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Baidu Announces Second Quarter 2011 Results

BEIJING July 25, 2011 June 30, 2011

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

Second Quarter 201 1 Highlights

  • Total revenues RMB3.415 billion $528.4 million

  • Operating profit RMB1.858 billion $287.5 million

  • Net income RMB1.633 billion $252.6 million Diluted earnings per ADS RMB4.67 ($0.72) diluted earnings per ADS excluding share-based compensation expenses RMB4.77 ($0.74)

Robin Li

China

Jennifer Li

(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 RMB6.4635 to US$1.00, the effective noon buying rate as of June 30, 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.

(2) 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.

Second Quarter 20 1 1 Results

total revenues RMB3.415 billion $528.4 million

Online marketing revenues RMB3.414 billion $528.3 million online marketing customers Revenue per online marketing customer RMB11,500 ($1,779)

Traffic acquisition cost (TAC) RMB269.1 million $41.6 million

Bandwidth costs RMB146.7 million $22.7 million Depreciation costs RMB143.2 million $22.2 million

Selling, general and administrative expenses RMB377.5 million $58.4 million

Research and development expenses RMB298.7 million $46.2 million

Share-based compensation expenses RMB34.7 million $5.4 million RMB21.6 million RMB31.3 million

Operating profit RMB1.858 billion $287.5 million Operating profit excluding share-based compensation expenses RMB1.893 billion $292.9 million

Income tax expense RMB285.5 million $44.2 million RMB140.5 million

Net income RMB1.633 billion $252.6 million Basic and diluted earnings per ADS RMB4.68 ($0.72) RMB4.67 ($0.72)

Net income excluding share-based compensation expenses RMB1.667 billion $258.0 million Basic and diluted earnings per ADS excluding share-based compensation expenses RMB4.78 ($0.74) RMB4.77 ($0.74)

June 30, 2011 cash, cash equivalents and short-term investments RMB10.274 billion $1.590 billion Net operating cash inflow and capital expenditures RMB2.08 billion $322.2 million RMB383.7 million $59.4 million

Adjusted EBITDA RMB2.077 billion $321.4 million

Outlook for Third Quarter 2011

RMB3.950 billion ($611.1 million) to RMB4.050 billion $626.6 million

Conference Call Information

8:00 PM July 25, 2011 8:00 AM July 26, 2011 Beijing Hong Kong

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

US:

+1 617 614 3453

UK:

+44 207 365 8426

Hong Kong:

+852 3002 1672

Passcode for all regions:        

75748919

August 1, 2011

International:

+1 617 801 6888

Passcode:                    

54464296

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. Baidu’s ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU". Each of Baidu’s Class A ordinary shares is represented by 10 ADSs.    

Safe Harbor Statement

China China Japan

About Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with U.S. 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 U.S. 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 LLC

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

June 30

December 31

(in RMB thousands)

2011

2010

Unaudited

Audited

ASSETS

   Current assets:

Cash and cash equivalents

9,962,895

7,781,976

Restricted cash

168,281

38,278

Short-term investments

311,335

376,492

Accounts receivable, net

412,585

296,900

Other assets, current

98,722

103,654

Due from related parties

115,518

98,660

Deferred tax assets, net

119,730

86,487

   Total current assets

11,189,066

8,782,447

   Non-current assets:

Fixed assets, net

2,214,493

1,622,412

Intangible assets, net

235,747

115,798

Goodwill

63,684

63,686

Long-term investments, net

449,227

287,968

Deferred tax assets, net

30,843

30,843

Other assets, non-current

188,516

145,285

   Total non-current assets

3,182,510

2,265,992

TOTAL ASSETS

14,371,576

11,048,439

LIABILITIES AND SHAREHOLDERS’ EQUITY

   Current liabilities:

      Short-term borrowings

129,270

Accounts payable and accrued liabilities

1,711,704

1,317,771

Customer advances and deposits

981,853

1,029,344

Deferred revenue

209,528

109,032

Deferred income

15,310

Due to related parties

95,700

   Total current liabilities

3,047,665

2,551,847

   Non-current liabilities:

Deferred Income

5,000

Loans payable, noncurrent

140,000

86,000

   Total non-current liabilities

140,000

91,000

Total liabilities

3,187,665

2,642,847

Shareholders’ equity

     Class A Ordinary Shares, Par value US$0.00005 per
     share, 825,000,000 shares authorized, and 27,045,340
     shares  and 27,089,545 shares issued and outstanding
     as at December 31, 2010 and June 30, 2011

12

12

     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 June 30, 2011

3

3

     Additional paid-in capital

1,641,145

1,557,258

     Accumulated other comprehensive loss

(127,161)

(117,378)

     Retained earnings

9,669,033

6,965,697

Total Baidu, Inc. Shareholders’ Equity

11,183,032

8,405,592

Noncontrolling Interest

879

Total equity

11,183,911

8,405,592

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

14,371,576

11,048,439

Baidu, Inc.

Condensed Consolidated Statements of Income

For the Three Months Ended

June 30,

June 30,

March 31,

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

2011

2010

2011

Unaudited

Unaudited

Unaudited

Revenues:

Online marketing services

3,414,454

1,913,467

2,434,780

Other services

568

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