6-K
BAIDU, INC. filed this Form 6-K on 04/28/2017
Entire Document
 
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 2017

 

 

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  ☒            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 28, 2017


Exhibit Index

Exhibit 99.1—Press Release

EX-99.1

Exhibit 99.1

Baidu Announces First Quarter 2017 Results

BEIJING, China, April 27, 2017 – 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, 20171.

“As we move into 2017, Baidu’s strategic evolution from a mobile-first to an AI-first company continues to gain momentum,” said Robin Li, Chairman and CEO of Baidu. “While our investment in AI is a long-term proposition, we are already seeing the powerful benefits of AI bear fruit across our existing platform. With AI set to play an increasingly important role across all major industries, we are confident that Baidu’s technology advantage positions us to both enable and participate in the growth and transformation of China’s AI-powered industries.”

“We are pleased to report solid performance in the first quarter, as we focused on our core business and AI-enabled new business initiatives including our AI-cloud, financial services, DuerOS, and autonomous driving, all of which hold tremendous long-term potential,” said Qi Lu, Baidu’s Vice Chairman, Group President and Chief Operating Officer. “In the quarters ahead, we will intensify our efforts in applying AI to improve existing products and to accelerate the development of AI-enabled new business initiatives.”

“We continue to be on the path of rebuilding, with a clear focus on long term sustainable growth,” said Jennifer Li, CFO of Baidu. “During the quarter, we worked to further align Baidu’s business operations by folding Nuomi into our core business. Looking ahead, we will continue to drive higher operational efficiency and invest in AI to elevate our core business and develop high potential AI-enabled new business initiatives.”

Baidu today also announced that Jennifer Li is taking on the role to form Baidu Capital, an investment firm, and serve as its CEO. Jennifer intends to step down as Baidu’s chief financial officer, a position she has served in for nine years, following the appointment of a successor to ensure a seamless transition of her responsibilities.

“Jennifer’s leadership and expertise have been instrumental to Baidu’s growth over the past nine years. I am grateful to Jennifer for putting in place a talented finance organization and robust systems that lay the groundwork for Baidu’s next stage of growth,” said Robin Li. “Bringing AI to real-world applications is crucial in the AI era and I look forward to working with Jennifer in her new role to grow Baidu’s ecosystem.”

“It has been my privilege to serve as Baidu’s chief financial officer during a period of transformational growth,” said Jennifer Li. “With a clear vision and strategy in place, Baidu has a bright future as a leader in the coming AI era. As CEO of Baidu Capital I look forward to applying my broad industry experiences and insights to help bridge Baidu’s technology advantages with a wide range of industries.”

 

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 RMB6.8832 to US$1.00, the effective noon buying rate as of March 31, 2017, in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.


First Quarter 2017 Financial Highlights

 

    Total revenues in the first quarter of 2017 were RMB16.891 billion ($2.454 billion), a 6.8% increase from the corresponding period in 2016. Mobile revenue represented 70% of total revenues for the first quarter of 2017, compared to 60% for the corresponding period in 2016.

 

    Operating profit in the first quarter of 2017 was RMB2.006 billion ($291.4 million), a 9.3% decrease from the corresponding period in 2016. Baidu Core (Search Services and Transaction Services combined) non-GAAP operating margins were 26.2%, with Transaction Services reducing Baidu Core non-GAAP operating margins by 16.8 percentage points. iQiyi further reduced non-GAAP operating margins by 10.6 percentage points for the first quarter of 2017.

 

    Net income attributable to Baidu in the first quarter of 2017 was RMB1.777 billion ($258.1 million), a 10.6% decrease from the corresponding period in 2016. Diluted earnings attributable to Baidu per ADS for the first quarter of 2017 were RMB4.63 ($0.67); non-GAAP net income attributable to Baidu2 in the first quarter of 2017 was RMB2.390 billion ($347.2 million), a 1.3% increase from the corresponding period in 2016; non-GAAP diluted earnings per ADS3 for the first quarter of 2017 were RMB6.85 ($1.00).

In the following section, comparison and analysis are provided based on reported consolidated financial results.

First Quarter 2017 Results

Baidu reported total revenues of RMB16.891 billion ($2.454 billion) for the first quarter of 2017, representing a 6.8% increase from the corresponding period in 2016.

Online marketing revenues for the first quarter of 2017 were RMB14.738 billion ($2.141 billion), representing a 1.3% decrease from the corresponding period in 2016. Baidu had about 451,000 active online marketing customers4 in the first quarter of 2017, representing a 23.2% decrease from the corresponding period in 2016. Revenue per online marketing customer for the first quarter of 2017 was approximately RMB32,200 ($4,678), a 26.8% increase from the corresponding period in 2016.

Traffic acquisition cost as a component of cost of revenues was RMB2.185 billion ($317.5 million), representing 12.9% of total revenues, as compared to 14.1% in the corresponding period in 2016 and 14.5% in the fourth quarter of 2016.

 

2  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.
3  Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated based on non-GAAP net income attributable to Baidu.
4 

The number of active online marketing customers and revenue per online active customer exclude our group-buying and delivery related businesses for consistency with previous reporting.


Bandwidth costs as a component of cost of revenues were RMB1.336 billion ($194.0 million), representing 7.9% of total revenues, compared to 6.9% in the corresponding period in 2016.

Depreciation costs as a component of cost of revenues were RMB823.0 million ($119.6 million), representing 4.9% of total revenues, compared to 4.5% in the corresponding period in 2016.

Operational costs as a component of cost of revenues were RMB958.7 million ($139.3 million), representing 5.7% of total revenues, compared to 6.9% in the corresponding period in 2016.

Content costs as a component of cost of revenues were RMB2.636 billion ($382.9 million), representing 15.6% of total revenues, compared to 8.7% in the corresponding period in 2016. The year-over-year increase was mainly due to iQiyi’s increased content costs.

Selling, general and administrative expenses were RMB2.817 billion ($409.3 million), representing a decrease of 28.6% from the corresponding period in 2016, primarily due to a decrease in promotional spending for transaction services.

Research and development expenses were RMB2.835 billion ($411.8 million), representing a 34.9% increase from the corresponding period in 2016. The increase was primarily due to the growth of research and development personnel-related cost.

Share-based compensation expenses, which were allocated to related operating costs and expense line items, were RMB630.8 million ($91.6 million) in the first quarter of 2017, compared to RMB309.1 million in the corresponding period in 2016.

Operating profit was RMB2.006 billion ($291.4 million), representing a 9.3% decrease from the corresponding period in 2016. Non-GAAP operating profit was RMB2.636 billion ($383.0 million), representing a 4.6% increase from the corresponding period in 2016.

Income tax expense was RMB405.1 million ($58.8 million), compared to RMB674.8 million in the corresponding period in 2016. The effective tax rate for the first quarter of 2017 was 18.6% as compared to 25.4% for the corresponding period in 2016. The decrease in the effective tax rate reflected that operating losses narrowed for some loss-generating entities in the group.

Net income attributable to Baidu was RMB1.777 billion ($258.1 million), representing a 10.6% decrease from the corresponding period in 2016. Basic and diluted earnings per ADS for the first quarter of 2017 amounted to RMB4.65 ($0.68) and RMB4.63 ($0.67), respectively.

Non-GAAP net income attributable to Baidu was RMB2.390 billion ($347.2 million), a 1.3% increase from the corresponding period in 2016. Non-GAAP diluted earnings per ADS for the first quarter of 2017 amounted to RMB6.85 ($1.00).


As of March 31, 2017, the Company had cash, cash equivalents and short-term investments of RMB90.678 billion ($13.174 billion). Net operating cash inflow for the first quarter of 2017 was RMB4.704 billion ($683.3 million). Capital expenditures for the first quarter of 2017 were RMB1.168 billion ($169.6 million).

Adjusted EBITDA was RMB3.626 billion ($526.8 million) for the first quarter of 2017, representing a 4.9% increase from the corresponding period in 2016.

Outlook for Second Quarter 2017

Baidu currently expects to generate total revenues in an amount ranging from RMB20.470 billion ($2.974 billion) to RMB20.980 billion ($3.048 billion) for the second quarter of 2017, representing an annual increase of 12.1% to 14.9% and a sequential increase of 21.2% to 24.2%. 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 27, 2017, U.S. Eastern Time (8:00 AM on April 28, 2017, 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 2036214779
Hong Kong:    +852 30186771
Passcode for all regions:    4226874

A replay of the conference call may be accessed by phone at the following number until May 5, 2017:

 

International:    +61 2 8199 0299
Passcode:    4226874

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 2017 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: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its 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 the Company’s 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 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 its 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. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its 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. The Company believes 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 the Company’s 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 the Company’s 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 Baidu’s equity method investees at a price higher or lower than the 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.

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 inquiries, please contact:

Sharon Ng

Baidu, Inc.

Tel: +86-10-5992-4958

Email: ir@baidu.com


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)

   2016     2016     2017  
     Unaudited     Unaudited     Unaudited  

Revenues:

      

Online marketing services

     14,930,530       16,165,751       14,737,778  

Other services

     890,042       2,046,634       2,153,007  
  

 

 

   

 

 

   

 

 

 

Total revenues

     15,820,572       18,212,385       16,890,785  
  

 

 

   

 

 

   

 

 

 

Operating costs and expenses:

      

Cost of revenues (note 1, 2)

     (7,563,184     (9,721,570     (9,233,256

Selling, general and administrative (note 2)

     (3,945,944     (3,334,168     (2,817,058

Research and development (note 2)

     (2,100,707     (2,971,521     (2,834,825
  

 

 

   

 

 

   

 

 

 

Total operating costs and expenses

     (13,609,835     (16,027,259     (14,885,139
  

 

 

   

 

 

   

 

 

 

Operating profit

     2,210,737       2,185,126       2,005,646  
  

 

 

   

 

 

   

 

 

 

Other income:

      

Interest income

     596,120       631,346       648,773  

Interest expense

     (268,389     (294,193     (323,366

Foreign exchange income(loss), net

     (66,166     310,206       (101,396

Loss from equity method investments

     (117,092     (105,642     (76,128

Other income, net

     298,119       1,795,684       21,838  
  

 

 

   

 

 

   

 

 

 

Total other income

     442,592       2,337,401       169,721  
  

 

 

   

 

 

   

 

 

 

Income before income taxes

     2,653,329       4,522,527       2,175,367  
  

 

 

   

 

 

   

 

 

 

Income taxes

     (674,750     (400,937     (405,053

Net income

     1,978,579       4,121,590       1,770,314  
  

 

 

   

 

 

   

 

 

 

Less: net loss attributable to noncontrolling interests

     (8,252     (7,695     (6,357

Net income attributable to Baidu

     1,986,831       4,129,285       1,776,671  
  

 

 

   

 

 

   

 

 

 

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

 

   

Net income attributable to Baidu -Basic

     53.95       114.32       46.47  

Net income attributable to Baidu -Diluted

     53.82       113.98       46.29  

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

 

   

Net income attributable to Baidu -Basic

     5.40       11.43       4.65  

Net income attributable to Baidu -Diluted

     5.38       11.40       4.63  

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

 

 

Basic

     34,599,297       34,712,363       34,734,019  

Diluted

     34,681,988       34,816,049       34,869,783  

(1) Cost of revenues are detailed as follows:

      

Sales tax and surcharges

     (1,047,564     (1,238,965     (1,258,508

Traffic acquisition costs

     (2,233,208     (2,636,455     (2,185,304

Bandwidth costs

     (1,088,038     (1,235,400     (1,335,515

Depreciation costs

     (707,332     (811,529     (823,010

Operational costs

     (1,092,153     (1,186,252     (958,704

Content costs

     (1,382,468     (2,570,729     (2,635,864

Share-based compensation expenses

     (12,421     (42,240     (36,351
  

 

 

   

 

 

   

 

 

 

Total cost of revenues

     (7,563,184     (9,721,570     (9,233,256
  

 

 

   

 

 

   

 

 

 

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

 

   

Cost of revenues

     (12,421     (42,240     (36,351

Selling, general and administrative

     (105,036     (113,709     (187,355

Research and development

     (191,605     (475,984     (407,105
  

 

 

   

 

 

   

 

 

 

Total share-based compensation expenses

     (309,062     (631,933     (630,811
  

 

 

   

 

 

   

 

 

 


Baidu, Inc.
Condensed Consolidated Balance Sheets

 

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

   December 31,
2016
    March 31,
2017
 
     Audited     Unaudited  

ASSETS

    

Current assets:

    

Cash and cash equivalents

     10,898,463       14,565,758  

Restricted cash

     317,521       114,605  

Short-term investments

     71,195,629       76,112,428  

Other invested securities

     7,747,436       16,066,794  

Accounts receivable, net

     4,109,324       3,494,577  

Loans and interest receivable, net

     1,800,397       5,243,772  

Amounts due from related parties

     345,594       318,461  

Other assets, current

     3,344,516       3,516,989  
  

 

 

   

 

 

 

Total current assets

     99,758,880       119,433,384  
  

 

 

   

 

 

 

Non-current assets:

    

Fixed assets, net

     11,294,348       11,144,764  

Intangible assets, net

     3,872,227       5,025,807  

Goodwill

     15,342,096       15,841,570  

Long-term investments, net

     45,690,363       45,668,766  

Loans and interest receivable, net

     2,708,817       3,229,630  

Amounts due from related parties

     11,153       10,623  

Deferred tax assets, net

     1,100,230       1,413,415  

Other assets, non-current

     2,219,277       3,369,795  
  

 

 

   

 

 

 

Total non-current assets

     82,238,511       85,704,370  
  

 

 

   

 

 

 

Total assets

     181,997,391       205,137,754  
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Current liabilities:

    

Short-term loans

     1,115,000       1,055,679  

Convertible notes payable

     —         8,484,786  

Secured borrowings

     6,758,946       19,951,591  

Accounts payable and accrued liabilities

     21,895,140       22,144,051  

Customer advances and deposits

     6,031,681       5,646,841  

Deferred revenue

     596,460       624,620  

Deferred income

     566,104       566,246  

Long-term loans, current portion

     3,468,296       3,446,583  

Notes payable,current portion

     5,203,315       5,169,828  

Capital lease obligation

     8,416       637  

Amounts due to related parties

     458,687       391,992  
  

 

 

   

 

 

 

Total current liabilities

     46,102,045       67,482,854  
  

 

 

   

 

 

 

Non-current liabilities:

    

Deferred income

     27,828       27,978  

Long-term loans

     6,822,109       6,783,230  

Notes payable

     27,648,477       27,472,249  

Deferred tax liabilities

     3,589,235       3,601,150  

Capital lease obligation

     348       348  

Other non-current liabilities

     64,954       67,505  
  

 

 

   

 

 

 

Total non-current liabilities

     38,152,951       37,952,460  
  

 

 

   

 

 

 

Total liabilities

     84,254,996       105,435,314  
  

 

 

   

 

 

 

Redeemable noncontrolling interests

     5,491,976       5,617,560  

Equity

    

Class A Ordinary Shares, par value US$0.00005 per share, 825,000,000 shares authorized, and 27,325,551 shares and 27,386,123 shares issued and outstanding as at December 31, 2016 and March 31, 2017

     12       12  

Class B Ordinary Shares, par value US$0.00005 per share, 35,400,000 shares authorized, and 7,401,254 shares and 7,301,254 shares issued and outstanding as at December 31, 2016 and March 31, 2017

     3       3  

Additional paid-in capital

     8,322,787       8,987,903  

Retained earnings

     85,733,706       86,587,095  

Accumulated other comprehensive loss

     (1,782,966     (1,460,625
  

 

 

   

 

 

 

Total Baidu, Inc. shareholders’ equity

     92,273,542       94,114,388  

Noncontrolling interests

     (23,123     (29,508

Total equity

     92,250,419       94,084,880  
  

 

 

   

 

 

 

Total liabilities, redeemable noncontrolling interests, and equity

     181,997,391       205,137,754  
  

 

 

   

 

 

 


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, 2016      December 31, 2016     March 31, 2017  

Operating profit

     2,210,737        2,185,126       2,005,646  

Add: Share-based compensation expenses

     309,062        631,933       630,811  
  

 

 

    

 

 

   

 

 

 

Non-GAAP operating profit

     2,519,799        2,817,059       2,636,457  
  

 

 

    

 

 

   

 

 

 

Add: Depreciation of fixed assets

     795,589        911,578       922,056  

Add: Amortization of intangible assets

     141,875        126,292       67,836  
  

 

 

    

 

 

   

 

 

 

Adjusted EBITDA

     3,457,263        3,854,929       3,626,349  
  

 

 

    

 

 

   

 

 

 
     Three months ended  
     March 31, 2016      December 31, 2016     March 31, 2017  

Net income attributable to Baidu

     1,986,831        4,129,285       1,776,671  

Add: Share-based compensation expenses

     309,062        631,933       630,811  

Add: (Gain)loss associated with the dilution of equity method investees

     62,858        (155,515     (17,539
  

 

 

    

 

 

   

 

 

 

Non-GAAP net income attributable to Baidu

     2,358,751        4,605,703       2,389,943  
  

 

 

    

 

 

   

 

 

 

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

     346,819,877        348,160,487       348,697,827  

Non-GAAP diluted earnings per ADS

     6.80        13.23       6.85  


Reconciliation from net cash provided by operating activities to free cash flow (in RMB thousands, unaudited)

 

     Three months ended
March 31, 2016
    As a % of
total revenues
    Three months ended
December 31, 2016
    As a % of
total revenues
    Three months ended
March 31, 2017
    As a % of
total revenues
 

Net cash provided by operating activities

     4,742,232       30     8,011,229       44     4,703,606       28

Less: Capital expenditures

     (825,565     -5     (1,201,360     -7     (1,167,598     -7
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

     3,916,667       25     6,809,869       37     3,536,008       21