BEIJING, May 26, 2022 /PRNewswire/ -- iQIYI, Inc.
(Nasdaq: IQ) ("iQIYI" or the "Company"), an innovative
market-leading online entertainment service in China, today announced its unaudited financial
results for the first quarter ended March
31, 2022.
First Quarter 2022 Highlights
- Total revenues were RMB7.3
billion (US$1.1
billion1), decreasing 9% year over year.
- Membership services revenue was RMB4.5
billion (US$705.4 million),
increasing 4% year over year.
- Operating income was RMB93.4
million (US$14.7 million) and
operating income margin was 1%, compared to operating loss of
RMB1.0 billion and operating loss
margin of 13% in the same period in 2021.
- Non-GAAP operating income2 was RMB326.6 million (US$51.5
million) and non-GAAP operating income margin was 4%,
compared to non-GAAP operating loss of RMB658.2 million and non-GAAP operating loss
margin of 8% in the same period in 2021.
- Net income attributable to iQIYI was RMB169.1 million (US$26.7
million), compared to net loss attributable to iQIYI of
RMB1.3 billion in the same period in
2021.
- Non-GAAP net income attributable to iQIYI2 was
RMB162.2 million (US$25.6 million), compared to non-GAAP net loss
attributable to iQIYI of RMB1.0
billion in the same period in 2021.
"During the first quarter of 2022, we delivered a select
portfolio of premium shows, bringing membership services growth; we
improved our operating efficiency, leading to margin expansion and
profits. Our new strategy cemented our market leadership while
yielding healthy financial performance." commented Mr. Yu Gong, Founder, Director, and Chief Executive
Officer of iQIYI. "Going forward, we will adhere to the same
strategy, which will create value for all stakeholders within our
ecosystem, including our users and our shareholders."
"Our gross margin consistently expanded in the last three
quarters, and reached a historical high in the first quarter of
2022. Our operating expenses on the other hand decreased
consistently in the last three quarters as well." commented Mr.
Jun Wang, Chief Financial Officer of
iQIYI. "Behind these numbers are our unyielding efforts in
improving operational efficiency and scalability to better position
ourselves for the growth opportunities in long run."
First Quarter 2022 Financial Highlights
|
|
Three Months
Ended
|
(Amounts in thousands
of Renminbi ("RMB"), except for number
of shares and per ADS data, unaudited)
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
2021
|
|
2021
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
Total
revenues
|
|
7,968,423
|
|
7,388,558
|
|
7,277,059
|
|
|
|
|
|
|
|
Operating
(loss)/income
|
|
(1,014,211)
|
|
(975,227)
|
|
93,413
|
Operating
(loss)/income (non-GAAP)
|
|
(658,178)
|
|
(515,539)
|
|
326,555
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to iQIYI, Inc.
|
|
(1,267,010)
|
|
(1,775,787)
|
|
169,093
|
Net (loss)/income
attributable to iQIYI, Inc. (non-GAAP)
|
|
(1,020,459)
|
|
(1,001,851)
|
|
162,189
|
|
|
|
|
|
|
|
Diluted net
(loss)/income per ADS
|
|
(1.61)
|
|
(2.24)
|
|
0.21
|
Diluted net
(loss)/income per ADS (non-GAAP)2
|
|
(1.30)
|
|
(1.26)
|
|
0.20
|
First Quarter 2022 Other Operating Highlights
- The average daily number of total subscribing
members3 for the quarter was 101.4 million, compared to
105.4 million for the same period in 2021 and 97.0 million for the
fourth quarter in 2021. The average daily number of subscribing
members excluding individuals with trial memberships4
for the quarter was 100.8 million, compared to 104.3 million for
the same period in 2021 and 96.4 million for the fourth quarter in
2021.
- The monthly average revenue per membership (ARM5)
for the first quarter was RMB14.69,
compared to RMB13.64 for the same
period in 2021 and RMB14.16 for the
fourth quarter in 2021, increasing 8% year over year and 4% quarter
over quarter.
Footnotes:
|
[1] Unless otherwise noted, RMB to
USD was converted at an exchange rate of RMB6.3393 as of March 31,
2022, 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).
|
[3] The
average daily number of total subscribing members for a quarter is
calculated by averaging the number of total subscribing members in
each day of such quarter.
|
[4] The
average daily number of subscribing members excluding individuals
with trial memberships for the quarter is calculated by averaging
the number of subscribing members excluding individuals with trial
memberships in each day of such quarter.
|
[5] The
monthly ARM for the quarter is calculated by dividing our total
revenues from membership services during a given quarter by the
average daily number of total subscribing members for that quarter
and the number of months in the quarter.
|
First Quarter 2022 Financial Results
Total revenues reached RMB7.3
billion (US$1.1 billion),
decreasing 9% year over year.
Membership services revenue was RMB4.5
billion (US$705.4 million),
increasing 4% year over year, primarily attributable to the
increase in ARM, as we launched a variety of premium content that
elevated user experiences.
Online advertising services revenue was RMB1.3 billion (US$211.0
million), decreasing 30% year over year, primarily due to
challenging macroeconomic environment and our new strategy leading
to fewer number of variety shows launched.
Content distribution revenue was RMB626.1
million (US$98.8 million),
decreasing 20% year over year, primarily due to the decrease in the
value of barter transactions.
Other revenues were RMB842.2
million (US$132.8 million),
decreasing 12% year over year, primarily due to the soft
performance of various business lines.
Cost of revenues was RMB6.0
billion (US$940.8 million),
decreasing 16% year over year, primarily due to lower content costs
during the quarter. Content costs as a component of cost of
revenues were RMB4.4 billion
(US$693.5 million), decreasing 19%
year over year. The decrease in content cost resulted from our
improvement in content strategy, fewer number of variety shows
launched, and improvement in operating efficiency.
Selling, general and administrative expenses were RMB744.8 million (US$117.5
million), decreasing 38% year over year, primarily due to a
decrease in marketing spending, personnel-related compensation
expenses, share-based compensation expenses, and to a lesser extent
of RMB90.8 million (US$14.3 million) government subsidies received as
a reduction to the designated operating expenses.
Research and development expenses were RMB475.0 million (US$74.9
million), decreasing 29% year over year, primarily due to
the decrease of personnel-related compensation expenses.
Operating income was RMB93.4
million (US$14.7 million),
compared to operating loss of RMB1.0
billion in the same period in 2021. Operating income margin
was 1%, compared to operating loss margin of 13% in the same period
in 2021. Non-GAAP operating income was RMB326.6 million (US$51.5
million) and non-GAAP operating income margin was 4%,
compared to non-GAAP operating loss of RMB658.2 million and non-GAAP operating loss
margin of 8% in the same period in 2021.
Total other income was RMB97.3
million (US$15.4 million),
compared to total other expense of RMB222.4
million during the same period of 2021. The year over year
variance was a combination of the disposal gain derived from
deconsolidation due to change in control of subsidiaries,
impairment of long-term investments, and decreased interest
expenses of RMB155.1 million
(US$24.5 million) mainly due to the
adoption of ASU 2020-06, Accounting for Convertible Instruments
and Contracts in an Entity's Own Equity and less principal
amount of convertible bond.
Income before income taxes was RMB190.7
million (US$30.1 million),
compared to loss before income taxes of RMB1.2 billion in the same period in 2021.
Income tax expense was RMB16.9
million (US$2.7 million),
compared to income tax expense of RMB20.6
million in the same period in 2021.
Net income attributable to iQIYI was RMB169.1 million (US$26.7
million), compared to net loss attributable to iQIYI of
RMB1.3 billion in the same period in
2021. Diluted net income attributable to iQIYI per ADS was
RMB0.21 (US$0.03) for the first quarter of 2022, compared
to diluted net loss attributable to iQIYI per ADS of RMB1.61 in the same period of 2021. Non-GAAP net
income attributable to iQIYI was RMB162.2
million (US$25.6 million),
compared to non-GAAP net loss attributable to iQIYI of RMB1.0 billion in the same period in 2021.
Non-GAAP diluted net income attributable to iQIYI per ADS was
RMB0.20 (US$0.03), compared to non-GAAP diluted net loss
attributable to iQIYI per ADS of RMB1.30 in the same period of 2021.
As of March 31, 2022, the Company
had cash, cash equivalents, restricted cash and short-term
investments of RMB5.2 billion
(US$814.8 million).
Conference Call Information
iQIYI's management will hold an earnings conference call at
7:00 AM on May
26, 2022, U.S. Eastern Time (7:00
PM on May 26, 2022, Beijing
Time).
Please register in advance of the conference using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, Direct Event passcode and unique
registrant ID by email.
Participant Online Registration:
http://apac.directeventreg.com/registration/event/5885486
It will automatically direct you to the registration page
of "iQIYI First Quarter 2022
Earnings Conference Call", where you may fill in your details for
RSVP. If it requires you to enter a participant conference ID,
please enter "5885486".
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s), Direct
Event passcode and unique registrant ID) provided in the
confirmation email that you have received following your
pre-registration.
A telephone replay of the call will be available after the
conclusion of the conference call through June 3, 2022.
Dial-in numbers for the replay are as follows:
International
Dial-in
|
+61 2 8199
0299
|
Passcode:
|
5885486
|
A live and archived webcast of the conference call will be
available at http://ir.iqiyi.com/.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment
service in China. Its corporate
DNA combines creative talent with technology, fostering an
environment for continuous innovation and the production of
blockbuster content. We produce, aggregate and distribute a wide
variety of professionally produced content, or PPC, as well as a
broad spectrum of other video content in a variety of
formats. The Company distinguishes itself in the online
entertainment industry by its leading technology platform powered
by advanced AI, big data analytics and other core proprietary
technologies. iQIYI attracts a massive user base with tremendous
user engagement, and has developed a diversified monetization model
including membership services, online advertising services, content
distribution, online games, live broadcasting, IP licensing, talent
agency, online literature, etc.
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, the quotations from management in this announcement,
as well as iQIYI's strategic and operational plans, contain
forward-looking statements. iQIYI may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, 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 iQIYI'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: iQIYI's strategies; iQIYI's future
business development, financial condition and results of
operations; iQIYI's ability to retain and increase the number of
users, members and advertising customers, and expand its service
offerings; competition in the online entertainment industry;
changes in iQIYI's revenues, costs or expenditures; Chinese
governmental policies and regulations relating to the online
entertainment industry, general economic and business conditions
globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company's filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release, and iQIYI undertakes no
duty to update such information, except as required under
applicable law.
Non-GAAP Financial Measures
To supplement iQIYI's consolidated financial results presented
in accordance with GAAP, iQIYI uses the following non-GAAP
financial measures: non-GAAP operating (loss)/income, non-GAAP
operating (loss)/income margin, non-GAAP net (loss)/income
attributable to iQIYI, non-GAAP diluted net (loss)/income
attributable to iQIYI per ADS and free cash flow. The presentation
of the non-GAAP financial measure is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP.
iQIYI believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its operating
performance by excluding certain items that may not be indicative
of its 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 the 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 iQIYI's historical operating performance. The
Company believes the 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 the 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 (loss)/income represents operating
(loss)/income excluding share-based compensation expenses,
amortization and impairment of intangible assets resulting from
business combinations and non-recurring employee severance
costs.
Non-GAAP net (loss)/income attributable to iQIYI, Inc.
represents net (loss)/income attributable to iQIYI, Inc. excluding
share-based compensation expenses, amortization and impairment of
intangible assets resulting from business combinations,
non-recurring employee severance costs, disposal gain or loss,
impairment of long-term investments, fair value change of long-term
investments, adjusted for related income tax effects. iQIYI'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 shares, adjusted for related income tax effects,
are also excluded.
Non-GAAP diluted net (loss)/income per ADS represents diluted
net (loss)/income per ADS calculated by dividing non-GAAP net
(loss)/income attributable to iQIYI, Inc, which is adjusted for
accretion for the redeemable non-controlling interests, by the
weighted average number of ordinary shares expressed in ADS.
Free cash flow represents net cash provided by operating
activities less capital expenditures.
For more information, please contact:
Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com
iQIYI,
INC.
Condensed
Consolidated Statements of
(Loss)/Income
(In RMB
thousands, except for number of shares and per share
data)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
2021
|
|
2021
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
Revenues:
|
|
|
|
|
|
|
|
Membership
services
|
|
4,311,804
|
|
4,120,689
|
|
4,471,475
|
|
Online advertising
services
|
|
1,916,584
|
|
1,664,502
|
|
1,337,299
|
|
Content
distribution
|
|
779,058
|
|
761,519
|
|
626,116
|
|
Others
|
|
960,977
|
|
841,848
|
|
842,169
|
|
Total
revenues
|
|
7,968,423
|
|
7,388,558
|
|
7,277,059
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(7,109,394)
|
|
(6,507,554)
|
|
(5,963,853)
|
|
Selling, general and
administrative
|
|
(1,200,984)
|
|
(1,093,088)
|
|
(744,781)
|
|
Research and
development
|
|
(672,256)
|
|
(763,143)
|
|
(475,012)
|
|
Total
operating costs and expenses
|
|
(8,982,634)
|
|
(8,363,785)
|
|
(7,183,646)
|
|
Operating
(loss)/income
|
|
(1,014,211)
|
|
(975,227)
|
|
93,413
|
|
|
|
|
|
|
|
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
Interest
income
|
|
28,569
|
|
24,836
|
|
8,947
|
|
Interest
expenses
|
|
(330,585)
|
|
(324,542)
|
|
(175,515)
|
|
Foreign exchange
(loss)/gain, net
|
|
(13,193)
|
|
27,882
|
|
(9,017)
|
|
Share of losses from
equity method investments
|
|
(3,076)
|
|
(361,672)
|
|
(3,158)
|
|
Others, net
|
|
95,846
|
|
(119,918)
|
|
276,076
|
|
Total other
(expense)/income, net
|
|
(222,439)
|
|
(753,414)
|
|
97,333
|
|
|
|
|
|
|
|
|
|
(Loss)/income
before income taxes
|
|
(1,236,650)
|
|
(1,728,641)
|
|
190,746
|
|
Income tax
expense
|
|
(20,613)
|
|
(36,536)
|
|
(16,882)
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
|
(1,257,263)
|
|
(1,765,177)
|
|
173,864
|
|
Less: Net
income attributable to noncontrolling interests
|
|
9,747
|
|
10,610
|
|
4,771
|
|
Net
(loss)/income attributable to iQIYI, Inc.
|
|
(1,267,010)
|
|
(1,775,787)
|
|
169,093
|
|
Accretion of
redeemable noncontrolling interests
|
|
(3,194)
|
|
(8,030)
|
|
-
|
|
Net
(loss)/income attributable to ordinary
shareholders
|
|
(1,270,204)
|
|
(1,783,817)
|
|
169,093
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
per share for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
Basic
|
|
(0.23)
|
|
(0.32)
|
|
0.03
|
|
Diluted
|
|
(0.23)
|
|
(0.32)
|
|
0.03
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
per ADS (1 ADS equals 7 Class A ordinary shares):
|
|
|
|
|
|
|
|
Basic
|
|
(1.61)
|
|
(2.24)
|
|
0.21
|
|
Diluted
|
|
(1.61)
|
|
(2.24)
|
|
0.21
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares used in net loss
per
share computation:
|
|
|
|
|
|
|
|
Basic
|
|
5,526,721,856
|
|
5,595,304,683
|
|
5,706,290,530
|
|
Diluted
|
|
5,526,721,856
|
|
5,595,304,683
|
|
5,742,801,024
|
|
iQIYI,
INC.
Condensed
Consolidated Balance Sheets
(In RMB thousands,
except for number of shares and per share data)
|
|
|
|
|
|
December
31,
|
|
March
31,
|
|
|
|
2021
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
2,997,212
|
|
3,811,350
|
|
Restricted
cash
|
|
77,652
|
|
71,426
|
|
Short-term
investments
|
|
1,348,255
|
|
1,282,522
|
|
Accounts receivable,
net
|
|
2,747,774
|
|
2,672,284
|
|
Prepayments and other
assets
|
|
3,266,523
|
|
2,689,541
|
|
Amounts due from
related parties
|
|
155,512
|
|
139,450
|
|
Licensed copyrights,
net
|
|
931,189
|
|
910,096
|
|
Total current assets
|
|
11,524,117
|
|
11,576,669
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Fixed assets,
net
|
|
1,344,784
|
|
1,335,804
|
|
Long-term
investments
|
|
3,035,155
|
|
3,213,112
|
|
Deferred tax assets,
net
|
|
31,351
|
|
31,344
|
|
Licensed copyrights,
net
|
|
7,258,042
|
|
7,096,355
|
|
Intangible assets,
net
|
|
545,305
|
|
479,785
|
|
Produced content,
net
|
|
10,951,078
|
|
12,032,315
|
|
Prepayments and other
assets
|
|
2,905,690
|
|
3,011,168
|
|
Operating lease
assets
|
|
907,297
|
|
857,893
|
|
Goodwill
|
|
3,888,346
|
|
3,888,346
|
|
Amounts due from
related parties
|
|
81,000
|
|
64,000
|
|
Total non-current assets
|
|
30,948,048
|
|
32,010,122
|
|
|
|
|
|
|
|
Total
assets
|
|
42,472,165
|
|
43,586,791
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts and notes
payable
|
|
8,896,460
|
|
7,022,179
|
|
Amounts due to related
parties
|
|
2,634,089
|
|
3,167,108
|
|
Customer advances and
deferred revenue
|
|
3,484,509
|
|
3,836,864
|
|
Short-term
loans
|
|
4,117,774
|
|
4,391,464
|
|
Operating lease
liabilities, current portion
|
|
171,541
|
|
199,963
|
|
Accrued expenses and
other liabilities
|
|
3,172,097
|
|
2,862,298
|
|
Total current liabilities
|
|
22,476,470
|
|
21,479,876
|
|
Non-current
liabilities:
|
|
|
|
|
|
Convertible senior
notes
|
|
12,652,172
|
|
13,239,128
|
|
Deferred tax
liabilities
|
|
3,127
|
|
598
|
|
Amounts due to related
parties
|
|
780,615
|
|
120,732
|
|
Operating lease
liabilities
|
|
625,737
|
|
564,702
|
|
Other non-current
liabilities
|
|
260,931
|
|
1,280,639
|
|
Total non-current liabilities
|
|
14,322,582
|
|
15,205,799
|
|
|
|
|
|
|
|
Total
liabilities
|
|
36,799,052
|
|
36,685,675
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
397,385
|
|
-
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
173
|
|
193
|
|
Class B ordinary
shares
|
|
183
|
|
193
|
|
Additional paid-in
capital
|
|
49,642,014
|
|
50,243,684
|
|
Accumulated
deficit
|
|
(47,163,773)
|
|
(46,193,592)
|
|
Accumulated other
comprehensive income
|
|
2,709,002
|
|
2,782,550
|
|
Non-controlling
interests
|
|
88,129
|
|
68,088
|
|
Total
shareholders' equity
|
|
5,275,728
|
|
6,901,116
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests and shareholders'
equity
|
|
42,472,165
|
|
43,586,791
|
|
iQIYI,
INC.
Condensed
Consolidated Statements of
Cash Flows
(In RMB
thousands, except for number of shares and per share
data)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
2021
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
Net cash used for
operating activities
|
(1,350,028)
|
|
(1,095,365)
|
|
(1,167,049)
|
Net cash (used
for)/provided by investing activities
(1,2)
|
(2,777,975)
|
|
2,097,104
|
|
(67,305)
|
Net cash provided
by/(used for) financing activities
|
610,991
|
|
(5,238,940)
|
|
2,046,550
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(28,225)
|
|
(73,767)
|
|
(4,284)
|
Net
(decrease)/increase in cash, cash equivalents and restricted
cash
|
(3,545,237)
|
|
(4,310,968)
|
|
807,912
|
|
|
|
|
|
|
Net cash used for
operating activities
|
(1,350,028)
|
|
(1,095,365)
|
|
(1,167,049)
|
Less: Capital
expenditures (2)
|
(60,550)
|
|
(23,938)
|
|
(51,315)
|
Free cash
flow
|
(1,410,578)
|
|
(1,119,303)
|
|
(1,218,364)
|
|
(1) Net cash
provided by or used for investing activities primarily consists of
net cash flows from investing in debt securities, purchase of
long-term investments and capital expenditures.
|
(2) Capital
expenditures are incurred primarily in connection with leasehold
improvements, computers and servers.
|
iQIYI,
INC.
Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures
(Amounts in
thousands of Renminbi ("RMB"), except for per ADS information,
unaudited)
|
|
|
Three Months
Ended
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
2021
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
Operating
(loss)/income
|
(1,014,211)
|
|
(975,227)
|
|
93,413
|
Add: Share-based
compensation expenses
|
343,567
|
|
264,458
|
|
216,644
|
Add: Amortization and
impairment of intangible assets(1)
|
12,466
|
|
16,498
|
|
16,498
|
Add: Non-recurring
employee severance costs(2)
|
-
|
|
178,732
|
|
-
|
Operating
(loss)/income (non-GAAP)
|
(658,178)
|
|
(515,539)
|
|
326,555
|
|
|
|
|
|
|
Net (loss)/income
attributable to iQIYI, Inc.
|
(1,267,010)
|
|
(1,775,787)
|
|
169,093
|
Add: Share-based
compensation expenses
|
343,567
|
|
264,458
|
|
216,644
|
Add: Amortization and
impairment of intangible assets(1)
|
12,466
|
|
16,498
|
|
16,498
|
Add: Non-recurring
employee severance costs(2)
|
-
|
|
178,732
|
|
-
|
Add: Disposal
(gain)/loss
|
-
|
|
-
|
|
(429,916)
|
Add: Impairment of
long-term investments
|
-
|
|
138,979
|
|
182,277
|
Add: Fair value
(gain)/loss of long-term investments
|
(88,236)
|
|
1,396
|
|
(792)
|
Add: Reconciling
items on equity method investments
|
(19,580)
|
|
177,191
|
|
10,914
|
Add: Tax effects on
non-GAAP adjustments(3)
|
(1,666)
|
|
(3,318)
|
|
(2,529)
|
Net (loss)/income
attributable to iQIYI, Inc. (non-GAAP)
|
(1,020,459)
|
|
(1,001,851)
|
|
162,189
|
|
|
|
|
|
|
Diluted net
(loss)/income per ADS
|
(1.61)
|
|
(2.24)
|
|
0.21
|
Add: Non-GAAP
adjustments to earnings per ADS
|
0.31
|
|
0.98
|
|
(0.01)
|
Diluted net
(loss)/income per ADS (non-GAAP)
|
(1.30)
|
|
(1.26)
|
|
0.20
|
|
(1)
This represents amortization and impairment of intangible assets
resulting from business combinations.
|
(2)
This represents non-recurring employee severance costs in relation
to the employee optimization program incurred in 2021.
|
(3)
This represents tax impact of all relevant non-GAAP
adjustments.
|
View original
content:https://www.prnewswire.com/news-releases/iqiyi-announces-first-quarter-2022-financial-results-301555688.html
SOURCE iQIYI, Inc.