Baidu Announces Fourth Quarter and Fiscal Year 2024 Results
BEIJING, Feb. 18, 2025 /PRNewswire/ -- Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) ("Baidu" or the "Company"), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2024.
"2024 marked a pivotal year in our ongoing transformation from an internet-centric to an AI-first business. AI Cloud gained momentum, fueled by broad market recognition of our full stack AI capabilities. In Mobile Ecosystem, we have been steadfast in advancing the AI transformation, making search more AI-native to deliver a better user experience. Apollo Go, after years of investment, validated its business model, paving the way for global expansion and scalable, asset-light strategies," said Robin Li, Co-founder and CEO of Baidu. "With our strategic foresight increasingly validated, we expect our AI investments to deliver more significant results in 2025."
"Our AI Cloud business demonstrated robust momentum with fourth-quarter revenue growth accelerating to 26% year over year, offsetting the softness in online marketing business," said Junjie He, Interim CFO of Baidu. "While navigating near-term pressures, we are confident that our strategic AI investments will drive meaningful progress and foster long-term success."
Fourth Quarter and Fiscal Year 2024 Financial Highlights([1])
Baidu, Inc.
(In millions except per Q4 Q3 Q4 FY FY
ADS, unaudited) 2023 2024 2024 YOY 2023 2024 YOY
RMB RMB RMB US$ RMB RMB US$
Total revenues 34,951 33,557 34,124 4,675 (2 %) 134,598 133,125 18,238 (1 %)
Operating income 5,392 5,925 3,917 537 (27 %) 21,856 21,270 2,914 (3 %)
Operating income 7,075 7,014 5,047 691 (29 %) 28,433 26,234 3,594 (8 %)
(non-GAAP) [2]
Net income to Baidu 2,599 7,632 5,192 711 100 % 20,315 23,760 3,255 17 %
Net income to Baidu 7,755 5,886 6,709 919 (13 %) 28,747 27,002 3,699 (6 %)
(non-GAAP) [2]
Diluted earnings per 6.77 21.60 14.26 1.95 111 % 55.08 65.91 9.03 20 %
ADS
Diluted earnings per 21.86 16.60 19.18 2.63 (12 %) 80.85 76.85 10.53 (5 %)
ADS (non-GAAP) [2]
Adjusted EBITDA [2] 9,057 8,733 6,954 953 (23 %) 35,823 33,078 4,532 (8 %)
Adjusted EBITDA 26 % 26 % 20 % 20 % 27 % 25 % 25 %
margin
Baidu Core
Q4 Q3 Q4 FY FY
(In millions, unaudited) 2023 2024 2024 YOY 2023 2024 YOY
RMB RMB RMB US$ RMB RMB US$
Total revenues 27,488 26,524 27,698 3,795 1 % 103,465 104,712 14,345 1 %
Operating income 4,668 5,694 3,638 498 (22 %) 18,825 19,478 2,668 3 %
Operating income 6,197 6,652 4,647 637 (25 %) 24,748 23,890 3,273 (3 %)
(non-GAAP) [2]
Net income to Baidu 2,440 7,536 5,283 724 117 % 19,401 23,431 3,210 21 %
Core
Net income to Baidu 7,500 5,676 6,741 924 (10 %) 27,418 26,335 3,608 (4 %)
Core (non-GAAP) [2]
Adjusted EBITDA [2] 8,118 8,336 6,516 893 (20 %) 31,863 30,587 4,190 (4 %)
Adjusted EBITDA 30 % 31 % 24 % 24 % 31 % 29 % 29 %
margin
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.2993 as of December 31, 2024,
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).
Operational Highlights
Corporate
-- Baidu returned US$356 million to shareholders since Q4 2024, bringing
the cumulative repurchase to over US$1 billion since 2024 and to US$1.7
billion under the 2023 share repurchase program.
-- Baidu earned a position in the global edition of the S&P Global
Sustainability Yearbook for the first time, demonstrating its further
advancement in ESG performance. The selection stems from a comprehensive
evaluation of 7,690 companies globally as part of the S&P Global 2024
Corporate Sustainability Assessment, underscoring Baidu's sustainability
practices.
-- Forbes China placed Baidu on its 2024 China ESG 50 list.
AI Cloud
-- ERNIE handled approximately 1.65 billion API calls daily in December
2024, with external API calls increasing by 178% quarter over quarter,
highlighting particularly strong momentum.
-- The MAU of Baidu Wenku's AI-enabled features reached 94 million in
December 2024, with a 216% year over year and an 83% quarter over
quarter increase.
Intelligent Driving
-- Apollo Go, Baidu's autonomous ride-hailing service, provided over 1.1
million rides in the fourth quarter of 2024, up 36% year over year.
-- In January 2025, accumulated rides provided to the public by Apollo Go
surpassed 9 million.
-- In November 2024, Apollo Go was granted permits to conduct autonomous
driving testing on public roads in Hong Kong, making Apollo Go the first
and only of its kind to receive robotaxi testing authorization in the
region. This marks Apollo Go's first entry into a right-hand drive,
left-hand traffic market.
-- Apollo Go has commenced 100% fully driverless operations across China
since February 2025.
Mobile Ecosystem
-- In December 2024, Baidu App's MAUs reached 679 million, up 2% year over
year.
-- Managed Page accounted for 48% of Baidu Core's online marketing revenue
in the fourth quarter of 2024.
Fourth Quarter 2024 Financial Results
Total revenues were RMB34.1 billion ($4.68 billion), decreasing 2% year over year.
-- Revenue from Baidu Core was RMB27.7 billion ($3.80 billion), increasing
1% year over year; online marketing revenue was RMB17.9 billion ($2.46
billion), decreasing 7% year over year, and non-online marketing revenue
was RMB9.8 billion ($1.34 billion), up 18% year over year, mainly driven
by AI Cloud business.
-- Revenue from iQIYI was RMB6.6 billion ($906 million), decreasing 14%
year over year.
Cost of revenues was RMB18.0 billion ($2.47 billion), increasing 3% year over year, primarily due to an increase in traffic acquisition costs, costs related to AI Cloud business and a one-time write-down of inventories, partially offset by a decrease in personnel-related expenses and content costs.
Selling, general and administrative expenses were RMB6.7 billion ($915 million), increasing 14% year over year, primarily due to an increase in expected credit losses, and channel spending and promotional marketing expenses, partially offset by a decrease in personnel-related expenses. RMB561 million of the increase in expected credit losses was pertaining to a one-time accrual.
Research and development expenses were RMB5.5 billion ($756 million), decreasing 12% year over year, primarily due to a decrease in personnel-related expenses, partially offset by an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.
Operating income was RMB3.9 billion ($537 million) in Q4, compared to RMB5.4 billion for the same period last year. Baidu Core operating income was RMB3.6 billion ($498 million), and Baidu Core operating margin was 13% in Q4, compared to RMB4.7 billion and 17% for the same period last year. The decrease was due to one-time losses of RMB1.0 billion including accrual of expected credit losses, write-down of inventories and others. Non-GAAP operating income was RMB5.0 billion ($691 million). Non-GAAP Baidu Core operating income was RMB4.6 billion ($637 million), and non-GAAP Baidu Core operating margin was 17%.
Total other income, net was RMB2.7 billion ($364 million), compared to total other loss, net of RMB2.5 billion for the same period last year, mainly due to an increase in net foreign exchange gain arising from exchange rate fluctuation between Renminbi and U.S. dollar, and a decrease in pickup of losses from an equity method investment, which modified certain terms of its preferred shares and resulted in significant loss pickup in 2023.
Income tax expense was RMB1.6 billion ($222 million), compared to income tax benefit of RMB96 million for the same period last year.
Net income attributable to Baidu was RMB5.2 billion ($711 million), and diluted earnings per ADS was RMB14.26 ($1.95). Net income attributable to Baidu Core was RMB5.3 billion ($724 million), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB6.7 billion ($919 million). Non-GAAP diluted earnings per ADS was RMB19.18 ($2.63). Non-GAAP net income attributable to Baidu Core was RMB6.7 billion ($924 million), and non-GAAP net margin for Baidu Core was 24%.
Adjusted EBITDA was RMB7.0 billion ($953 million) and adjusted EBITDA margin was 20%. Adjusted EBITDA for Baidu Core was RMB6.5 billion ($893 million) and adjusted EBITDA margin for Baidu Core was 24%.
As of December 31, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB139.1 billion ($19.06 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB134.7 billion ($18.45 billion). Free cash flow was RMB23 million ($3 million), and free cash flow excluding iQIYI was negative RMB476 million (negative $65 million).
Fiscal Year 2024 Results
Total revenues were RMB133.1 billion ($18.24 billion), decreasing 1% year over year.
-- Revenue from Baidu Core was RMB104.7 billion ($14.35 billion),
increasing 1% year over year; online marketing revenue was RMB73.0
billion ($10.00 billion), decreasing 3% year over year, and non-online
marketing revenue was RMB31.7 billion ($4.35 billion), up 12% year over
year, mainly driven by AI Cloud business.
-- Revenue from iQIYI was RMB29.2 billion ($4.00 billion), decreasing 8%
year over year.
Cost of revenues was RMB66.1 billion ($9.06 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs, bandwidth costs and server custody fees, partially offset by a decrease in personnel-related expenses and content costs.
Selling, general and administrative expenses were RMB23.6 billion ($3.24 billion), which remained flat compared to the same period last year.
Research and development expenses were RMB22.1 billion ($3.03 billion), decreasing 9% year over year, primarily due to a decrease in personnel-related expenses.
Operating income was RMB21.3 billion ($2.91 billion). Baidu Core operating income was RMB19.5 billion ($2.67 billion), and Baidu Core operating margin was 19%. Non-GAAP operating income was RMB26.2 billion ($3.59 billion). Non-GAAP Baidu Core operating income was RMB23.9 billion ($3.27 billion), and non-GAAP Baidu Core operating margin was 23%.
Total other income, net was RMB7.4 billion ($1.01 billion), increasing 120% year over year, primarily due to a decrease in pickup of losses from an equity method investment, which modified certain terms of its preferred shares and resulted in significant loss pickup in 2023.
Income tax expense was RMB4.4 billion ($609 million), compared to RMB3.6 billion in the same period last year.
Net income attributable to Baidu was RMB23.8 billion ($3.26 billion), and diluted earnings per ADS was RMB65.91 ($9.03). Net income attributable to Baidu Core was RMB23.4 billion ($3.21 billion), and net margin for Baidu Core was 22%. Non-GAAP net income attributable to Baidu was RMB27.0 billion ($3.70 billion). Non-GAAP diluted earnings per ADS was RMB76.85 ($10.53). Non-GAAP net income attributable to Baidu Core was RMB26.3 billion ($3.61 billion), and non-GAAP net margin for Baidu Core was 25%.
Adjusted EBITDA was RMB33.1 billion ($4.53 billion) and adjusted EBITDA margin was 25%. Adjusted EBITDA for Baidu Core was RMB30.6 billion ($4.19 billion) and adjusted EBITDA margin for Baidu Core was 29%.
Free cash flow was RMB13.1 billion ($1.80 billion), and free cash flow excluding iQIYI was RMB11.1 billion ($1.52 billion).
Conference Call Information
Baidu's management will hold an earnings conference call at 7.30 AM on February 18, 2025, U.S. Eastern Time (8.30 PM on February 18, 2025, Beijing Time).
Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of "Baidu Inc. Q4 2024 Earnings Conference Call". Please follow the steps to enter your registration details, then click "Register". Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.
For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10044727-f3pyuq.html
In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.
Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.
About Baidu
Founded in 2000, Baidu's mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under "BIDU" and HKEX under "9888". One Baidu ADS represents eight Class A ordinary shares.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, Baidu's and other parties' strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu's growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company's revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, 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, and fair value gain or loss 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 share, adjusted for related income tax effects, are also excluded.
Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.
For more information on non-GAAP financial measures, please see the tables captioned "Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure."
Baidu, Inc.
Condensed Consolidated Statements of Income
(In millions except for per share (or ADS) information, unaudited)
Three Months Ended
Twelve Months Ended
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2023 2024 2024 2024 2023 2024 2024
RMB RMB RMB US$ RMB RMB US$
(2) (2)
Revenues:
Online marketing services 20,804 20,108 19,340 2,650 81,203 78,563 10,763
Others 14,147 13,449 14,784 2,025 53,395 54,562 7,475
Total revenues 34,951 33,557 34,124 4,675 134,598 133,125 18,238
Costs and expenses:
Cost of revenues(1) 17,418 16,399 18,014 2,467 65,031 66,102 9,056
Selling, general and administrative(1) 5,854 5,867 6,678 915 23,519 23,620 3,236
Research and development(1) 6,287 5,366 5,515 756 24,192 22,133 3,032
Total costs and expenses 29,559 27,632 30,207 4,138 112,742 111,855 15,324
Operating income 5,392 5,925 3,917 537 21,856 21,270 2,914
Other (loss) income:
Interest income 2,064 1,877 2,001 274 8,009 7,962 1,091
Interest expense (774) (673) (643) (88) (3,248) (2,824) (387)
Foreign exchange (loss) gain, net (449) (1,096) 1,678 230 595 1,076 147
Share of (losses) earnings from equity method investments (2,970) 32 (399) (55) (3,799) (691) (95)
Others, net (398) 2,535 23 3 1,785 1,829 251
Total other (loss) income, net (2,527) 2,675 2,660 364 3,342 7,352 1,007
Income before income taxes 2,865 8,600 6,577 901 25,198 28,622 3,921
Income tax (benefit) expense (96) 814 1,619 222 3,649 4,447 609
Net income 2,961 7,786 4,958 679 21,549 24,175 3,312
Net income (loss) attributable to noncontrolling interests 362 154 (234) (32) 1,234 415 57
Net income attributable to Baidu 2,599 7,632 5,192 711 20,315 23,760 3,255
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic 6.85 21.93 14.41 1.97 55.83 66.40 9.10
-Diluted 6.77 21.60 14.26 1.95 55.08 65.91 9.03
Earnings per share for Class A and Class B ordinary shares:
-Basic 0.86 2.74 1.80 0.25 6.98 8.31 1.14
-Diluted 0.85 2.70 1.78 0.24 6.89 8.24 1.13
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic 2,812 2,785 2,775 2,775 2,807 2,790 2,790
-Diluted 2,830 2,789 2,783 2,783 2,837 2,798 2,798
(1) Includes share-based compensation expenses as follows:
Cost of revenues 159 104 103 14 590 461 63
Selling, general and administrative 411 328 297 41 1,678 1,427 195
Research and development 1,068 612 685 93 4,077 2,896 397
Total share-based compensation expenses 1,638 1,044 1,085 148 6,345 4,784 655
(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024 as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31, December 31, December 31,
2023 2024 2024
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 25,231 24,832 3,402
Restricted cash 11,503 11,697 1,602
Short-term investments, net 168,670 102,608 14,057
Accounts receivable, net 10,848 10,104 1,384
Amounts due from related parties 1,424 790 108
Other current assets, net 12,579 18,818 2,580
Total current assets 230,255 168,849 23,133
Non-current assets:
Fixed assets, net 27,960 30,102 4,124
Licensed copyrights, net 6,967 6,930 949
Produced content, net 13,377 14,695 2,013
Intangible assets, net 881 772 106
Goodwill 22,586 22,586 3,094
Long-term investments, net 47,957 41,721 5,716
Long-term time deposits and held-to-maturity investments 24,666 98,535 13,499
Amounts due from related parties 195 137 19
Deferred tax assets, net 2,100 2,193 300
Operating lease right-of-use assets 10,851 10,898 1,493
Prepayments and receivables related to the proposed acquisition of YY Live, net 13,198 13,547 1,856
Other non-current assets 5,766 16,815 2,304
Total non-current assets 176,504 258,931 35,473
Total assets 406,759 427,780 58,606
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans 10,257 10,669 1,462
Accounts payable and accrued liabilities 37,717 41,443 5,677
Customer deposits and deferred revenue 14,627 14,624 2,003
Deferred income 306 684 94
Long-term loans, current portion 2 168 23
Convertible senior notes, current portion 2,802 242 33
Notes payable, current portion 6,029 8,026 1,100
Amounts due to related parties 1,603 1,794 246
Operating lease liabilities 3,108 3,303 453
Total current liabilities 76,451 80,953 11,091
Non-current liabilities:
Deferred income 200 231 32
Deferred revenue 481 585 80
Amounts due to related parties 77 56 8
Long-term loans 14,223 15,596 2,137
Notes payable 34,990 27,996 3,835
Convertible senior notes 8,144 8,351 1,144
Deferred tax liabilities 2,725 3,870 530
Operating lease liabilities 5,040 4,973 681
Other non-current liabilities 1,820 1,557 213
Total non-current liabilities 67,700 63,215 8,660
Total liabilities 144,151 144,168 19,751
Redeemable noncontrolling interests 9,465 9,870 1,352
Equity
Total Baidu shareholders' equity 243,626 263,620 36,116
Noncontrolling interests 9,517 10,122 1,387
Total equity 253,143 273,742 37,503
Total liabilities, redeemable noncontrolling interests, and equity 406,759 427,780 58,606
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended Three months ended Three months ended Three months ended
December 31, 2023 (RMB) September 30, 2024 (RMB) December 31, 2024 (RMB) December 31, 2024 (US$)
Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu,
Core adj(2) Inc. Core adj(2) Inc. Core adj(2) Inc. Core adj(2) Inc.
Total revenues 27,488 7,707 (244) 34,951 26,524 7,246 (213) 33,557 27,698 6,613 (187) 34,124 3,795 906 (26) 4,675
YOY 1 % (14 %) (2 %)
QOQ 4 % (9 %) 2 %
Costs and expenses:
Cost of revenues (1) 12,050 5,533 (165) 17,418 10,923 5,650 (174) 16,399 13,180 4,995 (161) 18,014 1,806 684 (23) 2,467
Selling, general and administrative (1) 4,936 948 (30) 5,854 4,990 908 (31) 5,867 5,816 882 (20) 6,678 797 121 (3) 915
Research and development (1) 5,834 453 6,287 4,917 449 5,366 5,064 451 5,515 694 62 756
Total costs and expenses 22,820 6,934 (195) 29,559 20,830 7,007 (205) 27,632 24,060 6,328 (181) 30,207 3,297 867 (26) 4,138
YOY
Cost of revenues 9 % (10 %) 3 %
Selling, general and administrative 18 % (7 %) 14 %
Research and development (13 %) (0 %) (12 %)
Costs and expenses 5 % (9 %) 2 %
Operating income (loss) 4,668 773 (49) 5,392 5,694 239 (8) 5,925 3,638 285 (6) 3,917 498 39 537
YOY (22 %) (63 %) (27 %)
QOQ (36 %) 19 % (34 %)
Operating margin 17 % 10 % 15 % 21 % 3 % 18 % 13 % 4 % 11 %
Add: total other (loss) income, net (2,267) (260) (2,527) 2,667 8 2,675 3,125 (465) 2,660 428 (64) 364
Less: income tax (benefit) expense (134) 38 (96) 803 11 814 1,612 7 1,619 221 1 222
Less: net income (loss) attributable to NCI 95 9 258(3) 362 22 7 125(3) 154 (132) 2 (104)(3) (234) (19) (13)(3) (32)
Net income (loss) attributable to Baidu 2,440 466 (307) 2,599 7,536 229 (133) 7,632 5,283 (189) 98 5,192 724 (26) 13 711
YOY 117 % 100 %
QOQ (30 %) (32 %)
Net margin 9 % 6 % 7 % 28 % 3 % 23 % 19 % (3 %) 15 %
Non-GAAP financial measures:
Operating income (non-GAAP) 6,197 927 7,075 6,652 370 7,014 4,647 406 5,047 637 54 691
YOY (25 %) (56 %) (29 %)
QOQ (30 %) 10 % (28 %)
Operating margin (non-GAAP) 23 % 12 % 20 % 25 % 5 % 21 % 17 % 6 % 15 %
Net income (loss) attributable to Baidu (non-GAAP) 7,500 681 7,755 5,676 480 5,886 6,741 (59) 6,709 924 (9) 919
YOY (10 %) (13 %)
QOQ 19 % 14 %
Net margin (non-GAAP) 27 % 9 % 22 % 21 % 7 % 18 % 24 % (1 %) 20 %
Adjusted EBITDA 8,118 988 9,057 8,336 405 8,733 6,516 444 6,954 893 60 953
YOY (20 %) (55 %) (23 %)
QOQ (22 %) 10 % (20 %)
Adjusted EBITDA margin 30 % 13 % 26 % 31 % 6 % 26 % 24 % 7 % 20 %
(1) Includes share-based compensation as follows:
Cost of revenues 125 34 159 73 31 104 74 29 103 10 4 14
Selling, general and administrative 340 71 411 268 60 328 240 57 297 33 8 41
Research and development 1,020 48 1,068 574 38 612 652 33 685 90 3 93
Total share-based compensation 1,485 153 1,638 915 129 1,044 966 119 1,085 133 15 148
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income attributable to iQIYI noncontrolling interests
Baidu, Inc.
Selected Information
(In millions except for per ADS information, unaudited)
Twelve months ended Twelve months ended Twelve months ended
December 31, 2023 (RMB) December 31, 2024 (RMB) December 31, 2024 (US$)
Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu, Baidu iQIYI Elim & Baidu,
Core adj(2) Inc. Core adj(2) Inc. Core adj(2) Inc.
Total revenues 103,465 31,873 (740) 134,598 104,712 29,225 (812) 133,125 14,345 4,004 (111) 18,238
YOY 1 % (8 %) (1 %)
Costs and expenses:
Cost of revenues (1) 42,592 23,103 (664) 65,031 44,830 21,954 (682) 66,102 6,142 3,008 (94) 9,056
Selling, general and administrative (1) 19,623 4,014 (118) 23,519 20,049 3,682 (111) 23,620 2,747 504 (15) 3,236
Research and development (1) 22,425 1,767 24,192 20,355 1,778 22,133 2,788 244 3,032
Total costs and expenses 84,640 28,884 (782) 112,742 85,234 27,414 (793) 111,855 11,677 3,756 (109) 15,324
YOY
Cost of revenues 5 % (5 %) 2 %
Selling, general and administrative 2 % (8 %) 0 %
Research and development (9 %) 1 % (9 %)
Cost and expenses 1 % (5 %) (1 %)
Operating income (loss) 18,825 2,989 42 21,856 19,478 1,811 (19) 21,270 2,668 248 (2) 2,914
YOY 3 % (39 %) (3 %)
Operating margin 18 % 9 % 16 % 19 % 6 % 16 %
Add: total other income (loss), net 4,298 (956) 3,342 8,311 (959) 7,352 1,139 (132) 1,007
Less: income tax expense 3,568 81 3,649 4,386 61 4,447 601 8 609
Less: net income (loss) attributable to NCI 154 27 1,053(3) 1,234 (28) 27 416(3) 415 (4) 4 57(3) 57
Net income (loss) attributable to Baidu 19,401 1,925 (1,011) 20,315 23,431 764 (435) 23,760 3,210 104 (59) 3,255
YOY 21 % (60 %) 17 %
Net margin 19 % 6 % 15 % 22 % 3 % 18 %
Non-GAAP financial measures:
Operating income (non-GAAP) 24,748 3,643 28,433 23,890 2,363 26,234 3,273 323 3,594
YOY (3 %) (35 %) (8 %)
Operating margin (non-GAAP) 24 % 11 % 21 % 23 % 8 % 20 %
Net income attributable to Baidu (non-GAAP) 27,418 2,838 28,747 26,335 1,512 27,002 3,608 206 3,699
YOY (4 %) (47 %) (6 %)
Net margin (non-GAAP) 26 % 9 % 21 % 25 % 5 % 20 %
Adjusted EBITDA 31,863 3,918 35,823 30,587 2,510 33,078 4,190 344 4,532
YOY (4 %) (36 %) (8 %)
Adjusted EBITDA margin 31 % 12 % 27 % 29 % 9 % 25 %
(1) Includes share-based compensation as follows:
Cost of revenues 457 133 590 340 121 461 47 16 63
Selling, general and administrative 1,363 315 1,678 1,153 274 1,427 158 37 195
Research and development 3,888 189 4,077 2,746 150 2,896 376 21 397
Total share-based compensation 5,708 637 6,345 4,239 545 4,784 581 74 655
(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
December 31, 2023 (RMB) September 30, 2024 December 31, 2024 (RMB) December 31, 2024
(RMB) (US$)
Baidu iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu,
Inc. excl. Inc. excl. Inc. excl. Inc.
excl. iQIYI iQIYI iQIYI
iQIYI
Net cash provided by operating activities 9,985 633 10,618 4,036 243 4,279 1,836 520 2,356 252 71 323
Net cash used in investing activities (11,805) (1,431) (13,236) (12,300) (1,663) (13,963) (4,741) (896) (5,637) (649) (123) (772)
Net cash (used in) provided by financing activities (7,586) (22) (7,608) (2,787) (2,612) (5,399) (1,784) 114 (1,670) (245) 16 (229)
Effect of exchange rate changes on cash, cash equivalents and restricted (364) (31) (395) (721) (84) (805) 582 61 643 80 8 88
cash
Net decrease in cash, cash equivalents and restricted cash (9,770) (851) (10,621) (11,772) (4,116) (15,888) (4,107) (201) (4,308) (562) (28) (590)
Cash, cash equivalents and restricted cash
At beginning of period 42,063 6,132 48,195 48,878 7,907 56,785 37,106 3,791 40,897 5,084 519 5,603
At end of period 32,293 5,281 37,574 37,106 3,791 40,897 32,999 3,590 36,589 4,522 491 5,013
Net cash provided by operating activities 9,985 633 10,618 4,036 243 4,279 1,836 520 2,356 252 71 323
Less: Capital expenditures (3,641) (19) (3,660) (1,637) (8) (1,645) (2,312) (21) (2,333) (317) (3) (320)
Free cash flow 6,344 614 6,958 2,399 235 2,634 (476) 499 23 (65) 68 3
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Twelve months ended Twelve months ended Twelve months ended
December 31, 2023 (RMB) December 31, 2024 December 31, 2024
(RMB) (US$)
Baidu iQIYI Baidu, Baidu iQIYI Baidu, Baidu iQIYI Baidu,
excl. Inc. excl. Inc. excl. Inc.
iQIYI iQIYI iQIYI
Net cash provided by operating activities 33,263 3,352 36,615 19,126 2,108 21,234 2,620 289 2,909
Net cash used in investing activities (48,657) (1,740) (50,397) (6,110) (2,445) (8,555) (837) (335) (1,172)
Net cash used in financing activities (9,876) (4,286) (14,162) (12,391) (1,368) (13,759) (1,698) (187) (1,885)
Effect of exchange rate changes on cash, cash equivalents and 189 93 282 81 14 95 11 2 13
restricted cash
Net (decrease) increase in cash, cash equivalents and restricted cash (25,081) (2,581) (27,662) 706 (1,691) (985) 96 (231) (135)
Cash, cash equivalents and restricted cash
At beginning of period 57,374 7,862 65,236 32,293 5,281 37,574 4,426 722 5,148
At end of period 32,293 5,281 37,574 32,999 3,590 36,589 4,522 491 5,013
Net cash provided by operating activities 33,263 3,352 36,615 19,126 2,108 21,234 2,620 289 2,909
Less: Capital expenditures (11,154) (36) (11,190) (8,055) (79) (8,134) (1,103) (11) (1,114)
Free cash flow 22,109 3,316 25,425 11,071 2,029 13,100 1,517 278 1,795
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI's consolidated cash flows.
Error occurred while generating ASCII Content for table
Error occurred while generating ASCII Content for table
View original content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2024-results-302378728.html
SOURCE Baidu, Inc.
