iQIYI Inc.
09/30/2022
|
EBITDA Multiple
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
US$ Amt.
|
US$ Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||||
Lease Obligations
|
638.3
|
|
638.3
|
89.9
|
89.9
|
|
|
|
||
Total Leases
|
638.3
|
638.3
|
89.9
|
89.9
|
-x
|
-x
|
||||
ST Loan
|
3,938.9
|
|
3,938.9
|
554.8
|
554.8
|
|
|
|
||
Total Bank Loans
|
3,938.9
|
3,938.9
|
554.8
|
554.8
|
0.3x
|
0.3x
|
||||
$3.2 Million 3.75% Convertible Senior Notes 2023 1
|
22.8
|
|
22.8
|
3.2
|
3.2
|
Dec-01-2023
|
3.750%
|
|
||
$1,200 Million 2.00% Convertible Senior Notes Due 2025 2
|
8,520.0
|
|
8,520.0
|
1,200.0
|
1,200.0
|
Apr-01-2025
|
2.000%
|
|
||
$900 Million 4.00% Convertible Senior Notes Due 2026 3
|
6,390.0
|
|
6,390.0
|
900.0
|
900.0
|
Dec-15-2026
|
4.000%
|
|
||
Total Convertible Senior Notes
|
14,932.8
|
14,932.8
|
2,103.2
|
2,103.2
|
1.2x
|
1.2x
|
||||
Loans due to Related Parties 4
|
3,424.7
|
|
3,424.7
|
482.4
|
482.4
|
|
|
|
||
Total Loans due to Related Parties
|
3,424.7
|
3,424.7
|
482.4
|
482.4
|
1.4x
|
1.4x
|
||||
Total Debt
|
22,934.7
|
22,934.7
|
3,230.2
|
3,230.2
|
1.4x
|
1.4x
|
||||
Less: Cash and Equivalents
|
(3,559.9)
|
(3,559.9)
|
(501.4)
|
(501.4)
|
||||||
Net Debt
|
19,374.8
|
19,374.8
|
2,728.8
|
2,728.8
|
1.2x
|
1.2x
|
||||
Plus: Market Capitalization
|
19,676.6
|
19,676.6
|
2,771.4
|
2,771.4
|
||||||
Enterprise Value
|
39,051.4
|
39,051.4
|
5,500.2
|
5,500.2
|
2.4x
|
2.4x
|
||||
Operating Metrics
|
US$ Amt.
|
|||||||||
LTM Reorg EBITDA
|
16,319.6
|
2,298.5
|
||||||||
|
||||||||||
Liquidity
|
||||||||||
Plus: Cash and Equivalents
|
3,559.9
|
501.4
|
||||||||
Total Liquidity
|
3,559.9
|
501.4
|
||||||||
Credit Metrics
|
||||||||||
Gross Leverage
|
1.4x
|
|||||||||
Net Leverage
|
1.2x
|
|||||||||
Notes: 1. Puttable on Dec. 31, 2021; Initial conversion rate of 37.183 ADSs per $1,000 principal 2. Puttable on Apr. 1, 2023; Initial conversion rate of 33.0003 ADSs per $1,000 principal 3. Puttable on Aug. 1, 2024; Initial conversion rate of 44.8179 ADSs per $1,000 principal 4. Amounts due to Baidu: RMB 2.1 billion as of Dec'21 US$ Translation: CNY/USD rate used for USD conversion is 7.1. |
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