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1、 iQIYI Announces Second Quarter 2024 Financial Results BEIJING,CHINA,August 22,2024 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 second quarter ended June 30,2024.Second Quarter

2、2024 Highlights Total revenues were RMB7.4 billion(US$1.0 billion1),decreasing 5%year over year.Operating income was RMB342.1 million(US$47.1 million)and operating income margin was 5%,compared to operating income of RMB610.4 million and operating income margin of 8%in the same period in 2023.Non-GA

3、AP operating income2 was RMB501.4 million(US$69.0 million)and non-GAAP operating income margin was 7%,compared to non-GAAP operating income of RMB786.4 million and non-GAAP operating income margin of 10%in the same period in 2023.Net income attributable to iQIYI was RMB68.7 million(US$9.5 million),c

4、ompared to net income attributable to iQIYI of RMB365.2 million in the same period in 2023.Non-GAAP net income attributable to iQIYI2 was RMB246.9 million(US$34.0 million),compared to non-GAAP net income attributable to iQIYI of RMB594.7 million in the same period in 2023.“We believe the vibrant com

5、petition within the long-form video sector in the second quarter is constructive for the industry,enhancing its appeal over other entertainment formats,”commented Mr.Yu Gong,Founder,Director,and Chief Executive Officer of iQIYI.“The key to long-term success hinges on consistently delivering premium

6、content that balances artistic merits and commercial benefits,to which we remain committed.”“We have prudently managed our financial resources to optimize the financial leverage of the balance sheet,enhance the sustainability of our business,and ultimately deliver value to all stakeholders.”commente

7、d Mr.Jun Wang,Chief Financial Officer of iQIYI.Second Quarter 2024 Financial Highlights Three Months Ended(Amounts in thousands of Renminbi(“RMB”),except for per ADS data,unaudited)June 30,March 31,June 30,2023 2024 2024 RMB RMB RMB Total revenues 7,802,297 7,927,355 7,438,785 Operating income 610,3

8、92 944,753 342,093 Operating income(non-GAAP)786,391 1,085,762 501,417 Net income attributable to iQIYI,Inc.365,207 655,317 68,685 Net income attributable to iQIYI,Inc.(non-GAAP)594,663 844,325 246,914 Diluted net income per ADS 0.37 0.68 0.07 Diluted net income per ADS(non-GAAP)2 0.61 0.87 0.25 Foo

9、tnotes:1 Unless otherwise noted,RMB to USD was converted at an exchange rate of RMB7.2672 as of June 28,2024,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

10、 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).Second Quarter 2024 Financial Results Total revenues reached RMB7.4 billion(US$1.0 billion),decreasing 5%year over year.Membership ser

11、vices revenue was RMB4.5 billion(US$618.6 million),decreasing 9%year over year,primarily due to fluctuation in the content slate performance.Online advertising services revenue was RMB1.5 billion(US$201.1 million),decreasing 2%year over year,primarily due to the decrease in brand advertising busines

12、s,partially offset by the growth of performance-based advertising business.Content distribution revenue was RMB698.2 million(US$96.1 million),increasing 2%year over year.Other revenues were RMB783.9 million(US$107.9 million),increasing 16%year over year,primarily driven by the increase of revenue de

13、rived from talent agency services and third-party cooperation.Cost of revenues was RMB5.7 billion(US$781.4 million),decreasing 2%year over year.Content costs as a component of cost of revenues were RMB4.1 billion(US$559.4 million),decreasing 2%year over year.Selling,general and administrative expens

14、es were RMB969.7 million(US$133.4 million),decreasing 1%year over year.Research and development expenses were RMB448.7 million(US$61.7 million),increasing 2%year over year.Operating income was RMB342.1 million(US$47.1 million),decreasing 44%year over year.Operating income margin was 5%,compared to o

15、perating income margin of 8%in the same period in 2023.Non-GAAP operating income was RMB501.4 million(US$69.0 million),decreasing 36%year over year.Non-GAAP operating income margin was 7%,compared to non-GAAP operating income margin of 10%in the same period in 2023.Total other expense was RMB240.4 m

16、illion(US$33.1 million),increasing 2%year over year.Income before income taxes was RMB101.7 million(US$14.0 million),compared to income before income taxes of RMB375.8 million in the same period in 2023.Income tax expense was RMB25.7 million(US$3.5 million),compared to income tax expense of RMB7.9 m

17、illion in the same period in 2023.Net income attributable to iQIYI was RMB68.7 million(US$9.5 million),decreasing 81%year over year.Diluted net income attributable to iQIYI per ADS was RMB0.07(US$0.01)for the second quarter of 2024,compared to diluted net income attributable to iQIYI per ADS of RMB0

18、.37 in the same period of 2023.Non-GAAP net income attributable to iQIYI was RMB246.9 million(US$34.0 million),decreasing 58%year over year.Non-GAAP diluted net income attributable to iQIYI per ADS was RMB0.25(US$0.03),compared to non-GAAP diluted net income attributable to iQIYI per ADS of RMB0.61

19、in the same period of 2023.Operating cash flow was RMB410.8 million(US$56.5 million),compared to operating cash flow of RMB885.6 million in the same period of 2023.Free cash flow was RMB382.5 million(US$52.6 million),compared to free cash flow of RMB872.3 million in the same period of 2023.As of Jun

20、e 30,2024,the Company had cash,cash equivalents,short-term investments and long-term restricted cash included in prepayments and other assets of RMB8.6 billion(US$1.2 billion).Repurchase of 4%Convertible Senior Notes due 2026 In August 2024,the Company completed the repurchase right offer for its 4%

21、convertible senior notes due 2026(the“Notes”).An aggregate principal amount of US$395.5 million of the Notes were validly surrendered and repurchased with an aggregate repurchase price(including the aggregate principal amount of the Notes plus accrued and unpaid interest)of US$397.5 million.Followin

22、g settlement of the repurchase,less than US$0.2 million aggregate principal amount of the Notes remains outstanding and continues to be subject to the existing terms of the Indenture and the Notes.PAG Facility Agreements In August 2024,the Company entered into a facility agreement with PAG,adding to

23、 the previous facility agreement from September 2023.Together,these facility agreements provide PAG with loan facilities with an aggregate amount of up to US$522.5 million,with an interest rate of 6%per annum.At each draw down,PAG shall release the equivalent amount of restricted cash collateralized

24、 by the Company under the PAG Notes.As a result,the foregoing facility arrangement does not impact the Companys cash available for daily operations.Upon PAGs total draw down of US$400 million under the facility agreements,the corresponding restricted cash collateral will be released,and the repurcha

25、se right for the US$522.5 million principal of the PAG Notes will be waived.Such repurchase right would have allowed PAG to require the Company to repurchase the PAG Notes during the three-month period starting on December 30,2025.Conference Call Information iQIYIs management will hold an earnings c

26、onference call at 7:00 AM on August 22,2024,U.S.Eastern Time(7:00 PM on August 22,2024,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.P

27、articipant Online Registration:https:/s1.c- It will automatically direct you to the registration page of iQIYI Second Quarter 2024 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(includi

28、ng 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 August 29,2024.Dial-in numbers for the replay are as follows

29、:International Dial-in +1 855 883 1031 Passcode:10040374 A live and archived webcast of the conference call will be available at http:/ 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 c

30、ontinuous 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.iQIYI distinguishes itself in the online entertainment industry by its le

31、ading technology platform powered by advanced AI,big data analytics and other core proprietary technologies.Over time,iQIYI has built a massive user base and developed a diversified monetization model including membership services,online advertising services,content distribution,online games,IP lice

32、nsing,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 terminolo

33、gy 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 iQIYIs strategic and operational plans,contain forward-looking statements.iQIYI may also make written or oral

34、 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

35、facts,including but not limited to statements about iQIYIs 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 state

36、ment,including but not limited to the following:iQIYIs strategies;iQIYIs future business development,financial condition and results of operations;iQIYIs ability to retain and increase the number of users,members and advertising customers,and expand its service offerings;competition in the online en

37、tertainment industry;changes in iQIYIs 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 infor

38、mation regarding these and other risks is included in the Companys 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 requir

39、ed under applicable law.Non-GAAP Financial Measures To supplement iQIYIs 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

40、 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 fin

41、ancial 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 m

42、anagement 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 managements internal comparisons to iQIYIs historical operating performance.The Company be

43、lieves 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 exclu

44、de certain items that have been and will continue to be for the foreseeable future a significant component in the Companys 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 calcul

45、ate similarly titled measures differently,limiting their usefulness as comparative measures to the Companys data.Non-GAAP operating income represents operating income excluding share-based compensation expenses,amortization of intangible assets resulting from business combinations.Non-GAAP net incom

46、e attributable to iQIYI,Inc.represents net income attributable to iQIYI,Inc.excluding share-based compensation expenses,amortization of intangible assets resulting from business combinations,disposal gain or loss,impairment of long-term investments,fair value change of long-term investments,adjusted

47、 for related income tax effects.iQIYIs share of equity method investments for these non-GAAP reconciling items,primarily 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 issuan

48、ce of shares by the investees at a price higher or lower than the carrying value per share,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 w

49、eighted 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,I iQIYI,INC.Condensed Consolidated Statements of Income (In RMB thousands,except for n

50、umber of shares and per share data)Three Months Ended Six Months Ended June 30,March 31,June 30,June 30,June 30,2023 2024 2024 2023 2024 RMB RMB RMB RMB RMB (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)Revenues:Membership services 4,946,567 4,798,861 4,495,310 10,493,872 9,294,171 Online a

51、dvertising services 1,495,378 1,482,052 1,461,367 2,899,130 2,943,419 Content distribution 683,586 928,009 698,175 1,415,493 1,626,184 Others 676,766 718,433 783,933 1,342,609 1,502,366 Total revenues 7,802,297 7,927,355 7,438,785 16,151,104 15,366,140 Operating costs and expenses:Cost of revenues (

52、5,773,867)(5,631,239)(5,678,342)(11,729,870)(11,309,581)Selling,general and administrative (979,000)(922,035)(969,673)(2,084,855)(1,891,708)Research and development (439,038)(429,328)(448,677)(867,356)(878,005)Total operating costs and expenses (7,191,905)(6,982,602)(7,096,692)(14,682,081)(14,079,29

53、4)Operating income 610,392 944,753 342,093 1,469,023 1,286,846 Other income/(expenses):Interest income 52,196 58,740 68,688 157,182 127,428 Interest expenses (278,521)(282,135)(288,162)(564,485)(570,297)Foreign exchange loss,net (114,992)(31,551)(51,338)(78,010)(82,889)Gain/(loss)from equity method

54、investments 33,789 13,514 (2,100)(51,320)11,414 Others,net 72,928 (19,859)32,476 93,790 12,617 Total other expense,net (234,600)(261,291)(240,436)(442,843)(501,727)Income before income taxes 375,792 683,462 101,657 1,026,180 785,119 Income tax expense(7,930)(17,633)(25,741)(32,562)(43,374)Net income

55、 367,862 665,829 75,916 993,618 741,745 Less:Net income attributable to noncontrolling interests 2,655 10,512 7,231 10,302 17,743 Net income attributable to iQIYI,Inc.365,207 655,317 68,685 983,316 724,002 Net income attributable to ordinary shareholders 365,207 655,317 68,685 983,316 724,002 Net in

56、come per share for Class A and Class B ordinary shares:Basic 0.05 0.10 0.01 0.15 0.11 Diluted 0.05 0.10 0.01 0.14 0.11 Net income per ADS(1 ADS equals 7 Class A ordinary shares):Basic 0.38 0.68 0.07 1.04 0.75 Diluted 0.37 0.68 0.07 1.01 0.74 Weighted average number of Class A and Class B ordinary sh

57、ares used in net income per share computation:Basic 6,704,546,096 6,717,652,924 6,725,978,497 6,637,475,009 6,721,815,708 Diluted 6,851,986,558 6,788,073,126 6,857,915,450 6,803,848,441 6,822,994,286 iQIYI,INC.Condensed Consolidated Balance Sheets (In RMB thousands,except for number of shares and pe

58、r share data)December 31,June 30,2023 2024 RMB RMB (Unaudited)ASSETS Current assets:Cash and cash equivalents 4,434,525 6,301,808 Restricted cash 6,120 -Short-term investments 941,738 735,916 Accounts receivable,net 2,169,042 2,339,010 Prepayments and other assets 2,794,259 2,415,157 Amounts due fro

59、m related parties 1,707,024 320,504 Licensed copyrights,net 582,521 641,490 Total current assets 12,635,229 12,753,885 Non-current assets:Fixed assets,net 863,813 849,994 Long-term investments 2,260,785 2,172,309 Licensed copyrights,net 6,966,508 6,913,875 Intangible assets,net 309,534 321,200 Produ

60、ced content,net 13,376,985 14,328,294 Prepayments and other assets 3,518,210 4,244,114 Operating lease assets 683,897 642,047 Goodwill 3,820,823 3,820,823 Amounts due from related parties 158,590 1,601,745 Total non-current assets 31,959,145 34,894,401 Total assets 44,594,374 47,648,286 LIABILITIES

61、AND SHAREHOLDERS EQUITY Current liabilities:Accounts and notes payable 5,671,074 5,969,657 Amounts due to related parties 2,953,658 3,168,323 Customer advances and deferred revenue 4,373,208 4,541,220 Convertible senior notes,current portion 2,802,442 2,892,033 Short-term loans 3,571,637 4,262,684 L

62、ong-term loans,current portion 2,000 29,000 Operating lease liabilities,current portion 100,883 97,326 Accrued expenses and other liabilities 2,866,632 3,057,163 Total current liabilities 22,341,534 24,017,406 Non-current liabilities:Long-term loans 97,990 379,830 Convertible senior notes 8,143,994

63、8,407,516 Deferred tax liabilities 824 297 Amounts due to related parties 80,566 69,976 Operating lease liabilities 523,747 489,232 Other non-current liabilities 1,220,804 1,257,374 Total non-current liabilities 10,067,925 10,604,225 Total liabilities 32,409,459 34,621,631 Shareholders equity:Class

64、A ordinary shares 237 238 Class B ordinary shares 193 193 Additional paid-in capital 54,971,469 55,311,753 Accumulated deficit (44,573,428)(43,849,426)Accumulated other comprehensive income 1,688,047 1,500,355 Non-controlling interests 98,397 63,542 Total shareholders equity 12,184,915 13,026,655 To

65、tal liabilities and shareholders equity 44,594,374 47,648,286 iQIYI,INC.Condensed Consolidated Statements of Cash Flows (In RMB thousands,except for number of shares and per share data)Three Months Ended June 30,March 31,June 30,2023 2024 2024 RMB RMB RMB (Unaudited)(Unaudited)(Unaudited)Net cash pr

66、ovided by operating activities 885,560 937,773 410,752 Net cash(used for)/provided by investing activities(1,2)(420,481)(222,755)336,256 Net cash(used for)/provided by financing activities(1,175,147)261,136 865,894 Effect of exchange rate changes on cash,cash equivalents and restricted cash 127,759

67、14,606 23,113 Net(decrease)/increase in cash,cash equivalents and restricted cash(582,309)990,760 1,636,015 Cash,cash equivalents and restricted cash at the beginning of the period 5,664,674 5,280,608 6,271,368 Cash,cash equivalents and restricted cash at the end of the period 5,082,365 6,271,368 7,

68、907,383 Reconciliation of cash and cash equivalents and restricted cash:Cash and cash equivalents 3,565,285 5,045,322 6,301,808 Restricted cash 6,120 -Long-term restricted cash 1,510,960 1,226,046 1,605,575 Total cash and cash equivalents and restricted cash shown in the statements of cash flows 5,0

69、82,365 6,271,368 7,907,383 Net cash provided by operating activities 885,560 937,773 410,752 Less:Capital expenditures(2)(13,307)(22,429)(28,299)Free cash flow 872,253 915,344 382,453 (1)Net cash provided by or used for investing activities primarily consists of net cash flows from investing in debt

70、 securities,purchase of long-term investments and capital expenditures.(2)Capital expenditures are incurred primarily in connection with construction in process,computers and servers.iQIYI,INC.Reconciliations of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures(Amounts in thousands

71、 of Renminbi(“RMB”),except for per ADS information,unaudited)Three Months Ended June 30,March 31,June 30,2023 2024 2024 RMB RMB RMB Operating income 610,392 944,753 342,093 Add:Share-based compensation expenses 169,380 139,476 157,791 Add:Amortization of intangible assets(1)6,619 1,533 1,533 Operati

72、ng income(non-GAAP)786,391 1,085,762 501,417 Net income attributable to iQIYI,Inc.365,207 655,317 68,685 Add:Share-based compensation expenses 169,380 139,476 157,791 Add:Amortization of intangible assets(1)6,619 1,533 1,533 Add:Disposal gain(89,571)-Add:Impairment of long-term investments 155,011 7

73、0,745 16,591 Add:Fair value(gain)/loss of long-term investments(3,550)(22,482)2,577 Add:Reconciling items on equity method investments(2)(8,895)-Add:Tax effects on non-GAAP adjustments(3)462 (264)(263)Net income attributable to iQIYI,Inc.(non-GAAP)594,663 844,325 246,914 Diluted net income per ADS 0

74、.37 0.68 0.07 Add:Non-GAAP adjustments to earnings per ADS 0.24 0.19 0.18 Diluted net income per ADS(non-GAAP)0.61 0.87 0.25 (1)This represents amortization of intangible assets resulting from business combinations.(2)This represents iQIYIs share of equity method investments for other non-GAAP recon

75、ciling items,primarily amortization and impairment of intangible assets not on the investees books,accretion of their redeemable noncontrolling 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 share.(3)This represents tax impact of all relevant non-GAAP adjustments.