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 areprovided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations ofNon-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 andrestricted 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.
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