BEIJING, May 16, 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 first quarter ended March 31, 2024.

“Baidu Core’s online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter,” said Robin Li, Co-founder and CEO of Baidu. “As a new era of Gen-AI unfolds in China, foundation models like ERNIE will serve as the underlying infrastructure, infusing various facets of people’s lives. We are making our ERNIE family of models increasingly affordable and efficient. This should provide Baidu with even greater opportunities ahead.”

“In the first quarter of 2024, Baidu Core’s non-GAAP operating margin expanded both year-over-year and quarter-over-quarter to 23.5%. We have established a track record of consistently improving operational efficiency. In the coming quarters, we will execute on what is needed to optimize our operational efficiency in support of our AI enabled businesses and high-quality growth, and maintain a healthy non-GAAP operating margin,” said Rong Luo, CFO of Baidu.

First Quarter 2024 Financial Highlights[1]

Baidu, Inc.

(In millions except per

Q1

Q4

Q1

ADS, unaudited)

2023

2023

2024

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues

31,144

34,951

31,513

4,365

1 %

(10 %)

Operating income

4,980

5,392

5,484

760

10 %

2 %

Operating income (non-GAAP) [2]

6,428

7,075

6,673

924

4 %

(6 %)

Net income to Baidu

5,825

2,599

5,448

755

(6 %)

110 %

Net income to Baidu (non-GAAP) [2]

5,727

7,755

7,011

971

22 %

(10 %)

Diluted earnings per ADS

15.92

6.77

14.91

2.07

(6 %)

120 %

Diluted earnings per ADS (non-GAAP) [2] 

16.10

21.86

19.91

2.76

24 %

(9 %)

Adjusted EBITDA [2]

8,145

9,057

8,244

1,142

1 %

(9 %)

Adjusted EBITDA margin

26 %

26 %

26 %

26 %

 

Baidu Core

Q1

Q4

Q1

(In millions, unaudited)

2023

2023

2024

YOY

QOQ

RMB

RMB

RMB

US$

Total revenues

22,998

27,488

23,803

3,297

4 %

(13 %)

Operating income

4,091

4,668

4,538

629

11 %

(3 %)

Operating income (non-GAAP) [2]

5,363

6,197

5,586

774

4 %

(10 %)

Net income to Baidu Core

5,513

2,440

5,150

713

(7 %)

111 %

Net income to Baidu Core (non-GAAP) [2]

5,268

7,500

6,628

918

26 %

(12 %)

Adjusted EBITDA [2]

7,003

8,118

7,118

986

2 %

(12 %)

Adjusted EBITDA margin

30 %

30 %

30 %

30 %

 

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2203 as of March 29, 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

  • Baidu returned US$229 million to shareholders since the beginning of Q1 2024, bringing the cumulative repurchase to US$898 million under the 2023 share repurchase program.
  • Baidu released its annual ESG Report on May 13, 2024, which details Baidu’s latest ESG policies and sustainability initiatives. (http://esg.baidu.com/Uploads/Baidu_2023_ESG_Report.pdf).

AI Cloud

  • PaddlePaddle developer community grew to 13 million in mid-April, 2024.
  • Baidu expanded the ERNIE family of models, by launching several lightweight large language models in Q1 2024, making ERNIE increasingly affordable.
  • Baidu launched and improved the tools on its MaaS platform for enterprise customers in Q1 2024. These tools aim to facilitate the development of AI-native applications, AI agents, and the creation of customized models on Baidu’s MaaS platform.

Intelligent Driving

  • Apollo Go, Baidu’s autonomous ride-hailing service, provided about 826K rides in the first quarter of 2024, up 25% year over year. As of April 19, 2024, the cumulative rides provided to the public by Apollo Go surpassed 6 million.

Mobile Ecosystem

  • In March 2024, Baidu App’s MAUs reached 676 million, up 3% year over year.
  • Managed Page accounted for 50% of Baidu Core’s online marketing revenue in the first quarter of 2024.

First Quarter 2024 Financial Results

Total revenues were RMB31.5 billion ($4.37 billion), increasing 1% year over year.

  • Revenue from Baidu Core was RMB23.8 billion ($3.30 billion), increasing 4% year over year; online marketing revenue was RMB17.0 billion ($2.36 billion), up 3% year over year, and non-online marketing revenue was RMB6.8 billion ($935 million), up 6% year over year, mainly driven by AI Cloud business.
  • Revenue from iQIYI was RMB7.9 billion ($1.10 billion), decreasing 5% year over year.

Cost of revenues was RMB15.3 billion ($2.12 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 the decrease in content costs.

Selling, general and administrative expenses were RMB5.4 billion ($745 million), accounting for 17% of total revenues in the quarter, compared to 18% in the same period last year.

Research and development expenses were RMB5.4 billion ($742 million), decreasing 1% year over year, primarily due to a decrease in personnel related expenses and other R&D expenditures, partially offset by the increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.

Operating income was RMB5.5 billion ($760 million). Baidu Core operating income was RMB4.5 billion ($629 million), and Baidu Core operating margin was 19%. Non-GAAP operating income was RMB6.7 billion ($924 million). Non-GAAP Baidu Core operating income was RMB5.6 billion ($774 million), and non-GAAP Baidu Core operating margin was 23%.

Total other income, net was RMB1.2 billion ($173 million), decreasing 52% year over year, primarily due to a decrease in fair value gain from long-term investments, partially offset by the increase in net foreign exchange gain.

Income tax expense was RMB883 million ($122 million), compared to RMB1.2 billion in the same period last year.

Net income attributable to Baidu was RMB5.4 billion ($755 million), and diluted earnings per ADS was RMB14.91 ($2.07). Net income attributable to Baidu Core was RMB5.2 billion ($713 million), and net margin for Baidu Core was 22%. Non-GAAP net income attributable to Baidu was RMB7.0 billion ($971 million). Non-GAAP diluted earnings per ADS was RMB19.91 ($2.76). Non-GAAP net income attributable to Baidu Core was RMB6.6 billion ($918 million), and non-GAAP net margin for Baidu Core was 28%.

Adjusted EBITDA was RMB8.2 billion ($1.14 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB7.1 billion ($986 million) and adjusted EBITDA margin for Baidu Core was 30%.

As of March 31, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB191.8 billion ($26.56 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB185.8 billion ($25.73 billion). Free cash flow was RMB4.2 billion ($579 million), and free cash flow excluding iQIYI was RMB3.3 billion ($452 million).

Conference Call Information

Baidu’s management will hold an earnings conference call at 8.00 AM on May 16, 2024, U.S. Eastern Time (8.00 PM on May 16, 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. Q1 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/10038153-8wbttd.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 (loss), non-GAAP operating margin, non-GAAP net income (loss) 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 or loss, impairment of long-term investments, and fair value change 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

March 31,

December 31,

March 31,

March 31,

2023

2023

2024

2024

RMB

RMB

RMB

US$(2)

Revenues:

Online marketing services

17,972

20,804

18,490

2,561

Others

13,172

14,147

13,023

1,804

Total revenues 

31,144

34,951

31,513

4,365

Costs and expenses:

Cost of revenues(1)

15,152

17,418

15,291

2,118

Selling, general and administrative(1)

5,589

5,854

5,375

745

Research and development(1)

5,423

6,287

5,363

742

Total costs and expenses

26,164

29,559

26,029

3,605

Operating income

4,980

5,392

5,484

760

Other income (loss):

Interest income

1,915

2,064

2,091

290

Interest expense

(804)

(774)

(766)

(106)

Foreign exchange (loss) gain, net

(106)

(449)

401

56

Share of losses from equity method investments

(48)

(2,970)

(205)

(28)

Others, net

1,638

(398)

(275)

(39)

Total other income (loss), net

2,595

(2,527)

1,246

173

Income before income taxes

7,575

2,865

6,730

933

Income tax expense (benefit)

1,193

(96)

883

122

Net income 

6,382

2,961

5,847

811

Net income attributable to noncontrolling interests

557

362

399

56

Net income attributable to Baidu

5,825

2,599

5,448

755

Earnings per ADS (1 ADS representing 8 Class A ordinary shares):

 -Basic

16.17

6.85

14.97

2.07

 -Diluted

15.92

6.77

14.91

2.07

Earnings per share for Class A and Class B ordinary shares:

 -Basic

2.02

0.86

1.87

0.26

 -Diluted

1.99

0.85

1.86

0.26

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

 -Basic 

2,798

2,812

2,804

2,804

 -Diluted

2,837

2,830

2,816

2,816

(1)  Includes share-based compensation expenses as follows:

 Cost of revenues 

98

159

108

15

 Selling, general and administrative 

463

411

417

58

 Research and development 

828

1,068

618

86

 Total share-based compensation expenses 

1,389

1,638

1,143

159

(2)  All translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 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,

March 31,

March 31,

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

25,231

30,418

4,213

Restricted cash

11,503

11,591

1,605

Short-term investments, net

168,670

149,781

20,744

Accounts receivable, net

10,848

10,935

1,514

Amounts due from related parties

1,424

1,173

162

Other current assets, net

12,579

13,580

1,882

Total current assets

230,255

217,478

30,120

Non-current assets:

Fixed assets, net

27,960

28,157

3,900

Licensed copyrights, net

6,967

6,920

958

Produced content, net

13,377

13,613

1,885

Intangible assets, net

881

873

121

Goodwill

22,586

22,586

3,128

Long-term investments, net

47,957

46,947

6,502

Long-term time deposits and held-to-maturity investments

24,666

45,407

6,289

Amounts due from related parties

195

289

40

Deferred tax assets, net

2,100

2,256

312

Operating lease right-of-use assets

10,851

10,692

1,481

Other non-current assets

18,964

19,479

2,699

Total non-current assets

176,504

197,219

27,315

Total assets

406,759

414,697

57,435

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,257

13,716

1,900

Accounts payable and accrued liabilities

37,717

36,739

5,089

Customer deposits and deferred revenue

14,627

13,641

1,889

Deferred income

306

232

32

Long-term loans, current portion

2

23

3

Convertible senior notes, current portion

2,802

2,855

395

Notes payable, current portion

6,029

6,136

850

Amounts due to related parties

1,603

1,475

204

Operating lease liabilities

3,108

3,114

431

Total current liabilities

76,451

77,931

10,793

Non-current liabilities:

Deferred income

200

198

27

Deferred revenue

481

509

70

Amounts due to related parties

77

72

10

Long-term loans

14,223

14,705

2,037

Notes payable

34,990

35,605

4,931

Convertible senior notes

8,144

8,357

1,157

Deferred tax liabilities

2,725

2,818

390

Operating lease liabilities

5,040

4,886

677

Other non-current liabilities

1,820

1,853

258

Total non-current liabilities

67,700

69,003

9,557

Total liabilities

144,151

146,934

20,350

Redeemable noncontrolling interests

9,465

9,906

1,372

Equity

Total Baidu shareholders’ equity

243,626

248,007

34,349

Noncontrolling interests

9,517

9,850

1,364

Total equity

253,143

257,857

35,713

Total liabilities, redeemable noncontrolling interests, and
equity

406,759

414,697

57,435

 

 

Baidu, Inc. 

Selected Information

(In millions, unaudited)

Three months ended
March 31, 2023 (RMB)

Three months ended
December 31, 2023 (RMB)

Three months ended
March 31, 2024 (RMB)

Three months ended
March 31, 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 

22,998

8,349

(203)

31,144

27,488

7,707

(244)

34,951

23,803

7,927

(217)

31,513

3,297

1,098

(30)

4,365

  YOY

4 %

(5 %)

1 %

  QOQ

(13 %)

3 %

(10 %)

Costs and expenses: 

  Cost of revenues (1)

9,379

5,956

(183)

15,152

12,050

5,533

(165)

17,418

9,839

5,631

(179)

15,291

1,363

780

(25)

2,118

  Selling, general and administrative (1)

4,533

1,106

(50)

5,589

4,936

948

(30)

5,854

4,492

922

(39)

5,375

622

128

(5)

745

  Research and development (1)

4,995

428

5,423

5,834

453

6,287

4,934

429

5,363

683

59

742

Total costs and expenses 

18,907

7,490

(233)

26,164

22,820

6,934

(195)

29,559

19,265

6,982

(218)

26,029

2,668

967

(30)

3,605

  YOY 

  Cost of revenues 

5 %

(5 %)

1 %

  Selling, general and administrative 

(1 %)

(17 %)

(4 %)

  Research and development 

(1 %)

0 %

(1 %)

  Costs and expenses

2 %

(7 %)

(1 %)

Operating income (loss)

4,091

859

30

4,980

4,668

773

(49)

5,392

4,538

945

1

5,484

629

131

760

  YOY

11 %

10 %

10 %

  QOQ

(3 %)

22 %

2 %

Operating margin 

18 %

10 %

16 %

17 %

10 %

15 %

19 %

12 %

17 %

  Add: total other income (loss), net

2,803

(208)

2,595

(2,267)

(260)

(2,527)

1,508

(262)

1,246

209

(36)

173

  Less: income tax expense (benefit)

1,168

25

1,193

(134)

38

(96)

866

17

883

120

2

122

  Less: net income attributable to NCI

213

8

336

(3)

557

95

9

258

(3)

362

30

11

358

(3)

399

5

2

49

(3)

56

Net income (loss) attributable to Baidu

5,513

618

(306)

5,825

2,440

466

(307)

2,599

5,150

655

(357)

5,448

713

91

(49)

755

  YOY

(7 %)

6 %

(6 %)

  QOQ

111 %

41 %

110 %

Net margin 

24 %

7 %

19 %

9 %

6 %

7 %

22 %

8 %

17 %

Non-GAAP financial measures:

Operating income (non-GAAP)

5,363

1,035

6,428

6,197

927

7,075

5,586

1,086

6,673

774

150

924

  YOY

4 %

5 %

4 %

  QOQ

(10 %)

17 %

(6 %)

Operating margin (non-GAAP)

23 %

12 %

21 %

23 %

12 %

20 %

23 %

14 %

21 %

Net income attributable to Baidu (non-GAAP)

5,268

940

5,727

7,500

681

7,755

6,628

844

7,011

918

117

971

  YOY

26 %

(10 %)

22 %

  QOQ

(12 %)

24 %

(10 %)

Net margin (non-GAAP)

23 %

11 %

18 %

27 %

9 %

22 %

28 %

11 %

22 %

Adjusted EBITDA

7,003

1,112

8,145

8,118

988

9,057

7,118

1,125

8,244

986

156

1,142

  YOY

2 %

1 %

1 %

  QOQ

(12 %)

14 %

(9 %)

Adjusted EBITDA margin 

30 %

13 %

26 %

30 %

13 %

26 %

30 %

14 %

26 %

(1)  Includes share-based compensation as follows:

 Cost of revenues 

65

33

98

125

34

159

76

32

108

11

4

15

 Selling, general and administrative 

377

86

463

340

71

411

353

64

417

49

9

58

 Research and development 

778

50

828

1,020

48

1,068

575

43

618

80

6

86

 Total share-based compensation 

1,220

169

1,389

1,485

153

1,638

1,004

139

1,143

140

19

159

 (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 

March 31, 2023 (RMB)

December 31, 2023 (RMB)

March 31, 2024 (RMB)

March 31, 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

4,838

1,002

5,840

9,985

633

10,618

5,284

936

6,220

731

130

861

Net cash (used in) provided by investing activities 

(32,816)

167

(32,649)

(11,805)

(1,431)

(13,236)

(2,893)

(223)

(3,116)

(401)

(31)

(432)

Net cash provided by (used in) financing activities

1,055

(3,357)

(2,302)

(7,586)

(22)

(7,608)

2,126

261

2,387

295

36

331

Effect of exchange rate changes on cash, cash
equivalents and restricted cash

(96)

(9)

(105)

(364)

(31)

(395)

154

15

169

21

2

23

Net (decrease) increase in cash, cash equivalents and
restricted cash 

(27,019)

(2,197)

(29,216)

(9,770)

(851)

(10,621)

4,671

989

5,660

646

137

783

Cash, cash equivalents and restricted cash

  At beginning of period

57,374

7,862

65,236

42,063

6,132

48,195

32,293

5,281

37,574

4,473

731

5,204

  At end of period

30,355

5,665

36,020

32,293

5,281

37,574

36,964

6,270

43,234

5,119

868

5,987

Net cash provided by operating activities

4,838

1,002

5,840

9,985

633

10,618

5,284

936

6,220

731

130

861

Less: Capital expenditures

(1,295)

(1,295)

(3,641)

(19)

(3,660)

(2,016)

(22)

(2,038)

(279)

(3)

(282)

Free cash flow

3,543

1,002

4,545

6,344

614

6,958

3,268

914

4,182

452

127

579

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 

March 31, 2023 (RMB)

December 31, 2023 (RMB)

March 31, 2024 (RMB)

March 31, 2024 (US$)

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Operating income

4,091

859

4,980

4,668

773

5,392

4,538

945

5,484

629

131

760

Add: Share-based compensation expenses

1,220

169

1,389

1,485

153

1,638

1,004

139

1,143

140

19

159

Add: Amortization and impairment of intangible assets(1)

52

7

59

44

1

45

44

2

46

5

5

Operating income (non-GAAP)

5,363

1,035

6,428

6,197

927

7,075

5,586

1,086

6,673

774

150

924

Add:  Depreciation of fixed assets

1,640

77

1,717

1,921

61

1,982

1,532

39

1,571

212

6

218

Adjusted EBITDA

7,003

1,112

8,145

8,118

988

9,057

7,118

1,125

8,244

986

156

1,142

Net income attributable to Baidu

5,513

618

5,825

2,440

466

2,599

5,150

655

5,448

713

91

755

Add: Share-based compensation expenses

1,220

169

1,297

1,484

153

1,553

1,003

139

1,066

139

19

147

Add: Amortization and impairment of intangible assets(1)

49

7

53

42

1

42

42

2

43

6

6

Add: Disposal (gain)

(217)

(217)

(37)

(1)

(38)

(458)

(458)

(63)

(63)

Add: Impairment of long-term investments

31

119

85

132

62

160

36

71

68

5

10

9

Add: Fair value (gain) loss of long-term investments

(1,312)

10

(1,307)

403

403

725

(23)

714

100

(3)

99

Add: Reconciling items on equity method investments(2)

(122)

18

(114)

3,172

3,172

280

280

39

39

Add: Tax effects on non-GAAP adjustments(3)

106

(1)

105

(136)

(136)

(150)

(150)

(21)

(21)

Net income attributable to Baidu (non-GAAP)

5,268

940

5,727

7,500

681

7,755

6,628

844

7,011

918

117

971

Diluted earnings per ADS

15.92

6.77

14.91

2.07

Add:  Accretion of the redeemable noncontrolling interests

0.46

0.53

0.55

0.08

Add:  Non-GAAP adjustments to earnings per ADS

(0.28)

14.56

4.45

0.61

Diluted earnings per ADS (non-GAAP)

16.10

21.86

19.91

2.76

(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.

 

 

Source : Baidu Announces First Quarter 2024 Results

The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business Directory.

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