Non-GAAP operating income in the fourth quarter was CNY 2.7 billion. As of December 31, 2018, cash and short-term investments was CNY 141.5 billion or USD 20.6 billion. Free cash flow was CNY 27.2 billion. We had a terrific year in 2018. Total revenues grew to CNY 102.3 billion, up 28% year-over-year, or 31% year-over-year excluding revenue from spinoff businesses, which were approximately CNY 4.1 billion and CNY 3.1 billion in 2017 and 2018, respectively. As Robin mentioned, time spent for Baidu App, Haokan and Quanmin together grew 112% year-over-year in Q4, which illustrates our ability to convert marketing dollars into repeatable traffic. SG&A expenses, excluding stock compensation, were CNY 5.4 billion, up 61% year-over-year, primarily due to the increase in channel and promotional marketing to acquire new users for the Baidu’s family of apps. Excluding stock compensation, our R&D expenses were up CNY 3.6 billion, up 19% year-over-year, mainly due to the increase in personnel-related expenses.
- Visit one of Red Robin’s locations during your birthday
- Meatballs on a Stick
- 2:00 PM – Not feeling so good. It’s time for a nap
- Grilled Chicken Dip’ns
- Swirly Twirly Pasta
- 9:30 AM – Time for a pit stop and a breather
Excluding stock compensation, cost of sales, was CNY 15.5 billion, up 54% year-over-year. Non-GAAP net income attributable to Baidu Core was CNY 6.5 billion, down 1% year-over-year and net margin reached 31% compared to 36% last year. Adjusted EBITDA reached CNY 24.3 billion, up 4% year-over-year, and EBITDA margin was 24%. Adjusted EBITDA for Baidu Core grew to CNY 31.5 billion, up 18% year-over-year, and adjusted EBITDA margin reached 40% compared to 42% the prior year. Credits will not apply to visits prior to card activation. 10 birthday gift when you register your Habaneros Club Card online. Smokey Bones – When you sign up for the Bones Club Loyalty email list, you receive a free dessert on your birthday. Beef ‘O’ Brady’s – When you sign up for the rewards program, you’ll receive a free dessert on your birthday with the purchase of any entree. Bubba Gump Shrimp Co. – Your child will receive a free kids birthday meal if you sign up for the email club. Bennigan’s – When you sign up for the rewards club at Bennigan’s, you’ll get a buy one, get one burger deal on your birthday. If that’s still a little out of your budget, there’s the half-price deal at Golden Chick and the buy one, get one at Sonic on wings.
At the same time, just wanted to note that we’re also very diligent in terms of controlling cost.
If you do not have one, ask for it the next time you visit Red Robin. 4. RED ROBIN HAS BEEN SERVING BOTTOMLESS STEAK FRIES FOR OVER 20 YEARS. The fries were dissapointing however I was more dissapointed by the quality the burger there. Tammi:I’m not sure about the SW Salad because it was just a ‘promotion’, so it was there for a limited time. In terms of like — there are a lot of investments you did in 2018. When we look forward in 2019, how should we expect in terms of our investment priorities in 2019? And if we look at the growth coming from few of our new business initiatives, how do you rank in terms of like the growth drivers? And also in terms of any like revenue sharing with the content creators, as we talked about earlier in last quarter call. At the same time, just wanted to note that we’re also very diligent in terms of controlling cost. Over time, we believe the adoption of Baidu’s Smart Mini Program will also be a revenue driver for us.
Before I begin with financial review, let me make a few notes.
Whereas Baijiahao accounts fulfill our users’ demand for feed content, Baidu’s Smart Mini Program allows them to enjoy native-app experience from our partner network of service apps. Our focus in 2018 has been investing in organic traffic to accelerate our growth and strengthening Baidu’s content ecosystem to give users a better experience with search and feed. So they would be a proportion of our overall content and strategy, when you couple of that with the amount of traffic that we have in search. Let’s begin our Q4 review with search and feed. Before I begin with financial review, let me make a few notes. Using similar technologies, we see an opportunity to build a content vertical for online literature and make it easier for authors to distribute their literary works online and receive revenue share. Early A/B testing indicates that advertisers using Baidu’s Smart Mini Program are getting better ROI than using HTML5 sites as the landing pages for their advertisements.
We believe the future of mobile search will shift toward closed-loop, native-app experience from the current search experience that direct users to HTML5 sites. With feed and search under one roof, we are seeing customers opting for omni-marketing, which is a powerful marketing campaign, leveraging the reach of search, feed and app-opening interstitial ads. Our focus to place greater reliance on organic traffic growth means that we are shifting our financial model to spending upfront marketing dollars with returns spread out over the life of the users. Pretty good deal for two people planning to eat out tonight. Counselors, retired teachers, school bus drivers and other education professionals also are eligible for the June 5 deal. These forecasts are our current and preliminary view, and are subject to change. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Make sure the site is moist but well drained and that the plants upright stems are adequately sheltered. Our goal for DuerOS is not only to make interactions with smart devices simpler, we also see a need from users to be able to switch their skills interchangeably across mobile, home and car.