iQIYI, Inc. (Nasdaq: IQ) ("iQIYI" or the "Company"), a leading
provider of online entertainment video services in China, today
announced its unaudited financial results for the first quarter
ended March 31, 2023.
First Quarter 2023
Highlights
- Total revenues were RMB8.3 billion
(US$1.2 billion1), increasing 15% year over year.
- Operating income was RMB858.6
million (US$125.0 million) and operating income margin was 10%,
compared to operating income of RMB93.4 million and operating
income margin of 1% in the same period in 2022.
- Non-GAAP operating income2 was
RMB1.0 billion (US$150.6 million) and non-GAAP operating income
margin was 12%, compared to non-GAAP operating income of RMB326.6
million and non-GAAP operating income margin of 4% in the same
period in 2022.
- Net income attributable to iQIYI
was RMB618.1 million (US$90.0 million), compared to net income
attributable to iQIYI of RMB169.1 million in the same period in
2022.
- Non-GAAP net income attributable to
iQIYI2 was RMB939.5 million (US$136.8 million), compared to
non-GAAP net income attributable to iQIYI of RMB162.2 million in
the same period in 2022.
“We kicked off the year with an exceptional
first quarter. iQIYI originals once again demonstrated its power,
driving our financial performance and market share to new highs,
and expanding our subscriber base by over 17 million net
additions,” commented Mr. Yu Gong, Founder, Director, and Chief
Executive Officer of iQIYI. “This demonstrated the success of our
high-quality growth strategy.”
“This was another record-setting quarter for us.
Both total revenues and membership services revenue reached
all-time high. Meanwhile, our operating income continued to expand
for the sixth consecutive quarter and our operating cash flow also
expanded for the fourth consecutive quarter,” commented Mr. Jun
Wang, Chief Financial Officer of iQIYI. “We have improved
profitability, cash flow and balance sheet, and we aim to create
more value for our stakeholders.”
First Quarter 2023 Financial
Highlights
|
|
Three Months Ended |
(Amounts in thousands of Renminbi (“RMB”), except for per ADS data,
unaudited) |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2022 |
|
2022 |
|
2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
Total
revenues |
|
7,277,059 |
|
7,592,859 |
|
8,348,807 |
|
|
|
|
|
|
|
|
|
Operating
income |
|
93,413 |
|
783,556 |
|
858,631 |
|
Operating income
(non-GAAP) |
|
326,555 |
|
978,681 |
|
1,034,296 |
|
|
|
|
|
|
|
|
|
Net income
attributable to iQIYI, Inc. |
|
169,093 |
|
304,259 |
|
618,109 |
|
Net income
attributable to iQIYI, Inc. (non-GAAP) |
|
162,189 |
|
856,374 |
|
939,533 |
|
|
|
|
|
|
|
|
|
Diluted net income per
ADS |
|
0.21 |
|
0.35 |
|
0.64 |
|
Diluted net income per
ADS (non-GAAP)2 |
|
0.20 |
|
0.98 |
|
0.97 |
|
|
|
|
|
|
|
|
|
First Quarter 2023 Other Operating
Highlights
- The average daily number of total
subscribing members3 for the quarter was 128.9 million, compared to
101.4 million for the same period in 2022 and 111.6 million for the
fourth quarter in 2022. The average daily number of subscribing
members excluding individuals with trial memberships4 for the
quarter was 128.1 million, compared to 100.8 million for the same
period in 2022 and 110.9 million for the fourth quarter in
2022.
- The monthly average revenue per
membership (ARM5) for the quarter was RMB14.35, compared to
RMB14.69 for the same period in 2022 and RMB14.17 for the fourth
quarter in 2022.
Footnotes: [1] Unless otherwise noted, RMB to USD
was converted at an exchange rate of RMB6.8676 as of March 31,
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).[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 2023 Financial
Results
Total revenues reached RMB8.3 billion (US$1.2
billion), increasing 15% year over year.
Membership services revenue was RMB5.5 billion
(US$807.8 million), increasing 24% year over year. The increase was
primarily attributable to the strong growth in the number of total
subscribing members as we launched a series of premium content
during the quarter. The average daily number of total subscribing
members increased from 101.4 million for the first quarter in 2022
to 128.9 million for the first quarter in 2023. The number of total
subscribing members increased from 101.4 million as of March 31,
2022 to 120.3 million as of March 31, 2023.
Online advertising services revenue was RMB1.4
billion (US$204.4 million), increasing 5% year over year. The
increase was driven by the growth of performance-based advertising
business.
Content distribution revenue was RMB727.3
million (US$105.9 million), increasing 16% year over year,
primarily driven by the increase in average unit price of cash
transactions, partially offset by the decrease in the number of
barter transactions.
Other revenues were RMB670.5 million (US$97.6
million), decreasing 20% year over year, primarily due to the
adjustment in business operation model of certain business line and
relatively soft performance of online game business compared with
the same period last year.
Cost of revenues was RMB6.0 billion (US$867.3
million), flat year over year. Content costs as a component of cost
of revenues were RMB4.2 billion (US$610.5 million), decreasing 5%
year over year, primarily associated with the adjustment in
business operation model of certain business line.
Selling, general and administrative expenses
were RMB1.1 billion (US$161.0 million), increasing 48% year over
year, primarily due to higher marketing spending.
Research and development expenses were RMB428.3
million (US$62.4 million), decreasing 10% year over year, primarily
due to the decrease of personnel-related compensation expenses.
Operating income was RMB858.6 million (US$125.0
million), compared to operating income of RMB93.4 million in the
same period in 2022. Operating income margin was 10%, compared to
operating income margin of 1% in the same period in 2022. Non-GAAP
operating income was RMB1.0 billion (US$150.6 million) and non-GAAP
operating income margin was 12%, compared to non-GAAP operating
income of RMB326.6 million and non-GAAP operating income margin of
4% in the same period in 2022.
Total other expense was RMB208.2 million
(US$30.3 million), compared to total other income of RMB97.3
million during the same period of 2022. The year over year variance
was primarily due to the disposal gain derived from the
deconsolidation of certain subsidiaries due to change in control in
the first quarter of 2022, increased interest expenses and loss
from equity method investment, partially offset by higher interest
income and the foreign exchange gain due to the fluctuation of
exchange rate between Renminbi and the U.S. dollar.
Income before income taxes was RMB650.4 million
(US$94.7 million), compared to income before income taxes of
RMB190.7 million in the same period in 2022.
Income tax expense was RMB24.6
million (US$3.6 million), compared to income tax expense of
RMB16.9 million in the same period in 2022.
Net income attributable to iQIYI was RMB618.1
million (US$90.0 million), compared to net income attributable to
iQIYI of RMB169.1 million in the same period in 2022. Diluted net
income attributable to iQIYI per ADS was RMB0.64 (US$0.09) for the
first quarter of 2023, compared to diluted net income attributable
to iQIYI per ADS of RMB0.21 in the same period of 2022. Non-GAAP
net income attributable to iQIYI was RMB939.5 million (US$136.8
million), compared to non-GAAP net income attributable to iQIYI of
RMB162.2 million in the same period in 2022. Non-GAAP diluted net
income attributable to iQIYI per ADS was RMB0.97 (US$0.14),
compared to non-GAAP diluted net income attributable to iQIYI per
ADS of RMB0.20 in the same period of 2022.
As of March 31, 2023, the Company had cash, cash
equivalents, restricted cash, short-term investments and long-term
restricted cash included in prepayments and other assets of RMB6.3
billion (US$922.3 million).
Conference Call Information
iQIYI’s management will hold an earnings
conference call at 7:00 AM on May 16, 2023, U.S. Eastern Time (7:00
PM on May 16, 2023, 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, passcode and unique
access PIN by a calendar invite.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10030369-tfg7d8.html
It will automatically direct you to the
registration page of "iQIYI First Quarter 2023 Earnings Conference
Call", where you may fill in your details for RSVP.
In the 10 minutes prior to the call start time,
you may use the conference access information (including dial-in
number(s), passcode and unique access PIN) provided in the calendar
invite 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 May 23,
2023.
Dial-in numbers for the replay are as
follows:
International
Dial-in: |
+1 855 883
1031 |
Passcode: |
10030369 |
|
|
A live and archived webcast of the conference
call will be available at http://ir.iqiyi.com/.
About iQIYI, Inc.
iQIYI, Inc. is a leading provider of online
entertainment video services in China. It combines creative talent
with technology to foster an environment for continuous innovation
and the production of blockbuster content. It produces, aggregates
and distributes a wide variety of professionally produced content,
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 daily subscriber base of more than
100 million, and its diversified monetization model includes
membership services, online advertising services, content
distribution, online games, 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 income, non-GAAP
operating income margin, non-GAAP net income attributable to iQIYI,
non-GAAP diluted net 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 income represents
operating income excluding share-based compensation expenses,
amortization and impairment of intangible assets resulting from
business combinations.
Non-GAAP net income attributable to iQIYI, Inc.
represents net income attributable to iQIYI, Inc. 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, 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 income per ADS represents
diluted net income per ADS calculated by dividing non-GAAP net
income attributable to iQIYI, Inc, 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 RelationsiQIYI, Inc.ir@qiyi.com
iQIYI, INC.
Condensed Consolidated Statements of
Income
(In RMB thousands, except for number of
shares and per share data)
|
|
Three Months Ended |
|
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
2022 |
|
2022 |
|
2023 |
|
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
Revenues: |
|
|
|
|
|
|
|
Membership services |
|
4,471,475 |
|
|
4,743,562 |
|
|
5,547,305 |
|
|
Online advertising services |
|
1,337,299 |
|
|
1,553,475 |
|
|
1,403,752 |
|
|
Content distribution |
|
626,116 |
|
|
634,696 |
|
|
727,262 |
|
|
Others |
|
842,169 |
|
|
661,126 |
|
|
670,488 |
|
|
Total
revenues |
|
7,277,059 |
|
|
7,592,859 |
|
|
8,348,807 |
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses: |
|
|
|
|
|
|
|
Cost of revenues |
|
(5,963,853 |
) |
|
(5,402,243 |
) |
|
(5,956,003 |
) |
|
Selling, general and administrative |
|
(744,781 |
) |
|
(940,903 |
) |
|
(1,105,855 |
) |
|
Research and development |
|
(475,012 |
) |
|
(466,157 |
) |
|
(428,318 |
) |
|
Total operating costs
and expenses |
|
(7,183,646 |
) |
|
(6,809,303 |
) |
|
(7,490,176 |
) |
|
Operating
income |
|
93,413 |
|
|
783,556 |
|
|
858,631 |
|
|
|
|
|
|
|
|
|
|
Other
income/(expense): |
|
|
|
|
|
|
|
Interest income |
|
8,947 |
|
|
26,292 |
|
|
104,986 |
|
|
Interest expenses |
|
(175,515 |
) |
|
(176,018 |
) |
|
(285,964 |
) |
|
Foreign exchange (loss)/gain, net |
|
(9,017 |
) |
|
19,029 |
|
|
36,982 |
|
|
Loss from equity method investments |
|
(3,158 |
) |
|
(46,754 |
) |
|
(85,109 |
) |
|
Other income/(expense), net |
|
276,076 |
|
|
(313,054 |
) |
|
20,862 |
|
|
Total other
income/(expense), net |
|
97,333 |
|
|
(490,505 |
) |
|
(208,243 |
) |
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
190,746 |
|
|
293,051 |
|
|
650,388 |
|
|
Income tax (expense)/benefit |
|
(16,882 |
) |
|
11,587 |
|
|
(24,632 |
) |
|
|
|
|
|
|
|
|
|
Net
income |
|
173,864 |
|
|
304,638 |
|
|
625,756 |
|
|
Less: Net income attributable to noncontrolling interests |
|
4,771 |
|
|
379 |
|
|
7,647 |
|
|
Net income
attributable to iQIYI, Inc. |
|
169,093 |
|
|
304,259 |
|
|
618,109 |
|
|
Net income
attributable to ordinary shareholders |
|
169,093 |
|
|
304,259 |
|
|
618,109 |
|
|
|
|
|
|
|
|
|
|
Net income per share
for Class A and Class B ordinary shares: |
|
|
|
|
|
|
|
Basic |
|
0.03 |
|
|
0.05 |
|
|
0.09 |
|
|
Diluted |
|
0.03 |
|
|
0.05 |
|
|
0.09 |
|
|
|
|
|
|
|
|
|
|
Net income per ADS (1
ADS equals 7 Class A ordinary shares): |
|
|
|
|
|
|
|
Basic |
|
0.21 |
|
|
0.35 |
|
|
0.66 |
|
|
Diluted |
|
0.21 |
|
|
0.35 |
|
|
0.64 |
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares used in net income
per share computation: |
|
|
|
|
|
|
|
Basic |
|
5,706,290,530 |
|
|
6,084,021,514 |
|
|
6,569,658,687 |
|
|
Diluted |
|
5,742,801,024 |
|
|
6,099,971,176 |
|
|
6,754,965,091 |
|
|
iQIYI, INC.Condensed
Consolidated Balance Sheets
(In RMB thousands, except for number of
shares and per share data)
|
|
December 31, |
|
March 31, |
|
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
|
|
|
(Unaudited) |
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
7,097,938 |
|
|
4,529,267 |
|
Restricted cash |
|
13,618 |
|
|
6,120 |
|
Short-term investments |
|
818,265 |
|
|
668,991 |
|
Accounts receivable, net |
|
2,402,675 |
|
|
2,722,295 |
|
Prepayments and other assets(1) |
|
2,602,927 |
|
|
11,221,073 |
|
Amounts due from related parties |
|
104,154 |
|
|
171,926 |
|
Licensed copyrights, net |
|
746,058 |
|
|
940,429 |
|
Total current
assets |
|
13,785,635 |
|
|
20,260,101 |
|
|
|
|
|
|
Non-current
assets: |
|
|
|
|
Fixed assets, net |
|
1,104,721 |
|
|
1,035,514 |
|
Long-term investments |
|
2,453,644 |
|
|
2,224,545 |
|
Licensed copyrights, net |
|
6,840,629 |
|
|
6,701,062 |
|
Intangible assets, net |
|
436,685 |
|
|
413,238 |
|
Produced content, net |
|
13,001,904 |
|
|
12,604,535 |
|
Prepayments and other assets |
|
3,865,133 |
|
|
4,217,029 |
|
Operating lease assets |
|
673,971 |
|
|
654,667 |
|
Goodwill |
|
3,826,147 |
|
|
3,826,147 |
|
Amounts due from related parties |
|
59,880 |
|
|
95,880 |
|
Total non-current
assets |
|
32,262,714 |
|
|
31,772,617 |
|
|
|
|
|
|
Total
assets |
|
46,048,349 |
|
|
52,032,718 |
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS’
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts and notes payable |
|
5,993,416 |
|
|
5,721,544 |
|
Amounts due to related parties |
|
3,521,646 |
|
|
2,949,896 |
|
Customer advances and deferred revenue |
|
4,232,110 |
|
|
4,727,981 |
|
Convertible senior notes, current portion |
|
8,305,447 |
|
|
8,264,709 |
|
Short-term loans |
|
3,347,638 |
|
|
3,262,497 |
|
Operating lease liabilities, current portion |
|
103,517 |
|
|
99,808 |
|
Accrued expenses and other liabilities |
|
2,626,244 |
|
|
2,650,143 |
|
Total current
liabilities |
|
28,130,018 |
|
|
27,676,578 |
|
Non-current liabilities: |
|
|
|
|
Convertible senior notes |
|
9,568,279 |
|
|
11,668,397 |
|
Deferred tax liabilities |
|
1,832 |
|
|
811 |
|
Amounts due to related parties |
|
100,941 |
|
|
95,322 |
|
Operating lease liabilities |
|
508,571 |
|
|
488,470 |
|
Other non-current liabilities |
|
1,395,269 |
|
|
1,451,575 |
|
Total non-current
liabilities |
|
11,574,892 |
|
|
13,704,575 |
|
|
|
|
|
|
Total
liabilities |
|
39,704,910 |
|
|
41,381,153 |
|
|
|
|
|
|
Shareholders’
equity: |
|
|
|
|
|
|
|
|
|
Class A ordinary shares |
|
194 |
|
|
236 |
|
Class B ordinary shares |
|
193 |
|
|
193 |
|
Additional paid-in
capital |
|
50,885,688 |
|
|
54,473,865 |
|
Accumulated deficit |
|
(46,498,897 |
) |
|
(45,880,788 |
) |
Accumulated other
comprehensive income |
|
1,863,454 |
|
|
1,975,578 |
|
Noncontrolling interests |
|
92,807 |
|
|
82,481 |
|
Total shareholders’
equity |
|
6,343,439 |
|
|
10,651,565 |
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests and shareholders'
equity |
|
46,048,349 |
|
|
52,032,718 |
|
(1) This includes payment of US$1,197.6 million
to the paying agent to meet the Company's repurchase obligation of
the 2.00% Convertible Senior Notes due 2025. The repurchase was
completed in April 2023.
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, |
|
|
2022 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
Net cash (used for)/provided
by operating activities |
(1,167,049 |
) |
|
853,397 |
|
|
1,001,765 |
|
|
Net cash (used for)/provided
by investing activities (1,2) |
(67,305 |
) |
|
578,899 |
|
|
166,845 |
|
|
Net cash provided/ (used for)
by financing activities |
2,046,550 |
|
|
2,861,582 |
|
|
(3,356,630 |
) |
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
(4,284 |
) |
|
(8,576 |
) |
|
(8,862 |
) |
|
Net increase/(decrease) in
cash, cash equivalents and restricted cash |
807,912 |
|
|
4,285,302 |
|
|
(2,196,882 |
) |
|
Cash, cash equivalents and
restricted cash at the beginning of the period |
3,074,864 |
|
|
3,576,254 |
|
|
7,861,556 |
|
|
Cash, cash equivalents and
restricted cash at the end of the period |
3,882,776 |
|
|
7,861,556 |
|
|
5,664,674 |
|
|
Reconciliation of cash and cash equivalents and restricted
cash: |
|
|
|
|
|
|
Cash and
cash equivalents |
3,811,350 |
|
|
7,097,938 |
|
|
4,529,267 |
|
|
Restricted cash |
71,426 |
|
|
13,618 |
|
|
6,120 |
|
|
Long-term restricted cash |
- |
|
|
750,000 |
|
|
1,129,287 |
|
|
Total cash and cash equivalents and restricted cash shown in the
statements of cash flows |
3,882,776 |
|
|
7,861,556 |
|
|
5,664,674 |
|
|
|
|
|
|
|
|
Net cash (used
for)/provided by operating activities |
(1,167,049 |
) |
|
853,397 |
|
|
1,001,765 |
|
|
Less: Capital expenditures (2) |
(51,315 |
) |
|
(8,800 |
) |
|
(241 |
) |
|
Free cash flow |
(1,218,364 |
) |
|
844,597 |
|
|
1,001,524 |
|
|
(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 |
|
Mar 31, |
|
Dec 31, |
|
March 31, |
|
|
2022 |
|
2022 |
|
2023 |
|
|
RMB |
|
RMB |
|
RMB |
|
|
|
|
|
|
|
|
Operating income |
93,413 |
|
|
783,556 |
|
|
858,631 |
|
|
Add:
Share-based compensation expenses |
216,644 |
|
|
188,506 |
|
|
169,046 |
|
|
Add:
Amortization and impairment of intangible assets(1) |
16,498 |
|
|
6,619 |
|
|
6,619 |
|
|
Operating income (non-GAAP) |
326,555 |
|
|
978,681 |
|
|
1,034,296 |
|
|
|
|
|
|
|
|
|
Net income attributable to iQIYI, Inc. |
169,093 |
|
|
304,259 |
|
|
618,109 |
|
|
Add:
Share-based compensation expenses |
216,644 |
|
|
188,506 |
|
|
169,046 |
|
|
Add:
Amortization and impairment of intangible assets(1) |
16,498 |
|
|
6,619 |
|
|
6,619 |
|
|
Add:
Disposal (gain)/loss |
(429,916 |
) |
|
62,199 |
|
|
- |
|
|
Add:
Impairment of long-term investments |
182,277 |
|
|
271,873 |
|
|
118,984 |
|
|
Add:
Fair value (gain)/loss of long-term investments |
(792 |
) |
|
8,001 |
|
|
9,445 |
|
|
Add:
Reconciling items on equity method investments |
10,914 |
|
|
17,621 |
|
|
18,351 |
|
|
Add:
Tax effects on non-GAAP adjustments(2) |
(2,529 |
) |
|
(2,704 |
) |
|
(1,021 |
) |
|
Net income attributable to iQIYI, Inc.
(non-GAAP) |
162,189 |
|
|
856,374 |
|
|
939,533 |
|
|
|
|
|
|
|
|
|
Diluted net income per ADS |
0.21 |
|
|
0.35 |
|
|
0.64 |
|
|
Add:
Non-GAAP adjustments to earnings per ADS |
(0.01 |
) |
|
0.63 |
|
|
0.33 |
|
|
Diluted net income per ADS (non-GAAP) |
0.20 |
|
|
0.98 |
|
|
0.97 |
|
|
(1) This represents amortization and
impairment of intangible assets resulting from business
combinations.(2) This represents tax impact
of all non-GAAP adjustments.
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