iQIYI Announces First Quarter 2020 Financial Results
BEIJING,
First Quarter 2020 Highlights
- Total revenues were
RMB7.6 billion (US$1.1 billion [1]), representing a 9% increase from the same period in 2019. - Operating loss was
RMB2.2 billion (US$316.6 million ) and operating loss margin was 29%, compared to operating loss ofRMB2.0 billion and operating loss margin of 29% in the same period in 2019. - Net loss attributable to iQIYI was
RMB2.9 billion (US$406.0 million ), compared to net loss attributable to iQIYI ofRMB1.8 billion in the same period in 2019. Diluted net loss attributable to iQIYI per ADS wasRMB3.92 (US$0.56 ), compared to diluted net loss attributable to iQIYI per ADS ofRMB2.52 in the same period of 2019. - The number of total subscribing members was 118.9 million as of
March 31, 2020 , 99.2% of whom were paying subscribing members. This compares to 96.8 million of total subscribing members as ofMarch 31, 2019 , up 23% year over year.
"We delivered solid results during the first quarter despite very challenging environment caused by the COVID-19 outbreak," commented Dr.
"We started off the year with solid financial and operational performance spearheaded by our membership business," commented Mr.
Footnotes: |
[1] Unless otherwise noted, all translations from RMB to |
First quarter 2020 Financial Results
Total revenues reached
Membership services revenue was
Online advertising services revenue was
Content distribution revenue was
Other revenues were
Cost of revenues was
Selling, general and administrative expenses were
Research and development expenses were
Operating loss was
Total other expense was
Loss before income taxes was
Income tax expense was
Net loss attributable to iQIYI was
As of
Financial Guidance
For the second quarter of 2020, iQIYI expects total net revenues to be between
Conference Call Information
iQIYI's management will hold an earnings conference call at
Please register in advance of the conference using the link provided below. Upon registering, participant will receive dial-in numbers, Direct Event passcode and unique registrant ID by email.
Participant Online Registration: http://apac.directeventreg.com/registration/event/5125109
It will automatically direct you to the registration page of "iQIYI First Quarter 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 "5125109".
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
Dial-in numbers for the replay are as follows:
International Dial-in |
+61 2 8199 0299 |
Passcode: |
5125109 |
A live and archived webcast of the conference call will be available at http://ir.iqiyi.com/.
About iQIYI, Inc.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For more information, please contact:
Investor Relations
+ 86 10 8264 6585
ir@qiyi.com
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Condensed Consolidated Statements of Income |
|||||||||
(In RMB thousands, except for number of shares and per share data) |
|||||||||
Three Months Ended |
|||||||||
|
|
|
|||||||
2019 |
2019 |
2020 |
|||||||
RMB |
RMB |
RMB |
|||||||
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||||||
Revenues: |
|||||||||
Membership services |
3,445,343 |
3,861,058 |
4,634,347 |
||||||
Online advertising services |
2,119,433 |
1,883,100 |
1,536,770 |
||||||
Content distribution |
467,861 |
878,044 |
602,772 |
||||||
Others |
957,282 |
874,422 |
875,877 |
||||||
Total revenues |
6,989,919 |
7,496,624 |
7,649,766 |
||||||
Operating costs and expenses: |
|||||||||
Cost of revenues |
(7,277,196) |
(7,914,438) |
(7,902,864) |
||||||
Selling, general and administrative |
(1,140,611) |
(1,399,529) |
(1,310,603) |
||||||
Research and development |
(598,072) |
(711,262) |
(678,135) |
||||||
Total operating costs and expenses |
(9,015,879) |
(10,025,229) |
(9,891,602) |
||||||
Operating loss |
(2,025,960) |
(2,528,605) |
(2,241,836) |
||||||
Other expense |
|||||||||
Interest income |
65,097 |
89,833 |
56,594 |
||||||
Interest expenses |
(135,247) |
(276,927) |
(262,030) |
||||||
Foreign exchange gain/ (loss), net |
328,035 |
443,977 |
(312,422) |
||||||
Loss from equity method investments |
(34,535) |
(49,213) |
(96,838) |
||||||
Other expense, net |
(12,224) |
(132,388) |
(13,811) |
||||||
Total other income/(expense), net |
211,126 |
75,282 |
(628,507) |
||||||
Loss before income taxes |
(1,814,834) |
(2,453,323) |
(2,870,343) |
||||||
Income tax expense |
(7,443) |
(22,586) |
(4,841) |
||||||
Net loss |
(1,822,277) |
(2,475,909) |
(2,875,184) |
||||||
Less: Net (loss)/income attributable to noncontrolling |
(8,301) |
17,876 |
(542) |
||||||
Net loss attributable to |
(1,813,976) |
(2,493,785) |
(2,874,642) |
||||||
Accretion of redeemable noncontrolling interests |
- |
(1,542) |
(1,717) |
||||||
Net loss attributable to ordinary shareholders |
(1,813,976) |
(2,495,327) |
(2,876,359) |
||||||
Net loss per share for Class A and Class B ordinary |
|||||||||
Basic |
(0.36) |
(0.49) |
(0.56) |
||||||
Diluted |
(0.36) |
(0.49) |
(0.56) |
||||||
Net loss per ADS (1 ADS equals 7 Class A ordinary |
|||||||||
Basic |
(2.52) |
(3.43) |
(3.92) |
||||||
Diluted |
(2.52) |
(3.43) |
(3.92) |
||||||
Weighted average number of Class A and Class B |
|||||||||
Basic |
5,083,030,810 |
5,123,416,747 |
5,137,428,818 |
||||||
Diluted |
5,083,030,810 |
5,123,416,747 |
5,137,428,818 |
||||||
|
||||
Condensed Consolidated Balance Sheets |
||||
(In RMB thousands, except for number of shares and per share data) |
||||
|
|
|||
2019 |
2020 |
|||
RMB |
RMB |
|||
(Unaudited) |
||||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
5,934,742 |
3,692,920 |
||
Restricted cash |
974,932 |
988,156 |
||
Short-term investments |
4,579,313 |
5,258,526 |
||
Accounts receivable |
3,627,749 |
4,310,615 |
||
Prepayments and other assets |
3,719,228 |
3,422,752 |
||
Amounts due from related parties |
211,993 |
269,454 |
||
Licensed copyrights, net |
1,224,881 |
1,432,955 |
||
Total current assets |
20,272,838 |
19,375,378 |
||
Non-current assets: |
||||
Fixed assets, net |
1,754,367 |
1,663,533 |
||
Long-term investments |
2,982,154 |
3,460,325 |
||
Deferred tax assets, net |
34,916 |
34,916 |
||
Licensed copyrights, net |
6,287,330 |
5,937,890 |
||
Intangible assets, net |
813,960 |
799,731 |
||
Produced content, net |
4,355,221 |
4,507,880 |
||
Prepayments and other assets |
3,508,476 |
2,723,251 |
||
Operating lease assets |
722,742 |
904,188 |
||
|
3,888,346 |
3,888,346 |
||
Amounts due from related parties |
172,200 |
245,700 |
||
Total non-current assets |
24,519,712 |
24,165,760 |
||
Total assets |
44,792,550 |
43,541,138 |
||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' |
||||
Current liabilities: |
||||
Accounts and notes payable |
8,212,449 |
8,328,921 |
||
Amounts due to related parties |
1,604,258 |
1,906,111 |
||
Customer advances and deferred revenue |
3,081,407 |
3,309,262 |
||
Short-term loans |
2,618,170 |
2,572,484 |
||
Long-term loans, current portion |
736,814 |
745,800 |
||
Operating lease liabilities, current portion |
125,412 |
175,410 |
||
Accrued expenses and other liabilities |
3,794,656 |
3,839,707 |
||
Total current liabilities |
20,173,166 |
20,877,695 |
||
Non-current liabilities: |
||||
Long-term loans |
880,278 |
879,790 |
||
Convertible senior notes |
12,296,868 |
12,611,230 |
||
Deferred tax liabilities |
30,136 |
16,581 |
||
Amounts due to related parties |
1,061,883 |
1,027,477 |
||
Operating lease liabilities |
402,732 |
515,838 |
||
Other non-current liabilities |
232,555 |
237,997 |
||
Total non-current liabilities |
14,904,452 |
15,288,913 |
||
Total liabilities |
35,077,618 |
36,166,608 |
||
Redeemable noncontrolling interests: |
101,542 |
103,259 |
||
Shareholders' equity: |
||||
Class A ordinary shares |
142 |
143 |
||
Class B ordinary shares |
183 |
183 |
||
Additional paid-in capital |
41,298,328 |
41,620,013 |
||
Accumulated deficit |
(33,834,357) |
(36,729,492) |
||
Accumulated other comprehensive income |
2,106,718 |
2,341,740 |
||
Non-controlling interests |
42,376 |
38,684 |
||
Total shareholders' equity |
9,613,390 |
7,271,271 |
||
Total liabilities, redeemable noncontrolling interests and shareholders' equity |
44,792,550 |
43,541,138 |
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