BEIJING, May 18, 2020 /PRNewswire/ -- Baidu, Inc. (NASDAQ:
BIDU) ("Baidu" or the "Company"), a leading search engine,
knowledge and information centered Internet platform and AI
company, today announced its unaudited financial results for the
first quarter ended March 31,
2020[1].
"Despite shelter-in-place in the first quarter, Baidu's total
revenues declined just 7% year-over-year, resulting from our
diversified revenue streams, including marketing services for
wide-ranging industries, new AI businesses and iQIYI. With the
pandemic coming under control in China, offline activities are rebounding and
Baidu stands to benefit from a restart of the Chinese economy."
said Robin Li, Co-founder and CEO of
Baidu. "In March, a month after the peak of COVID-19 new cases,
Baidu's traffic remained robust with Baidu App DAUs reaching 222
million, up 28% year over year, in-app search queries up 45% and
feed time spent up 51%. Our strategy to strengthen Baidu's mobile
ecosystem and promote in-app search has resulted in users
increasingly come to Baidu for critical and reliable
information."
"Given COVID-19 headwinds, Baidu focused on quality revenue
growth and continued to be disciplined with spending ROI, to
maximize long-term shareholder value. In the first quarter, despite
Baidu Core revenue declining 13% year over year to US$2.2 billion, Baidu Core adjusted EBITDA
increased 38% to reach US$0.7
billion, and adjusted EBITDA margin reached 30%, increasing
11 points from last year," said Herman
Yu, CFO of Baidu. "Baidu Core's operating efficiency can be
attributed to the strengthening of Baidu mobile ecosystem, enabling
in-app search to grow faster and be more profitable than browser
search, and growing new AI businesses with smaller losses."
First Quarter 2020 Financial Highlights
|
Baidu,
Inc.
|
(In millions except
per ADS,
|
Q1
|
|
Q4
|
|
Q1
|
|
|
|
|
unaudited)
|
2019
|
|
2019
|
|
2020
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total
revenues
|
24,123
|
|
28,884
|
|
22,545
|
3,184
|
|
(7%)
|
|
(22%)
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
(936)
|
|
4,655
|
|
(437)
|
(62)
|
|
(53%)
|
|
-
|
Operating income
(non-GAAP) [2]
|
401
|
|
6,753
|
|
1,437
|
203
|
|
258%
|
|
(79%)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
to Baidu
|
(327)
|
|
6,345
|
|
41
|
6
|
|
-
|
|
(99%)
|
Net income to
Baidu (non-GAAP) [2]
|
967
|
|
9,193
|
|
3,082
|
435
|
|
219%
|
|
(66%)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per ADS
|
(0.98)
|
|
18.25
|
|
0.02
|
0.00
|
|
-
|
|
(100%)
|
Diluted earnings
per ADS (non-GAAP) [2]
|
2.77
|
|
26.54
|
|
8.84
|
1.25
|
|
219%
|
|
(67%)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
[2]
|
1,770
|
|
8,175
|
|
2,852
|
403
|
|
61%
|
|
(65%)
|
Adjusted EBITDA
margin
|
7%
|
|
28%
|
|
13%
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu
Core
|
(In millions,
unaudited)
|
Q1
|
|
Q4
|
|
Q1
|
|
|
|
|
|
2019
|
|
2019
|
|
2020
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total
revenues
|
17,450
|
|
21,711
|
|
15,268
|
2,156
|
|
(13%)
|
|
(30%)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
1,091
|
|
6,870
|
|
1,848
|
261
|
|
69%
|
|
(73%)
|
Operating income
(non-GAAP) [2]
|
2,110
|
|
8,492
|
|
3,348
|
473
|
|
59%
|
|
(61%)
|
|
|
|
|
|
|
|
|
|
|
|
Net income to
Baidu Core
|
703
|
|
7,433
|
|
1,698
|
240
|
|
142%
|
|
(77%)
|
Net income to
Baidu Core (non-GAAP) [2]
|
1,824
|
|
9,950
|
|
4,519
|
638
|
|
148%
|
|
(55%)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA[2]
|
3,372
|
|
9,788
|
|
4,641
|
656
|
|
38%
|
|
(53%)
|
Adjusted EBITDA
margin
|
19%
|
|
45%
|
|
30%
|
30%
|
|
|
|
|
Other Highlights
Corporate
- Baidu retooled its AI capabilities to help users,
municipalities and health organizations better cope with the
COVID-19 pandemic, as part of Baidu's corporate social
responsibility:
- Baidu provided tens of millions of free online doctor
consultations on its healthcare platform and made available its
online healthcare services, such as pneumonia screening, to
third-party medical apps, to free up hospitals for critical
emergencies.
- Baidu donated nearly 20,000 Xiaodu Smart Displays to frontline
doctors and their families, allowing them to use contact-less,
voice-enabled Internet and conveniently video conference home to
stay in touch with their loved ones, while minimizing virus
infection. DuerOS also partnered with online education
organizations to enable home teaching for kids, while schools were
closed down.
- More than 100 Apollo-powered autonomous vehicles have been
deployed across 17 cities in China, including Wuhan, Beijing, Shanghai, Shenzhen and Xiamen, to provide medication, face mask and
food deliveries, as well as unmanned fever screening and
sterilization services.
- Baidu AI call center solution was retooled to allow over 20 local
governments and health commissions to call people and survey their
health conditions and travel information. Baidu's smart call center
handled over 3 million calls in the first two months, which is
equivalent to the workload of approximately 1,000 full-time
employees over a month's period. Baidu's smart call center was also
used to update the new hours of operation for businesses on Baidu
Maps, as restaurants, shops and supermarkets re-opened for
business.
- Baidu open-sourced LinearFold, its RNA analysis algorithm, to
researchers worldwide for research on COVID-19. LinearFold can
accelerate the prediction time of a virus's RNA secondary
structure, potentially from 55 minutes to 27 seconds, affording
researchers an opportunity to better understand the pandemic and
develop effective vaccines.
- Baidu released its Annual ESG Report in May 2020, which details Baidu's ESG policies and
sustainability initiatives (see the report at
http://csr.baidu.com/download.html).
- Baidu completed a bond offering of US$1.0 billion in April
2020, consisting of US$600
million of 3.075% notes due 2025 and US$400 million of 3.425% notes due 2030, the
proceeds from which are expected to be used to repay maturing bonds
and for general corporate use.
- Baidu returned $185 million to
shareholders in the first quarter of 2020, under the 2019 Share
Repurchase Program, bringing the cumulative repurchase total to
approximately US$1.4 billion under
the 2018 and 2019 Repurchase Programs.
- Baidu's board of directors recently approved a 2020 Share
Repurchase Program effective until July 1,
2021, under which the Company may repurchase up to
US$1 billion of its
shares.
Mobile Ecosystem
- Baidu App daily active users ("DAUs") reached 222 million, up
28% year over year, in March
2020.
- Baijiahao ("BJH") publisher accounts reached 3.0 million, up
44% year over year, in March 2020.
More original content creators are joining Baidu, due to the large
user scale of the Baidu platform, including Baidu App, Haokan,
Quanmin and Baidu Wiki.
- App developers are migrating to Baidu Smart Mini Program
("SMP"), which allows users to access information and services
within Baidu App and from its network, without having to download
the individual apps. Baidu SMP monthly active users ("MAUs") on
Baidu App reached 354 million, up 96% year over year, in
March 2020.
DuerOS
- In March 2020, DuerOS monthly
voice queries on Xiaodu devices reached 3.3 billion, up almost 5
fold from last year, and DuerOS total monthly voice queries reached
6.5 billion, up almost 3 fold from last year.
- DuerOS skills store now offers over 3,800 skills in wide
ranging genres, including education, video, online game and live
streaming. DuerOS developer community has grown to over 40,000
members in March 2020.
- DuerOS released Xiaodu Air, a 5.5-inch smart display, and
Xiaodu Smart Speaker Kids Edition, which come equipped with
advanced voice features, including allowing parents to personalize
story telling with their own voices by recording 20 sentences and
enabling parents to exit children mode through their voice
prints.
- IDC reported Xiaodu Smart Display ranked #1 in global smart
display shipments for 2019, which has also been reported by
Strategy Analytics and Canalys.
Cloud, AI Services & AI Platform
- Baidu signed a strategic agreement with a major public
utilities company to provide AI enterprise solutions to improve
customer service and office productivity. The public utilities
company leveraged Baidu's newly launched AI PaaS
(Platform-as-a-Service) to enable its customers to purchase
electricity through facial recognition at its customer service
centers, which significantly shortened queue time. Baidu AI PaaS
was also used to help the customer's employees more efficiently
draft daily and weekly management reports, by recommending report
highlights derived from relevant internal documents, using Baidu's
leading AI-powered recommendation engine.
- Daily voice queries of Baidu IME (mobile keyboard) reached over
1 billion, increasing 185% year over year, in March 2020.
Apollo
- Apollo continues to win smart transportation projects from
municipalities, including Hefei
(Anhui Province), Yangquan
(Shanxi Province) and Chongqing, with state-of-the-art
infrastructure solutions for smart transportation.
- Navigant Research, a well-known research firm, names Apollo as
one of the four global tier-one leaders in autonomous driving,
recognizing Baidu as the only top-tier autonomous driving company
from China.
- Apollo received top ranking in the 2019 Beijing Autonomous
Vehicles Road Test Report published by the Beijing Municipal
Commission.
iQIYI
- iQIYI subscribers reached 118.9 million, up 23% year over year,
in March 2020. iQIYI's large
subscriber base further strengthens iQIYI's foundation to produce
entertainment-oriented blockbuster originals.
First Quarter 2020 Results
Total revenues reached RMB 22.5
billion ($3.18 billion),
decreasing 7% year over year. Online marketing revenues were
RMB 14.2 billion ($2.01 billion), decreasing 19% year over year.
Other revenues were RMB 8.3 billion
($1.17 billion), increasing 28% year
over year, driven mainly by the strong growth in iQIYI membership,
cloud service and smart devices.
Revenue from Baidu Core reached RMB 15.3 billion ($2.16
billion), decreasing 13% year over year. Revenue from
iQIYI reached RMB 7.6 billion
($1.08 billion), up 9% year over
year. iQIYI membership revenue grew 35% year over year, offset by
online advertising revenue declining 27% year over year.
Cost of revenues was RMB 14.7
billion ($2.07 billion),
decreasing 1% year over year, primarily due to a decrease in
traffic acquisition costs, offset by increase in content costs and
impairment of intangible assets. The decrease in traffic
acquisition costs reflected decreasing union revenues, as the
Company focused on growing in-app search.
Selling, general and administrative expenses were
RMB 3.9 billion ($544 million), decreasing 36% year over year,
primarily due to decreased investment in channel spending and
promotional marketing, as well as lower personnel related
expenses.
Research and development expenses were RMB 4.4 billion ($628
million), increasing 7% year over year, primarily due to an
increase in personnel related expenses.
Operating loss was RMB 437
million ($62 million) and
operating margin was -2%. Baidu Core operating income was
RMB 1.8 billion ($261 million) and Baidu Core operating margin was
12%.
Non-GAAP operating income was RMB
1.4 billion ($203 million) and
non-GAAP operating margin was 6%. Non-GAAP Baidu Core operating
income was RMB 3.3 billion
($473 million) and non-GAAP Baidu
Core operating margin was 22%.
Total other loss was RMB 1.0
billion ($146 million),
compared to total other income of RMB 900
million for Q1 2019. Total other loss in Q1 2020 was mainly
due to impairment losses of RMB 1.6
billion ($232 million) on
long-term investments.
Income tax expense was RMB 198
million ($28 million),
compared to RMB 294 million in Q1
2019.
Net income attributable to Baidu was RMB 41 million ($6
million), and diluted earnings per ADS was RMB 0.02 ($0.00).
Net income attributable to Baidu Core was RMB 1.7 billion ($240
million). Non-GAAP net income attributable to Baidu
was RMB 3.1 billion ($435 million), and non-GAAP net margin was 14%.
Non-GAAP diluted earnings per ADS amounted to RMB 9 ($1.25).
Non-GAAP net income attributable to Baidu Core was
RMB 4.5 billion ($638 million), and non-GAAP net margin for Baidu
Core was 30%.
Adjusted EBITDA was RMB 2.9
billion ($403 million) and
adjusted EBITDA margin was 13%. Adjusted EBITDA for Baidu Core was
RMB 4.6 billion ($656 million) and adjusted EBITDA margin for
Baidu Core was 30%.
As of March 31, 2020, cash,
cash equivalents, restricted cash and short-term investments
were RMB 146.7 billion ($20.72 billion), and cash, cash equivalents,
restricted cash and short-term investments excluding iQIYI were
RMB 136.7 billion ($19.31 billion). Free cash flow was
RMB 1.7 billion ($233 million). Free cash flow excluding
iQIYI was RMB 2.3 billion
($327 million). For more information
on the adoption of ASU 2019-02 beginning January 1, 2020, in accordance with the new
accounting standard, please see explanation under "Non-GAAP
Financial Measures."
Financial Guidance
For the second quarter of 2020, Baidu expects revenues to be
between RMB 25.0 billion
($3.5 billion) and RMB 27.3 billion ($3.9
billion), representing a growth rate of -5% to 4% year over
year, which assumes that Baidu Core revenue will grow between -8%
to 2% year over year. The COVID-19 situation in China is evolving, and business visibility is
very limited. The above forecast reflects Baidu's current and
preliminary view, which is subject to substantial uncertainty.
Conference Call Information
Baidu's management will hold an earnings conference call at
9:15 PM on May
18, 2020, U.S. Eastern Time (9:15
AM on May 19, 2020,
Beijing/Hong Kong 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/7490173. It will
automatically direct you to the registration page of "Baidu Q1 2020
Earnings Conference Call", where you may fill in your details for
RSVP. If it requires you to enter a participant conference ID,
please enter "7490173".
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 May 26,
2020:
International:
|
+61 2 8199
0299
|
Passcode:
|
7490173
|
About Baidu
Baidu, Inc. is a leading search engine, knowledge and
information centered Internet platform and AI company. The
Company's mission is to make the complicated world simpler through
technology. Baidu's ADSs trade on the NASDAQ Global Select Market
under the symbol "BIDU". Currently, ten ADSs represent one Class A
ordinary share.
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, the outlook for the second quarter of 2020,
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 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. 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 not only non-cash charges, but also other
items that are infrequent or unusual 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 and amortization and impairment
of intangible assets resulting from business combinations.
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, disposal gain or loss, impairment of
long-term investments, fair value change of long-term investments,
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, and share-based compensation expenses.
Free cash flow represents net cash provided by operating
activities less capital expenditures. Starting from January 1, 2020, Baidu adopted ASU 2019-02,
Improvements to Accounting for Costs of Films and License
Agreements for Program Materials, which reclassifies cash
outflows for costs incurred to acquire licensed contents from
investing activities to operating activities. To increase
comparability, 2019 free cash flow has been retrospectively
adjusted to include cash outflows of acquisition of licensed
copyrights, which is presented on the same basis as 2020 and going
forward.
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."
[1] Unless otherwise
noted, all translations from RMB to U.S. dollars are made at a rate
of RMB7.0808 to US$1.00, the exchange rate in effect as of March
31, 2020 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 Non-GAAP Financial Measures section. Also see the
table captioned "Reconciliations of Non-GAAP Financial Measures to
the Nearest Comparable GAAP Measures" for more details.
|
|
Baidu,
Inc.
|
Condensed
Consolidated Statements of Income (Loss)
|
(In millions except
for share, per share (or ADS) information, unaudited)
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
2019
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD
|
Revenues:
|
|
|
|
|
|
|
|
Online
marketing services
|
17,657
|
|
20,765
|
|
14,243
|
|
2,011
|
Others
|
6,466
|
|
8,119
|
|
8,302
|
|
1,173
|
Total
revenues
|
24,123
|
|
28,884
|
|
22,545
|
|
3,184
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
14,839
|
|
15,517
|
|
14,687
|
|
2,074
|
Selling, general and
administrative(1)
|
6,054
|
|
3,956
|
|
3,852
|
|
544
|
Research and
development(1)
|
4,166
|
|
4,756
|
|
4,443
|
|
628
|
Total
operating costs and expenses
|
25,059
|
|
24,229
|
|
22,982
|
|
3,246
|
Operating
income (loss)
|
(936)
|
|
4,655
|
|
(437)
|
|
(62)
|
|
|
|
|
|
|
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
Interest
income
|
1,072
|
|
2,096
|
|
1,441
|
|
204
|
Interest
expense
|
(693)
|
|
(674)
|
|
(751)
|
|
(106)
|
Foreign
exchange income (loss), net
|
(313)
|
|
35
|
|
(98)
|
|
(13)
|
(Loss) gain
from equity method investments
|
(860)
|
|
(94)
|
|
181
|
|
26
|
Other income
(loss), net
|
1,694
|
|
(664)
|
|
(1,816)
|
|
(257)
|
Total other
income (loss), net
|
900
|
|
699
|
|
(1,043)
|
|
(146)
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
(36)
|
|
5,354
|
|
(1,480)
|
|
(208)
|
Income tax
expense
|
294
|
|
304
|
|
198
|
|
28
|
Net income
(loss)
|
(330)
|
|
5,050
|
|
(1,678)
|
|
(236)
|
Less: net
income (loss) attributable to noncontrolling
interests
|
(3)
|
|
(1,295)
|
|
(1,719)
|
|
(242)
|
Net income
(loss) attributable to Baidu
|
(327)
|
|
6,345
|
|
41
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
ADS (1 Class A ordinary share equals 10 ADSs):
|
|
|
|
|
|
|
|
-Basic
|
(0.98)
|
|
18.28
|
|
0.05
|
|
0.01
|
-Diluted
|
(0.98)
|
|
18.25
|
|
0.02
|
|
0.00
|
Earnings (loss) per
share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
-Basic
|
(9.81)
|
|
182.82
|
|
0.52
|
|
0.07
|
-Diluted
|
(9.81)
|
|
182.53
|
|
0.23
|
|
0.03
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
Basic
|
34,966,643
|
|
34,586,035
|
|
34,577,763
|
|
34,577,763
|
Diluted
|
34,966,643
|
|
34,613,834
|
|
34,757,943
|
|
34,757,943
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
66
|
|
92
|
|
81
|
|
11
|
Selling,
general and administrative
|
516
|
|
413
|
|
464
|
|
66
|
Research and
development
|
626
|
|
1,073
|
|
945
|
|
133
|
Total
share-based compensation expenses
|
1,208
|
|
1,578
|
|
1,490
|
|
210
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of RMB
7.0808 to US$1.00, the exchange rate in effect as of Mar 31, 2020
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 except
for share information, unaudited)
|
|
December
31,
|
|
Mar
31,
|
|
Mar
31,
|
|
2019
|
|
2020
|
|
2020
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
33,443
|
|
21,761
|
|
3,073
|
Restricted
cash
|
996
|
|
1,009
|
|
142
|
Short-term
investments
|
112,924
|
|
123,916
|
|
17,500
|
Accounts
receivable, net
|
7,416
|
|
7,911
|
|
1,117
|
Amounts due
from related parties
|
1,594
|
|
1,777
|
|
251
|
Other current
assets, net
|
9,189
|
|
8,911
|
|
1,259
|
Total current assets
|
165,562
|
|
165,285
|
|
23,342
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Fixed assets,
net
|
18,311
|
|
17,175
|
|
2,426
|
Licensed
copyrights, net
|
6,287
|
|
5,938
|
|
838
|
Intangible
assets, net
|
1,600
|
|
1,226
|
|
173
|
Goodwill
|
18,250
|
|
18,250
|
|
2,577
|
Long-term
investments, net
|
69,410
|
|
69,599
|
|
9,829
|
Amounts due
from related parties
|
3,564
|
|
3,640
|
|
514
|
Deferred tax
assets, net
|
2,193
|
|
2,321
|
|
328
|
Operating lease
right-of-use assets
|
7,332
|
|
7,458
|
|
1,053
|
Other
non-current assets
|
8,807
|
|
8,125
|
|
1,148
|
Total non-current assets
|
135,754
|
|
133,732
|
|
18,886
|
|
|
|
|
|
|
Total
assets
|
301,316
|
|
299,017
|
|
42,228
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term
loans
|
2,618
|
|
2,572
|
|
363
|
Accounts payable and
accrued liabilities
|
32,701
|
|
31,040
|
|
4,384
|
Customer deposits and
deferred revenue
|
11,062
|
|
10,829
|
|
1,529
|
Deferred
income
|
529
|
|
520
|
|
73
|
Long-term loans,
current portion
|
737
|
|
746
|
|
105
|
Notes payable,
current portion
|
5,219
|
|
5,308
|
|
750
|
Amounts due to
related parties
|
2,231
|
|
2,584
|
|
365
|
Operating lease
liabilities
|
2,283
|
|
2,416
|
|
341
|
Total current liabilities
|
57,380
|
|
56,015
|
|
7,910
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
Deferred
income
|
17
|
|
24
|
|
3
|
Deferred
revenue
|
1,009
|
|
895
|
|
126
|
Amounts due to
related parties
|
3,846
|
|
3,868
|
|
546
|
Long-term
loans
|
7,804
|
|
7,927
|
|
1,120
|
Notes
payable
|
38,090
|
|
38,740
|
|
5,471
|
Convertible senior
notes
|
12,297
|
|
12,611
|
|
1,781
|
Deferred tax
liabilities
|
3,273
|
|
3,179
|
|
449
|
Operating lease
liabilities
|
4,486
|
|
4,463
|
|
630
|
Other non-current
liabilities
|
299
|
|
482
|
|
68
|
Total non-current liabilities
|
71,121
|
|
72,189
|
|
10,194
|
|
|
|
|
|
|
Total
liabilities
|
128,501
|
|
128,204
|
|
18,104
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
1,109
|
|
1,140
|
|
161
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Class A Ordinary
Shares, par value US$0.00005 per share, 825,000,000 shares
authorized, and 27,381,621 shares and 27,265,366shares
issued and outstanding as at December 31, 2019 and March 31,
2020
|
-
|
|
-
|
|
-
|
Class B Ordinary
Shares, par value US$0.00005 per share, 35,400,000 shares
authorized, and 7,201,254 shares and 7,201,254 shares issued
and outstanding as at December 31, 2019 and March 31,
2020
|
-
|
|
-
|
|
-
|
Additional paid-in
capital
|
38,714
|
|
39,996
|
|
5,649
|
Retained
earnings
|
126,268
|
|
124,714
|
|
17,613
|
Accumulated other
comprehensive loss
|
(1,383)
|
|
(1,664)
|
|
(235)
|
Total Baidu shareholders' equity
|
163,599
|
|
163,046
|
|
23,027
|
Noncontrolling interests
|
8,107
|
|
6,627
|
|
936
|
Total
equity
|
171,706
|
|
169,673
|
|
23,963
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests, and equity
|
301,316
|
|
299,017
|
|
42,228
|
Baidu,
Inc.
|
Selected
Information
|
(In millions except
for per ADS information, unaudited)
|
|
Three months
ended
March 31, 2019 (RMB)
|
|
Three months
ended
December31, 2019 (RMB)
|
|
Three months
ended
March 31, 2020 (RMB)
|
|
Three months
ended
March 31, 2020 (USD)
|
|
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
|
17,450
|
6,990
|
(317)
|
|
24,123
|
|
21,711
|
7,497
|
(324)
|
|
28,884
|
|
15,268
|
7,650
|
(373)
|
|
22,545
|
|
2,156
|
1,080
|
(52)
|
|
3,184
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
(13%)
|
9%
|
|
|
(7%)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
(30%)
|
2%
|
|
|
(22%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (1)
|
7,849
|
7,277
|
(287)
|
|
14,839
|
|
8,215
|
7,914
|
(612)
|
|
15,517
|
|
7,088
|
7,903
|
(304)
|
|
14,687
|
|
1,001
|
1,116
|
(43)
|
|
2,074
|
Selling,
general and administrative (1)
|
4,940
|
1,141
|
(27)
|
|
6,054
|
|
2,575
|
1,400
|
(19)
|
|
3,956
|
|
2,560
|
1,311
|
(19)
|
|
3,852
|
|
362
|
185
|
(3)
|
|
544
|
Research and
development (1)
|
3,570
|
598
|
(2)
|
|
4,166
|
|
4,051
|
711
|
(6)
|
|
4,756
|
|
3,772
|
678
|
(7)
|
|
4,443
|
|
532
|
96
|
-
|
|
628
|
Total operating
costs and expenses
|
16,359
|
9,016
|
(316)
|
|
25,059
|
|
14,841
|
10,025
|
(637)
|
|
24,229
|
|
13,420
|
9,892
|
(330)
|
|
22,982
|
|
1,895
|
1,397
|
(46)
|
|
3,246
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
(18%)
|
10%
|
|
|
(8%)
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
(10%)
|
9%
|
|
|
(1%)
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
(48%)
|
15%
|
|
|
(36%)
|
|
|
|
|
|
|
Research
and development
|
|
|
|
|
|
|
|
|
|
|
|
|
6%
|
13%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
1,091
|
(2,026)
|
(1)
|
|
(936)
|
|
6,870
|
(2,528)
|
313
|
|
4,655
|
|
1,848
|
(2,242)
|
(43)
|
|
(437)
|
|
261
|
(317)
|
(6)
|
|
(62)
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
69%
|
11%
|
|
|
(53%)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
(73%)
|
(11%)
|
|
|
-
|
|
|
|
|
|
|
Operating
margin
|
6%
|
(29%)
|
|
|
(4%)
|
|
32%
|
(34%)
|
|
|
16%
|
|
12%
|
(29%)
|
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total
other income (loss),net
|
689
|
211
|
-
|
|
900
|
|
624
|
75
|
-
|
|
699
|
|
(414)
|
(629)
|
-
|
|
(1,043)
|
|
(58)
|
(88)
|
-
|
|
(146)
|
Less: income
tax expense
|
287
|
7
|
-
|
|
294
|
|
281
|
23
|
-
|
|
304
|
|
193
|
5
|
-
|
|
198
|
|
27
|
1
|
-
|
|
28
|
Less: net
income (loss) attributable to NCI
|
790
|
(8)
|
(785)
|
(3)
|
(3)
|
|
(220)
|
18
|
(1,093)
|
(3)
|
(1,295)
|
|
(457)
|
(1)
|
(1,261)
|
(3)
|
(1,719)
|
|
(64)
|
-
|
(178)
|
(3)
|
(242)
|
Net income(loss)
attributable to Baidu
|
703
|
(1,814)
|
784
|
|
(327)
|
|
7,433
|
(2,494)
|
1,406
|
|
6,345
|
|
1,698
|
(2,875)
|
1,218
|
|
41
|
|
240
|
(406)
|
172
|
|
6
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
142%
|
58%
|
|
|
-
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
(77%)
|
15%
|
|
|
(99%)
|
|
|
|
|
|
|
Net
margin
|
4%
|
(26%)
|
|
|
(1%)
|
|
34%
|
(33%)
|
|
|
22%
|
|
11%
|
(38%)
|
|
|
0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) (non-GAAP)
|
2,110
|
(1,708)
|
|
|
401
|
|
8,492
|
(2,052)
|
|
|
6,753
|
|
3,348
|
(1,868)
|
|
|
1,437
|
|
473
|
(264)
|
|
|
203
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
59%
|
9%
|
|
|
258%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
(61%)
|
(9%)
|
|
|
(79%)
|
|
|
|
|
|
|
Non-GAAP operating
margin
|
12%
|
(24%)
|
|
|
2%
|
|
39%
|
(27%)
|
|
|
23%
|
|
22%
|
(24%)
|
|
|
6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
1,824
|
(1,508)
|
|
|
967
|
|
9,950
|
(1,901)
|
|
|
9,193
|
|
4,519
|
(2,482)
|
|
|
3,082
|
|
638
|
(351)
|
|
|
435
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
148%
|
65%
|
|
|
219%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
(55%)
|
31%
|
|
|
(66%)
|
|
|
|
|
|
|
Non-GAAP net
margin
|
10%
|
(22%)
|
|
|
4%
|
|
46%
|
(25%)
|
|
|
32%
|
|
30%
|
(32%)
|
|
|
14%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
3,372
|
(1,601)
|
|
|
1,770
|
|
9,788
|
(1,926)
|
|
|
8,175
|
|
4,641
|
(1,746)
|
|
|
2,852
|
|
656
|
(247)
|
|
|
403
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
38%
|
9%
|
|
|
61%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
(53%)
|
(9%)
|
|
|
(65%)
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
19%
|
(23%)
|
|
|
7%
|
|
45%
|
(26%)
|
|
|
28%
|
|
30%
|
(23%)
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
30
|
36
|
|
|
66
|
|
43
|
49
|
|
|
92
|
|
34
|
47
|
|
|
81
|
|
5
|
6
|
|
|
11
|
Selling,
general and administrative
|
338
|
178
|
|
|
516
|
|
220
|
193
|
|
|
413
|
|
273
|
191
|
|
|
464
|
|
39
|
27
|
|
|
66
|
Research and
development
|
584
|
42
|
|
|
626
|
|
1,001
|
72
|
|
|
1,073
|
|
877
|
68
|
|
|
945
|
|
123
|
10
|
|
|
133
|
Total
share-based compensation
|
952
|
256
|
|
|
1,208
|
|
1,264
|
314
|
|
|
1,578
|
|
1,184
|
306
|
|
|
1,490
|
|
167
|
43
|
|
|
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
|
|
March 31, 2019
(RMB)
|
|
December 31,
2019 (RMB)
|
|
March 31, 2020
(RMB)
|
|
March 31, 2020
(USD)
|
|
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
|
1,282
|
379
|
1,661
|
|
8,688
|
2,343
|
11,031
|
|
2,801
|
(604)
|
2,197
|
|
395
|
(85)
|
310
|
Net cash provided by
(used in) investing activities
|
(3,746)
|
(902)
|
(4,648)
|
|
10,194
|
(2,089)
|
8,105
|
|
(11,084)
|
(1,610)
|
(12,694)
|
|
(1,566)
|
(227)
|
(1,793)
|
Net cash provided by
(used in) financing activities
|
153
|
7,926
|
8,079
|
|
(1,181)
|
(259)
|
(1,440)
|
|
(1,296)
|
(79)
|
(1,375)
|
|
(183)
|
(11)
|
(194)
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(214)
|
(138)
|
(352)
|
|
(254)
|
(178)
|
(432)
|
|
139
|
64
|
203
|
|
20
|
9
|
29
|
Net increase
(decrease) in cash, cash equivalents and restricted
cash
|
(2,525)
|
7,265
|
4,740
|
|
17,447
|
(183)
|
17,264
|
|
(9,440)
|
(2,229)
|
(11,669)
|
|
(1,334)
|
(314)
|
(1,648)
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning
of period
|
23,067
|
6,760
|
29,827
|
|
10,082
|
7,093
|
17,175
|
|
27,529
|
6,910
|
34,439
|
|
3,887
|
976
|
4,863
|
At end of
period
|
20,542
|
14,025
|
34,567
|
|
27,529
|
6,910
|
34,439
|
|
18,089
|
4,681
|
22,770
|
|
2,553
|
662
|
3,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities
|
1,282
|
379
|
1,661
|
|
8,688
|
2,343
|
11,031
|
|
2,801
|
(604)
|
2,197
|
|
395
|
(85)
|
310
|
Less: Capital
expenditures
|
(2,801)
|
(172)
|
(2,973)
|
|
(652)
|
(232)
|
(884)
|
|
(478)
|
(67)
|
(545)
|
|
(68)
|
(9)
|
(77)
|
Less: Acquisition of
licensed copyrights(1)
|
(49)
|
(2,706)
|
(2,755)
|
|
(54)
|
(3,656)
|
(3,710)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Free cash
flow
|
(1,568)
|
(2,499)
|
(4,067)
|
|
7,982
|
(1,545)
|
6,437
|
|
2,323
|
(671)
|
1,652
|
|
327
|
(94)
|
233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Baidu excl.
iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash
flows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Starting from
January 1, 2020, Baidu adopted ASU 2019-02, Improvements to
Accounting for Costs of Films and License Agreements for Program
Materials, which reclassifies cash outflows for costs incurred
to acquire licensed contents from investing activities to operating
activities. To increase comparability, 2019 non-GAAP measure of
free cash flow has been retrospectively adjusted to include cash
outflows of acquisition of licensed copyrights, which is presented
on the same basis as 2020 and going forward.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow,
previously reported
|
(1,519)
|
207
|
(1,312)
|
|
8,036
|
2,111
|
10,147
|
|
2,323
|
2,056
|
4,379
|
|
327
|
290
|
617
|
Less: Acquisition of
licensed copyrights
|
(49)
|
(2,706)
|
(2,755)
|
|
(54)
|
(3,656)
|
(3,710)
|
|
-
|
(2,727)
|
(2,727)
|
|
-
|
(384)
|
(384)
|
Free cash flow,
revised
|
(1,568)
|
(2,499)
|
(4,067)
|
|
7,982
|
(1,545)
|
6,437
|
|
2,323
|
(671)
|
1,652
|
|
327
|
(94)
|
233
|
Baidu,
Inc.
|
Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures
|
(In millions except
for ADS and per ADS information, unaudited)
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
March 31, 2019
(RMB)
|
|
December 31,
2019 (RMB)
|
|
March 31, 2020
(RMB)
|
|
March 31, 2020
(USD)
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
Operating income
(loss)
|
1,091
|
(2,026)
|
(936)
|
|
6,870
|
(2,528)
|
4,655
|
|
1,848
|
(2,242)
|
(437)
|
|
261
|
(317)
|
(62)
|
Add:
Share-based compensation expenses
|
952
|
256
|
1,208
|
|
1,264
|
314
|
1,578
|
|
1,184
|
306
|
1,490
|
|
167
|
43
|
210
|
Add:
Amortization and impairment of intangible
assets(1)
|
67
|
62
|
129
|
|
358
|
162
|
520
|
|
316
|
68
|
384
|
|
45
|
10
|
55
|
Operating income
(loss) (non-GAAP)
|
2,110
|
(1,708)
|
401
|
|
8,492
|
(2,052)
|
6,753
|
|
3,348
|
(1,868)
|
1,437
|
|
473
|
(264)
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation of fixed assets
|
1,262
|
107
|
1,369
|
|
1,296
|
126
|
1,422
|
|
1,293
|
122
|
1,415
|
|
183
|
17
|
200
|
Adjusted
EBITDA
|
3,372
|
(1,601)
|
1,770
|
|
9,788
|
(1,926)
|
8,175
|
|
4,641
|
(1,746)
|
2,852
|
|
656
|
(247)
|
403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
703
|
(1,814)
|
(327)
|
|
7,433
|
(2,494)
|
6,345
|
|
1,698
|
(2,875)
|
41
|
|
240
|
(406)
|
6
|
Add: Share-based
compensation expenses
|
947
|
256
|
1,092
|
|
1,257
|
314
|
1,433
|
|
1,177
|
306
|
1,348
|
|
166
|
43
|
190
|
Add: Amortization and
impairment of intangible assets(1)(3)
|
27
|
49
|
54
|
|
15
|
131
|
88
|
|
143
|
54
|
173
|
|
20
|
8
|
25
|
Add: Disposal loss
(gain)(3)
|
(31)
|
1
|
(30)
|
|
445
|
-
|
445
|
|
(252)
|
-
|
(252)
|
|
(36)
|
-
|
(36)
|
Add: Impairment of
long-term investments(3)
|
279
|
-
|
279
|
|
465
|
141
|
544
|
|
1,528
|
24
|
1,542
|
|
216
|
3
|
218
|
Add: Fair value
change of long-term investments(3)
|
(1,058)
|
-
|
(1,058)
|
|
(60)
|
(1)
|
(61)
|
|
(176)
|
-
|
(176)
|
|
(25)
|
-
|
(25)
|
Add: Reconciling
items on equity method investments(2)
|
957
|
-
|
957
|
|
395
|
8
|
399
|
|
401
|
9
|
406
|
|
57
|
1
|
57
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
1,824
|
(1,508)
|
967
|
|
9,950
|
(1,901)
|
9,193
|
|
4,519
|
(2,482)
|
3,082
|
|
638
|
(351)
|
435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per ADS
|
|
|
(0.98)
|
|
|
|
18.25
|
|
|
|
0.02
|
|
|
|
0.00
|
Add: Accretion
of the redeemable noncontrolling interests
|
|
|
0.05
|
|
|
|
0.06
|
|
|
|
0.07
|
|
|
|
0.01
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
3.70
|
|
|
|
8.23
|
|
|
|
8.75
|
|
|
|
1.24
|
Diluted earnings
per ADS (non-GAAP)
|
|
|
2.77
|
|
|
|
26.54
|
|
|
|
8.84
|
|
|
|
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) Net of related
tax impact
|
View original
content:http://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2020-results-301061012.html
SOURCE Baidu, Inc.