156 million in revenue for Q1 2023, compared to RMB 1,663 million in Q1 2022, indicating strong growth[13]. - The company reported a significant increase in accommodation booking revenue, which reached RMB 3,480 million in Q1 2023, up from RMB 1,450 million in Q1 2022[13]. Operating Costs and Expenses - The company incurred operating costs of RMB 1.6 billion (USD 238 million), which accounted for 18% of net revenue[4]. - Operating expenses totaled RMB 5,320 million in Q1 2023, up from RMB 3,401 million in Q1 2022, driven by increased investments in marketing and administration[13]. - Research and development expenses for Q1 2023 were RMB 2.7 billion (USD 389 million), representing 29% of net revenue, reflecting a 35% year-over-year increase[4]. - Research and development expenses for Q1 2023 amounted to RMB 179 million, an increase from RMB 107 million in Q1 2022[14]. Assets and Liabilities - As of March 31, 2023, the company had cash and cash equivalents totaling RMB 68 billion (USD 9.9 billion)[5]. - As of March 31, 2023, the total assets of Trip.com Group amounted to RMB 209,133 million, an increase from RMB 191,691 million as of December 31, 2022, representing a growth of approximately 9.5%[11]. - The total liabilities increased to RMB 92,246 million as of March 31, 2023, compared to RMB 78,672 million as of December 31, 2022, indicating a rise of about 17.3%[12]. - The total equity attributable to shareholders of Trip.com Group was RMB 116,150 million as of March 31, 2023, up from RMB 112,283 million as of December 31, 2022, reflecting an increase of approximately 3.4%[12]. - Cash and cash equivalents, including restricted cash, rose significantly to RMB 30,576 million as of March 31, 2023, compared to RMB 18,487 million as of December 31, 2022, marking an increase of about 65.5%[11]. - The net accounts receivable increased to RMB 9,257 million as of March 31, 2023, from RMB 5,486 million as of December 31, 2022, which is an increase of approximately 68.5%[11]. - The company reported a total current asset increase to RMB 72,386 million as of March 31, 2023, compared to RMB 61,435 million as of December 31, 2022, representing a growth of about 17.8%[11]. - The goodwill remained stable at RMB 59,340 million as of March 31, 2023, compared to RMB 59,337 million as of December 31, 2022[11]. Market Outlook and Strategy - The company remains optimistic about the future of the global travel industry and the opportunities ahead, driven by the recovery of travel demand[2]. - Trip.com Group's strategic focus includes enhancing partnerships with suppliers and expanding its market presence, particularly in the travel sector[7]. - The company is actively monitoring economic conditions and potential risks that could impact future growth, including competition and regulatory changes in China[7]. - The company expects continued growth in user engagement and revenue, driven by new product launches and market expansion strategies[15]. Booking Trends - Hotel bookings in China increased by over 100% year-over-year, while local hotel bookings surged by 150% compared to pre-pandemic levels in 2019[2]. - International flight bookings on the company's OTA platform grew by over 200% year-over-year, exceeding 100% compared to 2019[2]. - The number of outstanding shares increased to 672,743,729 for Q1 2023, up from 647,812,835 in Q1 2022[15]. Non-GAAP Measures - The company emphasized the importance of non-GAAP financial measures to provide a clearer picture of operational performance, which includes adjusted EBITDA and diluted earnings per share[8].