TRIP.COM(TCOM) - 2024 Q4 - Annual Report

Financial Performance - For Q4 2024, Trip.com Group reported net revenue of RMB12.7 billion (US $1.7 billion), a 23% increase year-over-year, driven by stronger travel demand [3]. - For the full year 2024, net revenue reached RMB53.3 billion (US$ 7.3 billion), representing a 20% increase from 2023 [4]. - Net income for Q4 2024 was RMB2.2 billion (US $300 million), compared to RMB1.3 billion for the same period in 2023 [22]. - Adjusted EBITDA for Q4 2024 was RMB3.0 billion (US$ 408 million), an improvement from RMB2.9 billion for the same period last year [5]. - Accommodation reservation revenue for Q4 2024 was RMB5.2 billion (US $709 million), a 33% increase from the same period in 2023 [6]. - Transportation ticketing revenue for Q4 2024 was RMB4.8 billion (US$ 655 million), a 16% increase year-over-year [8]. - Packaged-tour revenue for Q4 2024 was RMB870 million (US $119 million), a 24% increase from the same period in 2023 [10]. - Total revenue for the year ended December 31, 2024, was RMB 53,377 million (USD 7,313 million), representing an increase from RMB 44,562 million in 2023 [42]. - Net income attributable to Trip.com Group Limited for the year ended December 31, 2024, was RMB 17,067 million (USD 2,338 million), up from RMB 9,918 million in 2023, reflecting a growth of 72.5% [42]. - The company reported a gross profit of RMB 43,304 million (USD 5,934 million) for the year ended December 31, 2024, compared to RMB 36,389 million in 2023, indicating a year-over-year increase of 18.9% [42]. - Adjusted EBITDA for the year ended December 31, 2024, reached RMB 17,070 million, reflecting a margin of 32% [44]. - The total net income attributable to Trip.com Group Limited for the year ended December 31, 2024, was RMB 17,067 million, an increase from RMB 9,918 million in the previous year [44]. Assets and Liabilities - As of December 31, 2024, the balance of cash and cash equivalents was RMB90.0 billion (US$ 12.3 billion) [28]. - Total current assets increased to RMB 112,120 million (USD 15,360 million) as of December 31, 2024, from RMB 88,732 million in 2023, marking a growth of 26.4% [40]. - Cash, cash equivalents, and restricted cash rose to RMB 51,093 million (USD 7,000 million) by December 31, 2024, compared to RMB 43,983 million in 2023, an increase of 16.0% [40]. - The company’s total assets reached RMB 242,581 million (USD 33,233 million) as of December 31, 2024, up from RMB 219,137 million in 2023, reflecting an increase of 10.7% [40]. - The company’s total liabilities increased to RMB 99,099 million (USD 13,576 million) as of December 31, 2024, from RMB 96,131 million in 2023, a growth of 3.1% [40]. - Trip.com Group Limited's shareholders' equity rose to RMB 142,739 million (USD 19,555 million) as of December 31, 2024, compared to RMB 123,006 million in 2023, indicating an increase of 16.1% [40]. Shareholder Returns and Future Plans - The company plans to undertake a share repurchase program of up to US $400 million and an ordinary cash dividend of approximately US$ 200 million for the financial year 2024 [29]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth [44]. Earnings and Expenses - Operating expenses for the year ended December 31, 2024, totaled RMB 29,127 million (USD 3,991 million), compared to RMB 25,065 million in 2023, representing a rise of 16.3% [42]. - Earnings per ordinary share (diluted) for the year ended December 31, 2024, was USD 3.39, compared to USD 2.39 in 2023, an increase of 41.8% [42]. - Interest income decreased to RMB 517 million for the year ended December 31, 2024, down from RMB 593 million in the previous quarter [44]. Quarterly Performance - Net income for the three months ended December 31, 2023, was RMB 1,342 million, a significant increase from RMB 1,297 million in the previous quarter [44]. - Non-GAAP net income attributable to Trip.com Group Limited for the three months ended December 31, 2024, was RMB 3,038 million, up from RMB 2,675 million in the previous quarter [44]. - The company reported a diluted non-GAAP income per share of RMB 4.35 for the three months ended December 31, 2024, compared to RMB 4.00 in the previous quarter [44]. - The adjusted EBITDA margin for the three months ended December 31, 2023, was 28%, indicating a decrease from 36% in the previous quarter [44]. - The company’s income from operations for the year ended December 31, 2024, was RMB 14,177 million, compared to RMB 11,324 million in the previous year [44]. - The company’s equity in income of affiliates for the three months ended December 31, 2024, was RMB (359) million, compared to RMB (351) million in the previous quarter [44].