BEIJING, Nov. 22, 2022/ PRNewswire/– Baidu, Inc. (NASDAQ: BIDU and also HKEX: 9888) (” Baidu” or the “Business”), a leading AI firm with solid Web structure, today revealed its unaudited economic outcomes for the 3rd quarter finished September 30, 2022
” Baidu Core provided a strong collection of economic and also functional cause the 3rd quarter, in spite of the ongoing obstacles postured by the COVID-19 renewal. Baidu Core’s profits returned to favorable development, driven by a progressive healing of our internet marketing organization and also the stable development of our AI Cloud profits. Significantly, we remained to make considerable development in smart driving. On the one hand, Baidu Beauty’s vehicle services proceeded obtaining appeal among leading car manufacturers. On the various other hand, Beauty Go proceeded scaling up its procedure, finishing greater than 474,000 trips in the quarter, better reinforcing its top placement in the worldwide self-governing ride-hailing market,” stated Robin Li, Founder and also Chief Executive Officer of Baidu. “Looking in advance, we anticipate our mobile ecological community to proceed creating solid capital and also fund our financial investment in AI Cloud and also smart driving, which will certainly aid keep our management in the brand-new AI organization and also drive long-term organization development.”
” In the 3rd quarter of 2022, Baidu Core’s non-GAAP operating earnings enhanced by 14% year over year to RMB6.7 billion in spite of that the renewal of COVID-19 pressured profits efficiency. This success is attributable to our unrelenting initiatives in price optimization and also functional effectiveness.” stated Rong Luo, CFO of Baidu. “Moving forward, we will certainly remain to concentrate on high quality profits development. At the very same time, we will certainly maintain purchasing innovation and also abilities to move our future advancement.”
3rd Quarter 2022 Financial Emphasizes[1]
Baidu, Inc. |
||||||||||
( In millions other than per |
Q3 |
Q2 |
Q3 |
|||||||
ADS, unaudited) |
2021 |
2022 |
2022 |
YOY |
QOQ |
|||||
RMB |
RMB |
RMB |
US$ |
|||||||
Overall earnings |
31,921 |
29,647 |
32,540 |
4,574 |
2 % |
10 % |
||||
Operating revenue |
2,308 |
3,400 |
5,317 |
747 |
130 % |
56 % |
||||
Operating revenue (non-GAAP) [2] |
4,708 |
5,493 |
7,200 |
1,012 |
53 % |
31 % |
||||
Web (loss) revenue to Baidu |
( 16,559) |
3,637 |
( 146 ) |
( 21 ) |
( 99 %) |
– |
||||
Earnings to Baidu (non-GAAP) [2] |
5,090 |
5,541 |
5,889 |
828 |
16 % |
6 % |
||||
Weakened (loss) incomes per ADS |
( 48.18 ) |
9.97 |
( 0.87 ) |
( 0.12 ) |
( 98 %) |
– |
||||
Weakened incomes per ADS (non-GAAP) [2] |
14.66 |
15.79 |
16.87 |
2.37 |
15 % |
7 % |
||||
Readjusted EBITDA [2] |
5,962 |
7,054 |
8,879 |
1,248 |
49 % |
26 % |
||||
Modified EBITDA margin |
19 % |
24 % |
27 % |
27 % |
||||||
[1] Unless or else kept in mind, RMB to USD was transformed at a currency exchange rate of RMB7.1135 since September 30, |
||||||||||
[2] Non-GAAP steps are specified in the Non-GAAP Financial Steps area (see likewise “Settlements of Non- |
Baidu Core |
||||||||||
Q3 |
Q2 |
Q3 |
||||||||
( In millions, unaudited) |
2021 |
2022 |
2022 |
YOY |
QOQ |
|||||
RMB |
RMB |
RMB |
US$ |
|||||||
Overall earnings |
24,661 |
23,160 |
25,239 |
3,548 |
2 % |
9 % |
||||
Operating revenue |
3,718 |
3,246 |
4,982 |
700 |
34 % |
53 % |
||||
Operating revenue (non-GAAP) [2] |
5,823 |
5,121 |
6,650 |
935 |
14 % |
30 % |
||||
Web (loss) revenue to Baidu Core |
( 15,625) |
3,716 |
25 |
4 |
– |
( 99 %) |
||||
Earnings to Baidu Core (non-GAAP) [2] |
5,855 |
5,449 |
5,767 |
811 |
( 2 %) |
6 % |
||||
Readjusted EBITDA [2] |
6,994 |
6,597 |
8,239 |
1,158 |
18 % |
25 % |
||||
Modified EBITDA margin |
28 % |
28 % |
33 % |
33 % |
||||||
Functional Emphasizes
Business
- Baidu returned US$ 272 million to investors considering that Q3 2022, bringing the advancing repurchase to $ 3.2 billion under the 2020 Share Repurchase Program.
AI Cloud
- Since completion of the 3rd quarter of 2022, Baidu ACE wise transport services have actually been embraced by 63 cities, up from 24 cities a year back, based upon the agreement worth of over RMB10 million for each and every city.
Smart Driving
- Baidu Beauty’s vehicle services remained to obtain grip amongst leading car manufacturers:
— Among China’s biggest vehicle and also innovation firms planned to make use of ANP (Beauty Navigating Pilot), AVP (Automated Valet Auto Parking) and also HD Maps for an additional prominent automobile design. The collaboration is an expansion of existing partnership, confirming a raising hunger for ASD (Beauty Self Driving) services from car manufacturers.
- Beauty Go remained to advance swiftly and also stayed the biggest self-governing ride-hailing provider worldwide:
— Beauty Go supplied greater than 474K trips in the 3rd quarter of 2022, up 311% year over year and also 65% quarter over quarter. The collected trips supplied to the general public by Beauty Go got to 1.4 million by the 3rd quarter of 2022.
Various Other Development Campaigns
- Xiaodu rated No. 1 in wise display screen deliveries and also wise audio speaker deliveries in China for 2Q22, according to IDC, Technique Analytics and also Canalys.
Mobile Ecological Community
- In September, Baidu Application’s MAUs got to 634 million, up 5% year over year.
- Income from Managed Web page expanded by 13% year over year and also got to 51% of Baidu Core’s internet marketing profits in the 3rd quarter of 2022.
iQIYI
iQIYI’s ordinary day-to-day variety of complete subscribing participants for the quarter was 101.0 million, contrasted to 104.7 million for the 3rd quarter of 2021 and also 98.3 million for the 2nd quarter of 2022.
3rd Quarter 2022 Financial Outcomes
Overall earnings were RMB 32.5 billion ($ 4.57 billion), boosting 2% year over year.
- Income from Baidu Core was RMB 25.2 billion ($ 3.55 billion), boosting 2% year over year; internet marketing profits was RMB 18.7 billion ($ 2.63 billion), reducing 4% year over year however boosted 10% from the 2nd quarter as macro has actually boosted progressively considering that June, and also non-online advertising profits was RMB 6.5 billion ($ 916 million), up 25% year over year, driven by AI Cloud and also various other AI-powered companies.
- Income from iQIYI was RMB 7.5 billion ($ 1.05 billion), reducing 2% year over year.
Price of earnings was RMB 16.3 billion ($ 2.29 billion), boosting 1% year over year.
Marketing, basic and also management expenditures were RMB 5.2 billion ($ 730 million), reducing 29% year over year, mainly as a result of a decline in network costs and also advertising advertising.
R & d cost was RMB 5.8 billion ($ 809 million), reducing 7% year over year, mainly as a result of a decline in personnel associated expenditures.
Operating revenue was RMB 5.3 billion ($ 747 million). Baidu Core running revenue was RMB 5.0 billion ($ 700 million), and also Baidu Core running margin was 20%. Non-GAAP operating revenue was RMB 7.2 billion ($ 1.01 billion). Non-GAAP Baidu Core running revenue was RMB 6.7 billion ($ 935 million), and also non-GAAP Baidu Core running margin was 26%.
Overall various other loss, internet was RMB 4.8 billion ($ 670 million), reducing 78% year over year, which mostly consists of a reasonable worth loss of RMB 3.1 billion and also a problems of long-lasting financial investments of RMB 1.4 billion In the 3rd quarter of 2021, we acknowledged a reasonable worth loss of RMB 18.9 billion A substantial section of long-lasting financial investments, consisting of however not restricted to financial investments in equity safety and securities of public and also personal firms, personal equity funds and also electronic possessions, undergoes quarterly reasonable worth changes, which might add to earnings volatility in future durations.
Earnings tax obligation cost was RMB 908 million ($ 128 million), contrasted to a revenue tax obligation advantage of RMB 1.8 billion for Q3′ 21, mainly as a result of a rise in deferred tax obligation advantage acknowledged on reasonable worth loss of long-lasting financial investments and also reduction on specific expenditures that were formerly taken into consideration non-deductible in the 3rd quarter of 2021.
Bottom line attributable to Baidu was RMB 146 million ($ 21 million), and also watered down loss per ADS was RMB 0.87 ($ 0.12) Earnings attributable to Baidu Core was RMB 25 million ($ 4 million). Non-GAAP earnings attributable to Baidu was RMB 5.9 billion ($ 828 million). Non-GAAP watered down incomes per ADS was RMB 16.87 ($ 2.37) Non-GAAP earnings attributable to Baidu Core was RMB 5.8 billion ($ 811 million), and also non-GAAP internet margin for Baidu Core was 23%.
Readjusted EBITDA was RMB 8.9 billion ($ 1.25 billion) and also readjusted EBITDA margin was 27%. Readjusted EBITDA for Baidu Core was RMB 8.2 billion ($ 1.16 billion) and also readjusted EBITDA margin for Baidu Core was 33%.
Since September 30, 2022, cash money, cash money matchings, limited cash money and also temporary financial investments were RMB 184.5 billion ($ 25.94 billion), and also cash money, cash money matchings, limited cash money and also temporary financial investments leaving out iQIYI were RMB 179.5 billion ($ 25.23 billion). Cost-free capital was RMB 6.6 billion ($ 921 million), and also complimentary capital leaving out iQIYI was RMB 6.4 billion ($ 900 million).
Teleconference Details
Baidu’s administration will certainly hold an incomes teleconference at 7:30 AM on November 22, 2022, United State Eastern Time ( 8:30 PM on November 22, 2022, Beijing Time).
Please sign up before the teleconference making use of the web link given listed below. It will immediately route you to the enrollment web page of “Baidu Inc Q3 2022 Revenues Teleconference”. Please comply with the actions to enter your enrollment information, after that click “Register”. Upon signing up, you will certainly after that be given with the dial-in number, the passcode, and also your special accessibility PIN. This info will certainly likewise be emailed to you as a schedule welcome.
For pre-registration, please click
https://s1.c-conf.com/diamondpass/10026844-g6c9hw.html
In the 10 mins before the telephone call beginning time, you might make use of the meeting accessibility info (consisting of dial-in number( s), the passcode and also special accessibility PIN) given in the schedule welcome that you have actually obtained following your pre-registration.
Furthermore, an online and also archived webcast of this teleconference will certainly be readily available at https://ir.baidu.com.
Regarding Baidu
Established In 2000, Baidu’s objective is to make the complex globe easier via innovation. Baidu is a leading AI firm with solid Web structure, trading on NASDAQ under “BIDU” and also HKEX under “9888”. One Baidu ADS stands for 8 Course A common shares.
Safe Harbor Declaration
This statement consists of progressive declarations. These declarations are made under the “secure harbor” arrangements of the united state Personal Stocks Lawsuits Reform Act of 1995. These progressive declarations can be determined by terms such as “will,” “anticipates,” “prepares for,” “future,” “plans,” “strategies,” “thinks,” “price quotes,” “certain” and also comparable declarations. To name a few points, Baidu’s and also various other celebrations’ tactical and also functional strategies, include progressive declarations. Baidu might likewise make composed or dental progressive declarations in its routine records to the united state Stocks and also Exchange Payment, in statements made on the web site of The Stock market of Hong Kong Limited (the “Hong Kong Stock Market”), in its yearly record to investors, in news release and also various other written products and also in dental declarations made by its policemans, supervisors or staff members to 3rd parties. Declarations that are not historic realities, consisting of however not restricted to declarations concerning Baidu’s ideas and also assumptions, are progressive declarations. Progressive declarations entail intrinsic dangers and also unpredictabilities. A variety of elements can create real outcomes to vary materially from those consisted of in any type of progressive declaration, consisting of however not restricted to the following: Baidu’s development methods; its future organization advancement, consisting of advancement of brand-new services and products; its capacity to draw in and also maintain customers and also clients; competitors in the Chinese Web search and also newsfeed market; competitors for internet marketing clients; modifications in the Business’s earnings and also specific price or cost products as a percent of its earnings; the liquidity problem of Baidu and/its subsidiaries and also combined associated entities and also their particular capacity to accomplish settlement responsibilities when due; the result of recurring, or any type of future, lawsuits or mediation, consisting of those associating with copyright legal rights; the anticipated development of the Chinese-language Web search and also newsfeed market and also the variety of Web and also broadband customers in China; Chinese governmental plans associating with the Web and also Web search service providers, and also basic financial problems in China and also somewhere else. Additional info pertaining to these and also various other dangers is consisted of in the Business’s yearly record on Kind 20-F and also various other papers submitted with the Stocks and also Exchange Payment, and also statements on the web site of the Hong Kong Stock Market. Baidu does not carry out any type of commitment to upgrade any type of progressive declaration, other than as called for under appropriate regulation. All info given in this news release and also in the add-ons is since the day of journalism launch, and also Baidu carries out no task to upgrade such info, other than as called for under appropriate regulation.
Non-GAAP Financial Steps
To supplement Baidu’s combined economic outcomes offered according to GAAP, Baidu makes use of the adhering to non-GAAP economic steps: non-GAAP operating revenue (loss), non-GAAP operating margin, non-GAAP earnings attributable to Baidu, non-GAAP internet margin, non-GAAP watered down incomes per ADS, readjusted EBITDA, readjusted EBITDA margin and also complimentary capital. The discussion of these non-GAAP economic steps is not planned to be taken into consideration alone or as a replacement for the economic info ready and also offered according to GAAP.
Baidu thinks that these non-GAAP economic steps give significant additional info concerning its efficiency and also liquidity by leaving out specific products that might not be a measure of its persisting core organization operating outcomes, such as running efficiency leaving out non-cash costs or non-operating in nature. The Business thinks that both administration and also capitalists gain from describing these non-GAAP economic steps in examining its efficiency and also when preparation and also projecting future durations. These non-GAAP economic steps likewise help with administration’s interior contrasts to Baidu’s historic efficiency and also liquidity. The Business thinks these non-GAAP economic steps work to capitalists in enabling better openness relative to additional info made use of by administration in its economic and also functional choice production. A constraint of making use of these non-GAAP economic steps is that these non-GAAP steps leave out specific products that have actually been and also will certainly remain to be for the near future a substantial part in the Business’s outcomes of procedures. These non-GAAP economic steps offered right here might not approach in a similar way labelled steps offered by various other firms. Various other firms might determine in a similar way labelled steps in a different way, restricting their effectiveness as relative steps to the Business’s information.
Non-GAAP operating revenue stands for running revenue leaving out share-based payment expenditures, amortization and also problems of abstract possessions arising from organization mixes and also contingent loss relating to legal action in regard to previous ad agency and also iQIYI’s non-recurring staff member severance expenses.
Non-GAAP earnings attributable to Baidu stands for earnings attributable to Baidu leaving out share-based payment expenditures, amortization and also problems of abstract possessions arising from organization mixes, contingent loss relating to legal action in regard to previous ad agency, iQIYI’s non-recurring staff member severance expenses, disposal gain or loss, problems of long-lasting financial investments, reasonable worth adjustment of long-lasting financial investments, philanthropic contribution from Baidu, readjusted for associated revenue tax obligation impacts. Baidu’s share of equity technique financial investments for these non-GAAP integrating products, amortization and also problems of abstract possessions out the investees’ publications, accumulation of their redeemable non-controlling rate of interests, and also the gain or loss related to the issuance of shares by the investees at a cost greater or less than the bring worth per shares, readjusted for associated revenue tax obligation impacts, are likewise left out.
Non-GAAP watered down incomes per ADS stands for watered down incomes per ADS computed by splitting non-GAAP earnings attributable to Baidu, by the heavy ordinary variety of common shares shared in ADS. Readjusted EBITDA stands for running revenue leaving out devaluation, amortization and also problems of abstract possessions arising from organization mixes, contingent loss relating to legal action in regard to previous ad agency, iQIYI’s non-recurring staff member severance expenses, and also share-based payment expenditures.
To find out more on non-GAAP economic steps, please see the tables captioned “Settlements of non-GAAP economic steps to the local equivalent GAAP step”.
Baidu, Inc. |
|||||||||
Compressed Consolidated Statements of (Loss) Earnings |
|||||||||
( In millions besides per share (or ADS) info, unaudited) |
|||||||||
3 Months Finished |
|||||||||
September 30, |
June 30, |
September 30, |
September 30, |
||||||
2021 |
2022 |
2022 |
2022 |
||||||
RMB |
RMB |
RMB |
US$( 2 ) |
||||||
Earnings: |
|||||||||
Internet marketing solutions |
21,050 |
18,268 |
19,943 |
2,803 |
|||||
Others |
10,871 |
11,379 |
12,597 |
1,771 |
|||||
Overall earnings |
31,921 |
29,647 |
32,540 |
4,574 |
|||||
Prices and also expenditures: |
|||||||||
Price of earnings( 1 ) |
16,126 |
15,171 |
16,273 |
2,288 |
|||||
Marketing, basic and also management( 1 ) |
7,320 |
4,784 |
5,193 |
730 |
|||||
R & d( 1 ) |
6,167 |
6,292 |
5,757 |
809 |
|||||
Overall expenses and also expenditures |
29,613 |
26,247 |
27,223 |
3,827 |
|||||
Operating revenue |
2,308 |
3,400 |
5,317 |
747 |
|||||
Various other revenue (loss): |
|||||||||
Rate of interest revenue |
1,462 |
1,525 |
1,619 |
228 |
|||||
Rate of interest cost |
( 880 ) |
( 741 ) |
( 724 ) |
( 102 ) |
|||||
Forex gain (loss), internet |
7 |
( 329 ) |
( 806 ) |
( 113 ) |
|||||
Share of losses from equity technique financial investments |
( 4 ) |
( 603 ) |
( 376 ) |
( 53 ) |
|||||
Others, internet |
( 22,079) |
299 |
( 4,483) |
( 630 ) |
|||||
Overall various other (loss) revenue, internet |
( 21,494) |
151 |
( 4,770) |
( 670 ) |
|||||
( Loss) revenue prior to revenue tax obligations |
( 19,186) |
3,551 |
547 |
77 |
|||||
Earnings tax obligation (advantage) cost |
( 1,839) |
25 |
908 |
128 |
|||||
Web (loss) revenue |
( 17,347) |
3,526 |
( 361 ) |
( 51 ) |
|||||
Web (loss) revenue attributable to noncontrolling rate of interests |
( 788 ) |
( 111 ) |
( 215 ) |
( 30 ) |
|||||
Web (loss) revenue attributable to Baidu |
( 16,559) |
3,637 |
( 146 ) |
( 21 ) |
|||||
( Loss) incomes per ADS (1 ADS standing for 8 Course A common shares): |
|||||||||
– Standard |
( 48.18 ) |
10.06 |
( 0.87 ) |
( 0.12 ) |
|||||
– Watered Down |
( 48.18 ) |
9.97 |
( 0.87 ) |
( 0.12 ) |
|||||
( Loss) incomes per share for Course An as well as Course B common shares: |
|||||||||
– Standard |
( 6.02 ) |
1.26 |
( 0.11 ) |
( 0.02 ) |
|||||
– Watered Down |
( 6.02 ) |
1.25 |
( 0.11 ) |
( 0.02 ) |
|||||
Heavy ordinary variety of Course An as well as Course B common shares impressive (in millions): |
|||||||||
– Standard |
2,778 |
2,780 |
2,790 |
2,790 |
|||||
– Watered Down |
2,778 |
2,811 |
2,790 |
2,790 |
|||||
( 1 ) Consists of share-based payment expenditures as complies with: |
|||||||||
Price of earnings |
74 |
85 |
84 |
12 |
|||||
Marketing, basic and also management |
353 |
443 |
480 |
68 |
|||||
R & d |
921 |
1,493 |
1,039 |
145 |
|||||
Overall share-based payment expenditures |
1,348 |
2,021 |
1,603 |
225 |
|||||
( 2 ) All translations from RMB to united state bucks are made at a price of RMB 7.1135 to US$ 1.00, the currency exchange rate basically since September 30, |
Baidu, Inc. |
||||||
Compressed Consolidated Equilibrium Sheets |
||||||
( In millions, unaudited) |
||||||
December 31, |
September 30, |
September 30, |
||||
2021 |
2022 |
2022 |
||||
RMB |
RMB |
US$ |
||||
POSSESSIONS |
||||||
Present possessions: |
||||||
Money and also cash money matchings |
36,850 |
55,164 |
7,755 |
|||
Limited cash money |
10,821 |
11,233 |
1,579 |
|||
Temporary financial investments, internet |
143,243 |
118,148 |
16,609 |
|||
Accounts receivable, internet |
9,981 |
10,677 |
1,501 |
|||
Quantities due from associated celebrations |
1,368 |
3,880 |
545 |
|||
Various other existing possessions, internet |
11,052 |
9,818 |
1,380 |
|||
Overall existing possessions |
213,315 |
208,920 |
29,369 |
|||
Non-current possessions: |
||||||
Set possessions, internet |
23,027 |
24,251 |
3,409 |
|||
Accredited copyrights, internet |
7,258 |
7,147 |
1,005 |
|||
Created web content, internet |
10,951 |
12,712 |
1,787 |
|||
Abstract possessions, internet |
1,689 |
1,453 |
204 |
|||
A Good Reputation |
22,605 |
22,602 |
3,177 |
|||
Lasting financial investments, internet |
59,417 |
55,527 |
7,806 |
|||
Lasting time down payments and also held-to-maturity financial investments |
7,915 |
22,149 |
3,114 |
|||
Quantities due from associated celebrations |
3,487 |
1,521 |
214 |
|||
Deferred tax obligation possessions, internet |
2,372 |
3,209 |
451 |
|||
Operating lease right-of-use possessions |
12,065 |
10,778 |
1,515 |
|||
Various other non-current possessions |
15,933 |
18,764 |
2,639 |
|||
Overall non-current possessions |
166,719 |
180,113 |
25,321 |
|||
Overall possessions |
380,034 |
389,033 |
54,690 |
|||
OBLIGATIONS, REDEEMABLE NONCONTROLLING INTERESTS AND ALSO EQUITY |
||||||
Present responsibilities: |
||||||
Temporary lendings |
4,168 |
4,977 |
700 |
|||
Accounts payable and also accumulated responsibilities |
41,384 |
38,689 |
5,439 |
|||
Consumer down payments and also postponed profits |
13,706 |
13,984 |
1,966 |
|||
Deferred revenue |
97 |
70 |
10 |
|||
Lasting lendings, existing section |
2 |
– |
– |
|||
Exchangeable notes, existing |
– |
8,521 |
1,198 |
|||
Notes payable, existing section |
10,505 |
12,444 |
1,749 |
|||
Quantities due to associated celebrations |
1,764 |
3,482 |
489 |
|||
Operating lease responsibilities |
2,862 |
2,811 |
395 |
|||
Overall existing responsibilities |
74,488 |
84,978 |
11,946 |
|||
Non-current responsibilities: |
||||||
Deferred revenue |
129 |
175 |
25 |
|||
Deferred profits |
223 |
285 |
40 |
|||
Quantities due to associated celebrations |
3,268 |
1,521 |
214 |
|||
Lasting lendings |
12,629 |
14,124 |
1,986 |
|||
Notes payable |
43,120 |
41,077 |
5,775 |
|||
Exchangeable elderly notes |
12,652 |
6,370 |
895 |
|||
Deferred tax obligation responsibilities |
3,286 |
2,854 |
401 |
|||
Operating lease responsibilities |
5,569 |
5,165 |
726 |
|||
Various other non-current responsibilities |
718 |
1,692 |
237 |
|||
Overall non-current responsibilities |
81,594 |
73,263 |
10,299 |
|||
Overall responsibilities |
156,082 |
158,241 |
22,245 |
|||
Redeemable noncontrolling rate of interests |
7,148 |
8,100 |
1,139 |
|||
Equity |
||||||
Overall Baidu investors’ equity |
211,459 |
217,236 |
30,539 |
|||
Noncontrolling rate of interests |
5,345 |
5,456 |
767 |
|||
Overall equity |
216,804 |
222,692 |
31,306 |
|||
Overall responsibilities, redeemable noncontrolling rate of interests, and also equity |
380,034 |
389,033 |
54,690 |
|||
Baidu, Inc. |
|||||||||||||||||||||||||
Selected Details |
|||||||||||||||||||||||||
( In millions, unaudited) |
|||||||||||||||||||||||||
3 months finished |
3 months finished |
3 months finished |
3 months finished |
||||||||||||||||||||||
Baidu |
iQIYI |
Elim & & |
Baidu, |
Baidu & |
iQIYI |
Elim & |
Baidu, |
Baidu |
iQIYI |
Elim & & |
Baidu, |
Baidu |
iQIYI |
Elim & |
Baidu, |
||||||||||
Overall earnings |
24,661 |
7,589 |
( 329) |
31,921 |
23,160 |
6,657 |
( 170) |
29,647 |
25,239 |
7,471 |
( 170) |
32,540 |
3,548 |
1,050 |
(24 ) |
4,574 |
|||||||||
YOY |
2% |
( 2%) |
2% |
||||||||||||||||||||||
QOQ |
9% |
12 % |
10% |
||||||||||||||||||||||
Prices and also expenditures: |
|||||||||||||||||||||||||
Price of earnings( 1 ) |
9,370 |
7,028 |
(272) |
16,126 |
10,114 |
5,248 |
( 191) |
15,171 |
10,745 |
5,705 |
( 177) |
16,273 |
1,511 |
802 |
( 25 ) |
2,288 |
|||||||||
Marketing, basic and also management( 1) |
6,089 |
1,246 |
( 15) |
7,320 |
3,990 |
801 |
( 7) |
4,784 |
4,231 |
980 |
( 18 ) |
5,193 |
595 |
138 |
( 3) |
730 |
|||||||||
R & d( 1) |
5,484 |
683 |
– |
6,167 |
5,810 |
482 |
– |
6,292 |
5,281 |
476 |
– |
5,757 |
742 |
67 |
– |
809 |
|||||||||
Overall expenses and also expenditures |
20,943(* )8,957 |
( 287) |
29,613 |
19,914 |
6,531 |
( 198) |
26,247 |
20,257 |
7,161 |
(195) |
27,223 |
2,848 |
1,007 |
( 28) |
3,827 |
YOY |
|||||||||
Price of earnings |
|||||||||||||||||||||||||
15% |
( 19%) |
1% |
Marketing, basic and also management |
||||||||||||||||||||||
( 31%) |
( 21%) |
( 29%) |
Study and also advancement |
||||||||||||||||||||||
(4%) |
( 30%) |
( 7% ) |
Price and also expenditures |
||||||||||||||||||||||
( 3% ) |
( 20%) |
( 8% ) |
Operating revenue( loss ) |
||||||||||||||||||||||
3,718 |
(1,368 ) |
( 42) |
2,308 |
3,246 |
126 |
28 |
3,400 |
4,982 |
310 |
25 |
5,317 |
700 |
43 |
4 |
747 |
YOY |
|||||||||
34 % |
– |
130% |
QOQ |
||||||||||||||||||||||
53% |
146 % |
56 % |
Operating margin |
||||||||||||||||||||||
15 % |
( 18 %) |
7 % |
14 % |
2 % |
11% |
20% |
4% |
16% |
Include: complete various other( loss) revenue, internet |
||||||||||||||||
( 21,163) |
( 331) |
– |
( 21,494 ) |
442 |
( 291 ) |
– |
151 |
( 4,108) |
( 662) |
– |
( 4,770) |
( 577) |
( 93) |
– |
( 670) |
Much less: revenue tax obligation( advantage) cost |
|||||||||
( 1,848) |
9 |
– |
( 1,839 ) |
( 11) |
36 |
– |
25 |
866 |
42 |
– |
908 |
122 |
6 |
– |
128 |
Much less: earnings( loss) attributable to NCI |
|||||||||
28 |
22 |
( 838) |
( 3) ( 788) |
( 17) |
13 |
( 107) |
( 3) (111) |
( 17) |
1 |
( 199) |
( 3)( 215) |
( 3)– |
( 27 ) |
( 3) ( 30) |
Web (loss) revenue attributable to Baidu |
||||||||||
( 15,625) |
( 1,730) |
796 |
( 16,559 ) |
3,716 |
( 214) |
135 |
3,637 |
25 |
( 395) |
224 |
( 146) |
4 |
( 56) |
31(* )( 21) |
YOY |
– |
|||||||||
( 77%) |
( 99%)(* ) QOQ |
( 99 %) |
85 % |
||||||||||||||||||||||
– |
Web margin |
( 63 %) |
( 23 %) |
||||||||||||||||||||||
( 52 %) |
16 % |
( 3 %) |
12 % |
0 % |
( 5 %) |
( 0 %)(* )Non-GAAP economic steps: |
Operating revenue( loss)( non-GAAP) |
5,823 |
( 1,073) |
||||||||||||||||
4,708 |
|||||||||||||||||||||||||
5,121 |
344 |
5,493 |
6,650 |
525 |
7,200 |
935 |
73 |
1,012 |
YOY |
14 % |
– |
53 % |
|||||||||||||
QOQ |
30 % |
53 % |
31 % |
||||||||||||||||||||||
Operating margin( non-GAAP) |
24 % |
( 14 %) |
15 % (* )22 % |
||||||||||||||||||||||
5 % (* )19 % |
26 % |
7 % |
22 % |
Earnings( loss) attributable to Baidu( non-GAAP) |
5,855 |
(1,400 ) |
5,090 |
5,449 |
79 |
||||||||||||||||
5,541 |
5,767 |
187 |
5,889 |
811 |
25 |
828 |
YOY |
( 2 % ) |
– |
16 % |
QOQ |
6 % |
|||||||||||||
137 % |
6 % |
Web margin( non-GAAP) |
24 % |
||||||||||||||||||||||
( 18 %) |
16 % |
24 % |
1 % |
||||||||||||||||||||||
19 % |
23 % |
3 % |
18 % |
Readjusted EBITDA |
6,994 |
( 990) |
5,962 |
6,597 |
429 |
||||||||||||||||
7,054 |
8,239 |
615 |
8,879 |
1,158 |
86 |
1,248 |
YOY |
18 % |
– |
49 % |
QOQ |
25 % |
|||||||||||||
43 % |
26 % |
Modified EBITDA margin |
28 % |
||||||||||||||||||||||
( 13 % ) |
19 % |
28 % |
6 % |
||||||||||||||||||||||
24 % |
33 % |
8 % |
27 % |
( 1) Consists of share-based payment as complies with: |
Price of earnings |
34 |
40 |
74 |
49 |
||||||||||||||||
36 |
|||||||||||||||||||||||||
85 |
45 |
39 |
84 |
7 |
5 |
12 |
Marketing, basic and also management |
196 |
157 |
353 |
339 |
104 |
|||||||||||||
443 |
375 |
105(* )480 |
53 |
15 |
68 |
R & d |
837 |
84 |
921 |
1,431 |
62 |
1,493 |
|||||||||||||
978 |
61 |
1,039 |
136 |
9 |
145 |
Overall share-based payment(* )1,067(* )281 |
1,348 |
1,819 |
202 |
2,021 |
1,398 |
205 |
|||||||||||||
1,603 |
196 |
29 |
225 |
( 2) Associates with intersegment removals and also changes |
( 3) Associates with the earnings/( loss) attributable to iQIYI noncontrolling rate of interests |
Baidu, Inc. |
Compressed Consolidated Statements of Money Flows |
( In millions, unaudited) |
3 months finished |
3 months finished |
3 months finished |
3 months finished |
|||||||||||||
September 30, 2021( RMB) |
|||||||||||||||||||||||||
June 30, 2022 (RMB) |
September 30, 2022( RMB) |
||||||||||||||||
September 30, 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. |
Web cash money given by( made use of in )operating tasks |
5,436 |
( 2,081) |
3,355 |
7,658 |
48 |
7,706 |
8,543 |
196 |
|||||
8,739(* )1,201 |
28 |
1,229(* )Web cash money( made use of in) given by spending tasks |
( 15,857)(* )1,885 |
( 13,972) |
( 3,027) |
( 653) |
( 3,680) |
7,603 |
407(* )8,010 |
1,069 |
57 |
1,126 |
||||
Web cash money given by( made use of in) funding tasks |
7,744(* )867 |
8,611 |
877 |
( 334) |
543 |
( 5,967)(* )( 106) |
( 6,073) |
( 839) |
( 15) |
(854) |
Result of currency exchange rate modifications on cash money, cash money |
matchings and also limited cash money(* )( 47) |
||||
( 21) |
( 68 ) |
1,230 |
75 |
1,305 |
1,980 |
60 |
2,040 |
279 |
8 |
287 |
Web (reduction) rise in cash money, cash money matchings |
and also limited cash money |
||||
( 2,724) |
( 2,074) |
6,738 |
( 864) |
5,874 |
12,159 |
557 |
12,716 |
1,710 |
78 |
1,788 |
Money, cash money matchings and also limited cash money |
At start of duration |
||||
46,812 |
53,548 |
43,924 |
3,883 |
47,807 |
50,662 |
3,019 |
53,681 |
7,122 |
424 |
7,546 |
At end of duration |
44,088 |
||||
7,386 |
||||||||||||||||
51,474 |
50,662 |
3,019 |
53,681 |
62,821 |
3,576 |
66,397 |
8,832 |
502 |
9,334 |
Web cash money given by( made use of in) operating tasks |
5,436 |
( 2,081) |
||||
3,355 |
7,658 |
48 |
7,706 |
8,543 |
196 |
8,739 |
1,201 |
28 |
1,229 |
Much less: Capital investment |
( 2,548) |
( 116) |
||||
( 2,664) |
( 2,124) |
( 66) |
( 2,190) |
( 2,140) |
( 48) |
( 2,188) |
( 301) |
( 7) |
( 308) |
Cost-free capital |
2,888 |
( 2,197) |
||||
691 |
5,534 |
( 18) |
5,516 |
6,403 |
148 |
6,551 |
900 |
21(* )921 |
Note: Baidu excl. iQIYI stands for Baidu, Inc. minus iQIYI’s combined capital. |
Baidu, Inc. |
Settlements of Non-GAAP Financial Steps to the Nearby Equivalent GAAP Steps |
( In millions besides per ADS info, unaudited) |
||||
3 months finished |
3 months finished |
3 months finished |
3 months finished |
September 30, 2021( RMB) |
June 30, 2022( RMB) |
September 30, 2022( RMB) |
September 30, 2022( US$) |
Baidu Core |
iQIYI |
Baidu, Inc. |
Baidu Core |
iQIYI |
||||
Baidu, Inc. |
Baidu Core |
||||||||||||||||
iQIYI |
||||||||||||||||
Baidu, Inc. |
||||||||||||||||
Baidu Core |
iQIYI |
Baidu, Inc. |
Operating revenue( loss) |
|||||||||||||
3,718 |
( 1,368) |
2,308 |
3,246 |
|||||||||||||
126 |
3,400 |
4,982 |
310 |
5,317 |
700 |
43 |
747 |
Include: Share-based payment expenditures(* )1,067(* )281 |
1,348 |
1,819 |
202 |
|||||
2,021 |
1,398 |
205 |
1,603 |
196 |
29 |
225 |
Include: Amortization and also problems of abstract possessions |
( 1) |
62 |
14 |
76 |
56 |
||||
16 |
72 |
56 |
10 |
66(* )8 |
1 |
9 (* )Include: Contingent loss |
( 4) |
976 |
– |
976 |
– |
– |
||||
– 214 |
– |
214 |
31(* )- |
31 |
Operating revenue( loss)( non-GAAP) |
5,823 |
( 1,073 ) |
4,708 |
5,121 |
344 |
5,493 |
6,650 |
||||
525 7,200 |
935 |
73 |
1,012 |
Include: Devaluation of set possessions |
1,171 |
83 |
1,254 |
1,476 |
85 |
1,561 |
1,589 |
90 |
||||
1,679 |
223 |
13 |
236 |
Readjusted EBITDA |
6,994 |
( 990) |
5,962 |
6,597 |
429 |
7,054 |
8,239(* )615 |
8,879 |
||||
1,158 |
86 |
1,248 |
Web( loss) revenue attributable to Baidu |
( 15,625)(* )( 1,730) |
( 16,559) |
3,716 |
( 214) |
3,637 |
25 |
( 395) |
( 146)(* )4 |
( 56) |
||||
(21 ) |
Include: Share-based payment expenditures |
1,086 |
281 |
1,231 |
1,815 |
202 |
1,916 |
1,394 |
205 |
1,497 |
196 |
29 |
||||
210 |
Include: Amortization and also problems of abstract possessions |
( 1) |
55 |
14 |
63 |
50 |
16 |
59 |
50 |
10 |
56 |
7 |
||||
1 |
8 |
Include: Disposal( gain) loss |
– |
– |
– |
( 25) |
– |
( 25 ) |
( 6) |
– |
( 6) |
( 1) |
||||
–( 1) |
Include: Problems of long-lasting financial investments |
3,187 |
29 (* )3,202 |
222 |
11 |
228 |
1,042 |
376 |
1,230 |
146 |
53 |
173 |
||||
Include: Fair worth loss( gain) of long-lasting financial investments |
18,970 |
8(* )18,974 |
( 547) |
2(* )( 546) |
3,149 |
( 27)(* )3,135 |
443 |
( 4)(* )442 |
Include: Resolving products on equity technique financial investments |
( 2) |
36 |
3 |
||||
38 |
403 |
60 |
455(* )237 |
16 |
245 |
34 |
2 |
35 |
Include: Philanthropic contribution from Baidu(* )( 3) |
90 |
-(* )90 |
136 |
||||
– |
136 |
-(* )- |
– |
-(* )- |
– |
Include: Contingent loss (* )( 4) |
976 |
– |
976(* )- |
-(* )- |
214 |
– |
||||
214 30 |
– |
30 |
Include: Tax obligation impacts on non-GAAP changes |
(2,920) |
( 5) |
( 2,925) |
( 321 ) |
2 |
( 319) |
( 338 )(* )2 |
(336) |
( 48 ) |
||||
–( 48) |
Earnings( loss )attributable to Baidu (non-GAAP) |
5,855 |
(1,400) |
5,090 |
5,449 |
79 |
5,541 |
5,767 |
187(* )5,889 |
811(* )25 |
828 |
Weakened (loss )incomes per ADS |
||||
( 48.18) 9.97 |
( 0.87) |
(0.12)(* )Include: Augmentation of the redeemable noncontrolling rate of interests |
0.49 |
0.39 |
0.45 |
0.06 |
Include: Non-GAAP changes to incomes per ADS(* )62.35 |
5.43 |
17.29 |
2.43 |
Weakened incomes per ADS( non-GAAP) (* )14.66 |
15.79 |
||||
16.87 |
2.37 |
( 1) This stands for amortization and also problems of abstract possessions arising from organization mixes. |
( 2) This stands for Baidu’s share of equity technique financial investments for various other non-GAAP integrating products, amortization and also problems of abstract possessions out the investee’s publications, accumulation of their redeemable |
noncontrolling rate of interests, and also the gain or loss related to the issuance of shares by the investees at a cost greater or less than the bring worth per shares.(* )( 3 )This stands for non-recurring philanthropic contribution to distinct occasions. |
(4) This stands for contingent loss relating to legal action entailing previous ad agency. |
Resource Baidu, Inc. |
|