<< Back

Baidu Announces Fourth Quarter and Fiscal Year 2021 Results

Mar 1, 2022

BEIJING, March 1, 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 quarter and fiscal year ended December 31, 2021.

"Baidu concluded a solid 2021, evidenced by a strong growth in our non-advertising business, particularly the acceleration of Baidu AI Cloud. We brought our AI capabilities to China's traditional industries and public service sector, to aid in the improvement of their efficiency and operational expansion. Furthermore, Apollo Go provided around 213,000 rides in the fourth quarter, almost doubling sequentially, reaffirming our leadership position in the global autonomous ride-hailing market," said Robin Li, Co-founder and CEO of Baidu. "Our strategic commitments are closely geared with China's endeavors in technology innovation and transition to a green economy."

"Baidu Core achieved 21% revenue growth in 2021, with non-advertising revenues increasing by 71% from last year, which has been very encouraging," said Rong Luo, CFO of Baidu. "Looking ahead, we remain committed to healthy and sustainable long-term growth as Baidu continues to improve its overall operational efficiency and execution capabilities."

Fourth Quarter and Fiscal Year 2021 Financial Highlights[1]


Baidu, Inc.

(In millions except per 

Q4


Q3


Q4





FY


FY




ADS, unaudited)

2020


2021


2021



YOY


2020


2021



YOY


RMB


RMB


RMB

US$




RMB


RMB

US$



Total revenues

30,263


31,921


33,088

5,192


9%


107,074


124,493

19,536


16%

















Operating income 

4,977


2,308


1,958

307


(61%)


14,340


10,518

1,651


(27%)

Operating income (non-
GAAP)2

7,055


4,708


4,307

676


(39%)


21,732


19,030

2,986


(12%)

















Net income (loss) to Baidu

5,174


(16,559)


1,715

269


(67%)


22,472


10,226

1,605


(54%)

Net income to Baidu (non-
GAAP)2

6,868


5,090


4,084

641


(41%)


22,020


18,830

2,955


(14%)

















Diluted earnings (loss) per
ADS

15.05


(48.18)


4.51

0.71


(70%)


64.98


28.07

4.40


(57%)

Diluted earnings per ADS (non-
GAAP)2

20.08


14.66


11.60

1.82


(42%)


63.93


53.53

8.40


(16%)

















Adjusted EBITDA2

8,564


5,962


5,757

903


(33%)


27,503


24,914

3,910


(9%)

Adjusted EBITDA margin 

28%


19%


17%

17%




26%


20%

20%



































[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 6.3726 as of December 30, 2021, 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).

 


Baidu Core


Q4


Q3


Q4





FY


FY




(In millions, unaudited)

2020


2021


2021



YOY


2020


2021



YOY


RMB


RMB


RMB

US$




RMB


RMB

US$



Total revenues

23,111


24,661


25,978

4,077


12%


78,684


95,163

14,933


21%

















Operating income

6,320


3,718


2,958

464


(53%)


20,538


15,142

2,376


(26%)

Operating income (non-
GAAP)
 2

8,031


5,823


4,847

761


(40%)


26,366


22,201

3,484


(16%)

















Net income (loss) to Baidu
Core

6,036


(15,625)


2,656

417


(56%)


26,524


13,557

2,127


(49%)

Net income to Baidu Core
(non-GAAP)
 2

7,533


5,855


4,625

726


(39%)


25,192


21,292

3,341


(15%)

















Adjusted EBITDA2

9,422


6,994


6,210

974


(34%)


31,656


27,682

4,344


(13%)

Adjusted EBITDA margin

41%


28%


24%

24%




40%


29%

29%



 

Other Highlights

Corporate

  • Baidu returned US$615 million to shareholders under its 2020 Share Repurchase Program in the fourth quarter of 2021, bringing the cumulative repurchase to approximately US$1.2 billion in 2021. As of the end of 2021, the Company had returned approximately US$2.9 billion to shareholders under the 2020 Share Repurchase Program.
  • Baidu's ESG rankings were further improved in 2021. Our MSCI ESG rating was upgraded three times in two years to achieve BBB, and our Sustainalytics ESG risk rating was ranked Top 18 among 234 Internet Software and Services companies globally.

AI Cloud

  • Baidu ACE smart transportation has been adopted by 35 cities, up from 14 cities a year ago, based on contract amounts of over RMB10 million, as of the end of 2021.
  • Baidu was once again ranked the No. 1 AI cloud provider, according to IDC's first half of 2021 report on China's public cloud market.
  • PaddlePaddle developer community has grown to 4.06 million and has served 157,000 businesses, as of the end of 2021. Developers have created 476,000 models on PaddlePaddle by the end of 2021.

Intelligent Driving

  • Rides provided by Apollo Go almost doubled sequentially, and reached around 213,000 in the fourth quarter of 2021.
  • Apollo Go, Baidu's autonomous ride-hailing service, has begun to charge fees for the autonomous ride-hailing services on open roads on November 25, 2021, in Beijing;  February 18, 2022, in Chongqing; and February 27, 2022, in Yangquan.   
  • Apollo Go expanded into Chongqing, Shenzhen and Yangquan, and is now available in eight cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou and Yangquan.
  • Jidu Auto, an intelligent EV company established in partnership with Zhejiang Geely Holding Group, completed its Series A financing, raising nearly US$400 million.

Other Growth Initiatives

  • Xiaodu ranked No.1 in smart display shipments globally and smart speaker shipments in China for the first nine months of 2021, according to Strategy Analytics, IDC and Canalys.

Mobile Ecosystem

  • In December, Baidu App's MAUs reached 622 million, up 14% year over year, and daily logged-in users reached 82%.
  • Managed Page continued to account for over 40% of Baidu Core's online marketing revenue in the fourth quarter of 2021.

iQIYI

  • iQIYI subscribers reached 99 million in December 2021.

Fourth Quarter 2021 Financial Results

Total revenues were RMB 33.1 billion (US$5.19 billion), increasing 9% year over year.

  • Revenue from Baidu Core was RMB 26.0 billion (US$4.08 billion), increasing 12% year over year; online marketing revenue was RMB 19.1 billion (US$3.00 billion), up 1% year over year, and non-online marketing revenue was RMB 6.9 billion (US$1.08 billion), up 63% year over year, driven by cloud and other AI-powered businesses.
  • Revenue from iQIYI was RMB 7.4 billion (US$1.16 billion), decreasing 1% year over year.

Cost of revenues was RMB 17.3 billion (US$2.71 billion), increasing 19% year over year, primarily due to an increase in traffic acquisition costs, bandwidth costs, cost of goods sold and other costs related to new AI business.

Selling, general and administrative expenses were RMB 6.5 billion (US$1.01 billion), increasing 27% year over year, primarily due to an increase in channel spending, promotional marketing and personnel-related expenses.

Research and development expense was RMB 7.4 billion (US$1.16 billion), increasing 30% year over year, primarily due to an increase in personnel related expense.

Operating income was RMB 2.0 billion (US$307 million). Baidu Core operating income was RMB 3.0 billion (US$464 million), and Baidu Core operating margin was 11%. Non-GAAP operating income was RMB 4.3 billion (US$676 million). Non-GAAP Baidu Core operating income was RMB 4.8 billion (US$761 million), and non-GAAP Baidu Core operating margin was 19%.

Total other income, net was RMB 407 million (US$64 million), which mainly included a fair value gain of RMB 1.5 billion and an impairment loss of RMB 891 million 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 1.3 billion (US$203 million), increasing 26% year over year.

Net income attributable to Baidu was RMB 1.7 billion (US$269 million), and diluted earnings per ADS was RMB 4.51 (US$0.71). Net income attributable to Baidu Core was RMB 2.7 billion (US$417 million), and net margin for Baidu Core was 10%. Non-GAAP net income attributable to Baidu was RMB 4.1 billion (US$641 million). Non-GAAP diluted earnings per ADS was RMB 11.60 (US$1.82). Non-GAAP net income attributable to Baidu Core was RMB 4.6 billion (US$726 million), and non-GAAP net margin for Baidu Core was 18%.

Adjusted EBITDA was RMB 5.8 billion (US$903 million) and adjusted EBITDA margin was 17%. Adjusted EBITDA for Baidu Core was RMB 6.2 billion (US$974 million) and adjusted EBITDA margin for Baidu Core was 24%. 

As of December 31, 2021, cash, cash equivalents, restricted cash and short-term investments were RMB 190.9 billion (US$29.96 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 186.5 billion (US$29.27 billion). Free cash flow was RMB 477 million (US$75 million), and free cash flow excluding iQIYI was RMB 1.6 billion (US$251 million).

Fiscal Year 2021 Results

Total revenues were RMB 124.5 billion (US$19.54 billion), increasing 16% year over year.

  • Revenue from Baidu Core was RMB 95.2 billion (US$14.93 billion), increasing 21% year over year; online marketing revenue was RMB 74.0 billion (US$11.60 billion), increasing 12% year over year, and non-online marketing revenue was RMB 21.2 billion (US$3.33 billion), up 71% year over year, driven by cloud and other AI-powered businesses.
  • Revenue from iQIYI was RMB 30.6 billion (US$4.80 billion), increasing 3% year over year.

Cost of revenues was RMB 64.3 billion (US$10.09 billion), increasing 17% year over year, primarily due to an increase in content costs, traffic acquisition costs, bandwidth costs, cost of goods sold and other costs related to new AI business.

Selling, general and administrative expenses were RMB 24.7 billion (US$3.88 billion), increasing 37% year over year, primarily due to an increase in channel spending, promotional marketing, personnel-related expenses and contingent loss pertaining to legal proceeding involving former advertising agencies.

Research and development expenses were RMB 24.9 billion (US$3.91 billion), increasing 28% year over year, primarily due to an increase in personnel related expenses.

Operating income was RMB 10.5 billion (US$1.65 billion). Baidu Core operating income was RMB 15.1 billion (US$2.38 billion), and Baidu Core operating margin was 16%. Non-GAAP operating income was RMB 19.0 billion (US$2.99 billion). Non-GAAP Baidu Core operating income was RMB 22.2 billion (US$3.48 billion), and non-GAAP Baidu Core operating margin was 23%.

Total other income, net was RMB 260 million (US$40 million), which mainly included a fair value gain of RMB 3.1 billion and an impairment loss of RMB 4.3 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. Total other income, net was RMB 8.8 billion for 2020, which included a fair value gain of RMB 11.6 billion and an impairment loss of RMB 2.6 billion from long-term investments.

Income tax expense was RMB 3.2 billion (US$500 million), decreasing 22% year over year, primarily due to an increase in deduction on certain expenses that were previously considered non-deductible.

Net income attributable to Baidu was RMB 10.2 billion (US$1.61 billion), and diluted earnings per ADS was RMB 28.07 (US$4.40). Net income attributable to Baidu Core was RMB 13.6 billion (US$2.13 billion), and net margin for Baidu Core was 14%. Non-GAAP net income attributable to Baidu was RMB 18.8 billion (US$2.96 billion), and non-GAAP diluted earnings per ADS amounted to RMB 53.53 (US$8.40). Non-GAAP net income attributable to Baidu Core was RMB 21.3 billion (US$3.34 billion), and non-GAAP net margin for Baidu Core was 22%.

Adjusted EBITDA was RMB 24.9 billion (US$3.91 billion) and adjusted EBITDA margin was 20%. Adjusted EBITDA to Baidu Core was RMB 27.7 billion (US$4.34 billion) and adjusted EBITDA margin for Baidu Core was 29%. 

Free cash flow was RMB 9.2 billion (US$1.45 billion), and free cash flow excluding iQIYI was RMB 15.4 billion (US$2.42 billion).

Conference Call Information

Baidu's management will hold an earnings conference call at 7.30AM on March 1, 2022, U.S. Eastern Time (8.30PM on March 1, 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/7885275

It will automatically direct you to the registration page of "Baidu Q4 2021 Earnings Conference Call", where you may fill in your details for RSVP. If it requires you to enter a participant conference ID, please enter "7885275".

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.

A replay of the conference call may be accessed by phone at the following number until March 10, 2022:

International:

+61 2 8199 0299

Conference ID:

7885275

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 advertisingagencies, 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


Twelve Months Ended




December 31,


September 30,


December 31,


December 31,


December 31,


December 31,


December 31,




2020


2021


2021


2021


2020


2021


2021




RMB


RMB


RMB


US$(2)


RMB


RMB


US$(2)


 Revenues: 
















   Online marketing services 


20,708


21,050


20,723


3,252


72,840


80,695


12,663


   Others 


9,555


10,871


12,365


1,940


34,234


43,798


6,873


 Total revenues  


30,263


31,921


33,088


5,192


107,074


124,493


19,536


















 Costs and expenses: 
















     Cost of revenues(1)


14,522


16,126


17,289


2,713


55,158


64,314


10,092


     Selling, general and administrative(1)


5,094


7,320


6,451


1,012


18,063


24,723


3,879


     Research and development(1)


5,670


6,167


7,390


1,160


19,513


24,938


3,914


 Total costs and expenses 


25,286


29,613


31,130


4,885


92,734


113,975


17,885


 Operating income 


4,977


2,308


1,958


307


14,340


10,518


1,651


















 Other income (loss): 
















    Interest income 


1,308


1,462


1,514


238


5,358


5,551


871


    Interest expense 


(777)


(880)


(873)


(137)


(3,103)


(3,421)


(537)


    Foreign exchange (loss) income, net 


(346)


7


(27)


(4)


(660)


100


16


    Share of losses from equity method investments 


(151)


(4)


(773)


(121)


(2,248)


(932)


(146)


    Others, net 


499


(22,079)


566


88


9,403


(1,038)


(164)


 Total other income (loss), net 


533


(21,494)


407


64


8,750


260


40


















 Income (loss) before income taxes 


5,510


(19,186)


2,365


371


23,090


10,778


1,691


 Income tax expense (benefit) 


1,026


(1,839)


1,295


203


4,064


3,187


500


 Net income (loss)  


4,484


(17,347)


1,070


168


19,026


7,591


1,191


 Net loss attributable to noncontrolling interests 


(690)


(788)


(645)


(101)


(3,446)


(2,635)


(414)


 Net income (loss) attributable to Baidu 


5,174


(16,559)


1,715


269


22,472


10,226


1,605


































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














 -Basic


15.28


(48.18)


4.57


0.72


65.54


28.64


4.49


 -Diluted


15.05


(48.18)


4.51


0.71


64.98


28.07


4.40


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














 -Basic


1.91


(6.02)


0.57


0.09


8.19


3.58


0.56


 -Diluted


1.88


(6.02)


0.56


0.09


8.12


3.51


0.55


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












 -Basic 


2,695


2,778


2,780


2,780


2,732


2,758


2,758


 -Diluted


2,735


2,778


2,816


2,816


2,756


2,814


2,814


















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














   Cost of revenues 


91


74


134


21


360


399


62


   Selling, general and administrative 


480


353


533


83


1,897


1,840


289


   Research and development 


1,408


921


1,426


224


4,471


4,817


756


   Total share-based compensation expenses 


1,979


1,348


2,093


328


6,728


7,056


1,107


















(2)  All translations from RMB to U.S. dollars are made at a rate of RMB 6.3726 to US$1.00, the exchange rate in effect as of December 30, 2021 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,


December 31,


December 31,



2020


2021


2021



RMB


RMB


US$

ASSETS







    Current assets:







   Cash and cash equivalents


35,782


36,850


5,783

   Restricted cash


758


10,821


1,697

   Short-term investments, net


126,402


143,243


22,478

   Accounts receivable, net


8,668


9,981


1,566

   Amounts due from related parties


726


1,368


215

   Other current assets, net


11,006


11,052


1,735

    Total current assets


183,342


213,315


33,474








    Non-current assets:







   Fixed assets, net


17,508


23,027


3,613

   Licensed copyrights, net


6,435


7,258


1,139

   Produced content, net


6,556


10,951


1,718

   Intangible assets, net


2,022


1,689


265

   Goodwill


22,248


22,605


3,547

   Long-term investments, net


76,233


67,332


10,566

   Amounts due from related parties


3,438


3,487


547

   Deferred tax assets, net


1,674


2,372


372

   Operating lease right-of-use assets


9,804


12,065


1,894

   Other non-current assets


3,448


15,933


2,501

    Total non-current assets


149,366


166,719


26,162








Total assets


332,708


380,034


59,636








LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY



   Current liabilities:







      Short-term loans


3,016


4,168


654

   Accounts payable and accrued liabilities


36,716


41,384


6,494

   Customer deposits and deferred revenue


12,626


13,706


2,151

   Deferred income


158


97


15

   Long-term loans, current portion


7,427


2


-

   Convertible senior notes, current portion


4,752


-


-

   Notes payable, current portion


-


10,505


1,648

   Amounts due to related parties


1,324


1,764


277

   Operating lease liabilities


2,366


2,862


450

    Total current liabilities


68,385


74,488


11,689








    Non-current liabilities:







   Deferred income


97


129


20

   Deferred revenue


686


223


35

   Amounts due to related parties


3,543


3,268


513

   Long-term loans


-


12,629


1,982

   Notes payable


48,408


43,120


6,766

   Convertible senior notes


11,927


12,652


1,985

   Deferred tax liabilities


3,067


3,286


516

   Operating lease liabilities


4,693


5,569


874

   Other non-current liabilities


59


718


112

    Total non-current liabilities


72,480


81,594


12,803








Total liabilities


140,865


156,082


24,492








Redeemable noncontrolling interests


3,102


7,148


1,122








Equity







    Total Baidu shareholders' equity


182,696


211,459


33,183

    Noncontrolling interests


6,045


5,345


839

Total equity


188,741


216,804


34,022








Total liabilities, redeemable noncontrolling
interests, and equity


332,708


380,034


59,636








 

 

 

Baidu, Inc. 


























Selected Information


























(In millions, unaudited)






















































Three months ended
December 31, 2020 (RMB)


Three months ended
September 30, 2021 (RMB)


Three months ended
December 31, 2021 (RMB)


Three months ended
December 31, 2021 (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 


23,111

7,458

(306)


30,263


24,661

7,589

(329)


31,921


25,978

7,389

(279)


33,088


4,077

1,159

(44)


5,192


  YOY














12%

(1%)



9%








  QOQ














5%

(3%)



4%


































Costs and expenses: 


























  Cost of revenues (1)


7,997

6,785

(260)


14,522


9,370

7,028

(272)


16,126


11,017

6,507

(235)


17,289


1,729

1,021

(37)


2,713


  Selling, general and administrative (1)


3,787

1,317

(10)


5,094


6,089

1,246

(15)


7,320


5,377

1,093

(19)


6,451


844

172

(4)


1,012


  Research and development (1)


5,007

663

-


5,670


5,484

683

-


6,167


6,626

764

-


7,390


1,040

120

-


1,160


Total costs and expenses 


16,791

8,765

(270)


25,286


20,943

8,957

(287)


29,613


23,020

8,364

(254)


31,130


3,613

1,313

(41)


4,885


  YOY 


























  Cost of revenues 














38%

(4%)



19%








  Selling, general and administrative 














42%

(17%)



27%








  Research and development 














32%

15%



30%








  Cost and expenses














37%

(5%)



23%


































Operating income (loss)


6,320

(1,307)

(36)


4,977


3,718

(1,368)

(42)


2,308


2,958

(975)

(25)


1,958


464

(154)

(3)


307


  YOY














(53%)

(25%)



(61%)








  QOQ














(20%)

(29%)



(15%)








Operating margin 


27%

(18%)



16%


15%

(18%)



7%


11%

(13%)



6%


































  Add: total other income (loss), net


774

(241)

-


533


(21,163)

(331)

-


(21,494)


1,161

(754)

-


407


182

(118)

-


64


  Less: income tax expense (benefit)


1,042

(16)

-


1,026


(1,848)

9

-


(1,839)


1,258

37

-


1,295


197

6

-


203


  Less: net income (loss) attributable to NCI


16

16

(722)

(3)

(690)


28

22

(838)

(3)

(788)


205

10

(860)

(3)

(645)


32

2

(135)

(3)

(101)


Net income (loss) attributable to Baidu


6,036

(1,548)

686


5,174


(15,625)

(1,730)

796


(16,559)


2,656

(1,776)

835


1,715


417

(280)

132


269


  YOY














(56%)

15%



(67%)








  QOQ














-

3%



-








Net margin 


26%

(21%)



17%


(63%)

(23%)



(52%)


10%

(24%)



5%


































Non-GAAP financial measures:


























Operating income (loss) (non-GAAP)


8,031

(940)



7,055


5,823

(1,073)



4,708


4,847

(515)



4,307


761

(82)



676


  YOY














(40%)

(45%)



(39%)








  QOQ














(17%)

(52%)



(9%)








Operating margin (non-GAAP)


35%

(13%)



23%


24%

(14%)



15%


19%

(7%)



13%


































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


7,533

(1,177)



6,868


5,855

(1,400)



5,090


4,625

(1,001)



4,084


726

(158)



641


  YOY














(39%)

(15%)



(41%)








  QOQ














(21%)

(29%)



(20%)








Net margin (non-GAAP)


33%

(16%)



23%


24%

(18%)



16%


18%

(14%)



12%


































Adjusted EBITDA


9,422

(822)



8,564


6,994

(990)



5,962


6,210

(428)



5,757


974

(68)



903


  YOY














(34%)

(48%)



(33%)








  QOQ














(11%)

(57%)



(3%)








Adjusted EBITDA margin 


41%

(11%)



28%


28%

(13%)



19%


24%

(6%)



17%


































(1)  Includes share-based compensation as follows:
























   Cost of revenues 


46

45



91


34

40



74


90

44



134


14

7



21


   Selling, general and administrative 


255

225



480


196

157



353


396

137



533


62

21



83


   Research and development 


1,329

79



1,408


837

84



921


1,343

83



1,426


211

13



224


   Total share-based compensation 


1,630

349



1,979


1,067

281



1,348


1,829

264



2,093


287

41



328


 (2) Relates to intersegment eliminations and adjustments 
























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























 

 

 

Baidu, Inc. 




















Selected Information




















(In millions except for per ADS information, unaudited)







































Twelve months ended
December 31, 2020 (RMB)


Twelve months ended
December 31, 2021 (RMB)


Twelve months ended
December 31, 2021 (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.


Total revenues 


78,684

29,707

(1,317)


107,074


95,163

30,554

-1,224


124,493


14,933

4,795

(192)


19,536


  YOY








21%

3%



16%
















































Costs and expenses: 




















  Cost of revenues (1)


28,368

27,884

-1,094


55,158


37,838

27,513

-1,037


64,314


5,937

4,317

(162)


10,092


  Selling, general and administrative (1)


12,931

5,188

(56)


18,063


20,040

4,725

(42)


24,723


3,145

742

(8)


3,879


  Research and development (1)


16,847

2,676

(10)


19,513


22,143

2,795

-


24,938


3,475

439

-


3,914


Total costs and expenses 


58,146

35,748

-1,160


92,734


80,021

35,033

-1,079


113,975


12,557

5,498

(170)


17,885


  YOY 




















  Cost of revenues 








33%

(1%)



17%








  Selling, general and administrative 








55%

(9%)



37%








  Research and development 








31%

4%



28%








  Cost and expenses








38%

(2%)



23%




























Operating income (loss)


20,538

(6,041)

(157)


14,340


15,142

(4,479)

(145)


10,518


2,376

(703)

(22)


1,651


  YOY








(26%)

(26%)



(27%)








Operating margin 


26%

(20%)



13%


16%

(15%)



8%




























  Add: total other income (loss),net


9,693

(943)

-


8,750


1,793

(1,533)

-


260


281

(241)

-


40


  Less: income tax expense


4,041

23

-


4,064


3,090

97

-


3,187


485

15

-


500


  Less: net (loss) income attributable to NCI


(334)

31

-3,143

(3)

(3,446)


288

61

(2,984)

(3)

(2,635)


45

10

(469)

(3)

(414)


Net income (loss) attributable to Baidu


26,524

(7,038)

2,986


22,472


13,557

(6,170)

2,839


10,226


2,127

(969)

447


1,605


  YOY








(49%)

(12%)



(54%)








Net margin 


34%

(24%)



21%


14%

(20%)



8%