BEIJING, March 1, 2022 /PRNewswire/ -- Baidu, Inc.
(NASDAQ: BIDU and HKEX: 9888) ("Baidu" or the "Company"), a leading
AI company with strong Internet foundation, today announced its
unaudited financial results for the quarter and fiscal year ended
December 31, 2021.
"Baidu concluded a solid 2021, evidenced by a strong growth in
our non-advertising business, particularly the acceleration of
Baidu AI Cloud. We brought our AI capabilities to China's traditional industries and public
service sector, to aid in the improvement of their efficiency and
operational expansion. Furthermore, Apollo Go provided around
213,000 rides in the fourth quarter, almost doubling sequentially,
reaffirming our leadership position in the global autonomous
ride-hailing market," said Robin Li,
Co-founder and CEO of Baidu. "Our strategic commitments are closely
geared with China's endeavors in
technology innovation and transition to a green economy."
"Baidu Core achieved 21% revenue growth in 2021, with
non-advertising revenues increasing by 71% from last year, which
has been very encouraging," said Rong Luo, CFO of Baidu. "Looking
ahead, we remain committed to healthy and sustainable long-term
growth as Baidu continues to improve its overall operational
efficiency and execution capabilities."
Fourth Quarter and Fiscal Year 2021 Financial
Highlights[1]
|
Baidu,
Inc.
|
(In millions except
per
|
Q4
|
|
Q3
|
|
Q4
|
|
|
|
|
FY
|
|
FY
|
|
|
|
ADS,
unaudited)
|
2020
|
|
2021
|
|
2021
|
|
|
YOY
|
|
2020
|
|
2021
|
|
|
YOY
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
Total
revenues
|
30,263
|
|
31,921
|
|
33,088
|
5,192
|
|
9%
|
|
107,074
|
|
124,493
|
19,536
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
4,977
|
|
2,308
|
|
1,958
|
307
|
|
(61%)
|
|
14,340
|
|
10,518
|
1,651
|
|
(27%)
|
Operating income
(non-
GAAP)2
|
7,055
|
|
4,708
|
|
4,307
|
676
|
|
(39%)
|
|
21,732
|
|
19,030
|
2,986
|
|
(12%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
to Baidu
|
5,174
|
|
(16,559)
|
|
1,715
|
269
|
|
(67%)
|
|
22,472
|
|
10,226
|
1,605
|
|
(54%)
|
Net income to
Baidu (non-
GAAP)2
|
6,868
|
|
5,090
|
|
4,084
|
641
|
|
(41%)
|
|
22,020
|
|
18,830
|
2,955
|
|
(14%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per
ADS
|
15.05
|
|
(48.18)
|
|
4.51
|
0.71
|
|
(70%)
|
|
64.98
|
|
28.07
|
4.40
|
|
(57%)
|
Diluted earnings
per ADS (non-
GAAP)2
|
20.08
|
|
14.66
|
|
11.60
|
1.82
|
|
(42%)
|
|
63.93
|
|
53.53
|
8.40
|
|
(16%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA2
|
8,564
|
|
5,962
|
|
5,757
|
903
|
|
(33%)
|
|
27,503
|
|
24,914
|
3,910
|
|
(9%)
|
Adjusted EBITDA
margin
|
28%
|
|
19%
|
|
17%
|
17%
|
|
|
|
26%
|
|
20%
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] Unless otherwise
noted, RMB to USD was converted at an exchange rate of RMB 6.3726
as of December 30, 2021, as
set forth in the H.10 statistical release of the Board of Governors
of the Federal Reserve System. Translations are
provided solely for the convenience of the reader.
[2] Non-GAAP measures are defined in the Non-GAAP Financial
Measures section (see also "Reconciliations of Non-GAAP
Financial Measures to the Nearest Comparable GAAP Measures" for
more details).
|
|
Baidu
Core
|
|
Q4
|
|
Q3
|
|
Q4
|
|
|
|
|
FY
|
|
FY
|
|
|
|
(In millions,
unaudited)
|
2020
|
|
2021
|
|
2021
|
|
|
YOY
|
|
2020
|
|
2021
|
|
|
YOY
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
Total
revenues
|
23,111
|
|
24,661
|
|
25,978
|
4,077
|
|
12%
|
|
78,684
|
|
95,163
|
14,933
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
6,320
|
|
3,718
|
|
2,958
|
464
|
|
(53%)
|
|
20,538
|
|
15,142
|
2,376
|
|
(26%)
|
Operating income
(non-
GAAP) 2
|
8,031
|
|
5,823
|
|
4,847
|
761
|
|
(40%)
|
|
26,366
|
|
22,201
|
3,484
|
|
(16%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
to Baidu
Core
|
6,036
|
|
(15,625)
|
|
2,656
|
417
|
|
(56%)
|
|
26,524
|
|
13,557
|
2,127
|
|
(49%)
|
Net income to
Baidu Core
(non-GAAP) 2
|
7,533
|
|
5,855
|
|
4,625
|
726
|
|
(39%)
|
|
25,192
|
|
21,292
|
3,341
|
|
(15%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA2
|
9,422
|
|
6,994
|
|
6,210
|
974
|
|
(34%)
|
|
31,656
|
|
27,682
|
4,344
|
|
(13%)
|
Adjusted EBITDA
margin
|
41%
|
|
28%
|
|
24%
|
24%
|
|
|
|
40%
|
|
29%
|
29%
|
|
|
Other Highlights
Corporate
- Baidu returned US$615 million to
shareholders under its 2020 Share Repurchase Program in the fourth
quarter of 2021, bringing the cumulative repurchase to
approximately US$1.2 billion in 2021.
As of the end of 2021, the Company had returned approximately
US$2.9 billion to shareholders under
the 2020 Share Repurchase Program.
- Baidu's ESG rankings were further improved in 2021. Our MSCI
ESG rating was upgraded three times in two years to achieve BBB,
and our Sustainalytics ESG risk rating was ranked Top 18 among 234
Internet Software and Services companies globally.
AI Cloud
- Baidu ACE smart transportation has been adopted by 35 cities,
up from 14 cities a year ago, based on contract amounts of over
RMB10 million, as of the end of
2021.
- Baidu was once again ranked the No. 1 AI cloud provider,
according to IDC's first half of 2021 report on China's public cloud market.
- PaddlePaddle developer community has grown to 4.06 million and
has served 157,000 businesses, as of the end of 2021. Developers
have created 476,000 models on PaddlePaddle by the end of
2021.
Intelligent Driving
- Rides provided by Apollo Go almost doubled sequentially, and
reached around 213,000 in the fourth quarter of 2021.
- Apollo Go, Baidu's autonomous ride-hailing service, has begun
to charge fees for the autonomous ride-hailing services on open
roads on November 25, 2021, in
Beijing; February 18, 2022, in
Chongqing; and February 27, 2022, in Yangquan.
- Apollo Go expanded into Chongqing, Shenzhen and Yangquan, and is now available in
eight cities, including Beijing,
Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou and Yangquan.
- Jidu Auto, an intelligent EV company established in partnership
with Zhejiang Geely Holding Group, completed its Series A
financing, raising nearly US$400
million.
Other Growth Initiatives
- Xiaodu ranked No.1 in smart display shipments globally and
smart speaker shipments in China
for the first nine months of 2021, according to Strategy Analytics,
IDC and Canalys.
Mobile Ecosystem
- In December, Baidu App's MAUs reached 622 million, up 14% year
over year, and daily logged-in users reached 82%.
- Managed Page continued to account for over 40% of Baidu Core's
online marketing revenue in the fourth quarter of 2021.
iQIYI
- iQIYI subscribers reached 99 million in December 2021.
Fourth Quarter 2021 Financial Results
Total revenues were RMB 33.1
billion (US$5.19 billion),
increasing 9% year over year.
- Revenue from Baidu Core was RMB
26.0 billion (US$4.08
billion), increasing 12% year over year; online marketing
revenue was RMB 19.1 billion
(US$3.00 billion), up 1% year over
year, and non-online marketing revenue was RMB 6.9 billion (US$1.08
billion), up 63% year over year, driven by cloud and other
AI-powered businesses.
- Revenue from iQIYI was RMB 7.4
billion (US$1.16 billion),
decreasing 1% year over year.
Cost of revenues was RMB 17.3
billion (US$2.71 billion),
increasing 19% year over year, primarily due to an increase in
traffic acquisition costs, bandwidth costs, cost of goods sold and
other costs related to new AI business.
Selling, general and administrative expenses were
RMB 6.5 billion (US$1.01 billion), increasing 27% year over year,
primarily due to an increase in channel spending, promotional
marketing and personnel-related expenses.
Research and development expense was RMB 7.4 billion (US$1.16
billion), increasing 30% year over year, primarily due to an
increase in personnel related expense.
Operating income was RMB 2.0
billion (US$307 million).
Baidu Core operating income was RMB
3.0 billion (US$464 million),
and Baidu Core operating margin was 11%. Non-GAAP operating
income was RMB 4.3 billion
(US$676 million). Non-GAAP Baidu
Core operating income was RMB 4.8
billion (US$761 million), and
non-GAAP Baidu Core operating margin was 19%.
Total other income, net was RMB
407 million (US$64 million),
which mainly included a fair value gain of RMB 1.5 billion and an impairment loss of
RMB 891 million from long-term
investments. A significant portion of long-term investments,
including but not limited to investments in equity securities of
public and private companies, private equity funds and digital
assets, is subject to quarterly fair value adjustments, which may
contribute to net income volatility in future periods.
Income tax expense was RMB 1.3
billion (US$203 million),
increasing 26% year over year.
Net income attributable to Baidu was RMB 1.7 billion (US$269
million), and diluted earnings per ADS was RMB 4.51 (US$0.71).
Net income attributable to Baidu Core was RMB 2.7 billion (US$417
million), and net margin for Baidu Core was 10%. Non-GAAP
net income attributable to Baidu was RMB
4.1 billion (US$641 million).
Non-GAAP diluted earnings per ADS was RMB
11.60 (US$1.82). Non-GAAP
net income attributable to Baidu Core was RMB 4.6 billion (US$726
million), and non-GAAP net margin for Baidu Core was
18%.
Adjusted EBITDA was RMB 5.8
billion (US$903 million) and
adjusted EBITDA margin was 17%. Adjusted EBITDA for Baidu
Core was RMB 6.2 billion
(US$974 million) and adjusted EBITDA
margin for Baidu Core was 24%.
As of December 31, 2021, cash,
cash equivalents, restricted cash and short-term investments
were RMB 190.9 billion (US$29.96 billion), and cash, cash equivalents,
restricted cash and short-term investments excluding iQIYI were
RMB 186.5 billion (US$29.27 billion). Free cash flow was
RMB 477 million (US$75 million), and free cash flow excluding
iQIYI was RMB 1.6 billion
(US$251 million).
Fiscal Year 2021 Results
Total revenues were RMB 124.5
billion (US$19.54 billion),
increasing 16% year over year.
- Revenue from Baidu Core was RMB
95.2 billion (US$14.93
billion), increasing 21% year over year; online marketing
revenue was RMB 74.0 billion
(US$11.60 billion), increasing 12%
year over year, and non-online marketing revenue was
RMB 21.2 billion (US$3.33 billion), up 71% year over year, driven
by cloud and other AI-powered businesses.
- Revenue from iQIYI was RMB 30.6
billion (US$4.80 billion),
increasing 3% year over year.
Cost of revenues was RMB 64.3
billion (US$10.09 billion),
increasing 17% year over year, primarily due to an increase in
content costs, traffic acquisition costs, bandwidth costs, cost of
goods sold and other costs related to new AI business.
Selling, general and administrative expenses were
RMB 24.7 billion (US$3.88 billion), increasing 37% year over year,
primarily due to an increase in channel spending, promotional
marketing, personnel-related expenses and contingent loss
pertaining to legal proceeding involving former advertising
agencies.
Research and development expenses were RMB 24.9 billion (US$3.91
billion), increasing 28% year over year, primarily due to an
increase in personnel related expenses.
Operating income was RMB 10.5
billion (US$1.65 billion).
Baidu Core operating income was RMB 15.1 billion (US$2.38
billion), and Baidu Core operating margin was 16%.
Non-GAAP operating income was RMB
19.0 billion (US$2.99
billion). Non-GAAP Baidu Core operating income
was RMB 22.2 billion (US$3.48 billion), and non-GAAP Baidu Core
operating margin was 23%.
Total other income, net was RMB
260 million (US$40 million),
which mainly included a fair value gain of RMB 3.1 billion and an impairment loss of
RMB 4.3 billion from long-term
investments. A significant portion of long-term investments,
including but not limited to investments in equity securities of
public and private companies, private equity funds and digital
assets, is subject to quarterly fair value adjustments, which may
contribute to net income volatility in future periods. Total
other income, net was RMB 8.8
billion for 2020, which included a fair value gain of
RMB 11.6 billion and an impairment
loss of RMB 2.6 billion from
long-term investments.
Income tax expense was RMB 3.2
billion (US$500 million),
decreasing 22% year over year, primarily due to an increase in
deduction on certain expenses that were previously considered
non-deductible.
Net income attributable to Baidu was RMB 10.2 billion (US$1.61
billion), and diluted earnings per ADS was RMB 28.07 (US$4.40). Net income attributable to Baidu
Core was RMB 13.6 billion
(US$2.13 billion), and net
margin for Baidu Core was 14%. Non-GAAP net income attributable
to Baidu was RMB 18.8 billion
(US$2.96 billion), and non-GAAP
diluted earnings per ADS amounted to RMB
53.53 (US$8.40). Non-GAAP
net income attributable to Baidu Core was RMB 21.3 billion (US$3.34
billion), and non-GAAP net margin for Baidu Core was
22%.
Adjusted EBITDA was RMB 24.9
billion (US$3.91 billion) and
adjusted EBITDA margin was 20%. Adjusted EBITDA to Baidu
Core was RMB 27.7 billion
(US$4.34 billion) and adjusted
EBITDA margin for Baidu Core was 29%.
Free cash flow was RMB 9.2
billion (US$1.45 billion), and
free cash flow excluding iQIYI was RMB 15.4 billion (US$2.42
billion).
Conference Call Information
Baidu's management will hold an earnings conference call at
7.30AM on March 1, 2022, U.S. Eastern Time (8.30PM on March 1,
2022, Beijing Time).
Please register in advance of the conference call using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, Direct Event passcode and unique
registrant ID by email.
For pre-registration, please click
http://apac.directeventreg.com/registration/event/7885275
It will automatically direct you to the registration page of
"Baidu Q4 2021 Earnings Conference Call", where you may fill in
your details for RSVP. If it requires you to enter a participant
conference ID, please enter "7885275".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s), Direct
Event passcode and unique registrant ID) provided in the
confirmation email that you have received following your
pre-registration.
Additionally, a live and archived webcast of this conference
call will be available at http://ir.baidu.com.
A replay of the conference call may be accessed by phone at the
following number until March 10,
2022:
International:
|
+61 2 8199
0299
|
Conference
ID:
|
7885275
|
About Baidu
Founded in 2000, Baidu's mission is to make the complicated
world simpler through technology. Baidu is a leading AI company
with strong Internet foundation, trading on NASDAQ under "BIDU" and
HKEX under "9888". One Baidu ADS represents eight Class A ordinary
shares.
Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, Baidu's and other parties' strategic and operational
plans, contain forward-looking statements. Baidu may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in announcements
made on the website of The Stock Exchange of Hong Kong Limited (the
"Hong Kong Stock Exchange"), in its annual report to shareholders,
in press releases and other written materials and in oral
statements made by its officers, directors or employees to third
parties. Statements that are not historical facts, including but
not limited to statements about Baidu's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Baidu's growth strategies; its future business
development, including development of new products and services;
its ability to attract and retain users and customers; competition
in the Chinese Internet search and newsfeed market; competition for
online marketing customers; changes in the Company's revenues and
certain cost or expense items as a percentage of its revenues; the
outcome of ongoing, or any future, litigation or arbitration,
including those relating to intellectual property rights; the
expected growth of the Chinese-language Internet search and
newsfeed market and the number of Internet and broadband users in
China; Chinese governmental
policies relating to the Internet and Internet search providers,
and general economic conditions in China and elsewhere. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and other documents filed with the Securities
and Exchange Commission, and announcements on the website of the
Hong Kong Stock Exchange. Baidu does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of the press release, and
Baidu undertakes no duty to update such information, except as
required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented
in accordance with GAAP, Baidu uses the following non-GAAP
financial measures: non-GAAP operating income (loss), non-GAAP
operating margin, non-GAAP net income (loss) attributable to Baidu,
non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted
EBITDA, adjusted EBITDA margin and free cash flow. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding certain items that may not be indicative of
its recurring core business operating results, such as operating
performance excluding non-cash charges or non-operating in nature.
The Company believes that both management and investors benefit
from referring to these non-GAAP financial measures in assessing
its performance and when planning and forecasting future periods.
These non-GAAP financial measures also facilitate management's
internal comparisons to Baidu's historical performance and
liquidity. The Company believes these non-GAAP financial measures
are useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of using
these non-GAAP financial measures is that these non-GAAP measures
exclude certain items that have been and will continue to be for
the foreseeable future a significant component in the Company's
results of operations. These non-GAAP financial measures
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to the Company's data.
Non-GAAP operating income represents operating income excluding
share-based compensation expenses, amortization and impairment of
intangible assets resulting from business combinations and
contingent loss pertaining to legal proceeding in relation to
former advertising agencies and iQIYI's non-recurring employee
severance costs.
Non-GAAP net income attributable to Baidu represents net income
attributable to Baidu excluding share-based compensation expenses,
amortization and impairment of intangible assets resulting from
business combinations, contingent loss pertaining to legal
proceeding in relation to former advertising agencies, iQIYI's
non-recurring employee severance costs, disposal gain or loss,
impairment of long-term investments, fair value change of long-term
investments, charitable donation from Baidu, adjusted for related
income tax effects. Baidu's share of equity method investments for
these non-GAAP reconciling items, amortization and impairment of
intangible assets not on the investees' books, accretion of their
redeemable non-controlling interests, and the gain or loss
associated with the issuance of shares by the investees at a price
higher or lower than the carrying value per shares, adjusted for
related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings
per ADS calculated by dividing non-GAAP net income attributable to
Baidu, by the weighted average number of ordinary shares expressed
in ADS. Adjusted EBITDA represents operating income excluding
depreciation, amortization and impairment of intangible assets
resulting from business combinations, contingent loss pertaining to
legal proceeding in relation to former advertisingagencies, iQIYI's
non-recurring employee severance costs, and share-based
compensation expenses.
For more information on non-GAAP financial measures, please see
the tables captioned "Reconciliations of non-GAAP financial
measures to the nearest comparable GAAP measure.
Baidu,
Inc.
|
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Condensed
Consolidated Statements of Income (Loss)
|
|
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|
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|
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|
(In millions except
for per share (or ADS) information, unaudited)
|
|
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Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
2020
|
|
2021
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online marketing
services
|
|
20,708
|
|
21,050
|
|
20,723
|
|
3,252
|
|
72,840
|
|
80,695
|
|
12,663
|
|
Others
|
|
9,555
|
|
10,871
|
|
12,365
|
|
1,940
|
|
34,234
|
|
43,798
|
|
6,873
|
|
Total
revenues
|
|
30,263
|
|
31,921
|
|
33,088
|
|
5,192
|
|
107,074
|
|
124,493
|
|
19,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
14,522
|
|
16,126
|
|
17,289
|
|
2,713
|
|
55,158
|
|
64,314
|
|
10,092
|
|
Selling, general and
administrative(1)
|
|
5,094
|
|
7,320
|
|
6,451
|
|
1,012
|
|
18,063
|
|
24,723
|
|
3,879
|
|
Research and
development(1)
|
|
5,670
|
|
6,167
|
|
7,390
|
|
1,160
|
|
19,513
|
|
24,938
|
|
3,914
|
|
Total costs
and expenses
|
|
25,286
|
|
29,613
|
|
31,130
|
|
4,885
|
|
92,734
|
|
113,975
|
|
17,885
|
|
Operating
income
|
|
4,977
|
|
2,308
|
|
1,958
|
|
307
|
|
14,340
|
|
10,518
|
|
1,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
1,308
|
|
1,462
|
|
1,514
|
|
238
|
|
5,358
|
|
5,551
|
|
871
|
|
Interest expense
|
|
(777)
|
|
(880)
|
|
(873)
|
|
(137)
|
|
(3,103)
|
|
(3,421)
|
|
(537)
|
|
Foreign exchange (loss) income, net
|
|
(346)
|
|
7
|
|
(27)
|
|
(4)
|
|
(660)
|
|
100
|
|
16
|
|
Share of losses from equity method investments
|
|
(151)
|
|
(4)
|
|
(773)
|
|
(121)
|
|
(2,248)
|
|
(932)
|
|
(146)
|
|
Others, net
|
|
499
|
|
(22,079)
|
|
566
|
|
88
|
|
9,403
|
|
(1,038)
|
|
(164)
|
|
Total other
income (loss), net
|
|
533
|
|
(21,494)
|
|
407
|
|
64
|
|
8,750
|
|
260
|
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
5,510
|
|
(19,186)
|
|
2,365
|
|
371
|
|
23,090
|
|
10,778
|
|
1,691
|
|
Income tax
expense (benefit)
|
|
1,026
|
|
(1,839)
|
|
1,295
|
|
203
|
|
4,064
|
|
3,187
|
|
500
|
|
Net income
(loss)
|
|
4,484
|
|
(17,347)
|
|
1,070
|
|
168
|
|
19,026
|
|
7,591
|
|
1,191
|
|
Net loss
attributable to noncontrolling interests
|
|
(690)
|
|
(788)
|
|
(645)
|
|
(101)
|
|
(3,446)
|
|
(2,635)
|
|
(414)
|
|
Net income
(loss) attributable to Baidu
|
|
5,174
|
|
(16,559)
|
|
1,715
|
|
269
|
|
22,472
|
|
10,226
|
|
1,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
ADS (1 ADS representing 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
15.28
|
|
(48.18)
|
|
4.57
|
|
0.72
|
|
65.54
|
|
28.64
|
|
4.49
|
|
-Diluted
|
|
15.05
|
|
(48.18)
|
|
4.51
|
|
0.71
|
|
64.98
|
|
28.07
|
|
4.40
|
|
Earnings (loss) per
share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
1.91
|
|
(6.02)
|
|
0.57
|
|
0.09
|
|
8.19
|
|
3.58
|
|
0.56
|
|
-Diluted
|
|
1.88
|
|
(6.02)
|
|
0.56
|
|
0.09
|
|
8.12
|
|
3.51
|
|
0.55
|
|
Weighted average
number of Class A and Class B ordinary shares outstanding (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
2,695
|
|
2,778
|
|
2,780
|
|
2,780
|
|
2,732
|
|
2,758
|
|
2,758
|
|
-Diluted
|
|
2,735
|
|
2,778
|
|
2,816
|
|
2,816
|
|
2,756
|
|
2,814
|
|
2,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
91
|
|
74
|
|
134
|
|
21
|
|
360
|
|
399
|
|
62
|
|
Selling,
general and administrative
|
|
480
|
|
353
|
|
533
|
|
83
|
|
1,897
|
|
1,840
|
|
289
|
|
Research
and development
|
|
1,408
|
|
921
|
|
1,426
|
|
224
|
|
4,471
|
|
4,817
|
|
756
|
|
Total
share-based compensation expenses
|
|
1,979
|
|
1,348
|
|
2,093
|
|
328
|
|
6,728
|
|
7,056
|
|
1,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of RMB
6.3726 to US$1.00, the exchange rate in effect as of December 30,
2021 as set forth in the H.10 statistical release of
The Board of Governors of the Federal Reserve System.
|
Baidu,
Inc.
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
35,782
|
|
36,850
|
|
5,783
|
Restricted cash
|
|
758
|
|
10,821
|
|
1,697
|
Short-term investments, net
|
|
126,402
|
|
143,243
|
|
22,478
|
Accounts
receivable, net
|
|
8,668
|
|
9,981
|
|
1,566
|
Amounts
due from related parties
|
|
726
|
|
1,368
|
|
215
|
Other
current assets, net
|
|
11,006
|
|
11,052
|
|
1,735
|
Total current assets
|
|
183,342
|
|
213,315
|
|
33,474
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Fixed
assets, net
|
|
17,508
|
|
23,027
|
|
3,613
|
Licensed
copyrights, net
|
|
6,435
|
|
7,258
|
|
1,139
|
Produced
content, net
|
|
6,556
|
|
10,951
|
|
1,718
|
Intangible assets, net
|
|
2,022
|
|
1,689
|
|
265
|
Goodwill
|
|
22,248
|
|
22,605
|
|
3,547
|
Long-term investments, net
|
|
76,233
|
|
67,332
|
|
10,566
|
Amounts
due from related parties
|
|
3,438
|
|
3,487
|
|
547
|
Deferred
tax assets, net
|
|
1,674
|
|
2,372
|
|
372
|
Operating lease right-of-use
assets
|
|
9,804
|
|
12,065
|
|
1,894
|
Other
non-current assets
|
|
3,448
|
|
15,933
|
|
2,501
|
Total non-current assets
|
|
149,366
|
|
166,719
|
|
26,162
|
|
|
|
|
|
|
|
Total
assets
|
|
332,708
|
|
380,034
|
|
59,636
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term
loans
|
|
3,016
|
|
4,168
|
|
654
|
Accounts
payable and accrued liabilities
|
|
36,716
|
|
41,384
|
|
6,494
|
Customer
deposits and deferred revenue
|
|
12,626
|
|
13,706
|
|
2,151
|
Deferred
income
|
|
158
|
|
97
|
|
15
|
Long-term loans, current portion
|
|
7,427
|
|
2
|
|
-
|
Convertible senior notes, current portion
|
|
4,752
|
|
-
|
|
-
|
Notes
payable, current portion
|
|
-
|
|
10,505
|
|
1,648
|
Amounts
due to related parties
|
|
1,324
|
|
1,764
|
|
277
|
Operating lease liabilities
|
|
2,366
|
|
2,862
|
|
450
|
Total current liabilities
|
|
68,385
|
|
74,488
|
|
11,689
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred
income
|
|
97
|
|
129
|
|
20
|
Deferred
revenue
|
|
686
|
|
223
|
|
35
|
Amounts
due to related parties
|
|
3,543
|
|
3,268
|
|
513
|
Long-term loans
|
|
-
|
|
12,629
|
|
1,982
|
Notes
payable
|
|
48,408
|
|
43,120
|
|
6,766
|
Convertible senior notes
|
|
11,927
|
|
12,652
|
|
1,985
|
Deferred
tax liabilities
|
|
3,067
|
|
3,286
|
|
516
|
Operating lease liabilities
|
|
4,693
|
|
5,569
|
|
874
|
Other
non-current liabilities
|
|
59
|
|
718
|
|
112
|
Total non-current liabilities
|
|
72,480
|
|
81,594
|
|
12,803
|
|
|
|
|
|
|
|
Total
liabilities
|
|
140,865
|
|
156,082
|
|
24,492
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
3,102
|
|
7,148
|
|
1,122
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Baidu shareholders' equity
|
|
182,696
|
|
211,459
|
|
33,183
|
Noncontrolling interests
|
|
6,045
|
|
5,345
|
|
839
|
Total
equity
|
|
188,741
|
|
216,804
|
|
34,022
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling
interests, and equity
|
|
332,708
|
|
380,034
|
|
59,636
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 31, 2020 (RMB)
|
|
Three months
ended
September 30, 2021 (RMB)
|
|
Three months
ended
December 31, 2021 (RMB)
|
|
Three months
ended
December 31, 2021 (US$)
|
|
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Total
revenues
|
|
23,111
|
7,458
|
(306)
|
|
30,263
|
|
24,661
|
7,589
|
(329)
|
|
31,921
|
|
25,978
|
7,389
|
(279)
|
|
33,088
|
|
4,077
|
1,159
|
(44)
|
|
5,192
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12%
|
(1%)
|
|
|
9%
|
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5%
|
(3%)
|
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (1)
|
|
7,997
|
6,785
|
(260)
|
|
14,522
|
|
9,370
|
7,028
|
(272)
|
|
16,126
|
|
11,017
|
6,507
|
(235)
|
|
17,289
|
|
1,729
|
1,021
|
(37)
|
|
2,713
|
|
Selling,
general and administrative (1)
|
|
3,787
|
1,317
|
(10)
|
|
5,094
|
|
6,089
|
1,246
|
(15)
|
|
7,320
|
|
5,377
|
1,093
|
(19)
|
|
6,451
|
|
844
|
172
|
(4)
|
|
1,012
|
|
Research and
development (1)
|
|
5,007
|
663
|
-
|
|
5,670
|
|
5,484
|
683
|
-
|
|
6,167
|
|
6,626
|
764
|
-
|
|
7,390
|
|
1,040
|
120
|
-
|
|
1,160
|
|
Total costs and
expenses
|
|
16,791
|
8,765
|
(270)
|
|
25,286
|
|
20,943
|
8,957
|
(287)
|
|
29,613
|
|
23,020
|
8,364
|
(254)
|
|
31,130
|
|
3,613
|
1,313
|
(41)
|
|
4,885
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38%
|
(4%)
|
|
|
19%
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42%
|
(17%)
|
|
|
27%
|
|
|
|
|
|
|
|
Research
and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32%
|
15%
|
|
|
30%
|
|
|
|
|
|
|
|
Cost and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37%
|
(5%)
|
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
6,320
|
(1,307)
|
(36)
|
|
4,977
|
|
3,718
|
(1,368)
|
(42)
|
|
2,308
|
|
2,958
|
(975)
|
(25)
|
|
1,958
|
|
464
|
(154)
|
(3)
|
|
307
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(53%)
|
(25%)
|
|
|
(61%)
|
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20%)
|
(29%)
|
|
|
(15%)
|
|
|
|
|
|
|
|
Operating
margin
|
|
27%
|
(18%)
|
|
|
16%
|
|
15%
|
(18%)
|
|
|
7%
|
|
11%
|
(13%)
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total
other income (loss), net
|
|
774
|
(241)
|
-
|
|
533
|
|
(21,163)
|
(331)
|
-
|
|
(21,494)
|
|
1,161
|
(754)
|
-
|
|
407
|
|
182
|
(118)
|
-
|
|
64
|
|
Less: income
tax expense (benefit)
|
|
1,042
|
(16)
|
-
|
|
1,026
|
|
(1,848)
|
9
|
-
|
|
(1,839)
|
|
1,258
|
37
|
-
|
|
1,295
|
|
197
|
6
|
-
|
|
203
|
|
Less: net
income (loss) attributable to NCI
|
|
16
|
16
|
(722)
|
(3)
|
(690)
|
|
28
|
22
|
(838)
|
(3)
|
(788)
|
|
205
|
10
|
(860)
|
(3)
|
(645)
|
|
32
|
2
|
(135)
|
(3)
|
(101)
|
|
Net income (loss)
attributable to Baidu
|
|
6,036
|
(1,548)
|
686
|
|
5,174
|
|
(15,625)
|
(1,730)
|
796
|
|
(16,559)
|
|
2,656
|
(1,776)
|
835
|
|
1,715
|
|
417
|
(280)
|
132
|
|
269
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(56%)
|
15%
|
|
|
(67%)
|
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
3%
|
|
|
-
|
|
|
|
|
|
|
|
Net
margin
|
|
26%
|
(21%)
|
|
|
17%
|
|
(63%)
|
(23%)
|
|
|
(52%)
|
|
10%
|
(24%)
|
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) (non-GAAP)
|
|
8,031
|
(940)
|
|
|
7,055
|
|
5,823
|
(1,073)
|
|
|
4,708
|
|
4,847
|
(515)
|
|
|
4,307
|
|
761
|
(82)
|
|
|
676
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(40%)
|
(45%)
|
|
|
(39%)
|
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17%)
|
(52%)
|
|
|
(9%)
|
|
|
|
|
|
|
|
Operating margin
(non-GAAP)
|
|
35%
|
(13%)
|
|
|
23%
|
|
24%
|
(14%)
|
|
|
15%
|
|
19%
|
(7%)
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
(non-GAAP)
|
|
7,533
|
(1,177)
|
|
|
6,868
|
|
5,855
|
(1,400)
|
|
|
5,090
|
|
4,625
|
(1,001)
|
|
|
4,084
|
|
726
|
(158)
|
|
|
641
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(39%)
|
(15%)
|
|
|
(41%)
|
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21%)
|
(29%)
|
|
|
(20%)
|
|
|
|
|
|
|
|
Net margin
(non-GAAP)
|
|
33%
|
(16%)
|
|
|
23%
|
|
24%
|
(18%)
|
|
|
16%
|
|
18%
|
(14%)
|
|
|
12%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
9,422
|
(822)
|
|
|
8,564
|
|
6,994
|
(990)
|
|
|
5,962
|
|
6,210
|
(428)
|
|
|
5,757
|
|
974
|
(68)
|
|
|
903
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(34%)
|
(48%)
|
|
|
(33%)
|
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11%)
|
(57%)
|
|
|
(3%)
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
41%
|
(11%)
|
|
|
28%
|
|
28%
|
(13%)
|
|
|
19%
|
|
24%
|
(6%)
|
|
|
17%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
46
|
45
|
|
|
91
|
|
34
|
40
|
|
|
74
|
|
90
|
44
|
|
|
134
|
|
14
|
7
|
|
|
21
|
|
Selling,
general and administrative
|
|
255
|
225
|
|
|
480
|
|
196
|
157
|
|
|
353
|
|
396
|
137
|
|
|
533
|
|
62
|
21
|
|
|
83
|
|
Research
and development
|
|
1,329
|
79
|
|
|
1,408
|
|
837
|
84
|
|
|
921
|
|
1,343
|
83
|
|
|
1,426
|
|
211
|
13
|
|
|
224
|
|
Total
share-based compensation
|
|
1,630
|
349
|
|
|
1,979
|
|
1,067
|
281
|
|
|
1,348
|
|
1,829
|
264
|
|
|
2,093
|
|
287
|
41
|
|
|
328
|
|
(2) Relates to
intersegment eliminations and adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Relates to
the net loss attributable to iQIYI noncontrolling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions except
for per ADS information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
December 31, 2020 (RMB)
|
|
Twelve months
ended
December 31, 2021 (RMB)
|
|
Twelve months
ended
December 31, 2021 (US$)
|
|
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Total
revenues
|
|
78,684
|
29,707
|
(1,317)
|
|
107,074
|
|
95,163
|
30,554
|
-1,224
|
|
124,493
|
|
14,933
|
4,795
|
(192)
|
|
19,536
|
|
YOY
|
|
|
|
|
|
|
|
21%
|
3%
|
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (1)
|
|
28,368
|
27,884
|
-1,094
|
|
55,158
|
|
37,838
|
27,513
|
-1,037
|
|
64,314
|
|
5,937
|
4,317
|
(162)
|
|
10,092
|
|
Selling,
general and administrative (1)
|
|
12,931
|
5,188
|
(56)
|
|
18,063
|
|
20,040
|
4,725
|
(42)
|
|
24,723
|
|
3,145
|
742
|
(8)
|
|
3,879
|
|
Research and
development (1)
|
|
16,847
|
2,676
|
(10)
|
|
19,513
|
|
22,143
|
2,795
|
-
|
|
24,938
|
|
3,475
|
439
|
-
|
|
3,914
|
|
Total costs and
expenses
|
|
58,146
|
35,748
|
-1,160
|
|
92,734
|
|
80,021
|
35,033
|
-1,079
|
|
113,975
|
|
12,557
|
5,498
|
(170)
|
|
17,885
|
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
33%
|
(1%)
|
|
|
17%
|
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
55%
|
(9%)
|
|
|
37%
|
|
|
|
|
|
|
|
Research
and development
|
|
|
|
|
|
|
|
31%
|
4%
|
|
|
28%
|
|
|
|
|
|
|
|
Cost and
expenses
|
|
|
|
|
|
|
|
38%
|
(2%)
|
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
20,538
|
(6,041)
|
(157)
|
|
14,340
|
|
15,142
|
(4,479)
|
(145)
|
|
10,518
|
|
2,376
|
(703)
|
(22)
|
|
1,651
|
|
YOY
|
|
|
|
|
|
|
|
(26%)
|
(26%)
|
|
|
(27%)
|
|
|
|
|
|
|
|
Operating
margin
|
|
26%
|
(20%)
|
|
|
13%
|
|
16%
|
(15%)
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total
other income (loss),net
|
|
9,693
|
(943)
|
-
|
|
8,750
|
|
1,793
|
(1,533)
|
-
|
|
260
|
|
281
|
(241)
|
-
|
|
40
|
|
Less: income
tax expense
|
|
4,041
|
23
|
-
|
|
4,064
|
|
3,090
|
97
|
-
|
|
3,187
|
|
485
|
15
|
-
|
|
500
|
|
Less: net
(loss) income attributable to NCI
|
|
(334)
|
31
|
-3,143
|
(3)
|
(3,446)
|
|
288
|
61
|
(2,984)
|
(3)
|
(2,635)
|
|
45
|
10
|
(469)
|
(3)
|
(414)
|
|
Net income (loss)
attributable to Baidu
|
|
26,524
|
(7,038)
|
2,986
|
|
22,472
|
|
13,557
|
(6,170)
|
2,839
|
|
10,226
|
|
2,127
|
(969)
|
447
|
|
1,605
|
|
YOY
|
|
|
|
|
|
|
|
(49%)
|
(12%)
|
|
|
(54%)
|
|
|
|
|
|
|
|
Net
margin
|
|
34%
|
(24%)
|
|
|
21%
|
|
14%
|
(20%)
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) (non-GAAP)
|
|
26,366
|
(4,477)
|
|
|
21,732
|
|
22,201
|
(3,026)
|
|
|
19,030
|
|
3,484
|
(476)
|
|
|
2,986
|
|
YOY
|
|
|
|
|
|
|
|
(16%)
|
(32%)
|
|
|
(12%)
|
|
|
|
|
|
|
|
Operating margin
(non-GAAP)
|
|
34%
|
(15%)
|
|
|
20%
|
|
23%
|
(10%)
|
|
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
(non-GAAP)
|
|
25,192
|
(5,444)
|
|
|
22,020
|
|
21,292
|
(4,487)
|
|
|
18,830
|
|
3,341
|
(705)
|
|
|
2,955
|
|
YOY
|
|
|
|
|
|
|
|
(15%)
|
(18%)
|
|
|
(14%)
|
|
|
|
|
|
|
|
Net margin
(non-GAAP)
|
|
32%
|
(18%)
|
|
|
21%
|
|
22%
|
(15%)
|
|
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
31,656
|
(3,996)
|
|
|
27,503
|
|
27,682
|
(2,623)
|
|
|
24,914
|
|
4,344
|
(412)
|
|
|
3,910
|
|
YOY
|
|
|
|
|
|
|
|
(13%)
|
(34%)
|
|
|
(9%)
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
40%
|
(13%)
|
|
|
26%
|
|
29%
|
(9%)
|
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
158
|
202
|
|
|
360
|
|
226
|
173
|
|
|
399
|
|
35
|
27
|
|
|
62
|
|
Selling,
general and administrative
|
|
1,046
|
851
|
|
|
1,897
|
|
1,122
|
718
|
|
|
1,840
|
|
176
|
113
|
|
|
289
|
|
Research
and development
|
|
4,154
|
317
|
|
|
4,471
|
|
4,489
|
328
|
|
|
4,817
|
|
705
|
51
|
|
|
756
|
|
Total
share-based compensation
|
|
5,358
|
1,370
|
|
|
6,728
|
|
5,837
|
1,219
|
|
|
7,056
|
|
916
|
191
|
|
|
1,107
|
|
(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
|
|
|
December 31, 2020
(RMB)
|
|
September 30, 2021
(RMB)
|
|
December 31, 2021
(RMB)
|
|
December 31, 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
|
|
7,546
|
(1,519)
|
6,027
|
|
5,436
|
(2,081)
|
3,355
|
|
5,809
|
(1,095)
|
4,714
|
|
912
|
(172)
|
740
|
Net cash (used in)
provided by investing activities
|
|
(1,196)
|
281
|
(915)
|
|
(15,857)
|
1,885
|
(13,972)
|
|
(50)
|
2,097
|
2,047
|
|
(8)
|
329
|
321
|
Net cash provided
(used in) by financing activities
|
|
4,185
|
8,392
|
12,577
|
|
7,744
|
867
|
8,611
|
|
(4,662)
|
(5,239)
|
(9,901)
|
|
(732)
|
(822)
|
(1,554)
|
Effect of exchange
rate changes on cash, cash
equivalents and restricted cash
|
|
(209)
|
(32)
|
(241)
|
|
(47)
|
(21)
|
(68)
|
|
(589)
|
(74)
|
(663)
|
|
(92)
|
(12)
|
(104)
|
Net increase
(decrease) in cash, cash
equivalents and restricted cash
|
|
10,326
|
7,122
|
17,448
|
|
(2,724)
|
650
|
(2,074)
|
|
508
|
(4,311)
|
(3,803)
|
|
80
|
(677)
|
(597)
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning
of period
|
|
15,273
|
3,819
|
19,092
|
|
46,812
|
6,736
|
53,548
|
|
44,088
|
7,386
|
51,474
|
|
6,918
|
1,159
|
8,077
|
At end of
period
|
|
25,599
|
10,941
|
36,540
|
|
44,088
|
7,386
|
51,474
|
|
44,596
|
3,075
|
47,671
|
|
6,998
|
482
|
7,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating
activities
|
|
7,546
|
(1,519)
|
6,027
|
|
5,436
|
(2,081)
|
3,355
|
|
5,809
|
(1,095)
|
4,714
|
|
912
|
(172)
|
740
|
Less: Capital
expenditures
|
|
(2,151)
|
(27)
|
(2,178)
|
|
(2,548)
|
(116)
|
(2,664)
|
|
(4,213)
|
(24)
|
(4,237)
|
|
(661)
|
(4)
|
(665)
|
Free cash
flow
|
|
5,395
|
(1,546)
|
3,849
|
|
2,888
|
(2,197)
|
691
|
|
1,596
|
(1,119)
|
477
|
|
251
|
(176)
|
75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Baidu excl.
iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash
flows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
(In
millions,unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31, 2020
(RMB)
|
|
December 31, 2021
(RMB)
|
|
December 31, 2021
(US$)
|
|
|
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
|
|
29,611
|
(5,411)
|
24,200
|
|
26,074
|
(5,952)
|
20,122
|
|
4,092
|
(934)
|
3,158
|
Net cash (used in)
provided by investing activities
|
|
(27,711)
|
159
|
(27,552)
|
|
(32,706)
|
1,262
|
(31,444)
|
|
(5,132)
|
198
|
(4,934)
|
Net cash (used in)
provided by financing activities
|
|
(3,709)
|
9,374
|
5,665
|
|
26,355
|
(2,959)
|
23,396
|
|
4,135
|
(464)
|
3,671
|
Effect of exchange
rate changes on cash, cash
equivalents and restricted cash
|
|
(121)
|
(91)
|
(212)
|
|
(726)
|
(217)
|
(943)
|
|
(114)
|
(34)
|
(148)
|
Net (decrease)
increase in cash, cash
equivalents and restricted cash
|
|
(1,930)
|
4,031
|
2,101
|
|
18,997
|
(7,866)
|
11,131
|
|
2,981
|
(1,234)
|
1,747
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning
of period
|
|
27,529
|
6,910
|
34,439
|
|
25,599
|
10,941
|
36,540
|
|
4,017
|
1,716
|
5,733
|
At end of
period
|
|
25,599
|
10,941
|
36,540
|
|
44,596
|
3,075
|
47,671
|
|
6,998
|
482
|
7,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating
activities
|
|
29,611
|
(5,411)
|
24,200
|
|
26,074
|
(5,952)
|
20,122
|
|
4,092
|
(934)
|
3,158
|
Less: Capital
expenditures
|
|
(4,843)
|
(241)
|
(5,084)
|
|
(10,634)
|
(262)
|
(10,896)
|
|
(1,669)
|
(41)
|
(1,710)
|
Free cash
flow
|
|
24,768
|
(5,652)
|
19,116
|
|
15,440
|
(6,214)
|
9,226
|
|
2,423
|
(975)
|
1,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
December 31, 2020
(RMB)
|
|
September 30, 2021
(RMB)
|
|
December 31, 2021
(RMB)
|
|
December 31, 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)
|
|
6,320
|
(1,307)
|
4,977
|
|
3,718
|
(1,368)
|
2,308
|
|
2,958
|
(975)
|
1,958
|
|
464
|
(154)
|
307
|
Add: Share-based
compensation expenses
|
|
1,630
|
349
|
1,979
|
|
1,067
|
281
|
1,348
|
|
1,829
|
264
|
2,093
|
|
287
|
41
|
328
|
Add: Amortization and
impairment of intangible assets(1)
|
|
81
|
18
|
99
|
|
62
|
14
|
76
|
|
60
|
17
|
77
|
|
10
|
3
|
13
|
Add: Contingent
loss(5)
|
|
-
|
-
|
-
|
|
976
|
-
|
976
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: iQIYI's non-recurring
employee severance costs(6)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
179
|
179
|
|
-
|
28
|
28
|
Operating income
(loss) (non-GAAP)
|
|
8,031
|
(940)
|
7,055
|
|
5,823
|
(1,073)
|
4,708
|
|
4,847
|
(515)
|
4,307
|
|
761
|
(82)
|
676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation of fixed assets
|
|
1,391
|
118
|
1,509
|
|
1,171
|
83
|
1,254
|
|
1,363
|
87
|
1,450
|
|
213
|
14
|
227
|
Adjusted
EBITDA
|
|
9,422
|
(822)
|
8,564
|
|
6,994
|
(990)
|
5,962
|
|
6,210
|
(428)
|
5,757
|
|
974
|
(68)
|
903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
|
6,036
|
(1,548)
|
5,174
|
|
(15,625)
|
(1,730)
|
(16,559)
|
|
2,656
|
(1,776)
|
1,715
|
|
417
|
(280)
|
269
|
Add: Share-based
compensation expenses
|
|
1,618
|
349
|
1,802
|
|
1,086
|
281
|
1,231
|
|
1,805
|
264
|
1,941
|
|
284
|
41
|
305
|
Add: Amortization and
impairment of intangible assets(1)
|
|
67
|
18
|
78
|
|
55
|
14
|
63
|
|
55
|
17
|
65
|
|
10
|
3
|
10
|
Add: Disposal (gain)
loss
|
|
(28)
|
-
|
(28)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: Impairment of
long-term investments
|
|
147
|
-
|
147
|
|
3,187
|
29
|
3,202
|
|
752
|
139
|
824
|
|
117
|
22
|
129
|
Add: Fair value
(gain) loss of long-term investments
|
|
(380)
|
(1)
|
(380)
|
|
18,970
|
8
|
18,974
|
|
(1,339)
|
2
|
(1,337)
|
|
(210)
|
-
|
(210)
|
Add: Reconciling
items on equity method investments(2)
|
|
250
|
9
|
256
|
|
36
|
3
|
38
|
|
430
|
177
|
521
|
|
67
|
28
|
83
|
Add: Charitable
donation from Baidu(4)
|
|
-
|
-
|
-
|
|
90
|
-
|
90
|
|
50
|
-
|
50
|
|
8
|
-
|
8
|
Add: Contingent
loss(5)
|
|
-
|
-
|
-
|
|
976
|
-
|
976
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: iQIYI's non-recurring
employee severance costs(6)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
179
|
92
|
|
-
|
28
|
14
|
Add: Tax effects on
non-GAAP adjustments(3)
|
|
(177)
|
(4)
|
(181)
|
|
(2,920)
|
(5)
|
(2,925)
|
|
216
|
(3)
|
213
|
|
33
|
-
|
33
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
7,533
|
(1,177)
|
6,868
|
|
5,855
|
(1,400)
|
5,090
|
|
4,625
|
(1,001)
|
4,084
|
|
726
|
(158)
|
641
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per ADS
|
|
|
|
15.05
|
|
|
|
(48.18)
|
|
|
|
4.51
|
|
|
|
0.71
|
Add: Accretion
of the redeemable noncontrolling interests
|
|
|
|
0.08
|
|
|
|
0.49
|
|
|
|
0.36
|
|
|
|
0.06
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
|
4.95
|
|
|
|
62.35
|
|
|
|
6.73
|
|
|
|
1.05
|
Diluted earnings
per ADS (non-GAAP)
|
|
|
|
20.08
|
|
|
|
14.66
|
|
|
|
11.60
|
|
|
|
1.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
(6) This represents
non-recurring employee severance costs in relation to the iQIYI
employee optimization program incurred in 2021.
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures
|
|
|
|
|
|
(In millions except
for ADS and per ADS information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
Twelve months
ended
|
|
|
December 31, 2020
(RMB)
|
|
December 31, 2021
(RMB)
|
|
December 31, 2021
(US$)
|
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
Operating income
(loss)
|
|
20,538
|
(6,041)
|
14,340
|
|
15,142
|
(4,479)
|
10,518
|
|
2,376
|
(703)
|
1,651
|
Add:
Share-based compensation expenses
|
|
5,358
|
1,370
|
6,728
|
|
5,837
|
1,219
|
7,056
|
|
916
|
191
|
1,107
|
Add:
Amortization and impairment of intangible
assets(1)
|
|
470
|
194
|
664
|
|
246
|
55
|
301
|
|
39
|
8
|
47
|
Add: Contingent
loss(5)
|
|
-
|
-
|
-
|
|
976
|
-
|
976
|
|
153
|
-
|
153
|
Add: iQIYI's
non-recurring employee severance
costs(6)
|
|
-
|
-
|
-
|
|
-
|
179
|
179
|
|
-
|
28
|
28
|
Operating income
(loss) (non-GAAP)
|
|
26,366
|
(4,477)
|
21,732
|
|
22,201
|
(3,026)
|
19,030
|
|
3,484
|
(476)
|
2,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation of fixed assets
|
|
5,290
|
481
|
5,771
|
|
5,481
|
403
|
5,884
|
|
860
|
64
|
924
|
Adjusted
EBITDA
|
|
31,656
|
(3,996)
|
27,503
|
|
27,682
|
(2,623)
|
24,914
|
|
4,344
|
(412)
|
3,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
|
26,524
|
(7,038)
|
22,472
|
|
13,557
|
(6,170)
|
10,226
|
|
2,127
|
(969)
|
1,605
|
Add: Share-based
compensation expenses
|
|
5,324
|
1,370
|
6,078
|
|
5,814
|
1,219
|
6,444
|
|
912
|
191
|
1,011
|
Add: Amortization and
impairment of intangible assets(1)
|
|
355
|
194
|
479
|
|
220
|
55
|
251
|
|
35
|
9
|
39
|
Add: Disposal loss
(gain)
|
|
210
|
-
|
210
|
|
-
|
(45)
|
(28)
|
|
-
|
(7)
|
(4)
|
Add: Impairment of
long-term investments
|
|
2,534
|
74
|
2,577
|
|
4,144
|
170
|
4,232
|
|
650
|
27
|
664
|
Add: Fair value gain
of long-term investments
|
|
(12,078)
|
(40)
|
(12,103)
|
|
(2,734)
|
(87)
|
(2,778)
|
|
(429)
|
(14)
|
(436)
|
Add: Reconciling
items on equity method investments(2)
|
|
2,447
|
32
|
2,467
|
|
1,249
|
192
|
1,349
|
|
196
|
30
|
212
|
Add: Charitable
donation from Baidu(4)
|
|
-
|
-
|
-
|
|
140
|
-
|
140
|
|
22
|
-
|
22
|
Add: Contingent
loss(5)
|
|
-
|
-
|
-
|
|
976
|
-
|
976
|
|
153
|
-
|
153
|
Add: iQIYI's non-recurring
employee severance costs(6)
|
|
-
|
-
|
-
|
|
-
|
179
|
92
|
|
-
|
28
|
14
|
Add: Tax effects on
non-GAAP adjustments(3)
|
|
(124)
|
(36)
|
(160)
|
|
(2,074)
|
-
|
(2,074)
|
|
(325)
|
-
|
(325)
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
25,192
|
(5,444)
|
22,020
|
|
21,292
|
(4,487)
|
18,830
|
|
3,341
|
(705)
|
2,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per ADS
|
|
|
|
64.98
|
|
|
|
28.07
|
|
|
|
4.40
|
Add: Accretion
of the redeemable noncontrolling interests
|
|
|
|
0.26
|
|
|
|
1.00
|
|
|
|
0.16
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
|
(1.31)
|
|
|
|
24.46
|
|
|
|
3.84
|
Diluted earnings
per ADS (non-GAAP)
|
|
|
|
63.93
|
|
|
|
53.53
|
|
|
|
8.40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, adjusted for
related income tax effects.
|
(3) This represents
tax impact of all non-GAAP adjustments
|
(4) This represents
non-recurring charitable donation to discrete events.
|
(5) This represents
contingent loss pertaining to legal proceeding involving former
advertising agency.
|
(6) This represents
non-recurring employee severance costs in relation to the iQIYI
employee optimization program incurred in 2021.
|
View original
content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2021-results-301492496.html
SOURCE Baidu, Inc.