FT Markets Data
Baidu Inc, Baidu Inc, Baidu Inc

Baidu Announces Third Quarter 2024 Results

BEIJING, Nov. 21, 2024 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the third quarter ended September 30, 2024.

"Baidu Core's flattish third quarter top line reflected the ongoing weakness in our online marketing business, offset by the growth of our AI Cloud business. Our strong AI capabilities are gaining broader market recognition, as evidenced by increasing adoption of ERNIE. In intelligent driving, Apollo Go continues to lead the global autonomous ride-hailing market, hitting another milestone with our sixth-generation autonomous vehicle now operating on public roads across multiple cities in China," said Robin Li, Co-founder and CEO of Baidu. "Despite the near-term pressures, we remain steadfast in our AI-focused strategy and are confident in our long-term trajectory. As we further scale AI, we are emboldened to find how it can drive innovations and create value for consumers, enterprises and society at large."

"Our relentless focus on cost control helped support our third quarter results. Baidu Core's operating margins remained stable as we managed to further optimize costs and realize more cost efficiencies between business units," said Junjie He, Interim CFO of Baidu. "AI Cloud continued to show healthy and sustainable development in the third quarter. Meanwhile, Apollo Go continued to make operational strides, underpinning our confidence in the validity of the fully autonomous ride hailing business model."

Third Quarter 2024 Financial Highlights [1]






















Baidu, Inc.





(In millions except per ADS, unaudited)

Q3


Q2


Q3





2023


2024


2024


YOY


QOQ


RMB


RMB


RMB

US$
















Total revenues 

34,447


33,931


33,557

4,782


(3 %)


(1 %)












Operating income

6,274


5,944


5,925

844


(6 %)


(0 %)

Operating income (non-GAAP)  [2]

7,596


7,500


7,014

999


(8 %)


(6 %)












Net income to Baidu

6,681


5,488


7,632

1,088


14 %


39 %

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

7,267


7,396


5,886

839


(19 %)


(20 %)












Diluted earnings per ADS

18.22


15.01


21.60

3.08


19 %


44 %

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

20.40


21.02


16.60

2.37


(19 %)


(21 %)












Adjusted EBITDA [2]

9,505


9,147


8,733

1,244


(8 %)


(5 %)

Adjusted EBITDA margin

28 %


27 %


26 %

26 %

















Baidu Core





(In millions, unaudited)

Q3


Q2


Q3





2023


2024


2024


YOY


QOQ


RMB


RMB


RMB

US$
















Total revenues 

26,572


26,687


26,524

3,780


(0 %)


(1 %)












Operating income

5,498


5,608


5,694

811


4 %


2 %

Operating income (non-GAAP) [2]

6,672


7,005


6,652

948


(0 %)


(5 %)












Net income to Baidu Core

6,436


5,462


7,536

1,074


17 %


38 %

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

6,956


7,290


5,676

809


(18 %)


(22 %)












Adjusted EBITDA [2]

8,513


8,617


8,336

1,188


(2 %)


(3 %)

Adjusted EBITDA margin

32 %


32 %


31 %

31 %



























[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.0176 as of September 30, 2024, as set forth in the H.10

statistical release of the Board of Governors of the Federal Reserve System. Translations are provided solely for the convenience of the reader.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of Non-GAAP Financial Measures

to the Nearest Comparable GAAP Measures" for more details).

Operational Highlights 

Corporate

  • In October 2024, Baidu was upgraded from the prior 'BBB' rating to an 'A' rating by MSCI ESG Research.
  • Baidu returned US$161 million to shareholders since early Q3 2024, bringing the cumulative repurchase to US$1.4 billion under the 2023 share repurchase program.

AI Cloud

  • PaddlePaddle and ERNIE developer community grew to 18.1 million in November 2024.
  • In November 2024, ERNIE handled approximately 1.5 billion API calls daily, a significant jump from 600 million in August.
  • In the third quarter of 2024, Baidu expanded the ERNIE family with two enhanced lightweight models, Speed Pro and Lite Pro.
  • Baidu AI Cloud was ranked the No.1 AI cloud provider for the fifth consecutive year, according to IDC's 2023 report on China's AI public cloud market, issued in August 2024.

Intelligent Driving

  • Apollo Go, Baidu's autonomous ride-hailing service, provided 988K rides in the third quarter of 2024, up 20% year over year. As of October 28, 2024, the cumulative rides provided to the public by Apollo Go surpassed 8 million.
  • During the third quarter of 2024, rides provided by Apollo Go's fully driverless vehicles accounted for over 70% of total rides nationwide. The proportion of fully driverless rides further increased to 80% in October 2024.
  • Our sixth generation autonomous vehicle, the RT6, is now operating on public roads in multiple cities in China.

Mobile Ecosystem

  • In September 2024, Baidu App's MAUs reached 704 million, up 6% year over year.
  • Managed Page accounted for 51% of Baidu Core's online marketing revenue in the third quarter of 2024.

Third Quarter 2024 Financial Results 

Total revenues were RMB33.6 billion ($4.78 billion), decreasing 3% year over year.

  • Revenue from Baidu Core was RMB26.5 billion ($3.78 billion), which was basically flat from last year; online marketing revenue was RMB18.8 billion ($2.68 billion), decreasing 4% year over year, and non-online marketing revenue was RMB7.7 billion ($1.10 billion), up 12% year over year, mainly driven by AI Cloud business.
  • Revenue from iQIYI was RMB7.2 billion ($1.03 billion), decreasing 10% year over year.

Cost of revenues was RMB16.4 billion ($2.34 billion), increasing 1% year over year, primarily due to an increase in traffic acquisition costs and costs related to AI Cloud business, partially offset by a decrease in personnel-related expenses and cost of goods sold.

Selling, general and administrative expenses were RMB5.9 billion ($836 million), increasing 2% year over year, primarily due to an increase in channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses.

Research and development expenses were RMB5.4 billion ($765 million), decreasing 12% year over year, primarily due to a decrease in personnel-related expenses.

Operating income was RMB5.9 billion ($844 million). Baidu Core operating income was RMB5.7 billion ($811 million), and Baidu Core operating margin was 21%. Non-GAAP operating income was RMB7.0 billion ($999 million). Non-GAAP Baidu Core operating income was RMB6.7 billion ($948 million), and non-GAAP Baidu Core operating margin was 25%.

Total other income, net was RMB2.7 billion ($381 million), increasing 40% year over year, primarily due to an increase in fair value gain from long-term investments and disposal gain, partially offset by an increase in net foreign exchange loss arising from exchange rate fluctuation between Renminbi and U.S. dollar.

Income tax expense was RMB814 million ($116 million), compared to RMB1.3 billion in the same period last year.

Net income attributable to Baidu was RMB7.6 billion ($1.09 billion), and diluted earnings per ADS was RMB21.60 ($3.08). Net income attributable to Baidu Core was RMB7.5 billion ($1.07 billion), and net margin for Baidu Core was 28%. Non-GAAP net income attributable to Baidu was RMB5.9 billion ($839 million). Non-GAAP diluted earnings per ADS was RMB16.60 ($2.37). Non-GAAP net income attributable to Baidu Core was RMB5.7 billion ($809 million), and non-GAAP net margin for Baidu Core was 21%.

Adjusted EBITDA was RMB8.7 billion ($1.24 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB8.3 billion ($1.19 billion) and adjusted EBITDA margin for Baidu Core was 31%.

As of September 30, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB144.5 billion ($20.59 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB140.3 billion ($19.99 billion). Free cash flow was RMB2.6 billion ($376 million), and free cash flow excluding iQIYI was RMB2.4 billion ($342 million).

Conference Call Information

Baidu's management will hold an earnings conference call at 7.30 AM on November 21, 2024, U.S. Eastern Time (8.30 PM on November 21, 2024, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q3 2024 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click: 
https://s1.c-conf.com/diamondpass/10043066-56ncpy.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management's internal comparisons to Baidu's historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain (loss), impairment of long-term investments, and fair value gain (loss) of long-term investments, adjusted for related income tax effects. Baidu's share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees' books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."

 

Baidu, Inc. 









Condensed Consolidated Statements of  Income 









(In millions except for per share (or ADS) information, unaudited)









Three Months Ended



September 30,


June 30,


September 30,


September 30,



2023


2024


2024


2024



RMB


RMB


RMB


US$ (2)

Revenues:









Online marketing services


21,346


20,625


20,108


2,865

Others


13,101


13,306


13,449


1,917

Total revenues 


34,447


33,931


33,557


4,782










Costs and expenses:









Cost of revenues(1)


16,294


16,398


16,399


2,337

Selling, general and administrative(1)


5,778


5,700


5,867


836

Research and development(1)


6,101


5,889


5,366


765

Total costs and expenses


28,173


27,987


27,632


3,938

Operating income


6,274


5,944


5,925


844










Other income:









Interest income


2,082


1,993


1,877


267

Interest expense


(853)


(742)


(673)


(96)

Foreign exchange (loss) gain, net


(26)


93


(1,096)


(156)

Share of (losses) earnings from equity method investments 


(398)


(119)


32


5

Others, net


1,100


(454)


2,535


361

Total other income, net


1,905


771


2,675


381










Income before income taxes


8,179


6,715


8,600


1,225

Income tax expense


1,282


1,131


814


116

Net income 


6,897


5,584


7,786


1,109

Net income attributable to noncontrolling interests


216


96


154


21

Net income attributable to Baidu


6,681


5,488


7,632


1,088



















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







 -Basic


18.45


15.11


21.93


3.13

 -Diluted


18.22


15.01


21.60


3.08

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







 -Basic


2.31


1.89


2.74


0.39

 -Diluted


2.28


1.88


2.70


0.38

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





 -Basic 


2,814


2,796


2,785


2,785

 -Diluted


2,846


2,804


2,789


2,789










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







 Cost of revenues 


139


146


104


15

 Selling, general and administrative 


358


385


328


47

 Research and development 


778


981


612


87

 Total share-based compensation expenses 


1,275


1,512


1,044


149










(2)  All translations from RMB to U.S. dollars are made at a rate of RMB7.0176 to US$1.00, the exchange rate in effect as of

September 30, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.

 

 

Baidu, Inc. 







Condensed Consolidated Balance Sheets







(In millions, unaudited)
















December 31,


September 30,


September 30,



2023


2024


2024



RMB


RMB


US$

ASSETS







Current assets:







Cash and cash equivalents


25,231


28,682


4,087

Restricted cash


11,503


11,665


1,662

Short-term investments, net


168,670


104,129


14,838

Accounts receivable, net


10,848


9,848


1,403

Amounts due from related parties


1,424


1,379


197

Other current assets, net


12,579


16,415


2,339

Total current assets


230,255


172,118


24,526








Non-current assets:







Fixed assets, net


27,960


29,696


4,232

Licensed copyrights, net


6,967


6,862


978

Produced content, net


13,377


14,313


2,040

Intangible assets, net


881


749


107

Goodwill


22,586


22,586


3,218

Long-term investments, net


47,957


44,637


6,361

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


24,666


88,547


12,618

Amounts due from related parties


195


120


17

Deferred tax assets, net


2,100


2,852


406

Operating lease right-of-use assets


10,851


10,693


1,524

Other non-current assets


18,964


24,143


3,440

Total non-current assets


176,504


245,198


34,941








Total assets


406,759


417,316


59,467








LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY





Current liabilities:







Short-term loans


10,257


11,969


1,706

Accounts payable and accrued liabilities


37,717


39,000


5,557

Customer deposits and deferred revenue


14,627


14,310


2,039

Deferred income


306


300


43

Long-term loans, current portion


2


37


5

Convertible senior notes, current portion


2,802


17


2

Notes payable, current portion


6,029


7,714


1,099

Amounts due to related parties


1,603


1,959


279

Operating lease liabilities


3,108


3,123


445

Total current liabilities


76,451


78,429


11,175








Non-current liabilities:







Deferred income


200


265


38

Deferred revenue


481


532


76

Amounts due to related parties


77


61


9

Long-term loans


14,223


14,487


2,064

Notes payable


34,990


26,911


3,835

Convertible senior notes


8,144


8,187


1,167

Deferred tax liabilities


2,725


2,885


411

Operating lease liabilities


5,040


4,911


700

Other non-current liabilities


1,820


1,457


208

Total non-current liabilities


67,700


59,696


8,508








Total liabilities


144,151


138,125


19,683








Redeemable noncontrolling interests


9,465


9,312


1,327








Equity







Total Baidu shareholders' equity


243,626


259,649


36,999

Noncontrolling interests


9,517


10,230


1,458

Total equity


253,143


269,879


38,457








Total liabilities, redeemable noncontrolling interests, and equity

406,759


417,316


59,467

 

 

Baidu, Inc. 

























Selected Information

























(In millions, unaudited)




















































Three months ended
September 30, 2023 (RMB)


Three months ended
June 30, 2024 (RMB)


Three months ended
September 30, 2024 (RMB)


Three months ended
September 30, 2024 (US$)



Baidu
Core

iQIYI

Elim &
adj(2)


Baidu,
Inc.


Baidu
Core

iQIYI

Elim &
adj(2)


Baidu,
Inc.


Baidu
Core

iQIYI

Elim &

adj(2)


Baidu,

Inc.


Baidu

Core

iQIYI

Elim &

adj(2)


Baidu,

Inc.

Total revenues 


26,572

8,015

(140)


34,447


26,687

7,439

(195)


33,931


26,524

7,246

(213)


33,557


3,780

1,032

(30)


4,782

  YOY














(0 %)

(10 %)



(3 %)







  QOQ














(1 %)

(3 %)



(1 %)
































Costs and expenses: 

























  Cost of revenues (1)


10,610

5,840

(156)


16,294


10,888

5,678

(168)


16,398


10,923

5,650

(174)


16,399


1,557

805

(25)


2,337

  Selling, general and administrative (1)


4,810

981

(13)


5,778


4,751

970

(21)


5,700


4,990

908

(31)


5,867


711

129

(4)


836

  Research and development (1)


5,654

447

-


6,101


5,440

449

-


5,889


4,917

449

-


5,366


701

64

-


765

Total costs and expenses 


21,074

7,268

(169)


28,173


21,079

7,097

(189)


27,987


20,830

7,007

(205)


27,632


2,969

998

(29)


3,938

  YOY 

























  Cost of revenues 














3 %

(3 %)



1 %







  Selling, general and administrative 














4 %

(7 %)



2 %







  Research and development 














(13 %)

0 %



(12 %)







  Costs and expenses














(1 %)

(4 %)



(2 %)
































Operating income (loss)


5,498

747

29


6,274


5,608

342

(6)


5,944


5,694

239

(8)


5,925


811

34

(1)


844

  YOY














4 %

(68 %)



(6 %)







  QOQ














2 %

(30 %)



(0 %)







Operating margin 


21 %

9 %



18 %


21 %

5 %



18 %


21 %

3 %



18 %
































  Add: total other income (loss), net


2,159

(254)

-


1,905


1,011

(240)

-


771


2,667

8

-


2,675


380

1

-


381

  Less: income tax expense


1,272

10

-


1,282


1,105

26

-


1,131


803

11

-


814


114

2

-


116

  Less: net (loss) income attributable to NCI


(51)

7

260(3)


216


52

7

37(3)


96


22

7

125(3)


154


3

-

18(3)


21

Net income (loss) attributable to Baidu


6,436

476

(231)


6,681


5,462

69

(43)


5,488


7,536

229

(133)


7,632


1,074

33

(19)


1,088

  YOY














17 %

(52 %)



14 %







  QOQ














38 %

232 %



39 %







Net margin 


24 %

6 %



19 %


20 %

1 %



16 %


28 %

3 %



23 %
































Non-GAAP financial measures:

























Operating income (non-GAAP)


6,672

895



7,596


7,005

501



7,500


6,652

370



7,014


948

52



999

  YOY














(0 %)

(59 %)



(8 %)







  QOQ














(5 %)

(26 %)



(6 %)







Operating margin (non-GAAP)


25 %

11 %



22 %


26 %

7 %



22 %


25 %

5 %



21 %
































Net income attributable to Baidu (non-

GAAP)


6,956

622



7,267


7,290

247



7,396


5,676

480



5,886


809

68



839

  YOY














(18 %)

(23 %)



(19 %)







  QOQ














(22 %)

94 %



(20 %)







Net margin (non-GAAP)


26 %

8 %



21 %


27 %

3 %



22 %


21 %

7 %



18 %
































Adjusted EBITDA


8,513

963



9,505


8,617

536



9,147


8,336

405



8,733


1,188

57



1,244

  YOY














(2 %)

(58 %)



(8 %)







  QOQ














(3 %)

(24 %)



(5 %)







Adjusted EBITDA margin 


32 %

12 %



28 %


32 %

7 %



27 %


31 %

6 %



26 %
































(1)  Includes share-based compensation as follows:























 Cost of revenues 


107

32



139


117

29



146


73

31



104


11

4



15

 Selling, general and administrative 


290

68



358


292

93



385


268

60



328


38

9



47

 Research and development 


732

46



778


945

36



981


574

38



612


82

5



87

 Total share-based compensation 


1,129

146



1,275


1,354

158



1,512


915

129



1,044


131

18



149

 (2) Relates to intersegment eliminations and adjustments 























 (3) Relates to the net income attributable to iQIYI noncontrolling interests 





















 

 

Baidu, Inc. 

















Condensed Consolidated Statements of Cash Flows















(In millions,unaudited)




































Three months ended 


Three months ended 


Three months ended 


Three months ended 



September 30, 2023 (RMB)


June 30, 2024 (RMB)


September 30, 2024 (RMB)


September 30, 2024 (US$)



 Baidu

excl. iQIYI

iQIYI

Baidu,

Inc.


 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.


 Baidu

excl. iQIYI

iQIYI

Baidu,

Inc.


 Baidu

excl. 

iQIYI

iQIYI

Baidu,

Inc.

Net cash provided by operating activities


8,694

831

9,525


7,970

409

8,379


4,036

243

4,279


575

35

610

Net cash (used in) provided by investing activities 


(11,345)

(55)

(11,400)


13,824

337

14,161


(12,300)

(1,663)

(13,963)


(1,753)

(237)

(1,990)

Net cash (used in) provided by financing activities


(5,253)

269

(4,984)


(9,946)

869

(9,077)


(2,787)

(2,612)

(5,399)


(397)

(372)

(769)

Effect of exchange rate changes on cash, cash

equivalents and restricted cash


153

5

158


66

22

88


(721)

(84)

(805)


(103)

(12)

(115)

Net (decrease) increase in cash, cash

equivalents and restricted cash 


(7,751)

1,050

(6,701)


11,914

1,637

13,551


(11,772)

(4,116)

(15,888)


(1,678)

(586)

(2,264)

Cash, cash equivalents and restricted cash

















  At beginning of period


49,814

5,082

54,896


36,964

6,270

43,234


48,878

7,907

56,785


6,965

1,127

8,092

  At end of period


42,063

6,132

48,195


48,878

7,907

56,785


37,106

3,791

40,897


5,287

541

5,828


















Net cash provided by operating activities


8,694

831

9,525


7,970

409

8,379


4,036

243

4,279


575

35

610

Less: Capital expenditures


(3,525)

(4)

(3,529)


(2,090)

(28)

(2,118)


(1,637)

(8)

(1,645)


(233)

(1)

(234)

Free cash flow


5,169

827

5,996


5,880

381

6,261


2,399

235

2,634


342

34

376


















Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.













 

 

Baidu, Inc. 

















Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures  










(In millions except for per ADS information, unaudited)




































Three months ended 


Three months ended 


Three months ended 


Three months ended 



September 30, 2023 (RMB)


June 30, 2024 (RMB)


September 30, 2024 (RMB)


September 30, 2024 (US$)



Baidu

Core

iQIYI

Baidu,

Inc.


Baidu

Core

iQIYI

Baidu,

Inc.


Baidu

Core

iQIYI

Baidu,

Inc.


Baidu

Core

iQIYI

Baidu,

Inc.

Operating income


5,498

747

6,274


5,608

342

5,944


5,694

239

5,925


811

34

844

Add: Share-based compensation expenses


1,129

146

1,275


1,354

158

1,512


915

129

1,044


131

18

149

Add: Amortization and impairment of intangible assets(1)


45

2

47


43

1

44


43

2

45


6

-

6

Operating income (non-GAAP)


6,672

895

7,596


7,005

501

7,500


6,652

370

7,014


948

52

999


















Add:  Depreciation of fixed assets


1,841

68

1,909


1,612

35

1,647


1,684

35

1,719


240

5

245

Adjusted EBITDA


8,513

963

9,505


8,617

536

9,147


8,336

405

8,733


1,188

57

1,244


















Net income attributable to Baidu


6,436

476

6,681


5,462

69

5,488


7,536

229

7,632


1,074

33

1,088

Add: Share-based compensation expenses


1,128

146

1,194


1,353

158

1,425


914

129

972


130

18

138

Add: Amortization and impairment of intangible assets(1)


43

2

44


41

1

41


41

2

42


6

-

6

Add: Disposal (gain) loss


(753)

-

(753)


(30)

-

(30)


(1,501)

22

(1,491)


(214)

3

(212)

Add: Impairment of long-term investments


46

-

46


26

17

34


26

91

68


4

13

10

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


(384)

(2)

(385)


531

2

531


(1,361)

7

(1,358)


(194)

1

(194)

Add: Reconciling items on equity method investments(2)


572

-

572


83

-

83


8

-

8


1

-

1

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


(132)

-

(132)


(176)

-

(176)


13

-

13


2

-

2

Net income attributable to Baidu (non-GAAP)


6,956

622

7,267


7,290

247

7,396


5,676

480

5,886


809

68

839


















Diluted earnings per ADS




18.22




15.01




21.60




3.08

Add:  Accretion of the redeemable noncontrolling

interests




0.53




0.57




0.01




-

Add:  Non-GAAP adjustments to earnings per ADS




1.65




5.44




(5.01)




(0.71)

Diluted earnings per ADS (non-GAAP)




20.40




21.02




16.60




2.37


















(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of

their redeemable noncontrolling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments

 

Cision View original content:https://www.prnewswire.com/news-releases/baidu-announces-third-quarter-2024-results-302312583.html

SOURCE Baidu, Inc.