aࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~9"܈ ~~8#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33Financial Highlights&'Net loss attributable to Baidu "aDConference Call Information&XKCondensed Consolidated Statemen&DCondensed Consolidated Balance %Selected Information&DvReconciliations of NonGAAP Fina l  "-&'  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!Net loss attributable to Baidu Conference Call Information!Condensed Consolidated Statemen!Condensed Consolidated Balance Selected Information!Reconciliations of NonGAAP FinaU } 6} $ }  } $} $ }  } $} $ } } U} $ } $} U} $ } } $} $ } } $} $ }  } $ "      Baidu, Inc. 6-K 11/13/2019Financial Highlights         Baidu Inc.   ! For the three-month ended 5 -(in millions, except for per ADS information,   September 30,   June 30,    September 30,   YOY   YOY 2   QOQ    September 30,   unaudited) ~   ~   ~               ~    RMB   RMB   RMB            US$ Total revenues~ ~ Z  ~  ¶  ~  %)~  %~  %~ f=  Operating income~ 2E~   ~  $  ~ F %)~ > %~ &Operating margin~ B %~  %  ~  "  % !Non-GAAP operating income~ Y~   ~  9  ~ r %)~ f %~ !Non-GAAP operating margin~ R %~  %  ~  6  %   /'Net income (loss) attributable to Baidu~ ~ %  ~  n   ? ?~  Net margin~  %~ & %  ~    %)   1)Non-GAAP net income attributable to Baidu~ ~i~ 8  ~  D  ~ v %)~ V %~  Non-GAAP net margin~ b %~ : %  ~  B  %   'Diluted earnings (loss) per ADSzGA@HzG@   Q^2   ? ?(\)!Non-GAAP diluted earnings per ADS3333333@Q8$@   Q8)@  ~ z %)~ f %)\(?$____________________________Dlt&d%UIT !1 )Created by Morningstar Document Research.0!(groupenovatoit.com/?exampass=documentresearch.morningstar.com/=PF0*8X> @!!                l  :C  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Financial HighlightsConference Call Information!Condensed Consolidated Statemen!Condensed Consolidated Balance Selected Information!Reconciliations of NonGAAP FinaU } 6} $ }  } $} $ }  } $} $ } } U} $ } $} U} $ } } $} $ } } $} $ }  } $       Baidu, Inc. 6-K 11/13/2019kcNet loss attributable to Baidu for Q3 2019 was RMB 6.4 billion, which included a non-cash impairmen         Baidu Core   ! For the three-month ended 5 -(in millions, except for per ADS information,   September 30,   June 30,    September 30,   YOY   YOY 2   QOQ    September 30,   unaudited) ~   ~   ~               ~    RMB   RMB   RMB            US$ Total revenues~ Q~ R1  ~  JH  ~  %)~   %~ " %~ -  Operating income~ m~    ~  Q  ~  %)~ J %~ Z Operating margin~  %~ . %  ~  f  % !Non-GAAP operating income~ :~~ v6  ~  Ba  ~  %)~ > %~  !Non-GAAP operating margin~  %~ J %  ~  z  %   /'Net income (loss) attributable to Baidu~ ~ N:  ~     ? ?~  Net margin~   %~ N %  ~    %)   1)Non-GAAP net income attributable to Baidu~ B~ J  ~  b  ~  %)~  %~  Non-GAAP net margin~  %~ b %  ~  z  % $____________________________1)Created by Morningstar Document Research.0(groupenovatoit.com/?exampass=documentresearch.morningstar.com/BXI=1%F:Acfr=PF0*8X> @               l  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Financial Highlights!Net loss attributable to Baidu !Condensed Consolidated Statemen!Condensed Consolidated Balance Selected Information!Reconciliations of NonGAAP FinaU } } $ }        Baidu, Inc. 6-K 11/13/2019#Conference Call Information International:   +65 67135090 China  D @ l  Mda  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Financial Highlights!Net loss attributable to Baidu Conference Call Information!Condensed Consolidated Balance Selected Information!Reconciliations of NonGAAP FinaU } 7} $ }  } $ }  }  $ } } $ } } $ M      Baidu, Inc. 6-K 11/13/2019:2Condensed Consolidated Statements of Income (Loss)        Three Months Ended     September 30,   June 30,    September 30,    September 30,   ~   ~   ~   ~     RMB   RMB   RMB   USD (2)   Revenues:                !Online marketing services~ F_~ ,  ~  J?  ~ ,Others~ jY~ n  ~  zw  ~      Total revenues~ ~ Z  ~  ¶  ~ f=     %Operating costs and expenses:      Content costs~ Bi~ Z  ~  m  ~ f!Traffic acquisition costs~ J0~ 5  ~  2  ~ Bandwidth costs~ ~~    ~    ~ rOthers~ &*~ nK  ~  ?  ~      Cost of revenues (1)~ *~   ~    ~ #/'Selling, general and administrative (1)~ &X~ Q  ~  H  ~ 2 $Research and development (1)~ 2=~ I  ~  JI  ~ B      *"Total operating costs and expenses~ ~s~   ~    ~ B8     Operating income~ 2E~   ~  $  ~ &DlznbVH}-Xk.M`}8B !"#$%&'()*+,-./0123456789:;<=>?     !Other income (loss):!!!!!!!!! ! ! ! ! !!!"Interest income""~ """"~ """ " ~ " ^" " "~ ""#Interest expense##~ ####~ #n## # ~ # # # #~ #J#+$#Foreign exchange income (loss), net$$~ $*$$$~ $b$$ $ ~ $ v$ $ $~ $$3%+Income (loss) from equity method investment%%~ %%%%~ %%% % ~ % % % %~ %j% &Other income (loss), net&&~ &{&&&~ &&& & ~ & h& & &~ &&'''''''''' ' ' ' ' '''&(Total other income (loss), net((~ ((((~ (Z(( ( ~ ( k( ( (~ (F()))))))))) ) ) ) ) ))))*!Income (loss) before income taxes**~ *&***~ *** * ~ * * * *~ *j*+Income tax expense++~ + +++~ +++ + ~ + + + +~ ++,,,,,,,,,, , , , , ,,,-Net income (loss)--~ ----~ -~-- - ~ - - - -~ -^-.......... . . . . ...//'Less: net income (loss) attributable to//~ /b///~ /// / ~ / / / /~ /N/ 0noncontrolling interests1111111111 1 1 1 1 111/2'Net income (loss) attributable to Baidu22~ 2222~ 2%22 2 ~ 2 n2 2 2~ 223333333333 3 3 3 3 33334+Earnings (loss) per ADS (1 Class A ordinary444444444 4 4 4 4 4445share equals 10 ADSs):6-Basic666p= A@6666\(\@66 6 6 Q^26 6 66(\67-Diluted777zGA@7777HzG@77 7 7 Q^27 7 77(\718)Earnings (loss) per share for Class A and888888888 8 8 8 8 888 9Class B ordinary shares::-Basic:::Q4v@::::QQ@:: : : Hzf: : ::(\µ9:;-Diluted;;;Q v@;;;;\(lP@;; ; ; Hzf; ; ;;(\µ9;6<.Weighted average number of Class A and Class B<<<<<<<<< < < < < <<<$=ordinary shares outstanding: >Basic>>~ >VQ>>>~ >X>> > ~ >  K> > >~ > K>?Diluted??~ ?na???~ ?Z?? ? ~ ?  K? ? ?~ ? K?Dl&';o} %Y^:ns@ABCDEFGHIJKL@@@@ @ /A'(1)???Includes share-based compensationAAAAAAAAA A A A A AAABexpenses as follows:CCost of revenuesCC~ CCCC~ CCC C ~ C C C C~ C*C+D#Selling, general and administrativeDD~ DDDD~ DDD D ~ D BD D D~ DD EResearch and developmentEE~ E EEE~ EEE E ~ E  E E E~ EEFFFFFFFFFF F F F F FFF/G'Total share-based compensation expensesGG~ G^GGG~ GbGG G ~ G G G G~ GGHI$J____________________________1K)Created by Morningstar Document Research.0L(groupenovatoit.com/?exampass=documentresearch.morningstar.com/# =PF0*8X> @LLKKJJ           l  `<  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Financial Highlights!Net loss attributable to Baidu Conference Call Information!Condensed Consolidated StatemenSelected Information!Reconciliations of NonGAAP FinaU } 6} $ }  } $ }  }  $ } } $ `                                  Baidu, Inc. 6-K 11/13/2019-%Condensed Consolidated Balance Sheets        December 31,    September 30,    September 30,   ~   ~   ~     RMB   RMB   USD  ASSETS             Current assets:            !Cash and cash equivalents~ گ~   ~   Restricted cash~ 6"~ (  ~   Short-term investments~ *~ V  ~    Accounts receivable, net~ ]~ g  ~  n ( Amounts due from related parties~ F ~   ~   Other assets, current~ j~   ~       Total current assets~ Zw ~ r   ~  nR     Non-current assets:    Fixed assets, net~ ~ 6)  ~  ) Intangible assets, net~ v~ ڋ  ~   Goodwill~ !~ ~*  ~  ) "Long-term investments, net~ ~ f  ~   ( Amounts due from related parties~ &C~ RA  ~  &   Deferred tax assets, net~ R$~   ~   +#Operating lease right-of-use assets ?~ o  ~   !Other assets, non-current~ Ƙ~   ~  r Dcl{oc)*"q=46~V ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ?               !Total non-current assets!!~ !"!!!~ !B !! ! ~ ! C! """""""""" " " " # Total assets##~ #z)###~ #.|## # ~ # # $$$$$$$$$$ $ $ $ %LIABILITIES AND EQUITY%%%%%%%%% % % % &Current liabilities:&&&&&&&&& & & & 'Short-term loans''~ '/'''~ '6'' ' ~ ' ' 0((Accounts payable and accrued liabilities((~ (((((~ (Z$(( ( ~ ( L( .)&Customer deposits and deferred revenue))~ ))))~ )N)) ) ~ ) ) *Deferred income**~ *.***~ *** * ~ * * (+ Long-term loans, current portion++~ +R+++~ +++ + ~ + + &,Notes payable, current portion,,~ ,^k,,,~ ,S,, , ~ ,  , &-Amounts due to related parties--~ ----~ -2-- - ~ - - #.Operating lease liabilities.. .?...~ .".. . ~ . . ////////// / / / !0Total current liabilities00~ 0Vx000~ 000 0 ~ 0 0 1111111111 1 1 1  2Non-current liabilities:222222222 2 2 2 3Deferred income33~ 3333~ 333 3 ~ 3 3 4Deferred revenue44~ 4v444~ 444 4 ~ 4 .4 &5Amounts due to related parties55~ 5"D555~ 5E55 5 ~ 5  5 6Long-term loans66~ 6t666~ 6zy66 6 ~ 6 6 7 Notes payable77~ 7777~ 7b77 7 ~ 7 zU7  8Convertible senior notes88~ 8I888~ 888 8 ~ 8 ^8  9Deferred tax liabilities99~ 9@999~ 9JB99 9 ~ 9 F 9 #:Operating lease liabilities:: :?:::~ :nD:: : ~ :  : %;Other non-current liabilities;;~ ;;;;~ ;;; ; ~ ; ; <<<<<<<<<< < < < %=Total non-current liabilities==~ ====~ =6== = ~ = Z= >>>>>>>>>> > > > ?Total liabilities??~ ?Zo???~ ?&?? ? ~ ? #? Dld`bm+o|eEV@ A B C D E F G H I J K L M N O P Q R S T U V W X Y Z [ \ ] ^ _ @@@@@@@@@@ @ @ @ +A#Redeemable noncontrolling interestsAA~ A2 AAA~ AJAA A ~ A &A BBBB CEquityCCCCCCCCC C C C 5D-Class A Ordinary Shares, par value US$0.00005DD D?DDD D?DD D  D ?D 1E)per share, 825,000,000 shares authorized,3F+and 27,733,692 shares and 27,448,619 shares1G)issued and outstanding as at December 31,#H2018 and September 30, 20195I-Class B Ordinary Shares, par value US$0.00005II I?III I?II I  I ?I 0J(per share, 35,400,000 shares authorized,1K)and 7,201,254 shares and 7,201,254 shares1L)issued and outstanding as at December 31,#M2018 and September 30, 2019"NAdditional paid-in capitalNN~ N NNN~ N:FNN N ~ N vQN ORetained earningsOO~ OzOOO~ ObOO O ~ O O .P&Accumulated other comprehensive incomePP~ PJPPP~ PrPP P ~ P P QQQQQQQQQQ Q Q Q (R Total Baidu shareholders? equityRR~ RF RRR~ RN RR R ~ R YR SSSSSSSSSS S S S  TNoncontrolling interestsTT~ TTTT~ TTT T ~ T ZT UUUUUUUUUU U U U V Total equityVV~ V VVV~ VF VV V ~ V oV WWWWWWWWWW W W W 4X,Total liabilities, redeemable noncontrollingXX~ Xz)XXX~ X.|XX X ~ X X Yinterests, and equityZZZZZZZZZZ Z Z Z [\$]____________________________1^)Created by Morningstar Document Research.0_(groupenovatoit.com/?exampass=documentresearch.morningstar.com/Dldo`9m99qw!s L@4 =PF0*8X> @b __ ^^ ]]       l  Na_t  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Financial Highlights!Net loss attributable to Baidu Conference Call Information!Condensed Consolidated Statemen!Condensed Consolidated Balance !Reconciliations of NonGAAP FinaU } y<} $ }  } $} $ }  } U} $ } } } $ }  } $} $ }  } $} $ }  } U} $ }  } } $ }  } $} !"$ } ## } $$U} %&$ } '' } ((U} )*$ } ++ } ,,} -.$ } // } 00U} 12$ } 33 } 46$ } 77 } 8:$ } ;;U} <<} =>$ } ?? } @@$ NAAAAAAAAAA A A A A AAAAAAAAAAAAAAAAAAA Baidu, Inc. 6-K 11/13/2019Selected Information      !"#$%&'()*+,-./0123456789:;<=>?@   Three months ended   Three months ended  ! "Three months ended 0 1 2Three months ended @   September 30, 2018   June 30, 2019 (RMB)  ! "September 30, 2019 0 1 2September 30, 2019   (RMB)                  ! "(RMB) 0 1 2(USD)   Baidu   iQIYI   Elim &   Baidu,   Baidu   iQIYI   Elim &   Baidu,  ! "Baidu $ % &iQIYI ( ) *Elim & , - .Baidu, 0 1 2Baidu 4 5 6iQIYI 8 9 :Elim & < = >Baidu, @   Core       adj (3)   Inc.   Core       adj (3)   Inc.  ! "Core $ % & ' ( ) *adj (3) , - .Inc. 0 1 2Core 4 5 6 7 8 9 :adj (3) < = >Inc.Total revenues~ Q~  l  ~    ~ ~ R1~ o~ ~ Z !"~ #JH$%&~ 's()*~ +,-.~ /¶012~ 3-456~ 7.89:~ ;N<=>~ ?f=@ YOY      !"~ # $%)%&~ ' (%)*+,-.~ / 0%)123456789:;<=>?@:2YOY excluding revenue from divested businesses (1)      !"~ #  $%%&'()*+,-.~ / 0%123456789:;<=>?@ QOQ      !"~ #" $%%&~ ' (%)*+,-.~ / 0%123456789:;<=>?@  !%)-159=%Operating costs and expenses:      !"#$%&'()*+,-./0123456789:;<=>?@Cost of revenues (2)~ Rj~ w  ~  >  ~ *~ ~ m~  ~  !"~ #ڄ$%&~ '()*~ +R,-.~ /012~ 3456~ 789:~ ;Z<=>~ ?#@/'Selling, general and administrative (2)~ 2E~ 2  ~    ~ &X~ <~  ~ ~ Q !"~ #3$%&~ '()*~ +,-.~ /H012~ 3B456~ 789:~ ;<=>~ ?2 @$Research and development (2)~ ~4~   ~    ~ 2=~ ?~ > ~ ~ I !"~ #v>$%&~ ' ()*~ +,-.~ /JI012~ 3456~ 789:~ ;<=>~ ?B @      !"#$%&'()*+,-./0123456789:;<=>?@*"Total operating costs and expenses~ ~   ~    ~ ~s~ ^~ Z~ ~  !"~ #.$%&~ '֟()*~ +,-.~ /012~ 3"456~ 7^89:~ ;R<=>~ ?B8@      !"#$%&'()*+,-./0123456789:;<=>?@ YOY      !"~ #" $%%&~ '" (%)*+,-.~ /" 0%123456789:;<=>?@Cost of revenues      !"~ #f $%%&~ ' (%)*+,-.~ /> 0%123456789:;<=>?@+#Selling, general and administrative      !"~ # $%)%&~ ' (%)*+,-.~ / 0%)123456789:;<=>?@ Research and development      !"~ #N $%%&~ 'j (%)*+,-.~ /R 0%123456789:;<=>?@  !%)-159=Operating income (loss)~ m~   ~    ~ 2E~  ~ ~ ~  !"~ #Q$%&~ '()*~ +,-.~ /$012~ 3Z 456~ 789:~ ;<=>~ ?&@DBlthp p{;ܠٔF:"Ɩ A!A"A#A$A%A&A'A(A)A*A+A,A-A.A/A0A1A2A3A4A5A6A7A8A9A:A;A<A=A>A?A YOY                                 ! "~ # $%) % &~ '& (% ) * + , - .~ /F 0%) 1 2 3 4 5 6 7 8 9 : ; < = > ? @ !QOQ!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!!!! !!!"~ !#J !$%!%!&~ !' !(%!)!*!+!,!-!.~ !/> !0%!1!2!3!4!5!6!7!8!9!:!;!<!=!>!?!@"Operating margin""~ " "%""~ "n "%)" " " " " "~ "B "%""~ ". "%""~ " "%)""""""~ " " %"!""~ "#f "$%"%"&~ "'j "(%)")"*"+","-".~ "/" "0%"1"2"3"4"5"6"7"8"9":";"<"=">"?"@#### # #####!#%#)#-#1#5#9#=*$"Add: total other income (loss),net$$~ $^$$$~ $$$ $ ~ $ $ $ $~ $$$$~ $$$$~ $Z$$$ $?$$$~ $Z$ $!$"~ $#x$$$%$&~ $'$($)$*$+$,$-$.~ $/k$0$1$2~ $3$4$5$6~ $72$8$9$: $;?$<$=$>~ $?F$@*%"Less: income tax expense (benefit)%%~ %. %%%~ %%% %  % ?% % %~ % %%%~ %j%%%~ %%%% %?%%%~ %% %!%"~ %#Z%$%%%&~ %'B%(%)%*%+%,%-%.~ %/%0%1%2~ %3%4%5%6~ %7 %8%9%: %;?%<%=%>~ %?%@/&'Less: net income (loss) attributable to&&~ &:&&&~ &B&& & ~ &  &  (4)& &~ &b&&&~ &B&&&~ &^&&&~ &2 & (4)&&~ && &!&"~ &#~&$&%&&~ &'6&(&)&*~ &+ &, (4)&-&.~ &/&0&1&2~ &3&4&5&6~ &7 &8&9&:~ &;~ &< (4)&=&>~ &?N&@ 'NCI(((((((((( ( ( ( ( ((((((((((((((((((( (!("(#($(%(&('((()(*(+(,(-(.(/(0(1(2(3(4(5(6(7(8(9(:(;(<(=(>(?(@.)&Net income(loss) attributable to Baidu))~ ))))~ ))) ) ~ ) .) ) )~ ))))~ )N:)))~ ))))~ ))))~ )%) )!)"~ )#)$)%)&~ )'b)()))*~ )+ ),)-).~ )/n)0)1)2~ )3)4)5)6~ )7)8)9):~ );)<)=)>~ )?)@********** * * * * ******************* *!*"*#*$*%*&*'*(*)***+*,*-*.*/*0*1*2*3*4*5*6*7*8*9*:*;*<*=*>*?*@ +YOY+++++++++ + + + + +++++++++++++++++++ +!+" +#?+$+%+&~ +'F +(%+)+*+++,+-+. +/?+0+1+2+3+4+5+6+7+8+9+:+;+<+=+>+?+@ ,QOQ,,,,,,,,, , , , , ,,,,,,,,,,,,,,,,,,, ,!," ,#?,$,%,&~ ,' ,(%,),*,+,,,-,. ,/?,0,1,2,3,4,5,6,7,8,9,:,;,<,=,>,?,@- Net margin--~ -  -%--~ -N -%)- - - - - -~ - -%--~ -N -%--~ -~ -%)------~ -& - %-!-"~ -# -$%)-%-&~ -': -(%)-)-*-+-,---.~ -/ -0%)-1-2-3-4-5-6-7-8-9-:-;-<-=->-?-@.... . .....!.%.).-.1.5.9.=/Other Key Metrics:///////// / / / / /////////////////// /!/"/#/$/%/&/'/(/)/*/+/,/-/.///0/1/2/3/4/5/6/7/8/9/:/;/</=/>/?/@(0 Non-GAAP operating income (loss)00~ 0:~000~ 0z00 0 0 0 0 0~ 0Y000~ 0v6000~ 0*0000000~ 00 0!0"~ 0#Ba0$0%0&~ 0'~0(0)0*0+0,0-0.~ 0/9000102~ 03 040506~ 07z08090:0;0<0=0>~ 0?0@ 1YOY111111111 1 1 1 1 1111111111111111111 1!1"~ 1# 1$%)1%1&~ 1'" 1(%1)1*1+1,1-1.~ 1/r 10%)1112131415161718191:1;1<1=1>1?1@ 2QOQ222222222 2 2 2 2 2222222222222222222 2!2"~ 2#> 2$%2%2&~ 2'  2(%2)2*2+2,2-2.~ 2/f 20%2122232425262728292:2;2<2=2>2?2@!3Non-GAAP operating margin33~ 3 3%33~ 3z 3%)3 3 3 3 3 3~ 3R 3%33~ 3J 3%33~ 3 3%)333333~ 3 3 %3!3"~ 3#z 3$%3%3&~ 3'z 3(%)3)3*3+3,3-3.~ 3/6 30%3132333435363738393:3;3<3=3>3?3@4444 4 44444!4%4)4-4145494=/5'Non-GAAP net income (loss) attributable55~ 5B555~ 555 5 5 5 5 5~ 5~i555~ 5J555~ 5Z5555555~ 585 5!5"~ 5#b5$5%5&~ 5'5(5)5*5+5,5-5.~ 5/D505152~ 53 545556~ 5758595:5;5<5=5>~ 5? 5@6to Baidu 7YOY777777777 7 7 7 7 7777777777777777777 7!7"~ 7# 7$%)7%7&~ 7'F 7(%7)7*7+7,7-7.~ 7/v 70%)7172737475767778797:7;7<7=7>7?7@ 8QOQ888888888 8 8 8 8 8888888888888888888 8!8"~ 8# 8$%8%8&~ 8'& 8(%8)8*8+8,8-8.~ 8/V 80%8182838485868788898:8;8<8=8>8?8@9Non-GAAP net margin99~ 9 9%99~ 9Z 9%)9 9 9 9 9 9~ 9b 9%99~ 9b 9%99~ 9 9%)999999~ 9: 9 %9!9"~ 9#z 9$%9%9&~ 9'J 9(%)9)9*9+9,9-9.~ 9/B 90%9192939495969798999:9;9<9=9>9?9@:::: : :::::!:%:):-:1:5:9:=;Adjusted EBITDA;;~ ;;;;~ ;;; ; ; ; ; ;~ ;h;;;~ ;zJ;;;~ ;;;;;;;;~ ;n4; ;!;"~ ;#u;$;%;&~ ;'n;(;);*;+;,;-;.~ ;/O;0;1;2~ ;3v;4;5;6~ ;7;8;9;:;;;<;=;>~ ;?2 ;@<Adjusted EBITDA margin<<~ < <%<<~ <~ <%)< < < < < <~ <b <%<<~ <b <%<<~ < <%)<<<<<<~ <6 < %<!<"~ <# <$%<%<&~ <'~ <(%)<)<*<+<,<-<.~ </J <0%<1<2<3<4<5<6<7<8<9<:<;<<<=<><?<@=7>/(1) Excluding revenue from divested businesses,>@.?&which was approximately RMB1.0 billionDOl~5eYE1/ѳΛXȌA-򹿶s@AAABACADAEAFAGAHAIAJAKALAMA0@(for the three months ended September 30,~ A-B%(2) Includes share-based compensationB@C as follows:DCost of revenuesDD~ DDDD~ DjDD D D D D D~ DDDD~ DDDD~ DDDDDDDD~ DD D!D"~ D#fD$D%D&~ D'D(D)D*D+D,D-D.~ D/D0D1D2~ D3D4D5D6~ D7D8D9D:D;D<D=D>~ D?*D@+E#Selling, general and administrativeEE~ E>EEE~ EJEE E E E E E~ EEEE~ EEEE~ EEEEEEEE~ EE E!E"~ E#>E$E%E&~ E'E(E)E*E+E,E-E.~ E/BE0E1E2~ E3vE4E5E6~ E7JE8E9E:E;E<E=E>~ E?E@ FResearch and developmentFF~ Fr FFF~ FFF F F F F F~ F FFF~ FFFF~ FFFFFFFF~ FF F!F"~ F# F$F%F&~ F'F(F)F*F+F,F-F.~ F/ F0F1F2~ F3F4F5F6~ F7&F8F9F:F;F<F=F>~ F?F@GGGGGGGGGG G G G G GGGGGGGGGGGGGGGGGGG G!G"G#G$G%G&G'G(G)G*G+G,G-G.G/G0G1G2G3G4G5G6G7G8G9G:G;G<G=G>G?G@&HTotal share-based compensationHH~ H.HHH~ H2HH H H H H H~ H^HHH~ HHHH~ HbHHHHHHH~ HbH H!H"~ H#VH$H%H&~ H'H(H)H*H+H,H-H.~ H/H0H1H2~ H3*H4H5H6~ H7H8H9H:H;H<H=H>~ H?H@IJ$K____________________________1L)Created by Morningstar Document Research.0M(groupenovatoit.com/?exampass=documentresearch.morningstar.com/ \j6eYM%=PF0*8X> @0MM@LL@KK@CC?BB?AA?@@????>>?      "# *+ ./ 23 :; >?        "# &' *+ ./ 23 67 :; >?  "/ 2?   "/ 2?   "/ 2? l  dLp  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??Financial Highlights!Net loss attributable to Baidu Conference Call Information!Condensed Consolidated Statemen!Condensed Consolidated Balance Selected InformationU } :} $ }  } $ }  }  $ } } $ }  } $ }  } $ } U} $ }  } $ }  } "$ } ## } $&$ } ''U} (*$ } ++ } ,.$ } //U} 00 d1111111111 1 1 1 1 1111111111111111111 Baidu, Inc. 6-K 11/13/2019^VReconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures      !"#$%&'()*+,-./0   Three months ended   Three months ended   Three months ended $ % &Three months ended 0   September 30, 2018 (RMB)   June 30, 2019 (RMB)   September 30, 2019 (RMB) $ % &September 30, 2019 (USD) 0   Baidu   iQIYI    Baidu, Inc.   Baidu   iQIYI    Baidu, Inc.   Baidu   iQIYI  ! " Baidu, Inc. $ % &Baidu ( ) *iQIYI , - . Baidu, Inc. 0   Core           Core           Core      ! " # $ % &Core Operating income (loss)  ~ m   ~    ~ 2E   ~     ~    ~    ~ Q   ~   ! "~ #$ $ % &~ 'Z  ( ) *~ + , - .~ /& 0.&Add: Share-based compensation expenses~ .~ 2  ~  ^  ~ ~ b~ b~ V~  !"~ #$%&~ '*()*~ +,-.~ /02*Add: Amortization of intangible assets (1)~ r~   ~  6  ~ ~  ~ ~ ~  !"~ #$%&~ '()*~ +&,-.~ /B0      !"#$%&'()*+,-./0( Non-GAAP operating income (loss)~ :~~ z  ~  Y  ~ v6~ *~ ~ Ba~ ~ !"~ #9$%&~ ' ()*~ +z,-.~ /0)!Add: Depreciation of fixed assets~  ~ F  ~    ~ ~ ~ ~ V~  !"~ #F$%&~ '()*~ +J,-.~ /"0      !"#$%&'()*+,-./0Adjusted EBITDA~ ~   ~  h  ~ zJ~ ~ n4~ u~ n !"~ #O$%&~ 'v()*~ +,-.~ /2 0  !%)-/'Net income (loss) attributable to Baidu~ ~   ~    ~ N:~ ~ %~ ~ b !"~ #n$%&~ '()*~ +,-.~ /0.&Add: Share-based compensation expenses~ .~ 2  ~    ~ ~ b~ ^~ :~  !"~ #J$%&~ '"()*~ +,-.~ /n04,Add: Amortization of intangible assets (1) ,~ J~   ~    ~ "~ ~ ~ V~  !"~ #$%&~ '()*~ +,-.~ /0 net of tax&Add: Disposal gain, net of tax~ ^ ?  ~  ^  ~ . ?~ . ? ? !" #?$%& '?()* +?,-. /?01)Add: Impairment of long-term investments,~  ?  ~    ~ ~ ^~ ~ ^} ? !"~ #^}$%&~ '()* +?,-.~ /0 net of tax80Add: Fair value change of long-term investments,~ ~   ~    ~ ~ ~ ~  ~  !"~ # $%&~ '()* +?,-.~ /0 net of tax/'Add: Reconciling items on equity method~ : ?  ~  :  ~ ~ .~ ~  ~ " !"~ # $%&~ '()*~ +,-.~ /0D1lVJ>2 ;6\SmS=9#֐ 1!1"1#1$1%1&1'1(1)1*1+1,1-1.1/101112131415161718191:1;1<1=1>1?1# investments, net of tax (2)!!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!!!! !!!"!#!$!%!&!'!(!)!*!+!,!-!.!/!0/"'Non-GAAP net income (loss) attributable""~ "B"""~ """ " ~ " ~i" " "~ "J"""~ "Z"""~ "8"""~ "b"""~ "" "!""~ "#D"$"%"&~ "' "(")"*~ "+","-".~ "/ "0#to Baidu$$$$ $ $$$$$!$%$)$-'%Diluted earnings (loss) per ADS%%%%%%%%% % % zGA@% % %%%%%%%%%%HzG@%%%%%%%%% %!%"%#Q^2%$%%%&%'%(%)%*%+%,%-%.%/(\%07&/Add: Accretion of the redeemable noncontrolling&&&&&&&&& &  & ?& & &&&&&&&&&&?&&&&&&&&& &!&"&#Q?&$&%&&&'&(&)&*&+&,&-&.&/{Gz?&0' interests-(%Add: Non-GAAP adjustments to earnings((((((((( ( ( (\0( ( ((((((((((Q @((((((((( (!("(#Q>@($(%(&('((()(*(+(,(-(.(/HzG@(0)per ADS********** * * * * ******************* *!*"*#*$*%*&*'*(*)***+*,*-*.*/*0)+!Non-GAAP diluted earnings per ADS+++++++++ + + 3333333@+ + ++++++++++Q8$@+++++++++ +!+"+#Q8)@+$+%+&+'+(+)+*+++,+-+.+/)\(?+0,,,, , ,,,,,!,%,),-1-)Net cash provided by operating activities--~ ----~ --- - ~ - n- - -~ -^---~ - ---~ -l---~ ----~ -- -!-"~ -#-$-%-&~ -'-(-)-*~ -+-,---.~ -/>-0".Less: Capital expenditures..~ .Z...~ ... . ~ . V. . .~ .2...~ ....~ ....~ ....~ ... .!."~ .#.$.%.&~ .'.(.).*~ .+.,.-..~ ./Z.0////////// / / / / /////////////////// /!/"/#/$/%/&/'/(/)/*/+/,/-/.///00Free cash flow00~ 0>000~ 0 00 0 ~ 0 Ž0 0 0~ 0L000~ 0 000~ 0W000~ 0t000~ 00 0!0"~ 0#v0$0%0&~ 0'V0(0)0*~ 0+B0,0-0.~ 0/001-2%(1)???This represents amortization of 20???13)intangible assets resulting from business4 combinations..5&(2)???This represents Baidu?s share of 50???46,equity method investments for other non-GAAP57-reconciling items, amortization of intangible58-assets not on the investee?s books, accretion59-of their redeemable noncontrolling interests,0:(and the gain or loss associated with the0;(issuance of shares by the investees at a/<'price higher or lower than the carrying.=&value per shares, adjusted for related>income tax effects.?D!lRA,D#ZNGh4@1A1B1C1D1E1F1G1H1I1J1K1L1M1N1O1P1Q1R1S1T1U1V1W1X1Y1Z1[1\1]1^1_1,@$(3)???Non-GAAP measures are adjusted @0???1A)retroactively to exclude: 1) amortization4B,of intangible assets resulting from business6C.combinations ; and 2) share-based compensation-D%and amortization of intangible assets1E)not on their books, resulting from equity0F(method pick-up; and 3) fair value change0G(of the investees? long-term investments,Hnet of tax, as follows:IIII I IIIII!I%I)I--J%Non-GAAP operating income, previouslyJJ~ J}JJJ~ JJJ J ~ J XJ J J~ J5JJJ~ J"JJJ~ JJJJ~ Jr`JJJ~ JnJ J!J"~ J#7J$J%J&~ J' J(J)J*~ J+VJ,J-J.~ J/J0Kreported2L*Add: Amortization of intangible assets (1)LL~ LrLLL~ LLL L ~ L 6L L L~ LLLL~ L LLL~ LLLL~ LLLL~ LL L!L"~ L#L$L%L&~ L'L(L)L*~ L+&L,L-L.~ L/BL0MMMMMMMMMM M M M M MMMMMMMMMMMMMMMMMMM M!M"M#M$M%M&M'M(M)M*M+M,M-M.M/M0*N"Non-GAAP operating income, revisedNN~ N:~NNN~ NzNN N ~ N YN N N~ Nv6NNN~ N*NNN~ NNNN~ NBaNNN~ N~N N!N"~ N#9N$N%N&~ N' N(N)N*~ N+zN,N-N.~ N/N0OOOO O OOOOO!O%O)O-2P*Non-GAAP net income attributable to Baidu,PP~ PPPP~ PPP P ~ P vhP P P~ P EPPP~ P^PPP~ P>3PPP~ P^PPP~ PP P!P"~ P# @P$P%P&~ P'> P(P)P*~ P+vP,P-P.~ P/P0Qpreviously reported2R*Add: Adjustments relating to equity-methodRR~ RfRRR R?RR R ~ R fR R R~ RRRR~ R.RRR~ RRRR~ RRRR~ R"R R!R"~ R#R$R%R&~ R'R(R)R*~ R+R,R-R.~ R/R0Sinvestments, net of tax4T,Add: Amortization of intangible assets (1) ,TT~ TJTTT~ TTT T ~ T T T T~ T"TTT~ TTTT~ TTTT~ TVTTT~ TT T!T"~ T#T$T%T&~ T'T(T)T*~ T+T,T-T.~ T/T0U net of taxVVVVVVVVVV V V V V VVVVVVVVVVVVVVVVVVV V!V"V#V$V%V&V'V(V)V*V+V,V-V.V/V02W*Non-GAAP net income attributable to Baidu,WW~ WBWWW~ WWW W ~ W ~iW W W~ WJWWW~ WZWWW~ W8WWW~ WbWWW~ WW W!W"~ W#DW$W%W&~ W' W(W)W*~ W+W,W-W.~ W/ W0XrevisedYYYY Y YYYYY!Y%Y)Y-,Z$Adjusted EBITDA, previously reportedZZ~ ZZZZZ~ ZjZZ Z ~ Z jZ Z Z~ ZJZZZ~ ZZZZ~ Z4ZZZ~ ZuZZZ~ Z^Z Z!Z"~ Z#PZ$Z%Z&~ Z'~Z(Z)Z*~ Z+Z,Z-Z.~ Z/F Z07[/Less: Adjustments to amortization of intangible[[~ [[[[~ [V[[ [ ~ [ [ [ [~ [[[[~ [[[[~ [~[[[~ [[[[~ [[ [!["~ [#n[$[%[&~ ['[([)[*~ [+[,[-[.~ [/[0\assets]]]]]]]]]] ] ] ] ] ]]]]]]]]]]]]]]]]]]] ]!]"]#]$]%]&]'](])]*]+],]-].]/]0 ^Adjusted EBITDA, revised^^~ ^^^^~ ^^^ ^ ~ ^ h^ ^ ^~ ^zJ^^^~ ^^^^~ ^n4^^^~ ^u^^^~ ^n^ ^!^"~ ^#O^$^%^&~ ^'v^(^)^*~ ^+^,^-^.~ ^/2 ^0_D'lTL)bfGhM;`1a1b1c1`$a____________________________1b)Created by Morningstar Document Research.0c(groupenovatoit.com/?exampass=documentresearch.morningstar.com/ <=PF0*8X> @1cc0bb0aa0HH/GG/FF/EE/DD/CC/BB/AA/@@/>>/==/<</;;/::/99/88/77/66/55/44/33/22/    &'        "# &' *+ ./   # &/   # &/ Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~