BEIJING, Nov. 16, 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
third quarter ended September 30,
2020[1].
"Our revenue growth turned positive in the third quarter with
many advertising verticals turning around, putting Baidu in a good
position to further benefit from a recovery in the Chinese economy.
The vibrant mobile ecosystem that Baidu has built in the last few
years sets a strong foundation for us to grow our non-advertising
business," said Robin Li, Co-founder and CEO of Baidu. "Our new
AI businesses saw healthy growth in the third quarter, particularly
from cloud, where we are differentiating with AI solutions."
"Our team executed in the third quarter with top line growth,
resilient profitability and strong cash flow, a testament to the
durability of Baidu's business, despite China experiencing a second wave of COVID-19
in July. Our focus on differentiating Baidu with open-platform,
in-app search and new AI businesses has enabled Baidu Core's
adjusted EBITDA margin to reach 46% in the third quarter," said
Herman Yu, CFO of Baidu. "We also
executed on our capital allocation strategy by selling down equity
investments and continuing to execute on our share repurchase
plan."
Financial Highlights
|
Baidu,
Inc.
|
(In millions except
per ADS,
|
Q3
|
|
Q2
|
|
Q3
|
|
|
|
|
unaudited)
|
2019
|
|
2020
|
|
2020
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total
revenues
|
28,080
|
|
26,034
|
|
28,232
|
4,158
|
|
1%
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
2,355
|
|
3,644
|
|
6,156
|
907
|
|
161%
|
|
69%
|
Operating income
(non-GAAP) [2]
|
3,691
|
|
5,605
|
|
7,636
|
1,125
|
|
107%
|
|
36%
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
to Baidu
|
(6,373)
|
|
3,579
|
|
13,678
|
2,015
|
|
-
|
|
282%
|
Net income to Baidu
(non-GAAP) [2]
|
4,387
|
|
5,082
|
|
6,988
|
1,029
|
|
59%
|
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per ADS
|
(18.37)
|
|
10.31
|
|
39.79
|
5.86
|
|
-
|
|
286%
|
Diluted earnings
per ADS (non-GAAP) [2]
|
12.61
|
|
14.73
|
|
20.35
|
3.00
|
|
61%
|
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA [2]
|
5,116
|
|
7,015
|
|
9,073
|
1,336
|
|
77%
|
|
29%
|
Adjusted EBITDA
margin
|
18%
|
|
27%
|
|
32%
|
32%
|
|
|
|
|
|
Baidu
Core
|
|
Q3
|
|
Q2
|
|
Q3
|
|
|
|
|
(In millions,
unaudited)
|
2019
|
|
2020
|
|
2020
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total
revenues
|
21,010
|
|
18,926
|
|
21,379
|
3,149
|
|
2%
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
5,191
|
|
4,966
|
|
7,404
|
1,090
|
|
43%
|
|
49%
|
Operating income
(non-GAAP) [2]
|
6,224
|
|
6,482
|
|
8,505
|
1,253
|
|
37%
|
|
31%
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
to Baidu Core
|
(4,287)
|
|
4,424
|
|
14,368
|
2,116
|
|
-
|
|
225%
|
Net income to
Baidu Core (non-GAAP) [2]
|
6,310
|
|
5,656
|
|
7,486
|
1,103
|
|
19%
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
[2]
|
7,525
|
|
7,771
|
|
9,822
|
1,447
|
|
31%
|
|
26%
|
Adjusted EBITDA
margin
|
36%
|
|
41%
|
|
46%
|
46%
|
|
|
|
|
[1] Unless otherwise noted, all
translations from RMB to U.S. dollars are made at a rate of
RMB6.7896 to US$1.00, the exchange rate in effect as of September
30, 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.
|
Other Highlights
Corporate
- Baidu received an ESG rating of BB from MSCI and an ESG risk
score of 21.5 from Sustainalytics, reflecting the progress the
Company has made through ESG policy changes and improved disclosure
on corporate governance.
- Baidu World was held virtually in September 2020 in partnership with CCTV, reaching
an audience of over 60 million. This year's theme centered on the
"Intelligence of Everything," highlighting how Baidu AI products
and solutions can improve everyday life and empower enterprises and
the public sector to do more and do better in the areas of cloud
computing, smart transportation and autonomous driving.
- Baidu entered into definitive agreements to raise financing for
its Smart Living Group ("SLG") at a post-money valuation of
approximately RMB 20 billion, or
US$2.9 billion, in September 2020. The transaction is expected to be
completed in the fourth quarter of 2020, and Baidu is expected to
be a super majority shareholder.
- Baidu completed a bond offering of US$950 million in October
2020, consisting of US$650
million of 1.720% notes due 2026 and US$300 million of 2.375% notes due 2030, the
proceeds from which are expected to be used to repay certain
existing indebtedness.
- Baidu returned US$596 million to
shareholders in the third quarter of 2020, bringing the cumulative
share repurchase over the last two years to approximately
US$2.0 billion.
Mobile Ecosystem
- Baidu App's daily active users ("DAUs") reached 206 million and
its monthly active users ("MAUs") reached 544 million in
September 2020.
- The massive reach of Baidu App, along with other products in
the Company's product portfolio, is attracting a wide range of
knowledge and information-centric videos, including live and short
videos. Topical live streaming, such as Wander Planet and
Who to Support, grew eight folds sequentially.
- Publishers are sharing more originals on Baijiahao ("BJH")
accounts, to take advantage of Baidu's large scale and easy sharing
of content across Baidu family of apps. BJH accounts reached 3.6
million, up 52% year over year, in September
2020.
- App developers are adopting Baidu Smart Mini Programs ("SMPs")
to provide users with native-app like experience on Baidu, without
having to download the host apps. The number of SMPs grew three
folds, and SMP monthly active users on Baidu App reached 355
million, up 22% year over year, in September
2020.
- Site merchants are switching to Managed Page as the landing
page for their search results to improve marketing effectiveness,
resulting in Managed Page revenue reaching almost 1/3 of Baidu
Core's online marketing services revenue in the third quarter of
2020.
DuerOS
- DuerOS first-party monthly voice queries reached 2.7 billion,
up 65% from last year, and DuerOS total monthly voice queries
reached 5.3 billion in September
2020.
- Xiaodu Smart Display ranked #1 in smart display shipments
globally, and Xiaodu smart speakers ranked #1 in smart speaker
shipments in China for the second
quarter of 2020, according to market research firms IDC, Strategy
Analytics and Canalys.
- The DuerOS skills store, offering 4,300 skills in wide ranging
genres, including education, video, online game and live streaming,
is supported by a developer community of 45,000.
- Xiaodu Smart Earphones was introduced in September 2020, allowing users to navigate DuerOS
skills using its voice assistant and hear instant language
translation. Xiaodu Smart Earphones broaden the use case of the
Xiaodu voice assistant from home, auto and hotel to anywhere with
mobile.
Cloud, AI Services & AI Platform
- Baidu partners with Postal Savings Bank of China ("PSBC"), a top consumer bank in
China with 40,000 branches
nationwide, to provide Baidu AI PaaS, which can be trained to
provide better credit risk management by leveraging Baidu's
advanced AI capabilities, such as big data and natural language
processing.
- Baidu partners with the Economic and Technological
Development Zone in Guiyang, a
major national data center hub in China, to provide its AI PaaS platform that
will be made available to the 400+ enterprises across 10 industries
located in the economic development zone. Baidu's AI PaaS can help
businesses improve their operations and do more through advanced
AI, including deep learning, blockchain and computer vision,
- Baidu's AI open platform built on Baidu Cloud offers over 270
AI capabilities, attracting a developer community of over 2
million.
- Baidu Translate, an AI cloud service leveraging Baidu's
advanced natural language processing, speech and vision processing
technologies, supports over 200 languages and processes over 100
billion bites a day, attracting a developer community of
400,000.
Apollo
- Baidu partners with the city of Guangzhou, Guangdong to provide smart transportation
solutions to improve traffic efficiency, air pollution and road
safety.
- Apollo Go robotaxi is now opened to the public in Beijing, becoming the third city following
Changsha, Hunan and Cangzhou, Hebei. Apollo Go rides may be ordered from
Baidu Maps or Apollo Go app.
- Baidu was granted China's
first driverless test permit in Changsha.
iQIYI
- iQIYI subscribers reached 104.8 million in September 2020, and membership revenue was up 7%
year over year. iQIYI's large subscriber base further strengthens
iQIYI's foundation to produce entertainment blockbuster
originals.
Third Quarter 2020 Results
Total revenues reached RMB
28.2 billion ($4.16 billion), increasing 1% year over
year.
Revenue from Baidu Core reached RMB 21.4 billion ($3.15 billion), increasing 2% year over
year. Online marketing revenue from Baidu Core was
RMB 18.4 billion ($2.72 billion), which was basically flat from
last year. Non-online marketing revenue from Baidu Core
reached 2.9 billion ($434 million),
increasing 14% year over year, primarily driven by the growth of
cloud services.
Cost of revenues was RMB
12.8 billion ($1.89 billion), decreasing 22% year
over year, primarily due to a decrease in content costs,
traffic acquisition costs and costs of goods sold.
Selling, general and administrative expenses were
RMB 4.7 billion
($692 million), increasing 1% year over year.
Research and development expenses were RMB 4.6 billion ($673 million),
decreasing 3% year over year.
Operating income was RMB 6.2
billion ($907 million) and operating margin was 22%.
Baidu Core operating income was RMB
7.4 billion ($1.09 billion) and Baidu Core operating
margin was 35%.
Non-GAAP operating income was RMB 7.6 billion ($1.13 billion), and non-GAAP operating
margin was 27%. Non-GAAP Baidu Core operating income was
RMB 8.5 billion ($1.25 billion), and non-GAAP Baidu Core
operating margin was 40%.
Total other income was RMB
8.9 billion ($1.31 billion), compared to total other loss
of RMB 9.5 billion in Q3 2019. Total
other income in Q3 2020 included fair value gain of RMB 9.0 billion from long-term investments.
Income tax expense was RMB
1.6 billion ($239 million), compared to RMB
934 million in Q3 2019.
Net income attributable to Baidu was RMB 13.7 billion ($2.02 billion), and diluted earnings per ADS
was RMB 39.79 ($5.86). Net
income attributable to Baidu Core was RMB 14.4 billion ($2.12 billion).
Non-GAAP net income attributable to Baidu was
RMB 7.0 billion ($1.03 billion), and non-GAAP net margin was
25%. Non-GAAP diluted earnings per ADS amounted to RMB 20.35 ($3.00).
Non-GAAP net income attributable to Baidu Core was
RMB 7.5 billion ($1.10 billion), and non-GAAP net margin for
Baidu Core was 35%.
Adjusted EBITDA was RMB
9.1 billion ($1.34 billion) and adjusted EBITDA margin
was 32%. Adjusted EBITDA for Baidu Core was RMB 9.8 billion ($1.45 billion) and adjusted EBITDA margin
for Baidu Core was 46%.
As of September 30, 2020, cash,
cash equivalents, restricted cash and short-term investments
were RMB 146.0 billion
($21.50 billion), and cash,
cash equivalents, restricted cash and short-term investments
excluding iQIYI were RMB
138.5 billion ($20.41 billion). Free cash flow was
RMB 6.3 billion
($925 million), and free cash flow excluding iQIYI was
RMB 8.3 billion ($1.22 billion).
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 fourth quarter of 2020, Baidu expects revenues to be
between RMB 28.6 billion
($4.2 billion) and RMB 31.3 billion ($4.6
billion), representing a growth rate of -1% to 8% year over
year, which assumes that Baidu Core revenue will grow between -1%
and 10% year over year.
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
8:15 PM on November 16, 2020, U.S. Eastern Time
(9:15 AM on November 17, 2020, 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/2876397. It will
automatically direct you to the registration page of "Baidu Q3 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 "2876397".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s), Direct
Event passcode and unique registrant ID) provided in the
confirmation email that you have received following your
pre-registration.
Additionally, a live and archived webcast of this conference
call will be available at http://ir.baidu.com.
A replay of the conference call may be accessed by phone at the
following number until November 24,
2020:
International:
|
+61 2 8199
0299
|
Passcode:
|
2876397
|
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 fourth 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."
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Income (Loss)
|
|
|
|
|
|
|
|
(In millions except
for share, per share (or ADS) information, unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2019
|
|
2020
|
|
2020
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Online
marketing services
|
|
20,434
|
|
17,688
|
|
20,201
|
|
2,975
|
|
Others
|
|
7,646
|
|
8,346
|
|
8,031
|
|
1,183
|
|
Total
revenues
|
|
28,080
|
|
26,034
|
|
28,232
|
|
4,158
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
16,378
|
|
13,134
|
|
12,815
|
|
1,886
|
|
Selling, general and
administrative(1)
|
|
4,657
|
|
4,417
|
|
4,700
|
|
692
|
|
Research and
development(1)
|
|
4,690
|
|
4,839
|
|
4,561
|
|
673
|
|
Total costs
and expenses
|
|
25,725
|
|
22,390
|
|
22,076
|
|
3,251
|
|
Operating
income
|
|
2,355
|
|
3,644
|
|
6,156
|
|
907
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
1,687
|
|
1,312
|
|
1,297
|
|
191
|
|
Interest
expense
|
|
(788)
|
|
(820)
|
|
(755)
|
|
(111)
|
|
Foreign
exchange income (loss), net
|
|
29
|
|
55
|
|
(271)
|
|
(40)
|
|
Gain (loss)
from equity method investments
|
|
(729)
|
|
(1,732)
|
|
(546)
|
|
(80)
|
|
Other income
(loss), net
|
|
(9,683)
|
|
1,551
|
|
9,169
|
|
1,351
|
|
Total other
income (loss), net
|
|
(9,484)
|
|
366
|
|
8,894
|
|
1,311
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
|
(7,129)
|
|
4,010
|
|
15,050
|
|
2,218
|
|
Income tax
expense
|
|
934
|
|
1,222
|
|
1,618
|
|
239
|
|
Net income
(loss)
|
|
(8,063)
|
|
2,788
|
|
13,432
|
|
1,979
|
|
Net loss
attributable to noncontrolling interests
|
|
(1,690)
|
|
(791)
|
|
(246)
|
|
(36)
|
|
Net income
(loss) attributable to Baidu
|
|
(6,373)
|
|
3,579
|
|
13,678
|
|
2,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (1
Class A ordinary share equals 10 ADSs):
|
|
|
|
|
|
|
|
-Basic
|
|
(18.37)
|
|
10.34
|
|
40.21
|
|
5.92
|
|
-Diluted
|
|
(18.37)
|
|
10.31
|
|
39.79
|
|
5.86
|
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
-Basic
|
|
(183.74)
|
|
103.44
|
|
402.06
|
|
59.22
|
|
-Diluted
|
|
(183.74)
|
|
103.06
|
|
397.88
|
|
58.60
|
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
Basic
|
|
34,793,154
|
|
34,377,658
|
|
33,982,547
|
|
33,982,547
|
|
Diluted
|
|
34,793,154
|
|
34,505,617
|
|
34,339,438
|
|
34,339,438
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
70
|
|
108
|
|
81
|
|
12
|
|
Selling,
general and administrative
|
|
336
|
|
550
|
|
403
|
|
60
|
|
Research and
development
|
|
810
|
|
1,188
|
|
930
|
|
137
|
|
Total
share-based compensation expenses
|
|
1,216
|
|
1,846
|
|
1,414
|
|
209
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of RMB
6.7896 to US$1.00, the exchange rate in effect as of
September 30, 2020 as set forth in the H.10 statistical release of
The Board of Governors of the Federal Reserve System.
|
Baidu,
Inc.
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
|
(In millions except
for share information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
September
30,
|
|
|
2019
|
|
2020
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
33,443
|
|
18,423
|
|
2,713
|
Restricted
cash
|
|
996
|
|
669
|
|
99
|
Short-term
investments
|
|
112,924
|
|
126,876
|
|
18,687
|
Accounts
receivable, net
|
|
7,416
|
|
7,046
|
|
1,038
|
Amounts due
from related parties
|
|
1,594
|
|
1,307
|
|
193
|
Other current
assets, net
|
|
9,189
|
|
8,831
|
|
1,301
|
Total current assets
|
|
165,562
|
|
163,152
|
|
24,031
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Fixed assets,
net
|
|
18,311
|
|
17,154
|
|
2,527
|
Licensed
copyrights, net
|
|
6,287
|
|
6,062
|
|
893
|
Intangible
assets, net
|
|
1,600
|
|
2,033
|
|
299
|
Goodwill
|
|
18,250
|
|
21,776
|
|
3,207
|
Long-term
investments, net
|
|
69,410
|
|
81,289
|
|
11,973
|
Amounts due
from related parties
|
|
3,564
|
|
3,639
|
|
536
|
Deferred tax
assets, net
|
|
2,193
|
|
804
|
|
118
|
Operating lease
right-of-use assets
|
|
7,332
|
|
9,648
|
|
1,421
|
Produced
content, net
|
|
4,355
|
|
5,517
|
|
813
|
Other
non-current assets
|
|
4,452
|
|
3,668
|
|
540
|
Total non-current assets
|
|
135,754
|
|
151,590
|
|
22,327
|
|
|
|
|
|
|
|
Total
assets
|
|
301,316
|
|
314,742
|
|
46,358
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term
loans
|
|
2,618
|
|
3,804
|
|
560
|
Accounts payable and
accrued liabilities
|
|
32,701
|
|
31,592
|
|
4,653
|
Customer deposits and
deferred revenue
|
|
11,062
|
|
12,185
|
|
1,795
|
Deferred
income
|
|
529
|
|
163
|
|
24
|
Long-term loans,
current portion
|
|
737
|
|
7,506
|
|
1,106
|
Notes payable,
current portion
|
|
5,219
|
|
-
|
|
-
|
Amounts due to
related parties
|
|
2,231
|
|
1,747
|
|
257
|
Operating lease
liabilities
|
|
2,283
|
|
4,636
|
|
683
|
Total current liabilities
|
|
57,380
|
|
61,633
|
|
9,078
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred
income
|
|
17
|
|
57
|
|
8
|
Deferred
revenue
|
|
1,009
|
|
609
|
|
90
|
Amounts due to
related parties
|
|
3,846
|
|
3,689
|
|
543
|
Long-term
loans
|
|
7,804
|
|
628
|
|
92
|
Notes
payable
|
|
38,090
|
|
43,917
|
|
6,468
|
Convertible senior
notes
|
|
12,297
|
|
12,307
|
|
1,813
|
Deferred tax
liabilities
|
|
3,273
|
|
3,319
|
|
489
|
Operating lease
liabilities
|
|
4,486
|
|
4,607
|
|
679
|
Other non-current
liabilities
|
|
299
|
|
316
|
|
47
|
Total non-current liabilities
|
|
71,121
|
|
69,449
|
|
10,229
|
|
|
|
|
|
|
|
Total
liabilities
|
|
128,501
|
|
131,082
|
|
19,307
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
1,109
|
|
1,248
|
|
184
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Baidu shareholders' equity
|
|
163,599
|
|
176,291
|
|
25,965
|
Noncontrolling interests
|
|
8,107
|
|
6,121
|
|
902
|
Total
equity
|
|
171,706
|
|
182,412
|
|
26,867
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling
interests, and equity
|
|
301,316
|
|
314,742
|
|
46,358
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions except
for per ADS information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
September 30, 2019 (RMB)
|
|
Three months
ended
June 30, 2020 (RMB)
|
|
Three months
ended
September 30, 2020 (RMB)
|
|
Three months
ended
September 30, 2020 (US$)
|
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
Total
revenues
|
|
21,010
|
7,397
|
(327)
|
|
28,080
|
|
18,926
|
7,412
|
(304)
|
|
26,034
|
|
21,379
|
7,188
|
(335)
|
|
28,232
|
|
3,149
|
1,059
|
(50)
|
|
4,158
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2%
|
(3%)
|
|
|
1%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13%
|
(3%)
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (1)
|
|
8,502
|
8,176
|
(300)
|
|
16,378
|
|
6,555
|
6,834
|
(255)
|
|
13,134
|
|
6,728
|
6,363
|
(276)
|
|
12,815
|
|
991
|
937
|
(42)
|
|
1,886
|
Selling,
general and administrative (1)
|
|
3,320
|
1,350
|
(13)
|
|
4,657
|
|
3,230
|
1,196
|
(9)
|
|
4,417
|
|
3,354
|
1,364
|
(18)
|
|
4,700
|
|
494
|
201
|
(3)
|
|
692
|
Research and
development (1)
|
|
3,997
|
703
|
(10)
|
|
4,690
|
|
4,175
|
664
|
-
|
|
4,839
|
|
3,893
|
671
|
(3)
|
|
4,561
|
|
574
|
99
|
-
|
|
673
|
Total costs and
expenses
|
|
15,819
|
10,229
|
(323)
|
|
25,725
|
|
13,960
|
8,694
|
(264)
|
|
22,390
|
|
13,975
|
8,398
|
(297)
|
|
22,076
|
|
2,059
|
1,237
|
(45)
|
|
3,251
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21%)
|
(22%)
|
|
|
(22%)
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1%
|
1%
|
|
|
1%
|
|
|
|
|
|
|
Research
and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3%)
|
(5%)
|
|
|
(3%)
|
|
|
|
|
|
|
Cost and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12%)
|
(18%)
|
|
|
(14%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
5,191
|
(2,832)
|
(4)
|
|
2,355
|
|
4,966
|
(1,282)
|
(40)
|
|
3,644
|
|
7,404
|
(1,210)
|
(38)
|
|
6,156
|
|
1,090
|
(178)
|
(5)
|
|
907
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43%
|
(57%)
|
|
|
161%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49%
|
(6%)
|
|
|
69%
|
|
|
|
|
|
|
Operating
margin
|
|
25%
|
(38%)
|
|
|
8%
|
|
26%
|
(17%)
|
|
|
14%
|
|
35%
|
(17%)
|
|
|
22%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total
other income (loss),net
|
|
(8,657)
|
(827)
|
|
|
(9,484)
|
|
507
|
(141)
|
-
|
|
366
|
|
8,827
|
67
|
-
|
|
8,894
|
|
1,301
|
10
|
-
|
|
1,311
|
Less: income
tax expense
|
|
918
|
16
|
|
|
934
|
|
1,206
|
16
|
-
|
|
1,222
|
|
1,599
|
19
|
-
|
|
1,618
|
|
236
|
3
|
-
|
|
239
|
Less: net
income (loss) attributable to NCI
|
|
(97)
|
13
|
(1,606)
|
|
(1,690)
|
|
(157)
|
3
|
(637)
|
(3)
|
(791)
|
|
264
|
13
|
(523)
|
(3)
|
(246)
|
|
39
|
2
|
(77)
|
(3)
|
(36)
|
Net income(loss)
attributable to Baidu
|
|
(4,287)
|
(3,688)
|
1,602
|
|
(6,373)
|
|
4,424
|
(1,442)
|
597
|
|
3,579
|
|
14,368
|
(1,175)
|
485
|
|
13,678
|
|
2,116
|
(173)
|
72
|
|
2,015
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
(68%)
|
|
|
-
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225%
|
(19%)
|
|
|
282%
|
|
|
|
|
|
|
Net
margin
|
|
(20%)
|
(50%)
|
|
|
(23%)
|
|
23%
|
(19%)
|
|
|
14%
|
|
67%
|
(16%)
|
|
|
48%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) (non-GAAP)
|
|
6,224
|
(2,529)
|
|
|
3,691
|
|
6,482
|
(837)
|
|
|
5,605
|
|
8,505
|
(831)
|
|
|
7,636
|
|
1,253
|
(123)
|
|
|
1,125
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37%
|
(67%)
|
|
|
107%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31%
|
(1%)
|
|
|
36%
|
|
|
|
|
|
|
Operating margin
(non-GAAP)
|
|
30%
|
(34%)
|
|
|
13%
|
|
34%
|
(11%)
|
|
|
22%
|
|
40%
|
(12%)
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
6,310
|
(3,394)
|
|
|
4,387
|
|
5,656
|
(956)
|
|
|
5,082
|
|
7,486
|
(830)
|
|
|
6,988
|
|
1,103
|
(123)
|
|
|
1,029
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19%
|
(76%)
|
|
|
59%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32%
|
(13%)
|
|
|
38%
|
|
|
|
|
|
|
Net margin
(non-GAAP)
|
|
30%
|
(46%)
|
|
|
16%
|
|
30%
|
(13%)
|
|
|
20%
|
|
35%
|
(12%)
|
|
|
25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
7,525
|
(2,405)
|
|
|
5,116
|
|
7,771
|
(716)
|
|
|
7,015
|
|
9,822
|
(711)
|
|
|
9,073
|
|
1,447
|
(106)
|
|
|
1,336
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31%
|
(70%)
|
|
|
77%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26%
|
(1%)
|
|
|
29%
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
36%
|
(33%)
|
|
|
18%
|
|
41%
|
(10%)
|
|
|
27%
|
|
46%
|
(10%)
|
|
|
32%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
25
|
45
|
|
|
70
|
|
49
|
59
|
|
|
108
|
|
29
|
52
|
|
|
81
|
|
4
|
8
|
|
|
12
|
Selling,
general and administrative
|
|
207
|
129
|
|
|
336
|
|
331
|
219
|
|
|
550
|
|
187
|
216
|
|
|
403
|
|
28
|
32
|
|
|
60
|
Research and
development
|
|
749
|
61
|
|
|
810
|
|
1,102
|
86
|
|
|
1,188
|
|
846
|
84
|
|
|
930
|
|
125
|
12
|
|
|
137
|
Total
share-based compensation
|
|
981
|
235
|
|
|
1,216
|
|
1,482
|
364
|
|
|
1,846
|
|
1,062
|
352
|
|
|
1,414
|
|
157
|
52
|
|
|
209
|
(2) Relates to
intersegment eliminations and adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Relates to
the net loss attributable to iQIYI noncontrolling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions,unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
September 30, 2019
(RMB)
|
|
June 30, 2020
(RMB)
|
|
September 30, 2020
(RMB)
|
|
September 30, 2020
(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
|
|
8,508
|
293
|
8,801
|
|
9,547
|
(1,358)
|
8,189
|
|
9,716
|
(1,929)
|
7,787
|
|
1,431
|
(284)
|
1,147
|
Net cash provided by
(used in) investing activities
|
|
(11,960)
|
(922)
|
(12,882)
|
|
(8,854)
|
1,144
|
(7,710)
|
|
(6,576)
|
343
|
(6,233)
|
|
(969)
|
51
|
(918)
|
Net cash provided by
(used in) financing activities
|
|
(1,903)
|
(160)
|
(2,063)
|
|
(2,211)
|
823
|
(1,388)
|
|
(4,387)
|
238
|
(4,149)
|
|
(646)
|
35
|
(611)
|
Effect of exchange
rate changes on cash, cash
equivalents and restricted cash
|
|
122
|
258
|
380
|
|
26
|
(10)
|
16
|
|
(77)
|
(113)
|
(190)
|
|
(11)
|
(17)
|
(28)
|
Net increase
(decrease) in cash, cash
equivalents and restricted cash
|
|
(5,233)
|
(531)
|
(5,764)
|
|
(1,492)
|
599
|
(893)
|
|
(1,324)
|
(1,461)
|
(2,785)
|
|
(195)
|
(215)
|
(410)
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning
of period
|
|
15,315
|
7,624
|
22,939
|
|
18,089
|
4,681
|
22,770
|
|
16,597
|
5,280
|
21,877
|
|
2,444
|
778
|
3,222
|
At end of
period
|
|
10,082
|
7,093
|
17,175
|
|
16,597
|
5,280
|
21,877
|
|
15,273
|
3,819
|
19,092
|
|
2,249
|
563
|
2,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating
activities
|
|
8,508
|
293
|
8,801
|
|
9,547
|
(1,358)
|
8,189
|
|
9,716
|
(1,929)
|
7,787
|
|
1,431
|
(284)
|
1,147
|
Less: Capital
expenditures
|
|
(1,031)
|
(181)
|
(1,212)
|
|
(797)
|
(57)
|
(854)
|
|
(1,417)
|
(90)
|
(1,507)
|
|
(209)
|
(13)
|
(222)
|
Less: Acquisition of
licensed copyrights(1)
|
|
(50)
|
(2,689)
|
(2,739)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Free cash
flow
|
|
7,427
|
(2,577)
|
4,850
|
|
8,750
|
(1,415)
|
7,335
|
|
8,299
|
(2,019)
|
6,280
|
|
1,222
|
(297)
|
925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
7,477
|
112
|
7,589
|
|
8,750
|
1,290
|
10,040
|
|
8,299
|
385
|
8,684
|
|
1,222
|
57
|
1,279
|
Less: Acquisition of
licensed copyrights
|
|
(50)
|
(2,689)
|
(2,739)
|
|
-
|
(2,705)
|
(2,705)
|
|
-
|
(2,404)
|
(2,404)
|
|
-
|
(354)
|
(354)
|
Free cash flow,
revised
|
|
7,427
|
(2,577)
|
4,850
|
|
8,750
|
(1,415)
|
7,335
|
|
8,299
|
(2,019)
|
6,280
|
|
1,222
|
(297)
|
925
|
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
|
|
|
September 30, 2019
(RMB)
|
|
June 30, 2020
(RMB)
|
|
September 30, 2020
(RMB)
|
|
September 30, 2020
(US$)
|
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
Operating income
(loss)
|
|
5,191
|
(2,832)
|
2,355
|
|
4,966
|
(1,282)
|
3,644
|
|
7,404
|
(1,210)
|
6,156
|
|
1,090
|
(178)
|
907
|
Add:
Share-based compensation expenses
|
|
981
|
235
|
1,216
|
|
1,482
|
364
|
1,846
|
|
1,062
|
352
|
1,414
|
|
157
|
52
|
209
|
Add:
Amortization and impairment of intangible
assets(1)
|
|
52
|
68
|
120
|
|
34
|
81
|
115
|
|
39
|
27
|
66
|
|
6
|
3
|
9
|
Operating income
(loss) (non-GAAP)
|
|
6,224
|
(2,529)
|
3,691
|
|
6,482
|
(837)
|
5,605
|
|
8,505
|
(831)
|
7,636
|
|
1,253
|
(123)
|
1,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation of fixed assets
|
|
1,301
|
124
|
1,425
|
|
1,289
|
121
|
1,410
|
|
1,317
|
120
|
1,437
|
|
194
|
17
|
211
|
Adjusted
EBITDA
|
|
7,525
|
(2,405)
|
5,116
|
|
7,771
|
(716)
|
7,015
|
|
9,822
|
(711)
|
9,073
|
|
1,447
|
(106)
|
1,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
|
(4,287)
|
(3,688)
|
(6,373)
|
|
4,424
|
(1,442)
|
3,579
|
|
14,368
|
(1,175)
|
13,678
|
|
2,116
|
(173)
|
2,015
|
Add: Share-based
compensation expenses
|
|
974
|
235
|
1,106
|
|
1,473
|
364
|
1,676
|
|
1,056
|
352
|
1,252
|
|
156
|
52
|
184
|
Add: Amortization and
impairment of intangible assets(1)(3)
|
|
21
|
50
|
47
|
|
19
|
65
|
55
|
|
31
|
23
|
44
|
|
5
|
3
|
6
|
Add: Disposal loss
(gain)(3)(4)
|
|
-
|
-
|
-
|
|
453
|
-
|
453
|
|
(5)
|
-
|
(5)
|
|
(1)
|
-
|
(1)
|
Add: Impairment of
long-term investments(3)
|
|
8,023
|
-
|
8,023
|
|
752
|
48
|
779
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: Fair value loss
(gain) of long-term investments(3)
|
|
745
|
1
|
745
|
|
(2,535)
|
-
|
(2,535)
|
|
(8,464)
|
(33)
|
(8,483)
|
|
(1,247)
|
(5)
|
(1,249)
|
Add: Reconciling
items on equity method investments(2)
|
|
834
|
8
|
839
|
|
1,070
|
9
|
1,075
|
|
500
|
3
|
502
|
|
74
|
-
|
74
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
6,310
|
(3,394)
|
4,387
|
|
5,656
|
(956)
|
5,082
|
|
7,486
|
(830)
|
6,988
|
|
1,103
|
(123)
|
1,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per ADS
|
|
|
|
(18.37)
|
|
|
|
10.31
|
|
|
|
39.79
|
|
|
|
5.86
|
Add: Accretion
of the redeemable noncontrolling interests
|
|
|
|
0.06
|
|
|
|
0.07
|
|
|
|
0.04
|
|
|
|
0.01
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
|
30.92
|
|
|
|
4.35
|
|
|
|
(19.48)
|
|
|
|
(2.87)
|
Diluted earnings
per ADS (non-GAAP)
|
|
|
|
12.61
|
|
|
|
14.73
|
|
|
|
20.35
|
|
|
|
3.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
|
(4) Includes
re-measurement gain or loss of previous held equity interest in the
acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/baidu-announces-third-quarter-2020-results-301173850.html
SOURCE Baidu, Inc.