BEIJING, July 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 second quarter ended June 30, 2016[1].
"The challenges Baidu faced in the second quarter served as a
healthy reminder to stay focused on the key drivers of growth,
sustainability and leadership: delivering the best user experience
and staying at the forefront of technology," said Robin Li, Chairman and CEO of Baidu. "As we
enter the next chapter of the Internet, led by artificial
intelligence, Baidu has never been better positioned to serve our
users and work with our customers and partners, and change the
world through technology."
"While we experienced a tough second quarter, our value
proposition to our users remains solid," said Jennifer Li, CFO of Baidu. "Delivering a
superior user experience and building a trusted platform are the
pillars that will drive our long term sustainability."
Second Quarter 2016 Operational Highlights
- Mobile search monthly active users (MAUs) were 667
million for the month of June 2016,
an increase of 6% year-over-year
- Mobile maps MAUs were 343 million for the month of
June 2016, an increase of 13%
year-over-year
- Gross merchandise value[2] (GMV) for Transaction
Services totaled RMB18.0 billion
($2.7 billion) for the second quarter
of 2016, an increase of 166% year-over-year
- Baidu Wallet activated accounts reached 80 million at
the end of June 2016, an increase of
131% year-over-year
Second Quarter 2016 Financial Highlights
- Total revenues in the second quarter of 2016 were
RMB18.264 billion ($2.748 billion), a 10.2% increase from the
corresponding period in 2015, and 16.3% year-over-year increase,
excluding Qunar[3] in the second quarter of 2015. Mobile revenue
represented 62% of total revenues for the second quarter of 2016,
compared to 50% for the corresponding period in 2015.
- Operating profit in the second quarter of 2016 was
RMB2.866 billion ($431.3 million), a 17.4% decrease from the
corresponding period in 2015. Transaction Services reduced
non-GAAP operating margins by 25.4 percentage points and
iQiyi further reduced non-GAAP operating margins by 5.5
percentage points for the second quarter of 2016.
- Net income attributable to Baidu in the second quarter
of 2016 was RMB2.414 billion
($363.2 million), a 34.1% decrease
from the corresponding period in 2015. Diluted earnings
attributable to Baidu per ADS for the second quarter of 2016
were RMB6.57 ($0.99); non-GAAP net income attributable to
Baidu[4] in the second quarter of 2016 was RMB2.808 billion ($422.5
million), a 30.1% decrease from the corresponding period in
2015; non-GAAP diluted earnings per ADS[5] for the
second quarter of 2016 were RMB8.08
($1.22).
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.
Second Quarter 2016 Results
Baidu reported total revenues of RMB18.264 billion ($2.748
billion) for the second quarter of 2016, representing a
10.2% increase from the corresponding period in 2015.
Online marketing revenues for the second quarter of 2016
were RMB16.939 billion ($2.549 billion), representing a 4.4% increase
from the corresponding period in 2015. Baidu had about 594,000
active online marketing customers[6] in the second quarter
of 2016, representing a 0.7% increase from the corresponding period
in 2015.
Revenue per online marketing customer for the second
quarter of 2016 was approximately RMB28,400 ($4,273),
a 3.6% increase from the corresponding period in 2015.
Traffic acquisition cost as a component of cost of
revenues was RMB2.908 billion
($437.6 million), representing 15.9%
of total revenues, as compared to 12.7% in the corresponding period
in 2015 and 14.1% in the first quarter of 2016.
Bandwidth costs as a component of cost of revenues were
RMB1.152 billion ($173.3 million), representing 6.3% of total
revenues, compared to 5.4% in the corresponding period in 2015.
Depreciation costs as a component of cost of revenues
were RMB753.8 million ($113.4 million), representing 4.1% of total
revenues, compared to 3.7% in the corresponding period in 2015.
Operational costs as a component of cost of revenues were
RMB992.8 million ($149.4 million), representing 5.4% of total
revenues, compared to 5.1% in the corresponding period in 2015.
Content costs as a component of cost of revenues were
RMB1.699 billion ($255.6 million), representing 9.3% of total
revenues, compared to 5.1% in the corresponding period in 2015. The
increase was mainly due to iQiyi's increased content costs.
Selling, general and administrative expenses were
RMB4.194 billion ($631.1 million), representing an increase of 7.8%
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 RMB2.465 billion ($370.9
million), a 9.1% decrease from the corresponding period in
2015.
Share-based compensation expenses, which were allocated
to related operating costs and expense line items, were
RMB400.9 million ($60.3 million) in the second quarter of 2016,
compared to RMB354.7 million in the
corresponding period in 2015.
Operating profit was RMB2.866
billion ($431.3 million),
representing a 17.4% decrease from the corresponding period in
2015. Non-GAAP operating profit was RMB3.267 billion ($491.6
million), a 14.6% decrease from the corresponding period in
2015.
Income tax expense was RMB792.7
million ($119.3 million),
compared to RMB763.0 million in the
corresponding period in 2015. The effective tax rate for the second
quarter of 2016 was 24.8% as compared to 19.0% for the
corresponding period in 2015. The increase of effective tax rate of
the second quarter of 2016 mainly 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 RMB2.414 billion ($363.2
million), representing a 34.1% decrease from the
corresponding period in 2015. Basic and diluted earnings per
ADS for the second quarter of 2016 amounted to RMB6.59 ($0.99) and
RMB6.57 ($0.99), respectively.
Non-GAAP net income attributable to Baidu was
RMB2.808 billion ($422.5 million), a 30.1% decrease from the
corresponding period in 2015. Non-GAAP diluted earnings per
ADS for the second quarter of 2016 amounted to RMB8.08 ($1.22).
As of June 30, 2016, the Company
had cash, cash equivalents and short-term investments of
RMB75.812 billion ($11.407 billion). Net operating cash
inflow for the second quarter of 2016 was RMB4.402 billion ($662.4
million). Capital expenditures for the second quarter
of 2016 were RMB979.6 million
($147.4 million).
Adjusted EBITDA was RMB4.250
billion ($639.5 million) for
the second quarter of 2016, representing a 9.7% decrease from the
corresponding period in 2015. On an apples-to-apples basis,
excluding Qunar from Baidu's financials, the adjusted EBITDA
represents a 19.1% year-over-year decrease.
Summary of adjusted financial information (excluding
Qunar)[7]
(RMB in millions, unless otherwise noted)
|
Three months ended
June 30,
|
|
YoY
variance
|
|
|
2016
|
|
2015
|
|
|
Adjusted
Revenues
|
18,264
|
|
15,700
|
|
16.3%
|
|
Active online
marketing customer (000)
|
594
|
|
523
|
|
13.6%
|
|
Revenue per active
online marketing customer (RMB)
|
28,400
|
|
29,400
|
|
(3.4%)
|
|
Adjusted cost of
revenues
|
8,738
|
|
6,252
|
|
39.8%
|
|
Adjusted selling,
general and administrative expenses
|
4,195
|
|
2,972
|
|
41.1%
|
|
Adjusted research and
development expenses
|
2,465
|
|
2,357
|
|
4.6%
|
|
Adjusted operating
profit
|
2,866
|
|
4,119
|
|
(30.4%)
|
|
Outlook for Third Quarter 2016
Baidu currently expects to generate total revenues in an amount
ranging from RMB18.040 billion
($2.714 billion) to RMB18.580 billion
($2.796 billion) for the third
quarter of 2016, representing a decrease of 1.9% to an increase of
1.1%, year-over-year. On an apples-to-apples basis, excluding Qunar
from Baidu's financials, the guidance represents a 5.4% to 8.6%
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 July 28, 2016, U.S. Eastern Time (8:00 AM on July 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:
|
46419408
|
A replay of the conference call may be accessed by phone at the
following number until August 5,
2016:
International:
|
+61 2 8199
0299
|
|
|
Passcode:
|
46419408
|
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 third 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 RMB6.6459 to US$1.00, the effective noon buying rate
as of June 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 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
for the second 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
|
|
|
June
30,
|
March
31,
|
June
30,
|
(In RMB thousands except for share, per share (or ADS) information)
|
|
2015
|
2016
|
2016
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Revenues:
|
|
|
|
|
Online marketing
services
|
|
16,227,496
|
14,930,530
|
16,938,794
|
Other
services
|
|
347,742
|
890,042
|
1,324,854
|
Total
revenues
|
|
16,575,238
|
15,820,572
|
18,263,648
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
Cost of revenues (note 1,
2)
|
|
(6,503,020)
|
(7,563,184)
|
(8,737,821)
|
Selling, general and administrative (note
2)
|
|
(3,889,844)
|
(3,945,944)
|
(4,194,489)
|
Research and development (note
2)
|
|
(2,712,681)
|
(2,100,707)
|
(2,464,952)
|
Total operating costs and
expenses
|
|
(13,105,545)
|
(13,609,835)
|
(15,397,262)
|
|
|
|
|
|
Operating
profit
|
|
3,469,693
|
2,210,737
|
2,866,386
|
|
|
|
|
|
Other
income:
|
|
|
|
|
Interest
income
|
|
612,523
|
596,120
|
486,857
|
Interest
expense
|
|
(213,522)
|
(268,389)
|
(275,081)
|
Foreign exchange income(loss),
net
|
|
5,396
|
(66,166)
|
243,911
|
Loss from equity method
investments
|
|
(2,417)
|
(117,092)
|
(554,533)
|
Other income,
net
|
|
142,382
|
298,119
|
427,738
|
Total other
income
|
|
544,362
|
442,592
|
328,892
|
|
|
|
|
|
Income before income
taxes
|
|
4,014,055
|
2,653,329
|
3,195,278
|
|
|
|
|
|
Income
taxes
|
|
(762,951)
|
(674,750)
|
(792,723)
|
|
|
|
|
|
Net
income
|
|
3,251,104
|
1,978,579
|
2,402,555
|
Less: net loss attributable to
noncontrolling
interests
|
|
(410,909)
|
(8,252)
|
(11,268)
|
Net income attributable to
Baidu
|
|
3,662,013
|
1,986,831
|
2,413,823
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B ordinary
shares:
|
|
|
|
|
Net income attributable to Baidu
-Basic
|
|
102.23
|
53.95
|
65.87
|
Net income attributable to Baidu
-Diluted
|
|
101.86
|
53.82
|
65.69
|
|
|
|
|
|
Earnings per ADS (1 Class A ordinary share equals 10
ADSs
):
|
|
|
|
|
Net income attributable to Baidu
-Basic
|
|
10.22
|
5.40
|
6.59
|
Net income attributable to Baidu
-Diluted
|
|
10.19
|
5.38
|
6.57
|
|
|
|
|
|
Weighted average number of Class A and Class B
ordinary shares
outstanding:
|
|
|
Basic
|
|
35,141,734
|
34,599,297
|
34,652,134
|
Diluted
|
|
35,268,366
|
34,681,988
|
34,747,303
|
|
|
|
|
|
(1) Cost of revenues are detailed as
follows:
|
|
|
|
|
Sales tax and
surcharges
|
|
(1,175,617)
|
(1,047,564)
|
(1,211,562)
|
Traffic acquisition
costs
|
|
(2,111,734)
|
(2,233,208)
|
(2,908,401)
|
Bandwidth
costs
|
|
(896,157)
|
(1,088,038)
|
(1,151,992)
|
Depreciation
costs
|
|
(618,648)
|
(707,332)
|
(753,775)
|
Operational
costs
|
|
(847,926)
|
(1,092,153)
|
(992,754)
|
Content
costs
|
|
(840,223)
|
(1,382,468)
|
(1,699,015)
|
Share-based compensation
expenses
|
|
(12,715)
|
(12,421)
|
(20,322)
|
Total cost of
revenues
|
|
(6,503,020)
|
(7,563,184)
|
(8,737,821)
|
|
|
|
|
|
(2) Includes share-based compensation expenses
as
follows:
|
|
|
|
|
Cost of
revenues
|
|
(12,715)
|
(12,421)
|
(20,322)
|
Selling, general and
administrative
|
|
(130,418)
|
(105,036)
|
(93,843)
|
Research and
development
|
|
(211,592)
|
(191,605)
|
(286,766)
|
Total share-based compensation
expenses
|
|
(354,725)
|
(309,062)
|
(400,931)
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
Condensed Consolidated Balance
Sheets
|
|
|
|
|
|
|
|
|
|
December 31,
|
June
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
|
15,769,276
|
Restricted
cash
|
|
95,997
|
78,245
|
Short-term
investments
|
|
57,969,242
|
60,042,767
|
Accounts receivable,
net
|
|
3,927,256
|
4,083,324
|
Amounts due from related
parties
|
|
1,940,559
|
146,075
|
Other assets,
current
|
|
4,340,677
|
4,792,437
|
Total current
assets
|
|
78,233,663
|
84,912,124
|
|
|
|
|
Non-current
assets:
|
|
|
|
Fixed assets,
net
|
|
10,627,127
|
11,016,548
|
Intangible assets,
net
|
|
3,334,619
|
3,489,619
|
Goodwill
|
|
15,395,573
|
15,267,732
|
Long-term investments,
net
|
|
37,958,591
|
40,642,996
|
Amounts due from related
parties
|
|
9,725
|
9,491
|
Deferred tax assets,
net
|
|
1,008,174
|
1,131,436
|
Other assets,
non-current
|
|
1,285,836
|
2,474,787
|
Total non-current
assets
|
|
69,619,645
|
74,032,609
|
|
|
|
|
Total
assets
|
|
147,853,308
|
158,944,733
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term
loans
|
|
100,000
|
174,200
|
Accounts payable and accrued
liabilities
|
|
17,840,192
|
19,312,633
|
Customer advances and
deposits
|
|
5,420,230
|
5,618,519
|
Deferred
revenue
|
|
375,672
|
522,329
|
Deferred
income
|
|
559,855
|
556,855
|
Long-term loans, current
portion
|
|
974,820
|
996,915
|
Capital lease
obligation
|
|
46,088
|
27,576
|
Amounts due to related
parties
|
|
785,945
|
498,504
|
Total current
liabilities
|
|
26,102,802
|
27,707,531
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
Deferred
income
|
|
17,413
|
19,597
|
Long-term
loans
|
|
3,239,676
|
6,508,449
|
Notes
payable
|
|
30,702,116
|
31,418,139
|
Deferred tax
liabilities
|
|
3,441,290
|
3,474,464
|
Capital lease
obligation
|
|
8,435
|
509
|
Other non-current
liabilities
|
|
125,860
|
124,029
|
Total non-current
liabilities
|
|
37,534,790
|
41,545,187
|
|
|
|
|
Total
liabilities
|
|
63,637,592
|
69,252,718
|
|
|
|
|
Redeemable noncontrolling
interests
|
|
3,947,879
|
4,757,764
|
|
|
|
|
Equity
|
|
|
|
Class A Ordinary Shares, par value US$0.00005 per
share, 825,000,000 shares authorized, and 27,113, 541 shares
and 27,167,032 shares issued and outstanding as at December 31,
2015 and June 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 June 30,
2016
|
|
3
|
3
|
Additional paid-in
capital
|
|
6,402,349
|
7,160,899
|
Retained
earnings
|
|
74,659,355
|
78,808,198
|
Accumulated other comprehensive
loss
|
|
(806,056)
|
(1,027,710)
|
Total Baidu, Inc. shareholders'
equity
|
|
80,255,663
|
84,941,402
|
Noncontrolling
interests
|
|
12,174
|
(7,151)
|
Total
equity
|
|
80,267,837
|
84,934,251
|
|
|
|
|
Total liabilities, redeemable noncontrolling
interests, and
equity
|
147,853,308
|
158,944,733
|
|
|
|
|
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
|
|
June 30,
2015
|
|
March 31,
2016
|
|
June 30,
2016
|
Operating
profit
|
3,469,693
|
|
2,210,737
|
|
2,866,386
|
Add: Share-based
compensation expenses
|
354,725
|
|
309,062
|
|
400,931
|
Non-GAAP operating
profit
|
3,824,418
|
|
2,519,799
|
|
3,267,317
|
Add: Depreciation of
fixed assets
|
699,725
|
|
795,589
|
|
845,365
|
Add: Amortization of
intangible assets
|
182,373
|
|
141,875
|
|
137,544
|
Adjusted
EBITDA
|
4,706,516
|
|
3,457,263
|
|
4,250,226
|
|
|
|
|
|
|
|
Three months
ended
|
|
June 30,
2015
|
|
March 31,
2016
|
|
June 30,
2016
|
Net income attributable
to Baidu
|
3,662,013
|
|
1,986,831
|
|
2,413,823
|
Add: Share-based
compensation expenses
|
354,725
|
|
309,062
|
|
400,931
|
Add: Loss(gain)
associated with the dilution of equity method
investees
|
-
|
|
62,858
|
|
(6,893)
|
Non-GAAP net income
attributable to Baidu
|
4,016,738
|
|
2,358,751
|
|
2,807,861
|
|
|
|
|
|
|
Weighted average number
of ADS used in computing non-
GAAP diluted earnings per
ADS
|
352,683,657
|
|
346,819,877
|
|
347,473,027
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
11.39
|
|
6.80
|
|
8.08
|
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
|
|
June 30, 2015
|
total revenues
|
March 31, 2016
|
total revenues
|
June 30, 2016
|
total revenues
|
Net cash provided by operating activities
|
5,727,404
|
35%
|
4,742,232
|
30%
|
4,401,914
|
24%
|
|
|
|
|
|
|
|
Less: Capital
expenditures
|
(923,146)
|
-6%
|
(825,565)
|
-5%
|
(979,635)
|
-5%
|
|
|
|
|
|
|
|
Free cash flow
|
4,804,258
|
29%
|
3,916,667
|
25%
|
3,422,279
|
19%
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/baidu-announces-second-quarter-2016-results-300305739.html
SOURCE Baidu, Inc.