iQIYI(IQ) - 2024 Q4 - Annual Report

Revenue Performance - Total revenues for Q4 2024 were RMB6.61 billion (US$906.0 million), a decrease of 14$562.1 million), down 15% year over year, primarily due to a lighter content slate[11]. - Online advertising services revenue was RMB1.43 billion (US$196.4 million), decreasing 13$4.00 billion), an 8% decrease from 2023[24]. - Total revenues for the three months ended December 31, 2023, were RMB 7,706,468 thousand, representing an increase from RMB 6,613,417 thousand for the same period in 2022, a growth of approximately 16.5%[49]. Profitability - Net loss attributable to iQIYI was RMB189.4 million (US$25.9 million), compared to net income of RMB466.2 million in Q4 2023[20]. - Operating income for fiscal year 2024 was RMB1.81 billion (US$248.1 million), down 39% from 2023[28]. - Non-GAAP net income for fiscal year 2024 was RMB1.51 billion (US$207.2 million), a decrease of 47$620.9 million)[23]. - Free cash flow for fiscal year 2024 was RMB2.03 billion (US$278.2 million), down from RMB3.31 billion in 2023[33]. - Cash and cash equivalents as of December 31, 2023, were RMB 4,434,525 thousand, a decrease from RMB 3,529,679 thousand as of December 31, 2024[51]. - The company reported a free cash flow of RMB 1,000,000 thousand for the year ended December 31, 2023, indicating strong operational cash generation[49]. - Net cash provided by operating activities for the year ended December 31, 2023, was RMB 3,351,600 thousand, down from RMB 2,110,057 thousand in the previous year[53]. Shareholder Equity and Assets - Total assets increased to RMB 44,594,374 thousand as of December 31, 2023, compared to RMB 45,760,525 thousand as of December 31, 2024[51]. - Total liabilities decreased slightly to RMB 32,409,459 thousand as of December 31, 2023, from RMB 32,386,761 thousand as of December 31, 2024[51]. - iQIYI's total shareholders' equity increased to RMB 12,184,915 thousand as of December 31, 2023, compared to RMB 13,373,764 thousand as of December 31, 2024[51]. Operational Highlights - The company expanded its mini-drama portfolio to over ten thousand titles, enhancing monetization strategies[7]. - Operating income for the three months ended December 31, 2023, was RMB 773,709 thousand, a significant increase compared to RMB 238,921 thousand for the previous quarter[57]. - Free cash flow for the three months ended December 31, 2023, was RMB 614,355 thousand, compared to RMB 234,817 thousand in the previous quarter[53]. - Capital expenditures for the year ended December 31, 2023, totaled RMB 79,319 thousand, primarily related to construction in process, computers, and servers[54]. - Net cash used for investing activities for the year ended December 31, 2023, was RMB 2,444,870 thousand, compared to RMB 1,739,515 thousand in the previous year[53]. Earnings Per Share - The total number of Class A and Class B ordinary shares used in net income per share computation for the three months ended December 31, 2023, was approximately 6,713,897,712[49]. - Diluted net income per ADS for the three months ended December 31, 2023, was RMB 0.48, up from RMB 0.24 in the previous quarter[57]. - The company reported a net loss attributable to iQIYI, Inc. (non-GAAP) of RMB 58,779 thousand for the three months ended December 31, 2023, compared to a profit of RMB 479,787 thousand in the previous quarter[57].