BEIJING, Nov. 17, 2021 /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 third quarter ended September 30, 2021.

"Baidu is bringing innovation across the consumer, enterprise and public sector with our commitment to AI," said Robin Li, co-founder and CEO of Baidu. "Our AI Cloud is helping businesses better serve customers and move faster with greater efficiency. We are building Baidu Apollo smart transportation and intelligent driving to smoothen traffic congestion, accelerate the move to EV and reduce traffic accidents."

"Baidu Core delivered another solid quarter, powered by our AI cloud revenue growing 73% year over year," said Rong Luo, CFO of Baidu. "With a diversified AI portfolio, including cloud services, smart transportation, smart devices, self-driving, smart EV and robotaxi, we are well positioned for long-term growth."

Third Quarter 2021 Financial Highlights[1]




Baidu, Inc.

(In millions except per

Q3


Q2


Q3






ADS, unaudited)

2020


2021


2021



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

28,232


31,350


31,921

4,954


13%


2%












Operating income

6,156


3,463


2,308

358


(63%)


(33%)

     Operating income (non-GAAP) 2

7,636


5,653


4,708

731


(38%)


(17%)












Net income (loss) to Baidu

13,678


(583)


(16,559)

(2,570)


-


2740%

     Net income to Baidu (non-GAAP) 2

6,988


5,359


5,090

790


(27%)


(5%)












Diluted earnings (loss) per ADS

39.79


(1.70)


(48.18)

(7.48)


-


2734%

     Diluted earnings per ADS (non-GAAP) 2

20.35


15.41


14.66

2.28


(28%)


(5%)












Adjusted EBITDA 2

9,073


7,295


5,962

925


(34%)


(18%)

Adjusted EBITDA margin

32%


23%


19%

19%





 

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB6.4434 as of September 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


Q3


Q2


Q3






(In millions, unaudited)

2020


2021


2021



YOY


QOQ


RMB


RMB


RMB

US$





Total revenues

21,379


24,041


24,661

3,827


15%


3%












Operating income

7,404


4,619


3,718

577


(50%)


(20%)

Operating income (non-GAAP) 2

8,505


6,467


5,823

904


(32%)


(10%)












Net income (loss) to Baidu Core

14,368


172


(15,625)

(2,425)


-


-

Net income to Baidu Core (non-GAAP) 2

7,486


5,942


5,855

909


(22%)


(1%)












Adjusted EBITDA2

9,822


7,991


6,994

1,085


(29%)


(12%)

Adjusted EBITDA margin

46%


33%


28%

28%





Other Highlights

Corporate

  • Q3 21 net loss includes a RMB 18.9 billion non-cash, mark-to-market loss in long-term investments arising from quarterly fair-value adjustment.
  • ESG:
    - Baidu donated RMB 90 million to help Henan province cope with its recent natural disaster.
    - Xiaodu launched "visual assistance" to enable visually impaired voice control and on-demand screen-text reading for a smoother audio experience.
    - In October, Baidu established a Data Management Committee, to consolidate its existing committees on data management, data privacy & protection and data security, to further improve its policies and oversight around data management.

AI Cloud

  • Baidu releases end-to-end AI cloud solution, powered by Kunlun AI chip and PaddlePaddle deep learning framework, to help financial services firms digitize and automate their operational processes, enlisting leading customers like China Life and Bank of Jiangsu.
  • Lijiang, a UNESCO Heritage Site with 800-year old bridges and waterways, is using Baidu smart-city cloud to keep the city safe and clean for visitors. Leveraging the digitalization of tourist areas, Baidu AI solution helps local authorities timely detect and address infractions, e.g., illegal parking and littering.
  • Tongxiang, Zhejiang (province) signed with Baidu to enable its manufacturing-based enterprises with Baidu AI solutions, allowing Baidu to further penetrate into industrial Internet.
  • Baidu ACE smart transportation has been adopted by 24 cities, tripling year over year, based on contract amount over RMB10 million.

Intelligent Driving

  • Apollo L4 has accumulated over 10 million test miles, up 189% year over year, and has received 411 autonomous driving permits, reflecting Apollo's broad geographic coverage and wide-ranging test scenarios.
  • Rides provided by Apollo Go doubled sequentially, which are available in Shanghai, Beijing, Guangzhou, Changsha and Cangzhou.
  • WM Motor, a Chinese EV OEM, signed with Baidu to install Apollo Navigation Pilot (ANP) in its new W6 SUV, taking the total makes that have partnered with Apollo for self-driving and infotainment solutions to 31.

Other Growth Initiatives

  • Xiaodu ranks No.1 in smart display shipments globally and smart speaker shipments in China for Q2 2021, according to Strategy Analytics, IDC and Canalys.
  • In August 2021, Xiaodu completed Series B financing at a valuation of US$5.1 billion with Baidu retaining super-majority shareholding.

Mobile Ecosystem

  • In September, Baidu App's MAUs reached 607 million, up 12% year over year, and daily logged in users reached an all-time high of 79%, reflecting positive user experience.
  • Managed Page reached 43% of Baidu Core Q3 online marketing revenue, through continuous marketing-cloud enhancements, such as expanded e-commerce features and tools.
  • The open nature of Baidu's Internet infrastructure is leading to top smartphone makers to select Baidu's smart mini program as the landing page for their browser search.

iQIYI

  • iQIYI subscribers reached 104 million in September 2021, creating a strong foundation to provide innovative, self-developed blockbusters.

Third Quarter 2021 Financial Results

Total revenues were RMB 31.9 billion ($4.95 billion), increasing 13% year over year.

  • Revenue from Baidu Core was RMB 24.7 billion ($3.83 billion), increasing 15% year over year; online marketing revenue was RMB 19.5 billion ($3.02 billion), up 6% year over year, and non-online marketing revenue was RMB 5.2 billion ($806 million), up 76% year over year, driven by cloud and other AI-powered businesses.
  • Revenue from iQIYI was RMB 7.6 billion ($1.18 billion), increasing 6% year over year.

Cost of revenues was RMB 16.1 billion ($2.50 billion), increasing 26% year over year, primarily due to an increase in traffic acquisition costs, content costs and cost of goods sold related to new AI business.

Selling, general and administrative expenses were RMB 7.3 billion ($1.14 billion), increasing 56% 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 agency.

Research and development expense was RMB 6.2 billion ($957 million), increasing 35% year over year, primarily related to personnel-related expenses.

Operating income was RMB 2.3 billion ($358 million). Baidu Core operating income was RMB 3.7 billion ($577 million), and Baidu Core operating margin was 15%. Non-GAAP operating income was RMB 4.7 billion ($731 million). Baidu Core non-GAAP operating income was RMB 5.8 billion ($904 million), and Baidu Core non-GAAP operating margin was 24%.

Total other loss, net was RMB 21.5 billion ($3.34 billion), which included a RMB 18.9 billion non-cash, mark-to-market loss in long-term investments. Such quarterly fair-value adjustment may result in further net income volatility in the future.

Income tax benefit was RMB 1.8 billion ($286 million), compared to an income tax expense of RMB 1.6 billion for Q3 '20, primarily due to an increase in deferred tax benefit recognized on fair value loss of long-term investments and deduction on certain expenses that were previously considered non-deductible.

Net loss attributable to Baidu was RMB 16.6 billion ($2.57 billion), and diluted loss per ADS was RMB 48.18 ($7.48). Net loss attributable to Baidu Core was RMB 15.6 billion ($2.43 billion). Non-GAAP net income attributable to Baidu was RMB 5.1 billion ($790 million), and non-GAAP diluted earnings per ADS was RMB 14.66 ($2.28). Non-GAAP net income attributable to Baidu Core was RMB 5.9 billion ($909 million).

Adjusted EBITDA was RMB 6.0 billion ($925 million). Adjusted EBITDA for Baidu Core was RMB 7.0 billion ($1.09 billion) and adjusted EBITDA margin for Baidu Core was 28%. 

As of September 30, 2021, cash, cash equivalents, restricted cash and short-term investments were RMB 194.6 billion ($30.20 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 183.6 billion ($28.49 billion). Free cash flow was RMB 691 million ($108 million), and free cash flow excluding iQIYI was RMB 2.9 billion ($449 million).

Financial Guidance

For the fourth quarter of 2021, Baidu expects revenues to be between RMB 31.0 billion ($4.81 billion) and RMB 34.0 billion ($5.27 billion), representing a growth rate of 2% to 12% year over year, which assumes that Baidu Core revenue will grow between 5% and 16% year over year.

The COVID-19 situation in China is evolving and business visibility is limited. The above forecast reflects Baidu's current and preliminary view, which is subject to substantial uncertainties.

Conference Call Information

Baidu's management will hold an earnings conference call at 7:30 AM on November 17, 2021, U.S. Eastern Time (8:30 PM on November 17, 2021, 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/8590343. It will automatically direct you to the registration page of "Baidu Q3 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 " 8590343".

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 November 24 2021:

International:

+61 2 8199 0299

Conference ID:

8590343

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 the NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for the fourth quarter of 2021, quotations from management in this announcement, as well as 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 agency.

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 agency, 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, which is adjusted for accretion for the redeemable non-controlling interests, 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 agency, 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 measures.

 

 

 

Baidu, Inc. 

Condensed Consolidated Statements of Income (Loss)

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



Three Months Ended




September 30,


June 30,


September 30,


September 30,




2020


2021


2021


2021




RMB


RMB


RMB


US$(2)


 Revenues: 










   Online marketing services 


20,201


20,828


21,050


3,267


   Others 


8,031


10,522


10,871


1,687


 Total revenues  


28,232


31,350


31,921


4,954












 Costs and expenses: 










     Cost of revenues(1)


12,815


15,897


16,126


2,503


     Selling, general and administrative(1)


4,700


5,707


7,320


1,136


     Research and development(1)


4,561


6,283


6,167


957


 Total costs and expenses 


22,076


27,887


29,613


4,596


 Operating income 


6,156


3,463


2,308


358












 Other income (loss): 










   Interest income 


1,297


1,342


1,462


227


   Interest expense 


(755)


(845)


(880)


(137)


   Foreign exchange (loss) income, net 


(271)


(36)


7


1


   Share of loss from equity method investments 


(546)


(4)


(4)


(1)


   Others, net 


9,169


(2,887)


(22,079)


(3,426)


 Total other income (loss), net 


8,894


(2,430)


(21,494)


(3,336)












 Income (loss) before income taxes 


15,050


1,033


(19,186)


(2,978)


 Income tax expense (benefit) 


1,618


2,197


(1,839)


(286)


 Net income (loss)  


13,432


(1,164)


(17,347)


(2,692)


 Net loss attributable to noncontrolling interests 


(246)


(581)


(788)


(122)


 Net income (loss) attributable to Baidu


13,678


(583)


(16,559)


(2,570)






















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








 -Basic


40.21


(1.70)


(48.18)


(7.48)


 -Diluted


39.79


(1.70)


(48.18)


(7.48)


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








 -Basic


5.03


(0.21)


(6.02)


(0.93)


 -Diluted


4.97


(0.21)


(6.02)


(0.93)


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






 -Basic 


2,719


2,782


2,778


2,778


 -Diluted


2,747


2,782


2,778


2,778












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








 Cost of revenues 


81


112


74


11


 Selling, general and administrative 


403


483


353


55


 Research and development 


930


1,521


921


144


 Total share-based compensation expenses 


1,414


2,116


1,348


210












(2)  All translations from RMB to U.S. dollars are made at a rate of RMB 6.4434 to US$1.00, the exchange rate in effect as of
September 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,


September 30,


September 30,



2020


2021


2021



RMB


RMB


US$

ASSETS







    Current assets:







   Cash and cash equivalents


35,782


40,701


6,317

   Restricted cash


758


10,773


1,672

   Short-term investments, net


126,402


143,127


22,213

   Accounts receivable, net


8,668


8,704


1,351

   Amounts due from related parties


726


947


147

   Other current assets, net


11,006


11,142


1,728

    Total current assets


183,342


215,394


33,428








    Non-current assets:







   Fixed assets, net


17,508


20,722


3,216

   Licensed copyrights, net


6,435


7,293


1,132

   Produced content, net


6,556


9,598


1,490

   Intangible assets, net


2,022


1,769


275

   Goodwill


22,248


22,605


3,508

   Long-term investments, net


76,233


74,012


11,486

   Amounts due from related parties


3,438


3,485


541

   Deferred tax assets, net


1,674


2,567


398

   Operating lease right-of-use assets


9,804


10,491


1,628

   Other non-current assets


3,448


16,420


2,547

    Total non-current assets


149,366


168,962


26,221








Total assets


332,708


384,356


59,649








LIABILITIES AND EQUITY







   Current liabilities:







      Short-term loans


3,016


3,990


619

  Accounts payable and accrued liabilities


36,716


40,461


6,279

  Customer deposits and deferred revenue


12,626


13,525


2,099

  Deferred income


158


99


15

  Long-term loans, current portion


7,427


659


102

  Convertible senior notes, current portion


4,752


4,808


746

  Notes payable, current portion


-


5,793


899

  Amounts due to related parties


1,324


1,824


283

  Operating lease liabilities


2,366


2,756


428

    Total current liabilities


68,385


73,915


11,470








    Non-current liabilities:







  Deferred income


97


119


18

  Deferred revenue


686


197


31

  Amounts due to related parties


3,543


3,318


515

  Long-term loans


-


12,768


1,982

  Notes payable


48,408


48,438


7,517

  Convertible senior notes


11,927


12,671


1,967

  Deferred tax liabilities


3,067


3,377


524

  Operating lease liabilities


4,693


4,900


760

  Other non-current liabilities


59


92


14

    Total non-current liabilities


72,480


85,880


13,328








Total liabilities


140,865


159,795


24,798








Redeemable noncontrolling interests


3,102


7,916


1,229








Equity







    Total Baidu shareholders' equity


182,696


211,378


32,805

    Noncontrolling interests


6,045


5,267


817

Total equity


188,741


216,645


33,622








Total liabilities, redeemable noncontrolling
interests, and equity


332,708


384,356


59,649

 

 

 

Baidu, Inc. 

Selected Information

(In millions, unaudited)




























Three months ended
September 30, 2020 (RMB)


Three months ended
June 30, 2021 (RMB)


Three months ended
September 30, 2021 (RMB)


Three months ended
September 30, 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 


21,379

7,188

(335)


28,232


24,041

7,608

(299)


31,350


24,661

7,589

(329)


31,921


3,827

1,178

(51)


4,954

  YOY














15%

6%



13%







  QOQ














3%

(0%)



2%
































Costs and expenses: 

























  Cost of revenues (1)


6,728

6,363

(276)


12,815


9,289

6,869

(261)


15,897


9,370

7,028

(272)


16,126


1,454

1,091

(42)


2,503

  Selling, general and administrative (1)


3,354

1,364

(18)


4,700


4,526

1,185

(4)


5,707


6,089

1,246

(15)


7,320


945

193

(2)


1,136

  Research and development (1)


3,893

671

(3)


4,561


5,607

676

-


6,283


5,484

683

-


6,167


851

106

-


957

Total costs and expenses 


13,975

8,398

(297)


22,076


19,422

8,730

(265)


27,887


20,943

8,957

(287)


29,613


3,250

1,390

(44)


4,596

  YOY 

























  Cost of revenues 














39%

10%



26%







  Selling, general and administrative 














82%

(9%)



56%







  Research and development 














41%

2%



35%







  Cost and expenses














50%

7%



34%
































Operating income (loss)


7,404

(1,210)

(38)


6,156


4,619

(1,122)

(34)


3,463


3,718

(1,368)

(42)


2,308


577

(212)

(7)


358

  YOY














(50%)

13%



(63%)







  QOQ














(20%)

22%



(33%)







Operating margin 


35%

(17%)



22%


19%

(15%)



11%


15%

(18%)



7%
































  Add: total other income (loss), net


8,827

67



8,894


(2,204)

(226)

-


(2,430)


(21,163)

(331)

-


(21,494)


(3,285)

(51)

-


(3,336)

  Less: income tax expense (benefit)


1,599

19



1,618


2,167

30

-


2,197


(1,848)

9

-


(1,839)


(287)

1

-


(286)

  Less: net income (loss) attributable to NCI


264

13

(523)

(3)

(246)


76

19

(676)

(3)

(581)


28

22

(838)

(3)

(788)


4

4

(130)

(3)

(122)

Net income (loss) attributable to Baidu


14,368

(1,175)

485


13,678


172

(1,397)

642


(583)


(15,625)

(1,730)

796


(16,559)


(2,425)

(268)

123


(2,570)

  YOY














-

47%



-







  QOQ














-

24%



2740%







Net margin 


67%

(16%)



48%


1%

(18%)



(2%)


(63%)

(23%)



(52%)
































Non-GAAP financial measures:

























Operating income (loss) (non-GAAP)


8,505

(831)



7,636


6,467

(780)



5,653


5,823

(1,073)



4,708


904

(166)



731

  YOY














(32%)

29%



(38%)







  QOQ














(10%)

38%



(17%)







Operating margin (non-GAAP)


40%

(12%)



27%


27%

(10%)



18%


24%

(14%)



15%
































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


7,486

(830)



6,988


5,942

(1,065)



5,359


5,855

(1,400)



5,090


909

(217)



790

  YOY














(22%)

69%



(27%)







  QOQ














(1%)

31%



(5%)







Net margin (non-GAAP)


35%

(12%)



25%


25%

(14%)



17%


24%

(18%)



16%
































Adjusted EBITDA


9,822

(711)



9,073


7,991

(662)



7,295


6,994

(990)



5,962


1,085

(153)



925

  YOY














(29%)

39%



(34%)







  QOQ














(12%)

50%



(18%)







Adjusted EBITDA margin 


46%

(10%)



32%


33%

(9%)



23%


28%

(13%)



19%
































(1)  Includes share-based compensation as follows:

 Cost of revenues 


29

52



81


69

43



112


34

40



74


5

6



11

 Selling, general and administrative 


187

216



403


274

209



483


196

157



353


30

25



55

 Research and development 


846

84



930


1,443

78



1,521


837

84



921


131

13



144

 Total share-based compensation 


1,062

352



1,414


1,786

330



2,116


1,067

281



1,348


166

44



210

 (2) Relates to intersegment eliminations and adjustments 

 (3) Relates to the net 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 



September 30, 2020 (RMB)


June 30, 2021 (RMB)


September 30, 2021 (RMB)


September 30, 2021 (US$)



 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.


 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.


 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.


 Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Net cash provided by (used in) operating
activities


9,716

(1,929)

7,787


9,362

(1,426)

7,936


5,436

(2,081)

3,355


844

(323)

521

Net cash (used in) provided by investing activities 


(6,576)

343

(6,233)


(12,220)

58

(12,162)


(15,857)

1,885

(13,972)


(2,461)

293

(2,168)

Net cash (used in) provided by financing activities


(4,387)

238

(4,149)


5,256

801

6,057


7,744

867

8,611


1,201

135

1,336

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


(77)

(113)

(190)


(342)

(92)

(434)


(47)

(21)

(68)


(8)

(3)

(11)

Net (decrease) increase in cash, cash

equivalents and restricted cash 


(1,324)

(1,461)

(2,785)


2,056

(659)

1,397


(2,724)

650

(2,074)


(424)

102

(322)

Cash, cash equivalents and restricted cash

















  At beginning of period


16,597

5,280

21,877


44,756

7,395

52,151


46,812

6,736

53,548


7,266

1,045

8,311

  At end of period


15,273

3,819

19,092


46,812

6,736

53,548


44,088

7,386

51,474


6,842

1,147

7,989


















Net cash provided by (used in) operating
activities


9,716

(1,929)

7,787


9,362

(1,426)

7,936


5,436

(2,081)

3,355


844

(323)

521

Less: Capital expenditures


(1,417)

(90)

(1,507)


(2,435)

(61)

(2,496)


(2,548)

(116)

(2,664)


(395)

(18)

(413)

Free cash flow


8,299

(2,019)

6,280


6,927

(1,487)

5,440


2,888

(2,197)

691


449

(341)

108


















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













 

 

Baidu, Inc. 

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

(In millions except for per ADS information, unaudited)




















Three months ended 


Three months ended 


Three months ended 


Three months ended 



September 30, 2020 (RMB)


June 30, 2021 (RMB)


September 30, 2021 (RMB)


September 30, 2021 (US$)



Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.


Baidu
Core

iQIYI

Baidu,
Inc.

Operating income (loss)


7,404

(1,210)

6,156


4,619

(1,122)

3,463


3,718

(1,368)

2,308


577

(212)

358

Add: Share-based compensation expenses


1,062

352

1,414


1,786

330

2,116


1,067

281

1,348


166

44

210

Add: Amortization and impairment of intangible assets(1)


39

27

66


62

12

74


62

14

76


10

2

12

Add: Contingent loss(5)


-

-

-


-

-

-


976

-

976


151

-

151

Operating income (loss) (non-GAAP)


8,505

(831)

7,636


6,467

(780)

5,653


5,823

(1,073)

4,708


904

(166)

731


















Add:  Depreciation of fixed assets


1,317

120

1,437


1,524

118

1,642


1,171

83

1,254


181

13

194

Adjusted EBITDA


9,822

(711)

9,073


7,991

(662)

7,295


6,994

(990)

5,962


1,085

(153)

925


















Net income (loss) attributable to Baidu


14,368

(1,175)

13,678


172

(1,397)

(583)


(15,625)

(1,730)

(16,559)


(2,425)

(268)

(2,570)

Add: Share-based compensation expenses


1,056

352

1,252


1,777

330

1,947


1,086

281

1,231


169

44

191

Add: Amortization and impairment of intangible assets(1)


38

27

55


55

12

62


55

14

63


9

2

10

Add: Disposal loss (gain)


(5)

-

(5)


-

(45)

(28)


-

-

-


-

-

-

Add: Impairment of long-term investments


-

-

-


205

2

206


3,187

29

3,202


494

5

497

Add: Fair value (gain) loss of long-term investments


(8,855)

(39)

(8,880)


3,180

(9)

3,175


18,970

8

18,974


2,944

1

2,945

Add: Reconciling items on equity method investments(2)


556

3

558


190

32

207


36

3

38


6

-

6

Add: Charitable donation from Baidu(4)


-

-

-


-

-

-


90

-

90


14

-

14

Add: Contingent loss(5)


-

-

-


-

-

-


976

-

976


151

-

151

Add: Tax effects on non-GAAP adjustments(3)


328

2

330


363

10

373


(2,920)

(5)

(2,925)


(453)

(1)

(454)

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


7,486

(830)

6,988


5,942

(1,065)

5,359


5,855

(1,400)

5,090


909

(217)

790


















Diluted earnings (loss) per ADS




39.79




(1.70)




(48.18)




(7.48)

Add:  Accretion of the redeemable noncontrolling
interests




0.04




0.02




0.49




0.08

Add:  Non-GAAP adjustments to earnings per ADS




(19.48)




17.09




62.35




9.68

Diluted earnings per ADS (non-GAAP)




20.35




15.41




14.66




2.28





































































(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu's share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee's books, accretion of their
redeemable noncontrolling 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.

(3) Tax impact of non-GAAP adjustments is separately presented from 2020Q4, with comparative periods retrospectively adjusted.

(4) This represents non-recurring charitable donation to discrete events.















(5) This represents contingent loss pertaining to legal proceeding involving former advertising agency.











 

Cision View original content:https://www.prnewswire.com/news-releases/baidu-announces-third-quarter-2021-results-301426444.html

SOURCE Baidu, Inc.

Copyright 2021 PR Newswire

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