Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2016

 

 

Commission File Number: 000-51469

 

 

BAIDU, INC.

 

 

Baidu Campus

No. 10 Shangdi 10th Street

Haidian District, Beijing 100085

The People’s Republic of China

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x            Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BAIDU, INC.
By   :  

/s/ Jennifer Xinzhe Li

Name:   :   Jennifer Xinzhe Li
Title:   :   Chief Financial Officer

Date: April 29, 2016


Exhibit Index

Exhibit 99.1—Press Release

EX-99.1

Exhibit 99.1

Baidu Announces First Quarter 2016 Results

BEIJING, China, April 28, 2016 – Baidu, Inc. (NASDAQ: BIDU) (“Baidu” or the “Company”), the leading Chinese language Internet search provider, today announced its unaudited financial results for the first quarter ended March 31, 20161.

“We had an excellent start to 2016, and we’ve made great strides toward realization of our vision to connect people with information and services and provide an integrated solution to our customers,” said Robin Li, Chairman and CEO of Baidu. “In 2016, we will continue to build out our integrated platform, and explore the new business opportunities that our core business has opened up for us.”

“We are pleased to deliver very strong results for the first quarter, and our integrated online marketing and transaction services platform continued to exhibit strength and momentum,” said Jennifer Li, CFO of Baidu. “We look forward to further execute on our vision.”

First Quarter 2016 Operational Highlights

 

    Mobile search monthly active users (MAUs) were 663 million for the month of March 2016, an increase of 9% year-over-year

 

    Mobile maps MAUs were 321 million for the month of March 2016, an increase of 19% year-over-year

 

    Gross merchandise value2 (GMV) for Transaction Services totaled RMB16.0 billion ($2.5 billion) for the first quarter of 2016, an increase of 268% year-over-year

 

    Baidu Wallet activated accounts reached 65 million at the end of March 2016, an increase of 152% year-over-year

Changes to Board Composition

 

    Mr. William Decker will step down from the Company’s board of directors (the “Board”), effective on April 29, 2016. Mr. Decker has served as a member of the Board and chairman of the audit committee of the Board since October 2005;

 

    Mr. Brent Callinicos, a member of the Board and audit committee, has been appointed as the chairman of the audit committee, effective on April 29, 2016.

 

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 RMB6.4480 to US$1.00, the effective noon buying rate as of March 31, 2016, 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) is defined as GMV generated by the Baidu platform, through products such as Baidu Nuomi, Baidu Takeout Delivery and Baidu Wallet. GMV is defined as the value of confirmed orders of products and services, regardless of whether the service has been consumed or delivered.

 

1


First Quarter 2016 Financial Highlights

 

    Total revenues in the first quarter of 2016 were RMB15.821 billion ($2.454 billion), a 31.2% year-over-year increase, excluding Qunar3 in the first quarter of 2015. Mobile revenue represented 60% of total revenues for the first quarter of 2016, compared to 50% for the corresponding period in 2015.

 

    Operating profit in the first quarter of 2016 was RMB2.211 billion ($342.9 million), a 2.6% increase from the corresponding period in 2015. Transaction Services reduced non-GAAP operating margins by 25.7 percentage points and iQiyi further reduced non-GAAP operating margins by 8.7 percentage points for the first quarter of 2016.

 

    Net income attributable to Baidu in the first quarter of 2016 was RMB1.987 billion ($308.1 million), a 18.9% decrease from the corresponding period in 2015. Diluted earnings attributable to Baidu per ADS for the first quarter of 2016 were RMB5.38 ($0.84); non-GAAP net income attributable to Baidu4 in the first quarter of 2016 was RMB2.359 billion ($365.8 million), a 13.9% decrease from the corresponding period in 2015; non-GAAP diluted earnings per ADS5 for the first quarter of 2016 were RMB6.80 ($1.06).

In the following section, comparison and analysis are provided based on reported consolidated financial results. For ease of comparison, a table with apples-to-apples adjusted financials and metrics excluding Qunar can be found at the end of the following section.

First Quarter 2016 Results

Baidu reported total revenues of RMB15.821 billion ($2.454 billion) for the first quarter of 2016, representing a 24.3% increase from the corresponding period in 2015.

Online marketing revenues for the first quarter of 2016 were RMB14.931 billion ($2.316 billion), representing a 19.3% increase from the corresponding period in 2015. Baidu had about 587,000 active online marketing customers6 in the first quarter of 2016, representing a 12.0% increase from the corresponding period in 2015.

Revenue per online marketing customer for the first quarter of 2016 was approximately RMB25,400 ($3,939), a 6.7% increase from the corresponding period in 2015.

 

3  Qunar Cayman Islands Limited (“Qunar”) financials were consolidated in Baidu’s financial statements from July 2011 to October 26, 2015. Following Baidu’s exchange of Qunar shares with Ctrip, Baidu deconsolidated Qunar’s financials after October 26, 2015.
4  Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses and the gain or loss associated with the issuance of the shares by our equity method investees at a price higher or lower than our carrying value per share.
5  Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated based on non-GAAP net income attributable to Baidu.
6  The number of active online marketing customers and revenue per online active customer exclude our group-buying related businesses for consistency with previous reporting.

 

2


Traffic acquisition cost as a component of cost of revenues was RMB2.233 billion ($346.3 million), representing 14.1% of total revenues, as compared to 13.5% in the corresponding period in 2015.

Bandwidth costs as a component of cost of revenues were RMB1.088 billion ($168.7 million), representing 6.9% of total revenues, compared to 6.7% in the corresponding period in 2015.

Depreciation costs as a component of cost of revenues were RMB707.3 million ($109.7 million), representing 4.5% of total revenues, compared to 4.6% in the corresponding period in 2015.

Operational costs as a component of cost of revenues were RMB1.092 billion ($169.4 million), representing 6.9% of total revenues, compared to 4.7% in the corresponding period in 2015. This increase was mainly due to transaction services and iQiyi-related operating costs.

Content costs as a component of cost of revenues were RMB1.382 billion ($214.4 million), representing 8.7% of total revenues, compared to 4.8% in the corresponding period in 2015. The increase was mainly due to iQiyi’s increased content costs.

Selling, general and administrative expenses were RMB3.946 billion ($612.0 million), representing an increase of 33.5% from the corresponding period in 2015. The year-over-year increase was primarily due to an increase in promotional spending for transaction services.

Research and development expenses were RMB2.101 billion ($325.8 million), a 8.1% decrease from the corresponding period in 2015.

Share-based compensation expenses, which were allocated to related operating costs and expense line items, were RMB309.1 million ($47.9 million) in the first quarter of 2016, compared to RMB291.1 million in the corresponding period in 2015.

Operating profit was RMB2.211 billion ($342.9 million), representing a 2.6% increase from the corresponding period in 2015. Non-GAAP operating profit was RMB2.520 billion ($390.8 million), a 3.0% increase from the corresponding period in 2015.

Income tax expense was RMB674.8 million ($104.6 million), compared to RMB541.0 million in the corresponding period in 2015. The effective tax rate for the first quarter of 2016 was 25.4% as compared to 20.7% for the corresponding period in 2015. The increase of effective tax rate of the first quarter of 2016 reflects that some loss-generating entities in the group cannot be consolidated for tax purposes under PRC tax law.

Net income attributable to Baidu was RMB1.987 billion ($308.1 million), representing a 18.9% decrease from the corresponding period in 2015. Basic and diluted earnings per ADS for the first quarter of 2016 amounted to RMB5.40 ($0.84) and RMB5.38 ($0.84), respectively.

 

3


Non-GAAP net income attributable to Baidu was RMB2.359 billion ($365.8 million), a 13.9% decrease from the corresponding period in 2015. Non-GAAP diluted earnings per ADS for the first quarter of 2016 amounted to RMB6.80 ($1.06).

As of March 31, 2016, the Company had cash, cash equivalents and short-term investments of RMB71.346 billion ($11.065 billion). Net operating cash inflow for the first quarter of 2016 was RMB4.742 billion ($735.5 million). Capital expenditures for the first quarter of 2016 were RMB825.6 million ($128.0 million).

Adjusted EBITDA was RMB3.457 billion ($536.2 million) for the first quarter of 2016, representing a 4.9% increase from the corresponding period in 2015. On an apples-to-apples basis, excluding Qunar from Baidu’s financials, the adjusted EBITDA represents a 2.0% year-over-year decrease.

Summary of adjusted financial information (excluding Qunar)7

(RMB in millions, unless otherwise noted)

 

     Three months ended March 31,      YoY
    variance    
 
           2016                  2015           

Adjusted revenues

     15,821         12,055         31.2

Active online marketing customer (000)

     587         473         24.1

Revenue per active online marketing customer (RMB)

     25,400         25,000         1.6

Adjusted cost of revenues

     7,563         5,151         46.8

Adjusted selling, general and administrative expenses

     3,946         2,403         64.2

Adjusted research and development expenses

     2,101         2,000         5.0
  

 

 

    

 

 

    

 

 

 

Adjusted operating profit

     2,211         2,501         (11.6 %) 
  

 

 

    

 

 

    

 

 

 

Outlook for Second Quarter 2016

Baidu currently expects to generate total revenues in an amount ranging from RMB20.110 billion ($3.119 billion) to RMB20.580 billion ($3.192 billion) for the second quarter of 2016, representing a 21.3% to 24.2% year-over-year increase. On an apples-to-apples basis, excluding Qunar from Baidu’s financials, the guidance represents a 28.1% to 31.1% year-over-year increase. 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 April 28, 2016, U.S. Eastern Time (8:00 AM on April 29, 2016, Beijing/Hong Kong Time).

 

7  The adjusted figures in the table only exclude Qunar related figures from Baidu’s consolidated results for the first quarter of 2015. Share-based compensation was allocated to related operating costs and expense line items.

 

4


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

 

International:    +65 67135090
China:    4006208038
US:    +1 8456750437
UK:    +44 2036214779
Hong Kong:    +852 30186771
Passcode for all regions:    90850148

A replay of the conference call may be accessed by phone at the following number until May 6, 2016:

 

International:    +61 2 8199 0299
Passcode:    90850148

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 second quarter 2016 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 Japanese language 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, Japan 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.

 

5


About Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating profit, non-GAAP net income attributable to Baidu, non-GAAP diluted earnings per ADS, adjusted EBITDA and free cash flow. 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.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results, such as operating performance excluding not only non-cash charges, but also other items that are infrequent or unusual in nature. 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. 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 certain items that have been and will continue to be for the foreseeable future a significant component in our results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data.

Non-GAAP operating profit represents operating profit excluding share-based compensation expenses.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses and the gain or loss associated with the issuance of shares by our equity method investees at a price higher or lower than our carrying value per share.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated based on non-GAAP net income attributable to Baidu.

 

6


Adjusted EBITDA represents operating profit excluding depreciation, amortization and share-based compensation expenses.

Free cash flow represents net cash provided by operating activities less capital expenditures.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP 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

 

7


Baidu, Inc.

Condensed Consolidated Statements of Income

 

     Three Months Ended  
     March 31,     December 31,     March 31,  

(In RMB thousands except for share, per share (or ADS) information)

   2015     2015     2016  
     Unaudited     Unaudited     Unaudited  

Revenues:

      

Online marketing services

     12,518,757        17,610,379        14,930,530   

Other services

     205,859        1,088,415        890,042   
  

 

 

   

 

 

   

 

 

 

Total revenues

     12,724,616        18,698,794        15,820,572   
  

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

      

Cost of revenues (note 1, 2)

     (5,326,103     (8,149,327     (7,563,184

Selling, general and administrative (note 2)

     (2,956,867     (4,527,813     (3,945,944

Research and development (note 2)

     (2,286,333     (2,486,778     (2,100,707
  

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (10,569,303     (15,163,918     (13,609,835
  

 

 

   

 

 

   

 

 

 

Operating profit

     2,155,313        3,534,876        2,210,737   
  

 

 

   

 

 

   

 

 

 

Other income:

      

Interest income

     561,213        572,725        596,120   

Interest expense

     (199,128     (299,372     (268,389

Foreign exchange income(loss), net

     8,992        106,007        (66,166

Gain (loss) from equity method investments

     (7,979     23,119        (117,092

Other income, net

     90,875        24,294,280        298,119   
  

 

 

   

 

 

   

 

 

 

Total other income

     453,973        24,696,759        442,592   
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     2,609,286        28,231,635        2,653,329   
  

 

 

   

 

 

   

 

 

 

Income taxes

     (541,000     (3,579,909     (674,750

Net income

     2,068,286        24,651,726        1,978,579   
  

 

 

   

 

 

   

 

 

 

Less: net loss attributable to noncontrolling interests

     (380,994     (60,085     (8,252

Net income attributable to Baidu

     2,449,280        24,711,811        1,986,831   
  

 

 

   

 

 

   

 

 

 

Earnings per share for Class A and Class B ordinary shares:

      

Net income attributable to Baidu -Basic

     67.86        711.02        53.95   

Net income attributable to Baidu -Diluted

     67.57        709.15        53.82   

Earnings per ADS (1 Class A ordinary share equals 10 ADSs ):

      

Net income attributable to Baidu -Basic

     6.79        71.10        5.40   

Net income attributable to Baidu -Diluted

     6.76        70.92        5.38   

Weighted average number of Class A and Class B ordinary shares outstanding:

      

Basic

     35,112,842        34,588,703        34,599,297   

Diluted

     35,267,371        34,679,673        34,681,988   

(1) Cost of revenues are detailed as follows:

      

Sales tax and surcharges

     (948,209     (1,259,925     (1,047,564

Traffic acquisition costs

     (1,721,629     (2,616,319     (2,233,208

Bandwidth costs

     (849,628     (1,000,957     (1,088,038

Depreciation costs

     (588,648     (692,046     (707,332

Operational costs

     (600,857     (1,181,667     (1,092,153

Content costs

     (608,420     (1,381,875     (1,382,468

Share-based compensation expenses

     (8,712     (16,538     (12,421
  

 

 

   

 

 

   

 

 

 

Total cost of revenues

     (5,326,103     (8,149,327     (7,563,184
  

 

 

   

 

 

   

 

 

 

(2) Includes share-based compensation expenses as follows:

      

Cost of revenues

     (8,712     (16,538     (12,421

Selling, general and administrative

     (117,855     (100,353     (105,036

Research and development

     (164,509     (224,129     (191,605
  

 

 

   

 

 

   

 

 

 

Total share-based compensation expenses

     (291,076     (341,020     (309,062
  

 

 

   

 

 

   

 

 

 


Baidu, Inc.

Condensed Consolidated Balance Sheets

 

     December 31     March 31  

(In RMB thousands except for number of shares and per share data)

   2015     2016  
     Audited     Unaudited  

ASSETS

    

Current assets:

    

Cash and cash equivalents

     9,959,932        12,593,244   

Restricted cash

     95,997        229,887   

Short-term investments

     57,969,242        58,752,895   

Accounts receivable, net

     3,927,256        3,539,699   

Amounts due from related parties

     1,940,559        66,105   

Other assets, current

     4,340,677        4,416,235   
  

 

 

   

 

 

 

Total current assets

     78,233,663        79,598,065   
  

 

 

   

 

 

 

Non-current assets:

    

Fixed assets, net

     10,627,127        10,489,450   

Intangible assets, net

     3,334,619        3,421,210   

Goodwill

     15,395,573        15,395,573   

Long-term investments, net

     37,958,591        38,299,459   

Amounts due from related parties

     9,725        9,745   

Deferred tax assets, net

     1,008,174        1,269,036   

Other assets, non-current

     1,285,836        1,669,032   
  

 

 

   

 

 

 

Total non-current assets

     69,619,645        70,553,505   
  

 

 

   

 

 

 

Total assets

     147,853,308        150,151,570   
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Current liabilities:

    

Short-term loans

     100,000        174,200   

Accounts payable and accrued liabilities

     17,840,192        18,815,173   

Customer advances and deposits

     5,420,230        5,148,409   

Deferred revenue

     375,672        640,983   

Deferred income

     559,855        556,766   

Long-term loans, current portion

     974,820        969,780   

Capital lease obligation

     46,088        38,984   

Amounts due to related parties

     785,945        137,761   
  

 

 

   

 

 

 

Total current liabilities

     26,102,802        26,482,056   
  

 

 

   

 

 

 

Non-current liabilities:

    

Deferred income

     17,413        17,969   

Long-term loans

     3,239,676        3,224,387   

Notes payable

     30,702,116        30,553,131   

Deferred tax liabilities

     3,441,290        3,409,548   

Capital lease obligation

     8,435        587   

Other non-current liabilities

     125,860        108,766   
  

 

 

   

 

 

 

Total non-current liabilities

     37,534,790        37,314,388   
  

 

 

   

 

 

 

Total liabilities

     63,637,592        63,796,444   
  

 

 

   

 

 

 

Redeemable noncontrolling interests

     3,947,879        4,047,838   

Equity

    

Class A Ordinary Shares, par value US$0.00005 per share, 825,000,000 shares authorized, and 27,113, 541 shares and 27,136,692 shares issued and outstanding as at December 31, 2015 and March 31, 2016

     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, 2015 and March 31, 2016

     3        3   

Additional paid-in capital

     6,402,349        6,744,598   

Retained earnings

     74,659,355        76,525,815   

Accumulated other comprehensive loss

     (806,056     (967,077
  

 

 

   

 

 

 

Total Baidu, Inc. shareholders’ equity

     80,255,663        82,303,351   

Noncontrolling interests

     12,174        3,937   

Total equity

     80,267,837        82,307,288   
  

 

 

   

 

 

 

Total liabilities, redeemable noncontrolling interests, and equity

     147,853,308        150,151,570   
  

 

 

   

 

 

 


Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measures (in RMB thousands except for share and per ADS information, unaudited)

 

     Three months ended  
     March 31, 2015      December 31, 2015      March 31, 2016  

Operating profit

     2,155,313         3,534,876         2,210,737   

Add: Share-based compensation expenses

     291,076         341,020         309,062   
  

 

 

    

 

 

    

 

 

 

Non-GAAP operating profit

     2,446,389         3,875,896         2,519,799   
  

 

 

    

 

 

    

 

 

 

Add: Depreciation of fixed assets

     667,969         772,684         795,589   

Add: Amortization of intangible assets

     181,866         166,632         141,875   
  

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

     3,296,224         4,815,212         3,457,263   
  

 

 

    

 

 

    

 

 

 
     Three months ended  
     March 31, 2015      December 31, 2015      March 31, 2016  

Net income attributable to Baidu

     2,449,280         24,711,811         1,986,831   

Add: Share-based compensation expenses

     291,076         341,020         309,062   

Add: Loss associated with the dilution of an equity method investee

     —           —           62,858   
  

 

 

    

 

 

    

 

 

 

Non-GAAP net income attributable to Baidu

     2,740,356         25,052,831         2,358,751   
  

 

 

    

 

 

    

 

 

 

Weighted average number of ADS used in computing non-GAAP diluted earnings per ADS

     352,673,707         346,796,727         346,819,877   

Non-GAAP diluted earnings per ADS

     7.77         72.24         6.80   


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  
    March 31, 2015     total revenues     December 31, 2015     total revenues     March 31, 2016     total revenues  

Net cash provided by operating activities

    2,839,481        22     6,070,158        32     4,742,232        30

Less: Capital expenditures

    (1,021,341     -8     (1,423,527     -8     (825,565     -5
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

    1,818,140        14     4,646,631        25     3,916,667        25