Technology

Baidu Announces Fourth Quarter and Fiscal Year 2023 Results

Published

7 months ago

February 28, 2024

BEIJING, Feb. 28, 2024 /PRNewswire/ — Baidu, Inc. (NASDAQ: BIDU and HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with a strong Internet foundation, today announced its unaudited financial results for the quarter and fiscal year ended December 31, 2023.

“Baidu Core reported another solid quarter,” said Robin Li, Co-founder and CEO of Baidu. “Throughout 2023, we made significant strides in advancing ERNIE and ERNIE Bot, reinventing our products and services, and achieving breakthroughs in monetization. Concurrently, our core business remained resilient and healthy. Looking ahead, our commitment to Gen-AI and foundation models remains unwavering, paving the way for the [gradual] creation of a new growth engine.”

“In the fourth quarter, we maintained our focus on enhancing operational efficiencies,” said Rong Luo, CFO of Baidu. “As we look ahead into 2024, our goal is to persistently enhance operational efficiencies and achieve high-quality growth.”

Fourth Quarter and Fiscal Year 2023 Financial Highlights[1]

Baidu, Inc.

(In millions except per

ADS, unaudited)

2022

2023

YOY

2022

2023

YOY

RMB

US$

RMB

US$

Total revenues

33,077

34,447

34,951

4,923

6 %

123,675

134,598

18,958

9 %

Operating income

4,593

6,274

5,392

759

17 %

15,911

21,856

3,078

37 %

Operating income
(non-GAAP) [2]

6,497

7,596

7,075

996

9 %

23,186

28,433

4,005

23 %

Net income to Baidu

4,953

6,681

2,599

366

(48 %)

7,559

20,315

2,861

169 %

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

5,371

7,267

7,755

1,092

44 %

20,680

28,747

4,049

39 %

Diluted earnings per
ADS

13.59

18.22

6.77

0.95

(50 %)

19.85

55.08

7.76

177 %

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

15.25

20.40

21.86

3.08

43 %

58.93

80.85

11.39

37 %

Adjusted EBITDA [2]

8,231

9,505

9,057

1,276

10 %

29,663

35,823

5,046

21 %

Adjusted EBITDA
margin

25 %

28 %

26 %

24 %

27 %

Baidu Core

(In millions, unaudited)

2022

2023

YOY

2022

2023

YOY

RMB

US$

RMB

US$

Total revenues

25,654

26,572

27,488

3,872

7 %

95,431

103,465

14,573

8 %

Operating income

3,782

5,498

4,668

657

23 %

14,534

18,825

2,651

30 %

Operating income
(non-GAAP) [2]

5,491

6,672

6,197

873

13 %

20,948

24,748

3,486

18 %

Net income to Baidu
Core

4,773

6,436

2,440

344

(49 %)

7,551

19,401

2,733

157 %

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

4,915

6,956

7,500

1,056

53 %

19,935

27,418

3,862

38 %

Adjusted EBITDA [2]

7,146

8,513

8,118

1,143

14 %

27,088

31,863

4,488

18 %

Adjusted EBITDA
margin

28 %

32 %

30 %

28 %

31 %

[1] Unless otherwise noted, RMB to USD was converted at an exchange rate of RMB 7.0999 as of December 29, 2023, 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 returned US$318 million to shareholders since the beginning of Q4 2023, bringing the cumulative repurchase to US$669 million under the 2023 share repurchase program.

AI Cloud

PaddlePaddle developer community has grown to 10.7 million and has served 235,000 businesses, as of the end of 2023. Developers have created 860,000 models on PaddlePaddle by the end of 2023.

Intelligent Driving

Apollo Go, Baidu’s autonomous ride-hailing service, provided about 839K rides in the fourth quarter of 2023, up 49% year over year. As of January 2, 2024, accumulated rides provided by Apollo Go on public roads surpassed 5 million.In the fourth quarter of 2023, the proportion of fully driverless orders within the overall order portfolio in Wuhan reached 45%, up from 40% in the third quarter of 2023.

Mobile Ecosystem

In December 2023, Baidu App’s MAUs reached 667 million, up 3% year over year.Managed Page accounted for 51% of Baidu Core’s online marketing revenue in the fourth quarter of 2023.

iQIYI

iQIYI’s average daily number of total subscribing members for the quarter was 100.3 million, compared to 111.6 million for the fourth quarter of 2022 and 107.5 million for the third quarter of 2023. More importantly, iQIYI’s monthly average revenue per membership (ARM) for the quarter was RMB15.98, compared to RMB14.17 for the fourth quarter of 2022 and RMB15.54 for the third quarter of 2023.

Fourth Quarter 2023 Financial Results

Total revenues were RMB35.0 billion ($4.92 billion), increasing 6% year over year.

Revenue from Baidu Core was RMB27.5 billion ($3.87 billion), increasing 7% year over year; online marketing revenue was RMB19.2 billion ($2.70 billion), up 6% year over year, and non-online marketing revenue was RMB8.3 billion ($1.17 billion), up 9% year over year, mainly driven by AI Cloud business.Revenue from iQIYI was RMB7.7 billion ($1.09 billion), increasing 2% year over year.

Cost of revenues was RMB17.4 billion ($2.45 billion), increasing 3% year over year, primarily due to an increase in costs related to AI Cloud business, partially offset by a decrease in content costs.

Selling, general and administrative expenses were RMB5.9 billion ($825 million), which remained flat compared to the same period last year.

Research and development expenses were RMB6.3 billion ($886 million), increasing 11% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.

Operating income was RMB5.4 billion ($759 million). Baidu Core operating income was RMB4.7 billion ($657 million), and Baidu Core operating margin was 17%. Non-GAAP operating income was RMB7.1 billion ($996 million). Non-GAAP Baidu Core operating income was RMB6.2 billion ($873 million), and non-GAAP Baidu Core operating margin was 23%.

Total other loss, net was RMB2.5 billion ($356 million), compared to total other income, net of RMB1.8 billion for the same period last year, mainly due to a pickup of losses from an equity method investment as a result of a modification of certain terms of the underlying preferred shares.

Income tax benefit was RMB96 million ($14 million), compared to income tax expense of RMB1.3 billion for the same period last year, mainly due to a change of certain subsidiaries’ amounts of valuation allowance for deferred tax assets.

Net income attributable to Baidu was RMB2.6 billion ($366 million), and diluted earnings per ADS was RMB6.77 ($0.95). Net income attributable to Baidu Core was RMB2.4 billion ($344 million), and net margin for Baidu Core was 9%. Non-GAAP net income attributable to Baidu was RMB7.8 billion ($1.09 billion). Non-GAAP diluted earnings per ADS was RMB21.86 ($3.08). Non-GAAP net income attributable to Baidu Core was RMB7.5 billion ($1.06 billion), and non-GAAP net margin for Baidu Core was 27%.

Adjusted EBITDA was RMB9.1 billion ($1.28 billion) and adjusted EBITDA margin was 26%. Adjusted EBITDA for Baidu Core was RMB8.1 billion ($1.14 billion) and adjusted EBITDA margin for Baidu Core was 30%.

As of December 31, 2023, cash, cash equivalents, restricted cash and short-term investments were RMB205.4 billion ($28.93 billion), and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB200.0 billion ($28.17 billion). Free cash flow was RMB7.0 billion ($980 million), and free cash flow excluding iQIYI was RMB6.3 billion ($894 million).

Fiscal Year 2023 Results

Total revenues were RMB134.6 billion ($18.96 billion), increasing 9% year over year.

Revenue from Baidu Core was RMB103.5 billion ($14.57 billion), increasing 8% year over year; online marketing revenue was RMB75.1 billion ($10.58 billion), up 8% year over year, and non-online marketing revenue was RMB28.4 billion ($3.99 billion), up 9% year over year.Revenue from iQIYI was RMB31.9 billion ($4.49 billion), increasing 10% year over year.

Cost of revenues was RMB65.0 billion ($9.16 billion), increasing 2% year over year, primarily due to an increase in traffic acquisition costs, partially offset by a decrease in content costs and costs related to AI Cloud business.

Selling, general and administrative expenses were RMB23.5 billion ($3.31 billion), increasing 15% year over year, primarily due to an increase in channel spending and promotional marketing expenses.

Research and development expenses were RMB24.2 billion ($3.41 billion), increasing 4% year over year, primarily due to an increase in server depreciation expenses and server custody fees which support Gen-AI research and development inputs.

Operating income was RMB21.9 billion ($3.08 billion). Baidu Core operating income was RMB18.8 billion ($2.65 billion), and Baidu Core operating margin was 18%. Non-GAAP operating income was RMB28.4 billion ($4.01 billion). Non-GAAP Baidu Core operating income was RMB24.7 billion ($3.49 billion), and non-GAAP Baidu Core operating margin was 24%.

Total other income, net was RMB3.3 billion ($472 million), compared to total other loss, net of RMB5.8 billion last year, mainly due to a fair value gain of RMB198 million from long-term investments this year, compared to a fair value loss of RMB3.9 billion last year; and a decrease of RMB2.2 billion in impairment of long-term investments.

Income tax expense was RMB3.6 billion ($514 million), increasing 42% year over year, primarily due to an increase in profit before tax.

Net income attributable to Baidu was RMB20.3 billion ($2.86 billion), and diluted earnings per ADS was RMB55.08 ($7.76). Net income attributable to Baidu Core was RMB19.4 billion ($2.73 billion), and net margin for Baidu Core was 19%. Non-GAAP net income attributable to Baidu was RMB28.7 billion ($4.05 billion). Non-GAAP diluted earnings per ADS was RMB80.85 ($11.39). Non-GAAP net income attributable to Baidu Core was RMB27.4 billion ($3.86 billion), and non-GAAP net margin for Baidu Core was 26%.

Adjusted EBITDA was RMB35.8 billion ($5.05 billion) and adjusted EBITDA margin was 27%. Adjusted EBITDA for Baidu Core was RMB31.9 billion ($4.49 billion) and adjusted EBITDA margin for Baidu Core was 31%.

Free cash flow was RMB25.4 billion ($3.58 billion), and free cash flow excluding iQIYI was RMB22.1 billion ($3.11 billion).

Conference Call Information

Baidu’s management will hold an earnings conference call at 7.30 AM on February 28, 2024, U.S. Eastern Time (8.30 PM on February 28, 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 Q4 2023 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/10036733-mjkcdg.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 (loss), non-GAAP operating margin, non-GAAP net income (loss) 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, amortization and impairment of intangible assets resulting from business combinations, and contingent loss pertaining to legal proceeding in relation to former advertising agencies.

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 or loss, impairment of long-term investments, fair value change of long-term investments, and contingent loss pertaining to legal proceeding in relation to former advertising agencies, charitable donation from Baidu, 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, share-based compensation expenses, and contingent loss pertaining to legal proceeding in relation to former advertising agencies.

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

Twelve Months Ended

December 31,

September 30,

December 31,

2022

2023

2022

2023

RMB

US$(2)

RMB

US$(2)

Revenues:

Online marketing services

19,571

21,346

20,804

2,930

74,711

81,203

11,437

Others

13,506

13,101

14,147

1,993

48,964

53,395

7,521

Total revenues

33,077

34,447

34,951

4,923

123,675

134,598

18,958

Costs and expenses:

Cost of revenues(1)

16,945

16,294

17,418

2,453

63,935

65,031

9,159

Selling, general and administrative(1)

5,881

5,778

5,854

825

20,514

23,519

3,314

Research and development(1)

5,658

6,101

6,287

886

23,315

24,192

3,407

Total costs and expenses

28,484

28,173

29,559

4,164

107,764

112,742

15,880

Operating income

4,593

6,274

5,392

759

15,911

21,856

3,078

Other income (loss):

Interest income

1,647

2,082

2,064

291

6,245

8,009

1,128

Interest expense

(738)

(853)

(774)

(109)

(2,913)

(3,248)

(457)

Foreign exchange (loss) gain, net

(338)

(26)

(449)

(63)

(1,484)

595

Share of losses from equity method investments

(523)

(398)

(2,970)

(418)

(1,910)

(3,799)

(535)

Others, net

1,733

1,100

(398)

(57)

(5,737)

1,785

252

Total other income (loss), net

1,781

1,905

(2,527)

(356)

(5,799)

3,342

472

Income before income taxes

6,374

8,179

2,865

403

10,112

25,198

3,550

Income tax expense (benefit)

1,254

1,282

(96)

(14)

2,578

3,649

514

Net income

5,120

6,897

2,961

417

7,534

21,549

3,036

Net income (loss) attributable to noncontrolling interests

167

216

362

(25)

1,234

175

Net income attributable to Baidu

4,953

6,681

2,599

366

7,559

20,315

2,861

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

-Basic

13.73

18.45

6.85

0.96

20.02

55.83

7.86

-Diluted

13.59

18.22

6.77

0.95

19.85

55.08

7.76

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

-Basic

1.72

2.31

0.86

0.12

2.50

6.98

0.98

-Diluted

1.70

2.28

0.85

0.12

2.48

6.89

0.97

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

-Basic

2,789

2,814

2,812

2,782

2,807

-Diluted

2,801

2,846

2,830

2,809

2,837

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

Cost of revenues

158

139

159

409

590

Selling, general and administrative

450

358

411

1,750

1,678

236

Research and development

1,233

778

1,068

150

4,629

4,077

575

Total share-based compensation expenses

1,841

1,275

1,638

231

6,788

6,345

894

(2) All translations from RMB to U.S. dollars are made at a rate of RMB 7.0999 to US$1.00, the exchange rate in effect as of December 29, 2023 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,

2022

2023

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

53,156

25,231

3,554

Restricted cash

11,330

11,503

1,620

Short-term investments, net

120,839

168,670

23,757

Accounts receivable, net

11,733

10,848

1,528

Amounts due from related parties

5,432

1,424

201

Other current assets, net

10,360

12,579

1,772

Total current assets

212,850

230,255

32,432

Non-current assets:

Fixed assets, net

23,973

27,960

3,938

Licensed copyrights, net

6,841

6,967

981

Produced content, net

13,002

13,377

1,884

Intangible assets, net

1,254

881

124

Goodwill

22,477

22,586

3,181

Long-term investments, net

55,297

47,957

6,755

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

23,629

24,666

3,474

Amounts due from related parties

195

Deferred tax assets, net

2,129

2,100

296

Operating lease right-of-use assets

10,365

10,851

1,528

Other non-current assets

19,096

18,964

2,671

Total non-current assets

178,123

176,504

24,859

Total assets

390,973

406,759

57,291

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Short-term loans

5,343

10,257

1,445

Accounts payable and accrued liabilities

38,014

37,717

5,312

Customer deposits and deferred revenue

13,116

14,627

2,060

Deferred income

306

Long-term loans, current portion

–

Convertible senior notes, current portion

8,305

2,802

395

Notes payable, current portion

6,904

6,029

849

Amounts due to related parties

5,067

1,603

226

Operating lease liabilities

2,809

3,108

438

Total current liabilities

79,630

76,451

10,768

Non-current liabilities:

Deferred income

159

200

Deferred revenue

331

481

Amounts due to related parties

Long-term loans

13,722

14,223

2,003

Notes payable

39,893

34,990

4,928

Convertible senior notes

9,568

8,144

1,147

Deferred tax liabilities

2,898

2,725

384

Operating lease liabilities

4,810

5,040

710

Other non-current liabilities

2,058

1,820

257

Total non-current liabilities

73,538

67,700

9,536

Total liabilities

153,168

144,151

20,304

Redeemable noncontrolling interests

8,393

9,465

1,333

Equity

Total Baidu shareholders’ equity

223,478

243,626

34,314

Noncontrolling interests

5,934

9,517

1,340

Total equity

229,412

253,143

35,654

Total liabilities, redeemable noncontrolling interests,
and equity

390,973

406,759

57,291

Baidu, Inc.

Selected Information

(In millions, unaudited)

Three months ended
December 31, 2022 (RMB)

Three months ended
September 30, 2023 (RMB)

Three months ended
December 31, 2023 (RMB)

Three months ended
December 31, 2023 (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

25,654

7,593

(170)

33,077

26,572

8,015

(140)

34,447

27,488

7,707

(244)

34,951

3,872

1,086

(35)

4,923

YOY

7 %

2 %

6 %

QOQ

3 %

(4 %)

1 %

Costs and expenses:

Cost of revenues (1)

11,712

5,405

(172)

16,945

10,610

5,840

(156)

16,294

12,050

5,533

(165)

17,418

1,698

779

(24)

2,453

Selling, general and administrative (1)

4,969

939

(27)

5,881

4,810

981

(13)

5,778

4,936

948

(30)

5,854

695

134

(4)

825

Research and development (1)

5,191

467

–

5,658

5,654

447

–

6,101

5,834

453

–

6,287

822

–

886

Total costs and expenses

21,872

6,811

(199)

28,484

21,074

7,268

(169)

28,173

22,820

6,934

(195)

29,559

3,215

977

(28)

4,164

YOY

Cost of revenues

3 %

2 %

3 %

Selling, general and administrative

(1 %)

1 %

(0 %)

Research and development

12 %

(3 %)

11 %

Costs and expenses

4 %

2 %

4 %

Operating income (loss)

3,782

782

4,593

5,498

747

6,274

4,668

773

(49)

5,392

657

109

(7)

759

YOY

23 %

(1 %)

17 %

QOQ

(15 %)

3 %

(14 %)

Operating margin

15 %

10 %

14 %

21 %

9 %

18 %

17 %

10 %

15 %

Add: total other income (loss), net

2,271

(490)

–

1,781

2,159

(254)

–

1,905

(2,267)

(260)

–

(2,527)

(319)

(37)

–

(356)

Less: income tax expense (benefit)

1,265

(11)

–

1,254

1,272

–

1,282

(134)

–

(96)

(19)

–

(14)

Less: net income (loss) attributable to NCI

(1)

153

(3)

167

(51)

260

(3)

216

258

(3)

362

(3)

Net income (loss) attributable to Baidu

4,773

304

(124)

4,953

6,436

476

(231)

6,681

2,440

466

(307)

2,599

344

(44)

366

YOY

(49 %)

53 %

(48 %)

QOQ

(62 %)

(2 %)

(61 %)

Net margin

19 %

4 %

15 %

24 %

6 %

19 %

9 %

6 %

7 %

Non-GAAP financial measures:

Operating income (non-GAAP)

5,491

977

6,497

6,672

895

7,596

6,197

927

7,075

873

130

996

YOY

13 %

(5 %)

9 %

QOQ

(7 %)

4 %

(7 %)

Operating margin (non-GAAP)

21 %

13 %

20 %

25 %

11 %

22 %

23 %

12 %

20 %

Net income attributable to Baidu (non-
GAAP)

4,915

856

5,371

6,956

622

7,267

7,500

681

7,755

1,056

1,092

YOY

53 %

(20 %)

44 %

QOQ

8 %

9 %

7 %

Net margin (non-GAAP)

19 %

11 %

16 %

26 %

8 %

21 %

27 %

9 %

22 %

Adjusted EBITDA

7,146

1,056

8,231

8,513

963

9,505

8,118

988

9,057

1,143

140

1,276

YOY

14 %

(6 %)

10 %

QOQ

(5 %)

3 %

(5 %)

Adjusted EBITDA margin

28 %

14 %

25 %

32 %

12 %

28 %

30 %

13 %

26 %

(1) Includes share-based compensation as follows:

Cost of revenues

122

158

107

139

125

159

Selling, general and administrative

355

450

290

358

340

411

Research and development

1,177

1,233

732

778

1,020

1,068

144

150

Total share-based compensation

1,654

187

1,841

1,129

146

1,275

1,485

153

1,638

210

231

(2) Relates to intersegment eliminations and adjustments

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

Baidu, Inc.

Selected Information

(In millions except for per ADS information, unaudited)

Twelve months ended
December 31, 2022 (RMB)

Twelve months ended
December 31, 2023 (RMB)

Twelve months ended
December 31, 2023 (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.

Total revenues

95,431

28,998

(754)

123,675

103,465

31,873

(740)

134,598

14,573

4,489

(104)

18,958

YOY

8 %

10 %

9 %

Costs and expenses:

Cost of revenues (1)

42,378

22,321

(764)

63,935

42,592

23,103

(664)

65,031

5,999

3,254

(94)

9,159

Selling, general and administrative (1)

17,103

3,466

(55)

20,514

19,623

4,014

(118)

23,519

2,765

565

(16)

3,314

Research and development (1)

21,416

1,899

–

23,315

22,425

1,767

–

24,192

3,158

249

–

3,407

Total costs and expenses

80,897

27,686

(819)

107,764

84,640

28,884

(782)

112,742

11,922

4,068

(110)

15,880

YOY

Cost of revenues

1 %

4 %

2 %

Selling, general and administrative

15 %

16 %

15 %

Research and development

5 %

(7 %)

4 %

Cost and expenses

5 %

4 %

5 %

Operating income

14,534

1,312

15,911

18,825

2,989

21,856

2,651

421

3,078

YOY

30 %

128 %

37 %

Operating margin

15 %

5 %

13 %

18 %

9 %

16 %

Add: total other (loss) income, net

(4,453)

(1,346)

–

(5,799)

4,298

(956)

–

3,342

607

(135)

–

472

Less: income tax expense

2,494

–

2,578

3,568

–

3,649

503

–

514

Less: net income (loss) attributable to NCI

(79)

(3)

(25)

154

1,053

(3)

1,234

149

(3)

175

Net income (loss) attributable to Baidu

7,551

(136)

144

7,559

19,401

1,925

(1,011)

20,315

2,733

271

(143)

2,861

YOY

157 %

(1515 %)

169 %

Net margin

8 %

(0 %)

6 %

19 %

6 %

15 %

Non-GAAP financial measures:

Operating income (non-GAAP)

20,948

2,173

23,186

24,748

3,643

28,433

3,486

513

4,005

YOY

18 %

68 %

23 %

Operating margin (non-GAAP)

22 %

7 %

19 %

24 %

11 %

21 %

Net income attributable to Baidu (non-GAAP)

19,935

1,284

20,680

27,418

2,838

28,747

3,862

400

4,049

YOY

38 %

121 %

39 %

Net margin (non-GAAP)

21 %

4 %

17 %

26 %

9 %

21 %

Adjusted EBITDA

27,088

2,510

29,663

31,863

3,918

35,823

4,488

552

5,046

YOY

18 %

56 %

21 %

Adjusted EBITDA margin

28 %

9 %

24 %

31 %

12 %

27 %

(1) Includes share-based compensation as follows:

Cost of revenues

261

148

409

457

133

590

Selling, general and administrative

1,326

424

1,750

1,363

315

1,678

192

236

Research and development

4,390

239

4,629

3,888

189

4,077

548

575

Total share-based compensation

5,977

811

6,788

5,708

637

6,345

804

894

(2) Relates to intersegment eliminations and adjustments

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

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Three months ended

December 31, 2022 (RMB)

September 30, 2023 (RMB)

December 31, 2023 (RMB)

December 31, 2023 (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

6,999

854

7,853

8,694

831

9,525

9,985

633

10,618

1,407

1,496

Net cash (used in) provided by investing activities

(5,902)

579

(5,323)

(11,345)

(55)

(11,400)

(11,805)

(1,431)

(13,236)

(1,662)

(202)

(1,864)

Net cash (used in) provided by financing activities

(5,124)

2,862

(2,262)

(5,253)

269

(4,984)

(7,586)

(22)

(7,608)

(1,069)

(3)

(1,072)

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

(1,420)

(9)

(1,429)

153

158

(364)

(31)

(395)

(52)

(4)

(56)

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

(5,447)

4,286

(1,161)

(7,751)

1,050

(6,701)

(9,770)

(851)

(10,621)

(1,376)

(120)

(1,496)

Cash, cash equivalents and restricted cash

At beginning of period

62,821

3,576

66,397

49,814

5,082

54,896

42,063

6,132

48,195

5,924

864

6,788

At end of period

57,374

7,862

65,236

42,063

6,132

48,195

32,293

5,281

37,574

4,548

744

5,292

Net cash provided by operating activities

6,999

854

7,853

8,694

831

9,525

9,985

633

10,618

1,407

1,496

Less: Capital expenditures

(1,920)

(9)

(1,929)

(3,525)

(4)

(3,529)

(3,641)

(19)

(3,660)

(513)

(3)

(516)

Free cash flow

5,079

845

5,924

5,169

827

5,996

6,344

614

6,958

894

980

Note: Baidu excl. iQIYI represents Baidu, Inc. minus iQIYI’s consolidated cash flows.

Baidu, Inc.

Condensed Consolidated Statements of Cash Flows

(In millions,unaudited)

Twelve months ended

December 31, 2022 (RMB)

December 31, 2023 (RMB)

December 31, 2023 (US$)

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Baidu
excl.
iQIYI

iQIYI

Baidu,
Inc.

Net cash provided by (used in) operating activities

26,241

(71)

26,170

33,263

3,352

36,615

4,685

472

5,157

Net cash (used in) provided by investing activities

(4,210)

266

(3,944)

(48,657)

(1,740)

(50,397)

(6,853)

(245)

(7,098)

Net cash (used in) provided by financing activities

(10,859)

4,469

(6,390)

(9,876)

(4,286)

(14,162)

(1,391)

(604)

(1,995)

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

1,606

123

1,729

189

282

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

12,778

4,787

17,565

(25,081)

(2,581)

(27,662)

(3,532)

(364)

(3,896)

Cash, cash equivalents and restricted cash

At beginning of period

44,596

3,075

47,671

57,374

7,862

65,236

8,080

1,108

9,188

At end of period

57,374

7,862

65,236

32,293

5,281

37,574

4,548

744

5,292

Net cash provided by (used in) operating activities

26,241

(71)

26,170

33,263

3,352

36,615

4,685

472

5,157

Less: Capital expenditures

(8,112)

(174)

(8,286)

(11,154)

(36)

(11,190)

(1,571)

(5)

(1,576)

Free cash flow

18,129

(245)

17,884

22,109

3,316

25,425

3,114

467

3,581

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

December 31, 2022 (RMB)

September 30, 2023 (RMB)

December 31, 2023 (RMB)

December 31, 2023 (US$)

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Operating income

3,782

782

4,593

5,498

747

6,274

4,668

773

5,392

657

109

759

Add: Share-based compensation expenses

1,654

187

1,841

1,129

146

1,275

1,485

153

1,638

210

231

Add: Amortization and impairment of intangible assets(1)

–

Operating income (non-GAAP)

5,491

977

6,497

6,672

895

7,596

6,197

927

7,075

873

130

996

Add: Depreciation of fixed assets

1,655

1,734

1,841

1,909

1,921

1,982

270

280

Adjusted EBITDA

7,146

1,056

8,231

8,513

963

9,505

8,118

988

9,057

1,143

140

1,276

Net income attributable to Baidu

4,773

304

4,953

6,436

476

6,681

2,440

466

2,599

344

366

Add: Share-based compensation expenses

1,654

187

1,748

1,128

146

1,194

1,484

153

1,553

209

219

Add: Amortization and impairment of intangible assets(1)

–

Add: Disposal (gain) loss

(484)

(453)

(753)

–

(753)

(37)

(1)

(38)

(5)

–

(5)

Add: Impairment of long-term investments

318

271

453

–

132

160

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

(1,662)

(1,658)

(384)

(2)

(385)

403

–

403

–

Add: Reconciling items on equity method investments(2)

377

386

572

–

572

3,172

–

3,172

447

–

447

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

(111)

(2)

(113)

(132)

–

(132)

(136)

–

(136)

(21)

–

(21)

Net income attributable to Baidu (non-GAAP)

4,915

856

5,371

6,956

622

7,267

7,500

681

7,755

1,056

1,092

Diluted earnings per ADS

13.59

18.22

6.77

0.95

Add: Accretion of the redeemable noncontrolling interests

0.46

0.53

0.07

Add: Non-GAAP adjustments to earnings per ADS

1.20

1.65

14.56

2.06

Diluted earnings per ADS (non-GAAP)

15.25

20.40

21.86

3.08

(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.

Baidu, Inc.

Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures

(In millions except for ADS and per ADS information, unaudited)

Twelve months ended

December 31, 2022 (RMB)

December 31, 2023 (RMB)

December 31, 2023 (US$)

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Baidu
Core

iQIYI

Baidu,
Inc.

Operating income

14,534

1,312

15,911

18,825

2,989

21,856

2,651

421

3,078

Add: Share-based compensation expenses

5,977

811

6,788

5,708

637

6,345

804

894

Add: Amortization and impairment of intangible assets(1)

223

273

215

232

Add: Contingent loss(2)

214

–

214

–

Operating income (non-GAAP)

20,948

2,173

23,186

24,748

3,643

28,433

3,486

513

4,005

Add: Depreciation of fixed assets

6,140

337

6,477

7,115

275

7,390

1,002

1,041

Adjusted EBITDA

27,088

2,510

29,663

31,863

3,918

35,823

4,488

552

5,046

Net income (loss) attributable to Baidu

7,551

(136)

7,559

19,401

1,925

20,315

2,733

271

2,861

Add: Share-based compensation expenses

5,964

811

6,371

5,704

637

5,993

803

844

Add: Amortization and impairment of intangible assets(1)

200

229

195

204

Add: Disposal (gain)

(515)

(368)

(700)

(1,926)

(90)

(1,967)

(271)

(13)

(277)

Add: Impairment of long-term investments

2,180

841

2,601

479

336

631

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

3,977

(18)

3,968

(54)

(52)

(8)

(7)

Add: Reconciling items on equity method investments(3)

1,473

105

1,548

–

3,918

3,922

–

552

551

Add: Charitable donation from Baidu(4)

136

–

136

–

Add: Contingent loss(2)

214

–

214

–

Add: Tax effects on non-GAAP adjustments(5)

(1,245)

(1)

(1,246)

(299)

–

(299)

(41)

–

(41)

Net income attributable to Baidu (non-GAAP)

19,935

1,284

20,680

27,418

2,838

28,747

3,862

400

4,049

Diluted earnings per ADS

19.85

55.08

7.76

Add: Accretion of the redeemable noncontrolling interests

1.68

2.02

0.28

Add: Non-GAAP adjustments to earnings per ADS

37.40

23.75

3.35

Diluted earnings per ADS (non-GAAP)

58.93

80.85

11.39

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

(2) This represents contingent loss pertaining to legal proceeding involving former advertising agency.

(3) 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.

(4) This represents non-recurring charitable donation to discrete events.

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

View original content:https://www.prnewswire.com/news-releases/baidu-announces-fourth-quarter-and-fiscal-year-2023-results-302073884.html

SOURCE Baidu, Inc.

Technology

American Doctors Return From Medical Mission In Conflict-Affected Syria

Published

18 seconds ago

September 23, 2024

Doctors treated life-threatening conditions, provided specialized care, and delivered critical training to local healthcare providers.

WASHINGTON, Sept. 23, 2024 /PRNewswire/ — Today, 24 Syrian American Medical Society (SAMS) volunteer doctors from the United States returned from a week-long medical mission to northwest Syria, where they provided life-saving medical care and specialized training to local healthcare providers. From September 15-20, 2024, the volunteer physicians conducted a wide range of medical interventions, including complex cardiac procedures, oncological and retina surgeries, pediatrics subspecialty clinics and intensive care consultations, impacting thousands of lives in a region devastated by conflict and last year’s disastrous earthquake.

SAMS Member and group leader of the mission, Dr. Bassel Atassi, an oncologist of Chicago, who completed the week-long mission in northwest Syria, shared, “During our mission, we carried out 277 surgeries and provided 1,367 consultations. Our focus was not only on treating patients but also on training local doctors in pathology, cardiology, and oncology and other essential practices to help them treat and local refugees. The knowledge transfer was crucial in ensuring that the impact of our work extends far beyond our time on the ground”

“This mission represents the unwavering commitment of our volunteers to provide life-saving care in some of the most challenging conditions imaginable,” said SAMS’ President Dr. Mufaddal Hamadeh. “We are proud of the medical impact made and the meaningful training and collaboration with local healthcare providers that will continue to benefit the region long after our departure. The resilience and courage of the people we serve inspire us to continue our vital work in Syria and beyond.”

The mission included a diverse array of medical services and training initiatives aimed at bolstering local healthcare capacity. Highlights included:

Pediatric and Adult Cardiology: Conducting echocardiograms, pacemaker implants, and catheter-based interventions for pediatric patients and performing adult cardiac surgeries, including coronary artery bypass grafting and valve surgeries.Oncology: Performing major surgeries in urological, gastrointestinal, and gynecological oncology while providing oncological consultations and training at SAMS-supported oncology centers.Specialized Consultations and Procedures: Retinal specialists performed vitrectomies and laser procedures, while intensive care specialists led ICU rounds and critical care consultations.Training and Education: The mission delivered hands-on training, crash courses, and a 2-day Pediatric Scientific Conference, focusing on pediatric specialties, benefiting over 200 general pediatricians in northwest Syria.

Syrians and refugees are still recovering from the earthquake that struck the border area in February 2023, but life is improving thanks to the work of SAMS and its countless volunteers and 2,400 staff in the region—nearly half of whom were displaced by the disaster.

For more information, contact:
Blaine Heck / 201-314-9506 / 383715@email4pr.com

About SAMS:
SAMS is a nonprofit, non-political organization that works on the front lines of crisis relief, providing medical and humanitarian assistance to the most vulnerable in Syria, its neighboring countries, and beyond. Last year, SAMS provided lifesaving medical services to 3.6 million people. For more information about SAMS, go to www.sams-usa.net.

View original content to download multimedia:https://www.prnewswire.com/news-releases/american-doctors-return-from-medical-mission-in-conflict-affected-syria-302255719.html

SOURCE Syrian American Medical Society

Technology

Pyka Secures $40M Series B to Advance Commercialization of Dual-use Autonomous Electric Aircraft

Published

20 seconds ago

September 23, 2024

Funding will accelerate Pyka’s growth and further scale production of its autonomous aircraft for agriculture, defense, and commercial logistics.

ALAMEDA, Calif., Sept. 23, 2024 /PRNewswire/ — Pyka, an electric aviation technology leader that designs and manufactures large-scale autonomous electric aircraft, today announced a $40M Series B raise. The funding round was led by Obvious Ventures, with participation from both new and existing investors, including Piva Capital, Prelude Ventures, Metaplanet Holdings, and Y Combinator.

Pyka is rapidly commercializing autonomous electric aircraft by applying its technology to many of the world’s most critical flight missions, including agricultural crop protection, commercial cargo transportation, and defense logistics.

“This accomplishment is a significant milestone for Pyka,” said Michael Norcia, Co-Founder and Chief Executive Officer at Pyka. “We are designing, developing, and commercializing autonomous electric aircraft at a pace that few companies have been able to achieve. With commercial production well underway, and our aircraft deployed with customers on multiple continents, we are extremely proud of the progress we’ve made as a company thus far. This round of funding brings us one step closer to unlocking autonomous electric flight for society.”

The company currently produces the largest commercially-approved uncrewed aircraft system (UAS) in the United States and maintains active commercial operations across the U.S., Central America, and Brazil. Pyka’s portfolio of customers includes key players in the agriculture, commercial cargo, and defense logistics value chains, such as Dole, Embraer, Sierra Nevada Company, Heinen Brothers Agra Services, and Skyports Drone Services. In early 2024, Pyka delivered three aircraft to the United States Air Force as part of the Agility Prime program.

The new investment will accelerate Pyka’s growth across its dual-use product line. On the commercial side, it will support further investment in Pyka’s domestic manufacturing capabilities, boost production of its Pelican Spray and Pelican Cargo products, and enable expanded operations with both U.S. and international customers. Additionally, the Series B funds will advance the development of new capabilities to support contested logistics operations for the U.S. Department of Defense and allied partners.

“From the beginning, Pyka was focused on getting into the air and getting into business with commercial operations. Their cost-effective mindset and discipline caught our attention,” said Andrew Beebe, Managing Director at Obvious Ventures. “And what got us really excited was the passion of the team and their mission-driven focus on electrifying aviation and decarbonizing one of the worst offenders in the world.”

Pyka’s family of products includes Pelican Spray, a 1,320-lb, fully autonomous, and 100% electric aircraft designed for complex agricultural operations. The aircraft combines best-in-class spray precision and chemical drift reduction technologies to provide safe, clean, and cost-effective crop protection at scale. Pelican Spray is the largest FAA-approved UAS for agricultural operations and the most productive spray UAS on the Market.

Additionally, Pyka produces Pelican Cargo, the world’s first large-scale autonomous electric cargo aircraft capable of heavy-payload, long-range, and off-airport operation. The 100% electric aircraft can transport up to 400 lbs over a range of 200 miles. Pyka has partnered with Sierra Nevada Company to introduce RUMRUNNER, a modified edition of Pelican Cargo, to customers within the U.S. Department of Defense for sustainment in contested logistics operations.

All of Pyka’s products incorporate its proprietary autonomous flight engine and all-electric propulsion system to enable operations in the world’s most complex environments without putting human operators in harm’s way, at unprecedented cost savings to customers.

About Pyka:

Pyka is defining the future of safe, environmentally-friendly, and cost-effective aviation with autonomous electric airplanes for crop protection and cargo delivery. Pyka’s proprietary technology includes autonomous flight control software, flight computers, high energy density batteries, advanced electric propulsion systems, and carbon composite airframes. Learn more at www.flypyka.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pyka-secures-40m-series-b-to-advance-commercialization-of-dual-use-autonomous-electric-aircraft-302255688.html

SOURCE Pyka

Technology

#PlumeStrong Cycling Challenge 2024 Surpasses Goal by Raising over €610.000 for Street Child to Develop Secondary Schools in Sierra Leone

Published

22 seconds ago

September 23, 2024

PALO ALTO, Calif., Sept. 23, 2024 /CNW/ — Plume completed its fourth annual #PlumeStrong Cycling Challenge (#PSCC24) – a 5-stage 824 km route from Zurich, Switzerland to Venice, Italy that took place from September 2-6, 2024. The #PSCC is a fundraiser to benefit #PlumeStrong, Plume’s social impact initiative with a mission to empower communities worldwide through meaningful initiatives that promote health, education, equality, efficiency, sustainability, technological innovation, and security. #PlumeStrong envisions a world where more individuals, particularly children, have access to education, resources, and opportunities.

During the five-day ride through the iconic mountain passes of Switzerland and Italy, Plume employees and corporate partners were joined by #PlumeStrong Ambassadors Tadej Pogačar, a three-time Tour de France winner, Urška Žigart, a Slovenian professional racing cyclist, currently riding for the Liv AlUla Jayco WorldTeam, Scott Ogden, English Grand Prix motorcycle racer currently competing in the 2024 Moto3 World Championship for MLav Racing, and Marko Baloh, Guinness & WUCA World Record Holder and elite ultra-cyclist and coach.

Together, #PSCC24 and its supporters raised over €610,000 surpassing the initiative’s original target of €550,000. Recently, #PlumeStrong and its charity partner Street Child announced that the money raised during the #PSCC24 will be used to benefit Street Child’s work in Sierra Leone. The initial goal was to develop 15 rural secondary schools, providing quality education to over 1,500 children annually, teacher training, and the establishment of a community agriculture project to help sustain the school. Due to the excess funds already raised, #PlumeStrong and Street Child are now expanding the project to develop an additional 5 schools bringing the total number to 20.

Fahri Diner

“I am so proud of what the #PlumeStrong team achieved, said Fahri Diner, Founder and CEO of Plume. “We set a goal for this year’s ride and once again exceeded it. The #PlumeStrong Cycling Challenge 2024 (#PSCC24) was indeed a serious ‘challenge’ and not just a social ride – everyone who participated should feel an incredible sense of accomplishment. And more importantly, it was a successful fundraiser to help Street Child to provide additional educational opportunities for children. As is cycling, this was a beautifully orchestrated team effort, and we are so grateful for the commitment of our people, sponsors, partners, support teams and everyone who donated to the #PSCC24. On behalf of all of us at Plume, a big THANK YOU to all.”

Lucinda Dannatt

“We are thrilled by the success of the #PlumeStrong Cycling Challenge 2024, which has exceeded the initial fundraising goal, said Lucinda Dannatt, Director, Policy & Development and Co-Founder at Street Child. “Thanks to the incredible dedication of #PlumeStrong and its supporters, Street Child can now develop an additional 5 secondary schools, bringing the total to 20 schools and ensuring that at least 2,000 children in Sierra Leone will have the opportunity to receive a quality education. A huge thank you to everyone who braved the 800 km of mountain passes or supported us through donations and sponsorships. Your commitment has made this remarkable achievement possible.”

Tadej Pogačar

“Participating in the #PlumeStrong challenge is a point of pride in my life, and I am thrilled to have ridden again with #PlumeStrong,” said Tadej Pogačar. “I recognize the importance of giving back to those in need and this cycling challenge is one of my favorite ways to do so. The money being raised today will impact those in Sierra Leone and beyond, and I’m honored to be part of this great effort.”

Urška Žigart

“It’s a privilege to be a part of this incredible community of individuals all focused on providing opportunities to communities around the world,” said Urška Žigart. “Becoming a #PlumeStrong Ambassador is a milestone for me, made sweeter by the fact that we’re building a bridge to the cycling world. I look forward to participating in these challenges for years to come.”

Watch the #PSCC24 recap video here: https://www.youtube.com/watch?v=N2mPn2VA_nI

Media queries:
Plume: corporatecomms@plume.com
Street Child: ben.weich@street-child.org

About Plume
Plume is the creator of the world’s first SaaS experience platform for communications service providers (CSPs) and their subscribers, deployed in more than 60 million locations globally. As the only open and hardware-independent, cloud-controlled solution, Plume enables the rapid delivery of new services for smart homes, small businesses and beyond, at massive scale. On the front end, Plume delivers self-optimizing, adaptive WiFi, cybersecurity, access, parental controls and more. CSPs get robust data- and AI-driven back-end applications for unprecedented visibility, insights, support, operations and marketing. Plume leverages OpenSync®, an open-source framework that comes pre-integrated and supported on the leading silicon, CPE and platform SDKs.

Visit plume.com, plume.com/homepass, plume.com/workpass, plume.com/uprise, and opensync.io.

Follow Plume on LinkedIn and Instagram

© 2024 Plume Design, Inc. All rights reserved. Adaptive, Advanced loT Protection, Concierge, Flow, Harvest, Haystack, HomePass, OpenSync, Plume, Plume Adaptive WiFi, Plume IQ, Powered by Plume, Signal, SuperPod, WorkPass, Work From Here, WorldPass, and the Plume and OpenSync Logos, among others, are trademarks or registered trademarks of Plume Design, Inc. See trademark guidelines.

About Street Child
Street Child is one of the world’s fastest-growing international children’s charities, established in 2008. Street Child works to ensure children are safe, in school and learning even, and especially, in low resource environments and emergencies. The charity works with an expanding network of local organisations and a focus on the power and purpose of inspirational local level organisations sits at the heart of all they do – and has done so since the first partnership in Sierra Leone in 2008.

Today Street Child works in over 25 countries across sub-Saharan Africa, Asia, Europe and the Middle East.

Learn more

Follow Street Child on LinkedIn and X

View original content to download multimedia:https://www.prnewswire.com/news-releases/plumestrong-cycling-challenge-2024-surpasses-goal-by-raising-over-610-000-for-street-child-to-develop-secondary-schools-in-sierra-leone-302255700.html

SOURCE Plume Design, Inc.