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Baidu Announces First Quarter 2024 Results

May 16, 2024

BEIJING, May 16, 2024 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), ("Baidu" or the "Company"), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the first quarter ended March 31, 2024.

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

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

First Quarter 2024 Financial Highlights[1]



Baidu, Inc.

(In millions except per

Q1


Q4


Q1






ADS, unaudited)

2023


2023


2024



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

31,144


34,951


31,513

4,365


1 %


(10 %)












Operating income

4,980


5,392


5,484

760


10 %


2 %

Operating income (non-GAAP) [2]

6,428


7,075


6,673

924


4 %


(6 %)












Net income to Baidu

5,825


2,599


5,448

755


(6 %)


110 %

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

5,727


7,755


7,011

971


22 %


(10 %)












Diluted earnings per ADS

15.92


6.77


14.91

2.07


(6 %)


120 %

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

16.10


21.86


19.91

2.76


24 %


(9 %)












Adjusted EBITDA [2]

8,145


9,057


8,244

1,142


1 %


(9 %)

Adjusted EBITDA margin

26 %


26 %


26 %

26 %





 


Baidu Core


Q1


Q4


Q1






(In millions, unaudited)

2023


2023


2024



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

22,998


27,488


23,803

3,297


4 %


(13 %)












Operating income

4,091


4,668


4,538

629


11 %


(3 %)

Operating income (non-GAAP) [2]

5,363


6,197


5,586

774


4 %


(10 %)












Net income to Baidu Core

5,513


2,440


5,150

713


(7 %)


111 %

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

5,268


7,500


6,628

918


26 %


(12 %)












Adjusted EBITDA [2]

7,003


8,118


7,118

986


2 %


(12 %)

Adjusted EBITDA margin

30 %


30 %


30 %

30 %





 

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2203 as of March 29, 2024, as
set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations are
provided solely for the convenience of the reader. 

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also "Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures" for more details). 

Operational Highlights 

Corporate

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

AI Cloud

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

Intelligent Driving

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

Mobile Ecosystem

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

First Quarter 2024 Financial Results

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

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

Cost of revenues was RMB15.3 billion ($2.12 billion), increasing 1% year over year, primarily due to an increase in traffic acquisition costs and costs related to AI Cloud business, partially offset by the decrease in content costs.

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

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

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

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

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

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

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

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

Conference Call Information

Baidu's management will hold an earnings conference call at 8.00 AM on May 16, 2024, U.S. Eastern Time (8.00 PM on May 16, 2024, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q1 2024 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10038153-8wbttd.html  

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

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

About Baidu

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

Safe Harbor Statement

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

Non-GAAP Financial Measures

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

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

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

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

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

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

 

 

Baidu, Inc. 










Condensed Consolidated Statements of  Income 










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











Three Months Ended




March 31,


December 31,


March 31,


March 31,




2023


2023


2024


2024




RMB


RMB


RMB


US$(2)


Revenues:










Online marketing services


17,972


20,804


18,490


2,561


Others


13,172


14,147


13,023


1,804


Total revenues 


31,144


34,951


31,513


4,365












Costs and expenses:










Cost of revenues(1)


15,152


17,418


15,291


2,118


Selling, general and administrative(1)


5,589


5,854


5,375


745


Research and development(1)


5,423


6,287


5,363


742


Total costs and expenses


26,164


29,559


26,029


3,605


Operating income


4,980


5,392


5,484


760












Other income (loss):










Interest income


1,915


2,064


2,091


290


Interest expense


(804)


(774)


(766)


(106)


Foreign exchange (loss) gain, net


(106)


(449)


401


56


Share of losses from equity method investments


(48)


(2,970)


(205)


(28)


Others, net


1,638


(398)


(275)


(39)


Total other income (loss), net


2,595


(2,527)


1,246


173












Income before income taxes


7,575


2,865


6,730


933


Income tax expense (benefit)


1,193


(96)


883


122


Net income 


6,382


2,961


5,847


811


Net income attributable to noncontrolling interests


557


362


399


56


Net income attributable to Baidu


5,825


2,599


5,448


755






















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










 -Basic


16.17


6.85


14.97


2.07


 -Diluted


15.92


6.77


14.91


2.07


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










 -Basic


2.02


0.86


1.87


0.26


 -Diluted


1.99


0.85


1.86


0.26


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






 -Basic 


2,798


2,812


2,804


2,804


 -Diluted


2,837


2,830


2,816


2,816












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










 Cost of revenues 


98


159


108


15


 Selling, general and administrative 


463


411


417


58


 Research and development 


828


1,068


618


86


 Total share-based compensation expenses 


1,389


1,638


1,143


159












(2)  All translations from RMB to U.S. dollars are made at a rate of RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 2024 as set forth in the H.10 statistical
release of The Board of Governors of the Federal Reserve System.

 

 

Baidu, Inc. 







Condensed Consolidated Balance Sheets







(In millions, unaudited)
















December 31,


March 31,


March 31,



2023


2024


2024



RMB


RMB


US$

ASSETS







Current assets:







Cash and cash equivalents


25,231


30,418


4,213

Restricted cash


11,503


11,591


1,605

Short-term investments, net


168,670


149,781


20,744

Accounts receivable, net


10,848


10,935


1,514

Amounts due from related parties


1,424


1,173


162

Other current assets, net


12,579


13,580


1,882

Total current assets


230,255


217,478


30,120








Non-current assets:







Fixed assets, net


27,960


28,157


3,900

Licensed copyrights, net


6,967


6,920


958

Produced content, net


13,377


13,613


1,885

Intangible assets, net


881


873


121

Goodwill


22,586


22,586


3,128

Long-term investments, net


47,957


46,947


6,502

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


24,666


45,407


6,289

Amounts due from related parties


195


289


40

Deferred tax assets, net


2,100


2,256


312

Operating lease right-of-use assets


10,851


10,692


1,481

Other non-current assets


18,964


19,479


2,699

Total non-current assets


176,504


197,219


27,315








Total assets


406,759


414,697


57,435








LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY





Current liabilities:







Short-term loans


10,257


13,716


1,900

Accounts payable and accrued liabilities


37,717


36,739


5,089

Customer deposits and deferred revenue


14,627


13,641


1,889

Deferred income


306


232


32

Long-term loans, current portion


2


23


3

Convertible senior notes, current portion


2,802


2,855


395

Notes payable, current portion


6,029


6,136


850

Amounts due to related parties


1,603


1,475


204

Operating lease liabilities


3,108


3,114


431

Total current liabilities


76,451


77,931


10,793








Non-current liabilities:







Deferred income


200


198


27

Deferred revenue


481


509


70

Amounts due to related parties


77


72


10

Long-term loans


14,223


14,705


2,037

Notes payable


34,990


35,605


4,931

Convertible senior notes


8,144


8,357


1,157

Deferred tax liabilities


2,725


2,818


390

Operating lease liabilities


5,040


4,886


677

Other non-current liabilities


1,820


1,853


258

Total non-current liabilities


67,700


69,003


9,557








Total liabilities


144,151


146,934


20,350








Redeemable noncontrolling interests


9,465


9,906


1,372








Equity







Total Baidu shareholders' equity


243,626


248,007


34,349

Noncontrolling interests


9,517


9,850


1,364

Total equity


253,143


257,857


35,713








Total liabilities, redeemable noncontrolling interests, and
equity


406,759


414,697


57,435








 

 

Baidu, Inc. 


























Selected Information


























(In millions, unaudited)






















































Three months ended
March 31, 2023 (RMB)


Three months ended
December 31, 2023 (RMB)


Three months ended
March 31, 2024 (RMB)


Three months ended
March 31, 2024 (US$)




Baidu
Core

iQIYI

Elim &
adj(2)


Baidu,
Inc.


Baidu
Core

iQIYI

Elim &
adj(2)


Baidu,
Inc.


Baidu
Core

iQIYI

Elim &
adj(2)


Baidu,
Inc.


Baidu
Core

iQIYI

Elim &
adj(2)


Baidu,
Inc.


Total revenues 


22,998

8,349

(203)


31,144


27,488

7,707

(244)


34,951


23,803

7,927

(217)


31,513


3,297

1,098

(30)


4,365


  YOY














4 %

(5 %)



1 %








  QOQ














(13 %)

3 %



(10 %)


































Costs and expenses: 


























  Cost of revenues (1)


9,379

5,956

(183)


15,152


12,050

5,533

(165)


17,418


9,839

5,631

(179)


15,291


1,363

780

(25)


2,118


  Selling, general and administrative (1)


4,533

1,106

(50)


5,589


4,936

948

(30)


5,854


4,492

922

(39)


5,375


622

128

(5)


745


  Research and development (1)


4,995

428

-


5,423


5,834

453

-


6,287


4,934

429

-


5,363


683

59

-


742


Total costs and expenses 


18,907

7,490

(233)


26,164


22,820

6,934

(195)


29,559


19,265

6,982

(218)


26,029


2,668

967

(30)


3,605


  YOY 


























  Cost of revenues 














5 %

(5 %)



1 %








  Selling, general and administrative 














(1 %)

(17 %)



(4 %)








  Research and development 














(1 %)

0 %



(1 %)








  Costs and expenses














2 %

(7 %)



(1 %)


































Operating income (loss)


4,091

859

30


4,980


4,668

773

(49)


5,392


4,538

945

1


5,484


629

131

-


760


  YOY














11 %

10 %



10 %








  QOQ














(3 %)

22 %



2 %








Operating margin 


18 %

10 %



16 %


17 %

10 %



15 %


19 %

12 %



17 %


































  Add: total other income (loss), net


2,803

(208)

-


2,595


(2,267)

(260)

-


(2,527)


1,508

(262)

-


1,246


209

(36)

-


173


  Less: income tax expense (benefit)


1,168

25

-


1,193


(134)

38

-


(96)


866

17

-


883


120

2

-


122


  Less: net income attributable to NCI


213

8

336

(3)

557


95

9

258

(3)

362


30

11

358

(3)

399


5

2

49

(3)

56


Net income (loss) attributable to Baidu


5,513

618

(306)


5,825


2,440

466

(307)


2,599


5,150

655

(357)


5,448


713

91

(49)


755


  YOY














(7 %)

6 %



(6 %)








  QOQ














111 %

41 %



110 %








Net margin 


24 %

7 %



19 %


9 %

6 %



7 %


22 %

8 %



17 %


































Non-GAAP financial measures:


























Operating income (non-GAAP)


5,363

1,035



6,428


6,197

927



7,075


5,586

1,086



6,673


774

150



924


  YOY














4 %

5 %



4 %








  QOQ














(10 %)

17 %



(6 %)








Operating margin (non-GAAP)


23 %

12 %



21 %


23 %

12 %



20 %


23 %

14 %



21 %


































Net income attributable to Baidu (non-GAAP)


5,268

940



5,727


7,500

681



7,755


6,628

844



7,011


918

117



971


  YOY














26 %

(10 %)



22 %








  QOQ














(12 %)

24 %



(10 %)








Net margin (non-GAAP)


23 %

11 %



18 %


27 %

9 %



22 %


28 %

11 %



22 %


































Adjusted EBITDA


7,003

1,112



8,145


8,118

988



9,057


7,118

1,125



8,244


986

156



1,142


  YOY














2 %

1 %



1 %








  QOQ














(12 %)

14 %



(9 %)








Adjusted EBITDA margin 


30 %

13 %



26 %


30 %

13 %



26 %


30 %

14 %



26 %


































(1)  Includes share-based compensation as follows:


























 Cost of revenues 


65

33



98


125

34



159


76

32



108


11

4



15


 Selling, general and administrative 


377

86



463


340

71



411


353

64



417


49

9



58


 Research and development 


778

50



828


1,020

48



1,068


575

43



618


80

6



86


 Total share-based compensation 


1,220

169



1,389


1,485

153



1,638


1,004

139



1,143


140

19



159


 (2) Relates to intersegment eliminations and adjustments 

























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























 

 

Baidu, Inc. 

















Condensed Consolidated Statements of Cash Flows

















(In millions,unaudited)




































Three months ended 


Three months ended 


Three months ended 


Three months ended 



March 31, 2023 (RMB)


December 31, 2023 (RMB)


March 31, 2024 (RMB)


March 31, 2024 (US$)



 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.


 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.


 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.


 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Net cash provided by operating activities


4,838

1,002

5,840


9,985

633

10,618


5,284

936

6,220


731

130

861

Net cash (used in) provided by investing activities 


(32,816)

167

(32,649)


(11,805)

(1,431)

(13,236)


(2,893)

(223)

(3,116)


(401)

(31)

(432)

Net cash provided by (used in) financing activities


1,055

(3,357)

(2,302)


(7,586)

(22)

(7,608)


2,126

261

2,387


295

36

331

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


(96)

(9)

(105)


(364)

(31)

(395)


154

15

169


21

2

23

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


(27,019)

(2,197)

(29,216)


(9,770)

(851)

(10,621)


4,671

989

5,660


646

137

783

Cash, cash equivalents and restricted cash

















  At beginning of period


57,374

7,862

65,236


42,063

6,132

48,195


32,293

5,281

37,574


4,473

731

5,204

  At end of period


30,355

5,665

36,020


32,293

5,281

37,574


36,964

6,270

43,234


5,119

868

5,987


















Net cash provided by operating activities


4,838

1,002

5,840


9,985

633

10,618


5,284

936

6,220


731

130

861

Less: Capital expenditures


(1,295)

-

(1,295)


(3,641)

(19)

(3,660)


(2,016)

(22)

(2,038)


(279)

(3)

(282)

Free cash flow


3,543

1,002

4,545


6,344

614

6,958


3,268

914

4,182


452

127

579


















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














 

 

Baidu, Inc. 

















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













(In millions except for per ADS information, unaudited)




































Three months ended 


Three months ended 


Three months ended 


Three months ended 



March 31, 2023 (RMB)


December 31, 2023 (RMB)


March 31, 2024 (RMB)


March 31, 2024 (US$)



Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.

Operating income


4,091

859

4,980


4,668

773

5,392


4,538

945

5,484


629

131

760

Add: Share-based compensation expenses


1,220

169

1,389


1,485

153

1,638


1,004

139

1,143


140

19

159

Add: Amortization and impairment of intangible assets(1)


52

7

59


44

1

45


44

2

46


5

-

5

Operating income (non-GAAP)


5,363

1,035

6,428


6,197

927

7,075


5,586

1,086

6,673


774

150

924


















Add:  Depreciation of fixed assets


1,640

77

1,717