Trip.com Group Limited Reports Unaudited Fourth Quarter and Full Year of 2020 Financial Results
Trip.com Group reported its Q4 and full-year 2020 financial results, highlighting a strong recovery in its domestic China business despite the ongoing impacts of COVID-19. Q4 net revenue was RMB5.0 billion (US$761 million), down 40% YoY, while full-year revenue fell 49% to RMB18.3 billion (US$2.8 billion). The company's gross margin was 82% for Q4. Significant declines in accommodation, ticketing, and packaged-tour revenues were noted. However, non-GAAP operating profit margin for the year stood at 2%. The cash balance as of December 31, 2020, was RMB59.6 billion (US$9.1 billion).
- Domestic business in China shows strong recovery momentum.
- Maintained a gross margin of 82% in Q4.
- Non-GAAP operating profit margin reached 2% for the full year.
- Q4 net revenue declined by 40% YoY.
- Full year revenue decreased by 49% compared to 2019.
- Significant revenue declines in accommodation (24% YoY), transportation (51% YoY), and packaged tours (67% YoY) for Q4.
SHANGHAI, March 3, 2021 /PRNewswire/ -- Trip.com Group Limited (Nasdaq: TCOM) ("Trip.com Group" or the "Company"), a leading provider of online travel and related services, including accommodation reservation, transportation ticketing, packaged-tour and in-destination services, corporate travel management, and other travel-related services, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2020.
Key Highlights for the Fourth Quarter and Full Year of 2020
- The Company's China domestic business continues to show strong recovery momentum
— China domestic air ticketing business maintained positive year-over-year revenue growth in the fourth quarter of 2020.
— China domestic hotel GMV maintained positive growth, with mid-to-high end domestic hotel reservations reaching double digit year-over-year growth in the fourth quarter of 2020. - The Company's results for the fourth quarter of 2020 reflected negative impacts by the COVID-19 pandemic.
— Net revenue for the fourth quarter of 2020 was RMB5.0 billion (US$761 million ), representing a40% decrease from the same period in 2019. The further narrowed decline reflects a continued recovery of China domestic business, offset by the decrease of international business.
— Loss from operations for the fourth quarter of 2020 was RMB16 million (US$2 million ). Excluding share-based compensation charges, non-GAAP income from operations was RMB495 million (US$77 million ) in the fourth quarter of 2020, representing10% of net revenue.
"2020 was a challenging year. However, it also made us fundamentally stronger than ever before" said James Liang, Executive Chairman. "During the past year, we continued to innovate our products, improve service offerings, and strengthen our collaborations with partners, which led to further market share gains across our product lines. In the near term, we will focus on the domestic market in terms of supply chain, product innovation, content capabilities, quality and technology; while at the same time, we remain ambitious with a global vision to drive our sustainable growth post pandemic."
"We delivered another solid performance in the fourth quarter, despite facing industry fluctuations and weak winter seasonality" said Jane Sun, Chief Executive Officer. "We are glad to see that our domestic business continued to outpace the industry in the fourth quarter and entering into 2021. Thanks to our efficiency improvement and stringent cost control, we were able to achieve
Fourth Quarter and Full Year of 2020 Financial Results and Business Updates
The Company's results for the fourth quarter of 2020 were negatively impacted by the COVID-19 pandemic. However, benefiting from the containment of pandemic in China, the Company's domestic business has shown a strong recovery, which has contributed to substantially all of its total revenue.
For the fourth quarter of 2020, Trip.com Group reported net revenue of RMB5.0 billion (US
For the full year ended December 31, 2020, net revenue was RMB18.3 billion (US
Accommodation reservation revenue for the fourth quarter of 2020 was RMB2.2 billion (US
For the full year ended December 31, 2020, accommodation reservation revenue was RMB7.1 billion (US
Transportation ticketing revenue for the fourth quarter of 2020 was RMB1.7 billion (US
For the full year ended December 31, 2020, transportation ticketing revenue was RMB7.1 billion (US
Packaged-tour revenue for the fourth quarter of 2020 was RMB262 million (US
For the full year ended December 31, 2020, packaged-tour revenue was RMB1.2 billion (US
Corporate travel revenue for the fourth quarter of 2020 was RMB307 million (US
For the full year ended December 31, 2020, corporate travel revenue was RMB877 million (US
Gross margin was
For the full year ended December 31, 2020, gross margin was
Product development expenses for the fourth quarter of 2020 decreased by
For the full year ended December 31, 2020, product development expenses decreased by
Sales and marketing expenses for the fourth quarter of 2020 decreased by
For the full year ended December 31, 2020, sales and marketing expenses decreased by
General and administrative expenses for the fourth quarter of 2020 decreased by
For the full year ended December 31, 2020, general and administrative expenses increased by
Loss from operations for the fourth quarter of 2020 was RMB16 million (US
For the full year ended December 31, 2020, loss from operations was RMB1.4 billion (US
Operating margin was
For the full year ended December 31, 2020, operating margin was -
Income tax expense for the fourth quarter of 2020 was RMB163 million (US
For the full year ended December 31, 2020, income tax expense was RMB355 million (US
Net income attributable to Trip.com Group's shareholders for the fourth quarter of 2020 was RMB1.0 billion (US
For the full year ended December 31, 2020, net loss attributable to Trip.com Group's shareholders was RMB3.2 billion (US
Diluted earnings per ADS were RMB1.65 (US
For the full year ended December 31, 2020, diluted losses per ADS were RMB5.40 (US
As of December 31, 2020, the balance of cash and cash equivalents, restricted cash, short-term investment, held to maturity time deposit and financial products was RMB59.6 billion (US
Conference Call
Trip.com Group's management team will host a conference call at 7:00PM U.S. Eastern Time on March 3, 2021 (or 8:00AM on March 4, 2021 in the Shanghai/Hong Kong Time) following the announcement.
The conference call will be available on Webcast live and replay at: https://investors.trip.com. The call will be archived for twelve months at this website.
All participants must pre-register to join this conference call using the Participant Registration link below:
https://s1.c-conf.com/diamondpass/10012794-k38dyw.html
Upon registration, each participant will receive details for this conference call, including dial-in numbers, passcode and a unique access PIN. To join the conference, please dial the number provided, enter the passcode followed by your PIN, and you will join the conference instantly.
A telephone replay of the call will be available after the conclusion of the conference call until March 11, 2021.
The dial-in details for the replay:
International dial-in number: +61-7-3107-6325
Passcode: 10012794
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 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, 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, 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 Trip.com Group's affiliated Chinese entities and the contractual arrangements among Trip.com Group, its affiliated Chinese entities and their shareholders, and other risks outlined in Trip.com Group'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 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 unaudited condensed consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group 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 Trip.com Group'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, and fair value changes of equity securities investments and exchangeable senior notes, net of tax, recorded under ASU 2016-1. 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 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 and fair value changes of equity securities investments and exchangeable senior notes 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) is a leading one-stop travel service provider consisting of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group enables local partners and travelers around the world to make informed and cost-effective bookings for travel products and services, through aggregation of comprehensive travel-related information and resources, and an advanced transaction platform consisting of mobile apps, Internet websites, and 24/7 customer service centers. Founded in 1999 and listed on Nasdaq in 2003, Trip.com Group has become one of the largest travel companies in the world in terms of gross merchandise value.
Trip.com Group Limited | |||||||||
Unaudited Consolidated Balance Sheets | |||||||||
(In millions, except share and per share data) | |||||||||
December 31, 2019 | December 31, 2020 | December 31, 2020 | |||||||
RMB (million) | RMB (million) | USD (million) | |||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash, cash equivalents and restricted cash | 21,747 | 19,415 | 2,975 | ||||||
Short-term investments | 23,058 | 24,820 | 3,804 | ||||||
Accounts receivable, net | 7,661 | 4,119 | 631 | ||||||
Prepayments and other current assets | 15,489 | 9,657 | 1,480 | ||||||
Total current assets | 67,955 | 58,011 | 8,890 | ||||||
Property, equipment and software | 6,135 | 5,780 | 886 | ||||||
Intangible assets and land use rights | 13,264 | 13,344 | 2,046 | ||||||
Right-of-use asset | 1,207 | 987 | 151 | ||||||
Investments (Includes held to maturity time deposit and | 51,278 | 47,943 | 7,348 | ||||||
Goodwill | 58,308 | 59,353 | 9,096 | ||||||
Other long-term assets | 1,046 | 436 | 67 | ||||||
Deferred tax asset | 976 | 1,395 | 214 | ||||||
Total assets | 200,169 | 187,249 | 28,698 | ||||||
LIABILITIES | |||||||||
Current liabilities: | |||||||||
Short-term debt and current portion of long-term debt | 30,516 | 33,665 | 5,159 | ||||||
Accounts payable | 12,294 | 4,506 | 691 | ||||||
Advances from customers | 11,675 | 7,605 | 1,166 | ||||||
Other current liabilities | 14,697 | 12,593 | 1,929 | ||||||
Total current liabilities | 69,182 | 58,369 | 8,945 | ||||||
Deferred tax liability | 3,592 | 3,574 | 548 | ||||||
Long-term debt | 19,537 | 22,718 | 3,482 | ||||||
Long-term lease liability | 749 | 618 | 95 | ||||||
Other long-term liabilities | 264 | 403 | 62 | ||||||
Total liabilities | 93,324 | 85,682 | 13,132 | ||||||
MEZZANINE EQUITY | |||||||||
Redeemable non-controlling interests | 1,142 | - | - | ||||||
SHAREHOLDERS' EQUITY | |||||||||
Total Trip.com Group Limited shareholders' equity | 103,442 | 100,354 | 15,380 | ||||||
Non-controlling interests | 2,261 | 1,213 | 186 | ||||||
Total shareholders' equity | 105,703 | 101,567 | 15,566 | ||||||
Total liabilities, mezzanine equity and shareholders' | 200,169 | 187,249 | 28,698 | ||||||
Trip.com Group Limited | ||||||||||||
Unaudited Consolidated Statements of Comprehensive Income | ||||||||||||
(In millions, except share and per share data) | ||||||||||||
Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | |||||||||
December 31, 2019 | September 30, 2020 | December 31, 2020 | December 31, 2020 | |||||||||
RMB (million) | RMB (million) | RMB (million) | USD (million) | |||||||||
Revenue: | ||||||||||||
Accommodation reservation | 2,968 | 2,479 | 2,244 | 344 | ||||||||
Transportation ticketing | 3,470 | 1,904 | 1,699 | 260 | ||||||||
Packaged-tour | 800 | 326 | 262 | 40 | ||||||||
Corporate travel | 373 | 282 | 307 | 47 | ||||||||
Others | 732 | 473 | 454 | 70 | ||||||||
Total revenue | 8,343 | 5,464 | 4,966 | 761 | ||||||||
Less: Sales tax and surcharges | (8) | (2) | (2) | (0) | ||||||||
Net revenue | 8,335 | 5,462 | 4,964 | 761 | ||||||||
Cost of revenue | (1,728) | (1,029) | (910) | (139) | ||||||||
Gross profit | 6,607 | 4,433 | 4,054 | 622 | ||||||||
Operating expenses: | ||||||||||||
Product development ** | (2,694) | (2,008) | (2,162) | (331) | ||||||||
Sales and marketing ** | (2,487) | (1,130) | (1,232) | (189) | ||||||||
General and administrative ** | (846) | (505) | (676) | (104) | ||||||||
Total operating expenses | (6,027) | (3,643) | (4,070) | (624) | ||||||||
Income/(loss) from operations | 580 | 790 | (16) | (2) | ||||||||
Interest income | 536 | 642 | 429 | 66 | ||||||||
Interest expense | (387) | (430) | (377) | (58) | ||||||||
Other income * | 1,775 | 1,019 | 769 | 118 | ||||||||
Income before income tax expense and equity in | 2,504 | 2,021 | 805 | 124 | ||||||||
Income tax expense * | (364) | (245) | (163) | (25) | ||||||||
Equity in (loss)/income of affiliates | (147) | (195) | 318 | 49 | ||||||||
Net income | 1,993 | 1,581 | 960 | 148 | ||||||||
Net loss/(income) attributable to non-controlling interests | 38 | (3) | 44 | 7 | ||||||||
Accretion to redemption value of redeemable non- | (23) | - | - | - | ||||||||
Net income attributable to Trip.com Group | 2,008 | 1,578 | 1,004 | 155 | ||||||||
Comprehensive income attributable to Trip.com | 2,188 | 1,618 | 1,471 | 225 | ||||||||
Earnings per ordinary share | ||||||||||||
- Basic | 27.03 | 21.05 | 13.32 | 2.04 | ||||||||
- Diluted | 25.82 | 20.86 | 13.20 | 2.02 | ||||||||
Earnings per ADS | ||||||||||||
- Basic | 3.38 | 2.63 | 1.67 | 0.26 | ||||||||
- Diluted | 3.23 | 2.61 | 1.65 | 0.25 | ||||||||
Weighted average ordinary shares outstanding | ||||||||||||
- Basic | 74,261,842 | 75,084,894 | 75,371,104 | 75,371,104 | ||||||||
- Diluted | 80,426,008 | 77,482,061 | 76,141,989 | 76,141,989 | ||||||||
- Diluted-non GAAP | 77,664,621 | 75,656,223 | 76,141,989 | 76,141,989 | ||||||||
** Share-based compensation included in Operating expenses above is as follows: | ||||||||||||
Product development | 240 | 272 | 260 | 40 | ||||||||
Sales and marketing | 38 | 45 | 43 | 7 | ||||||||
General and administrative | 165 | 214 | 208 | 32 | ||||||||
* Fair value changes of equity securities investments and exchangeable senior notes included in Net income is as follow: | ||||||||||||
Fair value income of equity securities investments | (1,265) | (710) | (452) | (69) | ||||||||
The fair value income of RMB452 million in the quarter ended December 31, 2020 represents an equity securities investments fair value income of RMB543 million, net of tax of RMB- | ||||||||||||
Trip.com Group Limited | ||||||||||
Reconciliation of GAAP and Non-GAAP Results | ||||||||||
(In millions, except % and per share data) | ||||||||||
Quarter Ended December 31, 2020 | ||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP | % of Net | |||||
Share-based compensation included in Operating expense is as follows: | ||||||||||
Product development | (2,162) | - | 260 | (1,902) | - | |||||
Sales and marketing | (1,232) | - | 43 | (1,189) | - | |||||
General and administrative | (676) | - | 208 | (468) | - | |||||
Total operating expenses | (4,070) | - | 511 | (3,559) | - | |||||
(Loss)/Income from operations | (16) | 511 | 495 | |||||||
Fair value changes of equity securities investments and | 452 | (452) | - | - | - | |||||
Net income attributable to Trip.com Group's shareholders | 1,004 | 59 | 1,063 | |||||||
Diluted earnings per ordinary share (RMB) | 13.20 | 0.77 | 13.97 | |||||||
Diluted earnings per ADS (RMB) | 1.65 | 0.10 | 1.75 | |||||||
Diluted earnings per ADS (USD) | 0.25 | 0.02 | 0.27 | |||||||
Quarter Ended September 30, 2020 | ||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP | % of Net | |||||
Share-based compensation included in Operating expense is as follows: | ||||||||||
Product development | (2,008) | - | 272 | (1,736) | - | |||||
Sales and marketing | (1,130) | - | 45 | (1,085) | - | |||||
General and administrative | (505) | - | 214 | (291) | - | |||||
Total operating expenses | (3,643) | - | 531 | (3,112) | - | |||||
Income from operations | 790 | 531 | 1,321 | |||||||
Fair value changes of equity securities investments and | 710 | (710) | - | - | - | |||||
Net income attributable to Trip.com Group's shareholders | 1,578 | (179) | - | 1,399 | ||||||
Diluted earnings per ordinary share (RMB) | 20.86 | (2.30) | 18.56 | |||||||
Diluted earnings per ADS (RMB) | 2.61 | (0.29) | 2.32 | |||||||
Diluted earnings per ADS (USD) | 0.38 | (0.04) | 0.34 | |||||||
Quarter Ended December 31, 2019 | ||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP | % of Net | |||||
Share-based compensation included in Operating expense is as follows: | ||||||||||
Product development | (2,694) | - | 240 | (2,454) | - | |||||
Sales and marketing | (2,487) | - | 38 | (2,449) | - | |||||
General and administrative | (846) | - | 165 | (681) | - | |||||
Total operating expenses | (6,027) | - | 443 | (5,584) | - | |||||
Income from operations | 580 | 443 | 1,023 | |||||||
Fair value changes of equity securities investments, net of tax | 1,265 | (1,265) | - | - | - | |||||
Net income attributable to Trip.com Group's shareholders | 2,008 | (822) | - | 1,186 | ||||||
Diluted earnings per ordinary share (RMB) | 25.82 | (10.31) | 15.51 | |||||||
Diluted earnings per ADS (RMB) | 3.23 | (1.29) | 1.94 | |||||||
Diluted earnings per ADS (USD) | 0.46 | (0.19) | 0.28 | |||||||
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=RMB6.5250 on December 31, 2020 published | ||||||||||
Trip.com Group Limited | |||||||||
Unaudited Consolidated Statements of Comprehensive Income | |||||||||
(In millions, except share and per share data) | |||||||||
Year Ended | Year Ended | Year Ended | |||||||
December 31, 2019 | December 31, 2020 | December 31, 2020 | |||||||
RMB (million) | RMB (million) | USD (million) | |||||||
Revenue: | |||||||||
Accommodation reservation | 13,514 | 7,132 | 1,093 | ||||||
Transportation ticketing | 13,952 | 7,146 | 1,095 | ||||||
Packaged-tour | 4,534 | 1,241 | 190 | ||||||
Corporate travel | 1,255 | 877 | 135 | ||||||
Others | 2,461 | 1,931 | 296 | ||||||
Total revenue | 35,716 | 18,327 | 2,809 | ||||||
Less: Sales tax and surcharges | (50) | (11) | (2) | ||||||
Net revenue | 35,666 | 18,316 | 2,807 | ||||||
Cost of revenue | (7,372) | (4,031) | (618) | ||||||
Gross profit | 28,294 | 14,285 | 2,189 | ||||||
Operating expenses: | |||||||||
Product development ** | (10,670) | (7,667) | (1,175) | ||||||
Sales and marketing ** | (9,295) | (4,405) | (675) | ||||||
General and administrative ** | (3,289) | (3,636) | (557) | ||||||
Total operating expenses | (23,254) | (15,708) | (2,407) | ||||||
Income/(loss) from operations | 5,040 | (1,423) | (218) | ||||||
Interest income | 2,094 | 2,187 | 335 | ||||||
Interest expense | (1,677) | (1,716) | (263) | ||||||
Other income/(expense) * | 3,630 | (273) | (42) | ||||||
Income/(loss) before income tax expense and equity in | 9,087 | (1,225) | (188) | ||||||
Income tax expense * | (1,742) | (355) | (54) | ||||||
Equity in loss of affiliates | (347) | (1,689) | (259) | ||||||
Net income/(loss) | 6,998 | (3,269) | (501) | ||||||
Net loss attributable to non-controlling interests | 57 | 62 | 10 | ||||||
Accretion to redemption value of redeemable non-controlling | (44) | (40) | (6) | ||||||
Net income/(loss) attributable to Trip.com Group Limited | 7,011 | (3,247) | (497) | ||||||
Comprehensive income/(loss) attributable to Trip.com | 6,988 | (3,350) | (513) | ||||||
Earnings/(losses) per ordinary share | |||||||||
- Basic | 98.78 | (43.21) | (6.62) | ||||||
- Diluted | 92.02 | (43.21) | (6.62) | ||||||
Earnings/(losses) per ADS | |||||||||
- Basic | 12.35 | (5.40) | (0.83) | ||||||
- Diluted | 11.50 | (5.40) | (0.83) | ||||||
Weighted average ordinary shares outstanding | |||||||||
- Basic | 70,983,996 | 75,111,026 | 75,111,026 | ||||||
- Diluted | 80,244,014 | 75,111,026 | 75,111,026 | ||||||
- Diluted-non GAAP | 80,244,014 | 75,111,026 | 75,111,026 | ||||||
** Share-based compensation included in Operating expenses above is as follows: | |||||||||
Product development | 919 | 964 | 148 | ||||||
Sales and marketing | 144 | 159 | 24 | ||||||
General and administrative | 651 | 750 | 115 | ||||||
* Fair value changes of equity securities investments and exchangeable senior notes included in Net income/(loss) is as follow: | |||||||||
Fair value (income)/loss of equity securities investments | (2,198) | 461 | 71 | ||||||
The fair value loss of RMB461 million by the year ended December 31, 2020 represents an equity securities investments fair value income of RMB407 million, | |||||||||
Trip.com Group Limited | ||||||||||
Unaudited Consolidated Statements of Comprehensive Income | ||||||||||
(In millions, except share and per share data) | ||||||||||
Year Ended December 31, 2020 | ||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP Result | % of Net | |||||
Product development | (7,667) | - | 964 | (6,703) | - | |||||
Sales and marketing | (4,405) | - | 159 | (4,246) | - | |||||
General and administrative | (3,636) | - | 750 | (2,886) | - | |||||
Total operating expenses | (15,708) | - | 1,873 | (13,835) | - | |||||
(Loss)/income from operations | (1,423) | - | 1,873 | 450 | ||||||
Fair value changes of equity securities investments and | (461) | - | 461 | - | - | |||||
Net loss attributable to Trip.com Group's shareholders | (3,247) | - | 2,334 | (913) | - | |||||
Diluted losses per ordinary share (RMB) | (43.21) | 31.07 | (12.14) | |||||||
Diluted losses per ADS (RMB) | (5.40) | 3.88 | (1.52) | |||||||
Diluted losses per ADS (USD) | (0.83) | 0.59 | (0.23) | |||||||
Year Ended December 31, 2019 | ||||||||||
GAAP Result | % of Net | Non-GAAP | % of Net | Non-GAAP Result | % of Net | |||||
Product development | (10,670) | - | 919 | (9,751) | - | |||||
Sales and marketing | (9,295) | - | 144 | (9,151) | - | |||||
General and administrative | (3,289) | - | 651 | (2,638) | - | |||||
Total operating expenses | (23,254) | - | 1,714 | (21,540) | - | |||||
Income from operations | 5,040 | 1,714 | 6,754 | |||||||
Fair value changes of equity securities investments, net of tax | 2,198 | (2,198) | - | - | - | |||||
Net income attributable to Trip.com Group's shareholders | 7,011 | (484) | - | 6,527 | ||||||
Diluted earnings per ordinary share (RMB) | 92.02 | (6.03) | 85.99 | |||||||
Diluted earnings per ADS (RMB) | 11.50 | (0.75) | 10.75 | |||||||
Diluted earnings per ADS (USD) | 1.65 | (0.11) | 1.54 | |||||||
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=RMB6.5250 on December 31, 2020 published by the | ||||||||||
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SOURCE Trip.com Group Limited
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