BEIJING, Aug. 30, 2022 /PRNewswire/ --
Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888) ("Baidu" or the
"Company"), a leading AI company with strong Internet foundation,
today announced its unaudited financial results for the second
quarter ended June 30,
2022.
"Despite a challenging macro environment caused by
Covid-19, Baidu Core generated RMB23.2
billion in revenues in the second quarter, while Baidu AI
Cloud revenues maintained rapid growth momentum of 31% year over
year and 10% quarter over quarter," said Robin Li, Co-founder and CEO of Baidu. "Apollo
Go further solidified its position as the world's largest
autonomous ride-hailing service provider. Apollo Go completed
287K rides in the second quarter, and
accumulated one million rides on July
20, becoming an important alternative means of people's
everyday travel in the Yizhuang region of Beijing. Moreover, in a momentous landmark,
Apollo Go became the first provider to offer fully driverless
ride-hailing services – i.e. completely without human drivers
present in the car - on open roads in Chongqing and Wuhan, allowing us to further scale up our
operations at an accelerated pace."
"Baidu Core delivered a non-GAAP operating margin of 22%
in the second quarter, up from 17% in the first quarter of 2022, as
we continued to optimize our costs and enhance operational
efficiency," said Rong Luo, CFO of Baidu. "Going forward, we remain
committed to quality revenue growth and sustainable business
models."
Second Quarter 2022 Financial
Highlights[1]
|
Baidu, Inc.
|
(In millions except
per
|
Q2
|
|
Q1
|
|
Q2
|
|
|
|
|
|
ADS,
unaudited)
|
2021
|
|
2022
|
|
2022
|
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total revenues
|
31,350
|
|
28,411
|
|
29,647
|
4,426
|
|
(5 %)
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
3,463
|
|
2,601
|
|
3,400
|
508
|
|
(2 %)
|
|
31 %
|
Operating income (non-GAAP) [2]
|
5,653
|
|
3,996
|
|
5,493
|
820
|
|
(3 %)
|
|
37 %
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income to Baidu
|
(583)
|
|
(885)
|
|
3,637
|
543
|
|
-
|
|
-
|
Net income to Baidu
(non-GAAP)
[2]
|
5,359
|
|
3,879
|
|
5,541
|
827
|
|
3 %
|
|
43 %
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) earnings per ADS
|
(1.70)
|
|
(2.87)
|
|
9.97
|
1.49
|
|
-
|
|
-
|
Diluted earnings per ADS
(non-GAAP)
[2]
|
15.41
|
|
11.22
|
|
15.79
|
2.36
|
|
2 %
|
|
41 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA [2]
|
7,295
|
|
5,499
|
|
7,054
|
1,053
|
|
(3 %)
|
|
28 %
|
Adjusted EBITDA margin
|
23 %
|
|
19 %
|
|
24 %
|
24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[1] Unless otherwise
noted, RMB to USD was converted at an exchange rate of RMB6.6981 as
of June 30, 2022, as set
forth in the H.10
statistical release of the Board of Governors of the Federal
Reserve System. Translations are provided
solely for the
convenience of the reader.
[2] Non-GAAP measures
are defined in the Non-GAAP Financial Measures section (see also
"Reconciliations of Non-
GAAP Financial Measures
to the Nearest Comparable GAAP Measures" for more
details)
|
|
Baidu Core
|
|
Q2
|
|
Q1
|
|
Q2
|
|
|
|
|
|
(In millions,
unaudited)
|
2021
|
|
2022
|
|
2022
|
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total revenues
|
24,041
|
|
21,378
|
|
23,160
|
3,458
|
|
(4 %)
|
|
8 %
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
4,619
|
|
2,524
|
|
3,246
|
485
|
|
(30 %)
|
|
29 %
|
Operating income (non-GAAP)
[2]
|
6,467
|
|
3,686
|
|
5,121
|
765
|
|
(21 %)
|
|
39 %
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) to Baidu Core
|
172
|
|
(963)
|
|
3,716
|
555
|
|
2060 %
|
|
-
|
Net income to Baidu Core (non-GAAP)
[2]
|
5,942
|
|
3,804
|
|
5,449
|
814
|
|
(8 %)
|
|
43 %
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA[2]
|
7,991
|
|
5,106
|
|
6,597
|
985
|
|
(17 %)
|
|
29 %
|
Adjusted EBITDA margin
|
33 %
|
|
24 %
|
|
28 %
|
28 %
|
|
|
|
|
Operational Highlights
Corporate
- Forbes China placed Baidu
on its 2022 China ESG 50 list.
AI Cloud
- Baidu AI Cloud was again ranked the No. 1 AI cloud
provider, according to IDC's second half of 2021 report on China's
public cloud market report, issued in June
2022.
- Baidu ACE smart transportation has been adopted by 51
cities, up from 20 cities a year ago, based on contract value of
over RMB10 million, as of the end of
the second quarter of 2022.
Intelligent Driving
- Apollo Go, Baidu's autonomous ride-hailing service,
continued its solid progress in scaling operations.
-
Apollo Go provided 287K rides in the
second quarter of 2022. On July 20,
2022, Apollo Go reached one million
accumulated rides, serving passengers on open roads.
-
Apollo Go started offering fully driverless ride-hailing services
on open roads and received the permits to collect fees from the
passengers in Chongqing
and Wuhan on
August 8, 2022. This has made Apollo
Go the first and only of its kind in China to provide ride-hailing services
completely without human drivers present in the car.
-
Apollo Go was granted the permits to charge fees for the driverless
ride-hailing services on public roads of the Yizhuang region
of Beijing on July 20, 2022.
- Apollo Go expanded into Hefei (Anhui) on July
11, 2022 and Chengdu
(Sichuan) on July 22, 2022, and is now available in more than
ten cities in China, including all
the tier-1 cities (Beijing,
Shanghai, Guangzhou, Shenzhen) and other major
cities.
- Baidu unveiled its 6th generation robotaxi
vehicle Apollo RT6 in July
2022. RT6 is the first steering wheel-free, all electric
model designed for fully driverless autonomous driving. Apollo RT6
is distinct from the previous generations that had otherwise been
retrofitted on conventional vehicles.
Other Growth Initiatives
- Xiaodu continued to be ranked No.1 in smart speaker
shipments in China for 1Q22,
according to IDC and Canalys.
Mobile Ecosystem
- In June, Baidu App's MAUs reached 628 million, up 8% year
over year, and daily logged in users reached 84%.
- Revenue from Managed Page grew by 10% year over year and
reached 49% of Baidu Core's online marketing revenue in the second
quarter of 2022.
iQIYI
- iQIYI's average daily number of total subscribing members
for the quarter was 98 million, compared to 99 million for the
second quarter of 2021 and 101 million for the first quarter of
2022.
Second Quarter 2022 Financial Results
Total revenues were RMB
29.6 billion ($4.43 billion),
decreasing 5% year over year.
- Revenue from Baidu Core was
RMB 23.2 billion ($3.46
billion), decreasing 4% year over year; online marketing
revenue was RMB 17.1 billion
($2.55 billion), decreasing 10% year
over year primarily due to the resurgence of Covid-19 in certain
cities in China, and non-online
marketing revenue was RMB 6.1
billion ($906 million), up 22%
year over year, driven by cloud and other AI-powered
businesses.
- Revenue from iQIYI was RMB
6.7 billion ($994 million),
decreasing 13% year over year.
Cost of revenues was RMB 15.2 billion ($2.27
billion), decreasing 5% year over year, primarily due to the
decrease in content costs, partially offset by the increase in
personnel related expense and other costs related to new AI
business.
Selling, general and administrative expenses
were RMB 4.8 billion
($714 million), decreasing 16% year
over year, primarily due to a decrease in channel spending and
promotional marketing.
Research and development expense was
RMB 6.3 billion ($939 million), which was basically flat from last
year.
Operating income was RMB 3.4 billion ($508
million). Baidu Core operating income was
RMB 3.2 billion ($485 million), and Baidu Core operating margin
was 14%. Non-GAAP operating income was RMB 5.5 billion ($820
million). Non-GAAP Baidu Core operating income was
RMB 5.1 billion ($765 million), and non-GAAP Baidu Core operating
margin was 22%.
Total other income, net was
RMB 151 million ($23 million), compared to a total other loss of
RMB 2.4 billion last year, which
included a fair value loss of RMB 3.1
billion from long-term investments. In the second quarter of
2022, we recognized a fair value gain of RMB
536 million. A significant portion of long-term investments,
including but not limited to investments in equity securities of
public and private companies, private equity funds and digital
assets, is subject to quarterly fair value adjustments, which may
contribute to net income volatility in future periods.
Income tax expense was RMB 25 million ($4
million), decreasing 99% year over year,
primarily due to the reversal of certain tax expenses accrued for
2021 based on the 2021 tax return filed in the second quarter of
2022 and an increase in deduction on certain expenses that were
considered non-deductible in the second quarter of 2021.
Net income attributable to Baidu was
RMB 3.6 billion ($543 million), and diluted earnings per ADS was
RMB 9.97 ($1.49). Net income attributable to Baidu
Core was RMB 3.7 billion
($555 million). Non-GAAP net
income attributable to Baidu was RMB 5.5
billion ($827 million).
Non-GAAP diluted earnings per ADS was RMB
15.79 ($2.36). Non-GAAP net
income attributable to Baidu Core was RMB 5.4 billion ($814
million), and non-GAAP net margin for Baidu Core was
24%.
Adjusted EBITDA was RMB 7.1 billion ($1.05
billion) and adjusted EBITDA margin was 24%. Adjusted
EBITDA for Baidu Core was RMB 6.6
billion ($985 million) and
adjusted EBITDA margin for Baidu Core was 28%.
As of June 30, 2022,
cash, cash equivalents, restricted cash and short-term
investments were RMB 189.4
billion ($28.28 billion), and
cash, cash equivalents, restricted cash and short-term
investments excluding iQIYI were RMB
184.5 billion ($27.55
billion). Free cash flow was RMB 5.5 billion ($823
million), and free cash flow excluding iQIYI was
RMB 5.5 billion ($826 million).
Conference Call Information
Baidu's management will hold an earnings conference
call at 8.00AM on August 30, 2022, U.S. Eastern Time (8.00PM on August 30,
2022, Beijing Time).
Please register in advance of the conference call using
the link provided below. It will automatically direct you to the
registration page of "Baidu Inc Q2 2022 Earnings Conference Call".
Please follow the steps to enter your registration details, then
click "Register". Upon registering, you will then be provided with
the dial-in number, the passcode, and your unique
access PIN. This information will also be emailed to you as a
calendar invite.
For pre-registration, please
click
https://s1.c-conf.com/diamondpass/10024320-jfgv94.html
In the 10 minutes prior to the call start time, you may
use the conference access information (including dial-in number(s),
the passcode and unique access PIN) provided in the calendar invite
that you have received following your pre-registration.
Additionally, a live and archived webcast of this
conference call will be available
at https://ir.baidu.com.
About Baidu
Founded in 2000, Baidu's mission is to make the
complicated world simpler through technology. Baidu is a leading AI
company with strong Internet foundation, trading on NASDAQ under
"BIDU" and HKEX under "9888". One Baidu ADS represents eight Class
A ordinary shares.
Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, Baidu's and other parties' strategic and operational
plans, contain forward-looking statements. Baidu may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in
announcements made on the website of The Stock Exchange of Hong
Kong Limited (the "Hong Kong Stock Exchange"), in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about Baidu's
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Baidu's
growth strategies; its future business development, including
development of new products and services; its ability to attract
and retain users and customers; competition in the Chinese Internet
search and newsfeed market; competition for online marketing
customers; changes in the Company's revenues and certain cost or
expense items as a percentage of its revenues; the outcome of
ongoing, or any future, litigation or arbitration, including those
relating to intellectual property rights; the expected growth of
the Chinese-language Internet search and newsfeed market and the
number of Internet and broadband users in China; Chinese governmental policies relating
to the Internet and Internet search providers, and general economic
conditions in China and elsewhere.
Further information regarding these and other risks is included in
the Company's annual report on Form 20-F and other documents filed
with the Securities and Exchange Commission, and
announcements on the website of the Hong Kong Stock
Exchange. Baidu does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of the press release, and
Baidu undertakes no duty to update such information, except as
required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results
presented in accordance with GAAP, Baidu uses the following
non-GAAP financial measures: non-GAAP operating income (loss),
non-GAAP operating margin, non-GAAP net income attributable to
Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS,
adjusted EBITDA, adjusted EBITDA margin and free cash flow. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with
GAAP.
Baidu believes that these non-GAAP financial measures
provide meaningful supplemental information regarding its
performance and liquidity by excluding certain items that may not
be indicative of its recurring core business operating results,
such as operating performance excluding non-cash charges or
non-operating in nature. The Company believes that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing its performance and when planning and
forecasting future periods. These non-GAAP financial measures also
facilitate management's internal comparisons to Baidu's historical
performance and liquidity. The Company believes these non-GAAP
financial measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making. A
limitation of using these non-GAAP financial measures is that these
non-GAAP measures exclude certain items that have been and will
continue to be for the foreseeable future a significant component
in the Company's results of operations. These non-GAAP
financial measures presented here may not be comparable to
similarly titled measures presented by other companies. Other
companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to the Company's
data.
Non-GAAP operating income represents operating income
excluding share-based compensation expenses, amortization and
impairment of intangible assets resulting from business
combinations and contingent loss pertaining to legal proceeding in
relation to former advertising agencies and iQIYI's
non-recurring employee severance costs.
Non-GAAP net income attributable to Baidu represents net
income attributable to Baidu excluding share-based compensation
expenses, amortization and impairment of intangible assets
resulting from business combinations, contingent loss pertaining to
legal proceeding in relation to former advertising agencies,
iQIYI's non-recurring employee severance costs, disposal gain or
loss, impairment of long-term investments, fair value change of
long-term investments, charitable donation from Baidu, adjusted for
related income tax effects. Baidu's share of equity method
investments for these non-GAAP reconciling items, amortization and
impairment of intangible assets not on the investees' books,
accretion of their redeemable non-controlling interests, and the
gain or loss associated with the issuance of shares by the
investees at a price higher or lower than the carrying value per
shares, adjusted for related income tax effects, are also
excluded.
Non-GAAP diluted earnings per ADS represents diluted
earnings per ADS calculated by dividing non-GAAP net income
attributable to Baidu, by the weighted average number of ordinary
shares expressed in ADS. Adjusted EBITDA represents operating
income excluding depreciation, amortization and impairment of
intangible assets resulting from business combinations, contingent
loss pertaining to legal proceeding in relation to former
advertising agencies, iQIYI's non-recurring employee severance
costs, and share-based compensation expenses.
For more information on non-GAAP financial measures,
please see the tables captioned "Reconciliations of non-GAAP
financial measures to the nearest comparable GAAP
measure".
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of (Loss) Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions
except for per share (or ADS) information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
|
|
2021
|
|
2022
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Online marketing services
|
|
20,828
|
|
16,929
|
|
18,268
|
|
2,727
|
|
38,922
|
|
35,197
|
|
5,255
|
|
Others
|
|
10,522
|
|
11,482
|
|
11,379
|
|
1,699
|
|
20,562
|
|
22,861
|
|
3,413
|
|
Total revenues
|
|
31,350
|
|
28,411
|
|
29,647
|
|
4,426
|
|
59,484
|
|
58,058
|
|
8,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
15,897
|
|
15,546
|
|
15,171
|
|
2,265
|
|
30,899
|
|
30,717
|
|
4,586
|
|
Selling, general and
administrative(1)
|
|
5,707
|
|
4,656
|
|
4,784
|
|
714
|
|
10,952
|
|
9,440
|
|
1,409
|
|
Research and
development(1)
|
|
6,283
|
|
5,608
|
|
6,292
|
|
939
|
|
11,381
|
|
11,900
|
|
1,777
|
|
Total costs and expenses
|
|
27,887
|
|
25,810
|
|
26,247
|
|
3,918
|
|
53,232
|
|
52,057
|
|
7,772
|
|
Operating income
|
|
3,463
|
|
2,601
|
|
3,400
|
|
508
|
|
6,252
|
|
6,001
|
|
896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
1,342
|
|
1,454
|
|
1,525
|
|
228
|
|
2,575
|
|
2,979
|
|
445
|
|
Interest expense
|
|
(845)
|
|
(710)
|
|
(741)
|
|
(111)
|
|
(1,668)
|
|
(1,451)
|
|
(217)
|
|
Foreign exchange (loss) gain, net
|
|
(36)
|
|
(11)
|
|
(329)
|
|
(49)
|
|
120
|
|
(340)
|
|
(51)
|
|
Share of losses from equity method investments
|
|
(4)
|
|
(408)
|
|
(603)
|
|
(90)
|
|
(155)
|
|
(1,011)
|
|
(151)
|
|
Others, net
|
|
(2,887)
|
|
(3,286)
|
|
299
|
|
45
|
|
20,475
|
|
(2,987)
|
|
(446)
|
|
Total other (loss) income, net
|
|
(2,430)
|
|
(2,961)
|
|
151
|
|
23
|
|
21,347
|
|
(2,810)
|
|
(420)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes
|
|
1,033
|
|
(360)
|
|
3,551
|
|
531
|
|
27,599
|
|
3,191
|
|
476
|
|
Income tax
expense
|
|
2,197
|
|
391
|
|
25
|
|
4
|
|
3,731
|
|
416
|
|
62
|
|
Net (loss) income
|
|
(1,164)
|
|
(751)
|
|
3,526
|
|
527
|
|
23,868
|
|
2,775
|
|
414
|
|
Net (loss) income
attributable to noncontrolling interests
|
(581)
|
|
134
|
|
(111)
|
|
(16)
|
|
(1,202)
|
|
23
|
|
3
|
|
Net (loss) income attributable to
Baidu
|
|
(583)
|
|
(885)
|
|
3,637
|
|
543
|
|
25,070
|
|
2,752
|
|
411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) earnings per ADS
(1 ADS representing 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
(1.70)
|
|
(2.87)
|
|
10.06
|
|
1.50
|
|
73.12
|
|
7.23
|
|
1.08
|
|
-Diluted
|
|
(1.70)
|
|
(2.87)
|
|
9.97
|
|
1.49
|
|
71.23
|
|
7.15
|
|
1.07
|
|
(Loss) earnings per
share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
(0.21)
|
|
(0.36)
|
|
1.26
|
|
0.19
|
|
9.14
|
|
0.91
|
|
0.14
|
|
-Diluted
|
|
(0.21)
|
|
(0.36)
|
|
1.25
|
|
0.19
|
|
8.90
|
|
0.89
|
|
0.13
|
|
Weighted average number
of Class A and Class B ordinary shares outstanding (in
millions):
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
2,782
|
|
2,767
|
|
2,780
|
|
2,780
|
|
2,737
|
|
2,773
|
|
2,773
|
|
-Diluted
|
|
2,782
|
|
2,767
|
|
2,811
|
|
2,811
|
|
2,809
|
|
2,806
|
|
2,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
112
|
|
82
|
|
85
|
|
13
|
|
191
|
|
167
|
|
25
|
|
Selling, general
and administrative
|
|
483
|
|
377
|
|
443
|
|
67
|
|
954
|
|
820
|
|
122
|
|
Research and
development
|
|
1,521
|
|
864
|
|
1,493
|
|
222
|
|
2,470
|
|
2,357
|
|
352
|
|
Total share-based
compensation expenses
|
|
2,116
|
|
1,323
|
|
2,021
|
|
302
|
|
3,615
|
|
3,344
|
|
499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of RMB
6.6981 to US$1.00, the exchange rate in effect as of June 30, 2022
as set forth in the H.10 statistical release of The
Board of Governors of
the Federal Reserve System.
|
Baidu,
Inc.
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
June
30,
|
|
June
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
36,850
|
|
42,533
|
|
6,350
|
Restricted
cash
|
|
10,821
|
|
11,148
|
|
1,664
|
Short-term
investments, net
|
|
143,243
|
|
135,753
|
|
20,267
|
Accounts
receivable, net
|
|
9,981
|
|
10,034
|
|
1,498
|
Amounts due from
related parties
|
|
1,368
|
|
1,009
|
|
151
|
Other current
assets, net
|
|
11,052
|
|
9,035
|
|
1,350
|
Total current assets
|
|
213,315
|
|
209,512
|
|
31,280
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Fixed assets,
net
|
|
23,027
|
|
23,318
|
|
3,481
|
Licensed
copyrights, net
|
|
7,258
|
|
6,783
|
|
1,013
|
Produced content,
net
|
|
10,951
|
|
12,527
|
|
1,870
|
Intangible
assets, net
|
|
1,689
|
|
1,510
|
|
225
|
Goodwill
|
|
22,605
|
|
22,602
|
|
3,374
|
Long-term
investments, net
|
|
67,332
|
|
74,321
|
|
11,096
|
Amounts due from
related parties
|
|
3,487
|
|
3,473
|
|
519
|
Deferred tax
assets, net
|
|
2,372
|
|
2,998
|
|
448
|
Operating lease
right-of-use assets
|
|
12,065
|
|
10,512
|
|
1,569
|
Other non-current
assets
|
|
15,933
|
|
17,563
|
|
2,622
|
Total non-current assets
|
|
166,719
|
|
175,607
|
|
26,217
|
|
|
|
|
|
|
|
Total
assets
|
|
380,034
|
|
385,119
|
|
57,497
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Short-term
loans
|
|
4,168
|
|
4,100
|
|
612
|
Accounts payable and
accrued liabilities
|
|
41,384
|
|
35,783
|
|
5,342
|
Customer deposits and
deferred revenue
|
|
13,706
|
|
13,027
|
|
1,945
|
Deferred
income
|
|
97
|
|
80
|
|
12
|
Long-term loans,
current portion
|
|
2
|
|
-
|
|
-
|
Convertible notes,
current
|
|
-
|
|
8,013
|
|
1,196
|
Notes payable, current
portion
|
|
10,505
|
|
11,052
|
|
1,650
|
Amounts due to related
parties
|
|
1,764
|
|
1,388
|
|
207
|
Operating lease
liabilities
|
|
2,862
|
|
2,757
|
|
413
|
Total current liabilities
|
|
74,488
|
|
76,200
|
|
11,377
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred
income
|
|
129
|
|
147
|
|
22
|
Deferred
revenue
|
|
223
|
|
267
|
|
40
|
Amounts due to related
parties
|
|
3,268
|
|
3,411
|
|
509
|
Long-term
loans
|
|
12,629
|
|
13,291
|
|
1,984
|
Notes
payable
|
|
43,120
|
|
45,353
|
|
6,771
|
Convertible senior
notes
|
|
12,652
|
|
5,990
|
|
894
|
Deferred tax
liabilities
|
|
3,286
|
|
2,950
|
|
440
|
Operating lease
liabilities
|
|
5,569
|
|
4,957
|
|
740
|
Other non-current
liabilities
|
|
718
|
|
1,816
|
|
272
|
Total non-current liabilities
|
|
81,594
|
|
78,182
|
|
11,672
|
|
|
|
|
|
|
|
Total
liabilities
|
|
156,082
|
|
154,382
|
|
23,049
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
7,148
|
|
7,699
|
|
1,149
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Baidu shareholders' equity
|
|
211,459
|
|
217,113
|
|
32,414
|
Noncontrolling interests
|
|
5,345
|
|
5,925
|
|
885
|
Total
equity
|
|
216,804
|
|
223,038
|
|
33,299
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling
interests, and equity
|
|
380,034
|
|
385,119
|
|
57,497
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30, 2021 (RMB)
|
|
Three months
ended
March 31, 2022 (RMB)
|
|
Three months
ended
June 30, 2022 (RMB)
|
|
Three months
ended
June 30, 2022 (US$)
|
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
Total
revenues
|
|
24,041
|
7,608
|
(299)
|
|
31,350
|
|
21,378
|
7,277
|
(244)
|
|
28,411
|
|
23,160
|
6,657
|
(170)
|
|
29,647
|
|
3,458
|
994
|
(26)
|
|
4,426
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 %)
|
(13 %)
|
|
|
(5 %)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 %
|
(9 %)
|
|
|
4 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(1)
|
|
9,289
|
6,869
|
(261)
|
|
15,897
|
|
9,807
|
5,964
|
(225)
|
|
15,546
|
|
10,114
|
5,248
|
(191)
|
|
15,171
|
|
1,511
|
784
|
(30)
|
|
2,265
|
Selling, general
and administrative (1)
|
|
4,526
|
1,185
|
(4)
|
|
5,707
|
|
3,913
|
745
|
(2)
|
|
4,656
|
|
3,990
|
801
|
(7)
|
|
4,784
|
|
595
|
120
|
(1)
|
|
714
|
Research and
development (1)
|
|
5,607
|
676
|
-
|
|
6,283
|
|
5,134
|
474
|
-
|
|
5,608
|
|
5,810
|
482
|
-
|
|
6,292
|
|
867
|
72
|
-
|
|
939
|
Total costs and
expenses
|
|
19,422
|
8,730
|
(265)
|
|
27,887
|
|
18,854
|
7,183
|
(227)
|
|
25,810
|
|
19,914
|
6,531
|
(198)
|
|
26,247
|
|
2,973
|
976
|
(31)
|
|
3,918
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 %
|
(24 %)
|
|
|
(5 %)
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12 %)
|
(32 %)
|
|
|
(16 %)
|
|
|
|
|
|
|
Research and
development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 %
|
(29 %)
|
|
|
0 %
|
|
|
|
|
|
|
Cost and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 %
|
(25 %)
|
|
|
(6 %)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
4,619
|
(1,122)
|
(34)
|
|
3,463
|
|
2,524
|
94
|
(17)
|
|
2,601
|
|
3,246
|
126
|
28
|
|
3,400
|
|
485
|
18
|
5
|
|
508
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(30 %)
|
-
|
|
|
(2 %)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 %
|
34 %
|
|
|
31 %
|
|
|
|
|
|
|
Operating
margin
|
|
19 %
|
(15 %)
|
|
|
11 %
|
|
12 %
|
1 %
|
|
|
9 %
|
|
14 %
|
2 %
|
|
|
11 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total other
(loss) income, net
|
|
(2,204)
|
(226)
|
-
|
|
(2,430)
|
|
(3,058)
|
97
|
-
|
|
(2,961)
|
|
442
|
(291)
|
-
|
|
151
|
|
66
|
(43)
|
-
|
|
23
|
Less: income tax
expense (benefit)
|
|
2,167
|
30
|
-
|
|
2,197
|
|
374
|
17
|
-
|
|
391
|
|
(11)
|
36
|
-
|
|
25
|
|
(1)
|
5
|
-
|
|
4
|
Less: net income
(loss) attributable to NCI
|
|
76
|
19
|
(676)
|
(3)
|
(581)
|
|
55
|
5
|
74
|
(3)
|
134
|
|
(17)
|
13
|
(107)
|
(3)
|
(111)
|
|
(3)
|
2
|
(15)
|
(3)
|
(16)
|
Net income (loss)
attributable to Baidu
|
|
172
|
(1,397)
|
642
|
|
(583)
|
|
(963)
|
169
|
(91)
|
|
(885)
|
|
3,716
|
(214)
|
135
|
|
3,637
|
|
555
|
(32)
|
20
|
|
543
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2060 %
|
(85 %)
|
|
|
-
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
-
|
|
|
-
|
|
|
|
|
|
|
Net
margin
|
|
1 %
|
(18 %)
|
|
|
(2 %)
|
|
(5 %)
|
2 %
|
|
|
(3 %)
|
|
16 %
|
(3 %)
|
|
|
12 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) (non-GAAP)
|
|
6,467
|
(780)
|
|
|
5,653
|
|
3,686
|
327
|
|
|
3,996
|
|
5,121
|
344
|
|
|
5,493
|
|
765
|
50
|
|
|
820
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21 %)
|
-
|
|
|
(3 %)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 %
|
5 %
|
|
|
37 %
|
|
|
|
|
|
|
Operating margin
(non-GAAP)
|
|
27 %
|
(10 %)
|
|
|
18 %
|
|
17 %
|
4 %
|
|
|
14 %
|
|
22 %
|
5 %
|
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
(non-GAAP)
|
|
5,942
|
(1,065)
|
|
|
5,359
|
|
3,804
|
162
|
|
|
3,879
|
|
5,449
|
79
|
|
|
5,541
|
|
814
|
11
|
|
|
827
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8 %)
|
-
|
|
|
3 %
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 %
|
(51 %)
|
|
|
43 %
|
|
|
|
|
|
|
Net margin
(non-GAAP)
|
|
25 %
|
(14 %)
|
|
|
17 %
|
|
18 %
|
2 %
|
|
|
14 %
|
|
24 %
|
1 %
|
|
|
19 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
7,991
|
(662)
|
|
|
7,295
|
|
5,106
|
410
|
|
|
5,499
|
|
6,597
|
429
|
|
|
7,054
|
|
985
|
63
|
|
|
1,053
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(17 %)
|
-
|
|
|
(3 %)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 %
|
5 %
|
|
|
28 %
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
33 %
|
(9 %)
|
|
|
23 %
|
|
24 %
|
6 %
|
|
|
19 %
|
|
28 %
|
6 %
|
|
|
24 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
69
|
43
|
|
|
112
|
|
45
|
37
|
|
|
82
|
|
49
|
36
|
|
|
85
|
|
8
|
5
|
|
|
13
|
Selling, general
and administrative
|
|
274
|
209
|
|
|
483
|
|
257
|
120
|
|
|
377
|
|
339
|
104
|
|
|
443
|
|
51
|
16
|
|
|
67
|
Research and
development
|
|
1,443
|
78
|
|
|
1,521
|
|
804
|
60
|
|
|
864
|
|
1,431
|
62
|
|
|
1,493
|
|
213
|
9
|
|
|
222
|
Total share-based
compensation
|
|
1,786
|
330
|
|
|
2,116
|
|
1,106
|
217
|
|
|
1,323
|
|
1,819
|
202
|
|
|
2,021
|
|
272
|
30
|
|
|
302
|
(2) Relates to
intersegment eliminations and adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Relates to
the net income/(loss) attributable to iQIYI noncontrolling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions,unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
June 30, 2021
(RMB)
|
|
March 31, 2022
(RMB)
|
|
June 30, 2022
(RMB)
|
|
June 30, 2022
(US$)
|
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
Net cash provided by
(used in) operating
activities
|
|
9,362
|
(1,426)
|
7,936
|
|
3,039
|
(1,167)
|
1,872
|
|
7,658
|
48
|
7,706
|
|
1,143
|
7
|
1,150
|
Net cash (used in)
provided by investing activities
|
|
(12,220)
|
58
|
(12,162)
|
|
(2,884)
|
(67)
|
(2,951)
|
|
(3,027)
|
(653)
|
(3,680)
|
|
(452)
|
(97)
|
(549)
|
Net cash provided by
(used in) financing activities
|
|
5,256
|
801
|
6,057
|
|
(644)
|
2,046
|
1,402
|
|
877
|
(334)
|
543
|
|
131
|
(50)
|
81
|
Effect of exchange rate
changes on cash, cash
equivalents and
restricted cash
|
|
(342)
|
(92)
|
(434)
|
|
(183)
|
(4)
|
(187)
|
|
1,230
|
75
|
1,305
|
|
184
|
11
|
195
|
Net increase
(decrease) in cash, cash
equivalents and
restricted cash
|
|
2,056
|
(659)
|
1,397
|
|
(672)
|
808
|
136
|
|
6,738
|
(864)
|
5,874
|
|
1,006
|
(129)
|
877
|
Cash, cash equivalents
and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning of
period
|
|
44,756
|
7,395
|
52,151
|
|
44,596
|
3,075
|
47,671
|
|
43,924
|
3,883
|
47,807
|
|
6,557
|
580
|
7,137
|
At end of
period
|
|
46,812
|
6,736
|
53,548
|
|
43,924
|
3,883
|
47,807
|
|
50,662
|
3,019
|
53,681
|
|
7,563
|
451
|
8,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating
activities
|
|
9,362
|
(1,426)
|
7,936
|
|
3,039
|
(1,167)
|
1,872
|
|
7,658
|
48
|
7,706
|
|
1,143
|
7
|
1,150
|
Less: Capital
expenditures
|
|
(2,435)
|
(61)
|
(2,496)
|
|
(1,928)
|
(51)
|
(1,979)
|
|
(2,124)
|
(66)
|
(2,190)
|
|
(317)
|
(10)
|
(327)
|
Free cash
flow
|
|
6,927
|
(1,487)
|
5,440
|
|
1,111
|
(1,218)
|
(107)
|
|
5,534
|
(18)
|
5,516
|
|
826
|
(3)
|
823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
June 30, 2021
(RMB)
|
|
March 31, 2022
(RMB)
|
|
June 30, 2022
(RMB)
|
|
June 30, 2022
(US$)
|
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
Operating income
(loss)
|
|
4,619
|
(1,122)
|
3,463
|
|
2,524
|
94
|
2,601
|
|
3,246
|
126
|
3,400
|
|
485
|
18
|
508
|
Add: Share-based
compensation expenses
|
|
1,786
|
330
|
2,116
|
|
1,106
|
217
|
1,323
|
|
1,819
|
202
|
2,021
|
|
272
|
30
|
302
|
Add: Amortization and
impairment of intangible assets(1)
|
|
62
|
12
|
74
|
|
56
|
16
|
72
|
|
56
|
16
|
72
|
|
8
|
2
|
10
|
Operating income
(loss) (non-GAAP)
|
|
6,467
|
(780)
|
5,653
|
|
3,686
|
327
|
3,996
|
|
5,121
|
344
|
5,493
|
|
765
|
50
|
820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Depreciation
of fixed assets
|
|
1,524
|
118
|
1,642
|
|
1,420
|
83
|
1,503
|
|
1,476
|
85
|
1,561
|
|
220
|
13
|
233
|
Adjusted
EBITDA
|
|
7,991
|
(662)
|
7,295
|
|
5,106
|
410
|
5,499
|
|
6,597
|
429
|
7,054
|
|
985
|
63
|
1,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
|
172
|
(1,397)
|
(583)
|
|
(963)
|
169
|
(885)
|
|
3,716
|
(214)
|
3,637
|
|
555
|
(32)
|
543
|
Add: Share-based
compensation expenses
|
|
1,777
|
330
|
1,947
|
|
1,101
|
217
|
1,210
|
|
1,815
|
202
|
1,916
|
|
271
|
30
|
286
|
Add: Amortization and
impairment of intangible assets(1)
|
|
55
|
12
|
62
|
|
50
|
16
|
59
|
|
50
|
16
|
59
|
|
7
|
2
|
9
|
Add: Disposal (gain)
loss
|
|
-
|
(45)
|
(28)
|
|
-
|
(430)
|
(216)
|
|
(25)
|
-
|
(25)
|
|
(4)
|
-
|
(4)
|
Add: Impairment of
long-term investments
|
|
205
|
2
|
206
|
|
598
|
183
|
690
|
|
222
|
11
|
228
|
|
34
|
2
|
34
|
Add: Fair value loss
(gain) of long-term investments
|
|
3,180
|
(9)
|
3,175
|
|
3,037
|
(1)
|
3,037
|
|
(547)
|
2
|
(546)
|
|
(82)
|
-
|
(82)
|
Add: Reconciling items
on equity method investments(2)
|
|
190
|
32
|
207
|
|
456
|
11
|
462
|
|
403
|
60
|
455
|
|
61
|
9
|
69
|
Add: Charitable
donation from Baidu(3)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
136
|
-
|
136
|
|
20
|
-
|
20
|
Add: Tax effects on
non-GAAP adjustments
|
|
363
|
10
|
373
|
|
(475)
|
(3)
|
(478)
|
|
(321)
|
2
|
(319)
|
|
(48)
|
-
|
(48)
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
5,942
|
(1,065)
|
5,359
|
|
3,804
|
162
|
3,879
|
|
5,449
|
79
|
5,541
|
|
814
|
11
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss)
earnings per ADS
|
|
|
|
(1.70)
|
|
|
|
(2.87)
|
|
|
|
9.97
|
|
|
|
1.49
|
Add: Accretion of
the redeemable noncontrolling interests
|
|
|
|
0.02
|
|
|
|
0.31
|
|
|
|
0.39
|
|
|
|
0.06
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
|
17.09
|
|
|
|
13.78
|
|
|
|
5.43
|
|
|
|
0.81
|
Diluted earnings per
ADS (non-GAAP)
|
|
|
|
15.41
|
|
|
|
11.22
|
|
|
|
15.79
|
|
|
|
2.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) This represents
non-recurring charitable donation to discrete events.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/baidu-announces-second-quarter-2022-results-301614477.html
SOURCE Baidu, Inc.