爱奇艺2021Q3财报-8页_191kb

报告摘要

iQIYI Third Quarter 2021 Financial Summary

Core Content and Key Figures

iQIYI, Inc. (Nasdaq: IQ) released its unaudited financial results for the third quarter ended September 30, 2021, highlighting both growth and challenges in its financial performance.

Total Revenues: RMB7.6 billion (US$1.2 billion), up 6% year-over-year.
Membership Services Revenue: RMB4.3 billion (US$665.5 million), an 8% increase.
Online Advertising Services Revenue: RMB1.7 billion (US$257.7 million), a 10% decrease due to reduced premium content and a challenging macroeconomic environment.
Content Distribution Revenue: RMB627.1 million (US$97.3 million), up 60% year-over-year, driven by more content titles distributed to other platforms.
Other Revenues: RMB1.0 billion (US$157.3 million), a 3% increase.

Financial Performance Overview

Operating Loss: RMB1.4 billion (US$212.3 million), up from RMB1.2 billion in the same period in 2020, with an operating loss margin of 18%.
Net Loss Attributable to iQIYI: RMB1.7 billion (US$268.4 million), up from RMB1.2 billion in 2020.
Diluted Net Loss per ADS: RMB2.17 (US$0.34), compared to RMB1.61 in the same period of 2020.
Cash and Cash Equivalents: RMB11.0 billion (US$1.7 billion) as of September 30, 2021.

Cost and Expenses

Cost of Revenues: RMB7.0 billion (US$1.1 billion), up 10% year-over-year, primarily due to increased content costs.
Content Costs: RMB5.3 billion (US$824.5 million), up 13% year-over-year, reflecting more investment in original content.
Selling, General and Administrative Expenses: RMB1.2 billion (US$193.4 million), a 9% decrease from 2020.
Research and Development Expenses: RMB683.0 million (US$106.0 million), a 2% increase from 2020.

Financial Guidance

For the fourth quarter of 2021, iQIYI expects total net revenues to be between RMB7.08 billion (US$1.10 billion) and RMB7.53 billion (US$1.17 billion), representing a 5% decrease to 1% increase year-over-year.

Conference Call Details

iQIYI will host a conference call on November 17, 2021, at 6:30 AM U.S. Eastern Time (7:30 PM Beijing Time). Participants are required to register in advance via the following link:
Participant Online Registration: http://apac.directeventreg.com/registration/event/6981067
Upon registration, participants will receive dial-in numbers, Direct Event passcode, and unique registrant ID via email.

Non-GAAP Financial Measures

Free Cash Flow: Net cash provided by operating activities less capital expenditures. For the third quarter, free cash flow was RMB-2,196,864 thousand (US$-348.3 million).

Condensed Consolidated Statements of Loss

Line Item	September 30, 2020 (RMB thousands)	June 30, 2021 (RMB thousands)	September 30, 2021 (RMB thousands)
Revenues:
Membership services	3,975,514	3,992,956	4,288,215
Online advertising services	1,840,231	1,825,333	1,660,332
Content distribution	392,338	687,891	627,134
Others	979,609	1,102,094	1,013,423
Total Revenues	7,187,692	7,608,274	7,589,104
Operating costs and expenses:
Cost of revenues	(6,363,438)	(6,868,868)	(7,027,681)
Selling, general and administrative	(1,363,935)	(1,184,736)	(1,246,334)
Research and development	(669,933)	(676,481)	(683,047)
Total Operating Costs and Expenses	(8,397,306)	(8,730,085)	(8,957,062)
Operating loss	(1,209,614)	(1,121,811)	(1,367,958)
Interest income	34,049	29,231	35,979
Interest expenses	(269,311)	(343,124)	(351,293)
Foreign exchange gain, net	265,572	35,404	4,462
Loss from equity method investments	(24,749)	(64,230)	(17,345)
Others, net	61,461	116,280	(2,292)
Total Other Income/(Expense), Net	67,022	(226,439)	(330,489)
Loss before income taxes	(1,142,592)	(1,348,250)	(1,698,447)
Income tax expense	(18,846)	(30,418)	(8,978)
Net Loss	(1,161,438)	(1,378,668)	(1,707,425)
Less: Net income attributable to noncontrolling interests	12,850	18,559	22,135
Net Loss Attributable to iQIYI, Inc.	(1,174,288)	(1,397,227)	(1,729,560)
Accretion of redeemable noncontrolling interests	(1,796)	(4,343)	(4,769)
Net Loss Attributable to Ordinary Shareholders	(1,176,084)	(1,401,570)	(1,734,329)
Net Loss per Share (Basic/Diluted)	(0.23)/(0.23)	(0.25)/(0.25)	(0.31)/(0.31)
Net Loss per ADS (Basic/Diluted)	(1.61)/(1.61)	(1.75)/(1.75)	(2.17)/(2.17)
Weighted Average Number of Shares	5,182,686,302	5,569,531,698	5,590,418,635

Condensed Consolidated Balance Sheets

Line Item	December 31, 2020 (RMB thousands)	September 30, 2021 (RMB thousands)
Total Assets	48,185,429	49,296,790
Current assets:
Cash and cash equivalents	10,915,282	7,296,165
Restricted cash	25,230	89,667
Short-term investments	3,358,174	3,661,719
Accounts receivable, net	3,344,433	2,882,733
Prepayments and other assets	3,515,855	3,715,664
Amounts due from related parties	96,111	274,498
Licensed copyrights, net	1,035,339	1,096,941
Total Current Assets	22,290,424	19,017,387
Non-current assets:
Fixed assets, net	1,393,467	1,315,895
Long-term investments	3,202,828	3,435,521
Deferred tax assets, net	51,347	84,917
Licensed copyrights, net	6,435,055	7,292,712
Intangible assets, net	627,198	563,199
Produced content, net	6,556,084	9,597,884
Prepayments and other assets	2,699,423	3,079,995
Operating lease assets	1,001,857	939,934
Goodwill	3,888,346	3,888,346
Amounts due from related parties	39,400	81,000
Total Non-current Assets	25,895,005	30,279,403
Total Liabilities and Equity	48,185,429	49,296,790
Total liabilities	38,741,131	42,254,072
Redeemable noncontrolling interests	108,629	374,355
Shareholders’ equity:
Class A ordinary shares	165	172
Class B ordinary shares	183	183
Additional paid-in capital	47,687,483	49,365,225
Accumulated deficit	(40,973,853)	(45,379,956)
Accumulated other comprehensive income	2,542,680	2,601,930
Non-controlling interests	79,011	80,809
Total Shareholders’ Equity	9,335,669	6,668,363

Condensed Consolidated Statements of Cash Flows

Line Item	September 30, 2020 (RMB thousands)	June 30, 2021 (RMB thousands)	September 30, 2021 (RMB thousands)
Net cash used for operating activities	(1,929,077)	(1,425,910)	(2,080,544)
Net cash provided by investing activities	342,847	58,140	1,885,081
Net cash provided by financing activities	238,109	801,074	867,420
Effect of exchange rate changes	(113,074)	(92,498)	(22,206)
Net (Decrease)/Increase in Cash	(1,461,195)	(659,194)	649,751

Key Insights and Management Comments

Challenges in Content Scheduling: The CEO noted that uncertainty in content scheduling led to softer-than-expected top-line performance.
Adaptation to Market Conditions: The company is proactively adapting to the new market environment and improving operational efficiency.
Growth in New Initiatives: iQIYI is seeing promising growth in its new initiatives, such as iQIYI Lite and its overseas business.
Diversified Content Strategy: The CFO emphasized the company's refined membership strategy and innovative operational initiatives, which contributed to membership services revenue growth.
Cautious Investment Approach: iQIYI remains cautious with content investments while focusing on improving ROI for new products and services.

Risks and Uncertainties

The company acknowledged the presence of inherent risks and uncertainties in its financial outlook, including:

Fluctuations in content scheduling and market uncertainty.
Competitive pressures in the online entertainment industry.
Changes in regulatory environment and macroeconomic conditions.
Potential impact of exchange rate fluctuations on financial performance.

Conclusion

Despite the challenges, iQIYI demonstrated resilience and strategic adaptability in the third quarter of 2021, with growth in membership services and content distribution. The company remains focused on optimizing operations, improving user experience, and expanding its diversified content and monetization model. Financial guidance for the fourth quarter indicates a cautious outlook, reflecting the ongoing uncertainties in the market.

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