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Baidu Announces First Quarter 2022 Results

May 26, 2022

BEIJING, May 26, 2022 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) ("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, 2022.

"Baidu delivered solid first quarter results, especially with regard to our cloud and intelligent driving businesses. Baidu AI Cloud reported another quarter of strong revenue growth and Apollo Go was granted the first permit in China to provide driverless ride-hailing services on public roads in Beijing," said Robin Li, Co-founder and CEO of Baidu. "Since mid-March, our business has been negatively impacted by the recent COVID-19 resurgence in China. Although challenges related to the virus continue to pressure our near term business operations, we remain confident that our new AI businesses will boost the long-term growth of Baidu and contribute to China's innovation-driven economy and sustainable development."

"Revenues from Baidu Core remained healthy with non-ad revenues increasing by 35% year over year, driven by Baidu AI Cloud, which grew 45% year over year in the quarter," said Rong Luo, CFO of Baidu. "Looking ahead, we remain committed to quality revenue growth and an enduring business model. In addition, we will further enhance our overall operational efficiency to drive long-term growth."

First Quarter 2022 Financial Highlights[1]


Baidu, Inc.

(In millions except per

Q1


Q4


Q1






ADS, unaudited)

2021


2021


2022



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

28,134


33,088


28,411

4,482


1%


(14%)












Operating income

2,789


1,958


2,601

410


(7%)


33%

Operating income (non-GAAP) [2]

4,362


4,307


3,996

630


(8%)


(7%)












Net income (loss) to Baidu

25,653


1,715


(885)

(140)


-


-

Net income to Baidu (non-GAAP) [2]

4,297


4,084


3,879

612


(10%)


(5%)












Diluted earnings (loss) per ADS

73.76


4.51


(2.87)

(0.45)


-


-

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

12.38


11.60


11.22

1.77


(9%)


(3%)












Adjusted EBITDA [2]

5,900


5,757


5,499

867


(7%)


(4%)

Adjusted EBITDA margin

21%


17%


19%

19%





 

 


Baidu Core


Q1


Q4


Q1






(In millions, unaudited)

2021


2021


2022



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

20,483


25,978


21,378

3,372


4%


(18%)












Operating income

3,847


2,958


2,524

398


(34%)


(15%)

Operating income (non-GAAP) [2]

5,064


4,847


3,686

581


(27%)


(24%)












Net income (loss) to Baidu Core

26,354


2,656


(963)

(152)


-


-

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

4,870


4,625


3,804

600


(22%)


(18%)












Adjusted EBITDA [2]

6,487


6,210


5,106

805


(21%)


(18%)

Adjusted EBITDA margin

32%


24%


24%

24%





[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.3393 as of March 31, 2022, 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

AI Cloud

  • PaddlePaddle developer community has grown to 4.77 million and has served 180,000 businesses and created 560,000 models, as of May 20, 2022.
  • Baidu ACE smart transportation has been adopted by 41 cities, up from 16 cities a year ago, based on contract value of over RMB10 million, as of the end of the first quarter of 2022.

Intelligent Driving

  • Baidu received a nomination letter from Dongfeng Motor, a Top 3 domestic automaker, in April 2022, indicating that Dongfeng Motor intends to adopt Apollo Self Driving (ANP, AVP, HD Map) in one of its popular models. This followed the nomination letter from BYD earlier this year.
  • On April 28th 2022, Apollo Go was granted the permits to provide driverless ride hailing services on public roads of the Yizhuang region of Beijing. Apollo also received the first permits in Chongqing to conduct driverless testing on May 20th, 2022.
  • Apollo Go provided 196K rides in the first quarter of 2022. 
  • Apollo Go is now available in ten cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou, Yangquan, Wuzhen Water Town in Jiaxing and Wuhan. Apollo Go expanded into Wuzhen Water Town in Jiaxing on March 26, 2022 and Wuhan on May 10, 2022.

Other Growth Initiatives

  • Xiaodu again ranked No.1 in smart display shipments globally for 2021, according to Strategy Analytics and Canalys. Xiaodu continues to be ranked No.1 in smart speaker shipments in China for 2021, according to Strategy Analytics, IDC and Canalys.

Mobile Ecosystem

  • In March, Baidu App's MAUs reached 632 million, up 13% year over year, and daily logged in users reached 83%.
  • In March, Baidu Smart Mini Program ("SMPs") MAUs reached 508 million, up 22% year over year, and the number of SMPs grew by 26% year over year.
  • Revenue from Managed Page grew by 31% and reached 47% of Baidu Core's online marketing revenue in the first quarter of 2022.

iQIYI

  • iQIYI's average daily number of total subscribing members for the quarter was 101 million, compared to 105 million for the first quarter of 2021 and 97 million for the fourth quarter of 2021.

First Quarter 2022 Financial Results

Total revenues were RMB 28.4 billion ($4.48 billion), increasing 1% year over year.

  • Revenue from Baidu Core was RMB 21.4 billion ($3.37 billion), increasing 4% year over year; online marketing revenue was RMB 15.7 billion ($2.47 billion), decreasing 4% year over year, and non-online marketing revenue was RMB 5.7 billion ($903 million), up 35% year over year, driven by cloud and other AI-powered businesses.
  • Revenue from iQIYI was RMB 7.3 billion ($1.15 billion), decreasing 9% year over year.

Cost of revenues was RMB 15.5 billion ($2.45 billion), increasing 4% year over year, primarily due to an increase in cost of goods sold, traffic acquisition costs, bandwidth costs, and other costs related to new AI business, offset by a decrease in content costs.

Selling, general and administrative expenses were RMB 4.7 billion ($735 million), decreasing 11% year over year, primarily due to a decrease in channel spending, promotional marketing and expected credit losses.

Research and development expense was RMB 5.6 billion ($885 million), increasing 10% year over year, primarily due to an increase in personnel related expense.

Operating income was RMB 2.6 billion ($410 million). Baidu Core operating income was RMB 2.5 billion ($398 million), and Baidu Core operating margin was 12%. Non-GAAP operating income was RMB 4.0 billion ($630 million). Non-GAAP Baidu Core operating income was RMB 3.7 billion ($581 million), and non-GAAP Baidu Core operating margin was 17%.

Total other loss, net was RMB 3.0 billion ($466 million), which mainly included a fair value loss of RMB 3.0 billion from long-term investments. A significant portion of long-term investments, including but not limited to investments in equity securities of public and private companies, private equity funds and digital assets, is subject to quarterly fair value adjustments, which may contribute to net income volatility in future periods.

Income tax expense was RMB 391 million ($62 million), decreasing 75% year over year, primarily due to a decrease in profit before tax and an increase in deduction on certain expenses that were previously considered non-deductible.

Net loss attributable to Baidu was RMB 885 million ($140 million), and diluted loss per ADS was RMB 2.87 ($0.45). Net loss attributable to Baidu Core was RMB 963 million ($152 million). Non-GAAP net income attributable to Baidu was RMB 3.9 billion ($612 million). Non-GAAP diluted earnings per ADS was RMB 11.22 ($1.77). Non-GAAP net income attributable to Baidu Core was RMB 3.8 billion ($600 million), and non-GAAP net margin for Baidu Core was 18%.

Adjusted EBITDA was RMB 5.5 billion ($867 million) and adjusted EBITDA margin was 19%. Adjusted EBITDA for Baidu Core was RMB 5.1 billion ($805 million) and adjusted EBITDA margin for Baidu Core was 24%. 

As of March 31, 2022, cash, cash equivalents, restricted cash and short-term investments were RMB 191.0 billion ($30.13 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 185.8 billion ($29.31 billion). Free cash flow was negative RMB 107 million ($17 million), and free cash flow excluding iQIYI was RMB 1.1 billion ($175 million).

Conference Call Information

Baidu's management will hold an earnings conference call at 8.00AM on May 26, 2022, U.S. Eastern Time (8.00PM on May 26, 2022, Beijing Time).

Please register in advance of the conference call using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode and unique registrant ID by email.

For pre-registration, please click

http://apac.directeventreg.com/registration/event/3917105

It will automatically direct you to the registration page of "Baidu Q1 2022 Earnings Conference Call", where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter " 3917105".

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

Additionally, a live and archived webcast of this conference call will be available at http://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.

Contacts

Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com

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, amortization and impairment of intangible assets resulting from business combinations and contingent loss pertaining to legal proceeding in relation to former advertising agencies and iQIYI's non-recurring employee severance costs.

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, contingent loss pertaining to legal proceeding in relation to former advertising agencies, iQIYI's non-recurring employee severance costs, disposal gain or loss, impairment of long-term investments, fair value change of long-term investments, charitable donation from Baidu, 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 shares, 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, contingent loss pertaining to legal proceeding in relation to former advertising agencies, iQIYI's non-recurring employee severance costs, 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 (Loss)

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



Three Months Ended




March 31,


December 31,


March 31,


March 31,




2021


2021


2022


2022




RMB


RMB


RMB


US$(2)

 Revenues: 










 Online marketing services 


18,094


20,723


16,929


2,670


 Others 


10,040


12,365


11,482


1,812


 Total revenues  


28,134


33,088


28,411


4,482












 Costs and expenses: 










     Cost of revenues(1)


15,002


17,289


15,546


2,452


     Selling, general and administrative(1)


5,245


6,451


4,656


735


     Research and development(1)


5,098


7,390


5,608


885


 Total costs and expenses 


25,345


31,130


25,810


4,072


 Operating income 


2,789


1,958


2,601


410












 Other income (loss): 










 Interest income 


1,233


1,514


1,454


229


 Interest expense 


(823)


(873)


(710)


(112)


 Foreign exchange income (loss), net 


156


(27)


(11)


(2)


 Share of losses from equity method investments 


(151)


(773)


(408)


(64)


 Others, net 


23,362


566


(3,286)


(517)


 Total other income (loss), net 


23,777


407


(2,961)


(466)












 Income (loss) before income taxes 


26,566


2,365


(360)


(56)


 Income tax expense 


1,534


1,295


391


62


 Net income (loss)  


25,032


1,070


(751)


(118)


 Net (loss) income attributable to noncontrolling interests 


(621)


(645)


134


22


 Net income (loss) attributable to Baidu 


25,653


1,715


(885)


(140)






















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








 -Basic


76.10


4.57


(2.87)


(0.45)


 -Diluted


73.76


4.51


(2.87)


(0.45)


Earnings (loss) per share for Class A and Class B ordinary shares:








 -Basic


9.51


0.57


(0.36)


(0.06)


 -Diluted


9.22


0.56


(0.36)


(0.06)


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






 -Basic 


2,692


2,780


2,767


2,767


 -Diluted


2,777


2,816


2,767


2,767












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










 Cost of revenues 


79


134


82


13


 Selling, general and administrative 


471


533


377


60


 Research and development 


949


1,426


864


136


 Total share-based compensation expenses 


1,499


2,093


1,323


209












(2)  All translations from RMB to U.S. dollars are made at a rate of RMB 6.3393 to US$1.00, the exchange rate in effect as of March 31,
2022 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,



2021


2022


2022



RMB


RMB


US$

ASSETS







    Current assets:







 Cash and cash equivalents


36,850


36,832


5,810

 Restricted cash


10,821


10,975


1,731

 Short-term investments, net


143,243


143,172


22,585

 Accounts receivable, net


9,981


9,671


1,526

 Amounts due from related parties


1,368


903


142

 Other current assets, net


11,052


9,950


1,569

    Total current assets


213,315


211,503


33,363








    Non-current assets:







 Fixed assets, net


23,027


23,133


3,649

 Licensed copyrights, net


7,258


7,096


1,119

 Produced content, net


10,951


12,032


1,898

 Intangible assets, net


1,689


1,556


245

 Goodwill


22,605


22,605


3,566

 Long-term investments, net


67,332


64,247


10,135

 Amounts due from related parties


3,487


3,471


548

 Deferred tax assets, net


2,372


2,670


421

 Operating lease right-of-use assets


12,065


10,769


1,699

 Other non-current assets


15,933


16,551


2,611

    Total non-current assets


166,719


164,130


25,891








Total assets


380,034


375,633


59,254








LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY



   Current liabilities:







      Short-term loans


4,168


4,442


701

Accounts payable and accrued liabilities


41,384


35,693


5,630

Customer deposits and deferred revenue


13,706


13,153


2,075

Deferred income


97


87


14

Long-term loans, current portion


2


-


-

Notes payable, current portion


10,505


10,457


1,650

Amounts due to related parties


1,764


1,553


245

Operating lease liabilities


2,862


2,804


442

    Total current liabilities


74,488


68,189


10,757








    Non-current liabilities:







Deferred income


129


147


23

Deferred revenue


223


234


37

Amounts due to related parties


3,268


3,243


512

Long-term loans


12,629


12,573


1,983

Notes payable


43,120


42,917


6,770

Convertible senior notes


12,652


13,238


2,088

Deferred tax liabilities


3,286


3,006


474

Operating lease liabilities


5,569


5,149


812

Other non-current liabilities


718


1,707


269

    Total non-current liabilities


81,594


82,214


12,968








Total liabilities


156,082


150,403


23,725








Redeemable noncontrolling interests


7,148


6,872


1,084








Equity







    Total Baidu shareholders' equity


211,459


212,170


33,469

    Noncontrolling interests


5,345


6,188


976

Total equity


216,804


218,358


34,445








Total liabilities, redeemable noncontrolling interests, and equity


380,034


375,633


59,254

 

 

Baidu, Inc. 

Selected Information

(In millions, unaudited)





























Three months ended
March 31, 2021 (RMB)


Three months ended
December 31, 2021 (RMB)


Three months ended
March 31, 2022 (RMB)


Three months ended
March 31, 2022 (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 


20,483

7,968

(317)


28,134


25,978

7,389

(279)


33,088


21,378

7,277

(244)


28,411


3,372

1,148

(38)


4,482

  YOY














4%

(9%)



1%







  QOQ














(18%)

(2%)



(14%)
































Costs and expenses: 

























  Cost of revenues (1)


8,162

7,109

(269)


15,002


11,017

6,507

(235)


17,289


9,807

5,964

(225)


15,546


1,547

941

(36)


2,452

  Selling, general and administrative (1)


4,048

1,201

(4)


5,245


5,377

1,093

(19)


6,451


3,913

745

(2)


4,656


617

118

-


735

  Research and development (1)


4,426

672

-


5,098


6,626

764

-


7,390


5,134

474

-


5,608


810

75

-


885

Total costs and expenses 


16,636

8,982

(273)


25,345


23,020

8,364

(254)


31,130


18,854

7,183

(227)


25,810


2,974

1,134

(36)


4,072

  YOY 

























  Cost of revenues 














20%

(16%)



4%







  Selling, general and administrative 














(3%)

(38%)



(11%)







  Research and development 














16%

(29%)



10%







  Cost and expenses














13%

(20%)



2%
































Operating income (loss)


3,847

(1,014)

(44)


2,789


2,958

(975)

(25)


1,958


2,524

94

(17)


2,601


398

14

(2)


410

  YOY














(34%)

-



(7%)







  QOQ














(15%)

-



33%







Operating margin 


19%

(13%)



10%


11%

(13%)



6%


12%

1%



9%
































  Add: total other income (loss), net


23,999

(222)

-


23,777


1,161

(754)

-


407


(3,058)

97

-


(2,961)


(481)

15

-


(466)

  Less: income tax expense


1,513

21

-


1,534


1,258

37

-


1,295


374

17

-


391


59

3

-


62

  Less: net (loss) income attributable to NCI


(21)

10

(610)

(3)

(621)


205

10

(860)

(3)

(645)


55

5

74

(3)

134


10

1

11

(3)

22

Net income (loss) attributable to Baidu


26,354

(1,267)

566


25,653


2,656

(1,776)

835


1,715


(963)

169

(91)


(885)


(152)

25

(13)


(140)

  YOY














-

-



-







  QOQ














-

-



-







Net margin 


129%

(16%)



91%


10%

(24%)



5%


(5%)

2%



(3%)
































Non-GAAP financial measures:

























Operating income (loss) (non-GAAP)


5,064

(658)



4,362


4,847

(515)



4,307


3,686

327



3,996


581

51



630

  YOY














(27%)

-



(8%)







  QOQ














(24%)

-



(7%)







Operating margin (non-GAAP)


25%

(8%)



16%


19%

(7%)



13%


17%

4%



14%
































Net income (loss) attributable to Baidu (non-
GAAP)


4,870

(1,021)



4,297


4,625

(1,001)



4,084


3,804

162



3,879


600

25



612

  YOY














(22%)

-



(10%)







  QOQ














(18%)

-



(5%)







Net margin (non-GAAP)


24%

(13%)



15%


18%

(14%)



12%


18%

2%



14%
































Adjusted EBITDA


6,487

(543)



5,900


6,210

(428)



5,757


5,106

410



5,499


805

64



867

  YOY














(21%)

-



(7%)







  QOQ














(18%)

-



(4%)







Adjusted EBITDA margin 


32%

(7%)



21%


24%

(6%)



17%


24%

6%



19%
































(1)  Includes share-based compensation as follows:
























 Cost of revenues 


33

46



79


90

44



134


45

37



82


7

6



13

 Selling, general and administrative 


256

215



471


396

137



533


257

120



377


41

19



60

 Research and development 


866

83



949


1,343

83



1,426


804

60



864


127

9



136

 Total share-based compensation 


1,155

344



1,499


1,829

264



2,093


1,106

217



1,323


175

34



209

 (2) Relates to intersegment eliminations and adjustments 

 (3) Relates to the net (loss) 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, 2021 (RMB)


December 31, 2021 (RMB)


March 31, 2022 (RMB)


March 31, 2022 (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 (used in) operating
activities


5,467

(1,350)

4,117


5,809

(1,095)

4,714


3,039

(1,167)

1,872


479

(184)

295

Net cash (used in) provided by investing activities 


(4,579)

(2,778)

(7,357)


(50)

2,097

2,047


(2,884)

(67)

(2,951)


(455)

(11)

(466)

Net cash provided by (used in) financing activities


18,018

611

18,629


(4,662)

(5,239)

(9,901)


(644)

2,046

1,402


(102)

323

221

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


251

(29)

222


(589)

(74)

(663)


(183)

(4)

(187)


(28)

(1)

(29)

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


19,157

(3,546)

15,611


508

(4,311)

(3,803)


(672)

808

136


(106)

127

21

Cash, cash equivalents and restricted cash

















  At beginning of period


25,599

10,941

36,540


44,088

7,386

51,474


44,596

3,075

47,671


7,035

485

7,520

  At end of period


44,756

7,395

52,151


44,596

3,075

47,671


43,924

3,883

47,807


6,929

612

7,541


















Net cash provided by (used in) operating
activities


5,467

(1,350)

4,117


5,809

(1,095)

4,714


3,039

(1,167)

1,872


479

(184)

295

Less: Capital expenditures


(1,438)

(61)

(1,499)


(4,213)

(24)

(4,237)


(1,928)

(51)

(1,979)


(304)

(8)

(312)

Free cash flow


4,029

(1,411)

2,618


1,596

(1,119)

477


1,111

(1,218)

(107)


175

(192)

(17)


















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, 2021 (RMB)


December 31, 2021 (RMB)


March 31, 2022 (RMB)


March 31, 2022 (US$)



Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.

Operating income (loss)


3,847

(1,014)

2,789


2,958

(975)

1,958


2,524

94

2,601


398

14

410

Add: Share-based compensation expenses


1,155

344

1,499


1,829

264

2,093


1,106

217

1,323


175

34

209

Add: Amortization and impairment of intangible assets(1)


62

12

74


60

17

77


56

16

72


8

3

11

Add: iQIYI non-recurring employee severance costs(4)


-

-

-


-

179

179


-

-

-


-

-

-

Operating income (loss) (non-GAAP)


5,064

(658)

4,362


4,847

(515)

4,307


3,686

327

3,996


581

51

630


















Add:  Depreciation of fixed assets


1,423

115

1,538


1,363

87

1,450


1,420

83

1,503


224

13

237

Adjusted EBITDA


6,487

(543)

5,900