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Baidu Announces Fourth Quarter and Fiscal Year 2012 Results
02/04/13
BEIJING, Feb. 4, 2013 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU), the
leading Chinese language Internet search provider, today announced its
unaudited financial results for the fourth quarter and fiscal year ended
December 31, 2012[1].
(Logo: http://photos.prnewswire.com/prnh/20081103/BAIDULOGO )
Fourth Quarter and Fiscal Year 2012 Highlights
Total revenues in the fourth quarter of 2012 were RMB6.335 billion ($1.017
billion), a 41.6% increase from the corresponding period in 2011.
Total revenues in fiscal year 2012 were RMB22.306 billion ($3.580 billion),
a 53.8% increase from 2011.
Operating profit in the fourth quarter of 2012 was RMB2.848 billion ($457.1
million), a 24.0% increase from the corresponding period in 2011.
Operating profit in fiscal year 2012 was RMB11.051 billion ($1.774 billion),
a 45.9% increase from 2011.
Net income attributable to Baidu in the fourth quarter of 2012 was RMB2.795
billion ($448.7 million), a 36.1% increase from the corresponding period in
2011. Diluted earnings attributable to Baidu per ADS[2] for the fourth
quarter of 2012 were RMB7.99 ($1.28); diluted earnings attributable to Baidu
per ADS excluding share-based compensation expenses (non-GAAP) for the
fourth quarter of 2012 were RMB8.18 ($1.31).
Net income attributable to Baidu in fiscal year 2012 was RMB10.456 billion (
$1.678 billion), a 57.5% increase from 2011. Diluted earnings attributable
to Baidu per ADS for fiscal year 2012 were RMB29.83 ($4.79); diluted
earnings attributable to Baidu per ADS excluding share-based compensation
expenses (non-GAAP) for fiscal year 2012 were RMB30.44 ($4.89).
[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 RMB 6.2301 to US$1.00, the effective noon buying rate as of
December 31, 2012 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]
Effective on May 12, 2010, Baidu adjusted the ratio of its American
depositary shares ("ADSs") representing Class A ordinary shares from one (1)
ADS for one (1) Class A ordinary share to ten (10) ADSs for one (1) Class A
ordinary share. All earnings per ADS figures in this announcement give
effect to the forgoing ADS to share ratio change.
"Baidu once again posted solid growth in 2012 amidst challenging macro
conditions," said Robin Li, chairman and chief executive officer of Baidu. "
Similar to the early days of the Internet, this is a time of boundless
innovation, creativity and opportunity in our industry. We are at the heart
of the Internet in China and we're excited to embrace and lead the next
stage of mobile- and cloud-centric Internet growth."
Mr. Li continued, "We made encouraging progress in 2012, integrating Baidu's
superior search and search-related products and functions, like maps and
image recognition, into our offering. In 2013 we will continue to enhance
functionality, introduce new products, and step up efforts to push our
products to users."
Jennifer Li, Baidu's chief financial officer, commented, "Revenue growth and
profitability maintained a healthy trajectory in 2012 as we continued to
invest aggressively in developing a comprehensive ecosystem. In December, we
completed the iQiyi deal and consolidated its financials in our fourth
quarter results. In 2013, we'll be both stepping up our investments and
increasing sales and marketing efforts to ensure Baidu captures the huge
opportunities ahead."
Fourth Quarter 2012 Results
Baidu reported total revenues of RMB6.335 billion ($1.017 billion) for the
fourth quarter of 2012, representing a 41.6% increase from the corresponding
period in 2011.
Online marketing revenues for the fourth quarter of 2012 were RMB6.288
billion ($1.009 billion), representing a 40.8% increase from the
corresponding period in 2011. Baidu had about 406,000 active online
marketing customers[3] in the fourth quarter of 2012, representing a 30.5%
increase from the corresponding period in 2011 and a 4.1% increase from the
previous quarter. Revenue per online marketing customer for the fourth
quarter of 2012 was approximately RMB15,500 ($2,488), a 7.6% increase from
the corresponding period in 2011 and a 3.1% decrease from the previous
quarter.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB606
.8 million ($97.4 million), representing 9.6% of total revenues, as compared
to 7.9% in the corresponding period in 2011 and 8.6% in the third quarter
of 2012. The increase mainly reflects increased contextual ads contributions
and hao123 promotions through our network.
Bandwidth costs as a component of cost of revenues were RMB337.2 million ($
54.1 million), representing 5.3% of total revenues, compared to 4.3% in the
corresponding period in 2011. Depreciation costs as a component of cost of
revenues were RMB317.5 million ($51.0 million), representing 5.0% of total
revenues, compared to 4.8% in the corresponding period in 2011. These
increases were mainly due to an increase in network infrastructure capacity
and the consolidation of iQiyi into the Company's financial statements.
Content costs as a component of cost of revenues were RMB120.3 million ($19.
3 million), representing 1.9% of total revenues, compared to 0.6% in the
corresponding period in 2011. Content costs mainly consist of amortization
of licensed content costs from copyright owners or content distributors, and
costs of self-produced content. The increase was mainly due to the
consolidation of iQiyi into the Company's financial statements.
Selling, general and administrative expenses were RMB792.4 million ($127.2
million), representing an increase of 51.7% from the corresponding period in
2011, mainly due to an increase in marketing expenses and the consolidation
of iQiyi into the Company's financial statements.
Research and development expenses were RMB701.6 million ($112.6 million), a
69.6% increase from the corresponding period in 2011. The increase was
primarily due to an increase in the number of research and development
personnel.
Share-based compensation expenses, which were allocated to related operating
cost and expense line items, were RMB66.6 million ($10.7 million) in the
fourth quarter of 2012, compared to RMB56.7 million in the previous quarter
and RMB46.6 million in the corresponding period in 2011.
Operating profit was RMB2.848 billion ($457.1 million), representing a 24.0%
increase from the corresponding period in 2011. Operating profit excluding
share-based compensation expenses (non-GAAP) was RMB2.915 billion ($467.8
million), a 24.3% increase from the corresponding period in 2011.
Loss from equity method accounting was RMB121.7 million ($19.5 million),
representing an increase of RMB113.9 million ($18.3 million) compared to the
corresponding period in 2011. This increase was mainly attributable to loss
pickup from Baidu's cash investment in iQiyi and other invested entities.
Other Income was RMB380.5 million ($61.1 million), representing an increase
of RMB359.5 million ($57.7 million) compared to the corresponding period in
2011. This increase mainly reflects a one-time gain for fair value
adjustment arising from the step acquisition of iQiyi.
Income tax expense was RMB539.9 million ($86.7 million), compared to an
income tax expense of RMB404.5 million in the corresponding period in 2011.
The effective tax rate for the fourth quarter of 2012 was 16.2% compared to
16.5% for the corresponding period in 2011.
Net income attributable to Baidu was RMB2.795 billion ($448.7million),
representing a 36.1% increase from the corresponding period in 2011. Basic
and diluted earnings attributable to Baidu per ADS for the fourth quarter of
2012 amounted to RMB8.00 ($1.28) and RMB7.99 ($1.28), respectively.
Net income attributable to Baidu excluding share-based compensation expenses
(non-GAAP) was RMB2.862 billion ($459.4 million), a 36.3% increase from the
corresponding period in 2011. Basic and diluted earnings attributable to
Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the
fourth quarter of 2012 amounted to RMB8.19 ($1.31) and RMB8.18 ($1.31),
respectively.
As of December 31, 2012, Baidu had cash, cash equivalents and short-term
investments of RMB32.485 billion ($5.214 billion). This amount includes the
$1.5 billion raised through the Company's registered bond offering in
November 2012. Net operating cash inflow and capital expenditures for the
fourth quarter of 2012 were RMB3.396 billion ($545.1 million) and RMB786.4
million ($126.2 million), respectively.
Adjusted EBITDA (non-GAAP), defined in this announcement as earnings before
interest, taxes, depreciation, amortization, other non-operating income and
share-based compensation expenses, were RMB3.324 billion ($533.6 million)
for the fourth quarter of 2012, representing a 25.9% increase from the
corresponding period in 2011.
[3]
Online marketing customers exclude group buying customers of Qunar, Baidu's
majority-owned subsidiary that offers online travel search services.
Fiscal Year 2012 Results
Total revenues in 2012 were RMB22.306 billion ($3.580 billion), representing
a 53.8% increase from 2011.
Online marketing revenues in 2012 were RMB22.246 billion ($3.571 billion),
representing a 53.5% increase from 2011. The growth was driven by increases
in both the number of active online marketing customers and revenue per
customer. Baidu had about 596,000 active online marketing customers in 2012,
representing a 22.1% increase from 2011. Revenue per online marketing
customer for 2012 was RMB37,300 ($5,987), an increase of 25.6% from 2011.
Traffic acquisition costs in 2012 were RMB1.930 billion ($309.8 million),
representing 8.7% of total revenues, compared to 8.0% in 2011. The increase
in TAC as a percentage of total revenues reflects an increased revenue
contribution from Baidu's products and services, such as contextual ads,
through our network.
Bandwidth costs as a component of cost of revenues were RMB1.069 billion ($
171.6 million), representing 4.8% of total revenues, compared to 4.3% in
2011. Depreciation costs as a component of cost of revenues were RMB1.082
billion ($173.7million), representing 4.9% of total revenues, compared to 4.
5% in 2011. These increases were mainly due to an increase in network
infrastructure capacity.
Content costs as a component of cost of revenues were RMB215.1 million ($34.
5 million), representing 1.0% of total revenues, compared to 0.5% in 2011.
The increase was mainly due to the consolidation of iQiyi into the Company's
financial statements.
Selling, general and administrative expenses in 2012 were RMB2.501 billion (
$401.5 million), representing an increase of 47.8% from the previous year,
mainly due to an increase in people and marketing expenses.
Research and development expenses totaled RMB2.305 billion ($370.0 million)
in 2012, representing a 72.7% increase from 2011, primarily due to an
increase in the number of research and development personnel.
Share-based compensation expenses, which were allocated to related operating
cost and expense line items, were RMB212.3 million ($34.1 million) in 2012,
compared to RMB152.0 million in 2011.
Operating profit in 2012 was RMB11.051 billion ($1.774 billion), a 45.9%
increase from 2011. Operating profit excluding share-based compensation
expenses (non-GAAP) in 2012 was RMB11.264 billion ($1.808 billion),
representing a 45.7% increase from 2011.
Loss from equity method accounting in 2012 was RMB294.2 million ($47.2
million), representing an increase of RMB114.8 million ($18.4 million)
compared to 2011. This increase was mainly attributable to loss pick-up from
invested entities.
Income tax expense was RMB1.574 billion ($252.7 million), compared to an
income tax expense of RMB1.189 billion in 2011. The effective tax rate for
2012 was 13.2% compared to 15.2% in 2011. The year-over-year decrease in the
effective tax rate was mainly due to recognition of tax benefits obtained
in 2012 for 2011.
Net income attributable to Baidu in 2012 was RMB10.456 billion ($1.678
billion), representing a 57.5% increase from 2011. Basic and diluted
earnings attributable to Baidu per ADS in 2012 amounted to RMB29.86 ($4.79)
and RMB29.83 ($4.79), respectively.
Net income attributable to Baidu excluding share-based compensation expenses
(non-GAAP) in 2012 was RMB10.668 billion ($1.712 billion), reflecting a 57.
1% increase from 2011. Basic and diluted earnings attributable to Baidu per
ADS excluding share-based compensation expenses (non-GAAP) in 2012 were
RMB30.47 ($4.89) and RMB30.44 ($4.89), respectively.
Net operating cash inflow and capital expenditures in 2012 were RMB12.583
billion ($2.020 billion) and RMB2.311 billion ($370.9 million), respectively.
Adjusted EBITDA (non-GAAP) was RMB12.698 billion ($2.038 billion) in 2012,
representing a 47.4% increase from 2011.
Outlook for First Quarter 2013
Baidu currently expects to generate total revenues in an amount ranging from
RMB5.890 billion ($945.4 million) to RMB6.080 billion ($975.9 million) for
the first quarter of 2013, representing a 38.1% to 42.6% 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
February 4, 2013 U.S. Eastern Time (9:00 AM on February 5, 2013 Beijing/Hong
Kong Time).
Dial-in details for the earnings conference call are as follows:
International:
+65-6723-9381
US:
+1-718-354-1231
UK:
+44-20-3059-8139
Hong Kong:
+852-2475-0994
Passcode for all regions: 89724453
A replay of the conference call may be accessed by phone at the following
number until February 11, 2013:
International: +61-2-8199-0299
Passcode: 89724453
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 way for
people to find information. In addition to serving Internet search users,
Baidu provides an effective platform for businesses to reach potential
customers. Baidu's ADSs, ten of which represent one Class A ordinary share,
currently trade on the NASDAQ Global Select Market under the symbol "BIDU".
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 first quarter 2013 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 fourth 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 broadband
and mobile device users in China; Chinese governmental policies relating to
the Internet and Internet search providers and general economic conditions
in China 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 this 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 measures defined as non-GAAP financial
measures by the SEC: adjusted EBITDA, operating profit excluding share-based
compensation expenses, net income excluding share-based compensation
expenses, and basic and diluted earnings per ADS excluding share-based
compensation expenses. 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. For
more information on these non-GAAP financial measures, please see the tables
captioned "Reconciliations of non-GAAP results of operations measures to
the nearest comparable GAAP measures" and "Reconciliation from net cash
provided by operating activities to adjusted EBITDA" set forth at the end of
this release.
Baidu believes that these non-GAAP financial measures provide meaningful
supplemental information regarding its performance and liquidity by
excluding certain expenses, particularly share-based compensation expenses,
that may not be indicative of its operating performance or financial
condition from a cash perspective. 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. Baidu has
computed its non-GAAP financial measures using the same consistent method
from quarter to quarter since April 1, 2006. Baidu 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 share-
based compensation charge that has been and will continue to be for the
foreseeable future a significant recurring expense in our results of
operations. A limitation of using non-GAAP adjusted EBITDA is that it does
not include all items that impact our net income for the period. Management
compensates for these limitations by providing specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables have more details on the reconciliations between GAAP
financial measures that are most directly comparable to non-GAAP financial
measures.
For investor and media inquiries, please contact:
China
Victor Tseng
Baidu, Inc.
Tel: 86-10-5992-7244
[email protected]
Nick Beswick
Brunswick Group
Tel: +86-10-5960-8600
Email: b***[email protected]
U.S.
Patricia Graue
Brunswick Group
Tel: +1-415-671-7676
Email: b***[email protected]
Baidu, Inc.
Condensed Consolidated Statements of Income
Three Months Ended
Twelve Months Ended
December 31,
December 31,
September 30,
December 31,
December 31,
(In RMB thousands except for share, per share (or ADS) information)
2012
2011
2012
2012
2011
Unaudited
Unaudited
Unaudited
Unaudited
Audited
Revenues:
Online marketing services
6,287,549
4,466,664
6,246,009
22,245,643
14,489,767
Other services
47,797
7,429
4,711
60,383
11,019
Total revenues
6,335,346
4,474,093
6,250,720
22,306,026
14,500,786
Operating costs and expenses:
Cost of revenues (note 1, 2)
(1,993,313)
(1,240,588)
(1,696,512)
(6,448,545)
(3,896,883)
Selling, general and administrative (note 2)
(792,373)
(522,449)
(642,788)
(2,501,336)
(1,692,810)
Research and development (note 2)
(701,575)
(413,779)
(614,541)
(2,304,825)
(1,334,434)
Total operating costs and expenses
(3,487,261)
(2,176,816)
(2,953,841)
(11,254,706)
(6,924,127)
Operating profit
2,848,085
2,297,277
3,296,879
11,051,320
7,576,659
Other income:
Interest income
252,556
158,991
228,330
866,465
418,201
Interest expense
(33,012)
(25,915)
(24,002)
(107,857)
(82,551)
Foreign exchange gain (loss), net
(3,028)
2,374
(2,359)
(4,533)
(1,959)
Loss from equity method investments
(121,719)
(7,794)
(69,312)
(294,229)
(179,408)
Other income (loss), net
380,545
21,044
29,656
454,271
78,237
Total other income
475,342
148,700
162,313
914,117
232,520
Income before income taxes
3,323,427
2,445,977
3,459,192
11,965,437
7,809,179
Income taxes
(539,909)
(404,492)
(467,699)
(1,574,159)
(1,188,861)
Net income
2,783,518
2,041,485
2,991,493
10,391,278
6,620,318
Less: net loss attributable to noncontrolling interests
(11,964)
(12,185)
(16,208)
(64,750)
(18,319)
Net income attributable to Baidu, Inc.
2,795,482
2,053,670
3,007,701
10,456,028
6,638,637
Earnings per share for Class A and Class B ordinary shares:
Net income attributable to Baidu, Inc.-Basic
79.96
58.83
86.02
298.62
190.27
Net income attributable to Baidu, Inc.-Diluted
79.91
58.73
85.94
298.29
189.88
Earnings per ADS (1 Class A ordinary share equals 10 ADSs ):
Net income attributable to Baidu, Inc.-Basic
8.00
5.88
8.60
29.86
19.03
Net income attributable to Baidu, Inc.-Diluted
7.99
5.87
8.59
29.83
18.99
Weighted average number of Class A and Class B ordinary shares outstanding:
Basic
34,963,019
34,907,318
34,946,375
34,939,838
34,890,050
Diluted
34,983,115
34,966,028
34,979,732
34,979,459
34,962,831
(1) Cost of revenues are detailed as follows:
Sales tax and surcharges
(442,709)
(327,624)
(427,146)
(1,572,420)
(1,024,858)
Traffic acquisition costs
(606,809)
(353,762)
(538,192)
(1,929,966)
(1,155,546)
Bandwidth costs
(337,194)
(192,230)
(266,871)
(1,069,306)
(626,444)
Depreciation costs
(317,488)
(214,866)
(279,873)
(1,081,890)
(657,845)
Operational costs
(164,412)
(122,998)
(149,720)
(569,725)
(358,169)
Content costs
(120,337)
(26,940)
(32,307)
(215,133)
(66,494)
Share-based compensation expenses
(4,364)
(2,168)
(2,403)
(10,105)
(7,527)
Total cost of revenues
(1,993,313)
(1,240,588)
(1,696,512)
(6,448,545)
(3,896,883)
(2) Includes share-based compensation expenses as follows:
Cost of revenues
(4,364)
(2,168)
(2,403)
(10,105)
(7,527)
Selling, general and administrative
(4,423)
(14,113)
(18,294)
(54,512)
(50,012)
Research and development
(57,778)
(30,360)
(36,023)
(147,692)
(94,489)
Total share-based compensation expenses
(66,565)
(46,641)
(56,720)
(212,309)
(152,028)
Baidu, Inc.
Condensed Consolidated Balance Sheets
December 31
December 31
(In RMB thousands except for number of shares and per share data)
2012
2011
Unaudited
Audited
ASSETS
Current assets:
Cash and cash equivalents
11,880,632
4,127,482
Restricted cash
395,029
483,387
Short-term investments
20,604,223
10,051,578
Accounts receivable, net
1,253,483
599,558
Amounts due from related parties
-
149,728
Deferred tax assets, net
160,315
121,411
Other assets, current
380,407
315,012
Total current assets
34,674,089
15,848,156
Non-current assets:
Fixed assets, net
3,958,323
2,744,241
Intangible assets, net
1,517,219
928,511
Goodwill
3,877,564
2,419,542
Long-term investments, net
803,499
734,360
Amounts due from related parties
-
100,000
Deferred tax assets, net
53,303
52,125
Other assets, non-current
784,893
513,606
Total non-current assets
10,994,801
7,492,385
Total assets
45,668,890
23,340,541
LIABILITIES AND EQUITY
Current liabilities:
Short-term loans
-
125,878
Accounts payable and accrued liabilities
3,806,836
2,545,445
Customer advances and deposits
2,067,586
1,573,967
Deferred revenue
94,121
62,705
Deferred income
64,506
34,779
Long-term loans, current portion
2,170,978
46,000
Capital lease obligation
32,502
17,773
Total current liabilities
8,236,529
4,406,547
Non-current liabilities:
Deferred income
190,000
19,942
Long-term loans
356,589
2,277,925
Notes payable
9,336,686
-
Amounts due to related parties
-
148,873
Deferred tax liabilities
289,482
131,629
Capital lease obligation
44,479
30,112
Total non-current liabilities
10,217,236
2,608,481
Total liabilities
18,453,765
7,015,028
Redeemable noncontrolling interests
1,033,283
935,978
Equity
Class A Ordinary Shares, par value US$0.00005 per share,
825,000,000 shares authorized, and 27,111,117 shares and
27,202,710 shares issued and outstanding as at December 31,
2011 and December 31, 2012
12
12
Class B Ordinary Shares, par value US$0.00005 per share,
35,400,000 shares authorized, and 7,803,000 shares and
7,763,000 shares issued and outstanding as at December 31,
2011 and December 31, 2012
3
3
Additional paid-in capital
2,095,273
1,771,770
Retained earnings
24,038,219
13,604,334
Accumulated other comprehensive loss
(78,278)
(84,403)
Total Baidu, Inc. shareholders' equity
26,055,229
15,291,716
Noncontrolling interests
126,613
97,819
Total equity
26,181,842
15,389,535
Total liabilities, redeemable noncontrolling interests, and equity
45,668,890
23,340,541
Reconciliations of non-GAAP results of operations measures to the nearest
comparable GAAP measures (*) (in RMB thousands, unaudited)
Three months ended December 31, 2011
Three months ended September 30, 2012
Three months ended December 31, 2012
Twelve months ended December 31, 2011
Twelve months ended December 31, 2012
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
Operating profit
2,297,277
46,641
2,343,918
3,296,879
56,720
3,353,599
2,848,085
66,565
2,914,650
7,576,659
152,028
7,728,687
11,051,320
212,309
11,263,629
Three months ended December 31, 2011
Three months ended September 30, 2012
Three months ended December 31, 2012
Twelve months ended December 31, 2011
Twelve months ended December 31, 2012
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
GAAP Result
Adjustment
Non-GAAP Results
Net income attributable to Baidu, Inc.
2,053,670
46,641
2,100,311
3,007,701
56,720
3,064,421
2,795,482
66,565
2,862,047
6,638,637
152,028
6,790,665
10,456,028
212,309
10,668,337
(*) The adjustment is only for share-based compensation.
Reconciliation from net cash provided by operating activities to adjusted
EBITDA(*) (in RMB thousands, unaudited)
Three months ended
As a % of
Three months ended
As a % of
Three months ended
As a % of
Twelve months ended
As a % of
Twelve months ended
As a % of
December 31, 2011
total revenues
September 30, 2012
total revenues
December 31, 2012
total revenues
December 31, 2011
total revenues
December 31, 2012
total revenues
Net cash provided by operating activities
3,357,790
75%
3,779,180
61%
3,396,282
54%
8,178,819
56%
12,582,618
56%
Changes in assets and liabilities, net of effects of acquisitions
(973,970)
-22%
(360,530)
-6%
(136,513)
-2%
(521,561)
-4%
(545,055)
-2%
Income taxes expenses
404,492
9%
467,699
8%
539,909
8%
1,188,861
8%
1,574,159
7%
Interest income and other, net
(148,700)
-3%
(162,313)
-3%
(475,342)
-8%
(232,520)
-2%
(914,117)
-4%
Adjusted EBITDA
2,639,612
59%
3,724,036
60%
3,324,336
52%
8,613,599
58%
12,697,605
57%
(*) Definition of adjusted EBITDA: earnings before interest, taxes,
depreciation, amortization, other non-operating income, and share-based
compensation expenses.
SOURCE Baidu, Inc. | I******6
发帖数: 500 | | q**y
发帖数: 135 | 3 after hours, it is down 6% to 100 now...
glad I've sold all mine today. |
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