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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond

11/23/2016 6:24:20 PM

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18:02

CTRP Ctrip beats by $0.06, beats on revs; guides Q4 revs above consensus; announces deal to acquire Skyscanner Holdings for approximately GBP 1.4 bln (40.99 -0.88)

Reports Q3 (Sep) earnings of $0.17 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $0.11; revenues rose 61.0% year/year to $849.94 mln vs the $820.65 mln Capital IQ Consensus.Co issues upside guidance for Q4, sees Q4 revs of $754.3-776.4 mln (+70-75% y/y) vs. $745.68 mln Capital IQ Consensus Estimate.Operating margin for the third quarter of 2016 was 8%, increasing meaningfully from -9% in the previous quarter. Excluding share-based compensation charges, Non-GAAP operating margin for the third quarter of 2016 was 18%, driven by operating efficiency improvements across the board. The quarterly non-GAAP operating margin has now reached its highest level since early 2014.Ms. Jenny Wenjie Wu stepped down from the Chief Strategy Officer position and will further pursue her investment career. Ms. Wu will continue to serve as a senior consultant to the Company.Ctrip also announced that it signed a definitive agreement with the majority shareholders of Skyscanner Holdings Limited, a leading global travel search site headquartered in Edinburgh, the United Kingdom, under which Ctrip will acquire all of such shareholders' shares in Skyscanner and will offer to acquire shares from the remaining shareholders of Skyscanner. The terms of the acquisition value Skyscanner at approximately £1.4 billion and the purchase consideration consists of cash mainly, the remainder consisting of Ctrip ordinary shares and loan notes.

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