BIDU(BIDU) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were RMB 34.1 billion ( $4.68 billion), a decrease of 2% year over year[9]. - Total revenues for the fiscal year 2024 were RMB 133.1 billion ($ 18.24 billion), a decrease of 1% year over year[20]. - Total revenues for Baidu in Q4 2023 were RMB 34,951 million, representing a year-over-year increase of 1% and a quarter-over-quarter increase of 4%[49]. - Total revenues for Baidu, Inc. reached RMB 134,598 million for the twelve months ended December 31, 2024, representing a year-over-year decrease of 1%[50]. - Online marketing services revenue reached RMB 20,804 million for the three months ended December 31, 2024, compared to RMB 19,340 million in the same period last year, reflecting a year-over-year growth of 7.6%[46]. Net Income - Net income attributable to Baidu for Q4 2024 was RMB 5.2 billion ( $711 million), representing a 100% increase year over year[17]. - Net income attributable to Baidu for the twelve months ended December 31, 2024, was RMB 23,760 million, an increase from RMB 20,315 million in the previous year, representing a growth of 12.0%[46]. - Net income attributable to Baidu in Q4 2023 was RMB 2,599 million, showing a significant year-over-year increase of 100%[49]. - Net income attributable to Baidu for the twelve months ended December 31, 2023, was RMB 19,401 million, which increased to RMB 23,431 million in 2024, showing a significant growth of 20.5%[57]. Cash Flow - Free cash flow for FY 2024 was RMB 13.1 billion ($ 1.80 billion), and free cash flow excluding iQIYI was RMB 11.1 billion ( $1.52 billion)[30]. - Net cash provided by operating activities for Baidu was RMB 10,618 million for the three months ended December 31, 2024[51]. - For the twelve months ended December 31, 2023, Baidu reported net cash provided by operating activities of RMB 33,263 million, while for the same period in 2024, it increased to RMB 36,615 million, representing a growth of 7.5%[53]. - Baidu's free cash flow for the twelve months ended December 31, 2023, was RMB 22,109 million, which increased to RMB 25,425 million in 2024, indicating a growth of 15.5%[53]. Expenses - Adjusted EBITDA for FY 2024 was RMB 33.1 billion ($ 4.53 billion), with an adjusted EBITDA margin of 25%[29]. - Research and development expenses for the three months ended December 31, 2024, were RMB 6,287 million, up from RMB 5,515 million in the previous quarter, marking an increase of 14%[46]. - Research and development expenses for Baidu were RMB 22,133 million for the twelve months ended December 31, 2024, reflecting a year-over-year decrease of 9%[50]. - The company reported a total cost of revenues of RMB 17,418 million for the three months ended December 31, 2024, compared to RMB 18,014 million in the previous quarter, showing a decrease of 3.3%[46]. Shareholder Returns - Baidu returned US $356 million to shareholders since Q4 2024, bringing cumulative repurchases to over US$ 1 billion since 2024[8]. - Baidu's total shareholders' equity increased from RMB 243,626 million in December 2023 to RMB 263,620 million in December 2024[48]. - Baidu's share-based compensation expenses for the twelve months ended December 31, 2023, were RMB 5,708 million, which decreased to RMB 4,239 million in 2024, a decline of 25.8%[57]. Operational Metrics - Baidu's AI Cloud business saw revenue growth of 26% year over year in Q4 2024, offsetting declines in the online marketing segment[3]. - The MAU of Baidu Wenku's AI-enabled features reached 94 million in December 2024, with a 216% year over year increase[8]. - Apollo Go provided over 1.1 million rides in Q4 2024, a 36% increase year over year, and surpassed 9 million total rides by January 2025[8]. Asset and Liability Changes - Total current assets decreased from RMB 230,255 million in December 2023 to RMB 168,849 million in December 2024[48]. - Total non-current assets increased from RMB 176,504 million in December 2023 to RMB 258,931 million in December 2024[48]. - Total liabilities remained relatively stable, with a slight increase from RMB 144,151 million in December 2023 to RMB 144,168 million in December 2024[48]. - Baidu's cash and cash equivalents decreased from RMB 25,231 million in December 2023 to RMB 24,832 million in December 2024[48].