BEIJING, Nov. 6, 2019 /PRNewswire/ -- Baidu, Inc. (NASDAQ:
BIDU) ("Baidu" or the "Company"), the leading Chinese-language
Internet search provider, today announced its unaudited financial
results for the third quarter ended September 30, 2019[1].
"Baidu App traffic continues to grow robustly with DAUs reaching
189 million, up 25% year over year, in September and Baidu's in-app
search continues to gain market share. Our focus to combine search
and feed and expand Baidu App's content and services offerings is
improving user experience and drawing publishers and service
providers to place more content and services on Baidu's hosted
platform, which in turn draws more users. This positive reinforcing
cycle has been a contributing factor to Baidu Core's operating
margin rising 1,400 basis points from the prior quarter," said
Robin Li, Chairman and CEO of Baidu.
"On Baidu's new AI businesses, DuerOS voice assistant continues to
experience strong momentum with monthly voice queries surpassing
4.2 billion in September, up over 4.5 fold year over year. On
Apollo, we are excited about our progress in early-stage
commercialization of smart transportation with the release of
Apollo-powered robotaxi pilot program to the public in Changsha, Hunan in September."
"Baidu delivered a solid third quarter with total revenues
reaching RMB 28.1 billion, up 7%
sequentially on top of the 9% sequential growth from the prior
quarter, in spite of the softening macro environment,
industry-specific policy changes and self-directed healthcare
initiative," said Herman Yu, CFO of
Baidu. "Our disciplined approach to spending, focusing on
investment returns across the board, sheds light on the strong and
improving margin contribution from in-app search and feed."
Financial Highlights
|
Baidu
Inc.
|
|
For the
three-month ended
|
(in millions, except
for per ADS information, unaudited)
|
September 30,
2018
|
|
June 30,
2019
|
|
September 30,
2019
|
|
YOY
|
|
YOY[2]
|
|
QOQ
|
|
September 30,
2019
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
US$
|
Total
revenues
|
28,203
|
|
26,326
|
|
28,080
|
|
(0%)
|
|
3%
|
|
7%
|
|
3,929
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
4,428
|
|
233
|
|
2,355
|
|
(47%)
|
|
|
|
911%
|
|
329
|
Operating
margin
|
16%
|
|
1%
|
|
8%
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
5,744
|
|
1,955
|
|
3,691
|
|
(36%)
|
|
|
|
89%
|
|
516
|
Non-GAAP operating
margin
|
20%
|
|
7%
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
12,396
|
|
2,412
|
|
(6,373)
|
|
-
|
|
|
|
-
|
|
(892)
|
Net
margin
|
44%
|
|
9%
|
|
(23%)
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Baidu
|
6,751
|
|
3,635
|
|
4,387
|
|
(35%)
|
|
|
|
21%
|
|
614
|
Non-GAAP net
margin
|
24%
|
|
14%
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per ADS
|
35.26
|
|
6.57
|
|
(18.37)
|
|
-
|
|
|
|
-
|
|
(2.57)
|
Non-GAAP diluted
earnings per ADS
|
19.20
|
|
10.11
|
|
12.61
|
|
(34%)
|
|
|
|
25%
|
|
1.76
|
Net loss attributable to Baidu for Q3 2019 was
RMB 6.4 billion, which included a
non-cash impairment loss of RMB 8.9
billion on equity investments that have experienced an
other-than-temporary decline in valuation (see further discussion
under Total other loss section). Non-GAAP net income attributable
to Baidu, excluding share-based compensation, fair value changes of
equity investments and other adjustments, for Q3 2019 was
RMB 4.4 billion.
|
Baidu
Core
|
|
For the
three-month ended
|
(in millions, except
for per ADS information, unaudited)
|
September 30,
2018
|
|
June 30,
2019
|
|
September 30,
2019
|
|
YOY
|
|
YOY2
|
|
QOQ
|
|
September 30,
2019
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
US$
|
Total
revenues
|
21,606
|
|
19,540
|
|
21,010
|
|
(3%)
|
|
2%
|
|
8%
|
|
2,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
7,015
|
|
2,109
|
|
5,191
|
|
(26%)
|
|
|
|
146%
|
|
726
|
Operating
margin
|
32%
|
|
11%
|
|
25%
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
8,078
|
|
3,485
|
|
6,224
|
|
(23%)
|
|
|
|
79%
|
|
871
|
Non-GAAP operating
margin
|
37%
|
|
18%
|
|
30%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
14,309
|
|
3,731
|
|
(4,287)
|
|
-
|
|
|
|
-
|
|
(600)
|
Net
margin
|
66%
|
|
19%
|
|
(20%)
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Baidu
|
8,400
|
|
4,740
|
|
6,310
|
|
(25%)
|
|
|
|
33%
|
|
883
|
Non-GAAP net
margin
|
39%
|
|
24%
|
|
30%
|
|
|
|
|
|
|
Other Highlights
Corporate
- Baidu reported its ESG progress for Q3 2019, noting: 1) Baidu
AI has helped reunite approximately 7,900 missing persons with
their families; 2) over 300 charitable organizations in
China have joined Baidu's Charity
Platform, and 3) Baidu will push charitable information and
services to individuals in need by leveraging its machine learning
capabilities and user insights.
- Baidu has returned $397 million
to its shareholders under the 2019 Share Repurchase Program and
$778 million under the 2018 Share
Repurchase Program, which expired in June
2019, for a total return to shareholders of approximately
$1.2 billion as of October 31, 2019.
Mobile Ecosystem
- Baidu App's average daily active users ("DAUs") reached 189
million, up 25% year over year, in September
2019.
- Baijiahao ("BJH accounts"), Baidu's newsfeed network, grew to
2.4 million publisher accounts, up 57% year over year in
September 2019. BJH accounts allow
publishers to share content to Baidu's newsfeed and search.
- Baidu Smart Mini Program's monthly active users ("MAUs")
reached 290 million, up 157% year over year.
DuerOS
- Monthly voice queries on DuerOS, a leading voice assistant for
the Chinese language, surpassed 4.2 billion, up over 4.5 fold year
over year, in September 2019.
- Xiaodu smart speakers powered by DuerOS ranked first in
China's smart speaker shipments in
Q2 2019, according to leading technology market analytics firms,
Canalys, IDC and Strategy Analytics. Xiaodu Smart Display ranked
first globally in smart display shipments for the same period,
according to IDC.
- DuerOS skills store now offers over 3,200 skills in wide
ranging genres, including ABC Reading (education), Kuaishou (live
streaming), Mango TV (online video), Douyu (game broadcasting) and
Tile Matching Puzzle (casual game). DuerOS developer community has
expanded to over 36,000 members.
- Upgraded DuerOS on Xiaodu smart speakers enables hand gesture
control and full-duplex continued conversation (multi-round
conversation without wake words) through eye gesture detection.
Apollo
- In September 2019, China's first robotaxi pilot program was made
available to the public in Changsha, Hunan, with an initial fleet of 45 autonomous
driving vehicles powered by Apollo. The city of Changsha installed Baidu's V2X solutions to
help Apollo-powered vehicles map out traffic conditions in their
parameters, overcoming blind spots and increasing traffic
efficiency and safety.
- Baidu recently received 15 autonomous driving licenses in
Wuhan, Hubei, and 30 licenses in Cangzhou,
Hebei, increasing Baidu's total
autonomous driving licenses to 150, which accounts for more than
half of the total autonomous driving licenses granted in
China.
Cloud, AI Platform & Others
- Baidu Cloud's ABC Summit was held in August 2019, introducing new AI enterprise
solutions to optimize visual, speech processing and other AI
capabilities and enable more efficient cloud services and easier
maintenance. At the ABC Summit, Baidu Cloud AI enterprise
solutions were showcased to speed up assembly line inspection of
high tech components, automate the processing and tagging of videos
into video clips, and improve customer service with "digital"
employee in the mobile app of a local commercial bank.
- Baidu's AI Open Platform is seeing strong adoption with over
1.5 million developer base in September, more than doubling from
last year. Through Baidu's AI Open Platform on Baidu Cloud,
developers can utilize Baidu's comprehensive AI capabilities,
including speech recognition, natural language processing and
computer vision, as well as gain access to Baidu's open-sourced
deep learning platform PaddlePaddle.
- In September 2019, Baidu Maps
enhanced its voice feature, allowing users to customize Baidu Maps'
voice with their own voice by recording 20 sentences. Over 280
million Baidu users have used Baidu Maps' voice feature as of
September 2019, doubling from the
previous year.
iQIYI
- iQIYI subscribers reached 105.8 million, up 31% year over year,
in September 2019, further
strengthening iQIYI's foundation to produce entertainment-based
blockbuster originals.
Third Quarter 2019 Results
Total revenues reached RMB 28.1
billion ($3.93 billion), flat
from last year and up 3% year over year, excluding the impact of
announced divestures2, and increasing 7% quarter
over quarter. Online marketing revenues were RMB20.4 billion ($2.86
billion), decreasing 9% year over year and increasing 6%
quarter over quarter. Other revenues were RMB 7.6 billion ($1.07
billion), increasing 34% year over year, driven mainly by
the strong growth in iQIYI membership, cloud services and smart
devices.
Revenue from Baidu Core reached RMB 21.0 billion ($2.94
billion), decreasing 3% year over year, or increasing 2%
year over year, excluding the impact of announced
divestures2, and increasing 8% quarter over quarter.
Revenue from iQIYI reached RMB 7.4
billion ($1.04 billion), up 7%
year over year. iQIYI membership revenue grew 30% year over year,
offset by online advertising revenue declining 14% year over
year.
Content costs were RMB 7.0
billion ($985 million),
increasing 4% year over year. iQIYI's content costs increased 3%
year over year, which rose slower than iQIYI's revenue growth.
Traffic acquisition costs were RMB
3.2 billion ($453 million),
increasing 5% year over year, as a result of increasing TAC prices
and expansion into connected offline screens and other areas.
Bandwidth costs were RMB 2.0
billion ($284 million),
increasing 20% year over year, mainly due to increasing demand from
newsfeed, video and cloud services.
Other cost of revenues, which includes depreciation, cost
of goods sold, sales taxes and surcharges, share-based compensation
and other costs, was RMB 4.1 billion
($570 million), increasing 51% year
over year, mainly due to higher cost of goods sold and depreciation
expense.
Selling, general and administrative expenses were
RMB 4.7 billion ($652 million), decreasing 17% year over year,
primarily due to decreased investment in channel and promotional
marketing.
Research and development expenses were RMB 4.7 billion ($656
million), increasing 20% year over year, primarily due to an
increase in personnel related expenses.
Operating income was RMB 2.4
billion ($329 million) and
operating margin was 8%. Baidu Core operating
income was RMB 5.2 billion
($726 million), and Baidu Core
operating margin was 25%.
Non-GAAP operating income was RMB
3.7 billion ($516 million),
and non-GAAP operating margin was 13%. Non-GAAP Baidu
Core operating income was RMB 6.2
billion ($871 million), and
non-GAAP Baidu Core operating margin was 30%.
Total other loss was RMB 9.5
billion ($1.33 billion),
mainly due to loss from equity investments that have experienced an
other-than-temporary decline in valuation, compared to total
other income of RMB 9.0 billion
for Q3 2018, which was mainly due to disposal gains from Du Xiaoman
and Global DU businesses. In Q4 2015, following a transaction where
the Company exchanged shares of its majority-owned subsidiary Qunar
for a minority investment in Trip.com, the Company deconsolidated
Qunar, recorded its investment in Trip.com at the closing-date
market value and recognized a non-cash accounting gain of
RMB 24.4 billion. Since then, the
market value of Trip.com shares has declined, and the continued low
market price has caused the Company to recognize a non-cash
impairment loss of RMB 8.9 billion in
Q3 2019. In October 2019, the Company
sold down the holding in Trip.com, which decreased from
approximately 19% of their outstanding shares to 12% of the
Trip.com's outstanding shares.
Income tax expense was RMB 934
million ($131 million), which
included a tax withholding for potential dividend distribution to
offshore entities, compared to RMB 2.1
billion in Q3 2018.
Net loss attributable to Baidu was RMB 6.4 billion ($ 892
million), and diluted losses per ADS was RMB 18 ($2.57).
Net loss attributable to Baidu Core was RMB 4.3 billion ($600
million). Non-GAAP net income attributable to Baidu
was RMB 4.4 billion ($614 million), and non-GAAP net margin was
16%. Non-GAAP diluted earnings per ADS amounted to RMB 13 ($1.76).
Non-GAAP net income attributable to Baidu Core was
RMB 6.3 billion ($883 million), and non-GAAP net margin for
Baidu Core was 30%.
Adjusted EBITDA was RMB 5.1
billion ($716 million) and
adjusted EBITDA margin was 18%. Adjusted EBITDA to Baidu
Core was RMB 7.5 billion
($1.05 billion) and adjusted
EBITDA margin for Baidu Core was 36%.
As of September 30, 2019, cash,
cash equivalents, restricted cash and short-term investments
were RMB 137.4 billion ($19.22 billion), and cash, cash equivalents,
restricted cash and short-term investments excluding
iQIYI were RMB 123.5 billion
($17.27 billion). Free cash
flow was RMB 7.6 billion
($1.06 billion). Free cash
flow excluding iQIYI was RMB 7.5
billion ($1.05 billion).
Financial Guidance
For the fourth quarter of 2019, Baidu expects revenues to be
between RMB 27.1 billion
($3.78 billion) and RMB 28.7 billion ($4.02
billion), representing -1% to 6% increase year over year,
which assumes that Baidu Core revenue will grow between 0% to 6%
year over year. This forecast reflects Baidu's current and
preliminary view, which is subject to substantial uncertainty.
Conference Call Information
Baidu's management will hold an earnings conference call
at 8:15 PM on November 6, 2019,
U.S. Eastern Time (9:15 AM on
November 7, 2019, Beijing/Hong Kong Time). Dial-in details for
the earnings conference call are as follows:
International:
|
+65
67135090
|
China
|
4006208038
|
US:
|
+1
8456750437
|
UK:
|
+44
2036214779
|
Hong Kong:
|
+852
30186771
|
|
|
Passcode for all
regions:
|
6438309
|
A replay of the conference call may be accessed by phone at the
following number until November 14,
2019:
International:
|
+61 2 8199
0299
|
Passcode:
|
6438309
|
Additionally, a live and archived webcast of this conference
call will be available at http://ir.baidu.com.
About Baidu
Baidu, Inc. is the leading Chinese
language Internet search provider. Baidu aims to make the
complicated world simpler through technology. Baidu's ADSs trade on
the NASDAQ Global Select Market under the symbol "BIDU". Currently,
ten ADSs represent one Class A ordinary share.
Contacts
Investors Relations, Baidu, Inc.
Tel: +86-10-5992-8888
Email: ir@baidu.com
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the outlook for the fourth quarter of 2019,
quotations from management in this announcement, as well as Baidu's
and other parties' strategic and operational plans, contain
forward-looking statements. Baidu may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about Baidu's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Baidu's growth strategies; its future
business development, including development of new products and
services; its ability to attract and retain users and customers;
competition in the Chinese Internet search and newsfeed market;
competition for online marketing customers; changes in the
Company's revenues and certain cost or expense items as a
percentage of its revenues; the outcome of ongoing, or any future,
litigation or arbitration, including those relating to intellectual
property rights; the expected growth of the Chinese-language
Internet search and newsfeed market and the number of Internet and
broadband users in China; Chinese
governmental policies relating to the Internet and Internet search
providers, and general economic conditions in China and elsewhere. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and other documents filed with the Securities
and Exchange Commission. Baidu does not undertake any obligation to
update any forward-looking statement, except as required under
applicable law. All information provided in this press release and
in the attachments is as of the date of the press release, and
Baidu undertakes no duty to update such information, except as
required under applicable law.
Non-GAAP Financial Measures
To supplement Baidu's consolidated financial results presented
in accordance with GAAP, Baidu uses the following non-GAAP
financial measures: non-GAAP operating income (loss), non-GAAP
operating margin, non-GAAP net income (loss) attributable to Baidu,
non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted
EBITDA, adjusted EBITDA margin and free cash flow. The presentation
of these non-GAAP financial measures is not intended to be
considered in isolation or as a substitute for the financial
information prepared and presented in accordance with GAAP.
Baidu believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its performance and
liquidity by excluding certain items that may not be indicative of
its recurring core business operating results, such as operating
performance excluding not only non-cash charges, but also other
items that are infrequent or unusual in nature. The Company
believes that both management and investors benefit from referring
to these non-GAAP financial measures in assessing its performance
and when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to Baidu's historical performance and liquidity. The
Company believes these non-GAAP financial measures are useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. A limitation of using these non-GAAP
financial measures is that these non-GAAP measures exclude certain
items that have been and will continue to be for the foreseeable
future a significant component in the Company's results of
operations. These non-GAAP financial measures presented here
may not be comparable to similarly titled measures presented by
other companies. Other companies may calculate similarly titled
measures differently, limiting their usefulness as comparative
measures to the Company's data.
Non-GAAP operating income represents operating income excluding
share-based compensation expenses and amortization 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 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 of
intangible assets not on the investees' books, accretion of their
redeemable noncontrolling interests, and the gain or loss
associated with the issuance of shares by the investees at a price
higher or lower than the carrying value per shares, adjusted for
related income tax effects, 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
noncontrolling interests, by the weighted average number of
ordinary shares expressed in ADS. Adjusted EBITDA represents
operating income excluding depreciation, amortization 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.
For more information on non-GAAP financial measures, please see
the tables captioned "Reconciliations of non-GAAP financial
measures to the nearest comparable GAAP measures."
[1] Unless otherwise noted, all translations from RMB to U.S.
dollars are made at a rate of RMB
7.1477 to US$1.00, the
exchange rate in effect as of September 30,
2019 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] Excluding revenue from divested businesses, which was
approximately RMB1.0 billion for the
three months ended September 30,
2018.
Baidu,
Inc.
|
Condensed
Consolidated Statements of Income (Loss)
|
(In millions except
for share, per share (or ADS) information, unaudited)
|
|
|
Three Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2019
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
RMB
|
|
USD(2)
|
Revenues:
|
|
|
|
|
|
|
|
Online
marketing services
|
22,481
|
|
19,237
|
|
20,434
|
|
2,859
|
Others
|
5,722
|
|
7,089
|
|
7,646
|
|
1,070
|
Total
revenues
|
28,203
|
|
26,326
|
|
28,080
|
|
3,929
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
Content
costs
|
6,736
|
|
5,817
|
|
7,037
|
|
985
|
Traffic
acquisition costs
|
3,090
|
|
3,424
|
|
3,238
|
|
453
|
Bandwidth
costs
|
1,695
|
|
2,048
|
|
2,029
|
|
284
|
Others
|
2,697
|
|
4,827
|
|
4,074
|
|
570
|
Cost of
revenues(1)
|
14,218
|
|
16,116
|
|
16,378
|
|
2,292
|
Selling, general and
administrative(1)
|
5,641
|
|
5,243
|
|
4,657
|
|
652
|
Research and
development(1)
|
3,916
|
|
4,734
|
|
4,690
|
|
656
|
Total
operating costs and expenses
|
23,775
|
|
26,093
|
|
25,725
|
|
3,600
|
Operating
income
|
4,428
|
|
233
|
|
2,355
|
|
329
|
|
|
|
|
|
|
|
|
Other income
(loss):
|
|
|
|
|
|
|
|
Interest
income
|
1,258
|
|
1,205
|
|
1,687
|
|
236
|
Interest
expense
|
(479)
|
|
(805)
|
|
(788)
|
|
(110)
|
Foreign
exchange income (loss), net
|
(54)
|
|
216
|
|
29
|
|
4
|
Income (loss)
from equity method investment
|
419
|
|
429
|
|
(729)
|
|
(102)
|
Other income
(loss), net
|
7,877
|
|
193
|
|
(9,683)
|
|
(1,355)
|
Total other
income (loss), net
|
9,021
|
|
1,238
|
|
(9,484)
|
|
(1,327)
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes
|
13,449
|
|
1,471
|
|
(7,129)
|
|
(998)
|
Income tax
expense
|
2,053
|
|
416
|
|
934
|
|
131
|
Net income
(loss)
|
11,396
|
|
1,055
|
|
(8,063)
|
|
(1,129)
|
Less: net
income (loss) attributable to noncontrolling
interests
|
(1,000)
|
|
(1,357)
|
|
(1,690)
|
|
(237)
|
Net income
(loss) attributable to Baidu
|
12,396
|
|
2,412
|
|
(6,373)
|
|
(892)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
ADS (1 Class A ordinary share equals 10 ADSs):
|
|
|
|
|
|
|
|
-Basic
|
35.53
|
|
6.84
|
|
(18.37)
|
|
(2.57)
|
-Diluted
|
35.26
|
|
6.57
|
|
(18.37)
|
|
(2.57)
|
Earnings (loss) per
share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
-Basic
|
355.27
|
|
68.38
|
|
(183.74)
|
|
(25.71)
|
-Diluted
|
352.57
|
|
65.69
|
|
(183.74)
|
|
(25.71)
|
Weighted average
number of Class A and Class B ordinary shares
outstanding:
|
|
|
|
|
|
|
Basic
|
34,891,733
|
|
34,996,791
|
|
34,793,154
|
|
34,793,154
|
Diluted
|
35,158,747
|
|
35,044,719
|
|
34,793,154
|
|
34,793,154
|
|
|
|
|
|
|
|
|
(1) Includes
share-based compensation expenses as follows:
|
|
|
|
|
|
|
|
Cost of
revenues
|
58
|
|
99
|
|
70
|
|
10
|
Selling,
general and administrative
|
545
|
|
503
|
|
336
|
|
47
|
Research and
development
|
636
|
|
1,022
|
|
810
|
|
114
|
Total
share-based compensation expenses
|
1,239
|
|
1,624
|
|
1,216
|
|
171
|
|
|
|
|
|
|
|
|
(2) All
translations from RMB to U.S. dollars are made at a rate of
RMB7.1477 to US$1.00, the exchange rate in effect as of September
30, 2019 as set forth in the H.10 statistical release of The Board
of Governors of the Federal Reserve System.
|
Baidu,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(In millions except
for share information, unaudited)
|
|
|
December
31,
|
|
September
30,
|
|
September
30,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
USD
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
27,638
|
|
14,564
|
|
2,038
|
Restricted
cash
|
2,189
|
|
2,611
|
|
365
|
Short-term
investments
|
111,626
|
|
120,233
|
|
16,821
|
Accounts
receivable, net
|
6,015
|
|
6,598
|
|
923
|
Amounts due
from related parties
|
785
|
|
1,202
|
|
168
|
Other assets,
current
|
6,841
|
|
9,603
|
|
1,344
|
Total current assets
|
155,094
|
|
154,811
|
|
21,659
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Fixed assets,
net
|
17,903
|
|
19,021
|
|
2,661
|
Intangible
assets, net
|
9,181
|
|
8,950
|
|
1,252
|
Goodwill
|
18,536
|
|
19,103
|
|
2,673
|
Long-term
investments, net
|
80,454
|
|
78,489
|
|
10,981
|
Amounts due
from related parties
|
4,297
|
|
4,180
|
|
585
|
Deferred tax
assets, net
|
2,324
|
|
1,793
|
|
251
|
Operating lease
right-of-use assets
|
-
|
|
7,161
|
|
1,002
|
Other assets,
non-current
|
9,777
|
|
9,351
|
|
1,308
|
Total non-current assets
|
142,472
|
|
148,048
|
|
20,713
|
|
|
|
|
|
|
Total
assets
|
297,566
|
|
302,859
|
|
42,372
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term
loans
|
3,046
|
|
3,510
|
|
491
|
Accounts payable and
accrued liabilities
|
35,381
|
|
35,094
|
|
4,910
|
Customer deposits and
deferred revenue
|
9,221
|
|
10,899
|
|
1,525
|
Deferred
income
|
523
|
|
505
|
|
71
|
Long-term loans,
current portion
|
84
|
|
363
|
|
51
|
Notes payable,
current portion
|
6,871
|
|
5,356
|
|
749
|
Amounts due to
related parties
|
1,727
|
|
1,804
|
|
252
|
Operating lease
liabilities
|
-
|
|
2,224
|
|
311
|
Total current liabilities
|
56,853
|
|
59,755
|
|
8,360
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
Deferred
income
|
54
|
|
38
|
|
5
|
Deferred
revenue
|
1,309
|
|
994
|
|
139
|
Amounts due to
related parties
|
4,360
|
|
4,466
|
|
625
|
Long-term
loans
|
7,456
|
|
7,774
|
|
1,088
|
Notes
payable
|
42,735
|
|
39,096
|
|
5,470
|
Convertible senior
notes
|
4,712
|
|
12,518
|
|
1,751
|
Deferred tax
liabilities
|
4,099
|
|
4,242
|
|
593
|
Operating lease
liabilities
|
-
|
|
4,379
|
|
613
|
Other non-current
liabilities
|
236
|
|
298
|
|
42
|
Total non-current liabilities
|
64,961
|
|
73,805
|
|
10,326
|
|
|
|
|
|
|
Total
liabilities
|
121,814
|
|
133,560
|
|
18,686
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
716
|
|
978
|
|
137
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Class A Ordinary
Shares, par value US$0.00005 per share, 825,000,000 shares
authorized, and 27,733,692 shares and 27,448,619 shares
issued and outstanding as at December 31, 2018 and September
30, 2019
|
-
|
|
-
|
|
-
|
Class B Ordinary
Shares, par value US$0.00005 per share, 35,400,000 shares
authorized, and 7,201,254 shares and 7,201,254 shares issued
and outstanding as at December 31, 2018 and September 30,
2019
|
-
|
|
-
|
|
-
|
Additional paid-in
capital
|
33,441
|
|
37,262
|
|
5,213
|
Retained
earnings
|
129,246
|
|
121,001
|
|
16,929
|
Accumulated other
comprehensive income
|
210
|
|
(164)
|
|
(23)
|
Total Baidu shareholders' equity
|
162,897
|
|
158,099
|
|
22,119
|
Noncontrolling interests
|
12,139
|
|
10,222
|
|
1,430
|
Total
equity
|
175,036
|
|
168,321
|
|
23,549
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests, and equity
|
297,566
|
|
302,859
|
|
42,372
|
Baidu,
Inc.
|
Selected
Information
|
(In millions except
for per ADS information, unaudited)
|
|
|
Three months
ended
September 30, 2018 (RMB)
|
|
Three months
ended
June 30, 2019 (RMB)
|
|
Three months
ended
September 30, 2019 (RMB)
|
|
Three months
ended
September 30, 2019 (USD)
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(3)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(3)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(3)
|
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Elim &
adj(3)
|
|
Baidu,
Inc.
|
Total
revenues
|
21,606
|
6,914
|
(317)
|
|
28,203
|
|
19,540
|
7,110
|
(324)
|
|
26,326
|
|
21,010
|
7,397
|
(327)
|
|
28,080
|
|
2,939
|
1,035
|
(45)
|
|
3,929
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
(3%)
|
7%
|
|
|
(0%)
|
|
|
|
|
|
|
YOY
excluding revenue from divested
businesses(1)
|
|
|
|
|
|
|
|
|
|
|
|
2%
|
|
|
|
3%
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
8%
|
4%
|
|
|
7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (2)
|
6,804
|
7,655
|
(241)
|
|
14,218
|
|
9,453
|
6,981
|
(318)
|
|
16,116
|
|
8,502
|
8,176
|
(300)
|
|
16,378
|
|
1,190
|
1,144
|
(42)
|
|
2,292
|
Selling,
general and administrative (2)
|
4,428
|
1,292
|
(79)
|
|
5,641
|
|
3,898
|
1,346
|
(1)
|
|
5,243
|
|
3,320
|
1,350
|
(13)
|
|
4,657
|
|
464
|
189
|
(1)
|
|
652
|
Research and
development (2)
|
3,359
|
558
|
(1)
|
|
3,916
|
|
4,080
|
655
|
(1)
|
|
4,734
|
|
3,997
|
703
|
(10)
|
|
4,690
|
|
559
|
98
|
(1)
|
|
656
|
Total operating
costs and expenses
|
14,591
|
9,505
|
(321)
|
|
23,775
|
|
17,431
|
8,982
|
(320)
|
|
26,093
|
|
15,819
|
10,229
|
(323)
|
|
25,725
|
|
2,213
|
1,431
|
(44)
|
|
3,600
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
8%
|
8%
|
|
|
8%
|
|
|
|
|
|
|
Cost of
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
25%
|
7%
|
|
|
15%
|
|
|
|
|
|
|
Selling,
general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
(25%)
|
4%
|
|
|
(17%)
|
|
|
|
|
|
|
Research
and development
|
|
|
|
|
|
|
|
|
|
|
|
|
19%
|
26%
|
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
7,015
|
(2,591)
|
4
|
|
4,428
|
|
2,109
|
(1,872)
|
(4)
|
|
233
|
|
5,191
|
(2,832)
|
(4)
|
|
2,355
|
|
726
|
(396)
|
(1)
|
|
329
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
(26%)
|
9%
|
|
|
(47%)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
146%
|
51%
|
|
|
911%
|
|
|
|
|
|
|
Operating
margin
|
32%
|
(37%)
|
|
|
16%
|
|
11%
|
(26%)
|
|
|
1%
|
|
25%
|
(38%)
|
|
|
8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: total
other income (loss),net
|
9,687
|
(539)
|
(127)
|
|
9,021
|
|
1,664
|
(426)
|
-
|
|
1,238
|
|
(8,657)
|
(827)
|
|
|
(9,484)
|
|
(1,211)
|
(116)
|
-
|
|
(1,327)
|
Less: income
tax expense (benefit)
|
2,059
|
(6)
|
-
|
|
2,053
|
|
410
|
6
|
-
|
|
416
|
|
918
|
16
|
|
|
934
|
|
129
|
2
|
-
|
|
131
|
Less: net
income (loss) attributable to NCI
|
334
|
16
|
(1,350)
|
(4)
|
(1,000)
|
|
(368)
|
23
|
(1,012)
|
(4)
|
(1,357)
|
|
(97)
|
13
|
(1,606)
|
(4)
|
(1,690)
|
|
(14)
|
2
|
(225)
|
(4)
|
(237)
|
Net income(loss)
attributable to Baidu
|
14,309
|
(3,140)
|
1,227
|
|
12,396
|
|
3,731
|
(2,327)
|
1,008
|
|
2,412
|
|
(4,287)
|
(3,688)
|
1,602
|
|
(6,373)
|
|
(600)
|
(516)
|
224
|
|
(892)
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
17%
|
|
|
-
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
58%
|
|
|
-
|
|
|
|
|
|
|
Net
margin
|
66%
|
(45%)
|
|
|
44%
|
|
19%
|
(33%)
|
|
|
9%
|
|
(20%)
|
(50%)
|
|
|
(23%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Key
Metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income (loss)
|
8,078
|
(2,338)
|
|
|
5,744
|
|
3,485
|
(1,526)
|
|
|
1,955
|
|
6,224
|
(2,529)
|
|
|
3,691
|
|
871
|
(354)
|
|
|
516
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
(23%)
|
8%
|
|
|
(36%)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
79%
|
66%
|
|
|
89%
|
|
|
|
|
|
|
Non-GAAP operating
margin
|
37%
|
(34%)
|
|
|
20%
|
|
18%
|
(21%)
|
|
|
7%
|
|
30%
|
(34%)
|
|
|
13%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to Baidu
|
8,400
|
(2,899)
|
|
|
6,751
|
|
4,740
|
(1,962)
|
|
|
3,635
|
|
6,310
|
(3,394)
|
|
|
4,387
|
|
883
|
(475)
|
|
|
614
|
YOY
|
|
|
|
|
|
|
|
|
|
|
|
|
(25%)
|
17%
|
|
|
(35%)
|
|
|
|
|
|
|
QOQ
|
|
|
|
|
|
|
|
|
|
|
|
|
33%
|
73%
|
|
|
21%
|
|
|
|
|
|
|
Non-GAAP net
margin
|
39%
|
(42%)
|
|
|
24%
|
|
24%
|
(28%)
|
|
|
14%
|
|
30%
|
(46%)
|
|
|
16%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
8,963
|
(2,257)
|
|
|
6,710
|
|
4,766
|
(1,407)
|
|
|
3,355
|
|
7,525
|
(2,405)
|
|
|
5,116
|
|
1,053
|
(336)
|
|
|
716
|
Adjusted EBITDA
margin
|
41%
|
(33%)
|
|
|
24%
|
|
24%
|
(20%)
|
|
|
13%
|
|
36%
|
(33%)
|
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding
revenue from divested businesses, which was approximately RMB1.0
billion for the three months ended September 30,
2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes
share-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
32
|
26
|
|
|
58
|
|
58
|
41
|
|
|
99
|
|
25
|
45
|
|
|
70
|
|
4
|
6
|
|
|
10
|
Selling,
general and administrative
|
399
|
146
|
|
|
545
|
|
327
|
176
|
|
|
503
|
|
207
|
129
|
|
|
336
|
|
29
|
18
|
|
|
47
|
Research and
development
|
604
|
32
|
|
|
636
|
|
959
|
63
|
|
|
1,022
|
|
749
|
61
|
|
|
810
|
|
105
|
9
|
|
|
114
|
Total
share-based compensation
|
1,035
|
204
|
|
|
1,239
|
|
1,344
|
280
|
|
|
1,624
|
|
981
|
235
|
|
|
1,216
|
|
138
|
33
|
|
|
171
|
(3) Relates to
intersegment eliminations and adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Relates to
the net loss attributable to iQIYI noncontrolling
interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baidu,
Inc.
|
Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures
|
(In millions except
for ADS and per ADS information, unaudited)
|
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
Three months
ended
|
|
September 30, 2018
(RMB)
|
|
June 30,
2019 (RMB)
|
|
September
30, 2019 (RMB)
|
|
September 30, 2019
(USD)
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
|
Baidu
Core
|
iQIYI
|
Baidu,
Inc.
|
Operating income
(loss)
|
7,015
|
(2,591)
|
4,428
|
|
2,109
|
(1,872)
|
233
|
|
5,191
|
(2,832)
|
2,355
|
|
726
|
(396)
|
329
|
Add:
Share-based compensation expenses
|
1,035
|
204
|
1,239
|
|
1,344
|
280
|
1,624
|
|
981
|
235
|
1,216
|
|
138
|
33
|
171
|
Add:
Amortization of intangible assets(1)
|
28
|
49
|
77
|
|
32
|
66
|
98
|
|
52
|
68
|
120
|
|
7
|
9
|
16
|
Non-GAAP operating
income (loss)
|
8,078
|
(2,338)
|
5,744
|
|
3,485
|
(1,526)
|
1,955
|
|
6,224
|
(2,529)
|
3,691
|
|
871
|
(354)
|
516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
Depreciation of fixed assets
|
885
|
81
|
966
|
|
1,281
|
119
|
1,400
|
|
1,301
|
124
|
1,425
|
|
182
|
18
|
200
|
Adjusted
EBITDA
|
8,963
|
(2,257)
|
6,710
|
|
4,766
|
(1,407)
|
3,355
|
|
7,525
|
(2,405)
|
5,116
|
|
1,053
|
(336)
|
716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Baidu
|
14,309
|
(3,140)
|
12,396
|
|
3,731
|
(2,327)
|
2,412
|
|
(4,287)
|
(3,688)
|
(6,373)
|
|
(600)
|
(516)
|
(892)
|
Add: Share-based
compensation expenses
|
1,035
|
204
|
1,151
|
|
1,337
|
280
|
1,495
|
|
974
|
235
|
1,106
|
|
136
|
33
|
155
|
Add: Amortization of
intangible assets(1), net of tax
|
18
|
40
|
41
|
|
8
|
52
|
37
|
|
21
|
50
|
47
|
|
3
|
7
|
7
|
Add: Disposal gain,
net of tax
|
(6,697)
|
-
|
(6,569)
|
|
(181)
|
-
|
(181)
|
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Add: Impairment of
long-term investments, net of tax
|
298
|
-
|
298
|
|
162
|
23
|
185
|
|
8,023
|
-
|
8,023
|
|
1,123
|
-
|
1,123
|
Add: Fair value
change of long-term investments, net of tax
|
(449)
|
(3)
|
(452)
|
|
(285)
|
(1)
|
(286)
|
|
745
|
1
|
745
|
|
104
|
-
|
104
|
Add: Reconciling
items on equity method investments, net of
tax(2)
|
(114)
|
-
|
(114)
|
|
(32)
|
11
|
(27)
|
|
834
|
8
|
839
|
|
117
|
1
|
117
|
Non-GAAP net
income (loss) attributable to Baidu
|
8,400
|
(2,899)
|
6,751
|
|
4,740
|
(1,962)
|
3,635
|
|
6,310
|
(3,394)
|
4,387
|
|
883
|
(475)
|
614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per ADS
|
|
|
35.26
|
|
|
|
6.57
|
|
|
|
(18.37)
|
|
|
|
(2.57)
|
Add: Accretion
of the redeemable noncontrolling interests
|
|
|
-
|
|
|
|
0.05
|
|
|
|
0.06
|
|
|
|
0.01
|
Add: Non-GAAP
adjustments to earnings per ADS
|
|
|
(16.06)
|
|
|
|
3.49
|
|
|
|
30.92
|
|
|
|
4.32
|
Non-GAAP diluted
earnings per ADS
|
|
|
19.20
|
|
|
|
10.11
|
|
|
|
12.61
|
|
|
|
1.76
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by operating activities
|
10,361
|
994
|
11,355
|
|
6,074
|
891
|
6,965
|
|
8,508
|
293
|
8,801
|
|
1,190
|
41
|
1,231
|
Less: Capital
expenditures
|
(2,026)
|
(193)
|
(2,219)
|
|
(1,204)
|
(155)
|
(1,359)
|
|
(1,031)
|
(181)
|
(1,212)
|
|
(145)
|
(25)
|
(170)
|
Free cash
flow
|
8,335
|
801
|
9,136
|
|
4,870
|
736
|
5,606
|
|
7,477
|
112
|
7,589
|
|
1,045
|
16
|
1,061
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) This represents
amortization of intangible assets resulting from business
combinations.
|
(2) This represents
Baidu's share of equity method investments for other non-GAAP
reconciling items, amortization of intangible assets not on the
investee's books, accretion of their redeemable noncontrolling
interests, and the gain or loss associated with the issuance of
shares by the investees at a price higher or lower than the
carrying value per shares, adjusted for related income tax
effects.
|
(3) Non-GAAP measures
are adjusted retroactively to exclude: 1) amortization of
intangible assets resulting from business combinations ; and 2)
share-based compensation and amortization of intangible assets not
on their books, resulting from equity method pick-up; and 3) fair
value change of the investees' long-term investments, net of tax,
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income, previously reported
|
8,050
|
(2,387)
|
5,667
|
|
3,453
|
(1,592)
|
1,857
|
|
6,172
|
(2,597)
|
3,571
|
|
864
|
(363)
|
500
|
Add:
Amortization of intangible assets(1)
|
28
|
49
|
77
|
|
32
|
66
|
98
|
|
52
|
68
|
120
|
|
7
|
9
|
16
|
Non-GAAP operating
income, revised
|
8,078
|
(2,338)
|
5,744
|
|
3,485
|
(1,526)
|
1,955
|
|
6,224
|
(2,529)
|
3,691
|
|
871
|
(354)
|
516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Baidu, previously reported
|
8,357
|
(2,939)
|
6,685
|
|
4,418
|
(2,025)
|
3,279
|
|
6,052
|
(3,452)
|
4,098
|
|
847
|
(483)
|
573
|
Add: Adjustments
relating to equity-method investments, net of tax
|
25
|
-
|
25
|
|
314
|
11
|
319
|
|
237
|
8
|
242
|
|
33
|
1
|
34
|
Add: Amortization of
intangible assets(1), net of tax
|
18
|
40
|
41
|
|
8
|
52
|
37
|
|
21
|
50
|
47
|
|
3
|
7
|
7
|
Non-GAAP net income
attributable to Baidu, revised
|
8,400
|
(2,899)
|
6,751
|
|
4,740
|
(1,962)
|
3,635
|
|
6,310
|
(3,394)
|
4,387
|
|
883
|
(475)
|
614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA,
previously reported
|
8,982
|
(2,150)
|
6,789
|
|
4,780
|
(1,348)
|
3,388
|
|
7,542
|
(2,345)
|
5,153
|
|
1,055
|
(328)
|
721
|
Less:
Adjustments to amortization of intangible assets
|
(19)
|
(107)
|
(79)
|
|
(14)
|
(59)
|
(33)
|
|
(17)
|
(60)
|
(37)
|
|
(2)
|
(8)
|
(5)
|
Adjusted EBITDA,
revised
|
8,963
|
(2,257)
|
6,710
|
|
4,766
|
(1,407)
|
3,355
|
|
7,525
|
(2,405)
|
5,116
|
|
1,053
|
(336)
|
716
|
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SOURCE Baidu, Inc.