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1、 iQIYI Announces Fourth Quarter and Fiscal Year 2024 Financial Results BEIJING,CHINA,February 18,2025 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 fourth quarter and fiscal yea

2、r ended December 31,2024.Fourth Quarter 2024 Highlights Total revenues were RMB6.61 billion(US$906.0 million1),decreasing 14%year over year.Operating income was RMB285.4 million(US$39.1 million)and operating income margin was 4%,compared to operating income of RMB773.7 million and operating income m

3、argin of 10%in the same period in 2023.Non-GAAP operating income2 was RMB405.9 million(US$55.6 million)and non-GAAP operating income margin was 6%,compared to non-GAAP operating income of RMB927.8 million and non-GAAP operating income margin of 12%in the same period in 2023.Net loss attributable to

4、iQIYI was RMB189.4 million(US$25.9 million),compared to net income attributable to iQIYI of RMB466.2 million in the same period in 2023.Non-GAAP net loss attributable to iQIYI2 was RMB58.8 million(US$8.1 million),compared to non-GAAP net income attributable to iQIYI of RMB682.0 million in the same p

5、eriod in 2023.Fiscal Year 2024 Highlights Total revenues were RMB29.23 billion(US$4.00 billion),decreasing 8%from 2023.Operating income was RMB1.81 billion(US$248.1 million)and operating income margin was 6%,compared to operating income of RMB2.99 billion and operating income margin of 9%in 2023.Non

6、-GAAP operating income was RMB2.36 billion(US$323.6 million)and non-GAAP operating income margin was 8%,compared to non-GAAP operating income of RMB3.64 billion and non-GAAP operating income margin of 11%in 2023.Net income attributable to iQIYI was RMB764.1 million(US$104.7 million),compared to net

7、income attributable to iQIYI of RMB1.93 billion in 2023.Non-GAAP net income attributable to iQIYI was RMB1.51 billion(US$207.2 million),compared to non-GAAP net income attributable to iQIYI of RMB2.84 billion in 2023.“Since late November 2024,we have launched a series of blockbusters,driving a stron

8、g rebound of business performances and reinforcing our No.1 position in total drama market share in Q4 2024,according to Enlightent.With the release of more smash hits,the momentum continued into the start of 2025,which led to a significant increase in subscribing members from the end of 2024 to now

9、.”commented Mr.Yu Gong,Founder,Director,and Chief Executive Officer of iQIYI.“Meanwhile,our investment in mini-dramas also achieved significant progress.We have revamped our products to optimize user experience,expanded our mini-drama portfolio to over ten thousand titles,and enhanced the ad-placeme

10、nt system to more effectively monetize the growing traffic of our mini-dramas,”Mr.Yu Gong further commented.“Although still in an early stage,we have seen great potential of mini-dramas to bolster our ad inventory and contribute to our ad revenue growth in 2025.”“We continued to execute with a focus

11、 on discipline and efficiency,which led to sequential growth in operating profit for the fourth quarter.The strong operational momentum is extending into the opening of 2025,marking an encouraging start for the year.”commented Mr.Jun Wang,Chief Financial Officer of iQIYI.Fourth Quarter and Fiscal 20

12、24 Financial Highlights Three Months Ended Year Ended(Amounts in thousands of Renminbi(“RMB”),except for per ADS data,unaudited)Dec 31,Sep 30,Dec 31,Dec 31,Dec 31,2023 2024 2024 2023 2024 RMB RMB RMB RMB RMB Total revenues 7,706,468 7,245,681 6,613,417 31,872,651 29,225,238 Operating income 773,709

13、238,921 285,436 2,989,479 1,811,203 Operating income(non-GAAP)927,818 368,644 405,907 3,643,384 2,361,730 Net income/(loss)attributable to iQIYI,Inc.466,233 229,412 (189,355)1,925,469 764,059 Net income/(loss)attributable to iQIYI,Inc.(non-GAAP)682,026 479,787 (58,779)2,838,292 1,512,247 Diluted net

14、 income/(loss)per ADS 0.48 0.24 (0.20)1.98 0.79 Diluted net income/(loss)per ADS(non-GAAP)2 0.70 0.50 (0.06)2.91 1.56 Footnotes:1 Unless otherwise noted,RMB to USD was converted at an exchange rate of RMB7.2993 as of December 31,2024,as set forth in the H.10 statistical release of the Board of Gover

15、nors of the Federal Reserve System.Translations are provided solely for the convenience of the reader.2 Non-GAAP measures are 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).Fourth Qu

16、arter 2024 Financial Results Total revenues reached RMB6.61 billion(US$906.0 million),decreasing 14%year over year.Membership services revenue was RMB4.10 billion(US$562.1 million),decreasing 15%year over year,primarily due to a lighter content slate.Online advertising services revenue was RMB1.43 b

17、illion(US$196.4 million),decreasing 13%year over year.The decrease was primarily due to the decrease in brand advertising business,partially offset by the growth of performance-based advertising business.Content distribution revenue was RMB406.6 million(US$55.7 million),decreasing 20%year over year,

18、primarily due to lower revenue from the distribution of theatrical movies invested by iQIYI,as well as a decrease in barter transactions,partially offset by the increase of revenue from cash transactions.Other revenues were RMB670.2 million(US$91.8 million),decreasing 10%year over year.Cost of reven

19、ues was RMB4.99 billion(US$684.2 million),decreasing 10%year over year.Content costs1 as a component of cost of revenues were RMB3.44 billion(US$471.7 million),decreasing 9%year over year.The decrease in content cost was primarily due to our improvement in content strategy,as well as a lighter conte

20、nt slate in the quarter.Selling,general and administrative expenses were RMB882.5 million(US$120.9 million),decreasing 7%year over year.The decrease was primarily due to disciplined marketing spending.Research and development expenses were RMB451.4 million(US$61.8 million),flat year over year.Operat

21、ing income was RMB285.4 million(US$39.1 million),decreasing 63%year over year.Operating income margin was 4%,compared to operating income margin of 10%in the same period in 2023.Non-GAAP operating income was RMB405.9 million(US$55.6 million),decreasing 56%year over year.Non-GAAP operating income mar

22、gin was 6%,compared to non-GAAP operating income margin of 12%in the same period in 2023.Total other expense was RMB466.2 million(US$63.9 million),increasing 79%year over year,primarily driven by the foreign exchange loss arising from the depreciation of the Renminbi against the U.S.dollar.Loss befo

23、re income taxes was RMB180.8 million(US$24.8 million),compared to income before income taxes of RMB513.9 million in the same period in 2023.Income tax expense was RMB6.2 million(US$0.9 million),compared to income tax expense of RMB38.5 million in the same period in 2023.Footnotes:1 Starting from the

24、 fourth quarter of 2024,certain items within cost of revenues have been reclassified.Personnel compensation expenses directly associated with the acquisition,licensing and production of content have been reclassified under content costs,and non-video content related costs have been removed from cont

25、ent costs.This reclassification has been retrospectively applied to corresponding prior periods.Net loss attributable to iQIYI was RMB189.4 million(US$25.9 million),compared to net income attributable to iQIYI of RMB466.2 million in the same period in 2023.The net loss was primarily due to the forei

26、gn exchange loss in the quarter.Diluted net loss attributable to iQIYI per ADS was RMB0.20(US$0.03)for the fourth quarter of 2024,compared to diluted net income attributable to iQIYI per ADS of RMB0.48 in the same period of 2023.Non-GAAP net loss attributable to iQIYI was RMB58.8 million(US$8.1 mill

27、ion),compared to non-GAAP net income attributable to iQIYI of RMB682.0 million in the same period in 2023.Non-GAAP diluted net loss attributable to iQIYI per ADS was RMB0.06(US$0.01),compared to non-GAAP diluted net income attributable to iQIYI per ADS of RMB0.70 in the same period of 2023.Net cash

28、provided by operating activities was RMB519.0 million(US$71.1 million),compared to net cash provided by operating activities of RMB633.6 million in the same period of 2023.Free cash flow was RMB498.1 million(US$68.2 million),compared to free cash flow of RMB614.4 million in the same period of 2023.A

29、s of December 31,2024,the Company had cash,cash equivalents,restricted cash,short-term investments and long-term restricted cash included in prepayments and other assets of RMB4.53 billion(US$620.9 million).In December 2024,PAG drew down$122.5 million from the loan facility.As of December 31,2024,PA

30、G had drawn down the full amount of$522.5 million under the loan facility,and the repurchase right for the corresponding amount of the convertible senior notes due January 2028 had been waived.Fiscal Year 2024 Financial Results Total revenues were RMB29.23 billion(US$4.00 billion),decreasing 8%from

31、2023.Membership services revenue was RMB17.76 billion(US$2.43 billion),decreasing 13%from 2023,primarily due to a lighter content slate.Online advertising services revenue was RMB5.71 billion(US$782.8 million),decreasing 8%from 2023.The decrease was primarily due to the decrease in brand advertising

32、 business,partially offset by the growth of performance-based advertising business.Content distribution revenue was RMB2.85 billion(US$390.0 million),increasing 16%from 2023,primarily driven by the increase in barter transactions.Other revenues were RMB2.90 billion(US$397.5 million),increasing 1%fro

33、m 2023.Cost of revenues was RMB21.95 billion(US$3.01 billion),decreasing 5%from 2023.Content costs as a component of cost of revenues were RMB15.71 billion(US$2.15 billion),decreasing 5%from 2023.The decrease in content cost was primarily due to a lighter content slate.Selling,general and administra

34、tive expenses were RMB3.68 billion(US$504.4 million),decreasing 8%from 2023.The decrease was primarily due to disciplined marketing spending and a decrease in personnel-related compensation expenses.Research and development expenses were RMB1.78 billion(US$243.6 million),increasing 1%from 2023.Opera

35、ting income was RMB1.81 billion(US$248.1 million),decreasing 39%from 2023.Operating income margin was 6%,compared to operating income margin of 9%in 2023.Non-GAAP operating income was RMB2.36 billion(US$323.6 million),decreasing 35%from 2023.Non-GAAP operating income margin was 8%,compared to non-GA

36、AP operating income margin of 11%in 2023.Total other expense was RMB959.5 million(US$131.5 million),flat year over year.Income before income taxes was RMB851.7 million(US$116.7 million),compared to income before income taxes of RMB2.03 billion in 2023.Income tax expense was RMB61.1 million(US$8.4 mi

37、llion),compared to income tax expense of RMB80.0 million in 2023.Net income attributable to iQIYI was RMB764.1 million(US$104.7 million),decreasing 60%from 2023.Diluted net income attributable to iQIYI per ADS was RMB0.79(US$0.11)for 2024,compared to diluted net income attributable to iQIYI per ADS

38、of RMB1.98 in 2023.Non-GAAP net income attributable to iQIYI was RMB1.51 billion(US$207.2 million),decreasing 47%from 2023.Non-GAAP diluted net income attributable to iQIYI per ADS was RMB1.56(US$0.21),compared to non-GAAP diluted net income attributable to iQIYI per ADS of RMB2.91 in 2023.Net cash

39、provided by operating activities was RMB2.11 billion(US$289.1 million),compared to net cash provided by operating activities of RMB3.35 billion in 2023.Free cash flow was RMB2.03 billion(US$278.2 million),compared to free cash flow of RMB3.31 billion in 2023.Conference Call Information iQIYIs manage

40、ment will hold an earnings conference call at 6:30 AM on February 18,2025,U.S.Eastern Time(7:30 PM on February 18,2025,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 a

41、ccess PIN by a calendar invite.Participant Online Registration:https:/s1.c- It will automatically direct you to the registration page of iQIYI Fourth Quarter and Fiscal Year 2024 Earnings Conference Call,where you may fill in your details for RSVP.In the 10 minutes prior to the call start time,you m

42、ay use the conference access information(including 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 February 25,

43、2025.Dial-in numbers for the replay are as follows:International Dial-in +1 855 883 1031 Passcode:10044736 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 tal

44、ent with technology to foster an environment for continuous 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 its

45、elf in the online entertainment industry by its leading 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

46、services,content distribution,online games,IP licensing,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

47、-looking statements can be identified by terminology 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,cont

48、ain forward-looking statements.iQIYI may also make written or oral 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

49、 or employees to third parties.Statements that are not historical 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 d

50、iffer materially from those contained in any forward-looking statement,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 custo

51、mers,and expand its service offerings;competition in the online entertainment 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 assum

52、ptions underlying or related to any of the foregoing.Further information 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 iQ

53、IYI undertakes no duty to update such information,except as required 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 operatin

54、g income margin,non-GAAP net income/(loss)attributable to iQIYI,non-GAAP diluted net income/(loss)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 prepare

55、d and presented in accordance with GAAP.iQIYI believes that these non-GAAP financial 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 excludin

56、g non-cash charges or non-operating in nature.The Company believes that both management 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

57、internal comparisons to iQIYIs historical operating performance.The Company believes 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

58、of using these non-GAAP financial measures is that the non-GAAP measures exclude 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 sim

59、ilarly titled measures presented by other companies.Other companies may calculate 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,amortizatio

60、n of intangible assets resulting from business combinations.Non-GAAP net income/(loss)attributable to iQIYI,Inc.represents net income/(loss)attributable to iQIYI,Inc.excluding share-based compensation expenses,amortization of intangible assets resulting from business combinations,disposal gain or lo

61、ss,impairment of long-term investments,fair value change of long-term investments,adjusted 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

62、their redeemable non-controlling 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,adjusted for related income tax effects,are also excluded.Non-GAAP diluted net income/(loss)per ADS represents diluted

63、net income/(loss)per ADS calculated by dividing non-GAAP net income/(loss)attributable to iQIYI,Inc,by the weighted 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:Inv

64、estor Relations iQIYI,I iQIYI,INC.Condensed Consolidated Statements of Income/(Loss)(In RMB thousands,except for number of shares and per share data)Three Months Ended Year Ended December 31,September 30,December 31,December 31,December 31,2023 2024 2024 2023 2024 RMB RMB RMB RMB RMB (Unaudited)(Una

65、udited)(Unaudited)(Unaudited)Revenues:Membership services 4,808,727 4,365,955 4,102,688 20,314,216 17,762,814 Online advertising services 1,650,513 1,336,932 1,433,892 6,223,903 5,714,243 Content distribution 506,059 814,028 406,642 2,458,610 2,846,854 Others 741,169 728,766 670,195 2,875,922 2,901,

66、327 Total revenues 7,706,468 7,245,681 6,613,417 31,872,651 29,225,238 Operating costs and expenses:Cost of revenues (5,533,082)(5,649,836)(4,994,165)(23,102,492)(21,953,582)Selling,general and administrative (947,806)(907,885)(882,457)(4,014,070)(3,682,050)Research and development (451,871)(449,039

67、)(451,359)(1,766,610)(1,778,403)Total operating costs and expenses (6,932,759)(7,006,760)(6,327,981)(28,883,172)(27,414,035)Operating income 773,709 238,921 285,436 2,989,479 1,811,203 Other income/(expense):Interest income 55,098 69,044 75,352 257,499 271,824 Interest expenses (284,301)(256,440)(23

68、5,289)(1,130,314)(1,062,026)Foreign exchange gain/(loss),net 10,660 296,030 (310,390)(105,434)(97,249)Share of(losses)/gains from equity method investments (1,284)4,627 1,749 (51,249)17,790 Others,net (39,972)(104,867)2,387 72,620 (89,863)Total other(expense)/income,net (259,799)8,394 (466,191)(956,

69、878)(959,524)Income/(loss)before income taxes 513,910 247,315 (180,755)2,032,601 851,679 Income tax expense (38,473)(11,483)(6,233)(80,047)(61,090)Net income/(loss)475,437 235,832 (186,988)1,952,554 790,589 Less:Net income attributable to noncontrolling interests 9,204 6,420 2,367 27,085 26,530 Net

70、income/(loss)attributable to iQIYI,Inc.466,233 229,412 (189,355)1,925,469 764,059 Net income/(loss)attributable to ordinary shareholders 466,233 229,412 (189,355)1,925,469 764,059 Net income/(loss)per share for Class A and Class B ordinary shares:Basic 0.07 0.03 (0.03)0.29 0.11 Diluted 0.07 0.03 (0.

71、03)0.28 0.11 Net income/(loss)per ADS(1 ADS equals 7 Class A ordinary shares):Basic 0.49 0.24 (0.20)2.02 0.79 Diluted 0.48 0.24 (0.20)1.98 0.79 Weighted average number of Class A and Class B ordinary shares used in net income/(loss)per share computation:Basic 6,713,897,712 6,737,281,504 6,738,808,98

72、9 6,675,522,809 6,729,974,821 Diluted 6,834,735,594 6,779,359,665 6,738,808,989 6,823,628,066 6,799,500,149 iQIYI,INC.Condensed Consolidated Balance Sheets (In RMB thousands,except for number of shares and per share data)December 31,December 31,2023 2024 RMB RMB (Unaudited)ASSETS Current assets:Cash

73、 and cash equivalents 4,434,525 3,529,679 Restricted cash 6,120 -Short-term investments 941,738 941,610 Accounts receivable,net 2,169,042 2,191,178 Prepayments and other assets 2,794,259 2,192,928 Amounts due from related parties 1,707,024 283,123 Licensed copyrights,net 582,521 388,718 Total curren

74、t assets 12,635,229 9,527,236 Non-current assets:Fixed assets,net 863,813 877,982 Long-term investments 2,260,785 2,108,477 Deferred tax assts,net -23,536 Licensed copyrights,net 6,966,508 6,930,053 Intangible assets,net 309,534 289,861 Produced content,net 13,376,985 14,707,869 Prepayments and othe

75、r assets 3,518,210 2,913,919 Operating lease assets 683,897 609,832 Goodwill 3,820,823 3,820,823 Amounts due from related parties 158,590 3,950,937 Total non-current assets 31,959,145 36,233,289 Total assets 44,594,374 45,760,525 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities:Accounts and n

76、otes payable 5,671,074 6,482,209 Amounts due to related parties 2,953,658 3,239,036 Customer advances and deferred revenue 4,373,208 4,403,686 Convertible senior notes,current portion(1)2,802,442 242,460 Short-term loans 3,571,637 3,786,901 Long-term loans,current portion 2,000 167,987 Operating lea

77、se liabilities,current portion 100,883 96,675 Accrued expenses and other liabilities 2,866,632 3,058,379 Total current liabilities 22,341,534 21,477,333 Non-current liabilities:Long-term loans 97,990 1,036,835 Convertible senior notes(1)8,143,994 8,350,570 Deferred tax liabilities 824 -Amounts due t

78、o related parties 80,566 59,226 Operating lease liabilities 523,747 461,974 Other non-current liabilities 1,220,804 1,000,823 Total non-current liabilities 10,067,925 10,909,428 Total liabilities 32,409,459 32,386,761 Shareholders equity:Class A ordinary shares 237 238 Class B ordinary shares 193 19

79、3 Additional paid-in capital 54,971,469 55,623,841 Accumulated deficit (44,573,428)(43,809,369)Accumulated other comprehensive income 1,688,047 1,550,523 Non-controlling interests 98,397 8,338 Total shareholders equity 12,184,915 13,373,764 Total liabilities and shareholders equity 44,594,374 45,760

80、,525 (1)As of December 31,2024,US$2.4 million principal amount of the 2025 Notes,US$0.1 million principal amount of the 2026 Notes,US$550.0 million principal amount of the PAG Notes,and US$565.6 million principal amount of the 2028 Notes remained outstanding.iQIYI,INC.Condensed Consolidated Statemen

81、ts of Cash Flows (In RMB thousands,except for number of shares and per share data)Three Months Ended Year Ended December 31,September 30,December 31,December 31,December 31,2023 2024 2024 2023 2024 RMB RMB RMB RMB RMB (Unaudited)(Unaudited)(Unaudited)(Unaudited)Net cash provided by operating activit

82、ies 633,586 242,517 519,015 3,351,600 2,110,057 Net cash used for investing activities(1,2)(1,430,634)(1,662,662)(895,709)(1,739,515)(2,444,870)Net cash(used for)/provided by financing activities(22,484)(2,611,570)114,419 (4,285,072)(1,370,121)Effect of exchange rate changes on cash,cash equivalents

83、 and restricted cash(31,445)(83,808)60,746 92,039 14,657 Net decrease in cash,cash equivalents and restricted cash(850,977)(4,115,523)(201,529)(2,580,948)(1,690,277)Cash,cash equivalents and restricted cash at the beginning of the period 6,131,585 7,907,383 3,791,860 7,861,556 5,280,608 Cash,cash eq

84、uivalents and restricted cash at the end of the period 5,280,608 3,791,860 3,590,331 5,280,608 3,590,331 Reconciliation of cash and cash equivalents and restricted cash:Cash and cash equivalents 4,434,525 3,241,336 3,529,679 4,434,525 3,529,679 Restricted cash 6,120 -6,120 -Long-term restricted cash

85、 839,963 550,524 60,652 839,963 60,652 Total cash and cash equivalents and restricted cash shown in the statements of cash flows 5,280,608 3,791,860 3,590,331 5,280,608 3,590,331 Net cash provided by operating activities 633,586 242,517 519,015 3,351,600 2,110,057 Less:Capital expenditures(2)(19,231

86、)(7,700)(20,891)(36,971)(79,319)Free cash flow 614,355 234,817 498,124 3,314,629 2,030,738 (1)Net cash provided by or used for investing activities primarily consists of net cash flows from loans provided to related party,investing in debt securities,purchase of long-term investments and capital exp

87、enditures.(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 of Renminbi(“RMB”),except for per ADS information,unaudited)

88、Three Months Ended Year Ended Dec 31,Sep 30,Dec 31,Dec 31,Dec 31,2023 2024 2024 2023 2024 RMB RMB RMB RMB RMB Operating income 773,709 238,921 285,436 2,989,479 1,811,203 Add:Share-based compensation expenses 152,576 128,190 118,938 636,732 544,395 Add:Amortization of intangible assets(1)1,533 1,533

89、 1,533 17,173 6,132 Operating income(non-GAAP)927,818 368,644 405,907 3,643,384 2,361,730 Net income/(loss)attributable to iQIYI,Inc.466,233 229,412 (189,355)1,925,469 764,059 Add:Share-based compensation expenses 152,576 128,190 118,938 636,732 544,395 Add:Amortization of intangible assets(1)1,533

90、1,533 1,533 17,173 6,132 Add:Disposal loss/(gain)-22,265 -(89,571)22,265 Add:Impairment of long-term investments 62,231 91,243 14,034 336,226 192,613 Add:Fair value(gain)/loss of long-term investments(323)7,407 (3,895)3,816 (16,393)Add:Reconciling items on equity method investments(2)-9,455 -Add:Tax

91、 effects on non-GAAP adjustments(3)(224)(263)(34)(1,008)(824)Net income/(loss)attributable to iQIYI,Inc.(non-GAAP)682,026 479,787 (58,779)2,838,292 1,512,247 Diluted net income/(loss)per ADS 0.48 0.24 (0.20)1.98 0.79 Add:Non-GAAP adjustments to earnings per ADS 0.22 0.26 0.14 0.93 0.77 Diluted net i

92、ncome/(loss)per ADS(non-GAAP)0.70 0.50 (0.06)2.91 1.56 (1)This represents amortization of intangible assets resulting from business combinations.(2)This represents iQIYIs share of equity method investments for other non-GAAP reconciling 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.