BEIJING, Nov. 21, 2024 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a well-known AI corporate with robust Web foot, nowadays introduced its unaudited monetary effects for the 3rd 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,” stated 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,” stated Junjie He, Intervening time 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.”
3rd Quarter 2024 Monetary Highlights [1] |
||||||||||
Baidu, Inc. |
||||||||||
(In thousands and thousands apart from according to ADS, unaudited) |
Q3 |
Q2 |
Q3 |
|||||||
2023 |
2024 |
2024 |
YOY |
QOQ |
||||||
RMB |
RMB |
RMB |
US$ |
|||||||
Overall revenues |
34,447 |
33,931 |
33,557 |
4,782 |
(3 %) |
(1 %) |
||||
Working source of revenue |
6,274 |
5,944 |
5,925 |
844 |
(6 %) |
(0 %) |
||||
Working source of revenue (non-GAAP) [2] |
7,596 |
7,500 |
7,014 |
999 |
(8 %) |
(6 %) |
||||
Internet source of revenue to Baidu |
6,681 |
5,488 |
7,632 |
1,088 |
14 % |
39 % |
||||
Internet source of revenue to Baidu (non-GAAP) [2] |
7,267 |
7,396 |
5,886 |
839 |
(19 %) |
(20 %) |
||||
Diluted profits according to ADS |
18.22 |
15.01 |
21.60 |
3.08 |
19 % |
44 % |
||||
Diluted profits according to 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 thousands and thousands, unaudited) |
Q3 |
Q2 |
Q3 |
|||||||
2023 |
2024 |
2024 |
YOY |
QOQ |
||||||
RMB |
RMB |
RMB |
US$ |
|||||||
Overall revenues |
26,572 |
26,687 |
26,524 |
3,780 |
(0 %) |
(1 %) |
||||
Working source of revenue |
5,498 |
5,608 |
5,694 |
811 |
4 % |
2 % |
||||
Working source of revenue (non-GAAP) [2] |
6,672 |
7,005 |
6,652 |
948 |
(0 %) |
(5 %) |
||||
Internet source of revenue to Baidu Core |
6,436 |
5,462 |
7,536 |
1,074 |
17 % |
38 % |
||||
Internet source of revenue 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] Except in a different way famous, RMB to USD was once transformed at an change fee of RMB7.0176 as of September 30, 2024, as prepared forth within the H.10 statistical let go of the Board of Governors of the Federal Keep Device. Translations are supplied only for the ease of the reader. [2] Non-GAAP measures are outlined within the Non-GAAP Monetary Measures division (see additionally “Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for extra main points). |
Operational Highlights
Company
- In October 2024, Baidu was once upgraded from the prior ‘BBB’ score to an ‘A’ score through MSCI ESG Analysis.
- Baidu returned US$161 million to shareholders since early Q3 2024, bringing the cumulative repurchase to US$1.4 billion below the 2023 percentage repurchase program.
AI Cloud
- PaddlePaddle and ERNIE developer family grew to 18.1 million in November 2024.
- In November 2024, ERNIE treated roughly 1.5 billion API cries day by day, a vital soar from 600 million in August.
- Within the 3rd quarter of 2024, Baidu expanded the ERNIE public with two enhanced light-weight fashions, Velocity Professional and Lite Professional.
- Baidu AI Cloud was once ranked the Incorrect.1 AI cloud supplier for the 5th consecutive generation, in keeping with IDC’s 2023 file on China’s AI people cloud marketplace, issued in August 2024.
Clever Using
- Apollo Move, Baidu’s self sustaining ride-hailing provider, supplied 988K rides within the 3rd quarter of 2024, up 20% generation over generation. As of October 28, 2024, the cumulative rides supplied to the people through Apollo Move surpassed 8 million.
- Throughout the 3rd quarter of 2024, rides supplied through Apollo Move’s absolutely driverless automobiles accounted for over 70% of overall rides national. The share of absolutely driverless rides additional larger to 80% in October 2024.
- Our 6th occasion self sustaining automobile, the RT6, is now working on people roads in a couple of towns in China.
Cellular Ecosystem
- In September 2024, Baidu App’s MAUs reached 704 million, up 6% generation over generation.
- Controlled Web page accounted for 51% of Baidu Core’s internet marketing earnings within the 3rd quarter of 2024.
3rd Quarter 2024 Monetary Effects
Overall revenues had been RMB33.6 billion ($4.78 billion), reducing 3% generation over generation.
- Income from Baidu Core was once RMB26.5 billion ($3.78 billion), which was once principally flat from ultimate generation; internet marketing earnings was once RMB18.8 billion ($2.68 billion), reducing 4% generation over generation, and non-online advertising earnings was once RMB7.7 billion ($1.10 billion), up 12% generation over generation, principally pushed through AI Cloud industry.
- Income from iQIYI was once RMB7.2 billion ($1.03 billion), reducing 10% generation over generation.
Price of revenues was once RMB16.4 billion ($2.34 billion), expanding 1% generation over generation, essentially because of an build up in site visitors acquisition prices and prices connected to AI Cloud industry, in part offset through a cut in personnel-related bills and value of products offered.
Promoting, common and administrative bills had been RMB5.9 billion ($836 million), expanding 2% generation over generation, essentially because of an build up in channel spending and promotional advertising bills, in part offset through a cut in personnel-related bills.
Analysis and building bills had been RMB5.4 billion ($765 million), reducing 12% generation over generation, essentially because of a cut in personnel-related bills.
Working source of revenue was once RMB5.9 billion ($844 million). Baidu Core working source of revenue was once RMB5.7 billion ($811 million), and Baidu Core working margin was once 21%. Non-GAAP working source of revenue was once RMB7.0 billion ($999 million). Non-GAAP Baidu Core working source of revenue was once RMB6.7 billion ($948 million), and non-GAAP Baidu Core working margin was once 25%.
Overall alternative source of revenue, internet was once RMB2.7 billion ($381 million), expanding 40% generation over generation, essentially because of an build up in truthful worth achieve from long-term investments and disposal achieve, in part offset through an build up in internet foreign currency loss bobbing up from change fee fluctuation between Renminbi and U.S. buck.
Source of revenue tax expense was once RMB814 million ($116 million), in comparison to RMB1.3 billion in the similar length ultimate generation.
Internet source of revenue as a result of Baidu was once RMB7.6 billion ($1.09 billion), and diluted profits according to ADS was once RMB21.60 ($3.08). Internet source of revenue as a result of Baidu Core was once RMB7.5 billion ($1.07 billion), and internet margin for Baidu Core was once 28%. Non-GAAP internet source of revenue as a result of Baidu was once RMB5.9 billion ($839 million). Non-GAAP diluted profits according to ADS was once RMB16.60 ($2.37). Non-GAAP internet source of revenue as a result of Baidu Core was once RMB5.7 billion ($809 million), and non-GAAP internet margin for Baidu Core was once 21%.
Adjusted EBITDA was once RMB8.7 billion ($1.24 billion) and adjusted EBITDA margin was once 26%. Adjusted EBITDA for Baidu Core was once RMB8.3 billion ($1.19 billion) and adjusted EBITDA margin for Baidu Core was once 31%.
As of September 30, 2024, coins, coins equivalents, limited coins and non permanent investments had been RMB144.5 billion ($20.59 billion), and coins, coins equivalents, limited coins and non permanent investments except iQIYI had been RMB140.3 billion ($19.99 billion). Distant coins stream was once RMB2.6 billion ($376 million), and independent coins stream except iQIYI was once RMB2.4 billion ($342 million).
Convention Name Data
Baidu’s control will retain an profits convention name at 7.30 AM on November 21, 2024, U.S. Japanese Year (8.30 PM on November 21, 2024, Beijing Year).
Please sign in in progress of the convention name the use of the hyperlink supplied beneath. It’ll routinely direct you to the registration web page of “Baidu Inc. Q3 2024 Earnings Conference Call”. Please apply the stairs to go into your registration main points, nearest click on “Register”. Upon registering, you are going to nearest be supplied with the dial-in quantity, the passcode, and your distinctive get right of entry to PIN. This knowledge may also be emailed to you as a calendar ask over.
For pre-registration, please click on:
https://s1.c-conf.com/diamondpass/10043066-56ncpy.html
Within the 10 mins previous to the decision get started moment, you could worth the convention get right of entry to knowledge (together with dial-in quantity(s), the passcode and distinctive get right of entry to PIN) supplied within the calendar ask over that you’ve gained following your pre-registration.
Moreover, a are living and archived webcast of this convention name will likely be to be had at https://ir.baidu.com.
About Baidu
Based in 2000, Baidu’s project is to build the sophisticated international more practical via era. Baidu is a well-known AI corporate with robust Web foot, buying and selling on NASDAQ below “BIDU” and HKEX below “9888”. One Baidu ADS represents 8 Magnificence A habitual stocks.
Shield Harbor Commentary
This announcement accommodates forward-looking statements. Those statements are made below the “safe harbor” provisions of the U.S. Personal Securities Litigation Reform Occupation of 1995. Those forward-looking statements will also be known through terminology similar to “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and alike statements. Amongst alternative issues, Baidu’s and alternative events’ strategic and operational plans, include forward-looking statements. Baidu might also build written or oral forward-looking statements in its periodic reviews to the U.S. Securities and Alternate Fee, in bulletins made at the website online of The Conserve Alternate of Hong Kong Restricted (the “Hong Kong Stock Exchange”), in its annual report back to shareholders, in press releases and alternative written fabrics and in oral statements made through its officials, administrators or workers to 3rd events. Statements that aren’t ancient information, together with however now not restricted to statements about Baidu’s ideals and expectancies, are forward-looking statements. Ahead-looking statements contain inherent dangers and uncertainties. Various elements may purpose untouched effects to range materially from the ones contained in any forward-looking remark, together with however now not restricted to refer to: Baidu’s enlargement methods; its time industry building, together with building of brandnew services and products; its talent to draw and store customers and consumers; pageant within the Chinese language Web seek and newsfeed marketplace; pageant for internet marketing consumers; adjustments within the Corporate’s revenues and likely value or expense pieces as a share of its revenues; the result of ongoing, or any time, litigation or arbitration, together with the ones in the case of highbrow detail rights; the predicted enlargement of the Chinese language-language Web seek and newsfeed marketplace and the choice of Web and broadband customers in China; Chinese language governmental insurance policies in the case of the Web and Web seek suppliers, and common financial statuses in China and in other places. Additional knowledge relating to those and alternative dangers is integrated within the Corporate’s annual file on Method 20-F and alternative paperwork filed with the Securities and Alternate Fee, and bulletins at the website online of the Hong Kong Conserve Alternate. Baidu does now not adopt any legal responsibility to replace any forward-looking remark, apart from as required below acceptable legislation. All knowledge supplied on this press let go and within the attachments is as of the month of the clicking let go, and Baidu undertakes incorrect responsibility to replace such knowledge, apart from as required below acceptable legislation.
Non-GAAP Monetary Measures
To complement Baidu’s consolidated monetary effects introduced in response to GAAP, Baidu makes use of refer to non-GAAP monetary measures: non-GAAP working source of revenue, non-GAAP working margin, non-GAAP internet source of revenue as a result of Baidu, non-GAAP internet margin, non-GAAP diluted profits according to ADS, adjusted EBITDA, adjusted EBITDA margin and independent coins stream. The presentation of those non-GAAP monetary measures isn’t supposed to be regarded as in isolation or as an alternative to the monetary knowledge ready and introduced in response to GAAP.
Baidu believes that those non-GAAP monetary measures handover significant supplemental knowledge relating to its efficiency and liquidity through except positive pieces that might not be indicative of its routine core industry working effects, similar to working efficiency except non-cash fees or non-operating in nature. The Corporate believes that each control and traders take pleasure in referring to those non-GAAP monetary measures in assessing its efficiency and when making plans and forecasting time classes. Those non-GAAP monetary measures additionally facilitate control’s inside comparisons to Baidu’s ancient efficiency and liquidity. The Corporate believes those non-GAAP monetary measures are helpful to traders in taking into consideration higher transparency with recognize to supplemental knowledge worn through control in its monetary and operational resolution making. A limitation of the use of those non-GAAP monetary measures is that those non-GAAP measures exclude positive pieces which were and can proceed to be for the foreseeable time a vital attribute within the Corporate’s result of operations. Those non-GAAP monetary measures introduced right here might not be related to in a similar way titled measures introduced through alternative corporations. Alternative corporations might calculate in a similar way titled measures otherwise, restricting their worth as comparative measures to the Corporate’s information.
Non-GAAP working source of revenue represents working source of revenue except share-based repayment bills, and amortization and impairment of intangible property because of industry combos.
Non-GAAP internet source of revenue as a result of Baidu represents internet source of revenue as a result of Baidu except share-based repayment bills, amortization and impairment of intangible property because of industry combos, disposal achieve (loss), impairment of long-term investments, and truthful worth achieve (loss) of long-term investments, adjusted for connected source of revenue tax results. Baidu’s percentage of fairness mode investments for those non-GAAP reconciling pieces, amortization and impairment of intangible property now not at the investees’ books, accretion in their redeemable non-controlling pursuits, and the achieve or loss related to the issuance of stocks through the investees at a value upper or less than the wearing worth according to percentage, adjusted for connected source of revenue tax results, also are excluded.
Non-GAAP diluted profits according to ADS represents diluted profits according to ADS calculated through dividing non-GAAP internet source of revenue as a result of Baidu, through the weighted moderate choice of habitual stocks expressed in ADS. Adjusted EBITDA represents working source of revenue except depreciation, amortization and impairment of intangible property because of industry combos, and share-based repayment bills.
For more info on non-GAAP monetary measures, refer to the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”
Baidu, Inc. |
||||||||
Condensed Consolidated Statements of Source of revenue |
||||||||
(In thousands and thousands apart from for according to percentage (or ADS) knowledge, unaudited) |
||||||||
3 Months Ended |
||||||||
September 30, |
June 30, |
September 30, |
September 30, |
|||||
2023 |
2024 |
2024 |
2024 |
|||||
RMB |
RMB |
RMB |
US$(2) |
|||||
Revenues: |
||||||||
Internet online affiliate marketing products and services |
21,346 |
20,625 |
20,108 |
2,865 |
||||
Others |
13,101 |
13,306 |
13,449 |
1,917 |
||||
Overall revenues |
34,447 |
33,931 |
33,557 |
4,782 |
||||
Prices and bills: |
||||||||
Price of revenues(1) |
16,294 |
16,398 |
16,399 |
2,337 |
||||
Promoting, common and administrative(1) |
5,778 |
5,700 |
5,867 |
836 |
||||
Analysis and building(1) |
6,101 |
5,889 |
5,366 |
765 |
||||
Overall prices and bills |
28,173 |
27,987 |
27,632 |
3,938 |
||||
Working source of revenue |
6,274 |
5,944 |
5,925 |
844 |
||||
Alternative source of revenue: |
||||||||
Pastime source of revenue |
2,082 |
1,993 |
1,877 |
267 |
||||
Pastime expense |
(853) |
(742) |
(673) |
(96) |
||||
Foreign currencies (loss) achieve, internet |
(26) |
93 |
(1,096) |
(156) |
||||
Percentage of (losses) profits from fairness mode investments |
(398) |
(119) |
32 |
5 |
||||
Others, internet |
1,100 |
(454) |
2,535 |
361 |
||||
Overall alternative source of revenue, internet |
1,905 |
771 |
2,675 |
381 |
||||
Source of revenue earlier than source of revenue taxes |
8,179 |
6,715 |
8,600 |
1,225 |
||||
Source of revenue tax expense |
1,282 |
1,131 |
814 |
116 |
||||
Internet source of revenue |
6,897 |
5,584 |
7,786 |
1,109 |
||||
Internet source of revenue as a result of noncontrolling pursuits |
216 |
96 |
154 |
21 |
||||
Internet source of revenue as a result of Baidu |
6,681 |
5,488 |
7,632 |
1,088 |
||||
Profits according to ADS (1 ADS representing 8 Magnificence A habitual stocks): |
||||||||
-Unadorned |
18.45 |
15.11 |
21.93 |
3.13 |
||||
-Diluted |
18.22 |
15.01 |
21.60 |
3.08 |
||||
Profits according to percentage for Magnificence A and Magnificence B habitual stocks: |
||||||||
-Unadorned |
2.31 |
1.89 |
2.74 |
0.39 |
||||
-Diluted |
2.28 |
1.88 |
2.70 |
0.38 |
||||
Weighted moderate choice of Magnificence A and Magnificence B habitual stocks exceptional (in thousands and thousands): |
||||||||
-Unadorned |
2,814 |
2,796 |
2,785 |
2,785 |
||||
-Diluted |
2,846 |
2,804 |
2,789 |
2,789 |
||||
(1) Comprises share-based repayment bills as follows: |
||||||||
Price of revenues |
139 |
146 |
104 |
15 |
||||
Promoting, common and administrative |
358 |
385 |
328 |
47 |
||||
Analysis and building |
778 |
981 |
612 |
87 |
||||
Overall share-based repayment bills |
1,275 |
1,512 |
1,044 |
149 |
||||
(2) All translations from RMB to U.S. greenbacks are made at a fee of RMB7.0176 to US$1.00, the change fee in impact as of September 30, 2024 as prepared forth within the H.10 statistical let go of The Board of Governors of the Federal Keep Device. |
Baidu, Inc. |
||||||
Condensed Consolidated Steadiness Sheets |
||||||
(In thousands and thousands, unaudited) |
||||||
December 31, |
September 30, |
September 30, |
||||
2023 |
2024 |
2024 |
||||
RMB |
RMB |
US$ |
||||
ASSETS |
||||||
Flow property: |
||||||
Money and coins equivalents |
25,231 |
28,682 |
4,087 |
|||
Limited coins |
11,503 |
11,665 |
1,662 |
|||
Shorten-term investments, internet |
168,670 |
104,129 |
14,838 |
|||
Accounts receivable, internet |
10,848 |
9,848 |
1,403 |
|||
Quantities due from connected events |
1,424 |
1,379 |
197 |
|||
Alternative fresh property, internet |
12,579 |
16,415 |
2,339 |
|||
Overall fresh property |
230,255 |
172,118 |
24,526 |
|||
Non-current property: |
||||||
Fastened property, internet |
27,960 |
29,696 |
4,232 |
|||
Approved copyrights, internet |
6,967 |
6,862 |
978 |
|||
Produced content material, internet |
13,377 |
14,313 |
2,040 |
|||
Intangible property, internet |
881 |
749 |
107 |
|||
Approbation |
22,586 |
22,586 |
3,218 |
|||
Lengthy-term investments, internet |
47,957 |
44,637 |
6,361 |
|||
Lengthy-term moment deposits and held-to-maturity investments |
24,666 |
88,547 |
12,618 |
|||
Quantities due from connected events |
195 |
120 |
17 |
|||
Deferred tax property, internet |
2,100 |
2,852 |
406 |
|||
Working hire right-of-use property |
10,851 |
10,693 |
1,524 |
|||
Alternative non-current property |
18,964 |
24,143 |
3,440 |
|||
Overall non-current property |
176,504 |
245,198 |
34,941 |
|||
Overall property |
406,759 |
417,316 |
59,467 |
|||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
||||||
Flow liabilities: |
||||||
Shorten-term loans |
10,257 |
11,969 |
1,706 |
|||
Accounts payable and accumulated liabilities |
37,717 |
39,000 |
5,557 |
|||
Buyer deposits and deferred earnings |
14,627 |
14,310 |
2,039 |
|||
Deferred source of revenue |
306 |
300 |
43 |
|||
Lengthy-term loans, fresh portion |
2 |
37 |
5 |
|||
Convertible senior notes, fresh portion |
2,802 |
17 |
2 |
|||
Notes payable, fresh portion |
6,029 |
7,714 |
1,099 |
|||
Quantities because of connected events |
1,603 |
1,959 |
279 |
|||
Working hire liabilities |
3,108 |
3,123 |
445 |
|||
Overall fresh liabilities |
76,451 |
78,429 |
11,175 |
|||
Non-current liabilities: |
||||||
Deferred source of revenue |
200 |
265 |
38 |
|||
Deferred earnings |
481 |
532 |
76 |
|||
Quantities because of connected events |
77 |
61 |
9 |
|||
Lengthy-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 |
|||
Working hire liabilities |
5,040 |
4,911 |
700 |
|||
Alternative non-current liabilities |
1,820 |
1,457 |
208 |
|||
Overall non-current liabilities |
67,700 |
59,696 |
8,508 |
|||
Overall liabilities |
144,151 |
138,125 |
19,683 |
|||
Redeemable noncontrolling pursuits |
9,465 |
9,312 |
1,327 |
|||
Fairness |
||||||
Overall Baidu shareholders’ fairness |
243,626 |
259,649 |
36,999 |
|||
Noncontrolling pursuits |
9,517 |
10,230 |
1,458 |
|||
Overall fairness |
253,143 |
269,879 |
38,457 |
|||
Overall liabilities, redeemable noncontrolling pursuits, and fairness |
406,759 |
417,316 |
59,467 |
Baidu, Inc. |
||||||||||||||||||||||||
Decided on Data |
||||||||||||||||||||||||
(In thousands and thousands, unaudited) |
||||||||||||||||||||||||
3 months ended |
3 months ended |
3 months ended |
3 months ended |
|||||||||||||||||||||
Baidu |
iQIYI |
Elim & |
Baidu, |
Baidu |
iQIYI |
Elim & |
Baidu, |
Baidu |
iQIYI |
Elim & adj(2) |
Baidu, Inc. |
Baidu Core |
iQIYI |
Elim & adj(2) |
Baidu, Inc. |
|||||||||
Overall 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 %) |
|||||||||||||||||||||
Prices and bills: |
||||||||||||||||||||||||
Price 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 |
||||||||
Promoting, common 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 |
||||||||
Analysis and building (1) |
5,654 |
447 |
– |
6,101 |
5,440 |
449 |
– |
5,889 |
4,917 |
449 |
– |
5,366 |
701 |
64 |
– |
765 |
||||||||
Overall prices and bills |
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 |
||||||||||||||||||||||||
Price of revenues |
3 % |
(3 %) |
1 % |
|||||||||||||||||||||
Promoting, common and administrative |
4 % |
(7 %) |
2 % |
|||||||||||||||||||||
Analysis and building |
(13 %) |
0 % |
(12 %) |
|||||||||||||||||||||
Prices and bills |
(1 %) |
(4 %) |
(2 %) |
|||||||||||||||||||||
Working source of revenue (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 %) |
|||||||||||||||||||||
Working margin |
21 % |
9 % |
18 % |
21 % |
5 % |
18 % |
21 % |
3 % |
18 % |
|||||||||||||||
Upload: overall alternative source of revenue (loss), internet |
2,159 |
(254) |
– |
1,905 |
1,011 |
(240) |
– |
771 |
2,667 |
8 |
– |
2,675 |
380 |
1 |
– |
381 |
||||||||
Much less: source of revenue tax expense |
1,272 |
10 |
– |
1,282 |
1,105 |
26 |
– |
1,131 |
803 |
11 |
– |
814 |
114 |
2 |
– |
116 |
||||||||
Much less: internet (loss) source of revenue as a result of NCI |
(51) |
7 |
260(3) |
216 |
52 |
7 |
37(3) |
96 |
22 |
7 |
125(3) |
154 |
3 |
– |
18(3) |
21 |
||||||||
Internet source of revenue (loss) as a result of 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 % |
|||||||||||||||||||||
Internet margin |
24 % |
6 % |
19 % |
20 % |
1 % |
16 % |
28 % |
3 % |
23 % |
|||||||||||||||
Non-GAAP monetary measures: |
||||||||||||||||||||||||
Working source of revenue (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 %) |
|||||||||||||||||||||
Working margin (non-GAAP) |
25 % |
11 % |
22 % |
26 % |
7 % |
22 % |
25 % |
5 % |
21 % |
|||||||||||||||
Internet source of revenue as a result of 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 %) |
|||||||||||||||||||||
Internet 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) Comprises share-based repayment as follows: |
||||||||||||||||||||||||
Price of revenues |
107 |
32 |
139 |
117 |
29 |
146 |
73 |
31 |
104 |
11 |
4 |
15 |
||||||||||||
Promoting, common and administrative |
290 |
68 |
358 |
292 |
93 |
385 |
268 |
60 |
328 |
38 |
9 |
47 |
||||||||||||
Analysis and building |
732 |
46 |
778 |
945 |
36 |
981 |
574 |
38 |
612 |
82 |
5 |
87 |
||||||||||||
Overall share-based repayment |
1,129 |
146 |
1,275 |
1,354 |
158 |
1,512 |
915 |
129 |
1,044 |
131 |
18 |
149 |
||||||||||||
(2) Pertains to intersegment eliminations and changes |
||||||||||||||||||||||||
(3) Pertains to the online source of revenue as a result of iQIYI noncontrolling pursuits |
Baidu, Inc. |
||||||||||||||||
Condensed Consolidated Statements of Money Flows |
||||||||||||||||
(In thousands and thousands,unaudited) |
||||||||||||||||
3 months ended |
3 months ended |
3 months ended |
3 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. |
|||||
Internet coins supplied through working actions |
8,694 |
831 |
9,525 |
7,970 |
409 |
8,379 |
4,036 |
243 |
4,279 |
575 |
35 |
610 |
||||
Internet coins (worn in) supplied through making an investment actions |
(11,345) |
(55) |
(11,400) |
13,824 |
337 |
14,161 |
(12,300) |
(1,663) |
(13,963) |
(1,753) |
(237) |
(1,990) |
||||
Internet coins (worn in) supplied through financing actions |
(5,253) |
269 |
(4,984) |
(9,946) |
869 |
(9,077) |
(2,787) |
(2,612) |
(5,399) |
(397) |
(372) |
(769) |
||||
Impact of change fee adjustments on coins, coins equivalents and limited coins |
153 |
5 |
158 |
66 |
22 |
88 |
(721) |
(84) |
(805) |
(103) |
(12) |
(115) |
||||
Internet (cut) build up in coins, coins equivalents and limited coins |
(7,751) |
1,050 |
(6,701) |
11,914 |
1,637 |
13,551 |
(11,772) |
(4,116) |
(15,888) |
(1,678) |
(586) |
(2,264) |
||||
Money, coins equivalents and limited coins |
||||||||||||||||
At starting of length |
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 finish of length |
42,063 |
6,132 |
48,195 |
48,878 |
7,907 |
56,785 |
37,106 |
3,791 |
40,897 |
5,287 |
541 |
5,828 |
||||
Internet coins supplied through working actions |
8,694 |
831 |
9,525 |
7,970 |
409 |
8,379 |
4,036 |
243 |
4,279 |
575 |
35 |
610 |
||||
Much less: Capital expenditures |
(3,525) |
(4) |
(3,529) |
(2,090) |
(28) |
(2,118) |
(1,637) |
(8) |
(1,645) |
(233) |
(1) |
(234) |
||||
Distant coins stream |
5,169 |
827 |
5,996 |
5,880 |
381 |
6,261 |
2,399 |
235 |
2,634 |
342 |
34 |
376 |
||||
Be aware: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated coins flows. |
Baidu, Inc. |
||||||||||||||||
Reconciliations of Non-GAAP Monetary Measures to the Next Related GAAP Measures |
||||||||||||||||
(In thousands and thousands apart from for according to ADS knowledge, unaudited) |
||||||||||||||||
3 months ended |
3 months ended |
3 months ended |
3 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. |
|||||
Working source of revenue |
5,498 |
747 |
6,274 |
5,608 |
342 |
5,944 |
5,694 |
239 |
5,925 |
811 |
34 |
844 |
||||
Upload: Percentage-based repayment bills |
1,129 |
146 |
1,275 |
1,354 |
158 |
1,512 |
915 |
129 |
1,044 |
131 |
18 |
149 |
||||
Upload: Amortization and impairment of intangible property(1) |
45 |
2 |
47 |
43 |
1 |
44 |
43 |
2 |
45 |
6 |
– |
6 |
||||
Working source of revenue (non-GAAP) |
6,672 |
895 |
7,596 |
7,005 |
501 |
7,500 |
6,652 |
370 |
7,014 |
948 |
52 |
999 |
||||
Upload: Depreciation of fastened property |
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 |
||||
Internet source of revenue as a result of Baidu |
6,436 |
476 |
6,681 |
5,462 |
69 |
5,488 |
7,536 |
229 |
7,632 |
1,074 |
33 |
1,088 |
||||
Upload: Percentage-based repayment bills |
1,128 |
146 |
1,194 |
1,353 |
158 |
1,425 |
914 |
129 |
972 |
130 |
18 |
138 |
||||
Upload: Amortization and impairment of intangible property(1) |
43 |
2 |
44 |
41 |
1 |
41 |
41 |
2 |
42 |
6 |
– |
6 |
||||
Upload: Disposal (achieve) loss |
(753) |
– |
(753) |
(30) |
– |
(30) |
(1,501) |
22 |
(1,491) |
(214) |
3 |
(212) |
||||
Upload: Impairment of long-term investments |
46 |
– |
46 |
26 |
17 |
34 |
26 |
91 |
68 |
4 |
13 |
10 |
||||
Upload: Truthful worth (achieve) lack of long-term investments |
(384) |
(2) |
(385) |
531 |
2 |
531 |
(1,361) |
7 |
(1,358) |
(194) |
1 |
(194) |
||||
Upload: Reconciling pieces on fairness mode investments(2) |
572 |
– |
572 |
83 |
– |
83 |
8 |
– |
8 |
1 |
– |
1 |
||||
Upload: Tax results on non-GAAP changes(3) |
(132) |
– |
(132) |
(176) |
– |
(176) |
13 |
– |
13 |
2 |
– |
2 |
||||
Internet source of revenue as a result of Baidu (non-GAAP) |
6,956 |
622 |
7,267 |
7,290 |
247 |
7,396 |
5,676 |
480 |
5,886 |
809 |
68 |
839 |
||||
Diluted profits according to ADS |
18.22 |
15.01 |
21.60 |
3.08 |
||||||||||||
Upload: Accretion of the redeemable noncontrolling pursuits |
0.53 |
0.57 |
0.01 |
– |
||||||||||||
Upload: Non-GAAP changes to profits according to ADS |
1.65 |
5.44 |
(5.01) |
(0.71) |
||||||||||||
Diluted profits according to ADS (non-GAAP) |
20.40 |
21.02 |
16.60 |
2.37 |
||||||||||||
(1) This represents amortization and impairment of intangible property because of industry combos. (2) This represents Baidu’s percentage of fairness mode investments for alternative non-GAAP reconciling pieces, amortization and impairment of intangible property now not at the investee’s books, accretion of their redeemable noncontrolling pursuits, and the achieve or loss related to the issuance of stocks through the investees at a value upper or less than the wearing worth according to percentage. (3) This represents tax affect of all non-GAAP changes |
SOURCE Baidu, Inc.
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