BEIJING, Oct. 29, 2015 /PRNewswire/ -- Baidu, Inc.
(NASDAQ: BIDU), the leading Chinese language Internet search
provider, today announced its unaudited financial results for the
third quarter ended September 30,
2015[1].
"With mobile accounting for nearly two-thirds of Baidu's search
traffic and China squarely in a
mobile age, Baidu is pioneering and redefining the mobile
experience for users in China. We
further extended the reach of our platform by deeply integrating
and connecting search and maps with transaction services," said
Robin Li, chairman and CEO of Baidu.
"We have made great momentum in O2O and seen strong progress in
transaction services for Baidu," Li said.
"We delivered another solid quarter, with mobile growing its
contribution. The momentum in transaction services gives us the
confidence to continue investing," said Jennifer Li, CFO of Baidu. "We will invest in
ways that leverage and buttress our competitive advantage," she
said.
Third Quarter 2015 Operational Highlights
- Mobile search monthly active users (MAUs) were 643
million for the month of September
2015, an increase of 26% year-over-year
- Mobile maps MAUs were 326 million for the month of
September 2015, an increase of 34%
year-over-year
- Gross merchandise value[2] (GMV) for Transaction
Services totaled RMB60.2 billion
($9.5 billion) for the third quarter
of 2015, an increase of 119% year-over-year
- Baidu Wallet activated accounts reached 45 million at
the end of September 2015, an
increase of 520% year-over-year
Share Repurchase
In the third quarter of 2015, the Company completed its share
repurchase program authorized by the board of directors in
July 2015. Under the program, the
Company repurchased approximately 6.0 million ADSs for
approximately $1 billion. On
October 22, 2015, Baidu's board of
directors authorized a new share repurchase program under which the
Company may repurchase up to $2
billion of its shares over the next 24 months.
Third Quarter 2015 Financial Highlights
- Total revenues in the third quarter of 2015 were
RMB18.383 billion ($2.892 billion), a 36.0% increase from the
corresponding period in 2014. Mobile revenue represented 54% of
total revenues for the third quarter of 2015, compared to 37% for
the corresponding period in 2014.
- Operating profit in the third quarter of 2015 was
RMB2.512 billion ($395.2 million), a 35.9% decrease from the
corresponding period in 2014. Transaction Services[3]
reduced non-GAAP operating margins by 32.0 percentage points and
iQiyi further reduced non-GAAP operating margins by 5.4
percentage points.
- Net income attributable to Baidu in the third quarter of
2015 was RMB2.841 billion
($447.0 million), a 26.7% decrease
from the corresponding period in 2014. Diluted earnings
attributable to Baidu per ADS for the third quarter of 2015
were RMB7.92 ($1.25); diluted earnings attributable to
Baidu per ADS excluding share-based compensation expenses
(non-GAAP) for the third quarter of 2015 were RMB9.07 ($1.43).
Third Quarter 2015 Results
Baidu reported total revenues of RMB18.383 billion ($2.892
billion) for the third quarter of 2015, representing a 36.0%
increase from the corresponding period in 2014.
Online marketing revenues for the third quarter of 2015
were RMB17.680 billion ($2.782 billion), representing a 31.7% increase
from the corresponding period in 2014. Baidu had approximately
623,000 active online marketing customers[4] in the third
quarter of 2015, representing a 20.7% increase from the
corresponding period in 2014 and a 5.6% increase from the second
quarter of 2015. Revenue per online marketing customer for
the third quarter was approximately RMB28,300 ($4,453),
a 9.3% increase from the corresponding period in 2014 and a 3.3%
increase compared to the second quarter of 2015.
Traffic acquisition cost as a component of cost of
revenues was RMB2.411 billion
($379.4 million), representing 13.1%
of total revenues, as compared to 12.9% in the corresponding period
in 2014 and 12.7% in the second quarter of 2015.
Bandwidth costs as a component of cost of revenues were
RMB970.0 million ($152.6 million), representing 5.3% of total
revenues, compared to 5.6% in the corresponding period in 2014.
Depreciation costs as a component of cost of revenues were
RMB657.3 million ($103.4 million), representing 3.6% of total
revenues, compared to 3.8% in the corresponding period in 2014.
Content costs as a component of cost of revenues were
RMB914.5 million ($143.9 million), representing 5.0% of total
revenues, compared to 3.7% in the corresponding period in 2014, and
5.1% in the previous quarter. The year-over-year increase was
mainly due to iQiyi's increased content costs.
Selling, general and administrative expenses were
RMB5.702 billion ($897.1 million), representing an increase of
111.2% from the corresponding period in 2014, primarily due to an
increase in promotional spending for transaction services.
Research and development expenses were RMB2.690 billion ($423.2
million), a 46.9% increase from the corresponding period in
2014. The increase was primarily due to an increase in the number
of research and development personnel.
Share-based compensation expenses, which were allocated
to related operating costs and expense line items, were
RMB400.3 million ($63.0 million) in the third quarter of 2015,
compared to RMB234.2 million in the
corresponding period in 2014 and RMB354.7
million in the second quarter of 2015. The increase from the
corresponding period in 2014 was a result of increased share grants
to employees.
Operating profit was RMB2.512
billion ($395.2 million),
representing a 35.9% decrease from the corresponding period in
2014. Operating profit excluding share-based compensation
expenses (non-GAAP) was RMB2.912
billion ($458.2 million), a
29.9% decrease from the corresponding period in 2014.
Income tax expense was RMB590.5
million ($92.9 million),
compared to an income tax expense of RMB656.8 million in the corresponding period in
2014. The effective tax rate for the third quarter of 2015 was
19.4% as compared to 15.5% for the corresponding period in 2014 and
19.0% in the second quarter of 2015.
Net income attributable to Baidu was RMB2.841 billion ($447.0
million), representing a 26.7% decrease from the
corresponding period in 2014. Basic and diluted earnings per
ADS for the third quarter of 2015 amounted to RMB7.94 ($1.25) and
RMB7.92 ($1.25), respectively.
Net income attributable to Baidu excluding share-based
compensation expenses (non-GAAP) was RMB3.241 billion ($510.0
million), a 21.1% decrease from the corresponding period in
2014. Basic and diluted earnings per ADS excluding share-based
compensation expenses (non-GAAP) for the third quarter of 2015
amounted to RMB9.09 ($1.43) and RMB9.07
($1.43), respectively.
As of September 30, 2015, the
Company had cash, cash equivalents and short-term
investments of RMB70.144 billion
($11.037 billion). Net operating
cash inflow for the third quarter of 2015 was RMB4.785 billion ($759.2
million). Capital expenditures for the third quarter
of 2015 were RMB1.862 billion
($295.3 million).
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 RMB3.842 billion ($604.5 million) for the third quarter of 2015,
representing a 21.9% decrease from the corresponding period in
2014.
Outlook for Fourth Quarter 2015
Baidu currently expects to generate total revenues in an amount
ranging from RMB18.200 billion
($2.864 billion) to RMB18.750 billion
($2.950 billion) for the fourth
quarter of 2015, representing a 29.5% to 33.4% year-over-year
increase. Pursuant to Baidu's exchange of Qunar shares with Ctrip,
as as a result of which Baidu no longer retains voting control of
Qunar, Baidu will no longer consolidate Qunar's financials after
October 26, 2015. This forecast
reflects Baidu's current and preliminary view, which is subject to
change.
Conference Call Information
Baidu's management will hold an earnings conference call
at 8:00 PM on October 29, 2015, U.S. Eastern Time
(8:00 AM on October 30, 2015, Beijing/Hong Kong Time).
Dial-in details for the earnings conference call are as
follows:
International:
|
+65 67135090
|
China
|
4006208038
|
|
|
US:
|
+1 8456750437
|
UK:
|
+44 2030598139
|
Hong Kong:
|
+852 30186771
|
|
|
|
|
Passcode for all
regions:
|
59702295
|
A replay of the conference call may be accessed by phone at the
following number until November 6, 2015:
International:
|
+61 2 8199 0299
|
|
|
Passcode:
|
59702295
|
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 and most equitable way for people to find what
they're looking for. 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". Currently, ten ADSs
represent one Class A ordinary share.
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 fourth quarter of 2015 and
quotations from management in this announcement, as well as Baidu's
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 Baidu's 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 other 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 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 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.
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 management's internal
comparisons to Baidu's 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:
Sharon Ng
Baidu, Inc.
Tel: +86-10-5992-4958
Investor inquiries email: ir@baidu.com
Media inquiries email: intlcomm@baidu.com
[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 RMB 6.3556 to US$1.00, the effective noon buying rate
as of September 30, 2015 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]
|
Gross merchandise
value (GMV) for Transaction Services is defined as GMV generated by
Qunar, Baidu Nuomi and Baidu Takeout Delivery. GMV generated by
Qunar is defined as the value of confirmed orders of products and
services, excluding cancellations. GMV generated by Baidu Nuomi and
Baidu Takeout Delivery is defined as the value of confirmed orders
of products and services, regardless of whether the service has
been consumed or delivered.
|
[3]
|
Transaction Services
(formerly O2O & Other) includes Qunar, Baidu Nuomi, Baidu
Takeout Delivery, Baidu Maps, Baidu Connect, Baidu Wallet and other
products.
|
[4]
|
The number of active
online marketing customers and revenue per online active customer
exclude those associated with our group-buying and takeout delivery
related businesses for consistency with previous
reporting.
|
Baidu,
Inc.
|
Condensed
Consolidated Statements of Income
|
|
|
|
Three Months
Ended
|
|
|
|
September
30,
|
September
30,
|
June
30,
|
(In RMB thousands
except for share, per share (or ADS) information)
|
|
|
2015
|
2014
|
2015
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
Revenues:
|
|
|
|
|
|
Online
marketing services
|
|
|
17,680,374
|
13,427,179
|
16,227,496
|
Other
services
|
|
|
702,707
|
92,577
|
347,742
|
Total
revenues
|
|
|
18,383,081
|
13,519,756
|
16,575,238
|
|
|
|
|
|
|
Operating costs
and expenses:
|
|
|
|
|
|
Cost of
revenues (note 1, 2)
|
|
|
(7,479,580)
|
(5,068,337)
|
(6,503,020)
|
Selling,
general and administrative (note 2)
|
|
|
(5,701,859)
|
(2,700,008)
|
(3,889,844)
|
Research and
development (note 2)
|
|
|
(2,689,970)
|
(1,831,590)
|
(2,712,681)
|
Total
operating costs and expenses
|
|
|
(15,871,409)
|
(9,599,935)
|
(13,105,545)
|
|
|
|
|
|
|
Operating
profit
|
|
|
2,511,672
|
3,919,821
|
3,469,693
|
|
|
|
|
|
|
Other
income:
|
|
|
|
|
|
Interest
income
|
|
|
616,171
|
536,367
|
612,523
|
Interest
expense
|
|
|
(329,372)
|
(177,168)
|
(213,522)
|
Foreign
exchange income (loss), net
|
|
|
61,407
|
(44,476)
|
5,396
|
Loss from
equity method investments
|
|
|
(8,856)
|
(9,982)
|
(2,417)
|
Other income,
net
|
|
|
200,625
|
20,091
|
142,382
|
Total other
income
|
|
|
539,975
|
324,832
|
544,362
|
|
|
|
|
|
|
Income
before income taxes
|
|
|
3,051,647
|
4,244,653
|
4,014,055
|
|
|
|
|
|
|
Income
taxes
|
|
|
(590,517)
|
(656,768)
|
(762,951)
|
|
|
|
|
|
|
Net
income
|
|
|
2,461,130
|
3,587,885
|
3,251,104
|
Less: net
loss attributable to noncontrolling interests
|
|
|
(379,939)
|
(288,227)
|
(410,909)
|
Net income
attributable to Baidu, Inc.
|
|
|
2,841,069
|
3,876,112
|
3,662,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
|
|
|
Net income
attributable to Baidu, Inc.-Basic
|
|
|
79.38
|
110.53
|
102.23
|
Net income
attributable to Baidu, Inc.-Diluted
|
|
|
79.20
|
110.02
|
101.86
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals 10 ADSs ):
|
|
|
|
|
|
Net income
attributable to Baidu, Inc.-Basic
|
|
|
7.94
|
11.05
|
10.22
|
Net income
attributable to Baidu, Inc.-Diluted
|
|
|
7.92
|
11.00
|
10.19
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
Basic
|
|
|
34,850,398
|
35,069,521
|
35,141,734
|
Diluted
|
|
|
34,928,787
|
35,231,630
|
35,268,366
|
|
|
|
|
|
|
(1) Cost of
revenues are detailed as follows:
|
|
|
|
|
|
Sales tax and
surcharges
|
|
|
(1,260,606)
|
(997,040)
|
(1,175,617)
|
Traffic
acquisition costs
|
|
|
(2,411,180)
|
(1,741,922)
|
(2,111,734)
|
Bandwidth
costs
|
|
|
(970,005)
|
(752,607)
|
(896,156)
|
Depreciation
costs
|
|
|
(657,325)
|
(512,758)
|
(616,072)
|
Operational
costs
|
|
|
(1,254,114)
|
(557,515)
|
(850,503)
|
Content
costs
|
|
|
(914,545)
|
(498,119)
|
(840,223)
|
Share-based
compensation expenses
|
|
|
(11,805)
|
(8,376)
|
(12,715)
|
Total cost of
revenues
|
|
|
(7,479,580)
|
(5,068,337)
|
(6,503,020)
|
|
|
|
|
|
|
(2) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
Cost of
revenues
|
|
|
(11,805)
|
(8,376)
|
(12,715)
|
Selling,
general and administrative
|
|
|
(138,133)
|
(102,680)
|
(130,418)
|
Research and
development
|
|
|
(250,359)
|
(123,137)
|
(211,592)
|
Total
share-based compensation expenses
|
|
|
(400,297)
|
(234,193)
|
(354,725)
|
|
|
|
|
|
|
Baidu,
Inc.
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
September
30
|
December
31
|
(In RMB thousands
except for number of shares and per share data)
|
2015
|
2014
|
|
|
Unaudited
|
Audited
|
|
|
|
|
ASSETS
|
|
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
|
14,575,190
|
13,852,725
|
Restricted
cash
|
|
1,968,449
|
413,010
|
Short-term
investments
|
|
55,568,672
|
43,818,037
|
Accounts
receivable, net
|
|
4,177,362
|
3,664,447
|
Amounts due
from related parties
|
|
50
|
50
|
Deferred tax
assets, net
|
|
1,279,909
|
684,952
|
Other assets,
current
|
|
5,649,886
|
3,407,427
|
Total current assets
|
|
83,219,518
|
65,840,648
|
|
|
|
|
Non-current assets:
|
|
|
|
Fixed assets,
net
|
|
10,564,579
|
8,705,364
|
Intangible
assets, net
|
|
3,574,316
|
3,574,359
|
Goodwill
|
|
17,699,332
|
17,418,895
|
Long-term
investments, net
|
|
8,176,655
|
2,878,922
|
Deferred tax
assets, net
|
|
258,649
|
259,127
|
Other assets,
non-current
|
|
1,129,980
|
893,952
|
Total non-current assets
|
|
41,403,511
|
33,730,619
|
|
|
|
|
Total
assets
|
|
124,623,029
|
99,571,267
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current liabilities:
|
|
|
|
Short-term
loans
|
|
704,243
|
93,000
|
Accounts payable and
accrued liabilities
|
|
19,858,180
|
12,964,893
|
Customer advances and
deposits
|
|
5,557,235
|
4,296,440
|
Deferred
revenue
|
|
235,082
|
164,809
|
Deferred
income
|
|
532,065
|
518,543
|
Long-term loans,
current portion
|
|
-
|
2,167,405
|
Capital lease
obligation
|
|
49,391
|
57,346
|
Due to Related
Parties, Current
|
|
1,602
|
8,385
|
Total current liabilities
|
|
26,937,798
|
20,270,821
|
|
|
|
|
Non-current liabilities:
|
|
|
|
Deferred
income
|
|
45,879
|
39,626
|
Long-term
loans
|
|
4,120,196
|
1,860,000
|
Notes
payable
|
|
32,591,969
|
21,556,782
|
Amounts due to
related parties
|
|
-
|
8
|
Deferred tax
liabilities
|
|
1,078,163
|
1,143,821
|
Capital lease
obligation
|
|
15,502
|
50,079
|
Other Non Current
Liabilities
|
|
205,071
|
144,542
|
Total non-current liabilities
|
|
38,056,780
|
24,794,858
|
|
|
|
|
Total
liabilities
|
|
64,994,578
|
45,065,679
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
2,155,981
|
1,894,502
|
|
|
|
|
Equity
|
|
|
|
Class A Ordinary
Shares, par value US$0.00005 per share,
825,000,000 shares authorized, and 27,613,315 shares and
27,069,839 shares issued and outstanding as at December
31, 2014 and September 30, 2015
|
|
12
|
12
|
Class B Ordinary
Shares, par value US$0.00005 per share,
35,400,000 shares authorized, and 7,492,921 shares and
7,492,921 shares issued and outstanding as at December 31,
2014 and September 30, 2015
|
|
3
|
3
|
Additional paid-in
capital
|
|
5,833,199
|
3,633,919
|
Retained
earnings
|
|
50,111,572
|
47,659,772
|
Accumulated other
comprehensive income (loss)
|
|
174,448
|
231,923
|
Total Baidu, Inc. shareholders' equity
|
|
56,119,234
|
51,525,629
|
Noncontrolling interests
|
|
1,353,236
|
1,085,457
|
Total
equity
|
|
57,472,470
|
52,611,086
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests, and equity
|
|
124,623,029
|
99,571,267
|
|
|
|
|
Reconciliations of
non-GAAP results of operations measures to the nearest comparable
GAAP measures (*) (in RMB thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014
|
Three months ended
June 30, 2015
|
Three months ended
September 30, 2015
|
|
GAAP
Result
|
Adjustment
|
Non-GAAP
Results
|
GAAP
Result
|
Adjustment
|
Non-GAAP
Results
|
GAAP
Result
|
Adjustment
|
Non-GAAP
Results
|
Operating
profit
|
3,919,821
|
234,193
|
4,154,014
|
3,469,693
|
354,725
|
3,824,418
|
2,511,672
|
400,297
|
2,911,969
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30, 2014
|
Three months ended
June 30, 2015
|
Three months ended
September 30, 2015
|
|
GAAP
Result
|
Adjustment
|
Non-GAAP
Results
|
GAAP
Result
|
Adjustment
|
Non-GAAP
Results
|
GAAP
Result
|
Adjustment
|
Non-GAAP
Results
|
Net income
attributable to Baidu,
Inc.
|
3,876,112
|
234,193
|
4,110,305
|
3,662,013
|
354,725
|
4,016,738
|
2,841,069
|
400,297
|
3,241,366
|
|
|
|
|
|
|
|
|
|
|
(*) The adjustment is
only for share-based compensation.
|
|
|
|
|
|
|
Reconciliation
from net cash provided by operating activities to free cash flow
(in RMB thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
As a % of
|
Three months
ended
|
As a % of
|
Three months
ended
|
As a % of
|
|
September 30,
2014
|
total
revenues
|
June 30,
2015
|
total
revenues
|
September 30,
2015
|
total
revenues
|
Net cash provided
by operating activities
|
4,855,114
|
36%
|
5,727,404
|
35%
|
4,785,393
|
26%
|
|
|
|
|
|
|
|
Less: Capital
expenditures
|
(1,380,039)
|
-10%
|
(923,146)
|
-6%
|
(1,861,602)
|
-10%
|
|
|
|
|
|
|
|
Free cash
flow
|
3,475,075
|
26%
|
4,804,258
|
29%
|
2,923,791
|
16%
|
|
|
|
|
|
|
|
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SOURCE Baidu, Inc.