See previous Chinese companies share-based compensation (1)
Baidu ($BIDU)
2023
FCF: 25,424 mn rmb
SBC: 6,345 mn rmb, or 25% of FCF
Note: FCF improved over the last two years
iQiyi ($IQ), a subsidiary of Baidu
2023
FCF: 3,315 mn rmb
SBC: 637 mn rmb, or 19% of FCF
Note: 1) FCF turned positive in 2023. 2) Capex defined by mgmt is narrow – only “fixed assets”; note that acquisition of intangible assets is higher than acquisition of fixed assets.
iQiyi does say that “Capital expenditures are incurred primarily in connection with construction in process, computers and servers.”
