BEIJING, April 28, 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 first quarter ended March 31, 2016[1].
"We had an excellent start to 2016, and we've made great strides
toward realization of our vision to connect people with information
and services and provide an integrated solution to our customers,"
said Robin Li, Chairman and CEO of
Baidu. "In 2016, we will continue to build out our integrated
platform, and explore the new business opportunities that our core
business has opened up for us."
"We are pleased to deliver very strong results for the first
quarter, and our integrated online marketing and transaction
services platform continued to exhibit strength and momentum," said
Jennifer Li, CFO of Baidu. "We look
forward to further execute on our vision."
First Quarter 2016 Operational Highlights
- Mobile search monthly active users (MAUs) were 663
million for the month of March 2016,
an increase of 9% year-over-year
- Mobile maps MAUs were 321 million for the month of
March 2016, an increase of 19%
year-over-year
- Gross merchandise value[2] (GMV) for Transaction
Services totaled RMB16.0 billion
($2.5 billion) for the first quarter
of 2016, an increase of 268% year-over-year
- Baidu Wallet activated accounts reached 65 million at
the end of March 2016, an increase of
152% year-over-year
Changes to Board Composition
- Mr. William Decker will step
down from the Company's board of directors (the "Board"), effective
on April 29, 2016. Mr. Decker has
served as a member of the Board and chairman of the audit committee
of the Board since October 2005;
- Mr. Brent Callinicos, a member
of the Board and audit committee, has been appointed as the
chairman of the audit committee, effective on April 29, 2016.
First Quarter 2016 Financial Highlights
- Total revenues in the first quarter of 2016 were
RMB15.821 billion ($2.454 billion), a 31.2% year-over-year increase,
excluding Qunar[3] in the first quarter of 2015. Mobile revenue
represented 60% of total revenues for the first quarter of 2016,
compared to 50% for the corresponding period in 2015.
- Operating profit in the first quarter of 2016 was
RMB2.211 billion ($342.9 million), a 2.6% increase from the
corresponding period in 2015. Transaction Services reduced
non-GAAP operating margins by 25.7 percentage points and
iQiyi further reduced non-GAAP operating margins by 8.7
percentage points for the first quarter of 2016.
- Net income attributable to Baidu in the first quarter of
2016 was RMB1.987 billion
($308.1 million), an 18.9% decrease from the corresponding
period in 2015. Diluted earnings attributable to Baidu per
ADS for the first quarter of 2016 were RMB5.38 ($0.84);
non-GAAP net income attributable to Baidu[4] in the first
quarter of 2016 was RMB2.359 billion
($365.8 million), a 13.9% decrease
from the corresponding period in 2015; non-GAAP diluted
earnings per ADS[5] for the first quarter of 2016 were
RMB6.80 ($1.06).
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.
First Quarter 2016 Results
Baidu reported total revenues of RMB15.821 billion ($2.454
billion) for the first quarter of 2016, representing a 24.3%
increase from the corresponding period in 2015.
Online marketing revenues for the first quarter of 2016
were RMB14.931 billion ($2.316 billion), representing a 19.3% increase
from the corresponding period in 2015. Baidu had about 587,000
active online marketing customers[6] in the first quarter of
2016, representing a 12.0% increase from the corresponding period
in 2015.
Revenue per online marketing customer for the first
quarter of 2016 was approximately RMB25,400 ($3,939),
a 6.7% increase from the corresponding period in 2015.
Traffic acquisition cost as a component of cost of
revenues was RMB2.233 billion
($346.3 million), representing 14.1%
of total revenues, as compared to 13.5% in the corresponding period
in 2015.
Bandwidth costs as a component of cost of revenues were
RMB1.088 billion ($168.7 million), representing 6.9% of total
revenues, compared to 6.7% in the corresponding period in 2015.
Depreciation costs as a component of cost of revenues
were RMB707.3 million ($109.7 million), representing 4.5% of total
revenues, compared to 4.6% in the corresponding period in 2015.
Operational costs as a component of cost of revenues were
RMB1.092 billion ($169.4 million), representing 6.9% of total
revenues, compared to 4.7% in the corresponding period in 2015.
This increase was mainly due to transaction services and
iQiyi-related operating costs.
Content costs as a component of cost of revenues were
RMB1.382 billion ($214.4 million), representing 8.7% of total
revenues, compared to 4.8% in the corresponding period in 2015. The
increase was mainly due to iQiyi's increased content costs.
Selling, general and administrative expenses were
RMB3.946 billion ($612.0 million), representing an increase of
33.5% from the corresponding period in 2015. The year-over-year
increase was primarily due to an increase in promotional spending
for transaction services.
Research and development expenses were RMB2.101 billion ($325.8
million), an 8.1% decrease
from the corresponding period in 2015.
Share-based compensation expenses, which were allocated
to related operating costs and expense line items, were
RMB309.1 million ($47.9 million) in the first quarter of 2016,
compared to RMB291.1 million in the
corresponding period in 2015.
Operating profit was RMB2.211
billion ($342.9 million),
representing a 2.6% increase from the corresponding period in 2015.
Non-GAAP operating profit was RMB2.520 billion ($390.8
million), a 3.0% increase from the corresponding period in
2015.
Income tax expense was RMB674.8
million ($104.6 million),
compared to RMB541.0 million in the
corresponding period in 2015. The effective tax rate for the first
quarter of 2016 was 25.4% as compared to 20.7% for the
corresponding period in 2015. The increase of effective tax rate of
the first 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 RMB1.987 billion ($308.1
million), representing an
18.9% decrease from the corresponding period in 2015. Basic and
diluted earnings per ADS for the first quarter of 2016 amounted
to RMB5.40 ($0.84) and RMB5.38
($0.84), respectively.
Non-GAAP net income attributable to Baidu was
RMB2.359 billion ($365.8 million), a 13.9% decrease from the
corresponding period in 2015. Non-GAAP diluted earnings per
ADS for the first quarter of 2016 amounted to RMB6.80 ($1.06).
As of March 31, 2016, the Company
had cash, cash equivalents and short-term investments of
RMB71.346 billion ($11.065 billion). Net operating cash
inflow for the first quarter of 2016 was RMB4.742
billion ($735.5
million). Capital expenditures for the
first quarter of 2016 were RMB825.6 million ($128.0 million).
Adjusted EBITDA was RMB3.457
billion ($536.2 million) for
the first quarter of 2016, representing a 4.9% increase from the
corresponding period in 2015. On an apples-to-apples basis,
excluding Qunar from Baidu's financials, the adjusted EBITDA
represents a 2.0% year-over-year decrease.
Summary of adjusted financial information (excluding
Qunar)[7]
(RMB in millions, unless otherwise noted)
|
Three months ended
March 31,
|
|
YoY
variance
|
|
|
2016
|
|
2015
|
|
|
Adjusted
revenues
|
15,821
|
|
12,055
|
|
31.2%
|
|
Active online
marketing customer (000)
|
587
|
|
473
|
|
24.1%
|
|
Revenue per active
online marketing customer (RMB)
|
25,400
|
|
25,000
|
|
1.6%
|
|
Adjusted cost of
revenues
|
7,563
|
|
5,151
|
|
46.8%
|
|
Adjusted selling,
general and administrative expenses
|
3,946
|
|
2,403
|
|
64.2%
|
|
Adjusted research and
development expenses
|
2,101
|
|
2,000
|
|
5.0%
|
|
Adjusted operating
profit
|
2,211
|
|
2,501
|
|
(11.6%)
|
|
Outlook for Second Quarter 2016
Baidu currently expects to generate total revenues in an amount
ranging from RMB20.110 billion
($3.119 billion) to RMB20.580 billion
($3.192 billion) for the second
quarter of 2016, representing a 21.3% to 24.2% year-over-year
increase. On an apples-to-apples basis, excluding Qunar from
Baidu's financials, the guidance represents a 28.1% to 31.1%
year-over-year increase. 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 April 28, 2016, U.S. Eastern Time (8:00 AM on April 29,
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:
|
90850148
|
A replay of the conference call may be accessed by phone at the
following number until May 6, 2016:
International:
|
+61 2 8199 0299
|
|
|
Passcode:
|
90850148
|
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 second 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: our growth
strategies; our future business development, including development
of new products and services; our 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 our revenues and certain cost or expense
items as a percentage of our 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 our 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
our 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. We believe that
both management and investors benefit from referring to these
non-GAAP financial measures in assessing our 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. We believe 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 our 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 our 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 our equity method investees at a price higher or lower
than our 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 RMB6.4480 to US$1.00, the effective noon buying rate
as of March 31, 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 our equity method
investees at a price higher or lower than our 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
in the table only exclude Qunar related figures from Baidu's
consolidated results for the first quarter of 2015. Share-based
compensation was allocated to related operating costs and expense
line items.
|
Baidu,
Inc.
|
|
|
|
|
|
Condensed
Consolidated Statements of Income
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
December 31,
|
March
31,
|
(In RMB thousands
except for share, per share (or ADS) information)
|
|
|
2015
|
2015
|
2016
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Revenues:
|
|
|
|
|
|
Online
marketing services
|
|
|
12,518,757
|
17,610,379
|
14,930,530
|
Other
services
|
|
|
205,859
|
1,088,415
|
890,042
|
Total
revenues
|
|
|
12,724,616
|
18,698,794
|
15,820,572
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
Cost of
revenues (note 1, 2)
|
|
|
(5,326,103)
|
(8,149,327)
|
(7,563,184)
|
Selling,
general and administrative (note 2)
|
|
|
(2,956,867)
|
(4,527,813)
|
(3,945,944)
|
Research and
development (note 2)
|
|
|
(2,286,333)
|
(2,486,778)
|
(2,100,707)
|
Total
operating costs and expenses
|
|
|
(10,569,303)
|
(15,163,918)
|
(13,609,835)
|
|
|
|
|
|
|
Operating
profit
|
|
|
2,155,313
|
3,534,876
|
2,210,737
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
Interest
income
|
|
|
561,213
|
572,725
|
596,120
|
Interest
expense
|
|
|
(199,128)
|
(299,372)
|
(268,389)
|
Foreign
exchange income(loss), net
|
|
|
8,992
|
106,007
|
(66,166)
|
Gain (loss)
from equity method investments
|
|
|
(7,979)
|
23,119
|
(117,092)
|
Other income,
net
|
|
|
90,875
|
24,294,280
|
298,119
|
Total other
income
|
|
|
453,973
|
24,696,759
|
442,592
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
2,609,286
|
28,231,635
|
2,653,329
|
|
|
|
|
|
|
Income
taxes
|
|
|
(541,000)
|
(3,579,909)
|
(674,750)
|
|
|
|
|
|
|
Net
income
|
|
|
2,068,286
|
24,651,726
|
1,978,579
|
Less: net
loss attributable to noncontrolling interests
|
|
|
(380,994)
|
(60,085)
|
(8,252)
|
Net income
attributable to Baidu
|
|
|
2,449,280
|
24,711,811
|
1,986,831
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
|
|
|
Net income
attributable to Baidu -Basic
|
|
|
67.86
|
711.02
|
53.95
|
Net income
attributable to Baidu -Diluted
|
|
|
67.57
|
709.15
|
53.82
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals 10 ADSs ):
|
|
|
|
|
|
Net income
attributable to Baidu -Basic
|
|
|
6.79
|
71.10
|
5.40
|
Net income
attributable to Baidu -Diluted
|
|
|
6.76
|
70.92
|
5.38
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
Basic
|
|
|
35,112,842
|
34,588,703
|
34,599,297
|
Diluted
|
|
|
35,267,371
|
34,679,673
|
34,681,988
|
|
|
|
|
|
|
(1) Cost of
revenues are detailed as follows:
|
|
|
|
|
|
Sales tax and
surcharges
|
|
|
(948,209)
|
(1,259,925)
|
(1,047,564)
|
Traffic
acquisition costs
|
|
|
(1,721,629)
|
(2,616,319)
|
(2,233,208)
|
Bandwidth
costs
|
|
|
(849,628)
|
(1,000,957)
|
(1,088,038)
|
Depreciation
costs
|
|
|
(588,648)
|
(692,046)
|
(707,332)
|
Operational
costs
|
|
|
(600,857)
|
(1,181,667)
|
(1,092,153)
|
Content
costs
|
|
|
(608,420)
|
(1,381,875)
|
(1,382,468)
|
Share-based
compensation expenses
|
|
|
(8,712)
|
(16,538)
|
(12,421)
|
Total cost of
revenues
|
|
|
(5,326,103)
|
(8,149,327)
|
(7,563,184)
|
|
|
|
|
|
|
(2) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
Cost of
revenues
|
|
|
(8,712)
|
(16,538)
|
(12,421)
|
Selling,
general and administrative
|
|
|
(117,855)
|
(100,353)
|
(105,036)
|
Research and
development
|
|
|
(164,509)
|
(224,129)
|
(191,605)
|
Total
share-based compensation expenses
|
|
|
(291,076)
|
(341,020)
|
(309,062)
|
Baidu,
Inc.
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
December 31
|
March
31
|
(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
|
12,593,244
|
Restricted
cash
|
|
95,997
|
229,887
|
Short-term
investments
|
|
57,969,242
|
58,752,895
|
Accounts
receivable, net
|
|
3,927,256
|
3,539,699
|
Amounts due
from related parties
|
|
1,940,559
|
66,105
|
Other assets,
current
|
|
4,340,677
|
4,416,235
|
Total current assets
|
|
78,233,663
|
79,598,065
|
|
|
|
|
Non-current assets:
|
|
|
|
Fixed assets,
net
|
|
10,627,127
|
10,489,450
|
Intangible
assets, net
|
|
3,334,619
|
3,421,210
|
Goodwill
|
|
15,395,573
|
15,395,573
|
Long-term
investments, net
|
|
37,958,591
|
38,299,459
|
Amounts due
from related parties
|
|
9,725
|
9,745
|
Deferred tax
assets, net
|
|
1,008,174
|
1,269,036
|
Other assets,
non-current
|
|
1,285,836
|
1,669,032
|
Total non-current assets
|
|
69,619,645
|
70,553,505
|
|
|
|
|
Total
assets
|
|
147,853,308
|
150,151,570
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current liabilities:
|
|
|
|
Short-term
loans
|
|
100,000
|
174,200
|
Accounts payable and
accrued liabilities
|
|
17,840,192
|
18,815,173
|
Customer advances and
deposits
|
|
5,420,230
|
5,148,409
|
Deferred
revenue
|
|
375,672
|
640,983
|
Deferred
income
|
|
559,855
|
556,766
|
Long-term loans,
current portion
|
|
974,820
|
969,780
|
Capital lease
obligation
|
|
46,088
|
38,984
|
Amounts due to
related parties
|
|
785,945
|
137,761
|
Total current liabilities
|
|
26,102,802
|
26,482,056
|
|
|
|
|
Non-current liabilities:
|
|
|
|
Deferred
income
|
|
17,413
|
17,969
|
Long-term
loans
|
|
3,239,676
|
3,224,387
|
Notes
payable
|
|
30,702,116
|
30,553,131
|
Deferred tax
liabilities
|
|
3,441,290
|
3,409,548
|
Capital lease
obligation
|
|
8,435
|
587
|
Other non-current
liabilities
|
|
125,860
|
108,766
|
Total non-current liabilities
|
|
37,534,790
|
37,314,388
|
|
|
|
|
Total
liabilities
|
|
63,637,592
|
63,796,444
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
3,947,879
|
4,047,838
|
|
|
|
|
Equity
|
|
|
|
Class A Ordinary
Shares, par value US$0.00005 per share, 825,000,000 shares
authorized, and 27,113, 541 shares and 27,136,692 shares
issued and outstanding as at December 31, 2015 and March 31,
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 March 31,
2016
|
|
3
|
3
|
Additional paid-in
capital
|
|
6,402,349
|
6,744,598
|
Retained
earnings
|
|
74,659,355
|
76,525,815
|
Accumulated other
comprehensive loss
|
|
(806,056)
|
(967,077)
|
Total Baidu, Inc. shareholders' equity
|
|
80,255,663
|
82,303,351
|
Noncontrolling interests
|
|
12,174
|
3,937
|
Total
equity
|
|
80,267,837
|
82,307,288
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests, and equity
|
147,853,308
|
150,151,570
|
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
|
|
March 31,
2015
|
|
December 31,
2015
|
|
March 31,
2016
|
Operating
profit
|
2,155,313
|
|
3,534,876
|
|
2,210,737
|
Add:
Share-based compensation expenses
|
291,076
|
|
341,020
|
|
309,062
|
Non-GAAP operating
profit
|
2,446,389
|
|
3,875,896
|
|
2,519,799
|
Add:
Depreciation of fixed assets
|
667,969
|
|
772,684
|
|
795,589
|
Add:
Amortization of intangible assets
|
181,866
|
|
166,632
|
|
141,875
|
Adjusted
EBITDA
|
3,296,224
|
|
4,815,212
|
|
3,457,263
|
|
|
|
|
|
|
|
Three months
ended
|
|
March 31,
2015
|
|
December 31, 2015
|
|
March 31,
2016
|
Net income
attributable to Baidu
|
2,449,280
|
|
24,711,811
|
|
1,986,831
|
Add:
Share-based compensation expenses
|
291,076
|
|
341,020
|
|
309,062
|
Add: Loss
associated with the dilution of an equity method
investee
|
-
|
|
-
|
|
62,858
|
Non-GAAP net
income attributable to Baidu
|
2,740,356
|
|
25,052,831
|
|
2,358,751
|
|
|
|
|
|
|
Weighted average
number of ADS used in computing non-
GAAP diluted earnings per ADS
|
352,673,707
|
|
346,796,727
|
|
346,819,877
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
7.77
|
|
72.24
|
|
6.80
|
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
|
|
March 31,
2015
|
total
revenues
|
December 31,
2015
|
total
revenues
|
March 31,
2016
|
total
revenues
|
Net cash provided
by operating activities
|
2,839,481
|
22%
|
6,070,158
|
32%
|
4,742,232
|
30%
|
|
|
|
|
|
|
|
Less: Capital
expenditures
|
(1,021,341)
|
-8%
|
(1,423,527)
|
-8%
|
(825,565)
|
-5%
|
|
|
|
|
|
|
|
Free cash
flow
|
1,818,140
|
14%
|
4,646,631
|
25%
|
3,916,667
|
25%
|
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SOURCE Baidu, Inc.