BEIJING, Oct 27, 2016 /PRNewswire/ -- Baidu, Inc. (NASDAQ:
BIDU) ("Baidu" or the "Company"), the leading Chinese language
Internet search provider, today announced its unaudited financial
results for the third quarter ended September 30, 2016[1].
"We saw further improvements in customer quality in the third
quarter as we continued to implement stricter standards for online
marketers," said Robin Li, Chairman
and CEO of Baidu. "During the quarter the growing popularity of our
news feed product helped drive user stickiness in search and across
the Baidu content ecosystem. We look forward to further innovating
through initiatives such as our digital assistant Duer and
autonomous cars, and to bringing new AI-based applications to
market."
"We continue to enhance user experience by taking proactive
measures to raise customer quality and foster a healthier industry
environment," said Jennifer Li, CFO
of Baidu. "Looking ahead, we will maintain this focus on delivering
the best user experience, while investing in technology and
infrastructure to drive long term growth."
Third Quarter 2016 Operational Highlights
- Mobile search monthly active users (MAUs) were 660
million for the month of September
2016, an increase of 3% year-over-year
- Mobile maps MAUs were 348 million for the month of
September 2016, an increase of 7%
year-over-year
- Gross merchandise value[2] (GMV) for Transaction
Services totaled RMB19.4 billion
($2.9 billion) for the third quarter
of 2016, an increase of 49% year-over-year
- Baidu Wallet activated accounts reached 90 million at
the end of September 2016, an
increase of 99% year-over-year
Third Quarter 2016 Financial Highlights
- Total revenues in the third quarter of 2016 were
RMB18.253 billion ($2.737 billion), a 0.7% decrease from the
corresponding period in 2015, and 6.7% year-over-year increase,
excluding Qunar[3] in the third quarter of 2015. Mobile revenue
represented 64% of total revenues for the third quarter of 2016,
compared to 54% for the corresponding period in 2015.
- Operating profit in the third quarter of 2016 was
RMB2.787 billion ($417.9 million), an 11.0% increase from the
corresponding period in 2015. Transaction Services reduced
non-GAAP operating margins by 21.4 percentage points and
iQiyi further reduced non-GAAP operating margins by 7.7
percentage points for the third quarter of 2016.
- Net income attributable to Baidu in the third quarter of
2016 was RMB3.102 billion
($465.2 million), a 9.2% increase
from the corresponding period in 2015. Diluted earnings
attributable to Baidu per ADS for the third quarter of 2016
were RMB8.51 ($1.28); non-GAAP net income attributable to
Baidu[4] in the third quarter of 2016 was RMB3.447 billion ($516.9
million), a 6.3% increase from the corresponding period in
2015; non-GAAP diluted earnings per ADS[5] for the
third quarter of 2016 were RMB9.92
($1.49).
In the following section, comparison and analysis are provided
based on reported consolidated financial results. For ease of
comparison, a table with apples-to-apples adjusted financials and
metrics excluding Qunar can be found at the end of the following
section.
Third Quarter 2016 Results
Baidu reported total revenues of RMB18.253 billion ($2.737
billion) for the third quarter of 2016, representing a 0.7%
decrease from the corresponding period in 2015.
Online marketing revenues for the third quarter of 2016
were RMB16.490 billion ($2.473 billion), representing a 6.7% decrease
from the corresponding period in 2015. Baidu had about 524,000
active online marketing customers[6] in the third quarter of
2016, representing a 15.9% decrease from the corresponding period
in 2015.
Revenue per online marketing customer for the third
quarter of 2016 was approximately RMB31, 300 ($4,694), a 10.6% increase from the corresponding
period in 2015.
Traffic acquisition cost as a component of cost of
revenues was RMB2.594 billion
($389.1 million), representing 14.2%
of total revenues, as compared to 13.1% in the corresponding period
in 2015 and 15.9% in the second quarter of 2016.
Bandwidth costs as a component of cost of revenues were
RMB1.241 billion ($186.1 million), representing 6.8% of total
revenues, compared to 5.3% in the corresponding period in 2015.
Depreciation costs as a component of cost of revenues
were RMB802.3 million ($120.3 million), representing 4.4% of total
revenues, compared to 3.6% in the corresponding period in 2015.
Operational costs as a component of cost of revenues were
RMB1.159 billion ($173.7 million), representing 6.3% of total
revenues, compared to 6.8% in the corresponding period in 2015.
Content costs as a component of cost of revenues were
RMB2.211 billion ($331.6 million), representing 12.1% of total
revenues, compared to 5.0% in the corresponding period in 2015. The
increase was mainly due to iQiyi's increased content costs.
Selling, general and administrative expenses were
RMB3.596 billion ($539.2 million), representing a decrease of 36.9%
from the corresponding period in 2015. The year-over-year decrease
was primarily due to a decrease in promotional spending for
transaction services.
Research and development expenses were RMB2.614 billion ($391.9
million), a 2.8% decrease from the corresponding period in
2015.
Share-based compensation expenses, which were allocated
to related operating costs and expense line items, were
RMB418.1 million ($62.7 million) in the third quarter of 2016,
compared to RMB400.3 million in the
corresponding period in 2015.
Operating profit was RMB2.787
billion ($417.9 million),
representing an 11.0% increase from the corresponding period in
2015. Non-GAAP operating profit was RMB3.205 billion ($480.6
million), a 10.1% increase from the corresponding period in
2015.
Income tax expense was RMB1.045
billion ($156.7 million),
compared to RMB590.5 million in the
corresponding period in 2015. The effective tax rate for the third
quarter of 2016 was 25.3% as compared to 19.4% for the
corresponding period in 2015. The increase of effective tax rate
for the third quarter of 2016 reflects that some loss-generating
entities in the group cannot be consolidated for tax purposes under
PRC tax law.
Net income attributable to Baidu was RMB3.102 billion ($465.2
million), representing a 9.2% increase from the
corresponding period in 2015. Basic and diluted earnings per
ADS for the third quarter of 2016 amounted to RMB8.53 ($1.28) and
RMB8.51 ($1.28), respectively.
Non-GAAP net income attributable to Baidu was
RMB3.447 billion ($516.9 million), a 6.3% increase from the
corresponding period in 2015. Non-GAAP diluted earnings per
ADS for the third quarter of 2016 amounted to RMB9.92 ($1.49).
As of September 30, 2016, the
Company had cash, cash equivalents and short-term
investments of RMB78.362 billion
($11.751 billion). Net operating
cash inflow for the third quarter of 2016
was RMB2.953 billion ($442.9
million). Capital expenditures for the
third quarter of 2016 were RMB1.183 billion ($177.3 million).
Adjusted EBITDA was RMB4.230
billion ($634.3 million) for
the third quarter of 2016, representing a 10.1% increase from the
corresponding period in 2015. On an apples-to-apples basis,
excluding Qunar from Baidu's financials, the adjusted EBITDA
represents a 3.1% year-over-year decrease.
Summary of adjusted financial information (excluding
Qunar) [7]
(RMB in millions, unless otherwise noted)
|
Three months ended
September 30,
|
|
YoY
variance
|
|
|
2016
|
|
2015
|
|
|
Adjusted total
revenues
|
18,253
|
|
17,108
|
|
6.7%
|
|
Adjusted online
marketing revenues
|
16,490
|
|
16,632
|
|
(0.9%)
|
|
Active online
marketing customer (000)
|
524,000
|
|
529,000
|
|
(0.9%)
|
|
Revenue per active
online marketing customer (RMB)
|
31,300
|
|
31,300
|
|
-
|
|
Adjusted cost of
revenues
|
9,256
|
|
6,991
|
|
32.4%
|
|
Adjusted selling,
general and administrative expenses
|
3,596
|
|
4,641
|
|
(22.5%)
|
|
Adjusted research and
development expenses
|
2,614
|
|
2,290
|
|
14.1%
|
|
Adjusted operating
profit
|
2,787
|
|
3,186
|
|
(12.5%)
|
|
Outlook for Fourth Quarter 2016
Baidu currently expects to generate total revenues in an amount
ranging from RMB17.840 billion
($2.675 billion) to RMB18.380 billion
($2.756 billion) for the fourth
quarter of 2016, representing a 4.6% to 1.7% year-over-year
decrease. On an apples-to-apples basis, excluding Qunar from
Baidu's financials, the guidance represents a decrease of 2.0% to
an increase of 0.9%, year-over-year. This forecast reflects Baidu's
current and preliminary view, which is subject to change.
Conference Call Information
Baidu's management will hold an earnings conference call
at 8:00 PM on October 27, 2016, U.S. Eastern Time
(8:00 AM on October 28, 2016, Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as
follows:
|
|
International:
|
+65
67135090
|
China:
|
4006208038
|
US:
|
+1
8456750437
|
UK:
|
+44
2036214779
|
Hong Kong:
|
+852
30186771
|
|
|
Passcode for all
regions:
|
97426339
|
A replay of the conference call may be accessed by phone at the
following number until November 4, 2016:
International:
|
+61 2 8199
0299
|
|
|
Passcode:
|
97426339
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.baidu.com.
About Baidu
Baidu, Inc. is the leading Chinese language Internet search
provider. As a technology-based media company, Baidu aims to
provide the best and most equitable way for people to find what
they're looking for. In addition to serving individual Internet
search users, Baidu provides an effective platform for businesses
to reach potential customers. Baidu's ADSs trade on the NASDAQ
Global Select Market under the symbol "BIDU". Currently, ten ADSs
represent one Class A ordinary share.
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
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for the fourth quarter 2016 and
quotations from management in this announcement, as well as Baidu's
strategic and operational plans, contain forward-looking
statements. Baidu may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about Baidu's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Baidu's
growth strategies; its future business development, including
development of new products and services; its ability to attract
and retain users and customers; competition in the Chinese and
Japanese language Internet search markets; competition for online
marketing customers; changes in the Company's revenues and certain
cost or expense items as a percentage of its revenues; the outcome
of ongoing, or any future, litigation or arbitration, including
those relating to intellectual property rights; the expected growth
of the Chinese language Internet search market and the number of
Internet and broadband users in China; Chinese governmental policies relating
to the Internet and Internet search providers and general economic
conditions in China, Japan and elsewhere. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and other documents filed with the Securities
and Exchange Commission. Baidu does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press
release and in the attachments is as of the date of the press
release, and Baidu undertakes no duty to update such information,
except as required under applicable law.
About Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented
in accordance with GAAP, Baidu uses the following non-GAAP
financial measures: non-GAAP operating profit, non-GAAP net income
attributable to Baidu, non-GAAP diluted earnings per ADS, adjusted
EBITDA and free cash flow. The presentation of these non-GAAP
financial measures is not intended to be considered in isolation or
as a substitute for the financial information prepared and
presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding certain items that may not be indicative of
its recurring core business operating results, such as operating
performance excluding not only non-cash charges, but also other
items that are infrequent or unusual in nature. The Company
believes that both management and investors benefit from referring
to these non-GAAP financial measures in assessing its performance
and when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to Baidu's historical performance and liquidity. The
Company believes these non-GAAP financial measures are useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. A limitation of using these non-GAAP
financial measures is that these non-GAAP measures exclude certain
items that have been and will continue to be for the foreseeable
future a significant component in the Company's results of
operations. These non-GAAP financial measures presented here
may not be comparable to similarly titled measures presented by
other companies. Other companies may calculate similarly titled
measures differently, limiting their usefulness as comparative
measures to the Company's data.
Non-GAAP operating profit represents operating profit
excluding share-based compensation expenses.
Non-GAAP net income attributable to Baidu represents net
income attributable to Baidu excluding share-based compensation
expenses and the gain or loss associated with the issuance of
shares by Baidu's equity method investees at a price higher or
lower than the carrying value per share.
Non-GAAP diluted earnings per ADS represents diluted
earnings per ADS calculated based on non-GAAP net income
attributable to Baidu.
Adjusted EBITDA represents operating profit excluding
depreciation, amortization and share-based compensation
expenses.
Free cash flow represents net cash provided by operating
activities less capital expenditures.
For more information on non-GAAP financial measures, please see
the tables captioned "Reconciliations of non-GAAP financial
measures to the nearest comparable GAAP measures".
For investor and media inquiries, please contact:
Sharon Ng
Baidu, Inc.
Tel: +86-10-5992-4958
Investor inquiries email: ir@baidu.com
Media inquiries email: intlcomm@baidu.com
[1]
|
This announcement
contains translations of certain RMB amounts into U.S. dollars at
specified rates solely for the convenience of the reader. Unless
otherwise noted, all translations from RMB to U.S. dollars are made
at a rate of RMB6.6685 to US$1.00, the effective noon buying rate
as of September 30, 2016, in The City of New York for cable
transfers of RMB as certified for customs purposes by the Federal
Reserve Bank of New York.
|
|
|
[2]
|
Gross merchandise
value (GMV) is defined as GMV generated by the Baidu platform,
through products such as Baidu Nuomi, Baidu Takeout Delivery and
Baidu Wallet. GMV is defined as the value of confirmed orders of
products and services, regardless of whether the service has been
consumed or delivered.
|
|
|
[3]
|
Qunar Cayman Islands
Limited ("Qunar") financials were consolidated in Baidu's financial
statements from July 2011 to October 26, 2015. Following Baidu's
exchange of Qunar shares with Ctrip, Baidu deconsolidated Qunar's
financials after October 26, 2015.
|
|
|
[4]
|
Non-GAAP net income
attributable to Baidu represents net income attributable to Baidu
excluding share-based compensation expenses and the gain or loss
associated with the issuance of the shares by Baidu's equity method
investees at a price higher or lower than the carrying value per
share.
|
|
|
[5]
|
Non-GAAP diluted
earnings per ADS represents diluted earnings per ADS calculated
based on non-GAAP net income attributable to Baidu.
|
|
|
[6]
|
The number of active
online marketing customers and revenue per online active customer
exclude our group-buying related businesses for consistency with
previous reporting.
|
|
|
[7]
|
The adjusted figures
for the third quarter of 2015 only exclude Qunar related figures
from Baidu's consolidated results. Share-based compensation was
allocated to related operating costs and expense line
items.
|
Baidu,
Inc.
|
Condensed
Consolidated Statements of Income
|
|
|
Three Months
Ended
|
|
|
September
30,
|
June
30,
|
September
30,
|
(In RMB thousands
except for share, per share (or ADS) information)
|
|
2015
|
2016
|
2016
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Revenues:
|
|
|
|
|
Online marketing services
|
|
17,680,374
|
16,938,794
|
16,490,040
|
Other services
|
|
702,707
|
1,324,854
|
1,762,719
|
Total revenues
|
|
18,383,081
|
18,263,648
|
18,252,759
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
Cost of revenues (note 1, 2)
|
|
(7,479,580)
|
(8,737,821)
|
(9,256,370)
|
Selling, general and administrative
(note 2)
|
|
(5,701,859)
|
(4,194,489)
|
(3,595,985)
|
Research and development (note
2)
|
|
(2,689,970)
|
(2,464,952)
|
(2,613,573)
|
Total operating costs and
expenses
|
|
(15,871,409)
|
(15,397,262)
|
(15,465,928)
|
|
|
|
|
|
Operating profit
|
|
2,511,672
|
2,866,386
|
2,786,831
|
|
|
|
|
|
Other income:
|
|
|
|
|
Interest income
|
|
616,171
|
486,857
|
627,308
|
Interest expense
|
|
(329,372)
|
(275,081)
|
(319,899)
|
Foreign exchange income, net
|
|
61,407
|
243,911
|
20,361
|
Loss from equity method
investments
|
|
(8,856)
|
(554,533)
|
(248,460)
|
Other income, net
|
|
200,625
|
427,738
|
1,271,932
|
Total other income
|
|
539,975
|
328,892
|
1,351,242
|
|
|
|
|
|
Income before income taxes
|
|
3,051,647
|
3,195,278
|
4,138,073
|
|
|
|
|
|
Income taxes
|
|
(590,517)
|
(792,723)
|
(1,045,184)
|
|
|
|
|
|
Net income
|
|
2,461,130
|
2,402,555
|
3,092,889
|
Less: net loss attributable to
noncontrolling interests
|
|
(379,939)
|
(11,268)
|
(9,441)
|
Net income attributable to
Baidu
|
|
2,841,069
|
2,413,823
|
3,102,330
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
|
|
Net income
attributable to Baidu -Basic
|
|
79.38
|
65.87
|
85.27
|
Net income
attributable to Baidu -Diluted
|
|
79.20
|
65.69
|
85.06
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals 10 ADSs ):
|
|
|
|
|
Net income
attributable to Baidu -Basic
|
|
7.94
|
6.59
|
8.53
|
Net income
attributable to Baidu -Diluted
|
|
7.92
|
6.57
|
8.51
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
Basic
|
|
34,850,398
|
34,652,134
|
34,678,734
|
Diluted
|
|
34,928,787
|
34,747,303
|
34,764,579
|
|
|
|
|
|
(1) Cost of revenues are detailed as
follows:
|
|
|
|
|
Sales tax and surcharges
|
|
(1,260,606)
|
(1,211,562)
|
(1,220,377)
|
Traffic acquisition costs
|
|
(2,411,180)
|
(2,908,401)
|
(2,594,452)
|
Bandwidth costs
|
|
(970,005)
|
(1,151,992)
|
(1,240,986)
|
Depreciation costs
|
|
(657,325)
|
(753,775)
|
(802,257)
|
Operational costs
|
|
(1,254,114)
|
(992,754)
|
(1,158,554)
|
Content costs
|
|
(914,545)
|
(1,699,015)
|
(2,211,373)
|
Share-based compensation
expenses
|
|
(11,805)
|
(20,322)
|
(28,371)
|
Total cost of revenues
|
|
(7,479,580)
|
(8,737,821)
|
(9,256,370)
|
|
|
|
|
|
(2) Includes share-based compensation
expenses as follows:
|
|
|
|
|
Cost of revenues
|
|
(11,805)
|
(20,322)
|
(28,371)
|
Selling, general and
administrative
|
|
(138,133)
|
(93,843)
|
(116,646)
|
Research and development
|
|
(250,359)
|
(286,766)
|
(273,045)
|
Total share-based compensation
expenses
|
|
(400,297)
|
(400,931)
|
(418,062)
|
|
|
|
|
|
Baidu,
Inc.
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
December
31,
|
September
30,
|
(In RMB thousands
except for number of shares and per share data)
|
|
2015
|
2016
|
|
|
Audited
|
Unaudited
|
|
|
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash equivalents
|
|
9,959,932
|
11,478,890
|
Restricted cash
|
|
95,997
|
155,688
|
Short-term investments
|
|
57,969,242
|
66,882,650
|
Accounts receivable,
net
|
|
3,927,256
|
4,263,833
|
Amounts due from related
parties
|
|
1,940,559
|
268,405
|
Other assets, current
|
|
4,340,677
|
5,605,349
|
Total current
assets
|
|
78,233,663
|
88,654,815
|
|
|
|
|
Non-current
assets:
|
|
|
|
Fixed assets, net
|
|
10,627,127
|
11,181,883
|
Intangible assets, net
|
|
3,334,619
|
4,185,263
|
Goodwill
|
|
15,395,573
|
15,267,733
|
Long-term investments, net
|
|
37,958,591
|
41,229,704
|
Amounts due from related
parties
|
|
9,725
|
9,491
|
Deferred tax assets, net
|
|
1,008,174
|
930,117
|
Other assets, non-current
|
|
1,285,836
|
3,494,280
|
Total non-current
assets
|
|
69,619,645
|
76,298,471
|
|
|
|
|
Total
assets
|
|
147,853,308
|
164,953,286
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term loans
|
|
100,000
|
594,300
|
Accounts payable and
accrued liabilities
|
|
17,840,192
|
20,951,215
|
Customer advances and
deposits
|
|
5,420,230
|
5,913,347
|
Deferred
revenue
|
|
375,672
|
526,656
|
Deferred
income
|
|
559,855
|
556,855
|
Long-term loans,
current portion
|
|
974,820
|
3,330,670
|
Capital lease
obligation
|
|
46,088
|
16,018
|
Amounts due to
related parties
|
|
785,945
|
350,713
|
Total current
liabilities
|
|
26,102,802
|
32,239,774
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred
income
|
|
17,413
|
20,324
|
Long-term
loans
|
|
3,239,676
|
4,212,382
|
Notes
payable
|
|
30,702,116
|
31,551,876
|
Deferred tax
liabilities
|
|
3,441,290
|
3,452,308
|
Capital lease
obligation
|
|
8,435
|
430
|
Other non-current
liabilities
|
|
125,860
|
112,254
|
Total non-current
liabilities
|
|
37,534,790
|
39,349,574
|
|
|
|
|
Total
liabilities
|
|
63,637,592
|
71,589,348
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
3,947,879
|
5,121,763
|
|
|
|
|
Equity
|
|
|
|
Class A Ordinary
Shares, par value US$0.00005 per share, 825,000,000 shares
authorized, and 27,113, 541
shares and 27,198,147 shares issued and outstanding as at December
31, 2015 and September 30, 2016
|
|
12
|
12
|
Class B Ordinary
Shares, par value US$0.00005 per share, 35,400,000 shares
authorized, and 7,492,921
shares and 7,492,921 shares
issued and outstanding as at December 31, 2015 and September 30,
2016
|
|
3
|
3
|
Additional paid-in
capital
|
|
6,402,349
|
7,656,137
|
Retained
earnings
|
|
74,659,355
|
81,765,379
|
Accumulated other
comprehensive loss
|
|
(806,056)
|
(1,162,843)
|
Total Baidu, Inc.
shareholders' equity
|
|
80,255,663
|
88,258,688
|
Noncontrolling
interests
|
|
12,174
|
(16,513)
|
Total
equity
|
|
80,267,837
|
88,242,175
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests, and equity
|
|
147,853,308
|
164,953,286
|
Reconciliations of
non-GAAP financial measures to the nearest comparable GAAP
measures (in RMB thousands except for share and per ADS
information, unaudited)
|
|
Three months
ended
|
|
September 30,
2015
|
|
June 30,
2016
|
|
September,
2016
|
Operating
profit
|
2,511,672
|
|
2,866,386
|
|
2,786,831
|
Add:
Share-based compensation expenses
|
400,297
|
|
400,931
|
|
418,062
|
Non-GAAP operating
profit
|
2,911,969
|
|
3,267,317
|
|
3,204,893
|
Add:
Depreciation of fixed assets
|
745,876
|
|
845,365
|
|
898,890
|
Add:
Amortization of intangible assets
|
184,237
|
|
137,544
|
|
125,839
|
Adjusted
EBITDA
|
3,842,082
|
|
4,250,226
|
|
4,229,622
|
|
|
|
|
|
|
|
Three months
ended
|
|
September 30,
2015
|
|
June 30,
2016
|
|
September,
2016
|
Net income
attributable to Baidu
|
2,841,069
|
|
2,413,823
|
|
3,102,330
|
Add:
Share-based compensation expenses
|
400,297
|
|
400,931
|
|
418,062
|
Add: Loss
(gain) associated with the dilution of equity method
investees
|
-
|
|
(6,893)
|
|
(73,408)
|
Non-GAAP net
income attributable to Baidu
|
3,241,366
|
|
2,807,861
|
|
3,446,984
|
|
|
|
|
|
|
Weighted average
number of ADS used in computing non-
GAAP diluted earnings per ADS
|
349,287,867
|
|
347,473,027
|
|
347,645,787
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
9.28
|
|
8.08
|
|
9.92
|
Reconciliation
from net cash provided by operating activities to free cash flow
(in RMB thousands, unaudited)
|
|
|
|
|
|
|
|
|
Three months
ended
|
As a %
of
|
Three months
ended
|
As a %
of
|
Three months
ended
|
As a %
of
|
|
September 30,
2015
|
total
revenues
|
June 30,
2016
|
total
revenues
|
September 30,
2016
|
total
revenues
|
Net cash provided
by operating activities
|
4,785,393
|
26%
|
4,401,914
|
24%
|
2,953,166
|
16%
|
|
|
|
|
|
|
|
Less: Capital
expenditures
|
(1,861,602)
|
-10%
|
(979,635)
|
-5%
|
(1,182,627)
|
-6%
|
|
|
|
|
|
|
|
Free cash
flow
|
2,923,791
|
16%
|
3,422,279
|
19%
|
1,770,539
|
10%
|
|
|
|
|
|
|
|
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SOURCE Baidu, Inc.