Form 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2010
Commission File Number: 000-51469
BAIDU, INC.
Baidu Campus
No. 10 Shangdi 10th Street
Haidian District, Beijing 100085
The Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation S-T Rule 101(b)(7): o
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BAIDU, INC. |
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By
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:
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/s/ Robin Yanhong Li |
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Name:
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:
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Robin Yanhong Li |
Title:
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:
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Chief Executive Officer |
Date: April 29, 2010
2
Exhibit Index
Exhibit 99.1Press Release
Exhibit 99.2Press Release
3
Exhibit 99.1
Exhibit 99.1
Baidu Announces First Quarter 2010 Results
BEIJING, China, April 28, 2010 Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet
search provider, today announced its unaudited financial results for the first quarter ended March
31, 20101.
First Quarter 2010 Highlights
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Total revenues in the first quarter of 2010 were RMB1.294 billion ($189.6 million), a
59.6% increase from the corresponding period in 2009. |
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Operating profit in the first quarter of 2010 was RMB530.8 million ($77.8 million), a
167.4% increase from the corresponding period in 2009. |
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Net income in the first quarter of 2010 was RMB480.5 million ($70.4 million), a 165.3%
increase from the corresponding period in 2009. Diluted earnings per share (EPS) for
the first quarter of 2010 was RMB13.77 ($2.02); diluted EPS excluding share-based
compensation expenses (non-GAAP) for the first quarter of 2010 was RMB14.33 ($2.10). |
We delivered a quarter of record revenue and strong profitability despite the usual seasonality
associated with the Chinese New Year holiday, said Robin Li, chairman and chief executive officer
of Baidu. In particular, Phoenix Nests performance continued to exceed our expectations as
customers increasingly appreciate the new platforms advanced tools and superior return on
investment. Looking ahead, we will continue to innovate and educate Chinese companies about the
benefits of search engine marketing with Baidu.
Jennifer Li, Baidus chief financial officer, added, True to our commitment to managing for
profitable growth, we delivered both strong top and bottom line results in the first quarter. For
the rest of the year, we will aggressively expand our R&D and sales teams to drive improvements in
technology and monetization while investing in network infrastructure to support traffic growth.
First Quarter 2010 Results
Baidu reported total revenues of RMB1.294 billion ($189.6 million) for the first quarter of 2010,
representing a 59.6% increase from the corresponding period in 2009.
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1 |
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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 RMB6.8258 to US$1.00, the effective noon buying rate as of
March 31, 2010 in The City of New York for cable transfers of RMB as certified
for customs purposes by the Federal Reserve Bank of New York. |
1
Online marketing revenues for the first quarter of 2010 were RMB1.293 billion ($189.5 million),
representing a 59.6% increase from the corresponding period in 2009. Baidu had
around 221,000 active online marketing customers in the first quarter of 2010, representing a 19.5%
increase from the corresponding period in 2009 and a 0.9% decrease from the previous quarter.
Revenue per online marketing customer for the first quarter was approximately RMB5,900 ($864), a
34.1% increase from the corresponding period in 2009 and a 3.5% increase from the previous quarter.
Traffic acquisition costs (TAC) as a component of cost of revenues were RMB171.3 million ($25.1
million), representing 13.2% of total revenues, as compared to 15.3% in the corresponding period in
2009 and 16.0% in the fourth quarter of 2009. The decrease in TAC as a percentage of total revenues
reflects initiatives to drive quality improvements on Baidu Union traffic.
Bandwidth costs as a component of cost of revenues were RMB58.0 million ($8.5 million),
representing 4.5% of total revenues, compared to 6.0% in the corresponding period in 2009.
Depreciation costs as a component of cost of revenues were RMB65.9 million ($9.7 million),
representing 5.1% of total revenues, compared to 7.4% in the corresponding period in 2009. The
decreases in bandwidth and depreciation costs as percentages of total revenues reflect efficiency
improvements as well as increased scalability of investment in capital expenditure.
Selling, general and administrative expenses were RMB214.6 million ($31.4 million), representing an
increase of 5.0% from the corresponding period in 2009, primarily due to increased sales headcount.
The increase was partly offset by lower marketing expenses.
Research and development expenses were RMB122.1 million ($17.9 million), representing a 42.6%
increase from the corresponding period in 2009, primarily due to increased R&D personnel expenses.
Share-based compensation expenses, which were allocated to related operating costs and expense line
items, decreased in aggregate by 16.7% to RMB19.5 million ($2.9 million) in the first quarter of
2010 from RMB23.5 million in the corresponding period in 2009.
Operating profit was RMB530.8 million ($77.8 million), representing a 167.4% increase from the
corresponding period in 2009. Operating profit excluding share-based compensation expenses
(non-GAAP) was RMB550.3 million ($80.6 million), a 147.9% increase from the corresponding period in
2009.
Income tax expense was RMB70.7 million ($10.4 million), compared to an income tax expense of
RMB26.9 million for the corresponding period in 2009. The effective tax rate for the first quarter
of 2010 was 12.8% as compared to 12.9% for the corresponding period in 2009.
Net income was RMB480.5 million ($70.4 million), representing a 165.3% increase from the
corresponding period in 2009. Basic and diluted EPS for the first quarter of 2010 amounted to
RMB13.82 ($2.02) and RMB13.77 ($2.02), respectively.
2
Net income excluding share-based compensation expenses (non-GAAP) was RMB500.1 million ($73.3
million), a 144.4% increase from the corresponding period in 2009. Basic and diluted EPS excluding
share based compensation expenses (non-GAAP) for the first quarter of 2010 amounted to RMB14.38
($2.11) and RMB14.33 ($2.10), respectively.
As of March 31, 2010, the Company had cash, cash equivalents and short-term investments of RMB4.909
billion ($719.2 million). Net operating cash inflow and capital expenditures for the first quarter
of 2010 were RMB426.2 million ($62.4 million) and RMB105.3 million ($15.4 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, was
RMB641.2 million ($93.9 million) for the first quarter of 2010, representing a 116.1% increase from
the corresponding period in 2009.
Outlook for Second Quarter 2010
Baidu currently expects to generate total revenues in an amount ranging from RMB 1.830 billion
($268.1 million) to RMB 1.870 billion ($274.0 million) for the second quarter of 2010, representing
a 67% to 70% year-over-year increase. This forecast reflects Baidus current and preliminary view,
which is subject to change.
Earnings Conference Call
Baidus management will hold an earnings conference call at 8:00 PM on April 28, 2010 U.S. Eastern
Time (8:00 AM on April 29, 2010 Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
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US:
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+1.617.597.5364 |
UK:
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+44.207.365.8426 |
Hong Kong:
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+852.3002.1672 |
Passcode for all regions: 83504881
A replay of the conference call may be accessed by phone at the following number until May 6, 2010:
International: +1.617.801.6888
Passcode: 34704854
Additionally, a live and archived webcast of this conference call will be available at
http://ir.baidu.com.
3
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
individual Internet search users, Baidu provides an effective platform for businesses to reach
potential customers. Baidus ADSs, each of which represents 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 second quarter 2010 and quotations from management
in this announcement, as well as Baidus 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
Baidus 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
April 28, 2010, and Baidu undertakes no duty to update such information, except as required under
applicable law.
4
About Non-GAAP Financial Measures
To supplement Baidus 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 EPS 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 and 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 managements internal
comparisons to Baidus 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
non-GAAP financial measures.
For investor and media inquiries, please contact:
China
Victor Tseng
Baidu, Inc.
Tel: 86-10-5992-7244
ir@baidu.com
Cynthia He
Brunswick Group LLC
Tel: 86-10-6566-2256
che@brunswickgroup.com
U.S.
Ms. Kate Tellier
Brunswick Group LLC
Tel: 1-212-333-3810
ktellier@brunswickgroup.com
5
Baidu, Inc.
Condensed Consolidated Balance Sheets
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March 31 |
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December 31 |
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March 31 |
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(in RMB thousands) |
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2010 |
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2009 |
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2009 |
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Unaudited |
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Audited |
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Unaudited |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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4,157,130 |
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4,199,889 |
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2,494,320 |
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Short-term investments |
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751,894 |
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381,149 |
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276,329 |
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Accounts receivable, net |
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153,686 |
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161,610 |
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76,434 |
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Other assets,current |
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118,822 |
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91,067 |
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76,785 |
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Deferred tax assets, net |
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10,118 |
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9,157 |
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5,580 |
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Total current assets |
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5,191,650 |
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4,842,872 |
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2,929,448 |
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Non-current assets: |
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Fixed assets, net |
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1,036,921 |
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997,557 |
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767,159 |
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Intangible assets, net |
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120,054 |
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122,595 |
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122,928 |
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Goodwill |
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63,691 |
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63,691 |
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54,083 |
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Long-term investments, net |
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14,577 |
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14,308 |
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12,300 |
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Deferred tax assets, net |
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33,799 |
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33,799 |
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27,679 |
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Other assets,non-current |
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99,222 |
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82,153 |
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85,416 |
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Total non-current assets |
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1,368,264 |
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1,314,103 |
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1,069,565 |
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TOTAL ASSETS |
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6,559,914 |
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6,156,975 |
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3,999,013 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities: |
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Accounts payable and accrued liabilities, current |
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664,078 |
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749,861 |
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410,740 |
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Customer advances and deposits, current |
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573,724 |
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607,828 |
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379,090 |
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Deferred revenue |
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59,170 |
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42,035 |
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5,662 |
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Deferred income |
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52 |
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Total current liabilities |
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1,296,972 |
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1,399,724 |
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795,544 |
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Non-current liabilities: |
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Long-term payable for business acquisition |
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4,150 |
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4,150 |
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Total non-current liabilities |
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4,150 |
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4,150 |
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Total liabilities |
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1,301,122 |
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1,403,874 |
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795,544 |
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Shareholders equity |
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Class A Ordinary Shares, Par value US$0.00005
per share, 825,000,000 shares authorized, and
26,298,960 shares and 26,330,659 shares issued
and outstanding as at December 31, 2009 and
March 31, 2010 |
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11 |
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11 |
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11 |
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Class B Ordinary Shares, Par value US$0.00005
per share, 35,400,000 shares authorized, and
8,454,332 shares and 8,454,332 shares issued and
outstanding as at December 31, 2009 and March
31, 2010 |
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4 |
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4 |
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4 |
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Additional paid-in capital |
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1,455,395 |
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1,426,070 |
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1,183,217 |
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Accumulated other comprehensive loss |
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(117,684 |
) |
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(113,513 |
) |
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(116,305 |
) |
Retained earnings |
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3,921,066 |
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3,440,529 |
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2,136,542 |
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Total shareholders equity |
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5,258,792 |
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4,753,101 |
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3,203,469 |
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
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6,559,914 |
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6,156,975 |
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3,999,013 |
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6
Baidu,
Inc.
Condensed Consolidated Statements of Income
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For the Three Months Ended |
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March 31, |
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March 31, |
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December 31, |
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(in RMB thousands except for share, per share information) |
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2010 |
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2009 |
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2009 |
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Unaudited |
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Unaudited |
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Unaudited |
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Revenues: |
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Online marketing services |
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1,293,396 |
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|
810,193 |
|
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1,260,301 |
|
Other services |
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|
519 |
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|
|
518 |
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|
593 |
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|
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Total revenues |
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1,293,915 |
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|
810,711 |
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|
1,260,894 |
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Operating costs and expenses: |
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|
|
|
|
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Cost of revenues (note 1, 2) |
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|
(426,405 |
) |
|
|
(322,235 |
) |
|
|
(452,559 |
) |
Selling, general and administrative (note 2) |
|
|
(214,568 |
) |
|
|
(204,300 |
) |
|
|
(221,767 |
) |
Research and development (note 2) |
|
|
(122,129 |
) |
|
|
(85,670 |
) |
|
|
(124,402 |
) |
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|
|
|
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|
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Total operating costs and expenses |
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|
(763,102 |
) |
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|
(612,205 |
) |
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|
(798,728 |
) |
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Operating profit |
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|
530,813 |
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|
198,506 |
|
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|
462,166 |
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Other income: |
|
|
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|
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|
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Interest income |
|
|
11,374 |
|
|
|
9,123 |
|
|
|
9,313 |
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Exchange loss, net |
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|
(1 |
) |
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|
|
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|
(40 |
) |
Gain and loss from equity method investments |
|
|
247 |
|
|
|
|
|
|
|
(167 |
) |
Other income, net |
|
|
8,797 |
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|
|
385 |
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|
|
27,507 |
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|
|
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Total other income |
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|
20,417 |
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|
|
9,508 |
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|
36,613 |
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|
|
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|
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|
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Income before income taxes |
|
|
551,230 |
|
|
|
208,014 |
|
|
|
498,779 |
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|
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|
|
Income taxes |
|
|
(70,693 |
) |
|
|
(26,897 |
) |
|
|
(70,915 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
480,537 |
|
|
|
181,117 |
|
|
|
427,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share for Class A and Class B ordinary shares: |
Basic |
|
|
13.82 |
|
|
|
5.25 |
|
|
|
12.33 |
|
Diluted |
|
|
13.77 |
|
|
|
5.22 |
|
|
|
12.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average aggregate number of Class A and Class B ordinary shares outstanding: |
Basic |
|
|
34,766,823 |
|
|
|
34,525,338 |
|
|
|
34,702,168 |
|
Diluted |
|
|
34,894,049 |
|
|
|
34,727,972 |
|
|
|
34,877,586 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Cost of revenues are detailed as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Business tax and surcharges |
|
|
(81,301 |
) |
|
|
(48,868 |
) |
|
|
(78,822 |
) |
Traffic acquisition costs |
|
|
(171,349 |
) |
|
|
(124,119 |
) |
|
|
(201,880 |
) |
Bandwidth costs |
|
|
(58,012 |
) |
|
|
(48,280 |
) |
|
|
(54,403 |
) |
Depreciation costs |
|
|
(65,888 |
) |
|
|
(59,616 |
) |
|
|
(67,628 |
) |
Operational costs |
|
|
(48,256 |
) |
|
|
(39,719 |
) |
|
|
(48,298 |
) |
Share-based compensation expenses |
|
|
(1,599 |
) |
|
|
(1,633 |
) |
|
|
(1,528 |
) |
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
|
|
(426,405 |
) |
|
|
(322,235 |
) |
|
|
(452,559 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes share-based compensation expenses as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(1,599 |
) |
|
|
(1,633 |
) |
|
|
(1,528 |
) |
Selling, general and administrative |
|
|
(8,593 |
) |
|
|
(11,156 |
) |
|
|
(7,472 |
) |
Research and development |
|
|
(9,339 |
) |
|
|
(10,665 |
) |
|
|
(9,728 |
) |
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expenses |
|
|
(19,531 |
) |
|
|
(23,454 |
) |
|
|
(18,728 |
) |
|
|
|
|
|
|
|
|
|
|
7
Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in RMB thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
Three months ended |
|
|
|
March 31, 2009 |
|
|
December 31, 2009 |
|
|
March 31, 2010 |
|
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
Operating profit |
|
|
198,506 |
|
|
|
23,454 |
|
|
|
221,960 |
|
|
|
462,166 |
|
|
|
18,728 |
|
|
|
480,894 |
|
|
|
530,813 |
|
|
|
19,531 |
|
|
|
550,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
Three months ended |
|
|
|
March 31, 2009 |
|
|
December 31, 2009 |
|
|
March 31, 2010 |
|
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
Net income |
|
|
181,117 |
|
|
|
23,454 |
|
|
|
204,571 |
|
|
|
427,864 |
|
|
|
18,728 |
|
|
|
446,592 |
|
|
|
480,537 |
|
|
|
19,531 |
|
|
|
500,068 |
|
|
|
|
(*) |
|
The adjustment is only for share-based compensation. |
8
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 |
|
|
|
March 31, 2009 |
|
|
total revenues |
|
|
December 31, 2009 |
|
|
total revenues |
|
|
March 31, 2010 |
|
|
total revenues |
|
Net cash provided by operating activities |
|
|
247,438 |
|
|
|
31 |
% |
|
|
779,079 |
|
|
|
62 |
% |
|
|
426,169 |
|
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities, net of effects of acquisitions |
|
|
31,799 |
|
|
|
4 |
% |
|
|
(244,723 |
) |
|
|
-20 |
% |
|
|
164,711 |
|
|
|
13 |
% |
Income taxes expenses |
|
|
26,897 |
|
|
|
3 |
% |
|
|
70,915 |
|
|
|
6 |
% |
|
|
70,693 |
|
|
|
5 |
% |
Interest income and other, net |
|
|
(9,508 |
) |
|
|
-1 |
% |
|
|
(36,613 |
) |
|
|
-3 |
% |
|
|
(20,417 |
) |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
296,626 |
|
|
|
37 |
% |
|
|
568,658 |
|
|
|
45 |
% |
|
|
641,156 |
|
|
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
|
Definition of adjusted EBITDA: earnings before interest, taxes, depreciation, amortization, other non-operating income, and share-based compensation expenses. |
9
Exhibit 99.2
Exhibit 99.2
Baidu Announces ADS to Share Ratio Change
BEIJING, April 28, 2010 Baidu, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search
provider, today announced that it will change the ratio of its American depositary shares (ADSs)
representing Class A ordinary shares from one (1) ADS for one (1) share to ten (10) ADSs for one
(1) share.
The record date for the ratio change is May 10, 2010. For Baidus ADS holders, this ratio change
will have the same effect as a 10-for-1 ADS split. There will be no change to Baidus ordinary
shares. Furthermore, no action by ADS holders is required to effect the ratio change.
The effect of the ratio change on the ADS trading price on Nasdaq is expected to take place on May
12, 2010.
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
individual Internet search users, Baidu provides an effective platform for businesses to reach
potential customers. Baidus ADSs, each of which represents one Class A ordinary share, are
currently trading 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. Statements that are not historical facts, including statements about Baidus beliefs
and expectations, are forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties that could cause actual results to differ materially from those contained in any
forward- looking statements. 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. All information provided in
this press release is as of April 28, 2010, and Baidu undertakes no duty to update such
information, except as required under applicable law.
For investor inquiries please contact:
In China:
Mr. Victor Tseng
Baidu, Inc.
Tel: +86-10-5992-7244
Email: ir@baidu.com
Ms. Cynthia He
Brunswick Group LLC
Tel: +86-10-6566-9504
Email: che@brunswickgroup.com
In the U.S.:
Ms. Kate Tellier
Brunswick Group LLC
Tel: +1-212-333-3810
Email: ktellier@brunswickgroup.com