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Baidu Announces Fourth Quarter and Fiscal Year 2014 Results

Feb 11, 2015

BEIJING, Feb. 11, 2015 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the "Company"), the leading Chinese language Internet search provider, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2014[1].

Baidu Logo

Fourth Quarter and Fiscal Year 2014 Highlights

  • Total revenues in the fourth quarter of 2014 were RMB14.050 billion ($2.264 billion), a 47.5% increase from the corresponding period in 2013. Mobile revenue represented 42% of total revenue for the fourth quarter of 2014, up from 36% in the third quarter of 2014.
  • Total revenues in fiscal year 2014 were RMB49.052 billion ($7.906 billion), a 53.6% increase from 2013. Mobile revenue represented 37% of total revenue for fiscal year 2014.
  • Operating profit in the fourth quarter of 2014 was RMB2.952 billion ($475.8 million), a 7.8% increase from the corresponding period in 2013.
  • Operating profit in fiscal year 2014 was RMB12.804 billion ($2.064 billion), a 14.4% increase from 2013.
  • Net income attributable to Baidu in the fourth quarter of 2014 was RMB3.229 billion ($520.4 million), a 16.0% increase from the corresponding period in 2013. Diluted earnings attributable to Baidu per ADS for the fourth quarter of 2014 were RMB9.01 ($1.45); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2014 were RMB9.97 ($1.61).
  • Net income attributable to Baidu in fiscal year 2014 was RMB13.187 billion ($2.125 billion), a 25.4% increase from 2013. Diluted earnings attributable to Baidu per ADS for the fiscal year 2014 were RMB37.32 ($6.01); diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses (non-GAAP) for fiscal year 2014 were RMB40.05 ($6.45).

"2014 was a year of remarkable accomplishment for Baidu. We've successfully transitioned from a PC-centric to a mobile-first company, positioning us well for the next phase of our mobile opportunity: connecting people with services," said Robin Li, chairman and chief executive officer of Baidu. "In December, for the first time search revenue from mobile surpassed PC."

"Robust mobile performance again drove our strong topline growth this quarter and underpinned the reacceleration of our revenue growth in 2014." said Jennifer Li, chief financial officer of Baidu. "The investments we've made in mobile over the last two years have clearly paid off and set the stage for Baidu to capture an even larger market opportunity. 2015 will be an important year for Baidu as we execute on our plan and invest for the next phase of mobile growth. For the upcoming quarter, our guidance reflects the combined impact of both the late timing of Chinese New Year this year and mobile's growing traffic contribution, which monetizes at a rate lower than that of PC. We expect mobile's monetization rate to trend up throughout the year."

Fourth Quarter 2014 Results

Baidu reported total revenues of RMB14.050 billion ($2.264 billion) for the fourth quarter of 2014, representing a 47.5% increase from the corresponding period in 2013.

Online marketing revenues for the fourth quarter of 2014 were RMB13.845 billion ($2.231 billion), representing a 46.3% increase from the corresponding period in 2013. Baidu had about 523,000 active online marketing customers[2] in the fourth quarter of 2014, representing a 16% increase from the corresponding period in 2013 and a 1.4% increase from the third quarter of 2014. Revenue per online marketing customer for the fourth quarter of 2014 was approximately RMB26,400 ($4,255), a 26.3% increase from the corresponding period in 2013 and a 1.9% increase compared to the third quarter of 2014.

Traffic acquisition cost as a component of cost of revenues was RMB1.887 billion ($304.2 million), representing 13.4% of total revenues, as compared to 12.3% in the corresponding period in 2013 and 12.9% in the third quarter of 2014. The increase mainly reflects increased contribution of contextual ads, mobile and promotion of Hao123.

Bandwidth costs as a component of cost of revenues were RMB748.6 million ($120.7 million), representing 5.3% of total revenues, compared to 5.9% in the corresponding period in 2013.

Depreciation costs as a component of cost of revenues were RMB553.6 million ($89.2 million), representing 3.9% of total revenues, compared to 4.3% in the corresponding period in 2013.

Content costs as a component of cost of revenues were RMB592.0 million ($95.4 million), representing 4.2% of total revenues, compared to 3.8% in the corresponding period in 2013, and 3.7% in the third quarter of 2014. The increase was mainly due to iQiyi's increased content costs.

Selling, general and administrative expenses were RMB3.524 billion ($568.0 million), representing an increase of 89.2% from the corresponding period in 2013, and an increase of 30.5% from the previous quarter, primarily due to an increase in promotional spending for mobile products and services.

Research and development expenses were RMB2.136 billion ($344.2 million), a 69.0% increase from the corresponding period in 2013,and an increase of 16.6% from the previous quarter, primarily due to an increase in the number of research and development personnel.

Share-based compensation expenses, which were allocated to related operating costs and expense line items, were RMB339.0 million ($54.6 million) in the fourth quarter of 2014, compared to RMB177.4 million in the corresponding period in 2013, and RMB234.2 million in the third quarter of 2014. The increase reflects year-end true-up and incentives granted to one of our subsidiaries.

Operating profit was RMB2.952 billion ($475.8 million), representing a 7.8% increase from the corresponding period in 2013. Operating profit excluding share-based compensation expenses (non-GAAP) was RMB3.291 billion ($530.4 million), a 12.8% increase from the corresponding period in 2013.

Income tax expense was RMB538.5 million ($86.8 million), compared to income tax expense of RMB338.8 million in the corresponding period in 2013. The effective tax rate for the fourth quarter of 2014 was 15.6% as compared to 11.2% for the corresponding period in 2013.

Net income attributable to Baidu was RMB3.229 billion ($520.4 million), representing a 16.0% increase from the corresponding period in 2013. Basic and diluted earnings per ADS for the fourth quarter of 2014 amounted to RMB9.05 ($1.46) and RMB9.01 ($1.45), respectively.

Net income attributable to Baidu excluding share-based compensation expenses (non-GAAP) was RMB3.568 billion ($575.1 million), a 20.5% increase from the corresponding period in 2013. Basic and diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) for the fourth quarter of 2014 amounted to RMB10.02 ($1.61) and RMB9.97 ($1.61), respectively.

As of December 31, 2014, the Company had cash, cash equivalents and short-term investments of RMB57.671 billion ($9.295 billion).

Net operating cash inflow for the fourth quarter of 2014 was RMB5.342 billion ($861.0 million). Capital expenditures for the fourth quarter of 2014 were RMB1.540 billion ($248.3 million).

Adjusted EBITDA (non-GAAP), defined in this announcement as earnings before interest, taxes, depreciation, amortization, other non-operating income and share-based compensation expenses, was RMB4.125 billion ($664.8 million) for the fourth quarter of 2014, representing a 15.8% increase from the corresponding period in 2013.

Fiscal Year 2014 Results

Total revenues in 2014 were RMB49.052 billion ($7.906 billion), representing a 53.6% increase from 2013.

Online marketing revenues in 2014 were RMB48.495 billion ($7.816 billion), representing a 52.5% increase from 2013. The growth was driven by increases in both the number of active online marketing customers and revenue per customer. Baidu had about 813,000 active online marketing customers in 2014, representing an 8.0% increase from 2013. Revenue per online marketing customer for 2014 was RMB59,400 ($9,574), an increase of 40.8% from 2013.

Traffic acquisition costs in 2014 were RMB6.328 billion ($1.020 billion), representing 12.9% of total revenues, compared to 11.6% in 2013. The increase mainly reflects increased contribution of contextual ads, mobile and promotion of Hao123.

Bandwidth costs as a component of cost of revenues were RMB2.848 billion ($459.0 million), representing 5.8% of total revenues, compared to 6.1% in 2013.

Depreciation costs as a component of cost of revenues were RMB1.959 billion ($315.7 million), representing 4.0% of total revenues, compared to 4.6% in 2013.

Content costs as a component of cost of revenues were RMB1.872 billion ($301.7 million), representing 3.8% of total revenues, compared to 2.6% in 2013. The increase was mainly due to iQiyi's increased content costs.

Selling, general and administrative expenses in 2014 were RMB10.382 billion ($1.673 billion), representing an increase of 100.7% from the previous year, primarily due to an increase in promotional spending for mobile products and services.

Research and development expenses totaled RMB6.981 billion ($1.125 billion) in 2014, representing a 70.0% increase from 2013, 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 RMB962.7 million ($155.2 million) in 2014, compared to RMB514.7 million in 2013. The increase was a result of increased share grants to employees.

Operating profit in 2014 was RMB12.804 billion ($2.064 billion), a 14.4% increase from 2013. Operating profit excluding share-based compensation expenses (non-GAAP) in 2014 was RMB13.767 billion ($2.219 billion), representing a 17.6% increase from 2013.

Income tax expense was RMB2.231 billion ($359.6 million), compared to an income tax expense of RMB1.829 billion in 2013. The effective tax rate for 2014 was 15.4% as compared to 15.0% in 2013.

Net income attributable to Baidu in 2014 was RMB13.187 billion ($2.125 billion), representing a 25.4% increase from 2013. Basic and diluted earnings attributable to Baidu per ADS for 2014 amounted to RMB37.46 ($6.04) and RMB37.32 ($6.01), respectively.

Net income attributable to Baidu excluding share-based compensation expenses (non-GAAP) in 2014 was RMB14.150 billion ($2.281 billion), reflecting a 28.2% increase from 2013. Basic and diluted earnings attributed to Baidu per ADS excluding share-based compensation expenses (non-GAAP) in 2014 were RMB40.21 ($6.48) and RMB40.05 ($6.45), respectively.

Net operating cash inflow in 2014 was RMB17.937 billion ($2.891 billion). Capital expenditures in 2014 were RMB4.827 billion ($778.0 million).

Adjusted EBITDA (non-GAAP) was RMB16.755 billion ($2.700 billion) in 2014, representing a 21.3% increase from 2013.

Outlook for First Quarter 2015

Baidu currently expects to generate total revenues in an amount ranging from RMB12.645 billion ($2.038 billion) to RMB13.065 billion ($2.106 billion) for the first quarter of 2015, representing a 33.2% to 37.6% 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 11, 2015, U.S. Eastern Time (9:00 AM on February 12, 2015, Beijing/Hong Kong Time).

Dial-in details for the earnings conference call are as follows:

International:

+65 67239381

US:

+1 8456750437

UK:

+44-2030598139

Hong Kong:

+852 30186771



Passcode for all regions:

71423813

A replay of the conference call may be accessed by phone at the following number until February 19, 2015:

International:

+61-2-8199-0299

Passcode:

71423813

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 first quarter 2015 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, Japanese and other 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 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
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 RMB6.2046 to US$1.00, the effective noon buying rate as of December 31, 2014, 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]

The number of active online marketing customers and revenue per online active customer exclude our group-buying related businesses for consistency with previous reporting.

 

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)



2014

2013

2014


2014

2013




Unaudited

Unaudited

Unaudited


Unaudited

Audited

 Revenues: 









 Online marketing services 



13,844,607

9,462,202

13,427,179


48,495,215

31,802,219

 Other services 



205,622

60,711

92,577


557,103

141,705

 Total revenues 



14,050,229

9,522,913

13,519,756


49,052,318

31,943,924










 Operating costs and expenses: 









 Cost of revenues (note 1, 2) 



(5,438,351)

(3,656,489)

(5,068,337)


(18,885,450)

(11,471,839)

 Selling, general and administrative (note 2) 



(3,524,371)

(1,862,966)

(2,700,008)


(10,382,142)

(5,173,533)

 Research and development (note 2) 



(2,135,506)

(1,263,835)

(1,831,590)


(6,980,962)

(4,106,832)

 Total operating costs and expenses 



(11,098,228)

(6,783,290)

(9,599,935)


(36,248,554)

(20,752,204)










 Operating profit 



2,952,001

2,739,623

3,919,821


12,803,764

11,191,720










 Other income: 









 Interest income 



573,154

367,922

536,367


1,992,818

1,308,542

 Interest expense 



(183,575)

(148,207)

(177,168)


(628,571)

(447,084)

 Foreign exchange income (loss), net 



22,873

(40,861)

(44,476)


75,780

(48,379)

 Loss from equity method investments 



(5,867)

(651)

(9,982)


(26,952)

(5,806)

 Other income, net 



93,200

115,399

20,091


257,704

186,023

 Total other income 



499,785

293,602

324,832


1,670,779

993,296










 Income before income taxes 



3,451,786

3,033,225

4,244,653


14,474,543

12,185,016










 Income taxes 



(538,493)

(338,832)

(656,768)


(2,231,172)

(1,828,930)










 Net income 



2,913,293

2,694,393

3,587,885


12,243,371

10,356,086

 Less: net loss attributable to noncontrolling interests 



(315,776)

(89,870)

(288,227)


(943,698)

(162,880)

 Net income attributable to Baidu, Inc. 



3,229,069

2,784,263

3,876,112


13,187,069

10,518,966



















Earnings per share for Class A and Class B ordinary shares:









Net income attributable to Baidu, Inc.-Basic 



90.51

79.22

110.53


374.60

299.75

Net income attributable to Baidu, Inc.-Diluted



90.06

78.99

110.02


373.15

299.32










Earnings per ADS (1 Class A ordinary share equals 10 ADSs ):









Net income attributable to Baidu, Inc.-Basic 



9.05

7.92

11.05


37.46

29.98

Net income attributable to Baidu, Inc.-Diluted



9.01

7.90

11.00


37.32

29.93










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






Basic 



35,093,674

35,013,458

35,069,521


35,062,466

34,986,228

Diluted



35,269,030

35,117,726

35,231,630


35,198,474

35,036,346










 (1) Cost of revenues are detailed as follows: 









 Sales tax and surcharges 



(1,029,267)

(702,336)

(997,040)


(3,597,763)

(2,329,558)

 Traffic acquisition costs 



(1,887,301)

(1,175,929)

(1,741,922)


(6,328,155)

(3,704,146)

 Bandwidth costs 



(748,604)

(563,709)

(752,607)


(2,847,770)

(1,938,520)

 Depreciation costs 



(553,572)

(410,164)

(512,758)


(1,958,754)

(1,469,646)

 Operational costs 



(616,228)

(433,478)

(557,515)


(2,246,491)

(1,175,624)

 Content costs 



(592,008)

(361,702)

(498,119)


(1,871,906)

(830,369)

 Share-based compensation expenses 



(11,371)

(9,171)

(8,376)


(34,611)

(23,976)

 Total cost of revenues 



(5,438,351)

(3,656,489)

(5,068,337)


(18,885,450)

(11,471,839)










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









 Cost of revenues 



(11,371)

(9,171)

(8,376)


(34,611)

(23,976)

 Selling, general and administrative 



(149,395)

(63,861)

(102,680)


(426,052)

(164,704)

 Research and development 



(178,261)

(104,319)

(123,137)


(502,077)

(326,047)

 Total share-based compensation expenses 



(339,027)

(177,351)

(234,193)


(962,740)

(514,727)










 

Baidu, Inc. 




Condensed Consolidated Balance Sheets










December 31

December 31

(In RMB thousands except for number of shares and per share data)


2014

2013



Unaudited

Audited





ASSETS




    Current assets:




 Cash and cash equivalents


13,852,725

9,691,797

 Restricted cash


413,010

259,533

 Short-term investments


43,818,037

28,734,761

 Accounts receivable, net


3,664,447

2,220,846

 Amounts due from related parties


50

104

 Deferred tax assets, net


684,952

286,844

 Other assets, current 


3,407,427

1,835,265

    Total current assets


65,840,648

43,029,150





    Non-current assets:




 Fixed assets, net


8,705,364

5,370,268

 Intangible assets, net


3,574,359

3,630,315

 Goodwill


17,418,895

16,864,350

 Long-term investments, net


2,878,922

634,777

 Amounts due from related parties


-

370,916

 Deferred tax assets, net


259,127

97,940

 Other assets, non-current 


984,193

988,072

    Total non-current assets


33,820,860

27,956,638





Total assets


99,661,508

70,985,788





LIABILITIES AND EQUITY




   Current liabilities:




        Short-term loans


93,000

-

Accounts payable and accrued liabilities


12,964,893

7,362,138

Customer advances and deposits


4,296,440

2,977,872

Deferred revenue


164,809

226,599

Deferred income


518,543

77,287

Long-term loans, current portion


2,167,405

343,625

Capital lease obligation


57,346

44,907

Due to Related Parties, Current


8,385

398

    Total current liabilities


20,270,821

11,032,826





    Non-current liabilities:




Deferred income


39,626

376,491

Long-term loans


1,860,000

2,112,359

Notes payable


21,647,023

15,116,990

Amounts due to related parties


8

373,227

Deferred tax liabilities


1,143,821

1,200,270

Capital lease obligation


50,079

40,999

Other Non Current Liabilities


144,542

67,376

    Total non-current liabilities


24,885,099

19,287,712





Total liabilities


45,155,920

30,320,538





Redeemable noncontrolling interests


1,894,502

-





Equity




Class A Ordinary Shares, par value US$0.00005 per share,
825,000,000 shares authorized, and  27,492,452 shares and 
27,613,315 shares issued and outstanding as at December 31,
2013 and December 31, 2014


12

12

Class B Ordinary Shares, par value US$0.00005 per share,
35,400,000 shares authorized, and  7,537,921 shares and 
7,492,921 shares issued and outstanding as at December 31,
2013 and December 31, 2014


3

3

Additional paid-in capital


3,633,919

3,056,418

Retained earnings


47,659,772

34,525,386

Accumulated other comprehensive income (loss)


231,923

843,096

    Total Baidu, Inc. shareholders' equity


51,525,629

38,424,915

    Noncontrolling interests


1,085,457

2,240,335

Total equity


52,611,086

40,665,250





Total liabilities, redeemable noncontrolling interests, and equity


99,661,508

70,985,788





 

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in RMB thousands, unaudited)

























Three months ended December 31, 2013

Three months ended September 30, 2014

Three months ended December 31, 2014

Twelve months ended December 31, 2013

Twelve months ended December 31, 2014


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

2,739,623

177,351

2,916,974

3,919,821

234,193

4,154,014

2,952,001

339,027

3,291,028

11,191,720

514,727

11,706,447

12,803,764

962,740

13,766,504


















Three months ended December 31, 2013

Three months ended September 30, 2014

Three months ended December 31, 2014

Twelve months ended December 31, 2013

Twelve months ended December 31, 2014


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.

 

2,784,263

177,351

2,961,614

3,876,112

234,193

4,110,305

3,229,069

339,027

3,568,096

10,518,966

514,727

11,033,693

13,187,069

962,740

14,149,809

















(*) 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, 2013

total revenues

September 30, 2014

total revenues

December 31, 2014

total revenues


December 31, 2013

total revenues


December 31, 2014

total revenues

Net cash provided by operating activities

4,107,321

42%

4,855,114

36%

5,342,027

38%


13,792,971

43%


17,937,175

37%














   Changes in assets and liabilities, net of effects of acquisitions

(589,598)

-6%

(270,608)

-2%

(1,255,890)

-9%


(810,058)

-3%


(1,742,520)

-5%

   Income taxes expenses

338,832

4%

656,768

5%

538,493

4%


1,828,930

6%


2,231,172

5%

   Interest income and other, net

(293,602)

-3%

(324,832)

-2%

(499,785)

-4%


(993,296)

-3%


(1,670,779)

-3%














Adjusted EBITDA

3,562,953

37%

4,916,442

36%

4,124,845

29%


13,818,547

43%


16,755,048

34%














(*) Definition of adjusted EBITDA: earnings before interest, taxes, depreciation, amortization,  other non-operating income, and share-based compensation expenses.









 

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SOURCE Baidu, Inc.