BIDU FY 2011 Earnings Report — Baidu, Inc. Revenue & Financial Results | Market Cap Arena

Baidu, Inc.BIDU

FY 2011 Earnings

Reported December 30, 2011

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2011	Prior Q	FY 2010	QoQ Change	YoY Change
Revenue	$2.1B	—	$1.2B	—	83.2%
Op. Income	$1.1B	—	$578M	—	91.4%
Gross Margin	73.1%	—	72.8%	—	0.3pp
Net Margin	45.8%	—	44.5%	—	1.2pp
EPS (Diluted)	$3.34	—	$1.69	—	97.2%
Free Cash Flow	$852M	—	$544M	—	56.7%

Revenue Flow

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$569M
GROSS PROFIT	$1.5B
R&D Expenses	$195M
Selling & Marketing	$178M
General & Administrative	$69M
SG&A Expenses	$247M
Other Expenses	$0
Operating Expenses	$442M
Cost & Expenses	$1.0B
OPERATING INCOME	$1.1B
Interest Income	$49M
Interest Expense	$0
Other Income/Expenses	$34M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$174M
Net Income from Continuing Ops	$966M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$969M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$969M
D&A	$129M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$569M
GROSS PROFIT	$1.5B
R&D Expenses	$195M
Selling & Marketing	$178M
General & Administrative	$69M
SG&A Expenses	$247M
Other Expenses	$0
Operating Expenses	$442M
Cost & Expenses	$1.0B
OPERATING INCOME	$1.1B
Interest Income	$49M
Interest Expense	$0
Other Income/Expenses	$34M
INCOME BEFORE TAX	$1.1B
Income Tax Expense	$174M
Net Income from Continuing Ops	$966M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$969M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$969M
D&A	$129M
EBIT	$1.2B
EBITDA	$1.3B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$966M
Depreciation & Amortization	$129M
Stock-Based Compensation	$22M
Deferred Income Tax	-$9M
Other Non-Cash Items	-$904.4K
Change in Working Capital	$86M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$342M
Acquisitions (Net)	-$284M
Purchases of Investments	-$1.7B
Sales/Maturities of Investments	$218M
Other Investing Activities	$359.2K
NET CASH FROM INVESTING	-$2.1B
Net Debt Issuance	$344M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$3M
NET CASH FROM FINANCING	$354M
FREE CASH FLOW	$852M
Net Change in Cash	-$533M

Balance Sheet

Item	Amount
Cash & Equivalents	$602M
Short-Term Investments	$1.5B
Net Receivables	$139M
Inventory	$0
Other Current Assets	$97M
TOTAL CURRENT ASSETS	$2.3B
PP&E (Net)	$401M
Goodwill	$353M
Intangible Assets	$143M
Long-Term Investments	$107M
Tax Assets	$8M
Other Non-Current Assets	$90M
TOTAL NON-CURRENT ASSETS	$1.1B
TOTAL ASSETS	$3.4B
Account Payables	$66M
Short-Term Debt	$25M
Deferred Revenue	$258M
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$643M
Long-Term Debt	$332M
Deferred Revenue NC	$3M
Deferred Tax Liabilities	$19M
Other Non-Current Liabilities	$22M
TOTAL NON-CURRENT LIABILITIES	$381M
TOTAL LIABILITIES	$1.0B
Common Stock	$2.2K
Additional Paid-In Capital	$259M
Retained Earnings	$2.0B
Treasury Stock	$0
Accum. Other Comp. Income	-$12M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.2B
Minority Interest	$151M
TOTAL EQUITY	$2.4B
TOTAL LIABILITIES & EQUITY	$3.4B
Total Debt	$368M
Net Debt	-$235M