BIDU Q2 2023 Earnings Report — Baidu, Inc. Revenue & Financial Results | Market Cap Arena

Baidu, Inc.BIDU

Q2 2023 Earnings

Reported June 29, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2023	Q1 2023	Q2 2022	QoQ Change	YoY Change
Revenue	$5.0B	$4.6B	$4.3B	9.4%	14.9%
Op. Income	$761M	$728M	$497M	4.6%	53.2%
Gross Margin	52.5%	51.3%	48.8%	1.2pp	3.7pp
Net Margin	15.3%	18.7%	12.3%	-3.4pp	3.0pp
EPS (Diluted)	$2.15	$2.40	$1.51	-10.2%	42.6%
Free Cash Flow	$1.2B	$664M	$806M	74.4%	43.7%

Revenue Flow

Item	Amount
REVENUE	$5.0B
Cost of Revenue	$2.4B
GROSS PROFIT	$2.6B
R&D Expenses	$932M
Selling & Marketing	-$28M
General & Administrative	$949M
SG&A Expenses	$920M
Other Expenses	$0
Operating Expenses	$1.9B
Cost & Expenses	$4.2B
OPERATING INCOME	$761M
Interest Income	$285M
Interest Expense	$119M
Other Income/Expenses	$200M
INCOME BEFORE TAX	$961M
Income Tax Expense	$186M
Net Income from Continuing Ops	$776M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$761M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$761M
D&A	$272M
EBIT	$1.1B
EBITDA	$1.4B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$5.0B
Cost of Revenue	$2.4B
GROSS PROFIT	$2.6B
R&D Expenses	$932M
Selling & Marketing	-$28M
General & Administrative	$949M
SG&A Expenses	$920M
Other Expenses	$0
Operating Expenses	$1.9B
Cost & Expenses	$4.2B
OPERATING INCOME	$761M
Interest Income	$285M
Interest Expense	$119M
Other Income/Expenses	$200M
INCOME BEFORE TAX	$961M
Income Tax Expense	$186M
Net Income from Continuing Ops	$776M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$761M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$761M
D&A	$272M
EBIT	$1.1B
EBITDA	$1.4B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$761M
Depreciation & Amortization	$0
Stock-Based Compensation	$299M
Deferred Income Tax	$0
Other Non-Cash Items	$494M
Change in Working Capital	$0
OPERATING CASH FLOW	$1.6B
Capital Expenditure	-$395M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$1.4B
NET CASH FROM INVESTING	$1.0B
Net Debt Issuance	$0
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$107M
NET CASH FROM FINANCING	$107M
FREE CASH FLOW	$1.2B
Net Change in Cash	$2.8B

Balance Sheet

Item	Amount
Cash & Equivalents	$6.1B
Short-Term Investments	$21.6B
Net Receivables	$2.4B
Inventory	$0
Other Current Assets	$3.2B
TOTAL CURRENT ASSETS	$33.4B
PP&E (Net)	$5.1B
Goodwill	$3.3B
Intangible Assets	$3.0B
Long-Term Investments	$11.3B
Tax Assets	$278M
Other Non-Current Assets	$3.0B
TOTAL NON-CURRENT ASSETS	$25.9B
TOTAL ASSETS	$59.4B
Account Payables	$5.3B
Short-Term Debt	$3.2B
Deferred Revenue	$2.2B
Other Current Liabilities	$0
TOTAL CURRENT LIABILITIES	$11.8B
Long-Term Debt	$9.0B
Deferred Revenue NC	$77M
Deferred Tax Liabilities	$437M
Other Non-Current Liabilities	$328M
TOTAL NON-CURRENT LIABILITIES	$10.5B
TOTAL LIABILITIES	$22.3B
Common Stock	$34.4B
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$34.4B
Minority Interest	$2.6B
TOTAL EQUITY	$37.0B
TOTAL LIABILITIES & EQUITY	$59.4B
Total Debt	$13.3B
Net Debt	$7.2B