BAIDU.COM, INC.
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of October 2007
Commission File Number: 000-51469
BAIDU.COM, INC.
12/F, Ideal International Plaza
No. 58 West-North 4th Ring
Beijing 100080, Peoples Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover 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):
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):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
Yes o No þ
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b):
82- N/A
BAIDU.COM, INC.
Form 6-K
TABLE OF CONTENTS
2
SIGNATURE
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.COM, INC.
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By: |
/s/ Shawn Wang
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Name: |
Shawn Wang |
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Title: |
Chief Financial Officer |
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Date: October 26, 2007
3
Exhibit 99.1 - Press Release
Exhibit 99.1
Baidu Announces Third Quarter 2007 Results
Third Quarter 2007 Net Income Grows 113% Year-Over-Year
BEIJING, China, October 26, 2007 Baidu.com, Inc. (NASDAQ: BIDU), the leading Chinese language
Internet search provider, today announced its unaudited financial results for the third quarter
ended September 30, 20071.
Third Quarter 2007 Highlights
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Total revenues in the third quarter of 2007 increased to RMB496.5 million ($66.3
million), representing a 107.5% increase from the corresponding period in 2006. |
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Net income in the third quarter of 2007 increased to RMB181.7 million ($24.2 million),
representing a 113.2% increase from the corresponding period in 2006. |
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Diluted earnings per share (EPS) for the third quarter of 2007 were RMB5.23 ($0.70);
diluted EPS excluding share-based compensation expenses (non-GAAP) for the third quarter of
2007 were RMB5.38 ($0.72). Costs and expenses related to Baidus Japan operations were
RMB20.3 million ($2.7 million), which reduced diluted EPS by RMB0.58 ($0.08). |
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The number of active online marketing customers during the third quarter grew to around
143,000, an increase of 11.6% from the previous quarter. Revenue per online marketing
customer reached approximately RMB3,500 ($467.1), representing a sequential increase of
11.0%. |
During the third quarter, we saw solid revenue and earnings growth driven by an increase in user
traffic and active online customers, said Robin Li, Baidus chairman and chief executive officer.
Our results reflect the scalability of our pay for performance (P4P) business model and
demonstrate our growing reputation as the Chinese language search provider of choice.
Mr. Li added, We also saw strong uptake of our community-based products and entertainment
platforms, which we continued to enhance and expand over the third quarter to serve the evolving
needs of our users. While we maintain our focus on our core search business, we also continue to
launch new products and services that leverage our strengths and high user traffic.
Shawn Wang, Baidus chief financial officer, said, During the third quarter, we successfully
executed our strategy of leveraging our thorough understanding of Chinese customers and emphasis on
customer service to drive a healthy increase in total online marketing customers.
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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 RMB7.4928 to US$1.00, the effective noon buying rate as of
September 28, 2007 in The City of New York for cable transfers of RMB as
certified for customs purposes by the Federal Reserve Bank of New
York. |
Looking forward, we will continue to enhance our product offerings, invest in key business
segments and improve the overall user experience, as well as explore strategic partnerships that
bring value to our users. The Chinese search market is still in the early stages of its
development and we are committed to positioning Baidu to capture growth opportunities presented in
this large and attractive market. added Mr. Wang.
Third Quarter 2007 Results
Baidu reported total revenues of RMB496.5 million ($66.3 million) for the third quarter ended
September 30, 2007, representing a 107.5% increase from the corresponding period in 2006.
Online marketing revenues for the third quarter were RMB496.1 million ($66.2 million), representing
a 108.8% increase from the third quarter of 2006. The growth was driven by the increases in both
the number of active online marketing customers and revenue per customer. Baidu had nearly 143,000
active online marketing customers in the third quarter of 2007, representing a sequential increase
of 11.6% and an increase of 38.5% from the corresponding period in 2006. Revenue per online
marketing customer for the third quarter of 2007 increased to approximately RMB3, 500 ($467.1),
representing a sequential increase of 11.0% and an increase of 50.7% from the corresponding period
in 2006.
Traffic acquisition costs (TAC) as a component of cost of revenues was RMB59.2 million ($7.9
million), representing 11.9% of total revenues, compared to 9.0% in the corresponding period in
2006. The increase in TAC as a percentage of total revenues primarily reflects the continued growth
of revenue contribution from Baidu Union members.
Bandwidth costs as a component of cost of revenues was RMB31.8 million ($4.2 million), representing
6.4% of total revenues, compared to 4.4% in the corresponding period in 2006. Depreciation costs as
a component of cost of revenues was RMB40.7 million ($5.4 million), representing 8.2% of total
revenues, compared to 5.9% in the corresponding period in 2006. The increase in bandwidth and
depreciation costs as percentages of total revenues reflects expansion of network capacity to
support Baidus long-term growth.
Selling, general and administrative expenses were RMB110.3 million ($14.7 million), representing an
increase of 57.2% from the corresponding period in 2006, primarily due to expansion of the direct
sales force.
Research and development expenses were RMB37.4 million ($5.0 million), representing a 52.7%
increase from the corresponding period in 2006, primarily due to headcount increases.
Share-based compensation expenses, which were allocated to related operating cost and expense line
items, decreased in aggregate to RMB5.5 million ($0.7 million) in the third quarter of 2007 from
RMB16.4 million in the corresponding period in 2006.
Costs
and expenses related to Japan operations in the third quarter of 2007 were RMB20.3 million ($2.7 million) in aggregate.
Operating profit was RMB168.1 million ($22.4 million), representing a 120.5% increase from the
corresponding period in 2006. Operating profit excluding share-based compensation expenses
(non-GAAP) was RMB173.6 million ($23.2 million) for the third quarter of 2007, an 87.4% increase
from the corresponding period in 2006.
Income tax expense was RMB2.6 million ($0.3 million).
Net income was RMB181.7 million ($24.2 million), representing a 113.2% increase from the
corresponding period in 2006. Basic and diluted EPS for the third quarter of 2007 amounted to
RMB5.35 ($0.71) and RMB5.23 ($0.70), respectively.
Net income excluding share-based compensation expenses (non-GAAP) was RMB187.2 million ($25.0
million), an 84.2% increase from the corresponding period in 2006. Basic and diluted EPS excluding
share-based compensation expenses (non-GAAP) for the third quarter of 2007 were RMB5.51 ($0.74) and
RMB5.38 ($0.72), respectively.
As of September 30, 2007, Baidus cash, cash equivalents and short-term investments amounted to
RMB1.4 billion ($190.7 million). Net operating cash inflow and capital expenditures for the third
quarter of 2007 were RMB254.9 million ($34.0 million) and RMB150.0 million ($20.0 million),
respectively. The increase in capital expenditure was primarily due to capacity expansion and
construction on Baidus new campus facility.
Adjusted EBITDA (non-GAAP), which is defined in this announcement as earnings before interest,
taxes, depreciation, amortization, other non-operating income and share-based compensation
expenses, were RMB223.4 million ($29.8 million) for the third quarter of 2007, representing a 98.9%
increase from the corresponding period in 2006.
Outlook for Fourth Quarter 2007
Baidu currently expects to generate total revenues in an amount ranging from RMB560 million ($74.7
million) to RMB575 million ($76.7 million) for the fourth quarter of 2007, representing a 106% to
112% increase from the corresponding period in 2006 and a 13% to 16% increase from the third
quarter of 2007. 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 PM on October 25, 2007 U.S. Eastern
Time (8 AM on October 26, 2007 Beijing/Hong Kong time).
Dial-in details for the earnings conference call are as follows:
US: +1 617 614 3471
UK: +44 207 365 8426
Hong Kong: +852 3002 1672
Passcode for all regions: 18272644
A replay of the conference call may be accessed by phone at the following number until November 1,
2007:
International: +1-617-801-6888
Passcode: 97321379
Additionally, a live and archived webcast of this conference call will be available at
http://ir.baidu.com.
About Baidu
Baidu.com, 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 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 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 and similar statements. Among
other things, the outlook for fourth quarter 2007 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, results of
operations and financial condition; our ability to attract and retain users and customers;
competition in the Chinese language 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 copyright and other intellectual property rights; the expected growth
of the Chinese language and Japanese language Internet search markets and the number of Internet
and broadband users in China; and Chinese governmental policies relating to the Internet and
Internet content providers. 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 October 26, 2007, 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 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 and expenditures that may not
be indicative of its operating performance 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 computes its non-GAAP financial measures using the same consistent method from quarter to
quarter, except that the non-GAAP measures for the quarter ended March 31, 2006 reflected the
one-time cumulative effect of change in accounting principle due to our adoption of SFAS 123(R)
since January 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 non-GAAP operating profit
excluding share-based compensation expenses, net income excluding share-based compensation
expenses, and basic and diluted EPS excluding share-based compensation expenses 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 business. 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.
Contacts
For investor inquiries please contact:
Lynn Lin
Baidu.com, Inc.
Tel: (8610) 8262 1188 *8239
ir@baidu.com
For investor and media inquiries please contact:
China
Helen Plummer
Ogilvy Public Relations Worldwide (Beijing)
Tel: (8610) 8520 3090
helen.plummer@ogilvy.com
US
Thomas Smith
Ogilvy Public Relations Worldwide (New York)
Tel: 1 (212) 880 5269
thomas.smith@ogilvypr.com
Baidu.com, Inc.
Condensed Consolidated Balance Sheets
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September 30, |
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December 31, |
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(in RMB thousands) |
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2007 |
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2006 |
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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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1,301,072 |
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1,136,274 |
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Short-term investments |
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128,168 |
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85,339 |
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Accounts receivable, net |
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50,615 |
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23,051 |
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Prepaid expenses and other current assets |
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109,354 |
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32,339 |
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Deferred tax assets, net |
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1,866 |
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1,734 |
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Total current assets |
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1,591,075 |
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1,278,737 |
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Non-current assets: |
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Fixed assets, net |
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494,852 |
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191,734 |
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Land use right, net |
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96,960 |
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92,400 |
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Intangible assets, net |
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37,715 |
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44,386 |
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Goodwill |
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51,097 |
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47,316 |
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Investments, net |
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5,697 |
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Deferred tax assets, net |
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8,745 |
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5,802 |
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Other non-current assets |
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51,830 |
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7,702 |
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Total non-current assets |
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746,896 |
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389,340 |
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TOTAL ASSETS |
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2,337,971 |
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1,668,077 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities: |
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Accrued expenses and other liabilities |
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302,455 |
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153,141 |
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Customers deposits |
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229,408 |
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141,185 |
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Deferred revenue |
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11,295 |
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2,583 |
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Deferred income |
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3,206 |
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4,090 |
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Total current liabilities |
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546,364 |
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300,999 |
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Non-current liabilities: |
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Long-term payable |
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3,000 |
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7,000 |
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Deferred income |
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634 |
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2,817 |
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Total non-current liabilities |
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3,634 |
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9,817 |
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Total liabilities |
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549,998 |
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310,816 |
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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 22,574,381 shares and
23,578,817 shares issued and outstanding as
at December 31, 2006 and September 30, 2007 |
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10 |
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9 |
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Class B Ordinary Shares, Par value
US$0.00005 per share, 35,400,000 shares
authorized, and 11,130,018 shares and
10,481,002 shares issued and outstanding as
at December 31, 2006 and September 30, 2007 |
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4 |
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5 |
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Additional paid-in capital |
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1,140,499 |
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1,088,176 |
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Accumulated other comprehensive income/(loss) |
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(64,438 |
) |
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(33,697 |
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Retained earnings |
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711,898 |
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302,768 |
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Total shareholders equity |
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1,787,973 |
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1,357,261 |
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
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2,337,971 |
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1,668,077 |
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Baidu.com, Inc.
Condensed Consolidated Statements of Income
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For the Three Months Ended |
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September 30, |
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September 30, |
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June 30, |
(in RMB thousands except for share, per share information) |
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2007 |
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2006 |
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2007 |
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Unaudited |
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Unaudited |
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Unaudited |
Revenues: |
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Online marketing services |
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496,120 |
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237,625 |
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400,647 |
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Other services |
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410 |
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1,706 |
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606 |
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Total revenues |
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496,530 |
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239,331 |
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401,253 |
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Operating costs and expenses: |
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Cost of revenues (note 1, 2) |
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(180,704 |
) |
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(68,399 |
) |
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(146,795 |
) |
Selling, general and administrative (note 2) |
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(110,312 |
) |
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(70,184 |
) |
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(93,728 |
) |
Research and development (note 2) |
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(37,433 |
) |
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(24,520 |
) |
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(31,770 |
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Total operating costs and expenses |
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(328,449 |
) |
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(163,103 |
) |
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(272,293 |
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Operating profit |
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168,081 |
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76,228 |
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128,960 |
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Other income: |
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Interest income |
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12,188 |
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11,337 |
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11,592 |
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Other income, net |
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4,040 |
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(286 |
) |
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3,186 |
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Total other income |
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16,228 |
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|
11,051 |
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14,778 |
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Income before income taxes |
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184,309 |
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|
87,279 |
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143,738 |
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Income taxes |
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|
(2,580 |
) |
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|
(2,026 |
) |
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(1,839 |
) |
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Net income |
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181,729 |
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|
85,253 |
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141,899 |
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Earnings per share for Class A and Class B ordinary shares: |
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Basic |
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5.35 |
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2.54 |
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|
4.19 |
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Diluted |
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|
5.23 |
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|
|
2.46 |
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|
4.09 |
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Weighted average aggregate number of Class A and Class B ordinary shares outstanding: |
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Basic |
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33,983,137 |
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33,500,948 |
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33,877,358 |
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Diluted |
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|
34,763,639 |
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|
34,628,611 |
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34,709,957 |
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(1) Cost of revenues are detailed as follows: |
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Business tax and surcharges |
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(30,702 |
) |
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(14,891 |
) |
|
|
(24,857 |
) |
Traffic acquisition costs |
|
|
(59,155 |
) |
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(21,640 |
) |
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|
(44,892 |
) |
Bandwidth costs |
|
|
(31,837 |
) |
|
|
(10,503 |
) |
|
|
(28,320 |
) |
Depreciation costs |
|
|
(40,654 |
) |
|
|
(14,053 |
) |
|
|
(33,941 |
) |
Operational costs |
|
|
(17,979 |
) |
|
|
(6,723 |
) |
|
|
(14,433 |
) |
Share-based compensation expenses |
|
|
(377 |
) |
|
|
(589 |
) |
|
|
(352 |
) |
|
|
|
Total cost of revenues |
|
|
(180,704 |
) |
|
|
(68,399 |
) |
|
|
(146,795 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes share-based compensation expenses as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(377 |
) |
|
|
(589 |
) |
|
|
(352 |
) |
Selling, general and administrative |
|
|
(68 |
) |
|
|
(10,014 |
) |
|
|
(3,442 |
) |
Research and development |
|
|
(5,027 |
) |
|
|
(5,779 |
) |
|
|
(5,083 |
) |
|
|
|
Total share-based compensation expenses |
|
|
(5,472 |
) |
|
|
(16,382 |
) |
|
|
(8,877 |
) |
|
|
|
Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (*) (in RMB thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2006 |
|
Three months ended June 30, 2007 |
|
Three months ended September 30, 2007 |
|
|
GAAP Result |
|
Adjustment |
|
Non-GAAP Results |
|
GAAP Result |
|
Adjustment |
|
Non-GAAP Results |
|
GAAP Result |
|
Adjustment |
|
Non-GAAP Results |
Operating profit |
|
|
76,228 |
|
|
|
16,382 |
|
|
|
92,610 |
|
|
|
128,960 |
|
|
|
8,877 |
|
|
|
137,837 |
|
|
|
168,081 |
|
|
|
5,472 |
|
|
|
173,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2006 |
|
Three months ended June 30, 2007 |
|
Three months ended September 30, 2007 |
|
|
GAAP Result |
|
Adjustment |
|
Non-GAAP Results |
|
GAAP Result |
|
Adjustment |
|
Non-GAAP Results |
|
GAAP Result |
|
Adjustment |
|
Non-GAAP Results |
Net income |
|
|
85,253 |
|
|
|
16,382 |
|
|
|
101,635 |
|
|
|
141,899 |
|
|
|
8,877 |
|
|
|
150,776 |
|
|
|
181,729 |
|
|
|
5,472 |
|
|
|
187,201 |
|
|
|
|
(*) |
|
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 |
|
|
September 30, 2006 |
|
total revenues |
|
June 30, 2007 |
|
total revenues |
|
September 30, 2007 |
|
total revenues |
Net cash provided by operating activities |
|
|
131,068 |
|
|
|
55 |
% |
|
|
276,963 |
|
|
|
69 |
% |
|
|
254,870 |
|
|
|
51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities, net of effects of acquisitions |
|
|
(9,695 |
) |
|
|
-4 |
% |
|
|
(84,538 |
) |
|
|
-21 |
% |
|
|
(17,800 |
) |
|
|
-4 |
% |
Income taxes expenses |
|
|
2,026 |
|
|
|
1 |
% |
|
|
1,839 |
|
|
|
0 |
% |
|
|
2,580 |
|
|
|
1 |
% |
Interest income and other, net |
|
|
(11,051 |
) |
|
|
-5 |
% |
|
|
(14,778 |
) |
|
|
-4 |
% |
|
|
(16,228 |
) |
|
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
112,348 |
|
|
|
47 |
% |
|
|
179,486 |
|
|
|
44 |
% |
|
|
223,422 |
|
|
|
45 |
% |
|
|
|
|
|
|
(*) |
|
Definition of adjusted EBITDA: earnings before interest, taxes, depreciation, amortization, other non-operating income, share-based compensation expenses. |