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. The net operating cash flow was RMB 3.358 billion (approximately USD 533.5 million), and capital expenditures were RMB 501.8 million (approximately USD 79.7 million). Adjusted EBITDA (i.e., not calculated according to US Generally Accepted Accounting Principles) was RMB 2.64 billion (approximately USD 419.4 million), representing an 83.9% year-on-year increase compared to the same period last year.
Summary of Baidu's Full-Year Financial Report for 2011:
Baidu’s total revenue for the full year of 2011 fiscal year was RMB 14.501 billion (approximately USD 2.304 billion), with an annual growth rate of 83.2%.
Of this, online advertising revenue was RMB 14.49 billion (approximately USD 2.302 billion), with an annual growth rate of 83.1%.
Traffic acquisition cost (TAC) was 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), accounting for 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%.
Equity-based compensation expenses were RMB 152 million (approximately USD 24.2 million), compared to RMB 93.7 million in 2010.