Trip.com Group Limited Reports Unaudited Second Quarter and First Half of 2024 Financial Results
Trip.com Group (Nasdaq: TCOM; HKEX: 9961) reported its unaudited financial results for the second quarter and first half of 2024.
Key highlights include:
- Net revenue for Q2 2024 increased by 14% year-over-year to RMB12.8 billion (US$1.8 billion).
- Net income grew significantly to RMB3.9 billion (US$535 million) from RMB648 million in Q2 2023.
- Adjusted EBITDA for Q2 2024 was RMB4.4 billion (US$611 million), with a margin of 35%, up from 33% in Q2 2023.
- Accommodation bookings on Chinese sites grew by 20% year-over-year.
- Outbound hotel and air reservations recovered to 100% of pre-COVID levels.
- Total revenue of the international OTA brand increased by 70% year-over-year.
Additionally, the company completed a US$1.5 billion offering of cash-par settled convertible senior notes and repurchased approximately 6.0 million ADSs for US$300 million.
Trip.com Group (Nasdaq: TCOM; HKEX: 9961) ha riportato i risultati finanziari non verificati per il secondo trimestre e il primo semestre del 2024.
I punti salienti includono:
- I ricavi netti per il Q2 2024 sono aumentati del 14% rispetto all'anno precedente, raggiungendo RMB 12,8 miliardi (US$ 1,8 miliardi).
- Il reddito netto è cresciuto significativamente a RMB 3,9 miliardi (US$ 535 milioni) rispetto ai RMB 648 milioni del Q2 2023.
- L'EBITDA rettificato per il Q2 2024 è stato di RMB 4,4 miliardi (US$ 611 milioni), con un margine del 35%, in aumento rispetto al 33% nel Q2 2023.
- Le prenotazioni di alloggio sui siti cinesi sono aumentate del 20% rispetto all'anno precedente.
- Le prenotazioni di hotel e voli outbound sono tornate ai livelli pre-COVID, raggiungendo il 100%.
- Le entrate totali del marchio OTA internazionale sono aumentate del 70% rispetto all'anno precedente.
Inoltre, la società ha completato un'offerta di note senior convertibili cash-par regolata per un valore di 1,5 miliardi di dollari e ha riacquistato circa 6,0 milioni di ADS per 300 milioni di dollari.
Trip.com Group (Nasdaq: TCOM; HKEX: 9961) reportó sus resultados financieros no auditados para el segundo trimestre y primer semestre de 2024.
Los puntos clave incluyen:
- Los ingresos netos para el Q2 2024 aumentaron un 14% interanual, alcanzando RMB 12.8 mil millones (US$ 1.8 mil millones).
- El ingreso neto creció significativamente a RMB 3.9 mil millones (US$ 535 millones), desde RMB 648 millones en el Q2 2023.
- El EBITDA ajustado para el Q2 2024 fue de RMB 4.4 mil millones (US$ 611 millones), con un margen del 35%, en comparación con el 33% en el Q2 2023.
- Las reservas de alojamiento en sitios chinos crecieron un 20% interanual.
- Las reservas de hoteles y vuelos internacionales se recuperaron al 100% de los niveles previos a COVID.
- Los ingresos totales de la marca OTA internacional aumentaron un 70% interanual.
Adicionalmente, la compañía completó una oferta de notas convertibles senior cash-par de 1.5 mil millones de dólares y recompra aproximadamente 6.0 millones de ADS por 300 millones de dólares.
Trip.com Group (Nasdaq: TCOM; HKEX: 9961)는 2024년 2분기 및 상반기 비감사 재무 결과를 발표했습니다.
주요 하이라이트는 다음과 같습니다:
- 2024년 2분기 순수익은 전년대비 14% 증가하여 RMB 128억 (미화 18억 달러)에 달했습니다.
- 순이익은 2023년 2분기 RMB 648백만에서 RMB 39억 (미화 5억 3500만 달러)으로 크게 성장했습니다.
- 2024년 2분기의 조정된 EBITDA는 RMB 44억 (미화 6억 1100만 달러)으로, 35%의 마진을 기록하며 2023년 2분기의 33%에서 상승했습니다.
- 중국 사이트의 숙박 예약은 전년대비 20% 증가했습니다.
- 국외 호텔 및 항공 예약은 COVID 이전 수준의 100%로 회복되었습니다.
- 국제 OTA 브랜드의 총 수익은 전년대비 70% 증가했습니다.
추가로, 회사는 15억 달러 규모의 현금 정산 전환 상환 노트 발행을 완료했으며, 약 600만 ADS를 3억 달러에 재구매했습니다.
Trip.com Group (Nasdaq: TCOM; HKEX: 9961) a publié ses résultats financiers non audités pour le deuxième trimestre et le premier semestre de 2024.
Les points clés incluent:
- Le chiffre d'affaires net pour le T2 2024 a augmenté de 14% par rapport à l'année précédente, atteignant 12,8 milliards de RMB (1,8 milliard de dollars US).
- Le revenu net a considérablement augmenté pour atteindre 3,9 milliards de RMB (535 millions de dollars US), contre 648 millions de RMB au T2 2023.
- L'EBITDA ajusté pour le T2 2024 était de 4,4 milliards de RMB (611 millions de dollars US), avec une marge de 35%, contre 33% au T2 2023.
- Les réservations d'hébergement sur les sites chinois ont augmenté de 20% par rapport à l'année précédente.
- Les réservations d'hôtels et de vols à l'étranger ont retrouvé 100% des niveaux d'avant COVID.
- Le chiffre d'affaires total de la marque OTA internationale a augmenté de 70% par rapport à l'année précédente.
De plus, l'entreprise a complété une offre de billets convertibles seniors réglés en espèces d'une valeur de 1,5 milliard de dollars US et a racheté environ 6 millions d'ADS pour 300 millions de dollars US.
Trip.com Group (Nasdaq: TCOM; HKEX: 9961) hat seine unverifizierten finanziellen Ergebnisse für das zweite Quartal und das erste Halbjahr 2024 bekannt gegeben.
Wichtige Höhepunkte sind:
- Der Nettoumsatz für Q2 2024 stieg im Vergleich zum Vorjahr um 14% auf RMB 12,8 Milliarden (US$ 1,8 Milliarden).
- Der Nettogewinn wuchs signifikant auf RMB 3,9 Milliarden (US$ 535 Millionen) von RMB 648 Millionen im Q2 2023.
- Das bereinigte EBITDA für Q2 2024 betrug RMB 4,4 Milliarden (US$ 611 Millionen), mit einer Marge von 35%, verglichen mit 33% im Q2 2023.
- Die Buchungen von Unterkünften auf chinesischen Seiten stiegen im Vergleich zum Vorjahr um 20%.
- Die Buchungen für Hotels und Flüge ins Ausland erholten sich auf 100% des Niveaus vor COVID.
- Die Gesamteinnahmen der internationalen OTA-Marke stiegen im Vergleich zum Vorjahr um 70%.
Zusätzlich hat das Unternehmen ein Angebot von umgerechneten 1,5 Milliarden USD in Form von umtauscharischen vorrangigen Anleihen abgeschlossen und etwa 6,0 Millionen ADS für 300 Millionen USD zurückgekauft.
- Net revenue for Q2 2024 increased by 14% YoY to RMB12.8 billion (US$1.8 billion).
- Net income for Q2 2024 grew to RMB3.9 billion (US$535 million) from RMB648 million in Q2 2023.
- Adjusted EBITDA for Q2 2024 was RMB4.4 billion (US$611 million) with a margin of 35%, up from 33% in Q2 2023.
- Accommodation bookings on Chinese sites increased by 20% YoY.
- Outbound hotel and air reservations recovered to 100% of pre-COVID levels.
- Total revenue of the international OTA brand increased by 70% YoY.
- Transportation ticketing revenue for Q2 2024 decreased by 3% from the previous quarter.
Insights
Trip.com Group's Q2 2024 results showcase robust growth and profitability. Net revenue increased by
Key highlights include:
- Accommodation bookings growth of
20% year-over-year - Outbound hotel and air reservations recovery to
100% of pre-COVID levels - International OTA brand revenue increase of
70% year-over-year
Trip.com's Q2 results reflect a robust recovery in the travel sector, particularly in China and for international travel. The
The
Trip.com's commitment to leveraging AI for industry revolution is a strategic move in the evolving travel tech landscape. While specific AI initiatives aren't detailed, the potential applications are vast - from personalized recommendations to dynamic pricing and chatbots for customer service. This focus could significantly enhance user experience and operational efficiency.
The company's strong financial position, with
Key Highlights for the Second Quarter of 2024
- Domestic and international businesses sustained growth across all segments in the second quarter of 2024
- Accommodation bookings on the Company's Chinese sites grew by approximately
- Outbound hotel and air reservations recovered to
- Total revenue of the Company's international OTA brand has increased by around
- The Company achieved outstanding financial performance in the second quarter of 2024
- Net revenue for the second quarter grew by
- Net income for the second quarter of 2024 was
- Adjusted EBITDA for the second quarter was
"The second quarter of 2024 witnessed continued growth driven by strong travel demand, especially for cross-border travel," said James Liang, Executive Chairman. "Our strong performance highlights our adaptability in a dynamic market. Looking ahead, we are dedicated to leveraging the potential of AI to revolutionize the travel industry and provide exceptional value to our customers."
"We are pleased with our strong growth and the resilience of travel consumption in
Second Quarter of 2024 Financial Results and Business Updates
For the second quarter of 2024, Trip.com Group reported net revenue of
Accommodation reservation revenue for the second quarter of 2024 was
Transportation ticketing revenue for the second quarter of 2024 was
Packaged-tour revenue for the second quarter of 2024 was
Corporate travel revenue for the second quarter of 2024 was RMB633 million (
Cost of revenue for the second quarter of 2024 increased by
Product development expenses for the second quarter of 2024 increased by
Sales and marketing expenses for the second quarter of 2024 increased by
General and administrative expenses for the second quarter of 2024 increased by
Income tax expense for the second quarter of 2024 was
Net income for the second quarter of 2024 was
Net income attributable to Trip.com Group's shareholders for the second quarter of 2024 was
Diluted earnings per ordinary share and per ADS was
As of June 30, 2024, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was
Offering of Cash-par Settled Convertible Senior Notes
In June 2024, the Company completed an offering of
The Notes contemplate cash-par settlement upon conversion. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes being converted and have the right to elect to settle the conversion consideration for amounts in excess of the aggregate principal amount using cash, ADSs, or a combination of cash and ADSs.
Concurrent ADS Repurchase
Concurrently with the Notes offering, the Company repurchased approximately 6.0 million ADSs in an aggregate amount of approximately
Conference Call
Trip.com Group's management team will host a conference call at 8:00 PM on August 26, 2024,
The conference call will be available live on Webcast and for replay at: https://investors.trip.com. The call will be archived for twelve months on our website.
All participants must pre-register to join this conference call using the Participant Registration link below:
https://register.vevent.com/register/BI1654b47de1924af88e8ea8e0351b2261
Upon registration, each participant will receive details for this conference call, including dial-in numbers and a unique access PIN. To join the conference, please dial the number provided, enter your PIN, and you will join the conference instantly.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
About Non-GAAP Financial Measures
To supplement Trip.com Group's consolidated financial statements, which are prepared and presented in accordance with United States Generally Accepted Accounting Principles ("GAAP"), Trip.com Group uses non-GAAP financial information related to adjusted net income attributable to Trip.com Group Limited, adjusted EBITDA, adjusted EBITDA margin, and adjusted diluted earnings per ordinary share and per ADS, each of which is adjusted from the most comparable GAAP result to exclude the share-based compensation charges that are not tax deductible, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), net of tax, and other applicable items. 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, does not have a standardized meaning under 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, fair value changes of equity securities investments and exchangeable senior notes recorded in other income/(expense), and their tax effects 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; HKEX: 9961) is a leading global one-stop travel platform, integrating a comprehensive suite of travel products and services and differentiated travel content. It is the go-to destination for travelers in
For further information, please contact:
Investor Relations
Trip.com Group Limited
Tel: +86 (21) 3406-4880 X 12229
Email: iremail@trip.com
Trip.com Group Limited | |||||||
Unaudited Consolidated Balance Sheets | |||||||
(In millions, except share and per share data) | |||||||
December 31, 2023 | June 30, 2024 | June 30, 2024 | |||||
RMB (million) | RMB (million) | USD (million) | |||||
ASSETS | |||||||
Current assets: | |||||||
Cash, cash equivalents and restricted cash | 43,983 | 51,553 | 7,094 | ||||
Short-term investments | 17,748 | 38,216 | 5,259 | ||||
Accounts receivable, net | 11,410 | 12,907 | 1,776 | ||||
Prepayments and other current assets | 15,591 | 18,863 | 2,596 | ||||
Total current assets | 88,732 | 121,539 | 16,725 | ||||
Property, equipment and software | 5,142 | 5,083 | 699 | ||||
Intangible assets and land use rights | 12,644 | 12,551 | 1,727 | ||||
Right-of-use asset | 641 | 741 | 102 | ||||
Investments (Includes held to maturity time deposit and | 49,342 | 45,392 | 6,246 | ||||
Goodwill | 59,372 | 59,381 | 8,171 | ||||
Other long-term assets | 688 | 538 | 74 | ||||
Deferred tax asset | 2,576 | 2,598 | 358 | ||||
Total assets | 219,137 | 247,823 | 34,102 | ||||
LIABILITIES | |||||||
Current liabilities: | |||||||
Short-term debt and current portion of long-term debt | 25,857 | 39,530 | 5,440 | ||||
Accounts payable | 16,459 | 19,189 | 2,640 | ||||
Advances from customers | 13,380 | 16,561 | 2,279 | ||||
Other current liabilities | 16,715 | 16,836 | 2,317 | ||||
Total current liabilities | 72,411 | 92,116 | 12,676 | ||||
Deferred tax liability | 3,825 | 3,477 | 478 | ||||
Long-term debt | 19,099 | 20,034 | 2,757 | ||||
Long-term lease liability | 477 | 545 | 75 | ||||
Other long-term liabilities | 319 | 259 | 36 | ||||
Total liabilities | 96,131 | 116,431 | 16,022 | ||||
SHAREHOLDERS' EQUITY | |||||||
Total Trip.com Group Limited shareholders' equity | 122,184 | 130,500 | 17,957 | ||||
Non-controlling interests | 822 | 892 | 123 | ||||
Total shareholders' equity | 123,006 | 131,392 | 18,080 | ||||
Total liabilities and shareholders' equity | 219,137 | 247,823 | 34,102 | ||||
Trip.com Group Limited | |||||||||||||||
Unaudited Consolidated Statements of Income | |||||||||||||||
(In millions, except share and per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2023 | March 31, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2024 | |||||||||
RMB (million) | RMB (million) | RMB (million) | USD (million) | RMB (million) | RMB (million) | USD (million) | |||||||||
Revenue: | |||||||||||||||
Accommodation reservation | 4,285 | 4,496 | 5,136 | 707 | 7,765 | 9,632 | 1,325 | ||||||||
Transportation ticketing | 4,814 | 5,000 | 4,871 | 670 | 8,970 | 9,871 | 1,358 | ||||||||
Packaged-tour | 722 | 883 | 1,025 | 141 | 1,108 | 1,908 | 263 | ||||||||
Corporate travel | 584 | 511 | 633 | 87 | 1,029 | 1,144 | 157 | ||||||||
Others | 857 | 1,031 | 1,123 | 154 | 1,601 | 2,154 | 296 | ||||||||
Total revenue | 11,262 | 11,921 | 12,788 | 1,759 | 20,473 | 24,709 | 3,399 | ||||||||
Less: Sales tax and surcharges | (15) | (16) | (16) | (2) | (28) | (32) | (4) | ||||||||
Net revenue | 11,247 | 11,905 | 12,772 | 1,757 | 20,445 | 24,677 | 3,395 | ||||||||
Cost of revenue | (2,007) | (2,238) | (2,312) | (318) | (3,644) | (4,550) | (626) | ||||||||
Gross profit | 9,240 | 9,667 | 10,460 | 1,439 | 16,801 | 20,127 | 2,769 | ||||||||
Operating expenses: | |||||||||||||||
Product development * | (2,953) | (3,109) | (2,993) | (412) | (5,627) | (6,102) | (840) | ||||||||
Sales and marketing * | (2,355) | (2,312) | (2,835) | (390) | (4,110) | (5,147) | (708) | ||||||||
General and administrative * | (955) | (931) | (1,077) | (148) | (1,846) | (2,008) | (276) | ||||||||
Total operating expenses | (6,263) | (6,352) | (6,905) | (950) | (11,583) | (13,257) | (1,824) | ||||||||
Income from operations | 2,977 | 3,315 | 3,555 | 489 | 5,218 | 6,870 | 945 | ||||||||
Interest income | 513 | 592 | 634 | 87 | 954 | 1,226 | 169 | ||||||||
Interest expense | (555) | (499) | (514) | (71) | (1,041) | (1,013) | (139) | ||||||||
Other (expense)/income | (1,961) | 759 | (183) | (25) | (309) | 576 | 79 | ||||||||
Income before income tax | 974 | 4,167 | 3,492 | 480 | 4,822 | 7,659 | 1,054 | ||||||||
Income tax expense | (562) | (664) | (693) | (95) | (903) | (1,357) | (187) | ||||||||
Equity in income of affiliates | 236 | 822 | 1,089 | 150 | 103 | 1,911 | 263 | ||||||||
Net income | 648 | 4,325 | 3,888 | 535 | 4,022 | 8,213 | 1,130 | ||||||||
Net income attributable to non- | (17) | (13) | (55) | (8) | (16) | (68) | (9) | ||||||||
Net income attributable to | 631 | 4,312 | 3,833 | 527 | 4,006 | 8,145 | 1,121 | ||||||||
Earnings per ordinary share | |||||||||||||||
- Basic | 0.97 | 6.62 | 5.84 | 0.80 | 6.14 | 12.46 | 1.71 | ||||||||
- Diluted | 0.94 | 6.38 | 5.57 | 0.77 | 5.98 | 11.93 | 1.64 | ||||||||
Earnings per ADS | |||||||||||||||
- Basic | 0.97 | 6.62 | 5.84 | 0.80 | 6.14 | 12.46 | 1.71 | ||||||||
- Diluted | 0.94 | 6.38 | 5.57 | 0.77 | 5.98 | 11.93 | 1.64 | ||||||||
Weighted average ordinary shares | |||||||||||||||
- Basic | 653,392,956 | 651,349,707 | 655,857,569 | 655,857,569 | 652,625,256 | 653,603,638 | 653,603,638 | ||||||||
- Diluted | 671,942,381 | 675,933,592 | 687,977,626 | 687,977,626 | 670,838,392 | 682,766,701 | 682,766,701 | ||||||||
* Share-based compensation included in Operating expenses above is as follows: | |||||||||||||||
Product development | 234 | 214 | 322 | 44 | 413 | 536 | 74 | ||||||||
Sales and marketing | 44 | 38 | 55 | 8 | 75 | 93 | 13 | ||||||||
General and administrative | 219 | 198 | 297 | 41 | 387 | 495 | 68 | ||||||||
Trip.com Group Limited | |||||||||||||||
Unaudited Reconciliation of GAAP and Non-GAAP Results | |||||||||||||||
(In millions, except %, share and per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2023 | March 31, 2024 | June 30, 2024 | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2024 | |||||||||
RMB (million) | RMB (million) | RMB (million) | USD (million) | RMB (million) | RMB (million) | USD (million) | |||||||||
Net income | 648 | 4,325 | 3,888 | 535 | 4,022 | 8,213 | 1,130 | ||||||||
Less: Interest income | (513) | (592) | (634) | (87) | (954) | (1,226) | (169) | ||||||||
Add: Interest expense | 555 | 499 | 514 | 71 | 1,041 | 1,013 | 139 | ||||||||
Add: Other expense/(income) | 1,961 | (759) | 183 | 25 | 309 | (576) | (79) | ||||||||
Add: Income tax expense | 562 | 664 | 693 | 95 | 903 | 1,357 | 187 | ||||||||
Less: Equity in income of affiliates | (236) | (822) | (1,089) | (150) | (103) | (1,911) | (263) | ||||||||
Income from operations | 2,977 | 3,315 | 3,555 | 489 | 5,218 | 6,870 | 945 | ||||||||
Add: Share-based compensation | 497 | 450 | 674 | 93 | 875 | 1,124 | 155 | ||||||||
Add: Depreciation and amortization | 204 | 209 | 207 | 29 | 405 | 416 | 57 | ||||||||
Adjusted EBITDA | 3,678 | 3,974 | 4,436 | 611 | 6,498 | 8,410 | 1,157 | ||||||||
Adjusted EBITDA margin | 33 % | 33 % | 35 % | 35 % | 32 % | 34 % | 34 % | ||||||||
Net income attributable to Trip.com Group Limited | 631 | 4,312 | 3,833 | 527 | 4,006 | 8,145 | 1,121 | ||||||||
Add: Share-based compensation | 497 | 450 | 674 | 93 | 875 | 1,124 | 155 | ||||||||
Add: Loss/(gain) from fair value changes of equity securities | 2,351 | (679) | 435 | 60 | 703 | (244) | (34) | ||||||||
Add: Tax effects on fair value changes of equity securities | (45) | (28) | 43 | 6 | (85) | 15 | 2 | ||||||||
Non-GAAP net income attributable to Trip.com Group Limited | 3,434 | 4,055 | 4,985 | 686 | 5,499 | 9,040 | 1,244 | ||||||||
Weighted average ordinary shares outstanding- | 672,031,445 | 675,933,592 | 687,977,626 | 687,977,626 | 670,838,392 | 682,766,701 | 682,766,701 | ||||||||
Non-GAAP Diluted income per share | 5.11 | 6.00 | 7.25 | 1.00 | 8.20 | 13.24 | 1.82 | ||||||||
Non-GAAP Diluted income per ADS | 5.11 | 6.00 | 7.25 | 1.00 | 8.20 | 13.24 | 1.82 | ||||||||
Notes for all the condensed consolidated financial schedules presented: | |||||||||||||||
Note 1: The conversion of Renminbi (RMB) into | |||||||||||||||
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SOURCE Trip.com Group Limited
FAQ
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