BEIJING, Feb. 17, 2021
/PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU) ("Baidu" or the
"Company"), a leading AI company with strong Internet foundation,
today announced unaudited financial results[1] for the fourth quarter and fiscal year ended
December 31, 2020.
"Baidu ended 2020 on a solid note with our business benefiting
from improving macroeconomic environment and the digitalization of
industrial Internet. Our focus on innovation through technology is
paying off with Baidu Core non-marketing revenue growing 52% year
over year in the fourth quarter," said Robin Li, Co-founder and CEO of Baidu. "As we
enter 2021, Baidu is well positioned as a leading AI company with
strong Internet foundation to seize the huge market opportunities
in cloud services, autonomous driving, smart transportation, and
other AI opportunities. We also hope to capitalize on our huge
Internet reach with more non-marketing services."
"Baidu revenue reached US$16.4
billion with adjusted EBITDA reaching US$4.2 billion in 2020. Despite an unprecedented
year, our business returned to growth and our profits were solid in
the fourth quarter," said Herman Yu,
CFO of Baidu. "Through years of investment in research, AI chip
design, developer community, patents and talent development, we are
turning AI into innovative use cases. For example, Baidu AI cloud
differentiating with AI solutions grew 67% year over year in Q4,
reaching an annualized run rate of US$2.0
billion. We will continue to invest heavily in technology to
optimize Baidu's long-term growth and pursue our mission to make
the world simpler through technology."
Fourth Quarter and Fiscal Year 2020 Financial
Highlights
|
Baidu,
Inc.
|
(In millions except
per
|
Q4
|
|
Q3
|
|
Q4
|
|
|
|
|
FY
|
|
FY
|
|
|
|
ADS,
unaudited)
|
2019
|
|
2020
|
|
2020
|
|
|
YOY
|
|
2019
|
|
2020
|
|
|
YOY
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
Total
revenues
|
28,884
|
|
28,232
|
|
30,263
|
4,638
|
|
5%
|
|
107,413
|
|
107,074
|
16,410
|
|
(0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
4,655
|
|
6,156
|
|
4,977
|
763
|
|
7%
|
|
6,307
|
|
14,340
|
2,198
|
|
127%
|
Operating income
(non-GAAP) [2]
|
6,753
|
|
7,636
|
|
7,055
|
1,081
|
|
4%
|
|
12,800
|
|
21,732
|
3,331
|
|
70%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income to
Baidu
|
6,345
|
|
13,678
|
|
5,174
|
794
|
|
(18%)
|
|
2,057
|
|
22,472
|
3,444
|
|
992%
|
Net income to Baidu
(non-GAAP) [2]
|
9,193
|
|
6,988
|
|
6,868
|
1,053
|
|
(25%)
|
|
18,182
|
|
22,020
|
3,375
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per ADS
|
18.25
|
|
39.79
|
|
15.05
|
2.31
|
|
(18%)
|
|
5.60
|
|
64.98
|
9.96
|
|
1060%
|
Diluted earnings
per ADS (non-GAAP) [2]
|
26.54
|
|
20.35
|
|
20.08
|
3.08
|
|
(24%)
|
|
52.04
|
|
63.93
|
9.80
|
|
23%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA [2]
|
8,175
|
|
9,073
|
|
8,564
|
1,312
|
|
5%
|
|
18,416
|
|
27,503
|
4,215
|
|
49%
|
Adjusted EBITDA
margin
|
28%
|
|
32%
|
|
28%
|
28%
|
|
|
|
17%
|
|
26%
|
26%
|
|
|
|
Baidu
Core
|
|
Q4
|
|
Q3
|
|
Q4
|
|
|
|
|
FY
|
|
FY
|
|
|
|
(In millions,
unaudited)
|
2019
|
|
2020
|
|
2020
|
|
|
YOY
|
|
2019
|
|
2020
|
|
|
YOY
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
RMB
|
|
RMB
|
US$
|
|
|
Total
revenues
|
21,711
|
|
21,379
|
|
23,111
|
3,542
|
|
6%
|
|
79,711
|
|
78,684
|
12,059
|
|
(1%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
6,870
|
|
7,404
|
|
6,320
|
969
|
|
(8%)
|
|
15,261
|
|
20,538
|
3,148
|
|
35%
|
Operating income
(non-GAAP) [2]
|
8,492
|
|
8,505
|
|
8,031
|
1,231
|
|
(5%)
|
|
20,311
|
|
26,366
|
4,041
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income to
Baidu Core
|
7,433
|
|
14,368
|
|
6,036
|
925
|
|
(19%)
|
|
7,580
|
|
26,524
|
4,065
|
|
250%
|
Net income to
Baidu Core (non-
GAAP) [2]
|
9,950
|
|
7,486
|
|
7,533
|
1,154
|
|
(24%)
|
|
22,824
|
|
25,192
|
3,861
|
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA[2]
|
9,788
|
|
9,822
|
|
9,422
|
1,444
|
|
(4%)
|
|
25,451
|
|
31,656
|
4,851
|
|
24%
|
Adjusted EBITDA
margin
|
45%
|
|
46%
|
|
41%
|
41%
|
|
|
|
32%
|
|
40%
|
40%
|
|
|
Other Highlights
Corporate
- The developer community on Baidu Open AI Platform has reached
2.65 million, making it the largest among Chinese Companies, based
on a commissioned research. Having a large developer community
helps Baidu improve our AI capabilities and better understand the
AI usage trend for the industries that Baidu serves.
- Baidu holds the largest portfolio of AI patents and patent
applications in China, according
to CICS-CERT, a research arm of the Ministry of Industry and
Information Technology.
- Baidu recently released four series of ESG report, detailing
its policy on anti-corruption, non-discrimination, privacy
protection, data security, talent empowerment and low carbon
emission commitment (for more information, please see
http://esg.baidu.com/en/index.html).
- Baidu's efforts in smart transportation and autonomous driving,
including enabling electric vehicles and robotaxis, decrease carbon
emission and improve traffic efficiency, road safety and air
pollution, which support green energy and environment.
- Baidu will hold an extraordinary general meeting on
March 1, 2021 (for more information,
please see https://ir.baidu.com/ir-calendar for more
information).
- Baidu returned US$581 million to
shareholders in Q4 2020, increasing the 2020 share repurchase to
US$1.9 billion, compared to
US$0.7 billion in 2019. In December,
the Company upsized its 2020 Share Repurchase Program to
US$4.5 billion, of which US$2.8 billion remains available for repurchase
through December 31, 2022.
AI Cloud
- Baidu has been ranked No. 1 in China's AI public cloud market, according to
the latest IDC report for 1H 2020, marking the third time that
Baidu has topped the list.
- Baidu AI call center solution, powered by Baidu Brain to handle
large-scale customer calls with conversational AI, is becoming an
industry standard to improve call service quality and operational
efficiency. Its first key customer, a major telecom operator, has
made two repeat purchases of the AI solution, and the AI solution
is being adopted by customers across multiple industries, including
airline, financial services, energy and automobile.
- Baidu has completed Phase I of the smart transportation project
in Guangzhou, which includes the
deployment of Apollo V2X smart road infrastructure and Apollo
Mobility as a Service (MaaS). The smart transportation project
covers 102 intersections in the Huangpu district of Guangzhou, and commercial vehicles entering
the vicinity are installing DuerOS powered rearview mirrors, to
enable traffic violation enforcement, even if the license plate of
a violating vehicle is covered by mud. Apollo MaaS allows local commuters to order
Apollo robotaxi and robobus from Baidu App and Baidu Maps (as
public transportation) and enables traffic authorities to monitor
and prioritize the city's transport services.
- Apollo's strategic partnerships in smart transportation with
Beijing, Guangzhou, Shanghai and Chongqing, to name a few, are becoming an
important milestone for modern cities, serving as the
"transportation brain" to enable traffic authorities to better
manage and improve traffic efficiency, road safety and air
pollution.
- At the 2020 Annual ABC Summit, Baidu announced its plan
to begin mass production of Kunlun II AI chip later this year, for
use in search, industrial AI and smart transportation.
Intelligent Driving
- Apollo robotaxi and robobus fleets have serviced over 210,000
rides as of December 2020.
- Baidu receives the first driverless testing permit in
China and becomes the first
Chinese company to receive driverless testing permit both in
California and China, bringing Apollo's total autonomous
driving licenses in China to 199,
reflecting the geographic reach of Apollo's testing scenarios.
- Apollo has been named the top Chinese autonomous driving
company, leading its peers across all testing categories for the
third consecutive year, according to the 2020 Beijing Autonomous
Vehicles Road Test Report.
- Apollo Self Driving (ASD) is gaining momentum, having signed
strategic partnerships with 10 leading local and multinational
automakers on services, such as high definition (HD) Maps and
automated valet parking (AVP), to power their new passenger
vehicles. Apollo autonomous navigation pilot (ANP) has recently
began accepting orders, which comes timely with MIIT, China's transportation agency, recently
releasing draft regulation to allow highway testing of autonomous
driving.
- Baidu plans to form an electric vehicle company and use its
intelligent driving capabilities to power next generation passenger
vehicles. Baidu has entered into a strategic partnership with
leading automaker Zhejiang Geely Holding Group, owner of the Volvo
and Geely Auto brands, to contribute its expertise in automobile
design and manufacturing.
Smart Assistant
- DuerOS monthly voice queries reached 6.2 billion and voice
queries on Xiaodu devices reached 3.7 billion in December 2020, up 66% year over year.
- DuerOS skills store now offers over 4,400 skills in wide
ranging genres, and its developer community has reached
47,000.
- Xiaodu Smart Display ranked No.1 in smart display shipments
globally in Q3 2020, according to market research firms IDC,
Strategy Analytics and Canalys.
Mobile Ecosystem
- Baidu has strengthened its strong Internet foundation with
Baidu App monthly active users (MAUs) reaching 544 million and
daily logged in users reaching over 70%, up 18 points from a year
ago, in December 2020.
- Baidu's AI building blocks are helping creators, publishers and
service providers better engage with users and perform user
life-time management:
-
- BJH publisher accounts grew 48% to reached 3.8 million and
creators on BJH almost tripled from a year ago. Average daily live
streaming sessions on knowledge-centric topics grew 3.5 folds
sequentially in December 2020;
- Smart Mini Program MAUs reached 414 million, while the number
of SMPs grew 124% year over year in December
2020; and
- Revenue from Managed Page reached 1/3 of Baidu Core's online
marketing revenue, up from under 24% a year ago. Over 300,000
Managed Page customers have adopted Baidu marketing cloud, to
improve user engagement and conversion.
iQIYI
- iQIYI subscribers reached 101.7 million in December 2020, further strengthening iQIYI's
foundation to produce entertainment blockbuster originals.
Fourth Quarter 2020 Results
Total revenues reached RMB
30.3 billion ($4.64 billion),
increasing 5% year over year.
Revenue from Baidu Core reached RMB 23.1 billion ($3.54
billion), increasing 6% year over year. Online marketing
revenue from Baidu Core was RMB 18.9
billion ($2.90 billion), flat
from last year. Non-marketing revenue from Baidu Core
reached RMB 4.2 billion ($645 million), increasing 52% year over year,
driven by cloud and other services.
Revenue from iQIYI reached RMB 7.5 billion ($1.14
billion), decreasing 1% year over year.
Cost of revenues was RMB 14.5
billion ($2.23 billion),
decreasing 6% year over year, primarily due to a decrease in
content costs, traffic acquisition costs, bandwidth costs and the
amortization/impairment of intangible assets resulting from
business combinations, partially offset by an increase in cost of
goods sold.
Selling, general and administrative expenses were
RMB 5.1 billion ($780 million), increasing 29% year over year,
primarily due to an increase in promotional expense.
Research and development expense was RMB 5.7 billion ($869
million), increasing 19% year over year, primarily due to an
increase in personnel related expense.
Operating income was RMB 5.0
billion ($763 million).
Baidu Core operating income was RMB
6.3 billion ($969 million),
and Baidu Core operating margin was 27%. Non-GAAP operating
income was RMB 7.1 billion
($1.08 billion). Non-GAAP Baidu
Core operating income was RMB 8.0
billion ($1.23 billion), and
non-GAAP Baidu Core operating margin was 35%.
Total other income, net was RMB 533 million ($82
million), compared to RMB 699
million last year. Income tax expense was
RMB 1.0 billion ($158 million), compared to RMB 304 million last year.
Net income attributable to Baidu was RMB 5.2 billion ($794
million), and diluted earnings per ADS was RMB 15.05 ($2.31).
Net income attributable to Baidu Core was RMB 6.0 billion ($925
million), and net margin for Baidu Core was 26%. Non-GAAP
net income attributable to Baidu was RMB
6.9 billion ($1.05 billion).
Non-GAAP diluted earnings per ADS was RMB
20.08 ($3.08). Non-GAAP net
income attributable to Baidu Core was RMB 7.5 billion ($1.15
billion), and non-GAAP net margin for Baidu Core was
33%.
Adjusted EBITDA was RMB 8.6
billion ($1.31 billion) and
adjusted EBITDA margin was 28%. Adjusted EBITDA for Baidu
Core was RMB 9.4 billion
($1.44 billion) and adjusted EBITDA
margin for Baidu Core was 41%.
As of December 31, 2020, cash,
cash equivalents, restricted cash and short-term investments
were RMB 162.9 billion ($24.97 billion), and cash, cash equivalents,
restricted cash and short-term investments excluding iQIYI were
RMB 148.6 billion ($22.78 billion). Free cash flow was
RMB 3.8 billion ($590 million), and free cash flow excluding
iQIYI was RMB 5.4 billion
($827 million).
For more information on the adoption of ASU 2019-02
beginning January 1, 2020, please see
explanation under "Non-GAAP Financial Measures".
Fiscal Year 2020 Results
Total revenues reached RMB
107.1 billion ($16.41
billion), which was basically flat from last year.
Revenue from Baidu Core reached RMB 78.7 billion ($12.06
billion), decreasing 1% year over year. Online marketing
revenue from Baidu Core was RMB 66.3
billion ($10.16 billion),
decreasing 5% year over year. Non-marketing revenue from Baidu
Core reached RMB 12.4 billion
($1.90 billion), increasing 28% year
over year, driven by cloud and other services.
Revenue from iQIYI reached RMB 29.7 billion ($4.55
billion), increasing 2% year over year. iQIYI membership
revenue grew 14% year over year, partially offset by online
advertising revenue declining 18% year over year.
Cost of revenues were RMB
55.2 billion ($8.45 billion),
decreasing 12% year over year, primarily due to a decrease in
traffic acquisition costs, content costs, sales tax and surcharges
and costs of goods sold.
Selling, general and administrative expenses were
RMB 18.1 billion ($2.77 billion), decreasing 9% year over year,
primarily due to decreases in promotional expense.
Research and development expenses were RMB 19.5 billion ($2.99
billion), increasing 6% year over year, primarily due to an
increase in personnel related expenses.
Operating income was RMB 14.3
billion ($2.20 billion).
Baidu Core operating income was RMB 20.5 billion ($3.15
billion), and Baidu Core operating margin was 26%.
Non-GAAP operating income was RMB
21.7 billion ($3.33 billion).
Non-GAAP Baidu Core operating income was RMB 26.4 billion ($4.04
billion), and non-GAAP Baidu Core operating margin was
34%.
Total other income, net was RMB 8.8 billion ($1.34
billion) for 2020, which included a fair value gain of
RMB 11.6 billion from long-term
investments. Total other loss, net was of RMB 6.6 billion for 2019, which included a
non-cash impairment loss of RMB 8.9
billion from investment in Trip.com.
Income tax expense was RMB
4.1 billion ($623 million),
compared to RMB 1.9 billion in
2019.
Net income attributable to Baidu was RMB 22.5 billion ($3.44
billion), and diluted earnings per ADS was RMB 64.98 ($9.96).
Net income attributable to Baidu Core was RMB 26.5 billion ($4.07
billion), and net margin for Baidu Core was 34%.
Non-GAAP net income attributable to Baidu was RMB 22.0 billion ($3.38
billion), and non-GAAP diluted earnings per ADS amounted to
RMB 63.93 ($9.80). Non-GAAP net income attributable to
Baidu Core was RMB 25.2 billion
($3.86 billion), and non-GAAP net
margin for Baidu Core was 32%.
Adjusted EBITDA was RMB 27.5
billion ($4.22 billion) and
adjusted EBITDA margin was 26%. Adjusted EBITDA to Baidu
Core was RMB 31.7 billion
($4.85 billion) and adjusted
EBITDA margin for Baidu Core was 40%.
Free cash flow was RMB 19.1
billion ($2.93 billion), and
free cash flow excluding iQIYI was RMB 24.8 billion ($3.80
billion).
Financial Guidance
For the first quarter of 2021, Baidu expects revenues to be
between RMB 26.0 billion
($4.0 billion) and RMB 28.5 billion ($4.4
billion), representing a growth rate of 15% to 26% year over
year, which assumes that Baidu Core revenue will grow between 26%
and 39% year over year. This guidance does not include potential
contribution from the acquisition of YY Live.
The above forecast reflects Baidu's current and preliminary
view, which is subject to substantial uncertainties.
Conference Call Information
Baidu's management will hold an earnings conference call at
8:15 PM on February 17, 2021, U.S. Eastern Time
(9:15 AM on February 18, 2021, Beijing Time).
Please register in advance of the conference call using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, Direct Event passcode and unique
registrant ID by email.
For pre-registration, please click
http://apac.directeventreg.com/registration/event/3599762. It will
automatically direct you to the registration page of "Baidu Q4 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 "3599762".
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 February 25
2021:
International:
|
+61 2 8199
0299
|
Passcode:
|
3599762
|
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. 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 first quarter of 2021, quotations
from management in this announcement, as well as Baidu's and other
parties' strategic and operational plans, contain forward-looking
statements. Baidu may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in 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 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 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. In accordance with the new
accounting standard, beginning on 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, fiscal 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 fiscal 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, RMB to USD was converted at an
exchange rate of RMB6.5250 as of
December 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 the Non-GAAP Financial
Measures section (see also "Reconciliations of Non-GAAP Financial
Measures to the Nearest Comparable GAAP Measures" for more
details).
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SOURCE Baidu, Inc.