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 2011
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, 2011
2
Exhibit Index
Exhibit 99.1Press Release
3
Exhibit 99.1
Exhibit 99.1
Baidu Announces First Quarter 2011 Results
BEIJING, China, April 27, 2011 Baidu, Inc. (NASDAQ: BIDU), the leading Chinese language Internet
search provider, today announced its unaudited financial results for the first quarter ended March
31, 20111.
First Quarter 2011 Highlights
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Total revenues in the first quarter of 2011 were RMB2.436 billion ($372.0 million), an
88.3% increase from the corresponding period in 2010. |
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Operating profit in the first quarter of 2011 was RMB1.195 billion ($182.4 million), a
125.1% increase from the corresponding period in 2010. |
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Net income in the first quarter of 2011 was RMB1.071 billion ($163.5 million), a 122.8%
increase from the corresponding period in 2010. Diluted earnings per ADS2 for
the first quarter of 2011 were RMB3.06 ($0.47); diluted earnings per ADS excluding
share-based compensation expenses (non-GAAP) for the first quarter of 2011 were RMB3.15
($0.48). |
Monetization improvements combined with continuing solid traffic growth drove another great
quarter for Baidu, said Robin Li, chairman and chief executive officer of Baidu. We remain
focused on enhancing our Phoenix Nest platform to improve return on investments for our existing
customers and enhancing awareness of the benefits of search engine marketing among the tens of
millions of SMEs and large companies in China who are not yet using our Phoenix Nest platform.
Mr. Li continued, User experience is central to our success, and users are responding positively
to our efforts to integrate many different forms of data and applications into search. We are
particularly excited about the growth of our open application platform, which now generates
millions of clicks per day. Groundbreaking initiatives like this help us attract and retain users
and demonstrate the progress of Box Computing, our vision for the future in which users will access
the Internet through a simple command box powered by sophisticated backend programming.
Jennifer Li, Baidus chief financial officer, commented, Our top and bottom line results grew
strongly in the first quarter despite usual seasonal weakness. We will continue to support the
long-term growth of the Company by focusing significant investment on R&D, marketing, network
infrastructure and strategic investments over the coming quarters.
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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 RMB6.5483 to US$1.00, the effective noon buying rate as of
March 31, 2011 in The City of New York for cable transfers of RMB as certified
for customs purposes by the Federal Reserve Bank of New York. |
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Effective on May 12, 2010, Baidu adjusted the ratio of
its American depositary shares (ADSs) representing Class A ordinary shares
from one (1) ADS for one (1) Class A ordinary share to ten (10) ADSs for one
(1) Class A ordinary share. All earnings per ADS figures in this announcement
give effect to the forgoing ADS to share ratio change. |
First Quarter 2011 Results
Baidu reported total revenues of RMB2.436 billion ($372.0 million) for the first quarter of 2011,
representing an 88.3% increase from the corresponding period in 2010.
Online marketing revenues for the first quarter of 2011 were RMB2.435 billion ($371.8 million),
representing an 88.2% increase from the corresponding period in 2010. Baidu had approximately
274,000 active online marketing customers in the first quarter of 2011, representing a 24.0%
increase from the corresponding period in 2010 and a 0.7% decrease from the previous quarter.
Revenue per online marketing customer for the first quarter was approximately RMB8,900 ($1,359), a
50.8% increase from the corresponding period in 2010 and flat compared to the previous quarter.
Traffic acquisition cost (TAC) as a component of cost of revenues was RMB198.6 million ($30.3
million), representing 8.2% of total revenues, as compared to 13.2% in the corresponding period in
2010 and 8.1% in the fourth quarter of 2010.
Bandwidth costs as a component of cost of revenues were RMB121.9 million ($18.6 million),
representing 5.0% of total revenues, compared to 4.5% in the corresponding period in 2010.
Depreciation costs as a component of cost of revenues were RMB122.8 million ($18.8 million),
representing 5.0% of total revenues, compared to 5.1% in the corresponding period in 2010.
Selling, general and administrative expenses were RMB332.6 million ($50.8 million), representing an
increase of 55.0% from the corresponding period in 2010, primarily due to increased personnel costs
and marketing expenses.
Research and development expenses were RMB239.3 million ($36.5 million), a 95.9% increase from the
corresponding period in 2010. The increase was primarily due to increased R&D personnel expenses.
Share-based compensation expenses, which were allocated to related operating costs and expense line
items, were RMB31.3 million ($4.8 million) in the first quarter of 2011, compared to RMB19.5
million in the corresponding period in 2010 and RMB28.2 million in the previous quarter.
Operating profit was RMB1.195 billion ($182.4 million), representing a 125.1% increase from the
corresponding period in 2010. Operating profit excluding share-based compensation expenses
(non-GAAP) was RMB1.226 billion ($187.2 million), a 122.8% increase from the corresponding period
in 2010.
Income tax expense was RMB181.3 million ($27.7 million), compared to an income tax expense of
RMB70.7 million in the corresponding period in 2010. The effective tax rate for the first quarter
of 2011 was 14.5%, compared to 12.8% for the corresponding period in 2010 and 12.1% in the previous
quarter.
Net income was RMB1.071 billion ($163.5 million), representing a 122.8% increase from the
corresponding period in 2010. Basic and diluted earnings per ADS for the first quarter of 2011
amounted to RMB3.07 ($0.47) and RMB3.06 ($0.47), respectively.
Net income excluding share-based compensation expenses (non-GAAP) was RMB1.102 billion ($168.3
million), a 120.3% increase from the corresponding period in 2010. Basic and diluted earnings per
ADS excluding share-based compensation expenses (non-GAAP) for the first quarter of 2011 amounted
to RMB3.16 ($0.48) and RMB3.15 ($0.48), respectively.
As of March 31, 2011, Baidu had cash, cash equivalents and short-term investments of RMB8.644
billion ($1.320 billion). Net operating cash inflow and capital expenditures for the first quarter
of 2011 were RMB977.3 million ($149.2 million) and RMB386.8 million ($59.1 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
RMB1.387 billion ($211.9 million) for the first quarter of 2011, representing a 116.4% increase
from the corresponding period in 2010.
Outlook for Second Quarter 2011
Baidu currently expects to generate total revenues in an amount ranging from RMB3.230 billion
($493.3 million) to RMB3.300 billion ($503.9 million) for the second quarter of 2011, representing
a 68.7% to 72.4% year-over-year increase. This forecast reflects Baidus current and preliminary
view, which is subject to change.
Conference Call Information
Baidus management will hold an earnings conference call at 8:00 PM on April 27, 2011 U.S. Eastern
Daylight Time (8:00 AM on April 28, 2011 Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
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US:
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+1 617 213 8895 |
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UK:
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+44 207 365 8426 |
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Hong Kong:
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+852 3002 1672 |
Passcode for all regions: 58929363
A replay of the conference call may be accessed by phone at the following number until May 4, 2011:
International: +1 617 801 6888
Passcode: 66685467
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 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 currently trade on the NASDAQ Global Select Market under the
symbol BIDU. Each of Baidus Class A ordinary shares is represented by 10 ADSs.
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 2011 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 fourth 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 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 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 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 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
the 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
Baidu, Inc.
Condensed Consolidated Balance Sheets
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March 31 |
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December 31 |
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(in RMB thousands) |
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2011 |
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2010 |
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Unaudited |
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Audited |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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8,499,309 |
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7,781,976 |
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Restricted cash |
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171,507 |
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38,278 |
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Short-term investments |
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144,364 |
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376,492 |
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Accounts receivable, net |
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354,385 |
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296,900 |
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Other assets,current |
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156,716 |
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103,654 |
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Due from related parties |
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158,251 |
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98,660 |
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Deferred tax assets, net |
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88,297 |
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86,487 |
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Total current assets |
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9,572,829 |
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8,782,447 |
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Non-current assets: |
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Fixed assets, net |
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1,917,688 |
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1,622,412 |
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Intangible assets, net |
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238,563 |
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115,798 |
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Goodwill |
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63,686 |
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63,686 |
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Long-term investments, net |
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428,955 |
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287,968 |
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Deferred tax assets, net |
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30,843 |
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30,843 |
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Other assets,non-current |
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185,493 |
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145,285 |
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Total non-current assets |
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2,865,228 |
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2,265,992 |
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TOTAL ASSETS |
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12,438,057 |
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11,048,439 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities: |
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Short-term borrowings |
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130,966 |
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Accounts payable and accrued liabilities |
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1,451,934 |
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1,317,771 |
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Customer advances and deposits |
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891,993 |
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1,029,344 |
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Deferred revenue |
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201,189 |
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109,032 |
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Deferred income |
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15,310 |
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Due to related parties |
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94,950 |
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95,700 |
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Total current liabilities |
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2,786,342 |
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2,551,847 |
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Non-current liabilities: |
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Long-term payable for business acquisition |
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Deferred Income |
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5,000 |
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Loans payable, noncurrent |
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140,000 |
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86,000 |
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Total non-current liabilities |
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140,000 |
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91,000 |
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Total liabilities |
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2,926,342 |
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2,642,847 |
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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 27,045,340
shares and 27,076,768 shares issued
and outstanding as at December 31, 2010
and March 31, 2011 |
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12 |
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12 |
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Class B Ordinary Shares, Par value
US$0.00005 per share, 35,400,000 shares
authorized, and 7,804,332 shares and
7,804,332 shares issued and outstanding
as at December 31, 2010 and March 31,
2011 |
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3 |
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3 |
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Additional paid-in capital |
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1,599,832 |
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1,557,258 |
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Accumulated other comprehensive loss |
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(124,386 |
) |
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(117,378 |
) |
Retained earnings |
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8,036,254 |
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6,965,697 |
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Total shareholders equity |
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9,511,715 |
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8,405,592 |
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
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12,438,057 |
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11,048,439 |
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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 and per ADS information) |
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2011 |
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2010 |
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2010 |
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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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2,434,780 |
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1,293,396 |
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2,450,494 |
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Other services |
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1,426 |
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519 |
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411 |
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Total revenues |
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2,436,206 |
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1,293,915 |
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2,450,905 |
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Operating costs and expenses: |
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Cost of revenues (note 1, 2) |
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(669,713 |
) |
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(426,405 |
) |
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(630,976 |
) |
Selling, general and administrative (note 2) |
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(332,609 |
) |
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(214,568 |
) |
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(313,221 |
) |
Research and development (note 2) |
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(239,282 |
) |
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(122,129 |
) |
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(231,906 |
) |
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Total operating costs and expenses |
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(1,241,604 |
) |
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(763,102 |
) |
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(1,176,103 |
) |
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Operating profit |
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1,194,602 |
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|
530,813 |
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|
1,274,802 |
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Other income: |
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Interest income |
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41,724 |
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11,374 |
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23,268 |
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Foreign exchange (loss) gain, net |
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(1,933 |
) |
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(1 |
) |
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|
30 |
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Loss from equity method investments |
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(7,861 |
) |
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|
247 |
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(6,679 |
) |
Other income, net |
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|
25,324 |
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8,797 |
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28,828 |
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Total other income |
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57,254 |
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20,417 |
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45,447 |
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Income before income taxes |
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1,251,856 |
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|
551,230 |
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1,320,249 |
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Income taxes |
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(181,299 |
) |
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(70,693 |
) |
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(159,635 |
) |
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Net income |
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1,070,557 |
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480,537 |
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1,160,614 |
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Earnings per share for Class A and Class
B ordinary shares: |
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Basic |
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30.71 |
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13.82 |
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33.31 |
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Diluted |
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|
30.63 |
|
|
|
13.77 |
|
|
|
33.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (1 Class A ordinary share
equals 10 ADSs ): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
3.07 |
|
|
|
1.38 |
|
|
|
3.33 |
|
Diluted |
|
|
3.06 |
|
|
|
1.38 |
|
|
|
3.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of Class A and Class B
ordinary shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
34,865,552 |
|
|
|
34,766,823 |
|
|
|
34,842,234 |
|
Diluted |
|
|
34,953,148 |
|
|
|
34,894,049 |
|
|
|
34,941,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Cost of revenues are detailed as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Business tax and surcharges |
|
|
(159,426 |
) |
|
|
(81,301 |
) |
|
|
(160,750 |
) |
Traffic acquisition costs |
|
|
(198,602 |
) |
|
|
(171,349 |
) |
|
|
(199,367 |
) |
Bandwidth costs |
|
|
(121,852 |
) |
|
|
(58,012 |
) |
|
|
(99,202 |
) |
Depreciation costs |
|
|
(122,843 |
) |
|
|
(65,888 |
) |
|
|
(97,997 |
) |
Operational costs |
|
|
(65,269 |
) |
|
|
(48,256 |
) |
|
|
(72,047 |
) |
Share-based compensation expenses |
|
|
(1,721 |
) |
|
|
(1,599 |
) |
|
|
(1,613 |
) |
|
|
|
|
|
|
|
|
|
|
Total cost of revenues |
|
|
(669,713 |
) |
|
|
(426,405 |
) |
|
|
(630,976 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes share-based compensation
expenses as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(1,721 |
) |
|
|
(1,599 |
) |
|
|
(1,613 |
) |
Selling, general and administrative |
|
|
(11,509 |
) |
|
|
(8,593 |
) |
|
|
(9,610 |
) |
Research and development |
|
|
(18,083 |
) |
|
|
(9,339 |
) |
|
|
(16,963 |
) |
|
|
|
|
|
|
|
|
|
|
Total share-based compensation expenses |
|
|
(31,313 |
) |
|
|
(19,531 |
) |
|
|
(28,186 |
) |
|
|
|
|
|
|
|
|
|
|
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, 2010 |
|
|
December 31, 2010 |
|
|
March 31, 2011 |
|
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
Operating profit |
|
|
530,813 |
|
|
|
19,531 |
|
|
|
550,344 |
|
|
|
1,274,802 |
|
|
|
28,186 |
|
|
|
1,302,988 |
|
|
|
1,194,602 |
|
|
|
31,313 |
|
|
|
1,225,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
Three months ended |
|
|
Three months ended |
|
|
|
March 31, 2010 |
|
|
December 31, 2010 |
|
|
March 31, 2011 |
|
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
GAAP |
|
|
|
|
|
|
Non-GAAP |
|
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
|
Result |
|
|
Adjustment |
|
|
Results |
|
Net income |
|
|
480,537 |
|
|
|
19,531 |
|
|
|
500,068 |
|
|
|
1,160,614 |
|
|
|
28,186 |
|
|
|
1,188,800 |
|
|
|
1,070,557 |
|
|
|
31,313 |
|
|
|
1,101,870 |
|
|
|
|
(*)
|
|
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 |
|
|
|
March 31, 2010 |
|
|
total revenues |
|
|
December 31, 2010 |
|
|
total revenues |
|
|
March 31, 2011 |
|
|
total revenues |
|
Net cash provided by operating activities |
|
|
424,321 |
|
|
|
33 |
% |
|
|
1,769,590 |
|
|
|
72 |
% |
|
|
977,306 |
|
|
|
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities, net of effects of acquisitions |
|
|
166,559 |
|
|
|
13 |
% |
|
|
(448,306 |
) |
|
|
-18 |
% |
|
|
286,139 |
|
|
|
12 |
% |
Income taxes expenses |
|
|
70,693 |
|
|
|
5 |
% |
|
|
159,635 |
|
|
|
7 |
% |
|
|
181,299 |
|
|
|
7 |
% |
Interest income and other, net |
|
|
(20,417 |
) |
|
|
-2 |
% |
|
|
(45,447 |
) |
|
|
-2 |
% |
|
|
(57,254 |
) |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
641,156 |
|
|
|
49 |
% |
|
|
1,435,472 |
|
|
|
59 |
% |
|
|
1,387,490 |
|
|
|
57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
|
|
Definition of adjusted EBITDA: earnings before interest,
taxes, depreciation, amortization, other non-operating income,
and share-based compensation expenses. |