Technology
Baidu Announces Fourth Quarter and Fiscal Year 2023 Results
Published
3 years agoon
By
BEIJING, Feb. 28, 2024 /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, 2023.
“Baidu Core reported another solid quarter,” said Robin Li, Co-founder and CEO of Baidu. “Throughout 2023, we made significant strides in advancing ERNIE and ERNIE Bot, reinventing our products and services, and achieving breakthroughs in monetization. Concurrently, our core business remained resilient and healthy. Looking ahead, our commitment to Gen-AI and foundation models remains unwavering, paving the way for the [gradual] creation of a new growth engine.”
“In the fourth quarter, we maintained our focus on enhancing operational efficiencies,” said Rong Luo, CFO of Baidu. “As we look ahead into 2024, our goal is to persistently enhance operational efficiencies and achieve high-quality growth.”
Fourth Quarter and Fiscal Year 2023 Financial Highlights[1]
Baidu, Inc.
(In millions except per
Q4
Q3
Q4
FY
FY
ADS, unaudited)
2022
2023
2023
YOY
2022
2023
YOY
RMB
RMB
RMB
US$
RMB
RMB
US$
Total revenues
33,077
34,447
34,951
4,923
6 %
123,675
134,598
18,958
9 %
Operating income
4,593
6,274
5,392
759
17 %
15,911
21,856
3,078
37 %
Operating income
(non-GAAP) [2]
6,497
7,596
7,075
996
9 %
23,186
28,433
4,005
23 %
Net income to Baidu
4,953
6,681
2,599
366
(48 %)
7,559
20,315
2,861
169 %
Net income to Baidu
(non-GAAP) [2]
5,371
7,267
7,755
1,092
44 %
20,680
28,747
4,049
39 %
Diluted earnings per
ADS
13.59
18.22
6.77
0.95
(50 %)
19.85
55.08
7.76
177 %
Diluted earnings per
ADS (non-GAAP) [2]
15.25
20.40
21.86
3.08
43 %
58.93
80.85
11.39
37 %
Adjusted EBITDA [2]
8,231
9,505
9,057
1,276
10 %
29,663
35,823
5,046
21 %
Adjusted EBITDA
margin
25 %
28 %
26 %
26 %
24 %
27 %
27 %
Baidu Core
Q4
Q3
Q4
FY
FY
(In millions, unaudited)
2022
2023
2023
YOY
2022
2023
YOY
RMB
RMB
RMB
US$
RMB
RMB
US$
Total revenues
25,654
26,572
27,488
3,872
7 %
95,431
103,465
14,573
8 %
Operating income
3,782
5,498
4,668
657
23 %
14,534
18,825
2,651
30 %
Operating income
(non-GAAP) [2]
5,491
6,672
6,197
873
13 %
20,948
24,748
3,486
18 %
Net income to Baidu
Core
4,773
6,436
2,440
344
(49 %)
7,551
19,401
2,733
157 %
Net income to Baidu
Core (non-GAAP) [2]
4,915
6,956
7,500
1,056
53 %
19,935
27,418
3,862
38 %
Adjusted EBITDA [2]
7,146
8,513
8,118
1,143
14 %
27,088
31,863
4,488
18 %
Adjusted EBITDA
margin
28 %
32 %
30 %
30 %
28 %
31 %
31 %
[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.0999 as of December 29, 2023, 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$318 million to shareholders since the beginning of Q4 2023, bringing the cumulative repurchase to US$669 million under the 2023 share repurchase program.
AI Cloud
PaddlePaddle developer community has grown to 10.7 million and has served 235,000 businesses, as of the end of 2023. Developers have created 860,000 models on PaddlePaddle by the end of 2023.
Intelligent Driving
Apollo Go, Baidu’s autonomous ride-hailing service, provided about 839K rides in the fourth quarter of 2023, up 49% year over year. As of January 2, 2024, accumulated rides provided by Apollo Go on public roads surpassed 5 million.In the fourth quarter of 2023, the proportion of fully driverless orders within the overall order portfolio in Wuhan reached 45%, up from 40% in the third quarter of 2023.
Mobile Ecosystem
In December 2023, Baidu App’s MAUs reached 667 million, up 3% year over year.Managed Page accounted for 51% of Baidu Core’s online marketing revenue in the fourth quarter of 2023.
iQIYI
iQIYI’s average daily number of total subscribing members for the quarter was 100.3 million, compared to 111.6 million for the fourth quarter of 2022 and 107.5 million for the third quarter of 2023. More importantly, iQIYI’s monthly average revenue per membership (ARM) for the quarter was RMB15.98, compared to RMB14.17 for the fourth quarter of 2022 and RMB15.54 for the third quarter of 2023.
Fourth Quarter 2023 Financial Results
Total revenues were RMB35.0 billion ($4.92 billion), increasing 6% year over year.
Revenue from Baidu Core was RMB27.5 billion ($3.87 billion), increasing 7% year over year; online marketing revenue was RMB19.2 billion ($2.70 billion), up 6% year over year, and non-online marketing revenue was RMB8.3 billion ($1.17 billion), up 9% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.7 billion ($1.09 billion), increasing 2% year over year.
Cost of revenues was RMB17.4 billion ($2.45 billion), increasing 3% year over year, primarily due to an increase in costs related to AI Cloud business, partially offset by a decrease in content costs.
Selling, general and administrative expenses were RMB5.9 billion ($825 million), which remained flat compared to the same period last year.
Research and development expenses were RMB6.3 billion ($886 million), increasing 11% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.
Operating income was RMB5.4 billion ($759 million). Baidu Core operating income was RMB4.7 billion ($657 million), and Baidu Core operating margin was 17%. Non-GAAP operating income was RMB7.1 billion ($996 million). Non-GAAP Baidu Core operating income was RMB6.2 billion ($873 million), and non-GAAP Baidu Core operating margin was 23%.
Total other loss, net was RMB2.5 billion ($356 million), compared to total other income, net of RMB1.8 billion for the same period last year, mainly due to a pickup of losses from an equity method investment as a result of a modification of certain terms of the underlying preferred shares.
Income tax benefit was RMB96 million ($14 million), compared to income tax expense of RMB1.3 billion for the same period last year, mainly due to a change of certain subsidiaries’ amounts of valuation allowance for deferred tax assets.
Net income attributable to Baidu was RMB2.6 billion ($366 million), and diluted earnings per ADS was RMB6.77 ($0.95). Net income attributable to Baidu Core was RMB2.4 billion ($344 million), and net margin for Baidu Core was 9%. Non-GAAP net income attributable to Baidu was RMB7.8 billion ($1.09 billion). Non-GAAP diluted earnings per ADS was RMB21.86 ($3.08). Non-GAAP net income attributable to Baidu Core was RMB7.5 billion ($1.06 billion), and non-GAAP net margin for Baidu Core was 27%.
Adjusted EBITDA was RMB9.1 billion ($1.28 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB8.1 billion ($1.14 billion) and adjusted EBITDA margin for Baidu Core was 30%.
As of December 31, 2023, cash, cash equivalents, restricted cash and short-term investments were RMB205.4 billion ($28.93 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB200.0 billion ($28.17 billion). Free cash flow was RMB7.0 billion ($980 million), and free cash flow excluding iQIYI was RMB6.3 billion ($894 million).
Fiscal Year 2023 Results
Total revenues were RMB134.6 billion ($18.96 billion), increasing 9% year over year.
Revenue from Baidu Core was RMB103.5 billion ($14.57 billion), increasing 8% year over year; online marketing revenue was RMB75.1 billion ($10.58 billion), up 8% year over year, and non-online marketing revenue was RMB28.4 billion ($3.99 billion), up 9% year over year.Revenue from iQIYI was RMB31.9 billion ($4.49 billion), increasing 10% year over year.
Cost of revenues was RMB65.0 billion ($9.16 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs, partially offset by a decrease in content costs and costs related to AI Cloud business.
Selling, general and administrative expenses were RMB23.5 billion ($3.31 billion), increasing 15% year over year, primarily due to an increase in channel spending and promotional marketing expenses.
Research and development expenses were RMB24.2 billion ($3.41 billion), increasing 4% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.
Operating income was RMB21.9 billion ($3.08 billion). Baidu Core operating income was RMB18.8 billion ($2.65 billion), and Baidu Core operating margin was 18%. Non-GAAP operating income was RMB28.4 billion ($4.01 billion). Non-GAAP Baidu Core operating income was RMB24.7 billion ($3.49 billion), and non-GAAP Baidu Core operating margin was 24%.
Total other income, net was RMB3.3 billion ($472 million), compared to total other loss, net of RMB5.8 billion last year, mainly due to a fair value gain of RMB198 million from long-term investments this year, compared to a fair value loss of RMB3.9 billion last year; and a decrease of RMB2.2 billion in impairment of long-term investments.
Income tax expense was RMB3.6 billion ($514 million), increasing 42% year over year, primarily due to an increase in profit before tax.
Net income attributable to Baidu was RMB20.3 billion ($2.86 billion), and diluted earnings per ADS was RMB55.08 ($7.76). Net income attributable to Baidu Core was RMB19.4 billion ($2.73 billion), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB28.7 billion ($4.05 billion). Non-GAAP diluted earnings per ADS was RMB80.85 ($11.39). Non-GAAP net income attributable to Baidu Core was RMB27.4 billion ($3.86 billion), and non-GAAP net margin for Baidu Core was 26%.
Adjusted EBITDA was RMB35.8 billion ($5.05 billion) and adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was RMB31.9 billion ($4.49 billion) and adjusted EBITDA margin for Baidu Core was 31%.
Free cash flow was RMB25.4 billion ($3.58 billion), and free cash flow excluding iQIYI was RMB22.1 billion ($3.11 billion).
Conference Call Information
Baidu’s management will hold an earnings conference call at 7.30 AM on February 28, 2024, U.S. Eastern Time (8.30 PM on February 28, 2024, 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 2023 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/10036733-mjkcdg.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 (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, amortization and impairment of intangible assets resulting from business combinations, and contingent loss pertaining to legal proceeding in relation to former advertising agencies.
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, and contingent loss pertaining to legal proceeding in relation to former advertising agencies, charitable donation from Baidu, 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, share-based compensation expenses, and contingent loss pertaining to legal proceeding in relation to former advertising agencies.
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,
2022
2023
2023
2023
2022
2023
2023
RMB
RMB
RMB
US$(2)
RMB
RMB
US$(2)
Revenues:
Online marketing services
19,571
21,346
20,804
2,930
74,711
81,203
11,437
Others
13,506
13,101
14,147
1,993
48,964
53,395
7,521
Total revenues
33,077
34,447
34,951
4,923
123,675
134,598
18,958
Costs and expenses:
Cost of revenues(1)
16,945
16,294
17,418
2,453
63,935
65,031
9,159
Selling, general and administrative(1)
5,881
5,778
5,854
825
20,514
23,519
3,314
Research and development(1)
5,658
6,101
6,287
886
23,315
24,192
3,407
Total costs and expenses
28,484
28,173
29,559
4,164
107,764
112,742
15,880
Operating income
4,593
6,274
5,392
759
15,911
21,856
3,078
Other income (loss):
Interest income
1,647
2,082
2,064
291
6,245
8,009
1,128
Interest expense
(738)
(853)
(774)
(109)
(2,913)
(3,248)
(457)
Foreign exchange (loss) gain, net
(338)
(26)
(449)
(63)
(1,484)
595
84
Share of losses from equity method investments
(523)
(398)
(2,970)
(418)
(1,910)
(3,799)
(535)
Others, net
1,733
1,100
(398)
(57)
(5,737)
1,785
252
Total other income (loss), net
1,781
1,905
(2,527)
(356)
(5,799)
3,342
472
Income before income taxes
6,374
8,179
2,865
403
10,112
25,198
3,550
Income tax expense (benefit)
1,254
1,282
(96)
(14)
2,578
3,649
514
Net income
5,120
6,897
2,961
417
7,534
21,549
3,036
Net income (loss) attributable to noncontrolling interests
167
216
362
51
(25)
1,234
175
Net income attributable to Baidu
4,953
6,681
2,599
366
7,559
20,315
2,861
Earnings per ADS (1 ADS representing 8 Class A ordinary shares):
-Basic
13.73
18.45
6.85
0.96
20.02
55.83
7.86
-Diluted
13.59
18.22
6.77
0.95
19.85
55.08
7.76
Earnings per share for Class A and Class B ordinary shares:
-Basic
1.72
2.31
0.86
0.12
2.50
6.98
0.98
-Diluted
1.70
2.28
0.85
0.12
2.48
6.89
0.97
Weighted average number of Class A and Class B ordinary shares outstanding (in millions):
-Basic
2,789
2,814
2,812
2,812
2,782
2,807
2,807
-Diluted
2,801
2,846
2,830
2,830
2,809
2,837
2,837
(1) Includes share-based compensation expenses as follows:
Cost of revenues
158
139
159
23
409
590
83
Selling, general and administrative
450
358
411
58
1,750
1,678
236
Research and development
1,233
778
1,068
150
4,629
4,077
575
Total share-based compensation expenses
1,841
1,275
1,638
231
6,788
6,345
894
(2) All translations from RMB to U.S. dollars are made at a rate of RMB 7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023 as set forth in the H.10 statistical release of The Board
of Governors of the Federal Reserve System.
Baidu, Inc.
Condensed Consolidated Balance Sheets
(In millions, unaudited)
December 31,
December 31,
December 31,
2022
2023
2023
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
53,156
25,231
3,554
Restricted cash
11,330
11,503
1,620
Short-term investments, net
120,839
168,670
23,757
Accounts receivable, net
11,733
10,848
1,528
Amounts due from related parties
5,432
1,424
201
Other current assets, net
10,360
12,579
1,772
Total current assets
212,850
230,255
32,432
Non-current assets:
Fixed assets, net
23,973
27,960
3,938
Licensed copyrights, net
6,841
6,967
981
Produced content, net
13,002
13,377
1,884
Intangible assets, net
1,254
881
124
Goodwill
22,477
22,586
3,181
Long-term investments, net
55,297
47,957
6,755
Long-term time deposits and held-to-maturity investments
23,629
24,666
3,474
Amounts due from related parties
60
195
27
Deferred tax assets, net
2,129
2,100
296
Operating lease right-of-use assets
10,365
10,851
1,528
Other non-current assets
19,096
18,964
2,671
Total non-current assets
178,123
176,504
24,859
Total assets
390,973
406,759
57,291
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Short-term loans
5,343
10,257
1,445
Accounts payable and accrued liabilities
38,014
37,717
5,312
Customer deposits and deferred revenue
13,116
14,627
2,060
Deferred income
72
306
43
Long-term loans, current portion
–
2
–
Convertible senior notes, current portion
8,305
2,802
395
Notes payable, current portion
6,904
6,029
849
Amounts due to related parties
5,067
1,603
226
Operating lease liabilities
2,809
3,108
438
Total current liabilities
79,630
76,451
10,768
Non-current liabilities:
Deferred income
159
200
28
Deferred revenue
331
481
68
Amounts due to related parties
99
77
11
Long-term loans
13,722
14,223
2,003
Notes payable
39,893
34,990
4,928
Convertible senior notes
9,568
8,144
1,147
Deferred tax liabilities
2,898
2,725
384
Operating lease liabilities
4,810
5,040
710
Other non-current liabilities
2,058
1,820
257
Total non-current liabilities
73,538
67,700
9,536
Total liabilities
153,168
144,151
20,304
Redeemable noncontrolling interests
8,393
9,465
1,333
Equity
Total Baidu shareholders’ equity
223,478
243,626
34,314
Noncontrolling interests
5,934
9,517
1,340
Total equity
229,412
253,143
35,654
Total liabilities, redeemable noncontrolling interests,
and equity
390,973
406,759
57,291
Baidu, Inc.
Selected Information
(In millions, unaudited)
Three months ended
December 31, 2022 (RMB)
Three months ended
September 30, 2023 (RMB)
Three months ended
December 31, 2023 (RMB)
Three months ended
December 31, 2023 (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
25,654
7,593
(170)
33,077
26,572
8,015
(140)
34,447
27,488
7,707
(244)
34,951
3,872
1,086
(35)
4,923
YOY
7 %
2 %
6 %
QOQ
3 %
(4 %)
1 %
Costs and expenses:
Cost of revenues (1)
11,712
5,405
(172)
16,945
10,610
5,840
(156)
16,294
12,050
5,533
(165)
17,418
1,698
779
(24)
2,453
Selling, general and administrative (1)
4,969
939
(27)
5,881
4,810
981
(13)
5,778
4,936
948
(30)
5,854
695
134
(4)
825
Research and development (1)
5,191
467
–
5,658
5,654
447
–
6,101
5,834
453
–
6,287
822
64
–
886
Total costs and expenses
21,872
6,811
(199)
28,484
21,074
7,268
(169)
28,173
22,820
6,934
(195)
29,559
3,215
977
(28)
4,164
YOY
Cost of revenues
3 %
2 %
3 %
Selling, general and administrative
(1 %)
1 %
(0 %)
Research and development
12 %
(3 %)
11 %
Costs and expenses
4 %
2 %
4 %
Operating income (loss)
3,782
782
29
4,593
5,498
747
29
6,274
4,668
773
(49)
5,392
657
109
(7)
759
YOY
23 %
(1 %)
17 %
QOQ
(15 %)
3 %
(14 %)
Operating margin
15 %
10 %
14 %
21 %
9 %
18 %
17 %
10 %
15 %
Add: total other income (loss), net
2,271
(490)
–
1,781
2,159
(254)
–
1,905
(2,267)
(260)
–
(2,527)
(319)
(37)
–
(356)
Less: income tax expense (benefit)
1,265
(11)
–
1,254
1,272
10
–
1,282
(134)
38
–
(96)
(19)
5
–
(14)
Less: net income (loss) attributable to NCI
15
(1)
153
(3)
167
(51)
7
260
(3)
216
95
9
258
(3)
362
13
1
37
(3)
51
Net income (loss) attributable to Baidu
4,773
304
(124)
4,953
6,436
476
(231)
6,681
2,440
466
(307)
2,599
344
66
(44)
366
YOY
(49 %)
53 %
(48 %)
QOQ
(62 %)
(2 %)
(61 %)
Net margin
19 %
4 %
15 %
24 %
6 %
19 %
9 %
6 %
7 %
Non-GAAP financial measures:
Operating income (non-GAAP)
5,491
977
6,497
6,672
895
7,596
6,197
927
7,075
873
130
996
YOY
13 %
(5 %)
9 %
QOQ
(7 %)
4 %
(7 %)
Operating margin (non-GAAP)
21 %
13 %
20 %
25 %
11 %
22 %
23 %
12 %
20 %
Net income attributable to Baidu (non-
GAAP)
4,915
856
5,371
6,956
622
7,267
7,500
681
7,755
1,056
96
1,092
YOY
53 %
(20 %)
44 %
QOQ
8 %
9 %
7 %
Net margin (non-GAAP)
19 %
11 %
16 %
26 %
8 %
21 %
27 %
9 %
22 %
Adjusted EBITDA
7,146
1,056
8,231
8,513
963
9,505
8,118
988
9,057
1,143
140
1,276
YOY
14 %
(6 %)
10 %
QOQ
(5 %)
3 %
(5 %)
Adjusted EBITDA margin
28 %
14 %
25 %
32 %
12 %
28 %
30 %
13 %
26 %
(1) Includes share-based compensation as follows:
Cost of revenues
122
36
158
107
32
139
125
34
159
18
5
23
Selling, general and administrative
355
95
450
290
68
358
340
71
411
48
10
58
Research and development
1,177
56
1,233
732
46
778
1,020
48
1,068
144
6
150
Total share-based compensation
1,654
187
1,841
1,129
146
1,275
1,485
153
1,638
210
21
231
(2) Relates to intersegment eliminations and adjustments
(3) Relates to the net income/(loss) attributable to iQIYI noncontrolling interests
Baidu, Inc.
Selected Information
(In millions except for per ADS information, unaudited)
Twelve months ended
December 31, 2022 (RMB)
Twelve months ended
December 31, 2023 (RMB)
Twelve months ended
December 31, 2023 (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.
Total revenues
95,431
28,998
(754)
123,675
103,465
31,873
(740)
134,598
14,573
4,489
(104)
18,958
YOY
8 %
10 %
9 %
Costs and expenses:
Cost of revenues (1)
42,378
22,321
(764)
63,935
42,592
23,103
(664)
65,031
5,999
3,254
(94)
9,159
Selling, general and administrative (1)
17,103
3,466
(55)
20,514
19,623
4,014
(118)
23,519
2,765
565
(16)
3,314
Research and development (1)
21,416
1,899
–
23,315
22,425
1,767
–
24,192
3,158
249
–
3,407
Total costs and expenses
80,897
27,686
(819)
107,764
84,640
28,884
(782)
112,742
11,922
4,068
(110)
15,880
YOY
Cost of revenues
1 %
4 %
2 %
Selling, general and administrative
15 %
16 %
15 %
Research and development
5 %
(7 %)
4 %
Cost and expenses
5 %
4 %
5 %
Operating income
14,534
1,312
65
15,911
18,825
2,989
42
21,856
2,651
421
6
3,078
YOY
30 %
128 %
37 %
Operating margin
15 %
5 %
13 %
18 %
9 %
16 %
Add: total other (loss) income, net
(4,453)
(1,346)
–
(5,799)
4,298
(956)
–
3,342
607
(135)
–
472
Less: income tax expense
2,494
84
–
2,578
3,568
81
–
3,649
503
11
–
514
Less: net income (loss) attributable to NCI
36
18
(79)
(3)
(25)
154
27
1,053
(3)
1,234
22
4
149
(3)
175
Net income (loss) attributable to Baidu
7,551
(136)
144
7,559
19,401
1,925
(1,011)
20,315
2,733
271
(143)
2,861
YOY
157 %
(1515 %)
169 %
Net margin
8 %
(0 %)
6 %
19 %
6 %
15 %
Non-GAAP financial measures:
Operating income (non-GAAP)
20,948
2,173
23,186
24,748
3,643
28,433
3,486
513
4,005
YOY
18 %
68 %
23 %
Operating margin (non-GAAP)
22 %
7 %
19 %
24 %
11 %
21 %
Net income attributable to Baidu (non-GAAP)
19,935
1,284
20,680
27,418
2,838
28,747
3,862
400
4,049
YOY
38 %
121 %
39 %
Net margin (non-GAAP)
21 %
4 %
17 %
26 %
9 %
21 %
Adjusted EBITDA
27,088
2,510
29,663
31,863
3,918
35,823
4,488
552
5,046
YOY
18 %
56 %
21 %
Adjusted EBITDA margin
28 %
9 %
24 %
31 %
12 %
27 %
(1) Includes share-based compensation as follows:
Cost of revenues
261
148
409
457
133
590
64
19
83
Selling, general and administrative
1,326
424
1,750
1,363
315
1,678
192
44
236
Research and development
4,390
239
4,629
3,888
189
4,077
548
27
575
Total share-based compensation
5,977
811
6,788
5,708
637
6,345
804
90
894
(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, 2022 (RMB)
September 30, 2023 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Baidu
excl.
iQIYI
iQIYI
Baidu,
Inc.
Net cash provided by operating activities
6,999
854
7,853
8,694
831
9,525
9,985
633
10,618
1,407
89
1,496
Net cash (used in) provided by investing activities
(5,902)
579
(5,323)
(11,345)
(55)
(11,400)
(11,805)
(1,431)
(13,236)
(1,662)
(202)
(1,864)
Net cash (used in) provided by financing activities
(5,124)
2,862
(2,262)
(5,253)
269
(4,984)
(7,586)
(22)
(7,608)
(1,069)
(3)
(1,072)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
(1,420)
(9)
(1,429)
153
5
158
(364)
(31)
(395)
(52)
(4)
(56)
Net (decrease) increase in cash, cash equivalents
and restricted cash
(5,447)
4,286
(1,161)
(7,751)
1,050
(6,701)
(9,770)
(851)
(10,621)
(1,376)
(120)
(1,496)
Cash, cash equivalents and restricted cash
At beginning of period
62,821
3,576
66,397
49,814
5,082
54,896
42,063
6,132
48,195
5,924
864
6,788
At end of period
57,374
7,862
65,236
42,063
6,132
48,195
32,293
5,281
37,574
4,548
744
5,292
Net cash provided by operating activities
6,999
854
7,853
8,694
831
9,525
9,985
633
10,618
1,407
89
1,496
Less: Capital expenditures
(1,920)
(9)
(1,929)
(3,525)
(4)
(3,529)
(3,641)
(19)
(3,660)
(513)
(3)
(516)
Free cash flow
5,079
845
5,924
5,169
827
5,996
6,344
614
6,958
894
86
980
Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.
Baidu, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions,unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2022 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
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
26,241
(71)
26,170
33,263
3,352
36,615
4,685
472
5,157
Net cash (used in) provided by investing activities
(4,210)
266
(3,944)
(48,657)
(1,740)
(50,397)
(6,853)
(245)
(7,098)
Net cash (used in) provided by financing activities
(10,859)
4,469
(6,390)
(9,876)
(4,286)
(14,162)
(1,391)
(604)
(1,995)
Effect of exchange rate changes on cash, cash
equivalents and restricted cash
1,606
123
1,729
189
93
282
27
13
40
Net increase (decrease) in cash, cash equivalents
and restricted cash
12,778
4,787
17,565
(25,081)
(2,581)
(27,662)
(3,532)
(364)
(3,896)
Cash, cash equivalents and restricted cash
At beginning of period
44,596
3,075
47,671
57,374
7,862
65,236
8,080
1,108
9,188
At end of period
57,374
7,862
65,236
32,293
5,281
37,574
4,548
744
5,292
Net cash provided by (used in) operating activities
26,241
(71)
26,170
33,263
3,352
36,615
4,685
472
5,157
Less: Capital expenditures
(8,112)
(174)
(8,286)
(11,154)
(36)
(11,190)
(1,571)
(5)
(1,576)
Free cash flow
18,129
(245)
17,884
22,109
3,316
25,425
3,114
467
3,581
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
December 31, 2022 (RMB)
September 30, 2023 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Operating income
3,782
782
4,593
5,498
747
6,274
4,668
773
5,392
657
109
759
Add: Share-based compensation expenses
1,654
187
1,841
1,129
146
1,275
1,485
153
1,638
210
21
231
Add: Amortization and impairment of intangible assets(1)
55
8
63
45
2
47
44
1
45
6
–
6
Operating income (non-GAAP)
5,491
977
6,497
6,672
895
7,596
6,197
927
7,075
873
130
996
Add: Depreciation of fixed assets
1,655
79
1,734
1,841
68
1,909
1,921
61
1,982
270
10
280
Adjusted EBITDA
7,146
1,056
8,231
8,513
963
9,505
8,118
988
9,057
1,143
140
1,276
Net income attributable to Baidu
4,773
304
4,953
6,436
476
6,681
2,440
466
2,599
344
66
366
Add: Share-based compensation expenses
1,654
187
1,748
1,128
146
1,194
1,484
153
1,553
209
22
219
Add: Amortization and impairment of intangible assets(1)
50
8
55
43
2
44
42
1
42
6
–
6
Add: Disposal (gain) loss
(484)
62
(453)
(753)
–
(753)
(37)
(1)
(38)
(5)
–
(5)
Add: Impairment of long-term investments
318
271
453
46
–
46
132
62
160
19
8
23
Add: Fair value (gain) loss of long-term investments
(1,662)
8
(1,658)
(384)
(2)
(385)
403
–
403
57
–
57
Add: Reconciling items on equity method investments(2)
377
18
386
572
–
572
3,172
–
3,172
447
–
447
Add: Tax effects on non-GAAP adjustments(3)
(111)
(2)
(113)
(132)
–
(132)
(136)
–
(136)
(21)
–
(21)
Net income attributable to Baidu (non-GAAP)
4,915
856
5,371
6,956
622
7,267
7,500
681
7,755
1,056
96
1,092
Diluted earnings per ADS
13.59
18.22
6.77
0.95
Add: Accretion of the redeemable noncontrolling interests
0.46
0.53
0.53
0.07
Add: Non-GAAP adjustments to earnings per ADS
1.20
1.65
14.56
2.06
Diluted earnings per ADS (non-GAAP)
15.25
20.40
21.86
3.08
(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 share.
(3) This represents tax impact of all non-GAAP adjustments.
Baidu, Inc.
Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures
(In millions except for ADS and per ADS information, unaudited)
Twelve months ended
Twelve months ended
Twelve months ended
December 31, 2022 (RMB)
December 31, 2023 (RMB)
December 31, 2023 (US$)
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Baidu
Core
iQIYI
Baidu,
Inc.
Operating income
14,534
1,312
15,911
18,825
2,989
21,856
2,651
421
3,078
Add: Share-based compensation expenses
5,977
811
6,788
5,708
637
6,345
804
90
894
Add: Amortization and impairment of intangible assets(1)
223
50
273
215
17
232
31
2
33
Add: Contingent loss(2)
214
–
214
–
–
–
–
–
–
Operating income (non-GAAP)
20,948
2,173
23,186
24,748
3,643
28,433
3,486
513
4,005
Add: Depreciation of fixed assets
6,140
337
6,477
7,115
275
7,390
1,002
39
1,041
Adjusted EBITDA
27,088
2,510
29,663
31,863
3,918
35,823
4,488
552
5,046
Net income (loss) attributable to Baidu
7,551
(136)
7,559
19,401
1,925
20,315
2,733
271
2,861
Add: Share-based compensation expenses
5,964
811
6,371
5,704
637
5,993
803
90
844
Add: Amortization and impairment of intangible assets(1)
200
50
229
195
17
204
27
2
29
Add: Disposal (gain)
(515)
(368)
(700)
(1,926)
(90)
(1,967)
(271)
(13)
(277)
Add: Impairment of long-term investments
2,180
841
2,601
479
336
631
67
47
89
Add: Fair value loss (gain) of long-term investments
3,977
(18)
3,968
(54)
4
(52)
(8)
1
(7)
Add: Reconciling items on equity method investments(3)
1,473
105
1,548
–
3,918
9
3,922
–
552
2
551
Add: Charitable donation from Baidu(4)
136
–
136
–
–
–
–
–
–
Add: Contingent loss(2)
214
–
214
–
–
–
–
–
–
Add: Tax effects on non-GAAP adjustments(5)
(1,245)
(1)
(1,246)
(299)
–
(299)
(41)
–
(41)
Net income attributable to Baidu (non-GAAP)
19,935
1,284
20,680
27,418
2,838
28,747
3,862
400
4,049
Diluted earnings per ADS
19.85
55.08
7.76
Add: Accretion of the redeemable noncontrolling interests
1.68
2.02
0.28
Add: Non-GAAP adjustments to earnings per ADS
37.40
23.75
3.35
Diluted earnings per ADS (non-GAAP)
58.93
80.85
11.39
(1) This represents amortization and impairment of intangible assets resulting from business combinations.
(2) This represents contingent loss pertaining to legal proceeding involving former advertising agency.
(3) 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 share.
(4) This represents non-recurring charitable donation to discrete events.
(5) This represents tax impact of all non-GAAP adjustments.
View original content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2023-results-302073884.html
SOURCE Baidu, Inc.
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XCOTTON Joins the Conversation at IFA 2026: Why the Future of Commerce Goes Beyond Checkout
Published
1 hour agoon
September 5, 2026By
LOS ANGELES and NEW YORK and LAS VEGAS, Sept. 4, 2026 /PRNewswire/ — As the global consumer technology industry gathers in Berlin for IFA 2026, thousands of brands are showcasing what comes next: smarter devices, connected experiences, artificial intelligence, robotics, and technologies designed to change how people live and shop. But behind every new product is another part of the consumer journey that deserves just as much attention: What happens after the customer buys?
The Xcotton team is in Berlin during the event to connect with consumer brands, retailers, technology companies, and potential business partners. The conversations are focused on a broader question for modern commerce: how can brands create a better experience after checkout while reducing the risks that come with delivering products to customers around the world?
The Customer Journey Doesn’t End at Checkout
For years, e-commerce innovation has focused heavily on the path to purchase. Brands optimize advertising to attract shoppers, product pages to increase conversion, checkout flows to reduce abandonment, and promotions to encourage customers to buy.
But the transaction is only one moment in the customer relationship. After payment, the order still needs to be fulfilled, shipped, delivered, and supported. A package can be delayed, lost, stolen, or damaged. A customer may need a replacement or refund. A support team may suddenly have to spend time resolving a problem that had nothing to do with the product itself.
For global e-commerce brands, these challenges become even more important as order volumes increase and businesses expand into new markets. A single delivery problem may affect more than the cost of replacing a product. It can also create customer-service workload, additional shipping costs, refunds, negative reviews, and lost opportunities for repeat purchases.
For the customer, however, the distinction does not always matter. The customer bought from the brand. The delivery experience becomes part of the brand experience. That is why post-purchase experience is becoming an increasingly important part of modern commerce. The opportunity is to think beyond the transaction and manage the entire customer journey:
Purchase → Delivery → Protection → Support → Resolution → Retention
When brands approach these stages as part of one connected experience, post-purchase operations become more than a back-office function. They can become a competitive advantage. A great product can win the first purchase. How a brand handles an unexpected problem can influence whether it earns the next one.
XCOTTON: Turning Post-Purchase Protection Into Business Value
This is where Xcotton comes in. Xcotton helps modern e-commerce brands protect every order after checkout. As a U.S.-based post-purchase protection platform, Xcotton enables merchants to offer shipping protection, product protection, and insurance-backed coverage solutions designed to reduce delivery risk, improve customer experience, and create new revenue opportunities.
Xcotton’s reach extends beyond the U.S. Through its licensed insurance intermediary in France, Xcotton is authorized to provide compliant insurance solutions to merchants and consumers across the European Union. This international capability supports brands as they expand into new markets while helping them offer protection solutions aligned with local regulatory requirements.
The company’s approach is built around a straightforward idea: post-purchase protection should not be viewed only as a way to manage losses. It can also be part of the customer experience. When something goes wrong with an order, customers want to know three things: What happened? What can I do? And how quickly can it be resolved?
A clear protection experience can help answer those questions while giving merchants a structured way to manage unexpected delivery issues. For Xcotton, the goal is simple: Help brands turn post-purchase protection into a better customer experience and a smarter business advantage.
Why Protection Matters for Global E-Commerce
For brands selling across borders, post-purchase protection becomes particularly important as order values, shipping distances, and fulfillment complexity increase.
International shipments can move through multiple carriers, fulfillment centers, customs processes, and last-mile networks before reaching the customer. For higher-value or larger products, a delivery issue can create significant costs for both merchants and shoppers.
Xcotton helps brands address these risks with protection solutions designed around different stages of the customer journey—from shipping protection to product protection and extended warranty coverage.
This gives merchants a more structured way to protect purchases while giving customers greater confidence in the products they are investing in.
Modern Brands Are Selling More Than Products
The same trend can be seen across categories far beyond consumer electronics. Brands increasingly build their businesses around distinctive products, direct relationships, personalization, and customer experience.
LINTICO is a women’s natural-fabric clothing brand known for its linen womenswear. With linen at the heart of its collections, LINTICO focuses on thoughtfully chosen fibers and versatile pieces designed for everyday life, work, travel, and special occasions. Its philosophy, “Linen That Loves You Back,” reflects a focus on comfort, natural materials, and lasting appeal.
Lordhair is a men’s hair system brand serving customers in more than 120 countries. The company designs and manufactures its hair systems in-house, from ready-to-wear pieces to fully customized bases. Localized websites, native-language support, and one-to-one consultations help customers navigate fitting and aftercare while creating a more personalized buying experience.
MICAS represents the growing market for elevated modern womenswear, where product design, brand identity, digital commerce, and customer experience are increasingly interconnected.
Popilush is a global shapewear fashion brand combining fashion and functionality through its signature built-in shapewear designs. Founded by Eve DeMartine, the company creates one-piece dresses and confidence-enhancing apparel for women worldwide, with a strong focus on functional design, inclusive fashion, and body confidence.
These brands illustrate a common reality of modern commerce: Customers are not simply buying a product. They are buying confidence in the brand behind it. That confidence can be influenced by what happens before the purchase—and just as importantly, what happens afterward.
From Cost Center to Business Opportunity
Post-purchase protection has traditionally been associated with risk management.
A shipment is lost. A merchant replaces it.
A package arrives damaged. A refund is issued.
A customer reports a problem. The support team resolves it.
But this reactive model can overlook the larger opportunity. What if protection could be designed as part of the customer journey from the beginning? What if customers knew before they completed their purchase that there was a clear solution if something went wrong?
And what if merchants could use protection not only to reduce the financial impact of delivery problems, but also to improve customer confidence and create additional business value?
This represents a broader shift in how brands can think about post-purchase protection. It is not simply about covering a loss. It is about creating confidence around the purchase. For e-commerce brands competing for repeat customers, that confidence can matter.
XCOTTON Connects With Brands at IFA 2026
IFA 2026 provides an ideal environment for these conversations. The event brings together companies across consumer technology, retail, home appliances, smart home, AI, robotics, and emerging categories. For businesses developing the next generation of consumer products, reaching the customer is only one part of the challenge. Delivering that product successfully—and creating a positive experience afterward—is equally important.
In Berlin, Xcotton connects with:
E-commerce and direct-to-consumer brandsConsumer technology companiesRetailers and distributorsSmart home and connected-device businessesFashion and lifestyle brandsTechnology and logistics partnersCompanies expanding into international markets
The goal is to understand the challenges these businesses face after checkout and explore opportunities to build stronger post-purchase experiences together. The complete journey: Discover. Purchase. Deliver. Protect. Support. Retain.
The Future of Commerce Goes Beyond Checkout
IFA 2026 is showcasing technologies designed to make consumer lives smarter, more connected, and more convenient.
For commerce brands, however, the next evolution may not be limited to smarter products. It may also be about creating smarter experiences around those products. The customer journey does not end when the payment is processed. It continues through fulfillment, delivery, support, returns, protection, and resolution. And when something goes wrong, the response can become one of the most important moments in the relationship between a customer and a brand.
Post-purchase protection is not simply about protecting a package. It is about protecting customer trust. During IFA 2026 in Berlin, Xcotton connects with brands that are looking to explore how better post-purchase experiences can help modern e-commerce businesses reduce delivery risk, strengthen customer relationships, and create lasting value. The future of commerce doesn’t end at checkout. It begins there.
Contact: merchantsupport@xcotton.ai
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SOURCE XCOTTON
Technology
ToolDance Unveils X1 Smart Desktop CNC Mill at IFA 2026
Published
3 hours agoon
September 5, 2026By
BERLIN, Sept. 4, 2026 /PRNewswire/ — ToolDance, a technology company focused on intelligent desktop CNC solutions, officially unveiled its flagship product ToolDance X1 Smart Desktop CNC Mill at IFA 2026 in Berlin, Germany.
On the first day of the exhibition, ToolDance attracted significant attention from professional users, makers, and industry audiences with live demonstrations showcasing the complete workflow from preparation to finished parts. Learn more about the X1 Smart Desktop CNC Mill.
“What has been especially encouraging at IFA is seeing people watch the X1 turn raw material into a finished part and immediately start thinking about how they could use it in their own work,” said Will Wang, Founder and CEO of ToolDance. “Our goal is to bring professional CNC capabilities to makers, engineers, and small businesses in a more accessible desktop format, while retaining the performance required for real manufacturing tasks.”
ToolDance’s participation in IFA 2026 reflects the company’s commitment to making industrial-grade manufacturing capabilities more accessible in personal workspaces.
The X1 features a 1,500W permanent magnet synchronous motor (PMSM) spindle that maintains strong torque at lower spindle speeds for demanding roughing operations and reaches speeds of up to 24,000rpm for precise finishing. It delivers positioning repeatability of ±0.01mm.
Its three-axis work envelope measures 400 × 265 × 180mm, providing room for functional parts such as fixtures, molds, machine plates, and housings, as well as multi-part production in a single setup. Support for tool shanks up to 10mm expands the range of cutters available for heavier material removal and larger tools.
The X1 supports both dry machining and flood-coolant machining across a range of metals, wood, and engineering plastics. Continuous coolant flow helps control heat, clear chips, and support stable cutting in demanding metal applications. Its cast aluminum-alloy frame is reinforced along critical load paths to increase rigidity and reduce vibration, supporting stable machining, consistent accuracy, and clean surface finishes.
On the software side, ToolDance Studio, developed in-house by ToolDance, is designed to lower the barrier to CNC machining through a streamlined three-step workflow from model to finished part.
Its Design for Manufacturability (DFM) analysis checks geometry, tool access, stock, and machining constraints to help users identify potential issues before cutting begins. The Workholding Guidance System recommends workholding setups for each operation based on part geometry and machining parameters, with step-by-step visual guidance. Its image-to-model feature can also generate editable geometry from photographs or reference images.
A nine-tool automatic tool changer (ATC) automates tool changes across operations ranging from roughing and drilling to finishing, chamfering, threading, and engraving, reducing the need for manual tool changes during multi-operation jobs.
The X1 is also designed as an expandable platform. With the optional simultaneous four or five-axis module, it can machine complex parts, curved surfaces, and fine details in a single setup, reducing re-clamping while maintaining alignment and accuracy.
The ToolDance X1 will remain on display at Hall 17, Booth H17-205 at Messe Berlin from Sept. 4–8, 2026, with live machining demonstrations taking place throughout the event. The product is scheduled to launch on Kickstarter in October 2026.
For more information, visit: https://www.tooldance.ai
About ToolDance
ToolDance is a technology company focused on smart desktop CNC solutions. With the vision of “Your Personal Factory,” ToolDance integrates hardware, software, and automation to make industrial-grade manufacturing capabilities more accessible, helping makers, engineers, professionals, and small businesses turn ideas into physical products more efficiently.
Note: Please translate the content first and provide a preview. The photos will be provided on Sept. 4.
Media Contact: info@tooldance.ai
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SOURCE ToolDance
Technology
Amwell Receives Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition for Technology-Enabled Care Platforms
Published
4 hours agoon
September 5, 2026By
Amwell® is transforming virtual care delivery through its unified Amwell Platform, combining interoperability, clinical integration, and intelligent orchestration to improve access, efficiency, and outcomes.
SAN ANTONIO, Sept. 5, 2026 /PRNewswire/ — As healthcare organizations move beyond fragmented telehealth solutions toward connected virtual care models, Amwell is helping redefine how digital care is delivered at scale. Frost & Sullivan is pleased to recognize Amwell with the 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms industry for its ability to address healthcare fragmentation through a unified platform that connects patients, health plan members, clinicians, and partner ecosystems across the care continuum.
Frost & Sullivan evaluates companies through a rigorous benchmarking process across two core dimensions: strategy effectiveness and strategy execution. Amwell excelled in both, demonstrating its ability to align strategic initiatives with evolving healthcare needs while executing with flexibility, scalability, and measurable customer impact. “The combination of reliability, flexibility, and clinically integrated workflows positions the Amwell Platform as a strategic enabler for organizations seeking to reduce fragmentation, improve member engagement with covered programs, expand access to care, and create more connected healthcare experiences,” said Sagar Mukhekar, Industry Analyst, Frost & Sullivan.
Guided by a strategy centered on connected care, interoperability, and continuous, digital innovation, Amwell has positioned the Amwell Platform as an operating layer for next-generation healthcare delivery. Rather than relying on disconnected point solutions, the platform integrates technology, services, and clinical intelligence to orchestrate personalized care experiences across virtual primary care, urgent care, behavioral health, chronic condition management, and specialized digital programs.
Backed by 20 years of technology-enabled care innovation, more than 90 million covered lives, and over 38.7 million virtual visits, Amwell continues to help health plans and healthcare organizations modernize digital care delivery at scale.
“As healthcare becomes more digital, it risks becoming more fragmented. Health plans need more than point solutions. They need enterprise infrastructure, clinical integration, and an open platform that brings partners and programs together. Our vision at Amwell is that technology creates value when it improves access, engagement, quality, and efficiency, and produces measurable clinical and business outcomes. We’re honored by this recognition from Frost & Sullivan,” said Dan Zamansky, Chief Product and Technology Officer at Amwell.
Amwell’s enterprise scale includes supporting the digital transformation of the Defense Health Agency’s Military Health System, serving approximately 9.6 million beneficiaries. The company’s commitment to measurable outcomes is also reflected in a landmark National Institute of Mental Health (NIMH)-funded study, published in Nature Human Behaviour and among the largest studies of its kind. The study found that students offered SilverCloud® by Amwell® engaged in mental healthcare at more than double the rate of traditional care, experienced lower rates of mental health disorders, and generated an estimated $1.18 million in avoided costs for the study population.
The company further differentiates its platform through intelligent orchestration and navigation, helping guide members to appropriate programs while giving clinicians visibility across care plans. Amwell also evaluates integrated third-party programs for clinical effectiveness, scalability, and enterprise readiness.
Frost & Sullivan commends Amwell for setting a high standard in competitive strategy, execution, and technological innovation. The company’s unified approach to digital care is helping reduce fragmentation, improve access, strengthen operational efficiency, and support more equitable and sustainable healthcare delivery.
Each year, Frost & Sullivan presents the Technology Innovation Leadership Recognition to a company that demonstrates outstanding strategy development and implementation, resulting in measurable improvements in market share, customer satisfaction, and competitive positioning. The recognition identifies forward-thinking organizations that are reshaping their industries through innovation and growth excellence.
Frost & Sullivan Best Practices Recognition
Frost & Sullivan’s Best Practices Recognitions honor companies across regional and global markets that exhibit exceptional achievement and consistent excellence in areas such as leadership, technological innovation, customer experience, and strategic product development. Each recognition is the result of a rigorous analytical process in which Frost & Sullivan industry experts benchmark performance through comprehensive interviews, deep-dive analysis, and extensive secondary research. The goal is to identify true best-in-class organizations that are driving transformative growth and setting new industry standards.
Contact us: Start the discussion.
Contact:
Ashley Shreve
E: ashley.weinkauf@frost.com
SOURCE Frost & Sullivan
XCOTTON Joins the Conversation at IFA 2026: Why the Future of Commerce Goes Beyond Checkout
ToolDance Unveils X1 Smart Desktop CNC Mill at IFA 2026
Amwell Receives Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition for Technology-Enabled Care Platforms
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