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Baidu Announces Fourth Quarter and Fiscal Year 2010 Results

BEIJING Jan. 31, 2011 December 31, 2010

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

Fourth Quarter and Fiscal Year 2010 Highlights

  • Total revenues RMB2.451 billion $371.3 million
  • Total revenues RMB7.915 billion $1.199 billion
  • Operating profit RMB1.275 billion $193.2million
  • Operating profit RMB3.959 billion $599.8 million
  • Net income RMB1.161 billion $175.9 million Diluted earnings per AD S RMB3.32 ($0.50) diluted ADS excluding share-based compensation expenses RMB3.40 ($0.52)
  • Net income RMB3.525 billion $534.1 million Diluted earnings per ADS RMB10.10 ($1.53) diluted ADS excluding share-based compensation expenses RMB10.36 ($1.57) Japan RMB182.4 million $27.6 million RMB0.49 ($0.07)

  1. RMB 6.6000 to US$1.00 December 30, 2010 City of New York New York
  2. May 12, 2010

Robin Li

China China

Jennifer Li

Fourth Quarter 2010 Results

total revenues RMB2.451 billion $371.3 million

Online marketing revenues RMB2.450 billion $371.3 million online marketing customers Revenue per online marketing customer RMB8,900 ($1,348)

Traffic acquisition cost (TAC) RMB199.4 million $30.2 million

Bandwidth costs RMB99.2 million $15.0 million Depreciation costs RMB98.0 million $14.8 million

Selling, general and administrative expenses RMB313.2 million $47.5 million

Research and development expenses RMB231.9 million $35.1 million

Share-based compensation expenses RMB28.2 million $4.3 million RMB24.4 million RMB18.7 million

Operating profit RMB1.275 billion $193.2 million Operating profit excluding share-based compensation expenses RMB1.303 billion $197.4 million

Income tax expense RMB159.6 million $24.2 million RMB70.9 million

Net income RMB1.161 billion $175.9 million Basic and diluted earnings per ADS RMB3.33 ($0.51) RMB3.32 ($0.50)

Net income excluding share-based compensation expenses RMB1.189 billion $180.1 million Basic and diluted earnings per ADS excluding share based compensation expense RMB3.41 ($0.52) RMB3.40 ($0.52)

December 31, 2010 cash, cash equivalents and short-term investments RMB8.158 billion $1.236 billion Net operating cash inflow and capital expenditures RMB1.770 billion $268.1 million RMB362.1 million $54.9 million

Adjusted EBITDA RMB1.435 billion $217.5 million

Fiscal Year 2010 Results

Total revenues RMB7.915 billion $1.199 billion

Online marketing revenues RMB7.913 billion $1.199 billion active online marketing customers Revenue per online marketing customer RMB19,200 ($2,909)

Traffic acquisition costs RMB758.1 million $114.9 million

Bandwidth costs RMB310.5 million $47.1 million Depreciation costs RMB331.7 million $50.3 million

Selling, general and administrative expenses RMB1.089 billion $165.0 million

Research and development expenses RMB718.0 million $108.8 million

Share-based compensation expenses RMB93.7 million $14.2 million RMB86.3 million

Operating profit RMB3.959 billion $599.8 million Operating profit excluding share-based compensation expenses RMB4.053 billion $614.0 million

Income tax expense RMB536.0 million $81.2 million RMB198.0 million

Net income RMB3.525 billion $534.1 million Basic and diluted earnings per ADS RMB10.13 ($1.54) RMB10.10 ($1.53)

Net income excluding share-based compensation expenses RMB3.619 billion $548.3 million Basic and diluted earnings per ADS excluding share-based compensation expenses RMB10.40 ($1.58) RMB10.36 ($1.57)

net operating cash inflow capital expenditures RMB 4.700 billion $712.2 million RMB895.3 million $135.7 million

Adjusted EBITDA RMB 4.501 billion $682.0 million

Outlook for First Quarter 2011

RMB2.380 billion ($360.6 million) to RMB2.450 billion $371.2 million

Conference Call Information

8:00 PM January 31, 2011 9:00 AM February 1, 2011 Hong Kong

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

US:

+1 617 213 8895

UK:

+44 207 365 8426

Hong Kong:

+852 3002 1672

Passcode for all regions:

52853772

February 8, 2011

International:

+1 617 801 6888

Passcode:

50410760

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 Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu’s 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

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

Baidu, Inc.

Tel: 86-10-5992-7244

[email protected]

Cynthia He

Brunswick Group (Beijing)

Tel: 86-10-6566-2256

[email protected]

U.S.

Ms. Kate Tellier

Brunswick Group LLC

Tel: 1-212-333-3810

[email protected]

Baidu, Inc.

Condensed Consolidated Balance Sheets

December 31

December 31

(in RMB thousands)

2010

2009

Unaudited

Audited

ASSETS

   Current assets:

Cash and cash equivalents

7,781,976

4,180,376

Restricted cash

38,278

19,513

Short-term investments

376,492

381,149

Accounts receivable, net

296,900

161,610

Other assets, current

103,654

91,067

Due from related parties, current

98,660

Deferred tax assets, net

86,487

9,157

   Total current assets

8,782,447

4,842,872

   Non-current assets:

Fixed assets, net

1,622,412

997,557

Intangible assets, net

115,798

122,595

Goodwill

63,686

63,691

Long-term investments, net

287,968

14,308

Deferred tax assets, net

30,843

33,799

Other assets, non-current

145,285

82,153

   Total non-current assets

2,265,992

1,314,103

TOTAL ASSETS

11,048,439

6,156,975

LIABILITIES AND SHAREHOLDERS’ EQUITY

   Current liabilities:

Accounts payable and accrued liabilities, current

1,317,771

749,861

Customer advances and deposits, current

1,029,344

607,828

Deferred revenue

109,032

42,035

Due to related parties, current

95,700

   Total current liabilities

2,551,847

1,399,724

   Non-current liabilities:

   Long-term payable for business acquisition

4,150

Deferred Income

5,000

Loans payable, noncurrent

86,000

   Total non-current liabilities

91,000

4,150

Total liabilities

2,642,847

1,403,874

Shareholders’ equity

Class A Ordinary Shares, Par value US$0.00005 per share, 825,000,000 shares authorized, and 26,298,960 shares and 27,045,340 shares issued and outstanding as at December 31, 2009 and December 31, 2010

12

11

Class B Ordinary Shares, Par value US$0.00005 per share, 35,400,000 shares authorized, and 8,454,332 shares and 7,804,332 shares issued and outstanding as at December 31, 2009 and December 31, 2010

3

4

Additional paid-in capital

1,557,258

1,426,070

Accumulated other comprehensive loss

(117,378)

(113,513)

Retained earnings

6,965,697

3,440,529

Total shareholders’ equity

8,405,592

4,753,101

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

11,048,439

6,156,975

Baidu, Inc.

Condensed Consolidated Statements of Income

 

For the Three Months Ended

 

Twelve Months Ended

(in RMB thousands except for share, per share, per ADS  information)

December 31,

December 31,

September 30,

 

December 31,

December 31,

2010

2009

2010

 

2010

2009

 

Unaudited

Unaudited

Unaudited

 

Unaudited

Audited

Revenues:

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