2024-05-16 20:00Financial Performance - Baidu Core's non-GAAP operating margin expanded to 23.5% in Q1 2024, showing year-over-year and quarter-over-quarter growth[1] - Total revenues for Q1 2024 were RMB31.5 billion ($4.37 billion), a 1% increase year-over-year[7] - Baidu Core's revenue reached RMB23.8 billion ($3.30 billion), up 4% year-over-year, with online marketing revenue at RMB17.0 billion ($2.36 billion), up 3% year-over-year[7] - Non-online marketing revenue grew 6% year-over-year to RMB6.8 billion ($935 million), driven by AI Cloud business[7] - Adjusted EBITDA for Baidu Core was RMB7.1 billion ($986 million) with a 30% margin[10] - Total revenues for Q1 2024 were RMB 31,513 million (US$ 4,365 million), a 1% year-over-year (YOY) increase but a 10% quarter-over-quarter (QOQ) decrease[21] - Non-GAAP operating income for Q1 2024 was RMB 6,673 million (US$ 924 million), a 4% YOY increase but a 6% QOQ decrease[21] - Non-GAAP net income attributable to Baidu for Q1 2024 was RMB 7,011 million (US$ 971 million), a 22% YOY increase but a 10% QOQ decrease[21] - Diluted earnings per ADS (non-GAAP) for Q1 2024 were RMB 19.91 (US$ 2.76), a 24% YOY increase but a 9% QOQ decrease[21] - Adjusted EBITDA for Q1 2024 was RMB 8,244 million (US$ 1,142 million), a 1% YOY increase but a 9% QOQ decrease[21] - Baidu Core revenues for Q1 2024 were RMB 23,803 million (US$ 3,297 million), a 4% YOY increase but a 13% QOQ decrease[21] - Non-GAAP net income attributable to Baidu Core for Q1 2024 was RMB 6,628 million (US$ 918 million), a 26% YOY increase but a 12% QOQ decrease[21] - Adjusted EBITDA margin for Baidu Core remained stable at 30% YOY and QOQ[21] - Online marketing services revenues for Q1 2024 were RMB 18,490 million (US$ 2,561 million), a 3% YOY increase but an 11% QOQ decrease[24] - Research and development expenses for Q1 2024 were RMB 5,363 million (US$ 742 million), a 1% YOY decrease and a 15% QOQ decrease[24] - Total revenues for Baidu Core in Q1 2024 were RMB 23,803 million, a 4% increase year-over-year (YOY) and a 13% decrease quarter-over-quarter (QOQ)[26] - iQIYI's total revenues in Q1 2024 were RMB 7,927 million, a 5% decrease YOY and a 3% increase QOQ[26] - Baidu Core's operating income in Q1 2024 was RMB 4,538 million, an 11% increase YOY[26] - iQIYI's operating income in Q1 2024 was RMB 945 million, a 10% increase YOY[26] - Baidu Core's net income attributable to Baidu in Q1 2024 was RMB 5,150 million, a 7% decrease YOY and a 111% increase QOQ[26] - iQIYI's net income attributable to Baidu in Q1 2024 was RMB 655 million, a 6% increase YOY and a 41% increase QOQ[26] - Baidu Core's non-GAAP operating income in Q1 2024 was RMB 5,586 million, a 4% increase YOY[26] - iQIYI's non-GAAP operating income in Q1 2024 was RMB 1,086 million, a 5% increase YOY[26] - Baidu Core's adjusted EBITDA in Q1 2024 was RMB 7,118 million, a 2% increase YOY[26] - iQIYI's adjusted EBITDA in Q1 2024 was RMB 1,125 million, a 1% increase YOY[26] - Adjusted EBITDA for Baidu, Inc. was RMB 8,244 million in Q1 2024, compared to RMB 8,145 million in Q1 2023[30] - Net income attributable to Baidu (non-GAAP) was RMB 7,011 million in Q1 2024, up from RMB 5,727 million in Q1 2023[30] - Diluted earnings per ADS (non-GAAP) for Baidu, Inc. was RMB 19.91 in Q1 2024, compared to RMB 16.10 in Q1 2023[30] - Operating income (non-GAAP) for Baidu Core was RMB 5,586 million in Q1 2024, up from RMB 5,363 million in Q1 2023[30] - iQIYI's operating income (non-GAAP) was RMB 1,086 million in Q1 2024, compared to RMB 1,035 million in Q1 2023[30] Cash Flow and Financial Position - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB191.8 billion ($26.56 billion) as of March 31, 2024[11] - Free cash flow for Q1 2024 was RMB4.2 billion ($579 million), with RMB3.3 billion ($452 million) excluding iQIYI[11] - Net cash provided by operating activities for Baidu, Inc. (excluding iQIYI) was RMB 5,284 million in Q1 2024, compared to RMB 4,838 million in Q1 2023[28] - Free cash flow for Baidu, Inc. (excluding iQIYI) was RMB 3,268 million in Q1 2024, down from RMB 3,543 million in Q1 2023[28] - Capital expenditures for Baidu, Inc. (excluding iQIYI) were RMB 2,016 million in Q1 2024, up from RMB 1,295 million in Q1 2023[28] - Cash, cash equivalents, and restricted cash at the end of Q1 2024 were RMB 43,234 million for Baidu, Inc., compared to RMB 36,020 million at the end of Q1 2023[28] - Net cash used in investing activities for Baidu, Inc. was RMB 3,116 million in Q1 2024, significantly lower than RMB 32,649 million in Q1 2023[28] User and Operational Metrics - Apollo Go provided 826K rides in Q1 2024, a 25% increase year-over-year, with cumulative rides surpassing 6 million as of April 19, 2024[6] - Baidu App's MAUs reached 676 million in March 2024, up 3% year-over-year[6] - Managed Page accounted for 50% of Baidu Core's online marketing revenue in Q1 2024[6] Balance Sheet and Assets - Total assets increased from RMB 406,759 million in December 2023 to RMB 414,697 million in March 2024, representing a growth of 1.95%[25] - Total liabilities decreased from RMB 176,504 million in December 2023 to RMB 149,781 million in March 2024, a reduction of 15.17%[25] - Total equity increased from RMB 230,255 million in December 2023 to RMB 264,916 million in March 2024, reflecting a growth of 15.06%[25] - Cash and cash equivalents rose from RMB 25,231 million in December 2023 to RMB 30,418 million in March 2024, an increase of 20.56%[25] - Short-term investments grew from RMB 24,666 million in December 2023 to RMB 45,407 million in March 2024, a significant increase of 84.09%[25] - Accounts receivable decreased from RMB 10,848 million in December 2023 to RMB 10,935 million in March 2024, a slight reduction of 0.80%[25] - Total current assets increased from RMB 168,670 million in December 2023 to RMB 197,219 million in March 2024, a growth of 16.93%[25] - Total non-current liabilities decreased from RMB 27,960 million in December 2023 to RMB 28,157 million in March 2024, a slight increase of 0.70%[25] - Total non-current assets increased from RMB 230,255 million in December 2023 to RMB 217,478 million in March 2024, a reduction of 5.55%[25] - Total equity attributable to Baidu, Inc. increased from RMB 243,626 million in December 2023 to RMB 248,007 million in March 2024, a growth of 1.80%[25]