BIDU - Q1 2012 Earnings Release(2)

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. 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 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 the non-GAAP financial measures.

For investor and media inquiries, please contact:

China

Victor Tseng Baidu, Inc.

Tel: +86-10-5992-7244 ir@

Cynthia He

Brunswick Group LLC Tel: +86-10-5960-8600

che@ U.S.

Cindy Zheng Brunswick Group Tel: +1-212-333-3810

Email: czheng@

Baidu, Inc.

Condensed Consolidated Statements of Income

For the Three Months Ended

March 31,March 31,December 31,201220112011UnauditedUnauditedUnaudited4,260,530

3,1974,263,727

2,434,780

1,4262,436,206

4,466,664

7,4294,474,093

(in RMB thousands except for share, per share (or ADS) information)Revenues:

Online marketing servicesOther servicesTotal revenues

Operating costs and expenses:Cost of revenues (note 1, 2)

Selling, general and administrative (note 2)Research and development (note 2)Total operating costs and expensesOperating profit

Other income:

Interest income, net

Foreign exchange (loss) gain, netLoss from equity method investmentsOther income, netTotal other income

Income before income taxesIncome taxesNet income

Net loss attributable to noncontrolling interestsNet income attributable to Baidu,Inc.

(1,250,550)(478,549)(443,162)(2,172,261)2,091,466

(669,713)(332,609)(239,282)(1,241,604)1,194,602

(1,240,588)(522,449)(413,779)(2,176,816)2,297,277

156,936

(10)(45,868)(3,510)107,5482,199,014(331,196)41,724(1,933)(7,861)25,32457,2541,251,856(181,299)133,0762,374(7,794)21,044148,7002,445,977(404,492)Earnings per share for Class A and Class B ordinary shares:

Net income attributable to Baidu,Inc.-Basic Net income attributable to Baidu,Inc.-DilutedEarnings per ADS (1 Class A ordinary share equals 10 ADSs ):

Net income attributable to Baidu,Inc.-Basic Net income attributable to Baidu,Inc.-Diluted

Weighted average number of Class A and Class B ordinary shares outstanding:

Basic Diluted(1) Cost of revenues are detailed as follows:

Business tax and surchargesTraffic acquisition costsBandwidth costsDepreciation costsOperational costs

Share-based compensation expensesTotal cost of revenues

(2) Includes share-based compensation expenses as follows:

Cost of revenues

Selling, general and administrativeResearch and development

Total share-based compensation expenses

53.93 30.71 58.83 53.84 30.63 58.73

5.39 3.07 5.88 5.38 3.06 5.87

34,918,05434,972,39034,865,55234,953,14834,907,31834,966,028

(310,021)(331,277)(222,648)(233,442)(152,317)

(845)(159,426)(198,602)(121,852)(122,843)(65,269)(1,721)(327,624)(353,762)(192,230)(214,866)(149,938)(2,168)(845)(13,994)(20,320)(35,159)(1,721)(11,509)(18,083)(31,313)

(2,168)(14,113)(30,360)(46,641)

Baidu, Inc.

Condensed Consolidated Balance Sheets

(in RMB thousands)

ASSETS

Current assets:

Cash and cash equivalents Restricted cash

Short-term investments Accounts receivable, net Due from related parties Deferred tax assets, net Other assets, current Total current assets

Non-current assets:

Fixed assets, net

Intangible assets, net Goodwill

Long-term …… 此处隐藏：5439字，全部文档内容请下载后查看。喜欢就下载吧 ……