Technology

Baidu Announces Second Quarter 2024 Results

Published

2 years ago

August 22, 2024

BEIJING, Aug. 22, 2024 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)), (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced its unaudited financial results for the second quarter ended June 30, 2024.

“AI Cloud continued to accelerate in the second quarter, offsetting the ongoing macro headwinds for online marketing revenue and resulting in modestly positive topline growth for Baidu Core. Operationally, we fast-tracked the renovation of Baidu search, which we believe will drive long-term success despite the short-term impact on monetization. We also achieved new breakthroughs with Apollo Go, which now offers 100% fully driverless ride-hailing services in practically the entire Wuhan municipality, and has started scalable testing of the latest RT6 vehicles,” said Robin Li, Co-founder and CEO of Baidu. “Gradually, the transformative impact of Gen-AI and foundation models is becoming more tangible in business and everyday life. Throughout all layers of our AI technology stack and with the rapid adoption of applications built on top of ERNIE, we are scaling AI to address real-world problems and generate substantial value both for external customers and our own product portfolio.”

“As we speeded up the AI-native transformation of our products in the second quarter, we continued to optimize our operations and maintained a healthy margin,” said Rong Luo, CFO of Baidu. “For AI Cloud in particular, we expect growth to maintain a strong momentum.”

Second Quarter 2024 Financial Highlights[1]

Baidu, Inc.

(In millions except per

ADS, unaudited)

2023

2024

YOY

QOQ

RMB

US$

Total revenues

34,056

31,513

33,931

4,669

(0 %)

8 %

Operating income

5,210

5,484

5,944

818

14 %

8 %

Operating income (non-GAAP) [2]

7,334

6,673

7,500

1,032

2 %

12 %

Net income to Baidu

5,210

5,448

5,488

755

5 %

1 %

Net income to Baidu (non-GAAP) [2]

7,998

7,011

7,396

1,018

(8 %)

5 %

Diluted earnings per ADS

14.17

14.91

15.01

2.07

6 %

1 %

Diluted earnings per ADS (non-GAAP) [2]

22.55

19.91

21.02

2.89

(7 %)

6 %

Adjusted EBITDA [2]

9,116

8,244

9,147

1,259

0 %

11 %

Adjusted EBITDA margin

27 %

26 %

27 %

Baidu Core

(In millions, unaudited)

2023

2024

YOY

QOQ

RMB

US$

Total revenues

26,407

23,803

26,687

3,672

1 %

12 %

Operating income

4,568

4,538

5,608

772

23 %

24 %

Operating income (non-GAAP) [2]

6,516

5,586

7,005

964

8 %

25 %

Net income to Baidu Core

5,012

5,150

5,462

752

9 %

6 %

Net income to Baidu Core (non-GAAP) [2]

7,694

6,628

7,290

1,003

(5 %)

10 %

Adjusted EBITDA[2]

8,229

7,118

8,617

1,186

5 %

21 %

Adjusted EBITDA margin

31 %

30 %

32 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB7.2672 as of June 28, 2024,
as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System. Translations
are provided solely for the convenience of the reader.

[2] Non-GAAP measures are defined in the Non-GAAP Financial Measures section (see also “Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures” for more details).

Operational Highlights

Corporate

Baidu expanded the ERNIE family of models with the launch of ERNIE 4.0 Turbo in June 2024, offering superior capabilities for typical use cases, and designed to run faster and at lower cost compared to ERNIE 4.0.Baidu returned US$301 million to shareholders since the beginning of Q2 2024, bringing the cumulative repurchase to about US$1.2 billion under the 2023 share repurchase program.Baidu earned a position in the China edition of the S&P Global Sustainability Yearbook, in recognition of its exceptional ESG performance. The selection stems from a comprehensive evaluation of 1,700 Chinese companies as part of the S&P Global 2023 Corporate Sustainability Assessment, underscoring Baidu’s sustainability practices.

AI Cloud

PaddlePaddle and ERNIE developer community grew to 14.7 million in June 2024.

Intelligent Driving

Apollo Go, Baidu’s autonomous ride-hailing service, provided about 899K rides in the second quarter of 2024, up 26% year over year. As of July 28, 2024, the cumulative rides provided to the public by Apollo Go surpassed 7 million.On June 19, Apollo Go started offering 100% fully driverless operations in practically the entire Wuhan municipality, its largest operational city, marking a significant milestone.The sixth-generation of our autonomous vehicle, the RT6, is now undergoing scalable testing.

Mobile Ecosystem

In June 2024, Baidu App’s MAUs reached 703 million, up 4% year over year.Managed Page accounted for 51% of Baidu Core’s online marketing revenue in the second quarter of 2024.

Second Quarter 2024 Financial Results

Total revenues were RMB33.9 billion ($4.67 billion), which was basically flat from last year.

Revenue from Baidu Core was RMB26.7 billion ($3.67 billion), increasing 1% year over year; online marketing revenue was RMB19.2 billion ($2.64 billion), decreasing 2% year over year, and non-online marketing revenue was RMB7.5 billion ($1.03 billion), up 10% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.4 billion ($1.02 billion), decreasing 5% year over year.

Cost of revenues was RMB16.4 billion ($2.26 billion), increasing 1% year over year, primarily due to an increase in traffic acquisition costs and costs related to AI Cloud business.

Selling, general and administrative expenses were RMB5.7 billion ($784 million), decreasing 9% year over year, primarily due to a decrease in expected credit losses, channel spending and promotional marketing expenses and personnel related expenses.

Research and development expenses were RMB5.9 billion ($810 million), decreasing 8% year over year, primarily due to a decrease in personnel related expenses.

Operating income was RMB5.9 billion ($818 million). Baidu Core operating income was RMB5.6 billion ($772 million), and Baidu Core operating margin was 21%. Non-GAAP operating income was RMB7.5 billion ($1.03 billion). Non-GAAP Baidu Core operating income was RMB7.0 billion ($964 million), and non-GAAP Baidu Core operating margin was 26%.

Total other income, net was RMB771 million ($106 million), decreasing 44% year over year, primarily due to a decrease in net foreign exchange gain and disposal gain, partially offset by the decrease in fair value loss and impairment loss from long-term investments.

Income tax expense was RMB1.1 billion ($156 million), compared to RMB1.3 billion in the same period last year.

Net income attributable to Baidu was RMB5.5 billion ($755 million), and diluted earnings per ADS was RMB15.01 ($2.07). Net income attributable to Baidu Core was RMB5.5 billion ($752 million), and net margin for Baidu Core was 20%. Non-GAAP net income attributable to Baidu was RMB7.4 billion ($1.02 billion). Non-GAAP diluted earnings per ADS was RMB21.02 ($2.89). Non-GAAP net income attributable to Baidu Core was RMB7.3 billion ($1.00 billion), and non-GAAP net margin for Baidu Core was 27%.

Adjusted EBITDA was RMB9.1 billion ($1.26 billion) and adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was RMB8.6 billion ($1.19 billion) and adjusted EBITDA margin for Baidu Core was 32%.

As of June 30, 2024, cash, cash equivalents, restricted cash and short-term investments were RMB162.0 billion ($22.29 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB155.0 billion ($21.32 billion). Free cash flow was RMB6.3 billion ($862 million), and free cash flow excluding iQIYI was RMB5.9 billion ($810 million).

Conference Call Information

Baidu’s management will hold an earnings conference call at 8.00 AM on Aug 22, 2024, U.S. Eastern Time (8.00 PM on Aug 22, 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. Q2 2024 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10040402-jgu7y6.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on NASDAQ under “BIDU” and HKEX under “9888”. One Baidu ADS represents eight Class A ordinary shares.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, Baidu’s and other parties’ strategic and operational plans, contain forward-looking statements. Baidu may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Baidu’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Baidu’s growth strategies; its future business development, including development of new products and services; its ability to attract and retain users and customers; competition in the Chinese Internet search and newsfeed market; competition for online marketing customers; changes in the Company’s revenues and certain cost or expense items as a percentage of its revenues; the outcome of ongoing, or any future, litigation or arbitration, including those relating to intellectual property rights; the expected growth of the Chinese-language Internet search and newsfeed market and the number of Internet and broadband users in China; Chinese governmental policies relating to the Internet and Internet search providers, and general economic conditions in China and elsewhere. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and other documents filed with the Securities and Exchange Commission, and announcements on the website of the Hong Kong Stock Exchange. Baidu does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of the press release, and Baidu undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

To supplement Baidu’s consolidated financial results presented in accordance with GAAP, Baidu uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to Baidu, non-GAAP net margin, non-GAAP diluted earnings per ADS, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Baidu believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its recurring core business operating results, such as operating performance excluding non-cash charges or non-operating in nature. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to Baidu’s historical performance and liquidity. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Non-GAAP operating income represents operating income excluding share-based compensation expenses, and amortization and impairment of intangible assets resulting from business combinations.

Non-GAAP net income attributable to Baidu represents net income attributable to Baidu excluding share-based compensation expenses, amortization and impairment of intangible assets resulting from business combinations, disposal gain, impairment of long-term investments, and fair value gain (loss) of long-term investments, adjusted for related income tax effects. Baidu’s share of equity method investments for these non-GAAP reconciling items, amortization and impairment of intangible assets not on the investees’ books, accretion of their redeemable non-controlling interests, and the gain or loss associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share, adjusted for related income tax effects, are also excluded.

Non-GAAP diluted earnings per ADS represents diluted earnings per ADS calculated by dividing non-GAAP net income attributable to Baidu, by the weighted average number of ordinary shares expressed in ADS. Adjusted EBITDA represents operating income excluding depreciation, amortization and impairment of intangible assets resulting from business combinations, and share-based compensation expenses.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliations of non-GAAP financial measures to the nearest comparable GAAP measure.”

Baidu, Inc.

Condensed Consolidated Statements of Income

(In millions except for per share (or ADS) information, unaudited)

Three Months Ended

Six Months Ended

June 30,

March 31,

June 30,

2023

2024

2023

2024

RMB

US$(2)

RMB

US$(2)

Revenues:

Online marketing services

21,081

18,490

20,625

2,838

39,053

39,115

5,382

Others

12,975

13,023

13,306

1,831

26,147

26,329

3,623

Total revenues

34,056

31,513

33,931

4,669

65,200

65,444

9,005

Costs and expenses:

Cost of revenues(1)

16,167

15,291

16,398

2,257

31,319

31,689

4,361

Selling, general and administrative(1)

6,298

5,375

5,700

784

11,887

11,075

1,524

Research and development(1)

6,381

5,363

5,889

810

11,804

11,252

1,548

Total costs and expenses

28,846

26,029

27,987

3,851

55,010

54,016

7,433

Operating income

5,210

5,484

5,944

818

10,190

11,428

1,572

Other income:

Interest income

1,948

2,091

1,993

274

3,863

4,084

562

Interest expense

(817)

(766)

(742)

(102)

(1,621)

(1,508)

(208)

Foreign exchange gain, net

1,176

401

1,070

494

Share of losses from equity method investments

(383)

(205)

(119)

(16)

(431)

(324)

(45)

Others, net

(555)

(275)

(454)

(63)

1,083

(729)

(100)

Total other income, net

1,369

1,246

771

106

3,964

2,017

277

Income before income taxes

6,579

6,730

6,715

924

14,154

13,445

1,849

Income tax expense

1,270

883

1,131

156

2,463

2,014

277

Net income

5,309

5,847

5,584

768

11,691

11,431

1,572

Net income attributable to noncontrolling interests

399

656

495

Net income attributable to Baidu

5,210

5,448

5,488

755

11,035

10,936

1,504

Earnings per ADS (1 ADS representing 8 Class A ordinary shares):

-Basic

14.34

14.97

15.11

2.08

30.55

30.12

4.14

-Diluted

14.17

14.91

15.01

2.07

30.05

29.98

4.13

Earnings per share for Class A and Class B ordinary shares:

-Basic

1.79

1.87

1.89

0.26

3.82

3.77

0.52

-Diluted

1.77

1.86

1.88

0.26

3.76

3.74

0.51

Weighted average number of Class A and Class B ordinary shares outstanding (in millions):

-Basic

2,804

2,796

2,801

2,800

-Diluted

2,834

2,816

2,804

2,836

2,810

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

Cost of revenues

194

108

146

292

254

Selling, general and administrative

446

417

385

909

802

110

Research and development

1,403

618

981

135

2,231

1,599

220

Total share-based compensation expenses

2,043

1,143

1,512

208

3,432

2,655

365

(2) All translations from RMB to U.S. dollars are made at a rate of RMB7.2672 to US$1.00, the exchange rate in effect as of June 28, 2024 as set forth in the H.10 statistical release of The Board of Governors
of the Federal Reserve System.

Baidu, Inc.

Condensed Consolidated Balance Sheets

(In millions, unaudited)

December 31,

June 30,

2023

2024

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

25,231

43,534

5,990

Restricted cash

11,503

11,646

1,603

Short-term investments, net

168,670

106,821

14,699

Accounts receivable, net

10,848

11,112

1,529

Amounts due from related parties

1,424

1,396

192

Other current assets, net

12,579

12,757

1,756

Total current assets

230,255

187,266

25,769

Non-current assets:

Fixed assets, net

27,960

29,154

4,012

Licensed copyrights, net

6,967

6,914

951

Produced content, net

13,377

14,320

1,970

Intangible assets, net

881

812

112

Goodwill

22,586

3,108

Long-term investments, net

47,957

46,193

6,356

Long-term time deposits and held-to-maturity investments

24,666

72,497

9,976

Amounts due from related parties

195

212

Deferred tax assets, net

2,100

2,342

322

Operating lease right-of-use assets

10,851

10,919

1,503

Other non-current assets

18,964

22,312

3,071

Total non-current assets

176,504

228,261

31,410

Total assets

406,759

415,527

57,179

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

10,257

12,514

1,722

Accounts payable and accrued liabilities

37,717

37,988

5,227

Customer deposits and deferred revenue

14,627

14,038

1,932

Deferred income

306

291

Long-term loans, current portion

Convertible senior notes, current portion

2,802

2,892

398

Notes payable, current portion

6,029

7,986

1,099

Amounts due to related parties

1,603

1,831

252

Operating lease liabilities

3,108

3,196

440

Total current liabilities

76,451

80,765

11,114

Non-current liabilities:

Deferred income

200

287

Deferred revenue

481

520

Amounts due to related parties

Long-term loans

14,223

14,859

2,045

Notes payable

34,990

27,860

3,834

Convertible senior notes

8,144

8,408

1,157

Deferred tax liabilities

2,725

2,940

405

Operating lease liabilities

5,040

5,056

696

Other non-current liabilities

1,820

1,827

250

Total non-current liabilities

67,700

61,824

8,507

Total liabilities

144,151

142,589

19,621

Redeemable noncontrolling interests

9,465

10,107

1,391

Equity

Total Baidu shareholders’ equity

243,626

252,769

34,782

Noncontrolling interests

9,517

10,062

1,385

Total equity

253,143

262,831

36,167

Total liabilities, redeemable noncontrolling interests, and equity

406,759

415,527

57,179

Baidu, Inc.

Selected Information

(In millions, unaudited)

Three months ended
June 30, 2023 (RMB)

Three months ended
March 31, 2024 (RMB)

Three months ended
June 30, 2024 (RMB)

Three months ended
June 30, 2024 (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

26,407

7,802

(153)

34,056

23,803

7,927

(217)

31,513

26,687

7,439

(195)

33,931

3,672

1,024

(27)

4,669

YOY

1 %

(5 %)

(0 %)

QOQ

12 %

(6 %)

8 %

Costs and expenses:

Cost of revenues (1)

10,553

5,774

(160)

16,167

9,839

5,631

(179)

15,291

10,888

5,678

(168)

16,398

1,498

781

(22)

2,257

Selling, general and administrative (1)

5,344

979

(25)

6,298

4,492

922

(39)

5,375

4,751

970

(21)

5,700

654

133

(3)

784

Research and development (1)

5,942

439

–

6,381

4,934

429

–

5,363

5,440

449

–

5,889

748

–

810

Total costs and expenses

21,839

7,192

(185)

28,846

19,265

6,982

(218)

26,029

21,079

7,097

(189)

27,987

2,900

976

(25)

3,851

YOY

Cost of revenues

3 %

(2 %)

1 %

Selling, general and administrative

(11 %)

(1 %)

(9 %)

Research and development

(8 %)

2 %

(8 %)

Costs and expenses

(3 %)

(1 %)

(3 %)

Operating income (loss)

4,568

610

5,210

4,538

945

5,484

5,608

342

(6)

5,944

772

(2)

818

YOY

23 %

(44 %)

14 %

QOQ

24 %

(64 %)

8 %

Operating margin

17 %

8 %

15 %

19 %

12 %

17 %

21 %

5 %

18 %

Add: total other income (loss), net

1,603

(234)

–

1,369

1,508

(262)

–

1,246

1,011

(240)

–

771

139

(33)

–

106

Less: income tax expense

1,262

–

1,270

866

–

883

1,105

–

1,131

152

–

156

Less: net (loss) income attributable to NCI

(103)

199

(3)

358

(3)

399

(3)

Net income (loss) attributable to Baidu

5,012

365

(167)

5,210

5,150

655

(357)

5,448

5,462

(43)

5,488

752

(7)

755

YOY

9 %

(81 %)

5 %

QOQ

6 %

(89 %)

1 %

Net margin

19 %

5 %

15 %

22 %

8 %

17 %

20 %

1 %

16 %

Non-GAAP financial measures:

Operating income (non-GAAP)

6,516

786

7,334

5,586

1,086

6,673

7,005

501

7,500

964

1,032

YOY

8 %

(36 %)

2 %

QOQ

25 %

(54 %)

12 %

Operating margin (non-GAAP)

25 %

10 %

22 %

23 %

14 %

21 %

26 %

7 %

22 %

Net income attributable to Baidu (non-GAAP)

7,694

595

7,998

6,628

844

7,011

7,290

247

7,396

1,003

1,018

YOY

(5 %)

(58 %)

(8 %)

QOQ

10 %

(71 %)

5 %

Net margin (non-GAAP)

29 %

8 %

23 %

28 %

11 %

22 %

27 %

3 %

22 %

Adjusted EBITDA

8,229

855

9,116

7,118

1,125

8,244

8,617

536

9,147

1,186

1,259

YOY

5 %

(37 %)

0 %

QOQ

21 %

(52 %)

11 %

Adjusted EBITDA margin

31 %

11 %

27 %

30 %

14 %

26 %

32 %

7 %

27 %

(1) Includes share-based compensation as follows:

Cost of revenues

160

194

108

117

146

Selling, general and administrative

356

446

353

417

292

385

Research and development

1,358

1,403

575

618

945

981

130

135

Total share-based compensation

1,874

169

2,043

1,004

139

1,143

1,354

158

1,512

186

208

(2) Relates to intersegment eliminations and adjustments

(3) Relates to the net income attributable to iQIYI noncontrolling interests

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended

June 30, 2023 (RMB)

March 31, 2024 (RMB)

June 30, 2024 (RMB)

June 30, 2024 (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

9,746

886

10,632

5,284

936

6,220

7,970

409

8,379

1,097

1,153

Net cash provided by (used in) investing activities

7,309

(421)

6,888

(2,893)

(223)

(3,116)

13,824

337

14,161

1,903

1,949

Net cash provided by (used in) financing activities

1,908

(1,176)

732

2,126

261

2,387

(9,946)

869

(9,077)

(1,369)

120

(1,249)

Effect of exchange rate changes on cash, cash
equivalents and restricted cash

496

128

624

154

169

Net increase (decrease) in cash, cash equivalents and
restricted cash

19,459

(583)

18,876

4,671

989

5,660

11,914

1,637

13,551

1,640

225

1,865

Cash, cash equivalents and restricted cash

At beginning of period

30,355

5,665

36,020

32,293

5,281

37,574

36,964

6,270

43,234

5,086

863

5,949

At end of period

49,814

5,082

54,896

36,964

6,270

43,234

48,878

7,907

56,785

6,726

1,088

7,814

Net cash provided by operating activities

9,746

886

10,632

5,284

936

6,220

7,970

409

8,379

1,097

1,153

Less: Capital expenditures

(2,693)

(13)

(2,706)

(2,016)

(22)

(2,038)

(2,090)

(28)

(2,118)

(287)

(4)

(291)

Free cash flow

7,053

873

7,926

3,268

914

4,182

5,880

381

6,261

810

862

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

June 30, 2023 (RMB)

March 31, 2024 (RMB)

June 30, 2024 (RMB)

June 30, 2024 (US$)

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Operating income

4,568

610

5,210

4,538

945

5,484

5,608

342

5,944

772

818

Add: Share-based compensation expenses

1,874

169

2,043

1,004

139

1,143

1,354

158

1,512

186

208

Add: Amortization and impairment of intangible assets(1)

–

Operating income (non-GAAP)

6,516

786

7,334

5,586

1,086

6,673

7,005

501

7,500

964

1,032

Add: Depreciation of fixed assets

1,713

1,782

1,532

1,571

1,612

1,647

222

227

Adjusted EBITDA

8,229

855

9,116

7,118

1,125

8,244

8,617

536

9,147

1,186

1,259

Net income attributable to Baidu

5,012

365

5,210

5,150

655

5,448

5,462

5,488

752

755

Add: Share-based compensation expenses

1,872

169

1,949

1,003

139

1,066

1,353

158

1,425

185

196

Add: Amortization and impairment of intangible assets(1)

–

Add: Disposal (gain)

(919)

(89)

(959)

(458)

–

(458)

(30)

–

(30)

(4)

–

(4)

Add: Impairment of long-term investments

270

155

340

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

1,239

(4)

1,237

725

(23)

714

531

–

Add: Reconciling items on equity method investments(2)

296

(9)

292

280

–

280

–

Add: Tax effects on non-GAAP adjustments(3)

(137)

(136)

(150)

–

(150)

(176)

–

(176)

(24)

–

(24)

Net income attributable to Baidu (non-GAAP)

7,694

595

7,998

6,628

844

7,011

7,290

247

7,396

1,003

1,018

Diluted earnings per ADS

14.17

14.91

15.01

2.07

Add: Accretion of the redeemable noncontrolling interests

0.50

0.55

0.57

0.08

Add: Non-GAAP adjustments to earnings per ADS

7.88

4.45

5.44

0.74

Diluted earnings per ADS (non-GAAP)

22.55

19.91

21.02

2.89

(1) This represents amortization and impairment of intangible assets resulting from business combinations.

(2) This represents Baidu’s share of equity method investments for other non-GAAP reconciling items, amortization and impairment of intangible assets not on the investee’s books, accretion of their redeemable noncontrolling interests, and the gain or loss
associated with the issuance of shares by the investees at a price higher or lower than the carrying value per share.

(3) This represents tax impact of all non-GAAP adjustments.

View original content:https://www.prnewswire.com/news-releases/baidu-announces-second-quarter-2024-results-302228460.html

SOURCE Baidu, Inc.

Technology

ENROAD Aims to Redefine the Roof Box with Smart Technology and Automotive-Inspired Design at SEMA 2026

Published

34 minutes ago

October 26, 2026

LAS VEGAS, Oct. 26, 2026 /PRNewswire/ — ENROAD, a premium automotive travel lifestyle brand, will showcase its award-winning Nomadix Pro Smart Roof Box at SEMA Show 2026, at Booth 59033 in the West Hall with Diamond Lot, from November 3rd to 6th.

Recognized with the German Red Dot Design Award, Nomadix Pro reimagines the traditional roof box with fingerprint unlocking, solar-powered operation, and ENROAD’s Trispark energy system. Combining intelligent convenience with sleek, automotive-inspired design, it transforms roof storage from a simple cargo solution into a smarter companion for every journey.

ENROAD’s debut at SEMA Show marks an important step in bringing its vision of Smart Automotive Travel to the global automotive aftermarket and outdoor recreation communities, where innovation, personalization, and adventure meet.

Automotive-Inspired Design, Refined for Every Journey

A roof box should do more than add cargo space—it should complement the vehicle it sits on. The Nomadix Pro combines a streamlined silhouette and a clean, contemporary profile with distinctive integrated rear lighting, creating a more recognizable look that brings automotive-inspired design to a traditionally utilitarian accessory.

The Nomadix Pro received the 2025 Red Dot Design Award, recognizing its design, and represents three years of product development supported by more than 10 proprietary patents.

Smart Access, Without the Extra Steps

One of the Nomadix Pro’s standout features is its fingerprint-based unlocking system, offering an alternative to carrying and using a traditional key. A mechanical backup key provides another access option when needed.

ENROAD has also rethought the details that affect everyday use. Its ClickHold™ mounting system replaces conventional bulky knobs with a rack-and-cam lever mechanism, designed to simplify installation while preserving usable interior space.

The RailTie™ fastening system, featuring adjustable aluminum rails and zinc-alloy buckles, helps secure belongings during travel. A front-mounted secondary lock provides an additional measure to help keep the lid closed at speed, while four-bar hinges allow the box to open from either side of the vehicle.

Together, these features are designed to make installation, loading and accessing gear more straightforward.

Lighting That Works Beyond the Drive

Inside the Nomadix Pro, motion-sensing is equipped, with dual sensing for light and human body, that means less fumbling around when looking for a bag, jacket or piece of camping equipment after dark. The exterior rear lighting adds a distinctive visual details and safety while driving.

Nomadix Pro also incorporates ENROAD’s Trispark solar-powered energy system, which combines solar charging, portable power and campsite illumination in one integrated solution.

Trispark features a 24,000mAh battery, fast-charging capability and adjustable lighting modes, bringing additional utility to time spent outdoors.

From its exterior lighting to its interior illumination and portable power options, ENROAD is exploring ways to make the roof box a more considered part of the automotive travel.

Built Around Real-World Use

The Nomadix Pro has undergone 24 reliability tests covering scenarios including emergency maneuvers, lane changes, rough roads, prolonged vibration, extreme cold and repeated opening and closing cycles.

Its interior features molded felt lining to help protect stored equipment, while its mounting, fastening and locking systems address the practical demands of carrying gear on the road.

These details reflect ENROAD’s focus on combining a modern look with features that serve a clear purpose.

A First Look at What’s Next

SEMA 2026 will also offer an early look at ENROAD’s upcoming smart roof box. The new version will expand the ENROAD lineup, bringing its focus on contemporary design, practical storage and user-friendly features to a broader range of customers.

Visit ENROAD at SEMA 2026

Dates: November 3–6, 2026
Location: Las Vegas Convention Center
Booth: West Hall with Diamond Lot — 59033
Website: ENROAD – Easy to Go, Easy to Feel.

About ENROAD

Established in 2024 as a lifestyle brand under PGYTECH, ENROAD specializes in innovative automotive travel solutions. Its Nomadix Pro Smart Roof Box, developed over three years with 10+ proprietary patents, won the 2025 Red Dot Design Award, combining smart convenience, functional design, and green technology.

Backed by PGYTECH’s 10+ years of product innovation, ENROAD brings this expertise to the automotive travel lifestyle mobility space, redefining the automotive travel experience.

For more information, visit ENROAD – Easy to Go, Easy to Feel.

View original content to download multimedia:https://www.prnewswire.com/news-releases/enroad-aims-to-redefine-the-roof-box-with-smart-technology-and-automotive-inspired-design-at-sema-2026-302918920.html

SOURCE ENROAD

Technology

Hisense Celebrates 100 Years of Television and Marks the Origin of RGB MiniLED

Published

34 minutes ago

October 26, 2026

LONDON, Oct. 26, 2026 /PRNewswire/ — In 1926, John Logie Baird first demonstrated his pioneering television system at 22 Frith Street, London. A century later, Hisense, a leading global brand in consumer electronics and home appliances, returned to this historic site on 24–25 October to celebrate the centenary of television under the theme “Celebrating 100 Years of Television. Hisense, the Origin of RGB MiniLED.” At Outernet London’s The Now Building, near 22 Frith Street, an immersive big-screen experience brought a century of television history to life and showcased Hisense’s latest RGB technology.

A century of television innovation has transformed how people experience entertainment. Now, with RGB MiniLED, which represents the new origin of display innovation, Hisense aims to mark the next milestone in this ongoing journey. By connecting the origin of television with RGB MiniLED, Hisense launched a campaign at 22 Frith Street and Outernet London’s The Now Building. This celebration was not only a tribute to the past, but also a statement about the future of home entertainment, highlighting Hisense RGB MiniLED’s role in the next chapter of television. Martin Wilkie, Director at World Origin Sites, also praised what Hisense has contributed, ‘What Hisense has done is take television to the next stage — and the quality shows.’

Taking place on 24-25 October, Hisense’s “London Walk through TV History” connected five stops, inviting the public to follow the campaign map, enjoy a coffee, discover London’s rich television heritage and experience the latest in display technology along the way.

The main venue was Bar Italia at 22 Frith Street, Soho, a landmark site where Baird gave his first public demonstration of television in 1926. Here, visitors could enjoy a complimentary coffee while soaking up London’s television history and collecting limited-edition souvenirs and vouchers by participating in any one activity including a photo check-in, a Q&A quiz, or social media sharing.

Notably, on the afternoon of 25 October, Iain Logie Baird, grandson of television pioneer John Logie Baird, joined the celebrations at Bar Italia to mark this special milestone and honour the legacy of television. His presence lent historical weight to the event, which is a symbolic recognition of the continuity from his grandfather’s pioneering work to Hisense’s RGB MiniLED, the next step in television evolution. Hisense is doing something similar to my grandfather: taking something that had been exclusively in the laboratory and putting it into a product the public can buy and enjoy, said Iain Logie Baird.

As part of the trail, visitors were guided to The Now Building at Outernet London, Europe’s largest immersive digital experience space, featuring a 360-degree environment with ultra-high-definition LED screens. They could explore a museum-style exhibition celebrating 100 years of television history and experience Hisense’s latest RGB technology up close.

Bringing this immersive experience to life, Hisense’s latest RGB MiniLED technology marks the new milestone in display innovation. Exemplified by its flagship 116UXS TV, the technology delivers richer, more accurate colours, exceptional brightness and contrast, and lifelike picture quality, revealing a new level of realism to the viewing experience.

Visitors could also continue along the trail to the participating retail stores. These stores offer opportunities to explore Hisense RGB MiniLED products or enjoy exclusive vouchers, as detailed below:

John Lewis & Partners, Oxford Street: Get hands-on with Hisense RGB MiniLED TVs.Selfridges, Oxford Street & Harrods, Brompton Road: Experience Hisense RGB MiniLED TVs and enjoy an exclusive 20% discount on eligible Hisense RGB MiniLED and MicroLED TVs when redeeming the voucher in store.

*Valid until 8 November 2026.

Arun Bhatoye, Head of Marketing for Hisense UK, said: “The UK’s rich heritage of broadcasting innovation makes it a particularly meaningful place to celebrate 100 years of television. As the origin of RGB MiniLED, Hisense is proud to help shape the future of display technology, pushing the boundaries of colour, brightness and contrast to deliver more lifelike visuals and enhanced viewing comfort. We’re excited to be part of the next chapter in television history and to bring these innovations to consumers around the world.”

About Hisense

Hisense, founded in 1969, is a globally recognized leader in home appliances and consumer electronics with operations in over 180 countries, specializing in delivering high-quality multimedia products, home appliances, and intelligent IT solutions. According to Omdia, Hisense ranks No. 1 globally in the 100-inch and over TV segment (2023-2026H1). As The Origin of RGB MiniLED, Hisense continues to lead the next-generation RGB MiniLED innovation. As an Official Partner of UEFA EURO 2028, Hisense continues its legacy of global sports partnerships, bringing people closer to the moments that unite fans around the world.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/hisense-celebrates-100-years-of-television-and-marks-the-origin-of-rgb-miniled-302919518.html

Technology

ELEMENTL POWER, DS INVESTMENT PARTNERS AND SAMSUNG C&T TO ADVANCE NEW U.S. NUCLEAR DEVELOPMENT

Published

34 minutes ago

October 26, 2026

Proposed partnership of up to $750 million would help fund development of multiple Elementl nuclear projects

WASHINGTON, Oct. 26, 2026 /PRNewswire/ — Elementl Power, a nuclear project delivery and capital management platform, has signed a preliminary agreement to form and fund a development partnership of up to $750 million with a consortium led by South Korean investment firm DS Investment Partners (DSIP). Samsung C&T Engineering & Construction Group, which has delivered energy projects including nuclear worldwide, is participating in the consortium as a potential strategic investor.

The consortium would fund a portion of the proposed partnership’s projected capital and hold a significant minority interest in the partnership. The agreement consists of a letter of intent and term sheet setting out the proposed terms of the partnership and allows for participation from additional strategic and financial investors.

The proposed nuclear development partnership is intended to provide a portion of the capital necessary for up to three of Elementl’s advanced nuclear projects to achieve final investment decision (FID), supporting pre-construction activities, including permitting, interconnection and long-lead item procurement. One of the three projects is Elementl’s 1.5 gigawatt project under development in Ohio, which will use GE Vernova Hitachi Nuclear Energy’s BWRX-300 small modular reactors.

The planned partnership would advance Elementl’s full-lifecycle development strategy and demonstrate the company’s model of matching top-tier development capital with high-quality, pre-FID advanced nuclear projects. Elementl has engaged Macquarie Capital as financial advisor to evaluate bringing additional strategic and financial investors into the partnership.

“Elementl’s partnership with DS Investment Partners and its consortium would advance our full-lifecycle development strategy and represents a first-of-its-kind capital formation model for U.S. nuclear focused purely on developing multiple utility-scale projects,” said Elementl Chairman and CEO Chris Colbert. “Once finalized, this partnership would expand our early-stage project capital, increase our access to South Korea’s nuclear supply chain and engineering expertise and enhance our position as the financial and development partner best equipped to deliver new nuclear.”

“This proposed partnership would bring together financial and industrial expertise with proven experience in the nuclear sector to support the next generation of American nuclear projects,” said DS Investment Partners CEO Seung Soo Kang. “We believe new nuclear is essential to meeting rising energy demand, and we are proud to partner with Elementl and Samsung C&T in building a strong foundation to advance these power projects.”

“This collaboration represents a unique opportunity to establish a private capital model that accelerates the path to delivery for commercial U.S. nuclear projects, and we are pleased to bring our nuclear construction experience and support to this effort with Elementl and DS Investment Partners,” said Samsung C&T Senior Vice President Jung Kim.

The proposed partnership does not constitute a final investment decision on any project. The agreement remains subject to definitive documentation, regulatory approvals and other customary closing conditions.

Elementl is backed by leading energy and infrastructure investors, including Energy Impact Partners, accounts advised by T. Rowe Price Associates, Inc., Prelude Ventures, Breakwater North and Alumni Ventures.

About Elementl Power
Elementl Power is America’s Nuclear Prime, leading the delivery and capital management of new nuclear plants. Elementl’s platform combines expertise in energy finance, project execution, regulatory strategy, and nuclear operations with a technology-agnostic approach to drive the full lifecycle of plant development, from site selection and financing through licensing, construction and commercial operation. For more information, please visit elementlpower.io or follow us on LinkedIn.

About DS Investment Partners (DSIP)
DS Investment Partners (DSIP) is an investment firm focused on energy, technology, healthcare and strategic infrastructure, and is part of a Seoul-based financial group. Working alongside technology providers, industrial partners, and institutional investors across Asia, the Middle East, Europe and North America, DSIP seeks to support investments that enhance security, reliability and long-term sustainability while creating value for stakeholders.

About Samsung C&T Corporation
Samsung C&T’s Engineering & Construction Group has more than 40 years of engineering and construction experience operating throughout the world. The group spans commercial and residential buildings, civil infrastructure and plant construction. Its landmark projects include Burj Khalifa, the world’s tallest building, the Riyadh Metro Project in Saudi Arabia, the Qurayyah 4,000MW CCPP Project, and the ongoing Qatar 2,000MW Solar Power Project. In the nuclear energy sector, the company has successfully delivered 12GW across 10 units, including the 5.6GW Barakah Nuclear Power Plant in the UAE. It has recently undertaken the Nuclear Power Plant refurbishment project and Front-End Engineering Design (FEED) for Small Modular Reactors (SMRs), demonstrating its global competitiveness in large-scale reactor and SMR technologies, and solidifying its expertise across all areas of the nuclear industry.

CONTACT:

Timothy Wirth

Elementl Power Communications

(484)886-5705

tim@elementlpower.io

View original content to download multimedia:https://www.prnewswire.com/news-releases/elementl-power-ds-investment-partners-and-samsung-ct-to-advance-new-us-nuclear-development-302919526.html

SOURCE Elementl Power Inc.

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