Trip.com Group's first quarter of 2024 Net Income Soars to $599 Million, Setting New Records

Trip.com Group Limited, known as a leading comprehensive travel service provider offering accommodation reservations, transportation ticketing, packaged tours, and corporate travel management, has unveiled its unaudited financial performance for the first quarter of 2024.

Here are the key highlights:

The Company's performance for the first quarter of 2024 was robust:

First Quarter 2024 Financial Overview and Business Updates

In the initial quarter of 2024, Trip.com Group disclosed its financial performance, showcasing notable growth in various sectors. Net revenue for this period reached RMB11.9 billion (US$1.6 billion), marking a 29% surge from the corresponding period in 2023. This rise can be attributed to a 15% increase from the previous quarter, primarily influenced by seasonal factors.

Accommodation reservation revenue for the first quarter of 2024 stood at RMB4.5 billion (US$623 million), reflecting a 29% surge compared to the same period in 2023, driven by increased accommodation reservations. Similarly, transportation ticketing revenue hit RMB5.0 billion (US$692 million), a 20% increase from 2023, primarily fueled by heightened ticketing reservations. Packaged-tour revenue saw an impressive 129% boost, reaching RMB883 million (US$122 million), driven by increased reservations. Corporate travel revenue, however, saw a 15% increase from 2023, but a 19% decrease from the previous quarter due to seasonal trends linked to reduced corporate travel during the Chinese New Year holiday.

Cost of revenue for the first quarter of 2024 amounted to RMB2.2 billion (US$310 million), a 37% increase from 2023 and an 11% increase from the previous quarter. Product development expenses increased by 16%, reaching RMB3.1 billion (US$431 million), while sales and marketing expenses surged by 32% to RMB2.3 billion (US$320 million) compared to 2023. General and administrative expenses also increased by 4% to RMB931 million (US$129 million) from 2023.

Income tax expense for the first quarter of 2024 amounted to RMB664 million (US$92 million), reflecting changes in Trip.com Group's effective tax rate due to various factors.

Net income for the first quarter of 2024 totaled RMB4.3 billion (US$599 million), with adjusted EBITDA reaching RMB4.0 billion (US$550 million) and adjusted EBITDA margin at 33%. Net income attributable to Trip.com Group's shareholders was RMB4.3 billion (US$597 million), while non-GAAP net income was RMB4.1 billion (US$561 million), excluding certain charges and their tax effects.

Diluted earnings per ordinary share and per ADS for the first quarter of 2024 were RMB6.38 (US$0.88) and RMB6.00 (US$0.83), respectively.

As of March 31, 2024, Trip.com Group held a balance of RMB81.9 billion (US$11.3 billion) in cash equivalents, restricted cash, short-term investments, and financial products.

A conference call with Trip.com Group's management team is scheduled for 8:00 PM EST on May 20, 2024 (or 8:00 AM CST on May 21, 2024), following this announcement.