Technology

Baidu Announces Fourth Quarter and Fiscal Year 2023 Results

Published

3 years ago

February 28, 2024

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

ADS, unaudited)

2022

2023

YOY

2022

2023

YOY

RMB

US$

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 %

24 %

27 %

Baidu Core

(In millions, unaudited)

2022

2023

YOY

2022

2023

YOY

RMB

US$

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 %

28 %

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,

2022

2023

2022

2023

RMB

US$(2)

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

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

(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

2,782

2,807

-Diluted

2,801

2,846

2,830

2,809

2,837

(1) Includes share-based compensation expenses as follows:

Cost of revenues

158

139

159

409

590

Selling, general and administrative

450

358

411

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,

2022

2023

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

195

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

306

Long-term loans, current portion

–

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

Deferred revenue

331

481

Amounts due to related parties

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

–

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

4,593

5,498

747

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

–

1,282

(134)

–

(96)

(19)

–

(14)

Less: net income (loss) attributable to NCI

(1)

153

(3)

167

(51)

260

(3)

216

258

(3)

362

(3)

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

(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

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

158

107

139

125

159

Selling, general and administrative

355

450

290

358

340

411

Research and development

1,177

1,233

732

778

1,020

1,068

144

150

Total share-based compensation

1,654

187

1,841

1,129

146

1,275

1,485

153

1,638

210

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

15,911

18,825

2,989

21,856

2,651

421

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

–

2,578

3,568

–

3,649

503

–

514

Less: net income (loss) attributable to NCI

(79)

(3)

(25)

154

1,053

(3)

1,234

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

Selling, general and administrative

1,326

424

1,750

1,363

315

1,678

192

236

Research and development

4,390

239

4,629

3,888

189

4,077

548

575

Total share-based compensation

5,977

811

6,788

5,708

637

6,345

804

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

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

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

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

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

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

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

282

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

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

231

Add: Amortization and impairment of intangible assets(1)

–

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

1,734

1,841

1,909

1,921

1,982

270

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

366

Add: Share-based compensation expenses

1,654

187

1,748

1,128

146

1,194

1,484

153

1,553

209

219

Add: Amortization and impairment of intangible assets(1)

–

Add: Disposal (gain) loss

(484)

(453)

(753)

–

(753)

(37)

(1)

(38)

(5)

–

(5)

Add: Impairment of long-term investments

318

271

453

–

132

160

Add: Fair value (gain) loss of long-term investments

(1,662)

(1,658)

(384)

(2)

(385)

403

–

403

–

Add: Reconciling items on equity method investments(2)

377

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

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

0.07

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

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

894

Add: Amortization and impairment of intangible assets(1)

223

273

215

232

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

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

844

Add: Amortization and impairment of intangible assets(1)

200

229

195

204

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

Add: Fair value loss (gain) of long-term investments

3,977

(18)

3,968

(54)

(52)

(8)

(7)

Add: Reconciling items on equity method investments(3)

1,473

105

1,548

–

3,918

3,922

–

552

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.

Technology

CHiQ Wins AI Home Ecosystem Brand Award, Exploring New Smart Living Experiences Through AI Innovation

Published

3 minutes ago

September 5, 2026

BERLIN, Sept. 5, 2026 /PRNewswire/ — CHiQ, a global smart home brand, received the AI Home Ecosystem Brand Award at IFA 2026 in recognition of its continued innovation in AI technology and smart home ecosystems. The award further highlights CHiQ’s pioneering work in AI-powered smart homes and its ongoing efforts to enhance the user experience through technological breakthrough.

Presented jointly by IDG and IFA, the award is one of the technology innovation honors closely watched by the global consumer electronics and home appliance industry during IFA. It recognizes notable advances in cutting-edge AI technology across the sector, with a focus on practical innovations and applications that contribute to industry development.

“Receiving the AI Home Ecosystem Brand Award is a recognition of CHiQ’s continued exploration of AI-powered smart homes,” said Vinson Fan, Deputy General Manager of Changhong International Brand Business Center. “The value of AI should be reflected not only in the smart features of individual products, but also in understanding users’ needs and enabling different devices and scenarios to work together naturally. CHiQ will continue to deepen the integration of AI into everyday home life, making smart home technology more responsive to users and delivering more convenient, intuitive and personalized experiences to consumers worldwide.”

At this year’s IFA, CHiQ unveiled a range of flagship AI-powered smart home products across key categories, including TVs, refrigerators, washing machines and air conditioners. The RGB MiniLED AI TV features an AI Sports Platform that expands opportunities for exercising at home, while the AI refrigerator uses AI-powered precision control technology to improve food preservation. The washing machines and air conditioners employ intelligent sensing to further optimize garment care and indoor climate control.

Beyond its products, CHiQ continues to explore the intersection of technology, culture and lifestyle. The brand has incorporated panda-inspired elements into its AI interactions to engage users in a more approachable way. Through sports partnerships such as the FIS Ski Jumping World Cup, CHiQ is also connecting its brand with sports and lifestyles familiar to European consumers, further strengthening its localized brand presence.

In recent years, CHiQ has continued to advance the development and application of AI technology, extending its AI capabilities from individual products to a broader range of home appliances and everyday scenarios while steadily strengthening its technological and product innovation capabilities. Building on this award, CHiQ will further expand the role of AI in everyday home life. Through a more open ecosystem and continued technological development, the brand aims to strengthen its global presence and bring more personalized smart living experiences to consumers worldwide.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/chiq-wins-ai-home-ecosystem-brand-award-exploring-new-smart-living-experiences-through-ai-innovation-302870186.html

Technology

Cologne Regional Court Upholds Injunction Against AEKE for Infringing Speediance’s Registered Gym Monster Design

Published

3 minutes ago

September 5, 2026

Court finds AEKE’s fitness equipment infringes Speediance’s registered EU design and bars advertising, offering, or selling of the infringing equipment in Germany

SHENZHEN, China, Sept. 5, 2026 /PRNewswire/ — Shenzhen Speediance Life Tech Limited (“Speediance”), creator of the Gym Monster smart strength training system, today announced that the Cologne Regional Court (Landgericht Köln, Case No. 31 O 132/26) has upheld an interim injunction against Shenzhen Qudong Future Technology Co., Ltd. (“AEKE”) for infringing Speediance’s registered design in Germany.

Following the identification of AEKE’s disputed product at the FIBO trade fair, Speediance took prompt legal action and issued a warning letter to AEKE on April 16, 2026. On April 17, 2026, the Cologne Regional Court granted an interim injunction prohibiting AEKE from advertising, offering, or selling the disputed fitness equipment in Germany.

AEKE subsequently challenged the injunction, resulting in a hearing before the Cologne Regional Court on June 25, 2026. Following the hearing, the court upheld the interim injunction in its entirety, confirming that the original order granted on April 17, 2026 remains effective. The ruling further requires the removal of the disputed products and related marketing materials from the German market.

Speediance holds registered intellectual property for the Gym Monster and pursues intellectual property protection for its product lines in the markets where it operates. As a company built on original engineering and design, Speediance remains committed to protecting its innovations and to an industry where competition is driven by ideas, not imitation. Speediance welcomes fair competition and new ideas, but competition must take place within the framework of intellectual property protection. Speediance will continue to defend its innovations worldwide while advancing the future of smart fitness.

Speediance continues to invest in next-generation smart fitness technologies, including AI-assisted coaching, intelligent resistance systems, and personalized training experiences, with the mission to make professional-grade training more accessible.

About Speediance

Speediance is a smart fitness technology company dedicated to redefining strength training through intelligent hardware, AI-powered coaching, and connected fitness experiences. Its product portfolio includes Gym Monster, VeloNix, and Speediance Wellness+. Through continuous innovation in hardware engineering, software intelligence, and user experience design, Speediance empowers people worldwide to achieve smarter, more personalized fitness outcomes.

View original content:https://www.prnewswire.com/news-releases/cologne-regional-court-upholds-injunction-against-aeke-for-infringing-speediances-registered-gym-monster-design-302868937.html

SOURCE Shenzhen Speediance Life Tech Limited

Technology

Planet Classroom Network Welcomes Climate Scientist David W. DuBois

Published

3 minutes ago

September 5, 2026

Extreme Heat. Drought. Water Scarcity. New Net Zero Speaks Episode Explores Why Climate Change Is Becoming Increasingly Local

New Mexico State Climatologist David W. DuBois tells global youth audiences that understanding local climate information is becoming one of our most important tools for protecting communities and preparing for a hotter, drier future.

NEW YORK, Sept. 5, 2026 /PRNewswire/ — The Planet Classroom Network and the Protect Our Planet (POP) Movement today announced a new episode of the acclaimed global series Net Zero Speaks featuring David W. DuBois, State Climatologist of New Mexico, Director of the New Mexico Climate Center, and Associate Professor at New Mexico State University.

Hosted by youth climate advocate Ivan Ransom, the episode explores one of the defining climate questions facing communities around the world:

How is climate change changing where you live—and what can communities do to prepare?

As prolonged drought, extreme heat, water scarcity, declining snowpack, dust storms, and worsening air quality reshape life across the American Southwest, DuBois explains why climate change is increasingly experienced through local impacts rather than distant global trends.

Throughout the conversation, DuBois discusses how trusted climate information, community planning, citizen science, and long-term resilience strategies can help communities adapt to a hotter, drier, and less predictable future. Drawing on decades of experience working with farmers, emergency planners, public health officials, educators, and policymakers, he explains why climate resilience begins with understanding what is happening at the local level.

A Leading Voice on Climate Resilience

David W. DuBois serves as State Climatologist of New Mexico and Director of the New Mexico Climate Center, where he leads statewide climate services that collect, analyze, and communicate weather and climate information supporting agriculture, water management, emergency preparedness, public health, and environmental planning.

He also chairs New Mexico’s Drought Monitoring Workgroup and serves as the state’s coordinator for the Community Collaborative Rain, Hail and Snow (CoCoRaHS) citizen science network, helping connect thousands of local weather observations with scientific research and public decision-making.

His work demonstrates how accurate climate information helps communities make better decisions before disasters occur rather than simply reacting afterward.

From Climate Data to Community Action

One of the episode’s central themes is the importance of turning climate science into practical action.

DuBois explains how earlier heat waves, prolonged drought, declining mountain snowpack, worsening dust storms, and increasing water stress are already changing how communities manage agriculture, public health, transportation, emergency response, and long-term water resources.

The conversation explores how improved weather monitoring networks, citizen science, early warning systems, and stronger communication between scientists and local communities can help people make better everyday decisions while preparing for increasingly frequent climate extremes.

Why Youth Voices Matter

For more than fifty episodes, Net Zero Speaks has connected youth climate leaders with many of the world’s foremost scientists, policymakers, engineers, economists, and environmental advocates.

Produced by the Planet Classroom Network in partnership with the Protect Our Planet (POP) Movement, the series gives young people direct access to the experts shaping the global transition toward a more sustainable future.

Each episode explores practical solutions, emerging challenges, and the latest scientific developments affecting climate action worldwide.

“Climate change may be global, but people experience it locally,” said C. M. (Cathy) Rubin, Founder and CEO of Planet Classroom. “David W. DuBois reminds us that better climate information, stronger communities, and informed citizens are among our most powerful tools for building resilience in a changing world.”

Watch the Episode

Net Zero Speaks with David W. DuBois premieres on the Planet Classroom Network YouTube channel.

Learn More

About Net Zero Speaks

Net Zero Speaks is Planet Classroom’s acclaimed climate interview series produced in partnership with the Protect Our Planet (POP) Movement. Through conversations between youth climate leaders and leading scientists, policymakers, innovators, and environmental experts, the series explores the solutions, challenges, and breakthroughs shaping the global transition toward a more sustainable future.

More than 50 episodes have been produced, giving young people direct access to the experts helping shape the future of our planet.

About the Protect Our Planet (POP) Movement

The Protect Our Planet (POP) Movement mobilizes young people worldwide to advance climate solutions, support the United Nations Sustainable Development Goals (SDGs), and protect threatened ecosystems.

Through education, storytelling, advocacy, and youth engagement, POP empowers the next generation to become active participants in building a more sustainable future.

View original content to download multimedia:https://www.prnewswire.com/news-releases/planet-classroom-network-welcomes-climate-scientist-david-w-dubois-302867621.html

SOURCE Planet Classroom Network

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