BEIJING, March 1, 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 fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Highlights
- Total revenues were RMB7.4
billion (US$1.2
billion[1]), approximately flat from the same period in
2020.
- Operating loss was RMB975.2
million (US$153.0 million) and
operating loss margin was 13%, compared to operating loss of
RMB1.3 billion and operating loss
margin of 18% in the same period in 2020.
- Non-GAAP operating loss[2] was RMB515.5 million (US$80.9
million) and non-GAAP operating loss margin was 7%, compared
to non-GAAP operating loss of RMB940.7
million and non-GAAP operating loss margin of 13% in the
same period in 2020.
- Net loss attributable to iQIYI was RMB1.8 billion (US$278.7
million), compared to net loss attributable to iQIYI of
RMB1.5 billion in the same period in
2020.
- Non-GAAP net loss attributable to iQIYI[2] was
RMB1.0 billion (US$157.2 million), compared to non-GAAP net loss
attributable to iQIYI of RMB1.2
billion in the same period in 2020.
Fiscal Year 2021 Highlights
- Total revenues were RMB30.6
billion (US$4.8 billion),
representing a 3% increase from 2020.
- Operating loss was RMB4.5 billion
(US$702.9 million) and operating loss
margin was 15%, compared to operating loss of RMB6.0 billion and operating loss margin of 20%
in 2020.
- Non-GAAP operating loss was RMB3.0
billion (US$474.9 million) and
non-GAAP operating loss margin was 10%, compared to non-GAAP
operating loss of RMB4.5 billion and
non-GAAP operating loss margin of 15% in 2020.
- Net loss attributable to iQIYI was RMB6.2 billion (US$968.1
million), compared to net loss attributable to iQIYI of
RMB7.0 billion in 2020.
- Non-GAAP net loss attributable to iQIYI was RMB4.5 billion (US$704.1
million), compared to non-GAAP net loss attributable to
iQIYI of RMB5.4 billion in 2020.
"We would like our shareholders to recognize that iQIYI is
leading the opening of a new chapter in the Chinese long-form video
industry. Starting from the fourth quarter of 2021, we launched a
series of initiatives to optimize our cost and improve our
organizational alignment. The results have been very encouraging.
We significantly improved our operating and cost efficiency, while
maintaining our industry-leading position in terms of various user
metrics." commented Mr. Yu Gong,
Founder, Director, and Chief Executive Officer of iQIYI. "Our goal
is to reach non-GAAP operating break-even for the full year of 2022
and to reach quarterly non-GAAP operating break-even as early as
possible, while maintaining our competitive advantage as the
industry leader. I am delighted to see that we are moving in the
right direction."
"With the initial successes of our cost optimization strategy,
our operating loss for the fourth quarter decreased by 25% annually
and 29% sequentially, and our non-GAAP operating loss for the
fourth quarter also decreased significantly by 45% annually and 52%
sequentially, exceeding our expectations," commented Mr.
Jun Wang, Chief Financial Officer of
iQIYI. "For the upcoming first quarter of 2022, we expect to see
further significant improvements for both GAAP and non-GAAP
operating losses compared with the fourth quarter of 2021. The
strength of our business fundamentals will support our leadership
and growth over the long run."
Fourth Quarter and Fiscal Year 2021
Financial Highlights
|
|
|
Three Months
Ended
|
|
Year
Ended
|
(Amounts in thousands of
Renminbi
("RMB"), except for per ADS data,
unaudited)
|
|
Dec
31,
|
|
Sep
30,
|
|
Dec
31,
|
|
Dec
31,
|
|
Dec
31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
Total
revenues
|
|
7,458,180
|
|
7,589,104
|
|
7,388,558
|
|
29,707,215
|
|
30,554,359
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(1,307,373)
|
|
(1,367,958)
|
|
(975,227)
|
|
(6,040,509)
|
|
(4,479,207)
|
Operating loss
(non-GAAP)
|
|
(940,684)
|
|
(1,072,950)
|
|
(515,539)
|
|
(4,475,939)
|
|
(3,026,073)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to iQIYI, Inc.
|
|
(1,547,614)
|
|
(1,729,560)
|
|
(1,775,787)
|
|
(7,038,361)
|
|
(6,169,584)
|
Net loss
attributable to iQIYI, Inc.
(non-GAAP)
|
|
(1,177,317)
|
|
(1,399,458)
|
|
(1,001,851)
|
|
(5,445,255)
|
|
(4,487,079)
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss
per ADS
|
|
(2.10)
|
|
(2.17)
|
|
(2.24)
|
|
(9.52)
|
|
(7.77)
|
Diluted net loss
per ADS (non-
GAAP)[2]
|
|
(1.60)
|
|
(1.76)
|
|
(1.26)
|
|
(7.37)
|
|
(5.65)
|
Footnotes:
|
[1] Unless otherwise noted, RMB to
USD was converted at an exchange rate of RMB6.3726 as of December
30, 2021, 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).
|
Fourth Quarter 2021 Other Operating Highlights
- The average daily number of total subscribing members for the
quarter was 97.0 million, compared to 102.7 million for the same
period in 2020 and 104.7 million for the third quarter in 2021. The
average daily number of subscribing members excluding individuals
with trial memberships for the quarter was 96.4 million, compared
to 101.9 million for the same period in 2020 and 103.8 million for
the third quarter in 2021. 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.
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.
- The monthly average revenue per membership (ARM) for the fourth
quarter was RMB14.16, compared to
RMB12.45 for the same period in 2020
and RMB13.65 for the third quarter in
2021. 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.
Fourth Quarter 2021 Financial Results
Total revenues reached RMB7.4
billion (US$1.2 billion),
approximately flat compared with
the same period in 2020.
Membership services revenue was RMB4.1
billion (US$646.6 million),
representing a 7% increase from the same period in 2020. This was
primarily attributable to the increase of our membership ARM
associated with our membership pricing adjustment and various
initiatives to improve our monetization capabilities.
Online advertising services revenue was RMB1.7 billion (US$261.2
million), representing a 10% decrease from the same period
in 2020, primarily due to the delays of premium content released
during the quarter and the challenging macroeconomic environment in
China.
Content distribution revenue was RMB761.5
million (US$119.5 million),
representing a 5% decrease from the same period in 2020.
Other revenues were RMB841.8
million (US$132.1 million),
representing a 12% decrease from the same period in 2020. The
decrease was primarily due to the soft performance of various
business lines.
Cost of revenues was RMB6.5
billion (US$1.0 billion),
representing a 4% decrease from the same period in 2020. The
decrease in cost of revenues was primarily due to lower content
costs during the quarter. Content costs as a component of cost of
revenues were RMB4.9 billion
(US$763.5 million), representing a 5%
decrease from the same period in 2020. The decrease of content cost
was benefitted from our efforts in cost control and improvement in
operating efficiency.
Selling, general and administrative expenses were RMB1.1 billion (US$171.5
million), representing a 17% decrease from the same period
in 2020. The decrease was primarily due to lower marketing spending
and share-based compensation expenses, partially offset by the
non-recurring employee severance costs associated with the
optimization of our organizational structure.
Research and development expenses were RMB763.1 million (US$119.8
million), representing a 15% increase from the same period
in 2020. The increase was primarily due to non-recurring employee
severance costs associated with the optimization of our
organizational structure.
Operating loss was RMB975.2
million (US$153.0 million),
compared to operating loss of RMB1.3
billion in the same period in 2020. Operating loss margin
was 13%, compared to operating loss margin of 18% in the same
period in 2020. Non-GAAP operating loss was RMB515.5 million (US$80.9
million) and non-GAAP operating loss margin was 7%, compared
to non-GAAP operating loss of RMB940.7
million and non-GAAP operating loss margin of 13% in the
same period in 2020.
Total other expense was RMB753.4
million (US$118.2 million),
compared to total other expense of RMB241.0
million during the same period of 2020. The year-over-year
variance was mainly due to increased loss derived from equity
investees and the increased interest expenses associated with our
financing activities.
Loss before income taxes was RMB1.7
billion (US$271.3 million),
compared to loss before income taxes of RMB1.5 billion in the same period in 2020.
Income tax expense was RMB36.5
million (US$5.7 million),
compared to income tax benefit of RMB16.3
million in the same period in 2020.
Net loss attributable to iQIYI was RMB1.8
billion (US$278.7 million),
compared to net loss attributable to iQIYI of RMB1.5 billion in the same period in 2020.
Diluted net loss attributable to iQIYI per ADS was RMB2.24 (US$0.35)
for the fourth quarter of 2021, compared to diluted net loss
attributable to iQIYI per ADS of RMB2.10 in the same period of 2020. Non-GAAP net
loss attributable to iQIYI was RMB1.0
billion (US$157.2 million),
compared to non-GAAP net loss attributable to iQIYI of RMB1.2 billion in the same period in 2020.
Non-GAAP diluted net loss attributable to iQIYI per ADS was
RMB1.26 (US$0.20), compared to non-GAAP diluted net loss
attributable to iQIYI per ADS of RMB1.60 in the same period of 2020.
As of December 31, 2021, the
Company had cash, cash equivalents, restricted cash and short-term
investments of RMB4.4 billion
(US$694.1 million).
Fiscal Year 2021 Financial Results
Total revenues reached RMB30.6
billion (US$4.8 billion),
representing a 3% increase from 2020.
Membership services revenue was RMB16.7
billion (US$2.6 billion),
representing a 1% increase from 2020.
Online advertising services revenue was RMB7.1 billion (US$1.1
billion), representing a 4% increase from 2020.
Content distribution revenue was RMB2.9
billion (US$448.1 million),
representing a 7% increase from 2020.
Other revenues were RMB3.9 billion
(US$614.9 million), representing a 5%
increase from 2020.
Cost of revenues was RMB27.5
billion (US$4.3 billion),
representing a 1% decrease from 2020. Content costs as a component
of cost of revenues were RMB20.7
billion (US$3.3 billion),
representing a 1% decrease from 2020.
Selling, general and administrative expenses were RMB4.7 billion (US$741.5
million), representing a 9% decrease from 2020.
Research and development expenses were RMB2.8 billion (US$438.6
million), representing a 4% increase from 2020.
Operating loss was RMB4.5 billion
(US$702.9 million), compared to
operating loss of RMB6.0 billion in
2020. Operating loss margin was 15%, compared to operating loss
margin of 20% in 2020. Non-GAAP operating loss was RMB3.0 billion (US$474.9
million) and non-GAAP operating loss margin was 10%,
compared to non-GAAP operating loss of RMB4.5 billion and non-GAAP operating loss margin
of 15% in 2020.
Total other expense was RMB1.5
billion (US$240.5 million),
compared to total other expense of RMB943.4
million in 2020. The year-over-year variance was mainly due
to the increased interest expenses associated with our financing
activities and increased loss derived from equity investees.
Loss before income taxes was RMB6.0
billion (US$943.4 million),
compared to loss before income taxes of RMB7.0 billion in 2020.
Income tax expense was RMB96.5
million (US$15.2 million),
compared to income tax expense of RMB23.3
million in 2020.
Net loss attributable to iQIYI was RMB6.2
billion (US$968.1 million),
compared to net loss attributable to iQIYI of RMB7.0 billion in 2020. Diluted net loss
attributable to iQIYI per ADS was RMB7.77 (US$1.19)
for 2021, compared to diluted net loss attributable to iQIYI per
ADS of RMB9.52 in 2020. Non-GAAP net
loss attributable to iQIYI was RMB4.5
billion (US$704.1 million),
compared to non-GAAP net loss attributable to iQIYI of RMB5.4 billion in 2020. Non-GAAP diluted net loss
attributable to iQIYI per ADS was RMB5.65 (US$0.87),
compared to non-GAAP diluted net loss attributable to iQIYI per ADS
of RMB7.37 in 2020.
Conference Call Information
iQIYI's management will hold an earnings conference call at
6:30 AM on March 1, 2022, U.S.
Eastern Time (7:30 PM on March 1, 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/4352468
It will automatically direct you to the registration page of
"iQIYI Fourth quarter and Fiscal Year 2021 Earnings Conference
Call," where you may fill in your details for RSVP. If it requires
you to enter a participant conference ID, please enter
"4352468".
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 March 8, 2022.
Dial-in numbers for the replay are as follows:
International
Dial-in
|
+61 2 8199
0299
|
Passcode:
|
4352468
|
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. iQIYI's platform features highly popular
original content, as well as a comprehensive library of other
professionally-produced content, professional user generated
content and user-generated content. 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, non-GAAP operating
loss margin, non-GAAP net loss attributable to iQIYI, non-GAAP
diluted net loss 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 represents operating loss 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 attributable to iQIYI, Inc. represents net
loss 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 per ADS represents diluted net loss
per ADS calculated by dividing non-GAAP net loss 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
|
(In RMB thousands,
except for number of shares and per share data)
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Membership
services
|
|
3,835,201
|
|
4,288,215
|
|
4,120,689
|
|
16,491,030
|
|
16,713,664
|
Online advertising
services
|
|
1,859,031
|
|
1,660,332
|
|
1,664,502
|
|
6,822,115
|
|
7,066,751
|
Content
distribution
|
|
804,335
|
|
627,134
|
|
761,519
|
|
2,660,074
|
|
2,855,602
|
Others
|
|
959,613
|
|
1,013,423
|
|
841,848
|
|
3,733,996
|
|
3,918,342
|
Total
revenues
|
|
7,458,180
|
|
7,589,104
|
|
7,388,558
|
|
29,707,215
|
|
30,554,359
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(6,784,507)
|
|
(7,027,681)
|
|
(6,507,554)
|
|
(27,884,395)
|
|
(27,513,497)
|
Selling, general and
administrative
|
|
(1,317,665)
|
|
(1,246,334)
|
|
(1,093,088)
|
|
(5,187,835)
|
|
(4,725,142)
|
Research and
development
|
|
(663,381)
|
|
(683,047)
|
|
(763,143)
|
|
(2,675,494)
|
|
(2,794,927)
|
Total
operating costs and expenses
|
|
(8,765,553)
|
|
(8,957,062)
|
|
(8,363,785)
|
|
(35,747,724)
|
|
(35,033,566)
|
Operating
loss
|
|
(1,307,373)
|
|
(1,367,958)
|
|
(975,227)
|
|
(6,040,509)
|
|
(4,479,207)
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
22,409
|
|
35,979
|
|
24,836
|
|
157,477
|
|
118,615
|
Interest
expenses
|
|
(269,323)
|
|
(351,293)
|
|
(324,542)
|
|
(1,066,320)
|
|
(1,349,544)
|
Foreign exchange gain,
net
|
|
28,925
|
|
4,462
|
|
27,882
|
|
43,274
|
|
54,555
|
Loss from equity
method investments
|
|
(40,697)
|
|
(17,345)
|
|
(361,672)
|
|
(224,489)
|
|
(446,323)
|
Other
income/(expense), net
|
|
17,651
|
|
(2,292)
|
|
(119,918)
|
|
146,690
|
|
89,916
|
Total other
expense, net
|
|
(241,035)
|
|
(330,489)
|
|
(753,414)
|
|
(943,368)
|
|
(1,532,781)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
income taxes
|
|
(1,548,408)
|
|
(1,698,447)
|
|
(1,728,641)
|
|
(6,983,877)
|
|
(6,011,988)
|
Income tax
benefit/(expense)
|
|
16,337
|
|
(8,978)
|
|
(36,536)
|
|
(23,276)
|
|
(96,545)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(1,532,071)
|
|
(1,707,425)
|
|
(1,765,177)
|
|
(7,007,153)
|
|
(6,108,533)
|
Less: Net
income attributable to noncontrolling interests
|
|
15,543
|
|
22,135
|
|
10,610
|
|
31,208
|
|
61,051
|
Net loss
attributable to iQIYI, Inc.
|
|
(1,547,614)
|
|
(1,729,560)
|
|
(1,775,787)
|
|
(7,038,361)
|
|
(6,169,584)
|
Accretion of redeemable
noncontrolling interests
|
|
(1,827)
|
|
(4,769)
|
|
(8,030)
|
|
(7,087)
|
|
(20,336)
|
Net loss
attributable to ordinary shareholders
|
|
(1,549,441)
|
|
(1,734,329)
|
|
(1,783,817)
|
|
(7,045,448)
|
|
(6,189,920)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.30)
|
|
(0.31)
|
|
(0.32)
|
|
(1.36)
|
|
(1.11)
|
Diluted
|
|
(0.30)
|
|
(0.31)
|
|
(0.32)
|
|
(1.36)
|
|
(1.11)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
ADS (1 ADS equals 7 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(2.10)
|
|
(2.17)
|
|
(2.24)
|
|
(9.52)
|
|
(7.77)
|
Diluted
|
|
(2.10)
|
|
(2.17)
|
|
(2.24)
|
|
(9.52)
|
|
(7.77)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary
shares used in net loss per share computation:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
5,232,415,954
|
|
5,590,418,635
|
|
5,595,304,683
|
|
5,176,180,057
|
|
5,570,736,706
|
Diluted
|
|
5,232,415,954
|
|
5,590,418,635
|
|
5,595,304,683
|
|
5,176,180,057
|
|
5,570,736,706
|
|
|
|
|
|
|
|
|
|
|
|
iQIYI,
INC.
|
Condensed
Consolidated Balance Sheets
|
(In RMB thousands,
except for number of shares and per share data)
|
|
|
|
December
31,
|
|
December
31,
|
|
|
2020
|
|
2021
|
|
|
RMB
|
|
RMB
|
|
|
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
10,915,282
|
|
2,997,212
|
Restricted
cash
|
|
25,230
|
|
77,652
|
Short-term
investments
|
|
3,358,174
|
|
1,348,255
|
Accounts receivable,
net
|
|
3,344,433
|
|
2,747,774
|
Prepayments and other
assets
|
|
3,515,855
|
|
3,266,523
|
Amounts due from
related parties
|
|
96,111
|
|
155,512
|
Licensed copyrights,
net
|
|
1,035,339
|
|
931,189
|
Total current assets
|
|
22,290,424
|
|
11,524,117
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
Fixed assets,
net
|
|
1,393,467
|
|
1,344,784
|
Long-term
investments
|
|
3,202,828
|
|
3,035,155
|
Deferred tax assets,
net
|
|
51,347
|
|
31,351
|
Licensed copyrights,
net
|
|
6,435,055
|
|
7,258,042
|
Intangible assets,
net
|
|
627,198
|
|
545,305
|
Produced content,
net
|
|
6,556,084
|
|
10,951,078
|
Prepayments and other
assets
|
|
2,699,423
|
|
2,905,690
|
Operating lease
assets
|
|
1,001,857
|
|
907,297
|
Goodwill
|
|
3,888,346
|
|
3,888,346
|
Amounts due from
related parties
|
|
39,400
|
|
81,000
|
Total non-current assets
|
|
25,895,005
|
|
30,948,048
|
|
|
|
|
|
Total
assets
|
|
48,185,429
|
|
42,472,165
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts and notes
payable
|
|
7,561,532
|
|
8,896,460
|
Amounts due to related
parties
|
|
1,778,783
|
|
2,634,089
|
Customer advances and
deferred revenue
|
|
3,444,917
|
|
3,484,509
|
Convertible senior
notes, current portion
|
|
4,752,061
|
|
-
|
Short-term
loans
|
|
2,965,957
|
|
4,117,774
|
Long-term loans,
current portion
|
|
909,034
|
|
-
|
Operating lease
liabilities, current portion
|
|
201,307
|
|
171,541
|
Accrued expenses and
other liabilities
|
|
3,240,987
|
|
3,172,097
|
Total current liabilities
|
|
24,854,578
|
|
22,476,470
|
Non-current
liabilities:
|
|
|
|
|
Convertible senior
notes
|
|
11,926,715
|
|
12,652,172
|
Deferred tax
liabilities
|
|
4,588
|
|
3,127
|
Amounts due to related
parties
|
|
977,407
|
|
780,615
|
Operating lease
liabilities
|
|
767,676
|
|
625,737
|
Other non-current
liabilities
|
|
210,167
|
|
260,931
|
Total non-current liabilities
|
|
13,886,553
|
|
14,322,582
|
|
|
|
|
|
Total
liabilities
|
|
38,741,131
|
|
36,799,052
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
108,629
|
|
397,385
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
165
|
|
173
|
Class B ordinary
shares
|
|
183
|
|
183
|
Additional paid-in
capital
|
|
47,687,483
|
|
49,642,014
|
Accumulated
deficit
|
|
(40,973,853)
|
|
(47,163,773)
|
Accumulated other
comprehensive income
|
|
2,542,680
|
|
2,709,002
|
Non-controlling
interests
|
|
79,011
|
|
88,129
|
Total
shareholders' equity
|
|
9,335,669
|
|
5,275,728
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests and shareholders'
equity
|
|
48,185,429
|
|
42,472,165
|
iQIYI,
INC.
|
Condensed
Consolidated Statements of
Cash Flows
|
(In RMB thousands,
except for number of shares and per share
data)
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
operating activities
|
(1,519,447)
|
|
(2,080,544)
|
|
(1,095,365)
|
|
(5,411,071)
|
|
(5,951,847)
|
Net cash provided by
investing activities
(1,2)
|
281,471
|
|
1,885,081
|
|
2,097,104
|
|
159,296
|
|
1,262,350
|
Net cash provided
by/(used in) financing activities
|
8,392,477
|
|
867,420
|
|
(5,238,940)
|
|
9,373,906
|
|
(2,959,455)
|
Effect of exchange
rate changes on cash, cash equivalents
and restricted
cash
|
(32,770)
|
|
(22,206)
|
|
(73,767)
|
|
(91,293)
|
|
(216,696)
|
Net
increase/(decrease) in cash, cash equivalents and restricted
cash
|
7,121,731
|
|
649,751
|
|
(4,310,968)
|
|
4,030,838
|
|
(7,865,648)
|
|
|
|
|
|
|
|
|
|
|
Net cash used for
operating activities
|
(1,519,447)
|
|
(2,080,544)
|
|
(1,095,365)
|
|
(5,411,071)
|
|
(5,951,847)
|
Less: Capital
expenditures (2)
|
(26,523)
|
|
(116,320)
|
|
(23,938)
|
|
(240,750)
|
|
(261,536)
|
Free cash
flow
|
(1,545,970)
|
|
(2,196,864)
|
|
(1,119,303)
|
|
(5,651,821)
|
|
(6,213,383)
|
|
(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
|
|
Year
Ended
|
|
Dec
31,
|
|
Sep
30,
|
|
Dec
31,
|
|
Dec
31,
|
|
Dec
31,
|
|
2020
|
|
2021
|
|
2021
|
|
2020
|
|
2021
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
(1,307,373)
|
|
(1,367,958)
|
|
(975,227)
|
|
(6,040,509)
|
|
(4,479,207)
|
Add: Share-based
compensation expenses
|
348,979
|
|
281,198
|
|
264,458
|
|
1,370,095
|
|
1,219,163
|
Add: Amortization and
impairment of intangible assets(1)
|
17,710
|
|
13,810
|
|
16,498
|
|
194,475
|
|
55,239
|
Add: Non-recurring
employee severance costs(2)
|
-
|
|
-
|
|
178,732
|
|
-
|
|
178,732
|
Operating loss
(non-GAAP)
|
(940,684)
|
|
(1,072,950)
|
|
(515,539)
|
|
(4,475,939)
|
|
(3,026,073)
|
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to iQIYI, Inc.
|
(1,547,614)
|
|
(1,729,560)
|
|
(1,775,787)
|
|
(7,038,361)
|
|
(6,169,584)
|
Add: Share-based
compensation expenses
|
348,979
|
|
281,198
|
|
264,458
|
|
1,370,095
|
|
1,219,163
|
Add: Amortization and
impairment of intangible assets(1)
|
17,710
|
|
13,810
|
|
16,498
|
|
194,475
|
|
55,239
|
Add: Non-recurring
employee severance costs(2)
|
-
|
|
-
|
|
178,732
|
|
-
|
|
178,732
|
Add: Disposal
gain
|
-
|
|
-
|
|
-
|
|
-
|
|
(44,861)
|
Add: Impairment of
long-term investments
|
-
|
|
29,000
|
|
138,979
|
|
73,199
|
|
169,828
|
Add: Fair value
(gain)/loss of long-term investments
|
(1,171)
|
|
8,061
|
|
1,396
|
|
(39,271)
|
|
(87,381)
|
Add: Reconciling
items on equity method investments
|
8,636
|
|
3,066
|
|
177,191
|
|
31,505
|
|
192,193
|
Add: Tax effects on
non-GAAP adjustments(3)
|
(3,857)
|
|
(5,033)
|
|
(3,318)
|
|
(36,897)
|
|
(408)
|
Net loss
attributable to iQIYI, Inc. (non-GAAP)
|
(1,177,317)
|
|
(1,399,458)
|
|
(1,001,851)
|
|
(5,445,255)
|
|
(4,487,079)
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss
per ADS
|
(2.10)
|
|
(2.17)
|
|
(2.24)
|
|
(9.52)
|
|
(7.77)
|
Add: Non-GAAP
adjustments to earnings per ADS
|
0.50
|
|
0.41
|
|
0.98
|
|
2.15
|
|
2.12
|
Diluted net loss
per ADS (non-GAAP)
|
(1.60)
|
|
(1.76)
|
|
(1.26)
|
|
(7.37)
|
|
(5.65)
|
|
(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-fourth-quarter-and-fiscal-year-2021-financial-results-301492477.html
SOURCE iQIYI, Inc.