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Baidu Announces First Quarter 2012 Results

BEIJING March 31

http://photos.prnewswire.com/prnh/20081103/BAIDULOGO

First Quarter 2012 Highlights

  • Total revenues RMB4.264 billion $677.1 million
  • Operating profit RMB2.091 billion $332.1 million
  • Net income attributable to Baidu RMB1.883 billion $299.0 million Diluted earnings attributable to Baidu per ADS RMB5.38 $0.85 diluted earnings attributable to Baidu per ADS excluding share-based compensation expenses RMB5.48 ($0.87)

Robin Li

China

Jennifer Li

First Quarter 2012 Results

total revenues RMB4.264 billion $677.1 million

Online marketing revenues RMB4.261 billion $676.5 million online marketing customers Revenue per online marketing customer RMB13,300 ($2,112)

Traffic acquisition cost (TAC) RMB331.3 million $52.6 million

Bandwidth costs RMB222.6 million $35.4 million Depreciation costs RMB233.4 million $37.1 million

Selling, general and administrative expenses RMB478.5 million $76.0 million

Research and development expenses RMB443.2 million $70.4 million

Share-based compensation expenses RMB35.2 million $5.6 million RMB31.3 million RMB46.6 million

Operating profit RMB2.091 billion $332.1 million Operating profit excluding share-based compensation expenses RMB2.127 billion $337.7 million

Income tax expense RMB331.2 million $52.6 million RMB181.3 million

Net income attributable to Baidu RMB1.883 billion $299.0 million Basic and diluted earnings per ADS RMB5.39 ($0.86) RMB5.38 ($0.85)

Net income attributable to Baidu excluding share-based compensation expenses RMB1.918 billion $304.6 million Basic and diluted earnings per ADS excluding share-based compensation expenses RMB5.49 ($0.87) RMB5.48 ($0.87)

March 31, 2012 cash, cash equivalents and short-term investments RMB16.115 billion $2.559 billion Net operating cash inflow RMB2.367 billion $375.9 million Capital expenditures RMB298.1 million $47.3 million

Adjusted EBITDA RMB2.442 billion $387.8 million

Outlook for Second Quarter 2012

RMB5.335 billion ($847.2 million) to RMB5.460 billion $867.0 million

Conference Call Information

8:00 PM April 24, 2012 8:00 AM April 25, 2012

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

     US/International:           

+1-718-354-1231

     UK:           

+44-20-3059-8139

     Hong Kong:    

+852-2475-0994

 Passcode for all regions:  71227990

May 1, 2012

International: 

+1-718-354-1232

Passcode:    

71227990

http://ir.baidu.com

About Baidu

Safe Harbor Statement

China China Japan

About Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following measures defined as non-GAAP financial measures by the SEC: adjusted EBITDA, operating profit excluding share-based compensation expenses, net income excluding share-based compensation expenses, and basic and diluted earnings per ADS excluding share-based compensation expenses. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to adjusted EBITDA" set forth at the end of this release.

April 1, 2006

For investor and media inquiries, please contact:

China
Victor Tseng

[email protected]

Cynthia He

[email protected]

Cindy Zheng


RMB6.2975 US$1.00 March 30, 2012 City of New York New York

 

Baidu, Inc.

Condensed Consolidated Balance Sheets

 March 31

December 31

(in RMB thousands)

2012

2011

Unaudited

Audited

ASSETS

    Current assets:

 Cash and cash equivalents

6,254,364

4,127,482

 Restricted cash

327,759

483,387

 Short-term investments

9,861,061

10,051,578

 Accounts receivable, net

615,939

599,558

 Due from related parties

187,732

149,728

 Deferred tax assets, net

194,992

121,411

 Other assets, current

135,498

315,012

    Total current assets

17,577,345

15,848,156

    Non-current assets:

 Fixed assets, net

2,689,832

2,744,241

 Intangible assets, net

899,403

928,511

 Goodwill

2,418,284

2,419,542

 Long-term investments, net

711,397

734,360

 Due from related parties

100,000

100,000

 Deferred tax assets, net

52,144

52,125

 Other assets, non-current

551,680

513,606

    Total non-current assets

7,422,740

7,492,385

Total assets

25,000,085

23,340,541

LIABILITIES AND EQUITY

    Current liabilities:

Short-term loans

125,878

Accounts payable and accrued liabilities

2,301,238

2,545,445

Customer advances and deposits

1,467,076

1,573,967

Deferred revenue

36,423

62,705

Deferred income

36,920

34,779

Due to related parties

47,231

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