2024-02-27 16:00Financial Performance - Total revenues for Q4 2023 were RMB 34.95 billion ($4.92 billion), a 6% increase year over year[2] - Baidu Core revenue reached RMB 27.5 billion ($3.87 billion), up 7% year over year, with online marketing revenue at RMB 19.2 billion ($2.70 billion), increasing 6% year over year[9] - Operating income for Q4 2023 was RMB 5.39 billion ($759 million), with a non-GAAP operating income of RMB 7.07 billion ($996 million)[10] - Net income attributable to Baidu for Q4 2023 was RMB 2.6 billion ($366 million), with diluted earnings per ADS of RMB 6.77 ($0.95)[11] - Total revenues for fiscal year 2023 were RMB 134.6 billion ($18.96 billion), a 9% increase year over year[12] - Baidu Core operating income for fiscal year 2023 was RMB 18.8 billion ($2.65 billion), with a non-GAAP operating margin of 24%[14] - Free cash flow for fiscal year 2023 was RMB 25.4 billion ($3.58 billion), excluding iQIYI it was RMB 22.1 billion ($3.11 billion)[15] - Baidu's total revenues for Q4 2023 reached RMB 34,951 million, representing a 6% year-over-year increase[33] - Baidu Core revenue for Q4 2023 was RMB 27,488 million, up 7% year-over-year[33] - Operating income for Baidu in Q4 2023 was RMB 4,923 million, with a year-over-year increase of 17%[33] - The net income attributable to Baidu for Q4 2023 was RMB 4,953 million, reflecting a 49% decrease year-over-year[33] - Total revenues for Baidu, Inc. increased by 9% year-over-year to RMB 134,598 million for the twelve months ended December 31, 2023[37] - Operating income rose by 37% year-over-year to RMB 21,856 million, with an operating margin of 16%[37] - Net income attributable to Baidu increased by 169% year-over-year to RMB 20,315 million, resulting in a net margin of 15%[37] - Non-GAAP operating income was RMB 28,433 million, reflecting a year-over-year growth of 23%[38] - Adjusted EBITDA for the twelve months ended December 31, 2023, was RMB 31,863 million, an increase of 21% year-over-year[38] Cash Flow and Liquidity - Baidu's cash flow from operations for the twelve months ended December 31, 2023, was RMB 21,000 million, indicating strong liquidity[21] - Baidu's cash and cash equivalents at the end of Q4 2023 were RMB 36,000 million, indicating strong liquidity[36] - The company reported a net cash provided by operating activities of RMB 10,618 million for the three months ended December 31, 2023[40] - Baidu's net cash provided by operating activities for the twelve months ended December 31, 2023, was RMB 36,615 million, an increase of 39.5% from RMB 26,170 million in 2022[43] - Free cash flow for Baidu increased to RMB 25,425 million for the twelve months ended December 31, 2023, compared to RMB 17,884 million in the previous year, reflecting a growth of 42%[43] - Baidu's cash, cash equivalents, and restricted cash at the end of the period for December 31, 2023, stood at RMB 37,574 million, down from RMB 65,236 million at the end of 2022[43] Expenses and Costs - Online marketing services generated RMB 20,804 million in Q4 2023, a decrease of 2.5% compared to RMB 21,346 million in Q3 2023[27] - Research and development expenses increased to RMB 6,287 million in Q4 2023, up 3% from RMB 6,101 million in Q3 2023[27] - Baidu's total costs and expenses for Q4 2023 were RMB 29,559 million, reflecting a 5% increase from RMB 28,173 million in Q3 2023[27] - Baidu's total costs and expenses for Q4 2023 were RMB 28,484 million, a 4% increase year-over-year[33] - Total costs and expenses for Baidu, Inc. were RMB 112,742 million, with a year-over-year increase of 5%[37] Assets and Liabilities - Total current assets increased from RMB 212,850 million in December 2022 to RMB 230,255 million in December 2023, representing an increase of 8.1%[30] - Short-term investments rose significantly from RMB 120,839 million to RMB 168,670 million, a growth of 39.7%[30] - Total liabilities decreased from RMB 153,168 million in December 2022 to RMB 144,151 million in December 2023, a reduction of 5.9%[32] - Total equity for Baidu shareholders increased from RMB 223,478 million to RMB 243,626 million, reflecting an increase of 9.0%[32] - Cash and cash equivalents decreased from RMB 53,156 million to RMB 25,231 million, a decline of 52.7%[30] - Accounts receivable decreased from RMB 11,733 million to RMB 10,848 million, a decrease of 7.5%[30] - Long-term investments decreased from RMB 55,297 million to RMB 47,957 million, a decline of 13.2%[30] - Total non-current assets slightly decreased from RMB 178,123 million to RMB 176,504 million, a decrease of 0.9%[30] - Operating lease liabilities increased from RMB 4,810 million to RMB 5,040 million, an increase of 4.8%[32] - Customer deposits and deferred revenue increased from RMB 13,116 million to RMB 14,627 million, an increase of 11.5%[32] Shareholder Information - The number of Class A and Class B shares outstanding as of December 31, 2023, was approximately 2,812 million[28] - Diluted earnings per ADS (non-GAAP) for Baidu for the three months ended December 31, 2023, was $3.08, compared to $2.06 in the same period of 2022, marking a significant increase of 49.5%[47] - Diluted earnings per ADS (non-GAAP) increased to $80.85 for the twelve months ended December 31, 2023, compared to $58.93 in 2022[51] Research and Development - The PaddlePaddle developer community grew to 10.7 million, serving 235,000 businesses by the end of 2023[5] - Apollo Go provided approximately 839,000 rides in Q4 2023, a 49% year-over-year increase, with over 5 million rides accumulated since launch[6] - Baidu App's MAUs reached 667 million in December 2023, reflecting a 3% year-over-year growth[7] - Research and development expenses for Q4 2023 totaled RMB 886 million, a 12% increase year-over-year[34] - Research and development expenses increased to RMB 24,192 million, representing a 4% year-over-year growth[37]