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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2023
--------------
Commission File Number: 001-38431
----------
iQIYI, Inc.
3/F, iQIYI Youth Center Yoolee Plaza,
No. 21, North Road of Workers’ Stadium, Chaoyang District Beijing, 100027
People’s Republic of China
Tel: +86 10 6267-7171
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ___X____ Form 40-F _________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________
1
Exhibit Index
Exhibit 99.1—Unaudited Interim Condensed Consolidated Financial Statements
Exhibit 99.2—Management's Discussion and Analysis of Financial Condition and Results of Operations
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iQIYI, Inc.
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By |
: |
/s/ Jun Wang |
Name |
: |
Jun Wang |
Title |
: |
Chief Financial Officer |
Date: January 17, 2023
3
Exhibit 99.1
iQIYI, INC.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 AND
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2022
(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),
except for number of shares and per share data)
Exhibit 99.1
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As of |
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December 31, |
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September 30, |
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September 30, |
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Note |
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2021 |
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2022 |
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2022 |
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RMB |
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RMB |
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US$ |
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(unaudited) |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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2,997,212 |
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3,559,899 |
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500,443 |
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Restricted cash |
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77,652 |
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16,355 |
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2,299 |
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Short-term investments |
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1,348,255 |
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1,470,487 |
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206,718 |
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Accounts receivable, net of allowance of RMB240,326
and RMB166,602 (US$23,421) as of December 31, 2021
and September 30, 2022, respectively |
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2,747,774 |
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2,683,392 |
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377,225 |
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Prepayments and other assets |
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3,266,523 |
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2,228,050 |
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313,214 |
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Amounts due from related parties |
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14 |
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155,512 |
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70,430 |
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9,901 |
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Licensed copyrights, net |
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5 |
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931,189 |
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818,171 |
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115,017 |
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Total current assets |
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11,524,117 |
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10,846,784 |
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1,524,817 |
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Non-current assets: |
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Fixed assets, net |
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1,344,784 |
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1,180,895 |
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166,008 |
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Long-term investments |
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4 |
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3,035,155 |
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2,803,629 |
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394,128 |
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Deferred tax assets, net |
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31,351 |
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— |
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— |
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Licensed copyrights, net |
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5 |
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7,258,042 |
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7,146,338 |
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1,004,616 |
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Intangible assets, net |
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545,305 |
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459,635 |
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64,614 |
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Produced content, net |
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6 |
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10,951,078 |
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12,711,616 |
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1,786,971 |
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Prepayments and other assets |
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2,905,690 |
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3,037,253 |
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426,970 |
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Operating lease assets |
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907,297 |
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704,025 |
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98,970 |
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Goodwill |
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3,888,346 |
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3,888,346 |
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546,615 |
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Amounts due from related parties |
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14 |
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81,000 |
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114,000 |
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16,026 |
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Total non-current assets |
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30,948,048 |
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32,045,737 |
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4,504,918 |
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Total assets |
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42,472,165 |
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42,892,521 |
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6,029,735 |
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1
iQIYI, INC.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 AND
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2022 (Continued)
(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),
except for number of shares and per share data)
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As of |
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December 31, |
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September 30, |
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September 30, |
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Note |
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2021 |
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2022 |
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2022 |
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RMB |
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RMB |
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US$ |
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(unaudited) |
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(unaudited) |
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LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY |
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Current liabilities (including current liabilities of the
consolidated VIEs without recourse to the primary
beneficiary of RMB13,941,720 and RMB12,754,468
(US$1,792,955) as of December 31, 2021 and
September 30, 2022, respectively): |
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Accounts and notes payable |
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8,896,460 |
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6,882,120 |
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967,473 |
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Amounts due to related parties |
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14 |
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2,634,089 |
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3,319,678 |
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466,673 |
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Customer advances and deferred revenue |
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3,484,509 |
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3,968,708 |
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557,912 |
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Convertible senior notes, current portion |
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8 |
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— |
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8,520,577 |
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1,197,804 |
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Short-term loans |
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7 |
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4,117,774 |
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3,938,938 |
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553,727 |
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Operating lease liabilities, current portion |
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171,541 |
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110,697 |
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15,562 |
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Accrued expenses |
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2,280,322 |
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1,671,799 |
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235,018 |
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Other liabilities |
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891,775 |
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736,910 |
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103,593 |
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Total current liabilities |
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22,476,470 |
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29,149,427 |
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4,097,762 |
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Non-current liabilities (including non-current liabilities of
the consolidated VIEs without recourse to the primary
beneficiary of RMB919,082 and RMB1,697,520 (US$238,634)
as of December 31, 2021 and September 30, 2022, respectively): |
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Convertible senior notes |
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8 |
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12,652,172 |
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6,369,982 |
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895,478 |
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Deferred tax liabilities |
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3,127 |
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2,682 |
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|
377 |
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Amounts due to related parties |
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14 |
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780,615 |
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105,056 |
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14,769 |
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Operating lease liabilities |
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625,737 |
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527,584 |
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74,167 |
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Other non-current liabilities |
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260,931 |
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1,286,875 |
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180,906 |
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Total non-current liabilities |
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14,322,582 |
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8,292,179 |
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1,165,697 |
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Total liabilities |
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36,799,052 |
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37,441,606 |
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5,263,459 |
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Commitments and contingencies |
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10 |
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2
iQIYI, INC.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2021 AND
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2022 (Continued)
(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),
except for number of shares and per share data)
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As of |
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December 31, |
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September 30, |
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September 30, |
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Note |
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2021 |
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2022 |
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2022 |
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RMB |
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RMB |
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US$ |
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Mezzanine equity: |
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(unaudited) |
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(unaudited) |
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Redeemable noncontrolling interests |
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11 |
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397,385 |
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— |
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— |
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Shareholders’ equity: |
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Class A ordinary shares (US$0.00001 par value; 94,000,000,000
shares authorized as of December 31, 2021 and September 30,
2022, respectively; 2,940,101,566 and 3,246,481,443 shares
issued as of December 31, 2021 and September 30, 2022,
respectively; 2,722,361,459 and 3,041,871,446 shares
outstanding as of December 31, 2021 and September 30,
2022, respectively) |
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3 |
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173 |
|
|
|
193 |
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27 |
|
Class B ordinary shares (US$0.00001 par value; 5,000,000,000
shares authorized as of December 31, 2021 and September 30,
2022, respectively; 2,876,391,396 and 3,041,097,278 shares
issued and outstanding as of December 31, 2021 and
September 30, 2022, respectively) |
|
3 |
|
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|
183 |
|
|
|
193 |
|
|
|
27 |
|
Additional paid-in capital |
|
3 |
|
|
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49,642,014 |
|
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|
50,676,861 |
|
|
|
7,124,040 |
|
Accumulated deficit |
|
3 |
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|
(47,163,773 |
) |
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|
(46,803,156 |
) |
|
|
(6,579,484 |
) |
Accumulated other comprehensive income |
|
16 |
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|
2,709,002 |
|
|
|
1,482,263 |
|
|
|
208,373 |
|
Noncontrolling interests |
|
3 |
|
|
|
88,129 |
|
|
|
94,561 |
|
|
|
13,293 |
|
Total shareholders’ equity |
|
|
|
|
|
5,275,728 |
|
|
|
5,450,915 |
|
|
|
766,276 |
|
Total liabilities, mezzanine equity and shareholders’ equity |
|
|
|
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|
42,472,165 |
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|
42,892,521 |
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|
6,029,735 |
|
3
iQIYI, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2022
(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),
except for number of shares and per share data)
|
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Nine months ended September 30, |
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Note |
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2021 |
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2022 |
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|
2022 |
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|
|
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|
RMB |
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|
RMB |
|
|
US$ |
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|
(Unaudited) |
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|
(Unaudited) |
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|
(Unaudited) |
|
Revenues: |
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Membership services (including related party amounts of
RMB2,600 and RMB30,768 (US$4,325) for the nine months
ended September 30, 2021 and 2022, respectively) |
|
|
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|
12,592,975 |
|
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|
12,967,268 |
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|
1,822,910 |
|
Online advertising services (including related party amounts
of RMB218,049 and RMB203,567 (US$28,617) for the nine
months ended September 30, 2021 and 2022, respectively) |
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|
5,402,249 |
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|
3,778,222 |
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|
531,134 |
|
Content distribution (including related party amounts of
RMB328,208 and RMB89,071 (US$12,521) for the nine
months ended September 30, 2021 and 2022, respectively) |
|
|
|
|
2,094,083 |
|
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|
1,835,075 |
|
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|
257,971 |
|
Others (including related party amounts of
RMB49,751 and RMB24,919 (US$3,503) for the nine
months ended September 30, 2021 and 2022, respectively) |
|
|
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|
3,076,494 |
|
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|
2,824,124 |
|
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|
397,009 |
|
Total revenues |
|
|
|
|
23,165,801 |
|
|
|
21,404,689 |
|
|
|
3,009,024 |
|
Operating costs and expenses: |
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|
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|
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|
Cost of revenues (including related party amounts of
RMB933,391 and RMB666,547 (US$93,702) for the nine
months ended September 30, 2021 and 2022, respectively) |
|
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|
(21,005,943 |
) |
|
|
(16,917,072 |
) |
|
|
(2,378,164 |
) |
Selling, general and administrative (including related party
amounts of RMB18,498 and RMB47,004 (US$6,608) for
the nine months ended September 30, 2021 and 2022,
respectively) |
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|
(3,632,054 |
) |
|
|
(2,525,676 |
) |
|
|
(355,054 |
) |
Research and development (including related
party amounts of nil and RMB1,651 (US$232) for the nine
months ended September 30, 2021 and 2022, respectively) |
|
|
|
|
(2,031,784 |
) |
|
|
(1,433,076 |
) |
|
|
(201,459 |
) |
Total operating costs and expenses |
|
|
|
|
(26,669,781 |
) |
|
|
(20,875,824 |
) |
|
|
(2,934,677 |
) |
Operating (loss)/income |
|
|
|
|
(3,503,980 |
) |
|
|
528,865 |
|
|
|
74,347 |
|
4
iQIYI, INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2022 (Continued)
(Amounts in thousands of Renminbi (“RMB”) and U.S. Dollars (“US$”),
except for number of shares and per share data)
|
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|
|
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|
|
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|
|
|
|
|
|
|
|
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|
Nine months ended September 30, |
|
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|
Note |
|
|
2021 |
|
|
2022 |
|
|
2022 |
|
|
|
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
Other income/(expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
|
|
|
93,779 |
|
|
|
43,285 |
|
|
|
6,085 |
|
Interest expenses |
|
|
|
|
|
(1,025,002 |
) |
|
|
(539,063 |
) |
|
|
(75,780 |
) |
Foreign exchange gain/(loss), net |
|
|
|
|
|
26,673 |
|
|
|
(186,886 |
) |
|
|
(26,272 |
) |
Share of losses from equity method investments |
|
|
|
|
|
(84,651 |
) |
|
|
(166,655 |
) |
|
|
(23,428 |
) |
Others, net |
|
|
4 |
|
|
|
209,834 |
|
|
|
(6,373 |
) |
|
|
(896 |
) |
Total other expenses, net |
|
|
|
|
|
(779,367 |
) |
|
|
(855,692 |
) |
|
|
(120,291 |
) |
Loss before income taxes |
|
|
|
|
|
(4,283,347 |
) |
|
|
(326,827 |
) |
|
|
(45,944 |
) |
Income tax expense |
|
|
9 |
|
|
|
(60,009 |
) |
|
|
(95,587 |
) |
|
|
(13,437 |
) |
Net loss |
|
|
|
|
|
(4,343,356 |
) |
|
|
(422,414 |
) |
|
|
(59,381 |
) |
Less: Net income attributable to noncontrolling interests |
|
|
|
|
|
50,441 |
|
|
|
18,057 |
|
|
|
2,538 |
|
Net loss attributable to iQIYI, Inc. |
|
|
|
|
|
(4,393,797 |
) |
|
|
(440,471 |
) |
|
|
(61,919 |
) |
Accretion of redeemable noncontrolling interests |
|
|
|
|
|
(12,306 |
) |
|
|
— |
|
|
|
— |
|
Net loss attributable to ordinary shareholders |
|
|
|
|
|
(4,406,103 |
) |
|
|
(440,471 |
) |
|
|
(61,919 |
) |
Net loss per Class A and Class B ordinary share: |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
(0.79 |
) |
|
|
(0.07 |
) |
|
|
(0.01 |
) |
Diluted |
|
|
|
|
|
(0.79 |
) |
|
|
(0.07 |
) |
|
|
(0.01 |
) |
Net loss per ADS (1 ADS equals 7 Class A ordinary shares): |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
(5.53 |
) |
|
|
(0.52 |
) |
|
|
(0.07 |
) |
Diluted |
|
|
|
|
|
(5.53 |
) |
|
|
(0.52 |
) |
|
|
(0.07 |
) |
Weighted average number of Class A and Class B ordinary shares used in net loss per share computation: |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
5,562,457,384 |
|
|
|
5,955,669,900 |
|
|
|
5,955,669,900 |
|
Diluted |
|
|
|
|
|
5,562,457,384 |
|
|
|
5,955,669,900 |
|
|
|
5,955,669,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
16 |
|
|
|
60,518 |
|
|
|
(1,228,249 |
) |
|
|
(172,665 |
) |
Unrealized losses on available-for-sale debt securities |
|
|
16 |
|
|
|
( |
