**Cash and Equivalents**
As of December 31, 2011, Baidu held a total of RMB 14.179 billion (approximately USD 2.253 billion) in cash, cash equivalents, and short-term investments. Net operating cash flow was RMB 3.358 billion (approximately USD 533.5 million), while capital expenditures were RMB 501.8 million (approximately USD 79.7 million). Adjusted EBITDA (calculated on a non-GAAP basis) was RMB 2.64 billion (approximately USD 419.4 million), representing an 83.9% increase year-over-year.
**Summary of Baidu's Full-Year 2011 Financial Results**
For the full-year 2011 fiscal period, Baidu's total revenue reached RMB 14.501 billion (approximately USD 2.304 billion), with an annual growth rate of 83.2%.
- Online advertising revenue amounted to RMB 14.49 billion (approximately USD 2.302 billion), with an annual growth rate of 83.1%.
- Traffic Acquisition Costs (TAC) were RMB 1.156 billion (approximately USD 183.6 million), accounting for 8.0% of total revenue, down from 9.6% in 2010.
- Broadband costs were RMB 626.4 million (approximately USD 99.5 million), representing 4.3% of total revenue, up from 3.9% in 2010.
- Sales, general, and administrative expenses were RMB 1.693 billion (approximately USD 269 million), with an annual growth rate of 55.4%.
- Research and development expenses were RMB 1.334 billion (approximately USD 212 million), with an annual growth rate of 85.8%.
- Share-based compensation expenses were RMB 152 million (approximately USD 24.2 million), compared to RMB 93.7 million in 2010.