Close Menu
    Analytics

    Baidu Announces Third Quarter 2024 Results

    By No Comments16 Mins Read
    Baidu

    News provided by

    Baidu, Inc. 

    Nov 21, 2024, 04:00 ET

    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)Q3Q2Q3
    202320242024YOYQOQ
    RMBRMBRMBUS$
    Total revenues 34,44733,93133,5574,782(3 %)(1 %)
    Operating income6,2745,9445,925844(6 %)(0 %)
    Operating income (non-GAAP)  [2]7,5967,5007,014999(8 %)(6 %)
    Net income to Baidu6,6815,4887,6321,08814 %39 %
    Net income to Baidu (non-GAAP) [2]7,2677,3965,886839(19 %)(20 %)
    Diluted earnings per ADS18.2215.0121.603.0819 %44 %
    Diluted earnings per ADS (non-GAAP) [2]20.4021.0216.602.37(19 %)(21 %)
    Adjusted EBITDA [2]9,5059,1478,7331,244(8 %)(5 %)
    Adjusted EBITDA margin28 %27 %26 %26 %
    Baidu Core
    (In millions, unaudited)Q3Q2Q3
    202320242024YOYQOQ
    RMBRMBRMBUS$
    Total revenues 26,57226,68726,5243,780(0 %)(1 %)
    Operating income5,4985,6085,6948114 %2 %
    Operating income (non-GAAP) [2]6,6727,0056,652948(0 %)(5 %)
    Net income to Baidu Core6,4365,4627,5361,07417 %38 %
    Net income to Baidu Core (non-GAAP) [2]6,9567,2905,676809(18 %)(22 %)
    Adjusted EBITDA [2]8,5138,6178,3361,188(2 %)(3 %)
    Adjusted EBITDA margin32 %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.10statistical 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 Measuresto 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,
    2023202420242024
    RMBRMBRMBUS$(2)
    Revenues:
    Online marketing services21,34620,62520,1082,865
    Others13,10113,30613,4491,917
    Total revenues 34,44733,93133,5574,782
    Costs and expenses:
    Cost of revenues(1)16,29416,39816,3992,337
    Selling, general and administrative(1)5,7785,7005,867836
    Research and development(1)6,1015,8895,366765
    Total costs and expenses28,17327,98727,6323,938
    Operating income6,2745,9445,925844
    Other income:
    Interest income2,0821,9931,877267
    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)325
    Others, net1,100(454)2,535361
    Total other income, net1,9057712,675381
    Income before income taxes8,1796,7158,6001,225
    Income tax expense1,2821,131814116
    Net income 6,8975,5847,7861,109
    Net income attributable to noncontrolling interests2169615421
    Net income attributable to Baidu6,6815,4887,6321,088
    Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
     -Basic18.4515.1121.933.13
     -Diluted18.2215.0121.603.08
    Earnings per share for Class A and Class B ordinary shares:
     -Basic2.311.892.740.39
     -Diluted2.281.882.700.38
    Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
     -Basic 2,8142,7962,7852,785
     -Diluted2,8462,8042,7892,789
    (1)  Includes share-based compensation expenses as follows:
     Cost of revenues 13914610415
     Selling, general and administrative 35838532847
     Research and development 77898161287
     Total share-based compensation expenses 1,2751,5121,044149
    (2)  All translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate in effect as ofSeptember 30, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
    Baidu, Inc. 
    Condensed Consolidated Balance Sheets
    (In millions, unaudited)
    December 31,September 30,September 30,
    202320242024
    RMBRMBUS$
    ASSETS
    Current assets:
    Cash and cash equivalents25,23128,6824,087
    Restricted cash11,50311,6651,662
    Short-term investments, net168,670104,12914,838
    Accounts receivable, net10,8489,8481,403
    Amounts due from related parties1,4241,379197
    Other current assets, net12,57916,4152,339
    Total current assets230,255172,11824,526
    Non-current assets:
    Fixed assets, net27,96029,6964,232
    Licensed copyrights, net6,9676,862978
    Produced content, net13,37714,3132,040
    Intangible assets, net881749107
    Goodwill22,58622,5863,218
    Long-term investments, net47,95744,6376,361
    Long-term time deposits and held-to-maturity investments24,66688,54712,618
    Amounts due from related parties19512017
    Deferred tax assets, net2,1002,852406
    Operating lease right-of-use assets10,85110,6931,524
    Other non-current assets18,96424,1433,440
    Total non-current assets176,504245,19834,941
    Total assets406,759417,31659,467
    LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
    Current liabilities:
    Short-term loans10,25711,9691,706
    Accounts payable and accrued liabilities37,71739,0005,557
    Customer deposits and deferred revenue14,62714,3102,039
    Deferred income30630043
    Long-term loans, current portion2375
    Convertible senior notes, current portion2,802172
    Notes payable, current portion6,0297,7141,099
    Amounts due to related parties1,6031,959279
    Operating lease liabilities3,1083,123445
    Total current liabilities76,45178,42911,175
    Non-current liabilities:
    Deferred income20026538
    Deferred revenue48153276
    Amounts due to related parties77619
    Long-term loans14,22314,4872,064
    Notes payable34,99026,9113,835
    Convertible senior notes8,1448,1871,167
    Deferred tax liabilities2,7252,885411
    Operating lease liabilities5,0404,911700
    Other non-current liabilities1,8201,457208
    Total non-current liabilities67,70059,6968,508
    Total liabilities144,151138,12519,683
    Redeemable noncontrolling interests9,4659,3121,327
    Equity
    Total Baidu shareholders’ equity243,626259,64936,999
    Noncontrolling interests9,51710,2301,458
    Total equity253,143269,87938,457
    Total liabilities, redeemable noncontrolling interests, and equity406,759417,31659,467
    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    		iQIYIElim &
    adj(2)    		Baidu,
    Inc.    		Baidu
    Core    		iQIYIElim &
    adj(2)    		Baidu,
    Inc.    		Baidu
    Core    		iQIYIElim &adj(2)Baidu,Inc.BaiduCoreiQIYIElim &adj(2)Baidu,Inc.
    Total revenues 26,5728,015(140)34,44726,6877,439(195)33,93126,5247,246(213)33,5573,7801,032(30)4,782
      YOY(0 %)(10 %)(3 %)
      QOQ(1 %)(3 %)(1 %)
    Costs and expenses: 
      Cost of revenues (1)10,6105,840(156)16,29410,8885,678(168)16,39810,9235,650(174)16,3991,557805(25)2,337
      Selling, general and administrative (1)4,810981(13)5,7784,751970(21)5,7004,990908(31)5,867711129(4)836
      Research and development (1)5,654447–6,1015,440449–5,8894,917449–5,36670164–765
    Total costs and expenses 21,0747,268(169)28,17321,0797,097(189)27,98720,8307,007(205)27,6322,969998(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)5,498747296,2745,608342(6)5,9445,694239(8)5,92581134(1)844
      YOY4 %(68 %)(6 %)
      QOQ2 %(30 %)(0 %)
    Operating margin 21 %9 %18 %21 %5 %18 %21 %3 %18 %
      Add: total other income (loss), net2,159(254)–1,9051,011(240)–7712,6678–2,6753801–381
      Less: income tax expense1,27210–1,2821,10526–1,13180311–8141142–116
      Less: net (loss) income attributable to NCI(51)7260(3)21652737(3)96227125(3)1543–18(3)21
    Net income (loss) attributable to Baidu6,436476(231)6,6815,46269(43)5,4887,536229(133)7,6321,07433(19)1,088
      YOY17 %(52 %)14 %
      QOQ38 %232 %39 %
    Net margin 24 %6 %19 %20 %1 %16 %28 %3 %23 %
    Non-GAAP financial measures:
    Operating income (non-GAAP)6,6728957,5967,0055017,5006,6523707,01494852999
      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)6,9566227,2677,2902477,3965,6764805,88680968839
      YOY(18 %)(23 %)(19 %)
      QOQ(22 %)94 %(20 %)
    Net margin (non-GAAP)26 %8 %21 %27 %3 %22 %21 %7 %18 %
    Adjusted EBITDA8,5139639,5058,6175369,1478,3364058,7331,188571,244
      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 1073213911729146733110411415
     Selling, general and administrative 29068358292933852686032838947
     Research and development 73246778945369815743861282587
     Total share-based compensation 1,1291461,2751,3541581,5129151291,04413118149
     (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$)
     Baiduexcl. iQIYIiQIYIBaidu,Inc. Baiduexcl. iQIYIiQIYIBaidu,Inc. Baiduexcl. iQIYIiQIYIBaidu,Inc. Baiduexcl. iQIYIiQIYIBaidu,Inc.
    Net cash provided by operating activities8,6948319,5257,9704098,3794,0362434,27957535610
    Net cash (used in) provided by investing activities (11,345)(55)(11,400)13,82433714,161(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, cashequivalents and restricted cash1535158662288(721)(84)(805)(103)(12)(115)
    Net (decrease) increase in cash, cashequivalents and restricted cash (7,751)1,050(6,701)11,9141,63713,551(11,772)(4,116)(15,888)(1,678)(586)(2,264)
    Cash, cash equivalents and restricted cash
      At beginning of period49,8145,08254,89636,9646,27043,23448,8787,90756,7856,9651,1278,092
      At end of period42,0636,13248,19548,8787,90756,78537,1063,79140,8975,2875415,828
    Net cash provided by operating activities8,6948319,5257,9704098,3794,0362434,27957535610
    Less: Capital expenditures(3,525)(4)(3,529)(2,090)(28)(2,118)(1,637)(8)(1,645)(233)(1)(234)
    Free cash flow5,1698275,9965,8803816,2612,3992352,63434234376
    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$)
    BaiduCoreiQIYIBaidu,Inc.BaiduCoreiQIYIBaidu,Inc.BaiduCoreiQIYIBaidu,Inc.BaiduCoreiQIYIBaidu,Inc.
    Operating income5,4987476,2745,6083425,9445,6942395,92581134844
    Add: Share-based compensation expenses1,1291461,2751,3541581,5129151291,04413118149
    Add: Amortization and impairment of intangible assets(1)4524743144432456–6
    Operating income (non-GAAP)6,6728957,5967,0055017,5006,6523707,01494852999
    Add:  Depreciation of fixed assets1,841681,9091,612351,6471,684351,7192405245
    Adjusted EBITDA8,5139639,5058,6175369,1478,3364058,7331,188571,244
    Net income attributable to Baidu6,4364766,6815,462695,4887,5362297,6321,074331,088
    Add: Share-based compensation expenses1,1281461,1941,3531581,42591412997213018138
    Add: Amortization and impairment of intangible assets(1)4324441141412426–6
    Add: Disposal (gain) loss(753)–(753)(30)–(30)(1,501)22(1,491)(214)3(212)
    Add: Impairment of long-term investments46–4626173426916841310
    Add: Fair value (gain) loss of long-term investments(384)(2)(385)5312531(1,361)7(1,358)(194)1(194)
    Add: Reconciling items on equity method investments(2)572–57283–838–81–1
    Add: Tax effects on non-GAAP adjustments(3)(132)–(132)(176)–(176)13–132–2
    Net income attributable to Baidu (non-GAAP)6,9566227,2677,2902477,3965,6764805,88680968839
    Diluted earnings per ADS18.2215.0121.603.08
    Add:  Accretion of the redeemable noncontrollinginterests0.530.570.01–
    Add:  Non-GAAP adjustments to earnings per ADS1.655.44(5.01)(0.71)
    Diluted earnings per ADS (non-GAAP)20.4021.0216.602.37
    (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 oftheir 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

    SOURCE Baidu, Inc.

    Related Posts

    Add A Comment
    Leave A Reply