BEIJING, Feb. 17, 2021
/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, 2020.
Fourth Quarter 2020 Highlights
- Total revenues were RMB7.5
billion (US$1.1
billion1), representing a 1% decrease from the
same period in 2019.
- Operating loss was RMB1.3 billion
(US$200.4 million) and operating loss
margin was 18%, compared to operating loss of RMB2.5 billion and operating loss margin of 34%
in the same period in 2019.
- Net loss attributable to iQIYI was RMB1.5 billion (US$237.2
million), compared to net loss attributable to iQIYI of
RMB2.5 billion in the same period in
2019. Diluted net loss attributable to iQIYI per ADS was
RMB2.10 (US$0.32), compared to diluted net loss
attributable to iQIYI per ADS of RMB3.43 in the same period of 2019.
- The number of total subscribing members was 101.7 million as of
December 31, 2020 and 100.7 million
excluding individuals with trial memberships. This compares to
106.9 million of total subscribing members and 105.7 million
excluding individuals with trial memberships as of December 31, 2019.
Fiscal Year 2020 Highlights
- Total revenues were RMB29.7
billion (US$4.6 billion),
representing a 2% increase from 2019.
- Operating loss was RMB6.0 billion
(US$925.7 million) and operating loss
margin was 20%, compared to operating loss of RMB9.3 billion and operating loss margin of 32%
in 2019.
- Net loss attributable to iQIYI was RMB7.0 billion (US$1.1
billion), compared to net loss attributable to iQIYI of
RMB10.3 billion in 2019. Diluted net
loss attributable to iQIYI per ADS was RMB9.52 (US$1.47),
compared to diluted net loss attributable to iQIYI per ADS of
RMB14.14 in 2019.
"Our fourth quarter result was in-line with our overall
expectation," commented Dr. Yu Gong,
Founder, Director, and Chief Executive Officer of iQIYI. "We
maintained our leading position in our key content offerings,
including dramas and variety shows, based on third-party data.
Meanwhile, we made breakthroughs in certain areas, such as original
films, intelligent screens and Virtual Reality (VR). In 2021, we
will continue to provide a more diversified portfolio of
high-quality content to our users and enhance the perceived value
of our paying subscribers. This, in our view, should help to revive
the growth of our subscribers and revenue amid the recovering macro
environment."
"Our operating loss margin significantly narrowed for three
consecutive quarters on a year-over-year basis" commented Mr.
Xiaodong Wang, Chief Financial
Officer of iQIYI. "We continued to explore the content strategy
with better return-on-investment (ROI) and implement disciplined
cost control amid the challenging macro environment. In
December 2020, we completed our
largest financing since our IPO, which enables us to further
enhance our content offering and strengthen our technology."
Footnotes:
[1] Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB6.5250 to US$1.00, the exchange rate in effect as of
December 31, 2020 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.
Fourth Quarter 2020 Financial Results
Total revenues reached RMB7.5
billion (US$1.1 billion),
representing a 1% decrease from the same period in 2019.
Membership services revenue was RMB3.8
billion (US$587.8 million),
representing a 1% decrease from the same period in 2019. The
decrease was primarily due to the decline of our subscribing
members from 106.9 million a year ago to 101.7 million as of
December 31, 2020.
Online advertising services revenue was RMB1.9 billion (US$284.9
million), representing a 1% decrease from the same period in
2019.
Content distribution revenue was RMB804.3
million (US$123.3 million),
representing an 8% decrease from the same period in 2019. The
decrease was primarily driven by less cash transaction partially
offset by the increase of barter transaction.
Other revenues were RMB959.6
million (US$147.1 million),
representing a 10% increase from the same period in 2019, primarily
due to the growth of certain business lines.
Cost of revenues was RMB6.8
billion (US$1.0 billion),
representing a 14% decrease from the same period in 2019. The
decrease in cost of revenues was primarily due to less content
costs during the quarter. Content costs as a component of cost of
revenues were RMB5.1 billion
(US$786.1 million), representing a
10% decrease from the same period in 2019. The decrease was
primarily attributable to less recorded expenses of produced
content, more shorter- length content to satisfy the diversified
users' demand, as well as update of accounting estimates of future
viewership consumption patterns and useful lives of content assets
to better reflect the expected usage of these content assets.
Selling, general and administrative expenses were RMB1.3 billion (US$201.9
million), representing a 6% decrease from the same period in
2019. This was primarily attribute to less marketing spend.
Research and development expenses were RMB663.4 million (US$101.7
million), representing a 7% decrease from the same period in
2019, primarily due to the decrease of personnel-related
compensation expenses.
Operating loss was RMB1.3 billion
(US$200.4 million), compared to
operating loss of RMB2.5 billion in
the same period in 2019. Operating loss margin was 18%, compared to
operating loss margin of 34% in the same period in 2019.
Total other expense was RMB241.0
million (US$36.9 million),
compared to total other income of RMB75.3
million during the same period of 2019. The year-over-year
variance was mainly due to less foreign exchange gain.
Loss before income taxes was RMB1.5
billion (US$237.3 million),
compared to loss before income taxes of RMB2.5 billion in the same period in 2019.
Income tax benefit was RMB16.3
million (US$2.5 million),
compared to income tax expense of RMB22.6
million in the same period in 2019.
Net loss attributable to iQIYI was RMB1.5
billion (US$237.2 million),
compared to net loss attributable to iQIYI of RMB2.5 billion in the same period in 2019.
Diluted net loss attributable to iQIYI per ADS was RMB2.10 (US$0.32)
for the fourth quarter of 2020, compared to diluted net loss
attributable to iQIYI per ADS of RMB3.43 in the same period of 2019.
As of December 31, 2020, the
Company had cash, cash equivalents, restricted cash and short-term
investments of RMB14.3 billion
(US$2.2 billion).
Fiscal Year 2020 Financial Results
Total revenues reached RMB29.7
billion (US$4.6 billion),
representing a 2% increase from 2019.
Membership services revenue was RMB16.5
billion (US$2.5 billion),
representing a 14% increase from 2019. The increase was primarily
attributable to the increasing subscribing members pull-forwarded
by Covid-19 in the first half of 2020, as well as our exclusive
content launch and various operational initiatives during the
year.
Online advertising services revenue was RMB6.8 billion (US$1.0
billion), representing a 18% decrease from 2019. The
decrease was primarily due to the challenging macroeconomic
environment in China.
Content distribution revenue was RMB2.7
billion (US$407.7 million),
representing a 5% increase from 2019.
Other revenues were RMB3.7 billion
(US$572.3 million), remaining flat
from 2019.
Cost of revenues was RMB27.9
billion (US$4.3 billion),
representing an 8% decrease from 2019. The decrease was primarily
attributable to less content costs and other cost items.
Content costs as a component of cost of revenues were RMB20.9 billion (US$3.2
billion), representing a 6% decrease from 2019. The decrease
was a combined effect of less recorded expenses of produced
content, more shorter-length content to satisfy the diversified
users' demand, as well as update of accounting estimates of future
viewership consumption patterns and useful lives of content assets
to better reflect the expected usage of these content assets.
Selling, general and administrative expenses were RMB5.2 billion (US$795.1
million), representing a 1% decrease from 2019. This was
primarily due to less marketing spend.
Research and development expenses were RMB2.7 billion (US$410.0
million), remaining flat from 2019, primarily due to
the decreased personnel compensation offset by the increase of
share-based compensation expenses.
Operating loss was RMB6.0 billion
(US$925.7 million), compared to
operating loss of RMB9.3 billion in
2019. Operating loss margin was 20%, compared to operating loss
margin of 32% in 2019.
Total other expense was RMB943.4
million (US$144.6 million),
compared to total other expense of RMB967.1
million during 2019.
Loss before income taxes was RMB7.0
billion (US$1.1 billion),
compared to loss before income taxes of RMB10.2 billion in 2019.
Income tax expense was RMB23.3
million (US$3.6 million),
compared to income tax expense of RMB51.9
million in 2019.
Net loss attributable to iQIYI was RMB7.0
billion (US$1.1 billion),
compared to net loss attributable to iQIYI of RMB10.3 billion in 2019. Diluted net loss
attributable to iQIYI per ADS was RMB9.52 (US$1.47)
for 2020, compared to diluted net loss attributable to iQIYI per
ADS of RMB14.14 in 2019.
Financial Guidance
For the first quarter of 2021, iQIYI expects total net revenues
to be between RMB7.07 billion
(US$1.08 billion) and RMB7.53 billion (US$1.15
billion), representing an 8% to a 2% decrease year over
year. This forecast reflects iQIYI's current and preliminary view,
which may be subject to change.
Update on the 2026 Notes and follow-on public offering of
ADSs
The Company closed (i) the public offering of US$800 million in aggregate principal amount of
4.00% convertible senior notes due 2026 (the "2026 Notes"), and
(ii) the public offering by the Company of an aggregate of
40,000,000 ADSs at an offering price of US$17.50 per ADS on December 21, 2020. The underwriters exercised
their option in full to purchase an additional US$100 million aggregate principal amount of the
2026 Notes (the "Option Notes") and their option in part to
purchase 4,594,756 additional ADSs (the "Option ADSs"), which
closed on January 8, 2021. The
Company received aggregate proceeds of approximately US$884.3 million after deducting underwriting
discounts and commissions from the 2026 Notes offering, which
included the exercise by the underwriters of the option to purchase
the Option Notes, and aggregate proceeds of approximately
US$758.9 million after deducting
underwriting discounts and commissions from the ADS offering, which
included the exercise by the underwriters of the option to purchase
the Option ADSs.
Conference Call Information
iQIYI's management will hold an earnings conference call at
7:00 PM on February 17, 2021, U.S. Eastern Time
(8:00 AM on February 18, 2021, 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/2171098
It will automatically direct you to the registration page of "
iQIYI Fourth Quarter and Fiscal Year 2020 Earnings Conference
Call", where you may fill in your details for RSVP. If it requires
you to enter a participant conference ID, please enter
"2171098".
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 February 25, 2021.
Dial-in numbers for the replay are as follows:
International Dial-in: +61 2 8199 0299
Passcode: 2171098
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
and e-commerce 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 Financial Guidance and 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 free cash flow as non-GAAP
financial measure. 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 the non-GAAP financial measure provides
meaningful supplemental information regarding its liquidity by
excluding certain items that may not be indicative of its recurring
liquidity position, such as operating cash flows adjusted by
capital expenditures. The Company believes that both management and
investors benefit from referring to the non-GAAP financial measure
in assessing its liquidation and when planning and forecasting
future periods. The non-GAAP financial measure also facilitates
management's internal comparisons to iQIYI's historical liquidity.
The Company believes the non-GAAP financial measure is 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 the non-GAAP
financial measure is that the non-GAAP measure 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. The non-GAAP financial measure 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.
Free cash flow represents net cash provided by operating
activities less capital expenditures. Starting from January 1, 2020, iQIYI adopted ASU 2019-02,
Improvements to Accounting for Costs of Films and License
Agreements for Program Materials, which reclassifies cash
outflows for costs incurred to acquire licensed contents from
investing activities to operating activities. To increase
comparability, 2019 free cash flow has been adjusted to include
cash outflows of acquisition of licensed copyrights, which is
presented on the same basis as 2020 and going forward.
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,
|
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Membership
services
|
|
3,861,058
|
|
3,975,514
|
|
3,835,201
|
|
14,435,611
|
|
16,491,030
|
Online advertising
services
|
|
1,883,100
|
|
1,840,231
|
|
1,859,031
|
|
8,270,600
|
|
6,822,115
|
Content
distribution
|
|
878,044
|
|
392,338
|
|
804,335
|
|
2,544,221
|
|
2,660,074
|
Others
|
|
874,422
|
|
979,609
|
|
959,613
|
|
3,743,226
|
|
3,733,996
|
Total
revenues
|
|
7,496,624
|
|
7,187,692
|
|
7,458,180
|
|
28,993,658
|
|
29,707,215
|
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
(7,914,438)
|
|
(6,363,438)
|
|
(6,784,507)
|
|
(30,348,342)
|
|
(27,884,395)
|
Selling, general and
administrative
|
|
(1,399,529)
|
|
(1,363,935)
|
|
(1,317,665)
|
|
(5,236,007)
|
|
(5,187,835)
|
Research and
development
|
|
(711,262)
|
|
(669,933)
|
|
(663,381)
|
|
(2,667,146)
|
|
(2,675,494)
|
Total
operating costs and expenses
|
|
(10,025,229)
|
|
(8,397,306)
|
|
(8,765,553)
|
|
(38,251,495)
|
|
(35,747,724)
|
Operating
loss
|
|
(2,528,605)
|
|
(1,209,614)
|
|
(1,307,373)
|
|
(9,257,837)
|
|
(6,040,509)
|
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expense):
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
89,833
|
|
34,049
|
|
22,409
|
|
402,145
|
|
157,477
|
Interest
expenses
|
|
(276,927)
|
|
(269,311)
|
|
(269,323)
|
|
(914,371)
|
|
(1,066,320)
|
Foreign exchange
gain/(loss), net
|
|
443,977
|
|
265,572
|
|
28,925
|
|
(190,210)
|
|
43,274
|
Loss from equity
method investments
|
|
(49,213)
|
|
(24,749)
|
|
(40,697)
|
|
(155,073)
|
|
(224,489)
|
Other
(expense)/income, net
|
|
(132,388)
|
|
61,461
|
|
17,651
|
|
(109,541)
|
|
146,690
|
Total other
income/(expense), net
|
|
75,282
|
|
67,022
|
|
(241,035)
|
|
(967,050)
|
|
(943,368)
|
|
|
|
|
|
|
|
|
|
|
|
Loss before
income taxes
|
|
(2,453,323)
|
|
(1,142,592)
|
|
(1,548,408)
|
|
(10,224,887)
|
|
(6,983,877)
|
Income tax
(expense)/benefit
|
|
(22,586)
|
|
(18,846)
|
|
16,337
|
|
(51,852)
|
|
(23,276)
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(2,475,909)
|
|
(1,161,438)
|
|
(1,532,071)
|
|
(10,276,739)
|
|
(7,007,153)
|
Less: Net
income attributable to noncontrolling interests
|
|
17,876
|
|
12,850
|
|
15,543
|
|
46,590
|
|
31,208
|
Net loss
attributable to iQIYI, Inc.
|
|
(2,493,785)
|
|
(1,174,288)
|
|
(1,547,614)
|
|
(10,323,329)
|
|
(7,038,361)
|
Accretion of
redeemable noncontrolling interests
|
|
(1,542)
|
|
(1,796)
|
|
(1,827)
|
|
(1,542)
|
|
(7,087)
|
Net loss
attributable to ordinary shareholders
|
|
(2,495,327)
|
|
(1,176,084)
|
|
(1,549,441)
|
|
(10,324,871)
|
|
(7,045,448)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share
for Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.49)
|
|
(0.23)
|
|
(0.30)
|
|
(2.02)
|
|
(1.36)
|
Diluted
|
|
(0.49)
|
|
(0.23)
|
|
(0.30)
|
|
(2.02)
|
|
(1.36)
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
ADS (1 ADS equals 7 Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(3.43)
|
|
(1.61)
|
|
(2.10)
|
|
(14.14)
|
|
(9.52)
|
Diluted
|
|
(3.43)
|
|
(1.61)
|
|
(2.10)
|
|
(14.14)
|
|
(9.52)
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares
used in net loss per share computation:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
5,123,416,747
|
|
5,182,686,302
|
|
5,232,415,954
|
|
5,104,882,400
|
|
5,176,180,057
|
Diluted
|
|
5,123,416,747
|
|
5,182,686,302
|
|
5,232,415,954
|
|
5,104,882,400
|
|
5,176,180,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iQIYI,
INC.
|
Condensed
Consolidated Balance Sheets
|
(In RMB thousands,
except for number of shares and per share data)
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2019
|
|
2020
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
5,934,742
|
|
10,915,282
|
|
Restricted
cash
|
|
974,932
|
|
25,230
|
|
Short-term
investments
|
|
4,579,313
|
|
3,358,174
|
|
Accounts receivable,
net
|
|
3,627,749
|
|
3,344,433
|
|
Prepayments and other
assets
|
|
3,719,228
|
|
3,515,855
|
|
Amounts due from
related parties
|
|
211,993
|
|
96,111
|
|
Licensed copyrights,
net
|
|
1,224,881
|
|
1,035,339
|
|
Total current assets
|
|
20,272,838
|
|
22,290,424
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Fixed assets,
net
|
|
1,754,367
|
|
1,393,467
|
|
Long-term
investments
|
|
2,982,154
|
|
3,202,828
|
|
Deferred tax
assets, net
|
|
34,916
|
|
51,347
|
|
Licensed
copyrights, net
|
|
6,287,330
|
|
6,435,055
|
|
Intangible
assets, net
|
|
813,960
|
|
627,198
|
|
Produced
content, net
|
|
4,355,221
|
|
6,556,084
|
|
Prepayments and
other assets
|
|
3,508,476
|
|
2,699,423
|
|
Operating lease
assets
|
|
722,742
|
|
1,001,857
|
|
Goodwill
|
|
3,888,346
|
|
3,888,346
|
|
Amounts due from
related parties
|
|
172,200
|
|
39,400
|
|
Total non-current assets
|
|
24,519,712
|
|
25,895,005
|
|
|
|
|
|
|
|
Total
assets
|
|
44,792,550
|
|
48,185,429
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts and notes
payable
|
|
8,212,449
|
|
7,561,532
|
|
Amounts due to related
parties
|
|
1,604,258
|
|
1,778,783
|
|
Customer advances and
deferred revenue
|
|
3,081,407
|
|
3,444,917
|
|
Convertible senior
notes, current portion
|
|
-
|
|
4,752,061
|
|
Short-term
loans
|
|
2,618,170
|
|
2,965,957
|
|
Long-term loans,
current portion
|
|
736,814
|
|
909,034
|
|
Operating lease
liabilities, current portion
|
|
125,412
|
|
201,307
|
|
Accrued expenses and
other liabilities
|
|
3,794,656
|
|
3,240,987
|
|
Total current liabilities
|
|
20,173,166
|
|
24,854,578
|
|
Non-current
liabilities:
|
|
|
|
|
|
Long-term
loans
|
|
880,278
|
|
-
|
|
Convertible senior
notes
|
|
12,296,868
|
|
11,926,715
|
|
Deferred tax
liabilities
|
|
30,136
|
|
4,588
|
|
Amounts due to related
parties
|
|
1,061,883
|
|
977,407
|
|
Operating lease
liabilities
|
|
402,732
|
|
767,676
|
|
Other non-current
liabilities
|
|
232,555
|
|
210,167
|
|
Total non-current liabilities
|
|
14,904,452
|
|
13,886,553
|
|
|
|
|
|
|
|
Total
liabilities
|
|
35,077,618
|
|
38,741,131
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
101,542
|
|
108,629
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
142
|
|
165
|
|
Class B ordinary
shares
|
|
183
|
|
183
|
|
Additional paid-in
capital
|
|
41,298,328
|
|
47,687,483
|
|
Accumulated
deficit
|
|
(33,834,357)
|
|
(40,973,853)
|
|
Accumulated other
comprehensive income
|
|
2,106,718
|
|
2,542,680
|
|
Non-controlling
interests
|
|
42,376
|
|
79,011
|
|
Total
shareholders' equity
|
|
9,613,390
|
|
9,335,669
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests and shareholders'
equity
|
|
44,792,550
|
|
48,185,429
|
|
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,
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
2020
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by/(used for) operating activities(1)
|
2,342,583
|
|
(1,929,077)
|
|
(1,519,447)
|
|
3,906,227
|
|
(5,411,071)
|
Net cash (used
for)/provided by investing activities
(1、2)
|
(2,088,910)
|
|
342,847
|
|
281,471
|
|
(11,749,571)
|
|
159,296
|
Net cash (used
for)/provided by financing activities
|
(259,249)
|
|
238,109
|
|
8,392,477
|
|
7,880,306
|
|
9,373,906
|
Effect of exchange
rate changes on cash, cash equivalents
and restricted
cash
|
(177,873)
|
|
(113,074)
|
|
(32,770)
|
|
112,265
|
|
(91,293)
|
Net
(decrease)/increase in cash, cash equivalents and
restricted
cash
|
(183,449)
|
|
(1,461,195)
|
|
7,121,731
|
|
149,227
|
|
4,030,838
|
Cash, cash
equivalents and restricted cash
|
|
|
|
|
|
|
|
|
|
At beginning of
period
|
7,093,123
|
|
5,279,976
|
|
3,818,781
|
|
6,760,447
|
|
6,909,674
|
At end of
period
|
6,909,674
|
|
3,818,781
|
|
10,940,512
|
|
6,909,674
|
|
10,940,512
|
|
|
|
|
|
|
|
|
|
|
Net cash provided
by/(used for) operating activities
|
2,342,583
|
|
(1,929,077)
|
|
(1,519,447)
|
|
3,906,227
|
|
(5,411,071)
|
Less: Capital
expenditures (3)
|
(232,225)
|
|
(89,938)
|
|
(26,523)
|
|
(740,163)
|
|
(240,750)
|
Less: Acquisition of
licensed copyrights (1)
|
(3,656,339)
|
|
-
|
|
-
|
|
(11,957,549)
|
|
-
|
Free cash
flow
|
(1,545,981)
|
|
(2,019,015)
|
|
(1,545,970)
|
|
(8,791,485)
|
|
(5,651,821)
|
|
|
|
|
|
|
|
|
|
|
|
(1) Starting from January 1, 2020, iQIYI adopted ASU 2019-02,
Improvements to Accounting for Costs of Films and License
Agreements for Program Materials, which reclassifies cash
outflows for costs incurred to acquire licensed contents from
investing activities to operating activities. To increase
comparability, 2019 non-GAAP measure of free cash flow has been
adjusted to include cash outflows of acquisition of licensed
copyrights, which is presented on the same basis as 2020 and going
forward.
(2) Starting from January 1, 2020, net cash used in or provided by
investing activities primarily consists of net cash flows from
investing in debt securities, purchase of long term investments and
capital expenditures.
(3) Capital expenditures are incurred
primarily in connection with leasehold improvements, computers and
servers.
View original
content:http://www.prnewswire.com/news-releases/iqiyi-announces-fourth-quarter-and-fiscal-year-2020-financial-results-301230127.html
SOURCE iQIYI, Inc.