baidu analysis
TRANSCRIPT
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BAIDU.COM, INC.
CONSOLIDATED BALANCE SHEETS
ASSETS
Current assets:Cash and cash equivalents
Prepaid expenses and other current assets
Total current assets
Non-Current assets:
Fixed assets net
Intangible assets net
Others
Total non-current assets
Total assets
LIABILITIES, REDEEMABLE CONVERTIBLE
PREFERRED SHARES AND SHAREHOLDERS DEFICIT
Current liabilities:
Accrued expenses and other liabilities
Customers deposits
Deferred revenue
(Amounts in thousands of Renminbi (RMB) and U.S. Dollars (US$), except number of shares and per share d
Accounts receivable, net of allowance for doubtful accounts of RMBnil, and RMB627 (US$76) asof December 31, 2003 and 2004, respectively
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Total current liabilities
Commitments
Redeemable convertible preferred shares
Shareholders deficit
Additional paid-in capital
Statutory reserve
Accumulated losses
Total shareholders deficit
Total liabilities, redeemable convertible preferred shares and shareholders deficit
The accompanying notes are an integral part of the consolidated financial statements.
Series A, Par value US$0.00005 per share; authorized, issued and outstanding 4,800,000 shares with
aggregated amount of liquidation preference totaling RMB9,932 Series B, Par value US$0.00005 per share; authorized, issued and outstanding 9,600,000 shares withaggregated amount of liquidation preference totaling RMB82,770
Series C, Par value US$0.00005 per share; authorized, issued and outstanding 2,248,877 shares withaggregated amount of liquidation preference totaling RMB124,155
Ordinary shares, Par value US$0.00005 per share; 853,751,123 shares authorized, 10,560,000 and11,306,372 shares issued and outstanding as at December 31, 2003 and 2004
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December 31,
Notes 2003 2004 2004
RMB RMB US$
62,825 200,196 24,188
3 1,891 9,645 1,165
4 938 2,421 292
65,654 212,262 25,645
5 11,049 35,932 4,342
6 - 12,953 1,565
- 1,059 128
11,049 49,944 6,035
76,703 262,206 31,680
7 3,779 21,900 2,646
8,400 25,990 3,140
8 7,460 6,302 762
ta)
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19,639 54,192 6,548
11
12 9,307 9,307 1,124
12 82,315 82,315 9,946
12 - 119,730 14,466
13 4 4 1
24,046 43,261 5,227
- 523 63
(58,608 ) (47,126 ) (5,695
(34,558 ) (3,338 ) (404
76,703 262,206 31,680
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)
)
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CONSOLIDATED STATEMENTS OF OPERATIONS
data)
Notes
Revenues:
Online marketing services
Enterprise search software and related services
Portal search services
Total revenues
Less: Business tax and surcharges
Total net revenues
Operating costs and expenses:
Cost of revenues
Selling, general and administrative
Research and development
Share-based compensation (1)
Total operating costs and expenses
Operating (loss) profit
Interest income
Other income (expense), net
BAIDU.COM, INC.
(Amounts in thousands of Renminbi (RMB) and U.S. Dollars (US$), except number of shares and per share
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Net (loss) income before tax
Taxation 9
Net (loss) income
Earnings per share: 15
Basic
Diluted
Weighted average number of ordinary shares outstanding: 15
Basic
Diluted
Pro forma earnings per share on an as converted basis (Unaudited) (Note 2):
Basic
Diluted
Basic
Diluted
Cost of revenues
Selling, general and administrative
Research and development
Pro forma weighted average number of ordinary shares outstanding on an asconverted basis (Unaudited) (Note 2):
(1) Share-based compensation expenses are allocated as follows:
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For the year ended December 31,
2002 2003 2004
RMB RMB RMB
4,292 31,775 106,854
1,724 2,803 7,958
5,004 5,993 2,639
11,020 40,571 117,451
(496 ) (1,933 ) (6,542 )
10,524 38,638 110,909
(9,519 ) (20,703 ) (32,985 )
(11,930 ) (16,930 ) (39,004 )
(3,885 ) (5,191 ) (11,406 )
(4,233 ) (5,109 ) (16,510 )
(29,567 ) (47,933 ) (99,905 )
(19,043 ) (9,295 ) 11,004
586 325 1,135
(120 ) 85 347
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(18,577 ) (8,885 ) 12,486
- - (481 )
(18,577 ) (8,885 ) 12,005
(2.44 ) (0.87 ) 1.09
(2.44 ) (0.87 ) 0.43
7,622,378 10,188,850 10,983,478
7,622,378 10,188,850 28,124,327
0.45
0.43
26,696,323
28,124,327
(313 ) (648 ) (1,665 )
(3,055 ) (2,669 ) (11,720 )
(865 ) (1,792 ) (3,125 )
(4,233 ) (5,109 ) (16,510 )
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2004
US$
12,910
962
319
14,191
(790 )
13,401
(3,985 )
(4,713 )
(1,378 )
(1,995 )
(12,071 )
1,330
137
42
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1,509
(59 )
1,450
0.13
0.05
10,983,478
28,124,327
0.05
0.05
26,696,323
28,124,327
(201 )
(1,416 )
(378 )
(1,995 )
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BAIDU.COM, INC.
CONSOLIDATED STATEMENTS OF CHANGES OF SHAREHOLDERS DEFICIT
data)
Ordinary
shares
10,560,000
Net loss -
Exercise of stock options -
Share-based compensation -
10,560,000
Net loss -
Exercise of stock options -
Share-based compensation -
10,560,000
Net income -
Exercise of stock options 706,372
Issuance of shares for acquisition of intangible assets (Note 6) 40,000
Share-based compensation -
Transfer to statutory reserve -
11,306,372
(Amounts in thousands of Renminbi (RMB) and U.S. Dollars (US$), except number of shares and per share
Balance at December 31, 2001
Balance at December 31, 2002
Balance at December 31, 2003
Balance at December 31, 2004
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Balance at December 31, 2004, in US$
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Amount
Additional Statutory Accumulated
paid-in reserve losses
capital
RMB RMB RMB RMB
4 14,590 - (31,146
- - - (18,577
- 42 - -
- 4,233 - -
4 18,865 - (49,723
- - - (8,885
- 72 - -
- 5,109 - -
4 24,046 - (58,608
- - - 12,005
- 607 - -
- * 2,098 - -
- 16,510 - -
- - 523 (523
4 43,261 523 (47,126
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1 5,227 63 (5,695
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Total
shareholders
deficit
RMB
) (16,552 )
) (18,577 )
42
4,233
) (30,854 )
) (8,885 )
72
5,109
) (34,558 )
12,005
607
2,098
16,510
) -
) (3,338 )
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) (404 )