Baidu Announces Third Quarter 2024 Results
Thursday, 21 November 2024 ()
BEIJING, Nov. 21, 2024 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the third quarter ended September 30, 2024.
"Baidu Core's flattish third quarter top line reflected the ongoing weakness in our online marketing business, offset by the growth of our AI Cloud business. Our strong AI capabilities are gaining broader market recognition, as evidenced by increasing adoption of ERNIE. In intelligent driving, Apollo Go continues to lead the global autonomous ride-hailing market, hitting another milestone with our sixth-generation autonomous vehicle now operating on public roads across multiple cities in China," said Robin Li, Co-founder and CEO of Baidu. "Despite the near-term pressures, we remain steadfast in our AI-focused strategy and are confident in our long-term trajectory. As we further scale AI, we are emboldened to find how it can drive innovations and create value for consumers, enterprises and society at large."
"Our relentless focus on cost control helped support our third quarter results. Baidu Core's operating margins remained stable as we managed to further optimize costs and realize more cost efficiencies between business units," said Junjie He, Interim CFO of Baidu. "AI Cloud continued to show healthy and sustainable development in the third quarter. Meanwhile, Apollo Go continued to make operational strides, underpinning our confidence in the validity of the fully autonomous ride hailing business model."
*Third Quarter 2024 Financial Highlights^ [^1]*
*Baidu, Inc.*
(In millions except per ADS, unaudited)
*Q3*
*Q2*
*Q3*
*2023*
*2024*
*2024*
*YOY*
*QOQ* *RMB*
*RMB*
*RMB*
*US$*
*Total revenues *
34,447
33,931
33,557
4,782
(3 %)
(1 %)
*Operating income*
6,274
5,944
5,925
844
(6 %)
(0 %)
*Operating income (non-GAAP) *^ [2^]**
7,596
7,500
7,014
999
(8 %)
(6 %)
*Net income to Baidu*
6,681
5,488
7,632
1,088
14 %
39 %
*Net income to Baidu (non-GAAP) *^*[2]***
7,267
7,396
5,886
839
(19 %)
(20 %)
*Diluted earnings per ADS*
18.22
15.01
21.60
3.08
19 %
44 %
*Diluted earnings per ADS (non-GAAP) *^[2^]**
20.40
21.02
16.60
2.37
(19 %)
(21 %)
*Adjusted EBITDA* ^**[2]**
9,505
9,147
8,733
1,244
(8 %)
(5 %)
*Adjusted EBITDA margin*
28 %
27 %
26 %
26 %
*Baidu Core*
(In millions, unaudited)
*Q3*
*Q2*
*Q3*
*2023*
*2024*
*2024*
*YOY*
*QOQ* *RMB*
*RMB*
*RMB*
*US$*
*Total revenues *
26,572
26,687
26,524
3,780
(0 %)
(1 %)
*Operating income*
5,498
5,608
5,694
811
4 %
2 %
*Operating income (non-GAAP) *^**[2]**
6,672
7,005
6,652
948
(0 %)
(5 %)
*Net income to Baidu Core*
6,436
5,462
7,536
1,074
17 %
38 %
*Net income to Baidu Core (non-GAAP) *^**[2]**
6,956
7,290
5,676
809
(18 %)
(22 %)
*Adjusted EBITDA *^**[2]**
8,513
8,617
8,336
1,188
(2 %)
(3 %)
*Adjusted EBITDA margin*
32 %
32 %
31 %
31 %
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.0176 as of September 30, 2024, as set forth in the H.10
statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures
to the Nearest Comparable GAAP Measures" for more details).
*Operational Highlights *
Corporate
· In October 2024, Baidu was upgraded from the prior 'BBB' rating to an 'A' rating by MSCI ESG Research.
· Baidu returned US$161 million to shareholders since early Q3 2024, bringing the cumulative repurchase to US$1.4 billion under the 2023 share repurchase program.
AI Cloud
· PaddlePaddle and ERNIE developer community grew to 18.1 million in November 2024.
· In November 2024, ERNIE handled approximately 1.5 billion API calls daily, a significant jump from 600 million in August.
· In the third quarter of 2024, Baidu expanded the ERNIE family with two enhanced lightweight models, Speed Pro and Lite Pro.
· Baidu AI Cloud was ranked the No.1 AI cloud provider for the fifth consecutive year, according to IDC's 2023 report on China's AI public cloud market, issued in August 2024.
Intelligent Driving
· Apollo Go, Baidu's autonomous ride-hailing service, provided 988K rides in the third quarter of 2024, up 20% year over year. As of October 28, 2024, the cumulative rides provided to the public by Apollo Go surpassed 8 million.
· During the third quarter of 2024, rides provided by Apollo Go's fully driverless vehicles accounted for over 70% of total rides nationwide. The proportion of fully driverless rides further increased to 80% in October 2024.
· Our sixth generation autonomous vehicle, the RT6, is now operating on public roads in multiple cities in China.
Mobile Ecosystem
· In September 2024, Baidu App's MAUs reached 704 million, up 6% year over year.
· Managed Page accounted for 51% of Baidu Core's online marketing revenue in the third quarter of 2024.
*Third Quarter 2024 Financial Results *
*Total revenues* were RMB33.6 billion ($4.78 billion), decreasing 3% year over year.
· *Revenue from Baidu Core* was RMB26.5 billion ($3.78 billion), which was basically flat from last year; *online marketing revenue* was RMB18.8 billion ($2.68 billion), decreasing 4% year over year, and *non-online marketing revenue* was RMB7.7 billion ($1.10 billion), up 12% year over year, mainly driven by AI Cloud business.
· *Revenue from iQIYI* was RMB7.2 billion ($1.03 billion), decreasing 10% year over year.
*Cost of revenues* was RMB16.4 billion ($2.34 billion), increasing 1% year over year, primarily due to an increase in traffic acquisition costs and costs related to AI Cloud business, partially offset by a decrease in personnel-related expenses and cost of goods sold.
*Selling, general and administrative expenses *were RMB5.9 billion ($836 million), increasing 2% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.
*Research and development expenses *were RMB5.4 billion ($765 million), decreasing 12% year over year, primarily due to a decrease in personnel-related expenses.
*Operating income* was RMB5.9 billion ($844 million). *Baidu Core operating income* was RMB5.7 billion ($811 million), and *Baidu Core operating margin* was 21%. *Non-GAAP operating income* was RMB7.0 billion ($999 million). *Non-GAAP Baidu Core operating income* was RMB6.7 billion ($948 million), and *non-GAAP Baidu Core operating margin* was 25%.
*Total other income, net *was RMB2.7 billion ($381 million), increasing 40% year over year, primarily due to an increase in fair value gain from long-term investments and disposal gain, partially offset by an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.
*Income tax expense *was RMB814 million ($116 million), compared to RMB1.3 billion in the same period last year.
*Net income attributable to Baidu* was RMB7.6 billion ($1.09 billion), and diluted earnings per ADS was RMB21.60 ($3.08). *Net income attributable to Baidu Core* was RMB7.5 billion ($1.07 billion), and net margin for Baidu Core was 28%. *Non-GAAP net income attributable to Baidu* was RMB5.9 billion ($839 million). *Non-GAAP diluted earnings per ADS* was RMB16.60 ($2.37). *Non-GAAP net income attributable to Baidu Core* was RMB5.7 billion ($809 million), and *non-GAAP net margin for Baidu Core* was 21%.
*Adjusted EBITDA* was RMB8.7 billion ($1.24 billion) and *adjusted EBITDA margin* was 26%. *Adjusted EBITDA for Baidu Core* was RMB8.3 billion ($1.19 billion) and *adjusted EBITDA margin for Baidu Core* was 31%.
As of September 30, 2024, *cash, cash equivalents, restricted cash and short-term investments* were RMB144.5 billion ($20.59 billion), and *cash, cash equivalents, restricted cash and short-term investments excluding iQIYI* were RMB140.3 billion ($19.99 billion). *Free cash flow* was RMB2.6 billion ($376 million), and *free cash flow excluding iQIYI* was RMB2.4 billion ($342 million).
*Conference Call Information *
Baidu's management will hold an earnings conference call at 7.30 AM on November 21, 2024, U.S. Eastern Time (8.30 PM on November 21, 2024, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q3 2024 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10043066-56ncpy.html
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.
*About Baidu*
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
*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, Baidu's and other parties' 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 announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), 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 but not limited to 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 and newsfeed 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 and newsfeed 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 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, and announcements on the website of the Hong Kong Stock Exchange. 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.
*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 income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin 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 non-cash charges or non-operating 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 income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.
Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain (loss), impairment of long-term investments, and fair value gain (loss) of long-term investments, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.
For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."
*Baidu, Inc. *
*Condensed Consolidated Statements of Income *
(In millions except for per share (or ADS) information, unaudited)
*Three Months Ended*
*September 30,*
*June 30,*
*September 30,*
*September 30,*
*2023*
*2024*
*2024*
*2024*
*RMB*
*RMB*
*RMB*
*US$*^(2)
*Revenues:*
Online marketing services
21,346
20,625
20,108
2,865
Others
13,101
13,306
13,449
1,917
*Total revenues *
*34,447*
*33,931*
*33,557*
*4,782*
*Costs and expenses:*
Cost of revenues^(1)
16,294
16,398
16,399
2,337
Selling, general and administrative^(1)
5,778
5,700
5,867
836
Research and development^(1)
6,101
5,889
5,366
765
*Total costs and expenses*
*28,173*
*27,987*
*27,632*
*3,938*
*Operating income*
*6,274*
*5,944*
*5,925*
*844*
*Other income:*
Interest income
2,082
1,993
1,877
267
Interest expense
(853)
(742)
(673)
(96)
Foreign exchange (loss) gain, net
(26)
93
(1,096)
(156)
Share of (losses) earnings from equity method investments
(398)
(119)
32
5
Others, net
1,100
(454)
2,535
361
*Total other income, net*
*1,905*
*771*
*2,675*
*381*
*Income before income taxes*
*8,179*
*6,715*
*8,600*
*1,225*
Income tax expense
1,282
1,131
814
116
*Net income *
*6,897*
*5,584*
*7,786*
*1,109*
Net income attributable to noncontrolling interests
216
96
154
21
*Net income attributable to Baidu*
*6,681*
*5,488*
*7,632*
*1,088*
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
18.45
15.11
21.93
3.13
-Diluted
18.22
15.01
21.60
3.08
Earnings per share for Class A and Class B ordinary shares:
-Basic
2.31
1.89
2.74
0.39
-Diluted
2.28
1.88
2.70
0.38
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,814
2,796
2,785
2,785
-Diluted
2,846
2,804
2,789
2,789
(1) Includes share-based compensation expenses as follows:
Cost of revenues
139
146
104
15
Selling, general and administrative
358
385
328
47
Research and development
778
981
612
87
Total share-based compensation expenses
1,275
1,512
1,044
149
(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate in effect as of
September 30, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
*Baidu, Inc. *
*Condensed Consolidated Balance Sheets*
(In millions, unaudited)
*December 31,*
*September 30,*
*September 30,*
*2023*
*2024*
*2024*
*RMB*
*RMB*
*US$*
*ASSETS*
*Current assets:*
Cash and cash equivalents
25,231
28,682
4,087
Restricted cash
11,503
11,665
1,662
Short-term investments, net
168,670
104,129
14,838
Accounts receivable, net
10,848
9,848
1,403
Amounts due from related parties
1,424
1,379
197
Other current assets, net
12,579
16,415
2,339
*Total current assets*
*230,255*
*172,118*
*24,526*
*Non-current assets:*
Fixed assets, net
27,960
29,696
4,232
Licensed copyrights, net
6,967
6,862
978
Produced content, net
13,377
14,313
2,040
Intangible assets, net
881
749
107
Goodwill
22,586
22,586
3,218
Long-term investments, net
47,957
44,637
6,361
Long-term time deposits and held-to-maturity investments
24,666
88,547
12,618
Amounts due from related parties
195
120
17
Deferred tax assets, net
2,100
2,852
406
Operating lease right-of-use assets
10,851
10,693
1,524
Other non-current assets
18,964
24,143
3,440
*Total non-current assets*
*176,504*
*245,198*
*34,941*
*Total assets*
*406,759*
*417,316*
*59,467*
*LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY*
*Current liabilities:*
Short-term loans
10,257
11,969
1,706
Accounts payable and accrued liabilities
37,717
39,000
5,557
Customer deposits and deferred revenue
14,627
14,310
2,039
Deferred income
306
300
43
Long-term loans, current portion
2
37
5
Convertible senior notes, current portion
2,802
17
2
Notes payable, current portion
6,029
7,714
1,099
Amounts due to related parties
1,603
1,959
279
Operating lease liabilities
3,108
3,123
445
*Total current liabilities*
*76,451*
*78,429*
*11,175*
*Non-current liabilities:*
Deferred income
200
265
38
Deferred revenue
481
532
76
Amounts due to related parties
77
61
9
Long-term loans
14,223
14,487
2,064
Notes payable
34,990
26,911
3,835
Convertible senior notes
8,144
8,187
1,167
Deferred tax liabilities
2,725
2,885
411
Operating lease liabilities
5,040
4,911
700
Other non-current liabilities
1,820
1,457
208
*Total non-current liabilities*
*67,700*
*59,696*
*8,508*
*Total liabilities*
*144,151*
*138,125*
*19,683*
*Redeemable noncontrolling interests*
*9,465*
*9,312*
*1,327*
*Equity*
Total Baidu shareholders' equity
243,626
259,649
36,999
Noncontrolling interests
9,517
10,230
1,458
*Total equity*
*253,143*
*269,879*
*38,457*
*Total liabilities, redeemable noncontrolling interests, and equity*
*406,759*
*417,316*
*59,467*
*Baidu, Inc. *
*Selected Information*
(In millions, unaudited)
*Three months ended *
*September 30, 2023 (RMB)*
*Three months ended *
*June 30, 2024 (RMB)*
*Three months ended *
*September 30, 2024 (RMB)*
*Three months ended *
*September 30, 2024 (US$)*
*Baidu *
*Core*
*iQIYI*
Elim &
adj^(2)
*Baidu, *
*Inc.*
*Baidu *
*Core*
*iQIYI*
Elim &
adj^(2)
*Baidu, *
*Inc.*
*Baidu *
*Core*
*iQIYI*
Elim &
adj^(2)
*Baidu, *
*Inc.*
*Baidu *
*Core*
*iQIYI*
Elim &
adj^(2)
*Baidu, *
*Inc.*
*Total revenues *
*26,572*
*8,015*
(140)
*34,447*
*26,687*
*7,439*
(195)
*33,931*
*26,524*
*7,246*
(213)
*33,557*
*3,780*
*1,032*
(30)
*4,782*
YOY
(0 %)
(10 %)
(3 %)
QOQ
(1 %)
(3 %)
(1 %)
Costs and expenses:
Cost of revenues ^(1)
10,610
5,840
(156)
16,294
10,888
5,678
(168)
16,398
10,923
5,650
(174)
16,399
1,557
805
(25)
2,337
Selling, general and administrative ^(1)
4,810
981
(13)
5,778
4,751
970
(21)
5,700
4,990
908
(31)
5,867
711
129
(4)
836
Research and development ^(1)
5,654
447
-
6,101
5,440
449
-
5,889
4,917
449
-
5,366
701
64
-
765
*Total costs and expenses *
*21,074*
*7,268*
(169)
*28,173*
*21,079*
*7,097*
(189)
*27,987*
*20,830*
*7,007*
(205)
*27,632*
*2,969*
*998*
(29)
*3,938*
YOY
Cost of revenues
3 %
(3 %)
1 %
Selling, general and administrative
4 %
(7 %)
2 %
Research and development
(13 %)
0 %
(12 %)
Costs and expenses
(1 %)
(4 %)
(2 %)
*Operating income (loss)*
*5,498*
*747*
29
*6,274*
*5,608*
*342*
(6)
*5,944*
*5,694*
*239*
(8)
*5,925*
*811*
*34*
(1)
*844*
YOY
4 %
(68 %)
(6 %)
QOQ
2 %
(30 %)
(0 %)
Operating margin
21 %
9 %
18 %
21 %
5 %
18 %
21 %
3 %
18 %
Add: total other income (loss), net
2,159
(254)
-
1,905
1,011
(240)
-
771
2,667
8
-
2,675
380
1
-
381
Less: income tax expense
1,272
10
-
1,282
1,105
26
-
1,131
803
11
-
814
114
2
-
116
Less: net (loss) income attributable to NCI
(51)
7
260^(3)
216
52
7
37^(3)
96
22
7
125^(3)
154
3
-
18^(3)
21
*Net income (loss) attributable to Baidu*
*6,436*
*476*
(231)
*6,681*
*5,462*
*69*
(43)
*5,488*
*7,536*
*229*
(133)
*7,632*
*1,074*
*33*
(19)
*1,088*
YOY
17 %
(52 %)
14 %
QOQ
38 %
232 %
39 %
Net margin
24 %
6 %
19 %
20 %
1 %
16 %
28 %
3 %
23 %
Non-GAAP financial measures:
*Operating income (non-GAAP)*
*6,672*
*895*
*7,596*
*7,005*
*501*
*7,500*
*6,652*
*370*
*7,014*
*948*
*52*
*999*
YOY
(0 %)
(59 %)
(8 %)
QOQ
(5 %)
(26 %)
(6 %)
Operating margin (non-GAAP)
25 %
11 %
22 %
26 %
7 %
22 %
25 %
5 %
21 %
*Net income attributable to Baidu (non-*
*GAAP)*
*6,956*
*622*
*7,267*
*7,290*
*247*
*7,396*
*5,676*
*480*
*5,886*
*809*
*68*
*839*
YOY
(18 %)
(23 %)
(19 %)
QOQ
(22 %)
94 %
(20 %)
Net margin (non-GAAP)
26 %
8 %
21 %
27 %
3 %
22 %
21 %
7 %
18 %
*Adjusted EBITDA*
*8,513*
*963*
*9,505*
*8,617*
*536*
*9,147*
*8,336*
*405*
*8,733*
*1,188*
*57*
*1,244*
YOY
(2 %)
(58 %)
(8 %)
QOQ
(3 %)
(24 %)
(5 %)
Adjusted EBITDA margin
32 %
12 %
28 %
32 %
7 %
27 %
31 %
6 %
26 %
(1) Includes share-based compensation as follows:
Cost of revenues
107
32
139
117
29
146
73
31
104
11
4
15
Selling, general and administrative
290
68
358
292
93
385
268
60
328
38
9
47
Research and development
732
46
778
945
36
981
574
38
612
82
5
87
Total share-based compensation
1,129
146
1,275
1,354
158
1,512
915
129
1,044
131
18
149
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
*Baidu, Inc. *
*Condensed Consolidated Statements of Cash Flows*
(In millions,unaudited)
*Three months ended *
*Three months ended *
*Three months ended *
*Three months ended *
*September 30, 2023 (RMB)*
*June 30, 2024 (RMB)*
*September 30, 2024 (RMB)*
*September 30, 2024 (US$)*
* Baidu *
*excl. iQIYI*
*iQIYI*
*Baidu, *
*Inc.*
* Baidu *
*excl. *
*iQIYI*
*iQIYI*
*Baidu, *
*Inc.*
* Baidu *
*excl. iQIYI*
*iQIYI*
*Baidu, *
*Inc.*
* Baidu *
*excl. *
*iQIYI*
*iQIYI*
*Baidu, *
*Inc.*
*Net cash provided by operating activities*
*8,694*
*831*
*9,525*
*7,970*
*409*
*8,379*
*4,036*
*243*
*4,279*
*575*
*35*
*610*
Net cash (used in) provided by investing activities
(11,345)
(55)
(11,400)
13,824
337
14,161
(12,300)
(1,663)
(13,963)
(1,753)
(237)
(1,990)
Net cash (used in) provided by financing activities
(5,253)
269
(4,984)
(9,946)
869
(9,077)
(2,787)
(2,612)
(5,399)
(397)
(372)
(769)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
153
5
158
66
22
88
(721)
(84)
(805)
(103)
(12)
(115)
*Net (decrease) increase in cash, cash *
*equivalents and restricted cash *
*(7,751)*
*1,050*
*(6,701)*
*11,914*
*1,637*
*13,551*
*(11,772)*
*(4,116)*
*(15,888)*
*(1,678)*
*(586)*
*(2,264)*
Cash, cash equivalents and restricted cash
At beginning of period
49,814
5,082
54,896
36,964
6,270
43,234
48,878
7,907
56,785
6,965
1,127
8,092
At end of period
42,063
6,132
48,195
48,878
7,907
56,785
37,106
3,791
40,897
5,287
541
5,828
*Net cash provided by operating activities*
*8,694*
*831*
*9,525*
*7,970*
*409*
*8,379*
*4,036*
*243*
*4,279*
*575*
*35*
*610*
Less: Capital expenditures
(3,525)
(4)
(3,529)
(2,090)
(28)
(2,118)
(1,637)
(8)
(1,645)
(233)
(1)
(234)
*Free cash flow*
*5,169*
*827*
*5,996*
*5,880*
*381*
*6,261*
*2,399*
*235*
*2,634*
*342*
*34*
*376*
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.
*Baidu, Inc. *
*Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures *
(In millions except for per ADS information, unaudited)
*Three months ended *
*Three months ended *
*Three months ended *
*Three months ended *
*September 30, 2023 (RMB)*
*June 30, 2024 (RMB)*
*September 30, 2024 (RMB)*
*September 30, 2024 (US$)*
*Baidu *
*Core*
*iQIYI*
*Baidu, *
*Inc.*
*Baidu *
*Core*
*iQIYI*
*Baidu, *
*Inc.*
*Baidu *
*Core*
*iQIYI*
*Baidu, *
*Inc.*
*Baidu *
*Core*
*iQIYI*
*Baidu, *
*Inc.*
*Operating income*
*5,498*
*747*
*6,274*
*5,608*
*342*
*5,944*
*5,694*
*239*
*5,925*
*811*
*34*
*844*
Add: Share-based compensation expenses
1,129
146
1,275
1,354
158
1,512
915
129
1,044
131
18
149
Add: Amortization and impairment of intangible assets^(1)
45
2
47
43
1
44
43
2
45
6
-
6
*Operating income (non-GAAP)*
*6,672*
*895*
*7,596*
*7,005*
*501*
*7,500*
*6,652*
*370*
*7,014*
*948*
*52*
*999*
Add: Depreciation of fixed assets
1,841
68
1,909
1,612
35
1,647
1,684
35
1,719
240
5
245
*Adjusted EBITDA*
*8,513*
*963*
*9,505*
*8,617*
*536*
*9,147*
*8,336*
*405*
*8,733*
*1,188*
*57*
*1,244*
*Net income attributable to Baidu*
*6,436*
*476*
*6,681*
*5,462*
*69*
*5,488*
*7,536*
*229*
*7,632*
*1,074*
*33*
*1,088*
Add: Share-based compensation expenses
1,128
146
1,194
1,353
158
1,425
914
129
972
130
18
138
Add: Amortization and impairment of intangible assets^(1)
43
2
44
41
1
41
41
2
42
6
-
6
Add: Disposal (gain) loss
(753)
-
(753)
(30)
-
(30)
(1,501)
22
(1,491)
(214)
3
(212)
Add: Impairment of long-term investments
46
-
46
26
17
34
26
91
68
4
13
10
Add: Fair value (gain) loss of long-term investments
(384)
(2)
(385)
531
2
531
(1,361)
7
(1,358)
(194)
1
(194)
Add: Reconciling items on equity method investments^(2)
572
-
572
83
-
83
8
-
8
1
-
1
Add: Tax effects on non-GAAP adjustments^(3)
(132)
-
(132)
(176)
-
(176)
13
-
13
2
-
2
*Net income attributable to Baidu (non-GAAP)*
*6,956*
*622*
*7,267*
*7,290*
*247*
*7,396*
*5,676*
*480*
*5,886*
*809*
*68*
*839*
*Diluted earnings per ADS*
*18.22*
*15.01*
*21.60*
*3.08*
Add: Accretion of the redeemable noncontrolling
interests
0.53
0.57
0.01
-
Add: Non-GAAP adjustments to earnings per ADS
1.65
5.44
(5.01)
(0.71)
*Diluted earnings per ADS (non-GAAP)*
*20.40*
*21.02*
*16.60*
*2.37*
(1) This represents amortization and impairment of intangible assets resulting from business combinations.
(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of
their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.
(3) This represents tax impact of all non-GAAP adjustments
|
||||
|
|
||||
You Might Like |
||||
