BEIJING, May 18, 2021 /PRNewswire/ -- Baidu, Inc. (NASDAQ:
BIDU and HKEX: 9888) ("Baidu" or the "Company"), a leading AI
company with strong Internet foundation, today announced its
unaudited financial results for the first quarter ended
March 31, 2021.
"We are delighted to bring innovation across many sectors,
including marketing cloud, enterprise cloud, smart transportation,
autonomous driving, smart assistant and AI chip, through our
decade-long investment in AI," said Robin
Li, co-founder and CEO of Baidu. "With AI powering the next
stage of technology growth, many Baidu alumni have rejoined us, and
our employees are energized from working on intelligent computing
that can improve daily life and make the complex world
simpler."
"Baidu Core delivered a strong first quarter with revenue
growing 34% year over year, powered by non-advertising revenue
growing 70% year over year," said Herman
Yu, CFO of Baidu. "We will continue to invest heavily in
sales, R&D and operations to support the rapid growth of our
AI-powered business."
First Quarter 2021 Financial Highlights[1]
|
Baidu,
Inc.
|
(In millions except
per
|
Q1
|
|
Q4
|
|
Q1
|
|
|
|
|
|
ADS,
unaudited
|
2020
|
|
2020
|
|
2021
|
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total
revenues
|
22,545
|
|
30,263
|
|
28,134
|
4,294
|
|
25%
|
|
(7%)
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(437)
|
|
4,977
|
|
2,789
|
426
|
|
-
|
|
(44%)
|
Operating income
(non-GAAP) [2]
|
1,437
|
|
7,055
|
|
4,362
|
666
|
|
204%
|
|
(38%)
|
|
|
|
|
|
|
|
|
|
|
|
Net income to
Baidu
|
41
|
|
5,174
|
|
25,653
|
3,915
|
|
62468%
|
|
396%
|
Net income to
Baidu (non-GAAP) [2]
|
3,082
|
|
6,868
|
|
4,297
|
656
|
|
39%
|
|
(37%)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per ADS
|
0.02
|
|
15.05
|
|
73.76
|
11.26
|
|
368700%
|
|
390%
|
Diluted earnings
per ADS (non-GAAP) [2]
|
8.84
|
|
20.08
|
|
12.38
|
1.89
|
|
40%
|
|
(38%)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA[2]
|
2,852
|
|
8,564
|
|
5,900
|
901
|
|
107%
|
|
(31%)
|
Adjusted EBITDA
margin
|
13%
|
|
28%
|
|
21%
|
21%
|
|
|
|
|
|
Baidu
Core
|
|
Q1
|
|
Q4
|
|
Q1
|
|
|
|
|
|
(In millions,
unaudited)
|
2020
|
|
2020
|
|
2021
|
|
|
YOY
|
|
QOQ
|
|
RMB
|
|
RMB
|
|
RMB
|
US$
|
|
|
|
|
Total
revenues
|
15,268
|
|
23,111
|
|
20,483
|
3,126
|
|
34%
|
|
(11%)
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
1,848
|
|
6,320
|
|
3,847
|
587
|
|
108%
|
|
(39%)
|
Operating income
(non-GAAP) [2]
|
3,348
|
|
8,031
|
|
5,064
|
773
|
|
51%
|
|
(37%)
|
|
|
|
|
|
|
|
|
|
|
|
Net income to
Baidu Core
|
1,698
|
|
6,036
|
|
26,354
|
4,022
|
|
1452%
|
|
337%
|
Net income to
Baidu Core (non-GAAP) [2]
|
4,519
|
|
7,533
|
|
4,870
|
743
|
|
8%
|
|
(35%)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
[2]
|
4,641
|
|
9,422
|
|
6,487
|
990
|
|
40%
|
|
(31%)
|
Adjusted EBITDA
margin
|
30%
|
|
41%
|
|
32%
|
32%
|
|
|
|
|
[1] Unless otherwise noted, RMB to
USD was converted at an exchange rate of RMB6.5518 as of March 31,
2021, as set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System. Translations are provided
solely for the convenience of the reader.
|
[2] Non-GAAP measures are defined in
the Non-GAAP Financial Measures section (see also "Reconciliations
of Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures" for more details).
|
Other Highlights
Corporate
- Baidu ranks Top 3 in cloud services and No.1 in the utilization
of renewable energy for data centers, according to Greenpeace, a
global environmental organization, based on its April 2021 report Clean Cloud: Tracking
Renewable Energy Use in China's
Tech Industry.
- Baidu released its annual ESG Report in February 2021, which details Baidu's ESG policies
and sustainability initiatives
(http://esg.baidu.com/en/esg_download.html).
- On March 23, 2021, Baidu listed
on the HKEX (9888) through a global offering of 95,000,000 Class A
ordinary shares, receiving $3.1
billion in net proceeds.
- Baidu returned US$300 million to
shareholders under the 2020 Share Repurchase Program this year,
bringing the cumulative repurchase to $2.2
billion since 2020.
AI Cloud
- Baidu EasyDL, a simple to use machine learning service, was
rated No.1 in terms of usage in China, per IDC in December 2020, topping the list for the second
time.
- Baidu deep learning framework PaddlePaddle, upgraded to v2.0 in
March 2021, was ranked among the Top
3 globally in terms of usage based on pull request, according to
Github.
- A leading retail bank in China
implemented Baidu's AI PaaS, which has led to five follow-on
purchases, including application to automate customer service and
consumer loan approval, and the recent purchase of private cloud
services.
- Baidu partnered with the online arm of China's largest TV network CCTV to implement
Baidu AI PaaS with capabilities to automate video clip creation and
tagging from live broadcasting and use smart assistant to quickly
locate desired video content. During an important annual event,
Baidu enabled CCTV.com to simultaneously interview congressional
meeting participants with AI reporters, powered by Baidu Brain, and
timely share these interviews on the Internet.
- Chongqing, which implemented
Apollo V2X last year, marking Baidu's entry into western
China, signed with Apollo to make
its smart transportation infrastructure 5G enabled, to support
robotaxi ride hailing operation.
- Chengdu (Sichuan), a leader in science and technology
development, signed with Apollo to implement V2X vehicle-to-road
infrastructure.
Intelligent Driving
- Apollo has accumulated 6.2 million miles of L4 autonomous
driving testing on the road and 600 million miles of simulated
testing since its founding in 2013.
- Apollo received permit to test autonomous driving at night and
under special weather conditions on public roads in Beijing. Apollo also received permits to pilot
fully autonomous driving in Beijing, Cangzhou (Hebei), and Changsha (Hunan).
- Apollo Go, China's first fully
autonomous ride-hailing, is now available at the Shougang Park, a
Beijing 2022 Winter Olympics
site.
- Apollo Go begins to charge for robotaxi ride hailing in
Cangzhou, based on the distance traveled starting with a minimum
fare, similarly to regular ride hailing.
- The total addressable market for robotaxi ride hailing will
reach US$224 billion in China by 2025, according to China Insights
Consultancy, a market research and consulting company.
- Jidu Auto, an intelligent EV company established in partnership
with Zhejiang Geely Holding Group, appointed Yiping Xia as its CEO. Mr. Xia previously served
as CTO at Mobike and held positions at Fiat Chrysler and Ford.
- Guangzhou Automobile Group joins Apollo's network of over 10
leading automakers to install Apollo Self Driving (ASD) services in
its new vehicles.
- Guidehouse Insights (previously Navigant Research) has rated
Baidu in the "leader" category for the second consecutive year, the
only Chinese company honored among the four AI companies selected
globally for this category. Apollo's open platform, to empower Jidu
and other automakers as well as Apollo Go robotaxi, puts Apollo in
a unique position to be well funded and widely adopted.
- DuerOS for Auto, powering infotainment, has been installed in
over 1.5 million new vehicles, recorded Q1 2021 installation more
than doubled from the prior year.
Other Growth Initiatives
- DuerOS monthly voice queries reached 6.6 billion with
first-party voice queries reaching 3.9 billion in March 2021.
- Xiaodu ranked No.1 in smart display shipments globally and No.1
in smart speaker shipments in China for 2020, according to IDC, Strategy
Analytics and Canalys.
- Xiaodu S12 smart pad for the education market was introduced in
March with an MSRP of 1,699.
- Baidu Kunlun completed its first round of funding at a
post-money valuation of $2 billion in
April 2021. Kunlun chips are designed
to optimize AI workload and improve cloud cost structure.
Mobile Ecosystem
- Baidu has strengthened its strong Internet foundation with
Baidu App monthly active users (MAUs) reaching 558 million and
daily logged in users reaching over 75% in March 2021.
- Baidu's AI building blocks are helping creators, service
providers and merchants better engage with users and perform user
life-time management:
- BJH publisher accounts grew 40% year over year to reached 4.2
million.
- Smart Mini Program MAUs reached 416 million, and the number of
SMPs grew 74% from a year ago; and
- Revenue from Managed Page accounted for 35% of Baidu Core's
online marketing revenue, up from 21% a year ago.
iQIYI
iQIYI subscribers reached 105.3 million as of March 31, 2021, serving as a strong foundation to
support its over 50 in-house studios and produce entertainment
blockbuster originals. iQIYI's net loss narrowed to RMB1.3 billion in Q1 21, compared to RMB 2.9 billion from a year ago.
First Quarter 2021 Results
Total revenues were RMB 28.1
billion ($4.29 billion),
increasing 25% year over year.
- Revenue from Baidu Core was RMB
20.5 billion ($3.13 billion),
increasing 34% year over year. Online marketing revenue was
RMB 16.3 billion ($2.48 billion), up 27% year over year.
Non-marketing revenue was RMB 4.2
billion ($646 million), up 70%
year over year, driven by cloud and other services.
- Revenue from iQIYI was RMB 8.0
billion ($1.22 billion),
increasing 4% year over year.
Cost of revenues was RMB 15.0
billion ($2.29 billion),
increasing 2% year over year, primarily due to an increase in
traffic acquisition costs and cost of goods sold, offset by a
decrease in content costs and the amortization/impairment of
intangible assets.
Selling, general and administrative expenses were
RMB 5.2 billion ($800 million), increasing 36% year over year,
primarily due to an increase in channel spending and promotional
expenses.
Research and development expense was RMB 5.1 billion ($778
million), increasing 15% year over year, primarily related
to personnel-related expenses.
Operating income was RMB 2.8
billion ($426 million).
Baidu Core operating income was RMB
3.8 billion ($587 million),
and Baidu Core operating margin was 19%. Non-GAAP operating
income was RMB 4.4 billion
($666 million). Non-GAAP Baidu
Core operating income was RMB 5.1
billion ($773 million), and
non-GAAP Baidu Core operating margin was 25%.
Total other income, net was RMB
23.8 billion ($3.63 billion),
which included a fair value gain of RMB 23.7
billion from long-term investments, mainly including a gain from the
investment in Kuaishou Technology.
Income tax expense was RMB 1.5
billion ($234 million),
compared to RMB 198 million last
year, primarily due to the increase in profit.
Net income attributable to Baidu was RMB 25.7 billion ($3.92
billion), and diluted earnings per ADS was RMB 73.76 ($11.26).
Net income attributable to Baidu Core was RMB 26.4 billion ($4.02
billion). Non-GAAP net income attributable to Baidu
was RMB 4.3 billion ($656 million), and non-GAAP diluted earnings per
ADS was RMB 12.38 ($1.89). Non-GAAP net income attributable to
Baidu Core was RMB 4.9 billion
($743 million).
Adjusted EBITDA was RMB 5.9
billion ($901 million).
Adjusted EBITDA for Baidu Core was RMB 6.5 billion ($990
million) and adjusted EBITDA margin for Baidu Core was
32%.
As of March 31, 2021, cash,
cash equivalents, restricted cash and short-term investments
were RMB 172.9 billion ($26.40 billion), and cash, cash equivalents,
restricted cash and short-term investments excluding iQIYI were
RMB 159.6 billion ($24.37 billion). Free cash flow was
RMB 2.6 billion ($400 million), and free cash flow excluding
iQIYI was RMB 4.0 billion
($615 million).
Financial Guidance
For the second quarter of 2021, Baidu expects revenues to be
between RMB 29.7 billion
($4.5 billion) and RMB 32.5 billion ($5.0
billion), representing a growth rate of 14% to 25% year over
year, which assumes that Baidu Core revenue will grow between 20%
and 33% year over year. This guidance does not include potential
contribution from an 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
8:00 AM on May
18, 2021, U.S. Eastern Time (8:00
PM on May 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/4696103. It will
automatically direct you to the registration page of "Baidu Q1 2021
Earnings Conference Call", where you may fill in your details for
RSVP. If it requires you to enter a participant conference ID,
please enter "4696103".
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
2021:
International:
|
+61 2 8199
0299
|
Conference
ID:
|
4696103
|
About Baidu
Founded in 2000, Baidu's mission is to make the complicated
world simpler through technology. Baidu is a leading AI company
with strong Internet foundation, trading on the NASDAQ under "BIDU"
and HKEX under "9888". One Baidu ADS represents eight Class A
ordinary shares.
Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for the second 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 announcements made on the website of The
Stock Exchange of Hong Kong Limited (the "Hong Kong Stock
Exchange"), in its annual report to shareholders, in press releases
and other written materials and in oral statements made by its
officers, directors or employees to third parties. Statements that
are not historical facts, including but not limited to statements
about Baidu's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Baidu's
growth strategies; its future business development, including
development of new products and services; its ability to attract
and retain users and customers; competition in the Chinese Internet
search and newsfeed market; competition for online marketing
customers; changes in the Company's revenues and certain cost or
expense items as a percentage of its revenues; the outcome of
ongoing, or any future, litigation or arbitration, including those
relating to intellectual property rights; the expected growth of
the Chinese-language Internet search and newsfeed market and the
number of Internet and broadband users in China; Chinese governmental policies relating
to the Internet and Internet search providers, and general economic
conditions in China and elsewhere.
Further information regarding these and other risks is included in
the Company's annual report on Form 20-F and other documents filed
with the Securities and Exchange Commission, and announcements on
the website of the Hong Kong Stock Exchange. Baidu does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. All information provided
in this press release and in the attachments is as of the date of
the press release, and Baidu undertakes no duty to update such
information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented
in accordance with GAAP, Baidu uses the following non-GAAP
financial measures: non-GAAP operating income (loss), non-GAAP
operating margin, non-GAAP net income (loss) attributable to Baidu,
non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted
EBITDA, adjusted EBITDA margin and free cash flow. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding certain items that may not be indicative of
its recurring core business operating results, such as operating
performance excluding non-cash charges or non-operating in nature.
The Company believes that both management and investors benefit
from referring to these non-GAAP financial measures in assessing
its performance and when planning and forecasting future periods.
These non-GAAP financial measures also facilitate management's
internal comparisons to Baidu's historical performance and
liquidity. The Company believes these non-GAAP financial measures
are useful to investors in allowing for greater transparency with
respect to supplemental information used by management in its
financial and operational decision making. A limitation of using
these non-GAAP financial measures is that these non-GAAP measures
exclude certain items that have been and will continue to be for
the foreseeable future a significant component in the Company's
results of operations. These non-GAAP financial measures
presented here may not be comparable to similarly titled measures
presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as
comparative measures to the Company's data.
Non-GAAP operating income represents operating income excluding
share-based compensation expenses 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.
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 per share (or ADS) information, unaudited)
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
|
|
2020
|
|
2020
|
|
2021
|
|
2021
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$(2)
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Online
marketing services
|
|
14,243
|
|
20,708
|
|
18,094
|
|
2,762
|
|
Others
|
|
8,302
|
|
9,555
|
|
10,040
|
|
1,532
|
|
Total
revenues
|
|
22,545
|
|
30,263
|
|
28,134
|
|
4,294
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
14,687
|
|
14,522
|
|
15,002
|
|
2,290
|
|
Selling, general and
administrative(1)
|
|
3,852
|
|
5,094
|
|
5,245
|
|
800
|
|
Research and
development(1)
|
|
4,443
|
|
5,670
|
|
5,098
|
|
778
|
|
Total costs
and expenses
|
|
22,982
|
|
25,286
|
|
25,345
|
|
3,868
|
|
Operating
(loss) income
|
|
(437)
|
|
4,977
|
|
2,789
|
|
426
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
1,441
|
|
1,308
|
|
1,233
|
|
187
|
|
Interest
expense
|
|
(751)
|
|
(777)
|
|
(823)
|
|
(126)
|
|
Foreign
exchange (loss) income, net
|
|
(98)
|
|
(346)
|
|
156
|
|
24
|
|
Share of income (loss)
from
equity method
investments
|
|
181
|
|
(151)
|
|
(151)
|
|
(23)
|
|
Others,
net
|
|
(1,816)
|
|
499
|
|
23,362
|
|
3,566
|
|
Total other
(loss) income, net
|
|
(1,043)
|
|
533
|
|
23,777
|
|
3,628
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income before income taxes
|
|
(1,480)
|
|
5,510
|
|
26,566
|
|
4,054
|
|
Income tax
expense
|
|
198
|
|
1,026
|
|
1,534
|
|
234
|
|
Net (loss)
income
|
|
(1,678)
|
|
4,484
|
|
25,032
|
|
3,820
|
|
Net loss
attributable to noncontrolling interests
|
|
(1,719)
|
|
(690)
|
|
(621)
|
|
(95)
|
|
Net income
attributable to Baidu
|
|
41
|
|
5,174
|
|
25,653
|
|
3,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per ADS (1
ADS representing 8 Class A ordinary shares):
|
|
|
|
|
|
|
|
-Basic
|
|
0.05
|
|
15.28
|
|
76.10
|
|
11.62
|
|
-Diluted
|
|
0.02
|
|
15.05
|
|
73.76
|
|
11.26
|
|
Earnings per share
for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
-Basic
|
|
0.01
|
|
1.91
|
|
9.51
|
|
1.45
|
|
-Diluted
|
|
-
|
|
1.88
|
|
9.22
|
|
1.41
|
|
Weighted average
number of Class A and Class B ordinary shares outstanding (in
millions):
|
|
|
|
|
|
-Basic
|
|
2,766
|
|
2,696
|
|
2,692
|
|
2,692
|
|
-Diluted
|
|
2,781
|
|
2,736
|
|
2,777
|
|
2,777
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
81
|
|
91
|
|
79
|
|
12
|
|
Selling,
general and administrative
|
|
464
|
|
480
|
|
471
|
|
72
|
|
Research and
development
|
|
945
|
|
1,408
|
|
949
|
|
146
|
|
Total
share-based compensation expenses
|
|
1,490
|
|
1,979
|
|
1,499
|
|
230
|
|
|
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of RMB
6.5518 to US$1.00, the exchange rate in effect as of March 31,
2021 as set forth in the H.10 statistical release of The Board of
Governors of the Federal Reserve System.
|
Baidu,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
March
31,
|
|
March
31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
35,782
|
|
41,544
|
|
6,340
|
Restricted
cash
|
|
758
|
|
10,607
|
|
1,618
|
Short-term
investments, net
|
|
126,402
|
|
120,794
|
|
18,437
|
Accounts
receivable, net
|
|
8,668
|
|
8,492
|
|
1,296
|
Amounts due
from related parties
|
|
726
|
|
741
|
|
113
|
Other current
assets, net
|
|
11,006
|
|
9,451
|
|
1,443
|
Total current assets
|
|
183,342
|
|
191,629
|
|
29,247
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
Fixed assets,
net
|
|
17,508
|
|
17,681
|
|
2,699
|
Licensed
copyrights, net
|
|
6,435
|
|
6,516
|
|
995
|
Produced
content, net
|
|
6,556
|
|
7,281
|
|
1,111
|
Intangible
assets, net
|
|
2,022
|
|
1,921
|
|
293
|
Goodwill
|
|
22,248
|
|
22,248
|
|
3,396
|
Long-term
investments, net
|
|
76,233
|
|
101,771
|
|
15,533
|
Amounts due
from related parties
|
|
3,438
|
|
3,440
|
|
525
|
Deferred tax
assets, net
|
|
1,674
|
|
1,379
|
|
210
|
Operating lease
right-of-use assets
|
|
9,804
|
|
9,655
|
|
1,474
|
Other
non-current assets
|
|
3,448
|
|
15,827
|
|
2,417
|
Total non-current assets
|
|
149,366
|
|
187,719
|
|
28,653
|
|
|
|
|
|
|
|
Total
assets
|
|
332,708
|
|
379,348
|
|
57,900
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Short-term
loans
|
|
3,016
|
|
2,230
|
|
340
|
Accounts payable and
accrued liabilities
|
|
36,716
|
|
35,902
|
|
5,480
|
Customer deposits and
deferred revenue
|
|
12,626
|
|
12,504
|
|
1,908
|
Deferred
income
|
|
158
|
|
144
|
|
22
|
Long-term loans,
current portion
|
|
7,427
|
|
7,457
|
|
1,138
|
Convertible senior
notes, current portion
|
|
4,752
|
|
4,808
|
|
734
|
Notes payable,
current portion
|
|
-
|
|
-
|
|
-
|
Amounts due to
related parties
|
|
1,324
|
|
1,468
|
|
224
|
Operating lease
liabilities
|
|
2,366
|
|
2,377
|
|
363
|
Total current liabilities
|
|
68,385
|
|
66,890
|
|
10,209
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
Deferred
income
|
|
97
|
|
104
|
|
16
|
Deferred
revenue
|
|
686
|
|
685
|
|
105
|
Amounts due to
related parties
|
|
3,543
|
|
3,524
|
|
538
|
Long-term
loans
|
|
-
|
|
-
|
|
-
|
Notes
payable
|
|
48,408
|
|
48,601
|
|
7,418
|
Convertible senior
notes
|
|
11,927
|
|
12,670
|
|
1,934
|
Deferred tax
liabilities
|
|
3,067
|
|
3,171
|
|
484
|
Operating lease
liabilities
|
|
4,693
|
|
4,535
|
|
692
|
Other non-current
liabilities
|
|
59
|
|
53
|
|
8
|
Total non-current liabilities
|
|
72,480
|
|
73,343
|
|
11,195
|
|
|
|
|
|
|
|
Total
liabilities
|
|
140,865
|
|
140,233
|
|
21,404
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
3,102
|
|
3,340
|
|
510
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Total Baidu shareholders' equity
|
|
182,696
|
|
229,814
|
|
35,076
|
Noncontrolling interests
|
|
6,045
|
|
5,961
|
|
910
|
Total
equity
|
|
188,741
|
|
235,775
|
|
35,986
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling
interests, and equity
|
|
332,708
|
|
379,348
|
|
57,900
|
Baidu,
Inc.
|
Selected
Information
|
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
March 31, 2020 (RMB)
|
|
Three months
ended
December 31, 2020 (RMB)
|
|
Three months
ended
March 31, 2021 (RMB)
|
|
Three months
ended
March 31, 2021 (US$)
|
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(2)
|
|
Baidu,
Inc.
|
Total
revenues
|
|
15,268
|
7,650
|
(373)
|
|
22,545
|
|
23,111
|
7,458
|
(306)
|
|
30,263
|
|
20,483
|
7,968
|
(317)
|
|
28,134
|
|
3,126
|
1,216
|
(48)
|
|
4,294
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34%
|
4%
|
|
|
25%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11%)
|
7%
|
|
|
(7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (1)
|
|
7,088
|
7,903
|
(304)
|
|
14,687
|
|
7,997
|
6,785
|
(260)
|
|
14,522
|
|
8,162
|
7,109
|
(269)
|
|
15,002
|
|
1,246
|
1,085
|
(41)
|
|
2,290
|
Selling,
general and administrative (1)
|
|
2,560
|
1,311
|
(19)
|
|
3,852
|
|
3,787
|
1,317
|
(10)
|
|
5,094
|
|
4,048
|
1,201
|
(4)
|
|
5,245
|
|
618
|
183
|
(1)
|
|
800
|
Research and
development (1)
|
|
3,772
|
678
|
(7)
|
|
4,443
|
|
5,007
|
663
|
-
|
|
5,670
|
|
4,426
|
672
|
-
|
|
5,098
|
|
675
|
103
|
-
|
|
778
|
Total costs and
expenses
|
|
13,420
|
9,892
|
(330)
|
|
22,982
|
|
16,791
|
8,765
|
(270)
|
|
25,286
|
|
16,636
|
8,982
|
(273)
|
|
25,345
|
|
2,539
|
1,371
|
(42)
|
|
3,868
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15%
|
(10%)
|
|
|
2%
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58%
|
(8%)
|
|
|
36%
|
|
|
|
|
|
|
Research
and development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17%
|
(1%)
|
|
|
15%
|
|
|
|
|
|
|
Cost and
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24%
|
(9%)
|
|
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
1,848
|
(2,242)
|
(43)
|
|
(437)
|
|
6,320
|
(1,307)
|
(36)
|
|
4,977
|
|
3,847
|
(1,014)
|
(44)
|
|
2,789
|
|
587
|
(155)
|
(6)
|
|
426
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108%
|
(55%)
|
|
|
-
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(39%)
|
(22%)
|
|
|
(44%)
|
|
|
|
|
|
|
Operating
margin
|
|
12%
|
(29%)
|
|
|
(2%)
|
|
27%
|
(18%)
|
|
|
16%
|
|
19%
|
(13%)
|
|
|
10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total
other (loss) income,net
|
|
(414)
|
(629)
|
-
|
|
(1,043)
|
|
774
|
(241)
|
-
|
|
533
|
|
23,999
|
(222)
|
-
|
|
23,777
|
|
3,662
|
(34)
|
-
|
|
3,628
|
Less: income
tax expense
|
|
193
|
5
|
-
|
|
198
|
|
1,042
|
(16)
|
-
|
|
1,026
|
|
1,513
|
21
|
-
|
|
1,534
|
|
231
|
3
|
-
|
|
234
|
Less: net
(loss) income attributable to NCI
|
|
(457)
|
(1)
|
(1,261)
|
(3)
|
(1,719)
|
|
16
|
16
|
(722)
|
(3)
|
(690)
|
|
(21)
|
10
|
(610)
|
(3)
|
(621)
|
|
(4)
|
2
|
(93)
|
(3)
|
(95)
|
Net income (loss)
attributable to Baidu
|
|
1,698
|
(2,875)
|
1,218
|
|
41
|
|
6,036
|
(1,548)
|
686
|
|
5,174
|
|
26,354
|
(1,267)
|
566
|
|
25,653
|
|
4,022
|
(194)
|
87
|
|
3,915
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1452%
|
(56%)
|
|
|
62468%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
337%
|
(18%)
|
|
|
396%
|
|
|
|
|
|
|
Net
margin
|
|
11%
|
(38%)
|
|
|
0%
|
|
26%
|
(21%)
|
|
|
17%
|
|
129%
|
(16%)
|
|
|
91%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP financial
measures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) (non-GAAP)
|
|
3,348
|
(1,868)
|
|
|
1,437
|
|
8,031
|
(940)
|
|
|
7,055
|
|
5,064
|
(658)
|
|
|
4,362
|
|
773
|
(101)
|
|
|
666
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51%
|
(65%)
|
|
|
204%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(37%)
|
(30%)
|
|
|
(38%)
|
|
|
|
|
|
|
Operating margin
(non-GAAP)
|
|
22%
|
(24%)
|
|
|
6%
|
|
35%
|
(13%)
|
|
|
23%
|
|
25%
|
(8%)
|
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
4,519
|
(2,482)
|
|
|
3,082
|
|
7,533
|
(1,177)
|
|
|
6,868
|
|
4,870
|
(1,021)
|
|
|
4,297
|
|
743
|
(156)
|
|
|
656
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8%
|
(59%)
|
|
|
39%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35%)
|
(13%)
|
|
|
(37%)
|
|
|
|
|
|
|
Net margin
(non-GAAP)
|
|
30%
|
(32%)
|
|
|
14%
|
|
33%
|
(16%)
|
|
|
23%
|
|
24%
|
(13%)
|
|
|
15%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
4,641
|
(1,746)
|
|
|
2,852
|
|
9,422
|
(822)
|
|
|
8,564
|
|
6,487
|
(543)
|
|
|
5,900
|
|
990
|
(83)
|
|
|
901
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40%
|
(69%)
|
|
|
107%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31%)
|
(34%)
|
|
|
(31%)
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
|
30%
|
(23%)
|
|
|
13%
|
|
41%
|
(11%)
|
|
|
28%
|
|
32%
|
(7%)
|
|
|
21%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
34
|
47
|
|
|
81
|
|
46
|
45
|
|
|
91
|
|
33
|
46
|
|
|
79
|
|
5
|
7
|
|
|
12
|
Selling,
general and administrative
|
|
273
|
191
|
|
|
464
|
|
255
|
225
|
|
|
480
|
|
256
|
215
|
|
|
471
|
|
39
|
33
|
|
|
72
|
Research and
development
|
|
877
|
68
|
|
|
945
|
|
1,329
|
79
|
|
|
1,408
|
|
866
|
83
|
|
|
949
|
|
133
|
13
|
|
|
146
|
Total
share-based compensation
|
|
1,184
|
306
|
|
|
1,490
|
|
1,630
|
349
|
|
|
1,979
|
|
1,155
|
344
|
|
|
1,499
|
|
177
|
53
|
|
|
230
|
(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, 2020
(RMB)
|
|
December 31, 2020
(RMB)
|
|
March 31, 2021
(RMB)
|
|
March 31, 2021
(US$)
|
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
excl.
iQIYI
|
iQIYI
|
Baidu,
Inc.
|
Net cash provided
by (used in) operating activities
|
|
2,801
|
(604)
|
2,197
|
|
7,546
|
(1,519)
|
6,027
|
|
5,467
|
(1,350)
|
4,117
|
|
834
|
(206)
|
628
|
Net cash (used in)
provided by investing activities
|
|
(11,084)
|
(1,610)
|
(12,694)
|
|
(1,196)
|
281
|
(915)
|
|
(4,579)
|
(2,778)
|
(7,357)
|
|
(699)
|
(424)
|
(1,123)
|
Net cash (used in)
provided by financing activities
|
|
(1,296)
|
(79)
|
(1,375)
|
|
4,185
|
8,392
|
12,577
|
|
18,018
|
611
|
18,629
|
|
2,749
|
93
|
2,842
|
Effect of exchange
rate changes on cash, cash
equivalents and restricted cash
|
|
139
|
64
|
203
|
|
(209)
|
(32)
|
(241)
|
|
251
|
(29)
|
222
|
|
38
|
(4)
|
34
|
Net (decrease)
increase in cash, cash
equivalents and restricted cash
|
|
(9,440)
|
(2,229)
|
(11,669)
|
|
10,326
|
7,122
|
17,448
|
|
19,157
|
(3,546)
|
15,611
|
|
2,922
|
(541)
|
2,381
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At beginning
of period
|
|
27,529
|
6,910
|
34,439
|
|
15,273
|
3,819
|
19,092
|
|
25,599
|
10,941
|
36,540
|
|
3,907
|
1,670
|
5,577
|
At end of
period
|
|
18,089
|
4,681
|
22,770
|
|
25,599
|
10,941
|
36,540
|
|
44,756
|
7,395
|
52,151
|
|
6,829
|
1,129
|
7,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating
activities
|
|
2,801
|
(604)
|
2,197
|
|
7,546
|
(1,519)
|
6,027
|
|
5,467
|
(1,350)
|
4,117
|
|
834
|
(206)
|
628
|
Less: Capital
expenditures
|
|
(478)
|
(67)
|
(545)
|
|
(2,151)
|
(27)
|
(2,178)
|
|
(1,438)
|
(61)
|
(1,499)
|
|
(219)
|
(9)
|
(228)
|
Free cash
flow
|
|
2,323
|
(671)
|
1,652
|
|
5,395
|
(1,546)
|
3,849
|
|
4,029
|
(1,411)
|
2,618
|
|
615
|
(215)
|
400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Baidu excl.
iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash
flows.
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures
|
|
|
|
|
|
|
|
|
|
(In millions except
for per ADS information, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
|
March 31, 2020
(RMB)
|
|
December 31, 2020
(RMB)
|
|
March 31, 2021
(RMB)
|
|
March 31, 2021
(US$)
|
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
Operating income
(loss)
|
|
1,848
|
(2,242)
|
(437)
|
|
6,320
|
(1,307)
|
4,977
|
|
3,847
|
(1,014)
|
2,789
|
|
587
|
(155)
|
426
|
Add:
Share-based compensation expenses
|
|
1,184
|
306
|
1,490
|
|
1,630
|
349
|
1,979
|
|
1,155
|
344
|
1,499
|
|
177
|
53
|
230
|
Add:
Amortization and impairment of intangible
assets(1)
|
|
316
|
68
|
384
|
|
81
|
18
|
99
|
|
62
|
12
|
74
|
|
9
|
1
|
10
|
Operating income
(loss) (non-GAAP)
|
|
3,348
|
(1,868)
|
1,437
|
|
8,031
|
(940)
|
7,055
|
|
5,064
|
(658)
|
4,362
|
|
773
|
(101)
|
666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation of fixed assets
|
|
1,293
|
122
|
1,415
|
|
1,391
|
118
|
1,509
|
|
1,423
|
115
|
1,538
|
|
217
|
18
|
235
|
Adjusted
EBITDA
|
|
4,641
|
(1,746)
|
2,852
|
|
9,422
|
(822)
|
8,564
|
|
6,487
|
(543)
|
5,900
|
|
990
|
(83)
|
901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
|
1,698
|
(2,875)
|
41
|
|
6,036
|
(1,548)
|
5,174
|
|
26,354
|
(1,267)
|
25,653
|
|
4,022
|
(194)
|
3,915
|
Add: Share-based
compensation expenses
|
|
1,177
|
306
|
1,348
|
|
1,618
|
349
|
1,802
|
|
1,146
|
344
|
1,325
|
|
175
|
53
|
203
|
Add: Amortization and
impairment of intangible assets(1)
|
|
223
|
68
|
267
|
|
67
|
18
|
78
|
|
55
|
12
|
61
|
|
8
|
1
|
9
|
Add: Disposal loss
(gain)
|
|
(252)
|
-
|
(252)
|
|
(28)
|
-
|
(28)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: Impairment of
long-term investments
|
|
1,615
|
25
|
1,630
|
|
147
|
-
|
147
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: Fair value loss
(gain) of long-term investments
|
|
(89)
|
-
|
(89)
|
|
(380)
|
(1)
|
(380)
|
|
(23,545)
|
(88)
|
(23,590)
|
|
(3,594)
|
(13)
|
(3,601)
|
Add: Reconciling
items on equity method investments(2)
|
|
450
|
10
|
456
|
|
250
|
9
|
256
|
|
593
|
(20)
|
583
|
|
91
|
(3)
|
89
|
Add: Tax effects on
non-GAAP adjustments(3)
|
|
(303)
|
(16)
|
(319)
|
|
(177)
|
(4)
|
(181)
|
|
267
|
(2)
|
265
|
|
41
|
-
|
41
|
Net income (loss)
attributable to Baidu (non-GAAP)
|
|
4,519
|
(2,482)
|
3,082
|
|
7,533
|
(1,177)
|
6,868
|
|
4,870
|
(1,021)
|
4,297
|
|
743
|
(156)
|
656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
per ADS
|
|
|
|
0.02
|
|
|
|
15.05
|
|
|
|
73.76
|
|
|
|
11.26
|
Add: Accretion
of the redeemable noncontrolling interests
|
|
|
|
0.07
|
|
|
|
0.08
|
|
|
|
0.14
|
|
|
|
0.02
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
|
8.75
|
|
|
|
4.95
|
|
|
|
(61.52)
|
|
|
|
(9.39)
|
Diluted earnings
per ADS (non-GAAP)
|
|
|
|
8.84
|
|
|
|
20.08
|
|
|
|
12.38
|
|
|
|
1.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This represents
amortization and impairment of intangible assets resulting from
business combinations.
|
(2) This represents
Baidu's share of equity method investments for other non-GAAP
reconciling items, amortization and impairment of intangible assets
not on the investee's books, accretion of their
redeemable noncontrolling interests, and the gain or loss
associated with the issuance of shares by the investees at a price
higher or lower than the carrying value per shares.
|
(3) Tax impact of
non-GAAP adjustments is separately presented from 2020Q4, with
comparative periods retrospectively adjusted.
|
View original
content:http://www.prnewswire.com/news-releases/baidu-announces-first-quarter-2021-results-301293372.html
SOURCE Baidu, Inc.