BEIJING, April 27, 2017 /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, 2017[1].
"As we move into 2017, Baidu's strategic evolution from a
mobile-first to an AI-first company continues to gain momentum,"
said Robin Li, Chairman and CEO of
Baidu. "While our investment in AI is a long-term proposition, we
are already seeing the powerful benefits of AI bear fruit across
our existing platform. With AI set to play an increasingly
important role across all major industries, we are confident that
Baidu's technology advantage positions us to both enable and
participate in the growth and transformation of China's AI-powered industries."
"We are pleased to report solid performance in the first
quarter, as we focused on our core business and AI-enabled new
business initiatives including our AI-cloud, financial services,
DuerOS, and autonomous driving, all of which hold tremendous
long-term potential," said Qi Lu, Baidu's Vice Chairman, Group
President and Chief Operating Officer. "In the quarters ahead, we
will intensify our efforts in applying AI to improve existing
products and to accelerate the development of AI-enabled new
business initiatives."
"We continue to be on the path of rebuilding, with a clear focus
on long term sustainable growth," said Jennifer Li, CFO of Baidu. "During the quarter,
we worked to further align Baidu's business operations by folding
Nuomi into our core business. Looking ahead, we will continue to
drive higher operational efficiency and invest in AI to elevate our
core business and develop high potential AI-enabled new business
initiatives."
Baidu today also announced that Jennifer
Li is taking on the role to form Baidu Capital, an
investment firm, and serve as its CEO. Jennifer intends to step
down as Baidu's chief financial officer, a position she has served
in for nine years, following the appointment of a successor to
ensure a seamless transition of her responsibilities.
"Jennifer's leadership and expertise have been instrumental to
Baidu's growth over the past nine years. I am grateful to Jennifer
for putting in place a talented finance organization and robust
systems that lay the groundwork for Baidu's next stage of growth,"
said Robin Li. "Bringing AI to
real-world applications is crucial in the AI era and I look forward
to working with Jennifer in her new role to grow Baidu's
ecosystem."
"It has been my privilege to serve as Baidu's chief financial
officer during a period of transformational growth," said
Jennifer Li. "With a clear vision
and strategy in place, Baidu has a bright future as a leader in the
coming AI era. As CEO of Baidu Capital I look forward to applying
my broad industry experiences and insights to help bridge Baidu's
technology advantages with a wide range of
industries."
First Quarter 2017 Financial Highlights
- Total revenues in the first quarter of 2017 were
RMB16.891 billion ($2.454 billion), a 6.8% increase from the
corresponding period in 2016. Mobile revenue represented 70% of
total revenues for the first quarter of 2017, compared to 60% for
the corresponding period in 2016.
- Operating profit in the first quarter of 2017 was
RMB2.006 billion ($291.4 million), a 9.3% decrease from the
corresponding period in 2016. Baidu Core (Search Services and
Transaction Services combined) non-GAAP operating margins were
26.2%, with Transaction Services reducing Baidu Core
non-GAAP operating margins by 16.8 percentage points. iQiyi
further reduced non-GAAP operating margins by 10.6 percentage
points for the first quarter of 2017.
- Net income attributable to Baidu in the first quarter of
2017 was RMB1.777 billion
($258.1 million), a 10.6% decrease
from the corresponding period in 2016. Diluted earnings
attributable to Baidu per ADS for the first quarter of 2017
were RMB4.63 ($0.67); non-GAAP net income attributable to
Baidu[2] in the first quarter of 2017 was RMB2.390 billion ($347.2
million), a 1.3% increase from the corresponding period in
2016; non-GAAP diluted earnings per
ADS[3] for the first quarter of 2017 were
RMB6.85 ($1.00).
In the following section, comparison and analysis are provided
based on reported consolidated financial results.
First Quarter 2017 Results
Baidu reported total revenues of RMB16.891 billion ($2.454
billion) for the first quarter of 2017, representing a 6.8%
increase from the corresponding period in 2016.
Online marketing revenues for the first quarter of 2017
were RMB14.738 billion ($2.141 billion), representing a 1.3% decrease
from the corresponding period in 2016. Baidu had about 451,000
active online marketing customers[4] in the first quarter of
2017, representing a 23.2% decrease from the corresponding period
in 2016. Revenue per online marketing customer for the first
quarter of 2017 was approximately RMB32,200 ($4,678),
a 26.8% increase from the corresponding period in 2016.
Traffic acquisition cost as a component of cost of
revenues was RMB2.185 billion
($317.5 million), representing 12.9%
of total revenues, as compared to 14.1% in the corresponding period
in 2016 and 14.5% in the fourth quarter of 2016.
Bandwidth costs as a component of cost of revenues were
RMB1.336 billion ($194.0 million), representing 7.9% of total
revenues, compared to 6.9% in the corresponding period in 2016.
Depreciation costs as a component of cost of revenues
were RMB823.0 million ($119.6 million), representing 4.9% of total
revenues, compared to 4.5% in the corresponding period in 2016.
Operational costs as a component of cost of revenues were
RMB958.7 million ($139.3 million), representing 5.7% of total
revenues, compared to 6.9% in the corresponding period in 2016.
Content costs as a component of cost of revenues were
RMB2.636 billion ($382.9 million), representing 15.6% of total
revenues, compared to 8.7% in the corresponding period in 2016. The
year-over-year increase was mainly due to iQiyi's increased content
costs.
Selling, general and administrative expenses were
RMB2.817 billion ($409.3 million), representing a decrease of 28.6%
from the corresponding period in 2016, primarily due to a decrease
in promotional spending for transaction services.
Research and development expenses were RMB2.835 billion ($411.8
million), representing a 34.9% increase from the
corresponding period in 2016. The increase was primarily due to the
growth of research and development personnel-related cost.
Share-based compensation expenses, which were allocated
to related operating costs and expense line items, were
RMB630.8 million ($91.6 million) in the first quarter of 2017,
compared to RMB309.1 million in the
corresponding period in 2016.
Operating profit was RMB2.006
billion ($291.4 million),
representing a 9.3% decrease from the corresponding period in 2016.
Non-GAAP operating profit was RMB2.636 billion ($383.0
million), representing a 4.6% increase from the
corresponding period in 2016.
Income tax expense was RMB405.1
million ($58.8 million),
compared to RMB674.8 million in the
corresponding period in 2016. The effective tax rate for the first
quarter of 2017 was 18.6% as compared to 25.4% for the
corresponding period in 2016. The decrease in the effective tax
rate reflected that operating losses narrowed for some
loss-generating entities in the group.
Net income attributable to Baidu was RMB1.777 billion ($258.1
million), representing a 10.6% decrease from the
corresponding period in 2016. Basic and diluted earnings per
ADS for the first quarter of 2017 amounted to RMB4.65 ($0.68) and
RMB4.63 ($0.67), respectively.
Non-GAAP net income attributable to Baidu was
RMB2.390 billion ($347.2 million), a 1.3% increase from the
corresponding period in 2016. Non-GAAP diluted earnings per
ADS for the first quarter of 2017 amounted to RMB6.85 ($1.00).
As of March 31, 2017, the Company had cash, cash
equivalents and short-term investments of RMB90.678 billion ($13.174
billion). Net operating cash inflow for the
first quarter of 2017 was RMB4.704 billion ($683.3 million). Capital
expenditures for the first quarter of 2017
were RMB1.168 billion ($169.6
million).
Adjusted EBITDA was RMB3.626
billion ($526.8 million) for
the first quarter of 2017, representing a 4.9% increase from the
corresponding period in 2016.
Outlook for Second Quarter 2017
Baidu currently expects to generate total revenues in an amount
ranging from RMB20.470 billion
($2.974 billion) to RMB20.980 billion
($3.048 billion) for the second
quarter of 2017, representing an annual increase of 12.1% to 14.9%
and a sequential increase of 21.2% to 24.2%. 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 27, 2017, U.S. Eastern Time (8:00 AM on April 28,
2017, 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:
|
4226874
|
A replay of the conference call may be accessed by phone at the
following number until May 5, 2017:
International:
|
+61 2 8199
0299
|
|
|
Passcode:
|
4226874
|
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 2017 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 Internet
search market; 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 inquiries, please contact:
Sharon Ng
Baidu, Inc.
Tel: +86-10-5992-4958
Email: ir@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 RMB6.8832 to US$1.00, the effective noon buying rate as of
March 31, 2017, 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] 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.
[3] Non-GAAP diluted earnings per ADS represents diluted
earnings per ADS calculated based on non-GAAP net income
attributable to Baidu.
[4] The number of active online marketing customers and revenue
per online active customer exclude our group-buying and delivery
related businesses for consistency with previous reporting.
Baidu,
Inc.
|
|
|
|
|
Condensed
Consolidated Statements of Income
|
|
|
|
|
|
|
Three Months
Ended
|
(In RMB thousands
except for share, per share (or ADS) information)
|
|
March
31,
2016
|
December
31,
2016
|
March
31,
2017
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Revenues:
|
|
|
|
|
Online
marketing services
|
|
14,930,530
|
16,165,751
|
14,737,778
|
Other
services
|
|
890,042
|
2,046,634
|
2,153,007
|
Total
revenues
|
|
15,820,572
|
18,212,385
|
16,890,785
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
Cost of
revenues (note 1, 2)
|
|
(7,563,184)
|
(9,721,570)
|
(9,233,256)
|
Selling,
general and administrative (note 2)
|
|
(3,945,944)
|
(3,334,168)
|
(2,817,058)
|
Research and
development (note 2)
|
|
(2,100,707)
|
(2,971,521)
|
(2,834,825)
|
Total
operating costs and expenses
|
|
(13,609,835)
|
(16,027,259)
|
(14,885,139)
|
|
|
|
|
|
Operating
profit
|
|
2,210,737
|
2,185,126
|
2,005,646
|
|
|
|
|
|
Other
income:
|
|
|
|
|
Interest
income
|
|
596,120
|
631,346
|
648,773
|
Interest
expense
|
|
(268,389)
|
(294,193)
|
(323,366)
|
Foreign
exchange income(loss), net
|
|
(66,166)
|
310,206
|
(101,396)
|
Loss from
equity method investments
|
|
(117,092)
|
(105,642)
|
(76,128)
|
Other income,
net
|
|
298,119
|
1,795,684
|
21,838
|
Total other
income
|
|
442,592
|
2,337,401
|
169,721
|
|
|
|
|
|
Income
before income taxes
|
|
2,653,329
|
4,522,527
|
2,175,367
|
|
|
|
|
|
Income
taxes
|
|
(674,750)
|
(400,937)
|
(405,053)
|
|
|
|
|
|
Net
income
|
|
1,978,579
|
4,121,590
|
1,770,314
|
Less: net
loss attributable to noncontrolling interests
|
(8,252)
|
(7,695)
|
(6,357)
|
Net income
attributable to Baidu
|
|
1,986,831
|
4,129,285
|
1,776,671
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
Net income
attributable to Baidu -Basic
|
|
53.95
|
114.32
|
46.47
|
Net income
attributable to Baidu -Diluted
|
|
53.82
|
113.98
|
46.29
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals 10 ADSs ):
|
|
|
Net income
attributable to Baidu -Basic
|
|
5.40
|
11.43
|
4.65
|
Net income
attributable to Baidu -Diluted
|
|
5.38
|
11.40
|
4.63
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
Basic
|
|
34,599,297
|
34,712,363
|
34,734,019
|
Diluted
|
|
34,681,988
|
34,816,049
|
34,869,783
|
|
|
|
|
|
(1) Cost of
revenues are detailed as follows:
|
|
|
|
|
Sales tax and
surcharges
|
|
(1,047,564)
|
(1,238,965)
|
(1,258,508)
|
Traffic
acquisition costs
|
|
(2,233,208)
|
(2,636,455)
|
(2,185,304)
|
Bandwidth
costs
|
|
(1,088,038)
|
(1,235,400)
|
(1,335,515)
|
Depreciation
costs
|
|
(707,332)
|
(811,529)
|
(823,010)
|
Operational
costs
|
|
(1,092,153)
|
(1,186,252)
|
(958,704)
|
Content
costs
|
|
(1,382,468)
|
(2,570,729)
|
(2,635,864)
|
Share-based
compensation expenses
|
|
(12,421)
|
(42,240)
|
(36,351)
|
Total cost of
revenues
|
|
(7,563,184)
|
(9,721,570)
|
(9,233,256)
|
|
|
|
|
|
(2) Includes
share-based compensation expenses as follows:
|
|
|
Cost of
revenues
|
|
(12,421)
|
(42,240)
|
(36,351)
|
Selling,
general and administrative
|
|
(105,036)
|
(113,709)
|
(187,355)
|
Research and
development
|
|
(191,605)
|
(475,984)
|
(407,105)
|
Total
share-based compensation expenses
|
|
(309,062)
|
(631,933)
|
(630,811)
|
Baidu,
Inc.
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
December
31,
|
March
31,
|
(In RMB thousands
except for number of shares and per share data)
|
2016
|
2017
|
|
|
Audited
|
Unaudited
|
|
|
|
|
ASSETS
|
|
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
|
10,898,463
|
14,565,758
|
Restricted
cash
|
|
317,521
|
114,605
|
Short-term
investments
|
|
71,195,629
|
76,112,428
|
Other invested
securities
|
|
7,747,436
|
16,066,794
|
Accounts
receivable, net
|
|
4,109,324
|
3,494,577
|
Loans and
interest receivable, net
|
|
1,800,397
|
5,243,772
|
Amounts due
from related parties
|
|
345,594
|
318,461
|
Other assets,
current
|
|
3,344,516
|
3,516,989
|
Total current assets
|
|
99,758,880
|
119,433,384
|
|
|
|
|
Non-current assets:
|
|
|
|
Fixed assets,
net
|
|
11,294,348
|
11,144,764
|
Intangible
assets, net
|
|
3,872,227
|
5,025,807
|
Goodwill
|
|
15,342,096
|
15,841,570
|
Long-term
investments, net
|
|
45,690,363
|
45,668,766
|
Loans and
interest receivable, net
|
|
2,708,817
|
3,229,630
|
Amounts due
from related parties
|
|
11,153
|
10,623
|
Deferred tax
assets, net
|
|
1,100,230
|
1,413,415
|
Other assets,
non-current
|
|
2,219,277
|
3,369,795
|
Total non-current assets
|
|
82,238,511
|
85,704,370
|
|
|
|
|
Total
assets
|
|
181,997,391
|
205,137,754
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current liabilities:
|
|
|
|
Short-term
loans
|
|
1,115,000
|
1,055,679
|
Convertible notes payable
|
|
-
|
8,484,786
|
Secured
borrowings
|
|
6,758,946
|
19,951,591
|
Accounts payable and
accrued liabilities
|
|
21,895,140
|
22,144,051
|
Customer advances and
deposits
|
|
6,031,681
|
5,646,841
|
Deferred
revenue
|
|
596,460
|
624,620
|
Deferred
income
|
|
566,104
|
566,246
|
Long-term loans,
current portion
|
|
3,468,296
|
3,446,583
|
Notes payable,current
portion
|
|
5,203,315
|
5,169,828
|
Capital lease
obligation
|
|
8,416
|
637
|
Amounts due to
related parties
|
|
458,687
|
391,992
|
Total current liabilities
|
|
46,102,045
|
67,482,854
|
|
|
|
|
Non-current liabilities:
|
|
|
|
Deferred
income
|
|
27,828
|
27,978
|
Long-term
loans
|
|
6,822,109
|
6,783,230
|
Notes
payable
|
|
27,648,477
|
27,472,249
|
Deferred tax
liabilities
|
|
3,589,235
|
3,601,150
|
Capital lease
obligation
|
|
348
|
348
|
Other non-current
liabilities
|
|
64,954
|
67,505
|
Total non-current liabilities
|
|
38,152,951
|
37,952,460
|
|
|
|
|
Total
liabilities
|
|
84,254,996
|
105,435,314
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
5,491,976
|
5,617,560
|
|
|
|
|
Equity
|
|
|
|
Class A Ordinary
Shares, par value US$0.00005 per share, 825,000,000 shares
authorized, and 27,325,551 shares and 27,386,123 shares
issued and outstanding as at December 31, 2016 and March 31,
2017
|
|
12
|
12
|
Class B Ordinary
Shares, par value US$0.00005 per share, 35,400,000 shares
authorized, and 7,401,254 shares and 7,301,254 shares
issued and outstanding as at December 31, 2016 and March 31,
2017
|
|
3
|
3
|
Additional paid-in
capital
|
|
8,322,787
|
8,987,903
|
Retained
earnings
|
|
85,733,706
|
86,587,095
|
Accumulated other
comprehensive loss
|
|
(1,782,966)
|
(1,460,625)
|
Total Baidu, Inc. shareholders' equity
|
|
92,273,542
|
94,114,388
|
Noncontrolling interests
|
|
(23,123)
|
(29,508)
|
Total
equity
|
|
92,250,419
|
94,084,880
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests, and equity
|
|
181,997,391
|
205,137,754
|
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,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
Operating
profit
|
2,210,737
|
|
2,185,126
|
|
2,005,646
|
Add:
Share-based compensation expenses
|
309,062
|
|
631,933
|
|
630,811
|
Non-GAAP operating
profit
|
2,519,799
|
|
2,817,059
|
|
2,636,457
|
Add:
Depreciation of fixed assets
|
795,589
|
|
911,578
|
|
922,056
|
Add:
Amortization of intangible assets
|
141,875
|
|
126,292
|
|
67,836
|
Adjusted
EBITDA
|
3,457,263
|
|
3,854,929
|
|
3,626,349
|
|
|
|
|
|
|
|
Three months
ended
|
|
March 31,
2016
|
|
December 31,
2016
|
|
March 31,
2017
|
Net income
attributable to Baidu
|
1,986,831
|
|
4,129,285
|
|
1,776,671
|
Add:
Share-based compensation expenses
|
309,062
|
|
631,933
|
|
630,811
|
Add: (Gain)loss
associated with the dilution of equity method investees
|
62,858
|
|
(155,515)
|
|
(17,539)
|
Non-GAAP net
income attributable to Baidu
|
2,358,751
|
|
4,605,703
|
|
2,389,943
|
|
|
|
|
|
|
Weighted average
number of ADS used in computing non-
GAAP diluted earnings per ADS
|
346,819,877
|
|
348,160,487
|
|
348,697,827
|
|
|
|
|
|
|
Non-GAAP diluted
earnings per ADS
|
6.80
|
|
13.23
|
|
6.85
|
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,
2016
|
total
revenues
|
December 31,
2016
|
total
revenues
|
March 31,
2017
|
total
revenues
|
Net cash provided
by operating activities
|
4,742,232
|
30%
|
8,011,229
|
44%
|
4,703,606
|
28%
|
|
|
|
|
|
|
|
Less: Capital
expenditures
|
(825,565)
|
-5%
|
(1,201,360)
|
-7%
|
(1,167,598)
|
-7%
|
|
|
|
|
|
|
|
Free cash
flow
|
3,916,667
|
25%
|
6,809,869
|
37%
|
3,536,008
|
21%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2017-results-300447316.html
SOURCE Baidu, Inc.
Copyright . 27 PR Newswire