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Baidu Announces Second Quarter 2022 Results

Aug 30, 2022

 BEIJING,  Aug. 30, 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 second quarter ended June 30, 2022.

"Despite a challenging macro environment caused by Covid-19, Baidu Core generated RMB23.2 billion in revenues in the second quarter, while Baidu AI Cloud revenues maintained rapid growth momentum of 31% year over year and 10% quarter over quarter," said Robin Li, Co-founder and CEO of Baidu. "Apollo Go further solidified its position as the world's largest autonomous ride-hailing service provider. Apollo Go completed 287K rides in the second quarter, and accumulated one million rides on July 20, becoming an important alternative means of people's everyday travel in the Yizhuang region of Beijing. Moreover, in a momentous landmark, Apollo Go became the first provider to offer fully driverless ride-hailing services – i.e. completely without human drivers present in the car - on open roads in Chongqing and Wuhan, allowing us to further scale up our operations at an accelerated pace."

"Baidu Core delivered a non-GAAP operating margin of 22% in the second quarter, up from 17% in the first quarter of 2022, as we continued to optimize our costs and enhance operational efficiency," said Rong Luo, CFO of Baidu. "Going forward, we remain committed to quality revenue growth and sustainable business models."

Second Quarter 2022 Financial Highlights[1]


Baidu, Inc.

(In millions except per

Q2


Q1


Q2






ADS, unaudited)

2021


2022


2022



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

31,350


28,411


29,647

4,426


(5 %)


4 %












Operating income

3,463


2,601


3,400

508


(2 %)


31 %

Operating income (non-GAAP) [2]

5,653


3,996


5,493

820


(3 %)


37 %












Net (loss) income to Baidu

(583)


(885)


3,637

543


-


-

Net income to Baidu (non-GAAP) [2]

5,359


3,879


5,541

827


3 %


43 %












Diluted (loss) earnings per ADS

(1.70)


(2.87)


9.97

1.49


-


-

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

15.41


11.22


15.79

2.36


2 %


41 %












Adjusted EBITDA [2]

7,295


5,499


7,054

1,053


(3 %)


28 %

Adjusted EBITDA margin

23 %


19 %


24 %

24 %
















[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.6981 as of June 30, 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)

 


Baidu Core


Q2


Q1


Q2






(In millions, unaudited)

2021


2022


2022



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

24,041


21,378


23,160

3,458


(4 %)


8 %












Operating income

4,619


2,524


3,246

485


(30 %)


29 %

Operating income (non-GAAP) [2]

6,467


3,686


5,121

765


(21 %)


39 %












Net income (loss) to Baidu Core

172


(963)


3,716

555


2060 %


-

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

5,942


3,804


5,449

814


(8 %)


43 %












Adjusted EBITDA[2]

7,991


5,106


6,597

985


(17 %)


29 %

Adjusted EBITDA margin

33 %


24 %


28 %

28 %





Operational Highlights  

Corporate

  • Forbes China placed Baidu on its 2022 China ESG 50 list.

AI Cloud

  • Baidu AI Cloud was again ranked the No. 1 AI cloud provider, according to IDC's second half of 2021 report on China's public cloud market report, issued in June 2022.
  • Baidu ACE smart transportation has been adopted by 51 cities, up from 20 cities a year ago, based on contract value of over RMB10 million, as of the end of the second quarter of 2022.

Intelligent Driving

  • Apollo Go, Baidu's autonomous ride-hailing service, continued its solid progress in scaling operations.
    - Apollo Go provided 287K rides in the second quarter of 2022. On July 20, 2022 Apollo Go reached one million accumulated rides, serving passengers on open roads.
    - Apollo Go started offering fully driverless ride-hailing services on open roads and received the permits to collect fees from the passengers in Chongqing and Wuhan on August 8, 2022. This has made Apollo Go the first and only of its kind in China to provide ride-hailing services completely without human drivers present in the car.
    - Apollo Go was granted the permits to charge fees for the driverless ride-hailing services on public roads of the Yizhuang region of Beijing on July 20, 2022.
    -
    Apollo Go expanded into Hefei (Anhui) on July 11, 2022 and Chengdu (Sichuan) on July 22, 2022, and is now available in more than ten cities in China, including all the tier-1 cities (Beijing, Shanghai, Guangzhou, Shenzhen) and other major cities.
  • Baidu unveiled its 6th generation robotaxi vehicle Apollo RT6 in July 2022. RT6 is the first steering wheel-free, all electric model designed for fully driverless autonomous driving. Apollo RT6 is distinct from the previous generations that had otherwise been retrofitted on conventional vehicles.

Other Growth Initiatives

  • Xiaodu continued to be ranked No.1 in smart speaker shipments in China for 1Q22, according to IDC and Canalys.

Mobile Ecosystem

  • In June, Baidu App's MAUs reached 628 million, up 8% year over year, and daily logged in users reached 84%.
  • Revenue from Managed Page grew by 10% year over year and reached 49% of Baidu Core's online marketing revenue in the second quarter of 2022.

iQIYI

  • iQIYI's average daily number of total subscribing members for the quarter was 98 million, compared to 99 million for the second quarter of 2021 and 101 million for the first quarter of 2022.

Second Quarter 2022 Financial Results

Total revenues were RMB 29.6 billion ($4.43 billion), decreasing 5% year over year.

  • Revenue from Baidu Core was RMB 23.2 billion ($3.46 billion), decreasing 4% year over year; online marketing revenue was RMB 17.1 billion ($2.55 billion), decreasing 10% year over year primarily due to the resurgence of Covid-19 in certain cities in China, and non-online marketing revenue was RMB 6.1 billion ($906 million), up 22% year over year, driven by cloud and other AI-powered businesses.
  • Revenue from iQIYI was RMB 6.7 billion ($994 million), decreasing 13% year over year.

Cost of revenues was RMB 15.2 billion ($2.27 billion), decreasing 5% year over year, primarily due to the decrease in content costs, partially offset by the increase in personnel related expense and other costs related to new AI business.

Selling, general and administrative expenses were RMB 4.8 billion ($714 million), decreasing 16% year over year, primarily due to a decrease in channel spending and promotional marketing.

Research and development expense was RMB 6.3 billion ($939 million), which was basically flat from last year.

Operating income was RMB 3.4 billion ($508 million). Baidu Core operating income was RMB 3.2 billion ($485 million), and Baidu Core operating margin was 14%. Non-GAAP operating income was RMB 5.5 billion ($820 million). Non-GAAP Baidu Core operating income was RMB 5.1 billion ($765 million), and non-GAAP Baidu Core operating margin was 22%.

Total other income, net was RMB 151 million ($23 million), compared to a total other loss of RMB 2.4 billion last year, which included a fair value loss of RMB 3.1 billion from long-term investments. In the second quarter of 2022, we recognized a fair value gain of RMB 536 million. 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 25 million ($4 million), decreasing 99% year over year, primarily due to the reversal of certain tax expenses accrued for 2021 based on the 2021 tax return filed in the second quarter of 2022 and an increase in deduction on certain expenses that were considered non-deductible in the second quarter of 2021.

Net income attributable to Baidu was RMB 3.6 billion ($543 million), and diluted earnings per ADS was RMB 9.97 ($1.49). Net income attributable to Baidu Core was RMB 3.7 billion ($555 million). Non-GAAP net income attributable to Baidu was RMB 5.5 billion ($827 million). Non-GAAP diluted earnings per ADS was RMB 15.79 ($2.36). Non-GAAP net income attributable to Baidu Core was RMB 5.4 billion ($814 million), and non-GAAP net margin for Baidu Core was 24%.

Adjusted EBITDA was RMB 7.1 billion ($1.05 billion) and adjusted EBITDA margin was 24%. Adjusted EBITDA for Baidu Core was RMB 6.6 billion ($985 million) and adjusted EBITDA margin for Baidu Core was 28%. 

As of June 30, 2022, cash, cash equivalents, restricted cash and short-term investments were RMB 189.4 billion ($28.28 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 184.5 billion ($27.55 billion). Free cash flow was RMB 5.5 billion ($823 million), and free cash flow excluding iQIYI was RMB 5.5 billion ($826 million).

Conference Call Information

Baidu's management will hold an earnings conference call at 8.00AM on August 30, 2022, U.S. Eastern Time (8.00PM on August 30, 2022, 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 Q2 2022 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/10024320-jfgv94.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.

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 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 (Loss) Income 














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
















Three Months Ended


Six Months Ended




June 30,


March 31,


June 30,


June 30,


June 30,


June 30,


June 30,




2021


2022


2022


2022


2021


2022


2022




RMB


RMB


RMB


   US$(2)


RMB


RMB


   US$(2)


Revenues:
















     Online marketing services


20,828


16,929


18,268


2,727


38,922


35,197


5,255


     Others


10,522


11,482


11,379


1,699


20,562


22,861


3,413


Total revenues 


31,350


28,411


29,647


4,426


59,484


58,058


8,668


















Costs and expenses:
















     Cost of revenues(1)


15,897


15,546


15,171


2,265


30,899


30,717


4,586


     Selling, general and administrative(1)


5,707


4,656


4,784


714


10,952


9,440


1,409


     Research and development(1)


6,283


5,608


6,292


939


11,381


11,900


1,777


Total costs and expenses


27,887


25,810


26,247


3,918


53,232


52,057


7,772


Operating income


3,463


2,601


3,400


508


6,252


6,001


896


















Other income (loss):
















     Interest income


1,342


1,454


1,525


228


2,575


2,979


445


     Interest expense


(845)


(710)


(741)


(111)


(1,668)


(1,451)


(217)


     Foreign exchange (loss) gain, net


(36)


(11)


(329)


(49)


120


(340)


(51)


     Share of losses from equity method investments


(4)


(408)


(603)


(90)


(155)


(1,011)


(151)


     Others, net


(2,887)


(3,286)


299


45


20,475


(2,987)


(446)


Total other (loss) income, net


(2,430)


(2,961)


151


23


21,347


(2,810)


(420)


















Income (loss) before income taxes


1,033


(360)


3,551


531


27,599


3,191


476


Income tax expense


2,197


391


25


4


3,731


416


62


Net (loss) income


(1,164)


(751)


3,526


527


23,868


2,775


414


Net (loss) income attributable to noncontrolling interests

(581)


134


(111)


(16)


(1,202)


23


3


Net (loss) income attributable to Baidu


(583)


(885)


3,637


543


25,070


2,752


411


































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












      -Basic


(1.70)


(2.87)


10.06


1.50


73.12


7.23


1.08


      -Diluted


(1.70)


(2.87)


9.97


1.49


71.23


7.15


1.07


(Loss) earnings per share for Class A and Class B ordinary shares:














      -Basic


(0.21)


(0.36)


1.26


0.19


9.14


0.91


0.14


      -Diluted


(0.21)


(0.36)


1.25


0.19


8.90


0.89


0.13


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










      -Basic 


2,782


2,767


2,780


2,780


2,737


2,773


2,773


      -Diluted


2,782


2,767


2,811


2,811


2,809


2,806


2,806


















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














 Cost of revenues 


112


82


85


13


191


167


25


 Selling, general and administrative 


483


377


443


67


954


820


122


 Research and development 


1,521


864


1,493


222


2,470


2,357


352


 Total share-based compensation expenses 


2,116


1,323


2,021


302


3,615


3,344


499


















(2)  All translations from RMB to U.S. dollars are made at a rate of RMB 6.6981 to US$1.00, the exchange rate in effect as of June 30, 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,


June 30,


June 30,



2021


2022


2022



RMB


RMB


US$

ASSETS







    Current assets:







 Cash and cash equivalents


36,850


42,533


6,350

 Restricted cash


10,821


11,148


1,664

 Short-term investments, net


143,243


135,753


20,267

 Accounts receivable, net


9,981


10,034


1,498

 Amounts due from related parties


1,368


1,009


151

 Other current assets, net


11,052


9,035


1,350

    Total current assets


213,315


209,512


31,280








    Non-current assets:







 Fixed assets, net


23,027


23,318


3,481

 Licensed copyrights, net


7,258


6,783


1,013

 Produced content, net


10,951


12,527


1,870

 Intangible assets, net


1,689


1,510


225

 Goodwill


22,605


22,602


3,374

 Long-term investments, net


67,332


74,321


11,096

 Amounts due from related parties


3,487


3,473


519

 Deferred tax assets, net


2,372


2,998


448

 Operating lease right-of-use assets


12,065


10,512


1,569

 Other non-current assets


15,933


17,563


2,622

    Total non-current assets


166,719


175,607


26,217








Total assets


380,034


385,119


57,497








LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY



   Current liabilities:







      Short-term loans


4,168


4,100


612

Accounts payable and accrued liabilities


41,384


35,783


5,342

Customer deposits and deferred revenue


13,706


13,027


1,945

Deferred income


97


80


12

Long-term loans, current portion


2


-


-

Convertible notes, current


-


8,013


1,196

Notes payable, current portion


10,505


11,052


1,650

Amounts due to related parties


1,764


1,388


207

Operating lease liabilities


2,862


2,757


413

    Total current liabilities


74,488


76,200


11,377








    Non-current liabilities:







Deferred income


129


147


22

Deferred revenue


223


267


40

Amounts due to related parties


3,268


3,411


509

Long-term loans


12,629


13,291


1,984

Notes payable


43,120


45,353


6,771

Convertible senior notes


12,652


5,990


894

Deferred tax liabilities


3,286


2,950


440

Operating lease liabilities


5,569


4,957


740

Other non-current liabilities


718


1,816


272

    Total non-current liabilities


81,594


78,182


11,672








Total liabilities


156,082


154,382


23,049








Redeemable noncontrolling interests


7,148


7,699


1,149








Equity







    Total Baidu shareholders' equity


211,459


217,113


32,414

    Noncontrolling interests


5,345


5,925


885

Total equity


216,804


223,038


33,299








Total liabilities, redeemable noncontrolling

 interests, and equity


380,034


385,119


57,497

 

 

 

Baidu, Inc. 

























Selected Information

























(In millions, unaudited)




















































Three months ended
June 30, 2021 (RMB)


Three months ended
March 31, 2022 (RMB)


Three months ended
June 30, 2022 (RMB)


Three months ended
June 30, 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 


24,041

7,608

(299)


31,350


21,378

7,277

(244)


28,411


23,160

6,657

(170)


29,647


3,458

994

(26)


4,426

  YOY














(4 %)

(13 %)



(5 %)







  QOQ














8 %

(9 %)



4 %
































Costs and expenses: 

























  Cost of revenues (1)


9,289

6,869

(261)


15,897


9,807

5,964

(225)


15,546


10,114

5,248

(191)


15,171


1,511

784

(30)


2,265

  Selling, general and administrative (1)


4,526

1,185

(4)


5,707


3,913

745

(2)


4,656


3,990

801

(7)


4,784


595

120

(1)


714

  Research and development (1)


5,607

676

-


6,283


5,134

474

-


5,608


5,810

482

-


6,292


867

72

-


939

Total costs and expenses 


19,422

8,730

(265)


27,887


18,854

7,183

(227)


25,810


19,914

6,531

(198)


26,247


2,973

976

(31)


3,918

  YOY 

























  Cost of revenues 














9 %

(24 %)



(5 %)







  Selling, general and administrative 














(12 %)

(32 %)



(16 %)







  Research and development 














4 %

(29 %)



0 %







  Cost and expenses














3 %

(25 %)



(6 %)
































Operating income (loss)


4,619

(1,122)

(34)


3,463


2,524

94

(17)


2,601


3,246

126

28


3,400


485

18

5


508

  YOY














(30 %)

-



(2 %)







  QOQ














29 %

34 %



31 %







Operating margin 


19 %

(15 %)



11 %


12 %

1 %



9 %


14 %

2 %



11 %
































  Add: total other (loss) income, net


(2,204)

(226)

-


(2,430)


(3,058)

97

-


(2,961)


442

(291)

-


151


66

(43)

-


23

  Less: income tax expense (benefit)


2,167

30

-


2,197


374

17

-


391


(11)

36

-


25


(1)

5

-


4

  Less: net income (loss) attributable to NCI


76

19

(676)

(3)

(581)


55

5

74

(3)

134


(17)

13

(107)

(3)

(111)


(3)

2

(15)

(3)

(16)

Net income (loss) attributable to Baidu


172

(1,397)

642


(583)


(963)

169

(91)


(885)


3,716

(214)

135


3,637


555

(32)

20


543

  YOY














2060 %

(85 %)



-







  QOQ














-

-



-







Net margin 


1 %

(18 %)



(2 %)


(5 %)

2 %



(3 %)


16 %

(3 %)



12 %
































Non-GAAP financial measures:

























Operating income (loss) (non-GAAP)


6,467

(780)



5,653


3,686

327



3,996


5,121

344



5,493


765

50



820

  YOY














(21 %)

-



(3 %)







  QOQ














39 %

5 %



37 %







Operating margin (non-GAAP)


27 %

(10 %)



18 %


17 %

4 %



14 %


22 %

5 %



19 %
































Net income (loss) attributable to Baidu

(non-GAAP)


5,942

(1,065)



5,359


3,804

162



3,879


5,449

79



5,541


814

11



827

  YOY














(8 %)

-



3 %







  QOQ














43 %

(51 %)



43 %







Net margin (non-GAAP)


25 %

(14 %)



17 %


18 %

2 %



14 %


24 %

1 %



19 %
































Adjusted EBITDA


7,991

(662)



7,295


5,106

410



5,499


6,597

429



7,054


985

63



1,053

  YOY














(17 %)

-



(3 %)







  QOQ














29 %

5 %



28 %







Adjusted EBITDA margin 


33 %

(9 %)



23 %


24 %

6 %



19 %


28 %

6 %



24 %
































(1)  Includes share-based compensation as follows:























 Cost of revenues 


69

43



112


45

37



82


49

36



85


8

5



13

 Selling, general and administrative 


274

209



483


257

120



377


339

104



443


51

16



67

 Research and development 


1,443

78



1,521


804

60



864


1,431

62



1,493


213

9



222

 Total share-based compensation 


1,786

330



2,116


1,106

217



1,323


1,819

202



2,021


272

30



302

 (2) Relates to intersegment eliminations and adjustments 























 (3) Relates to the net income/(loss) 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 



June 30, 2021 (RMB)


March 31, 2022 (RMB)


June 30, 2022 (RMB)


June 30, 2022 (US$)



 Baidu

  excl.

  iQIYI

iQIYI

Baidu,

Inc.


 Baidu

excl.

iQIYI

iQIYI

Baidu,

Inc.


 Baidu

excl.

iQIYI

iQIYI

Baidu,

Inc.