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  "documentTitle": "iQIYI, Inc. (IQ)",
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  "authorName": "Wolfpack Research",
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  "presentationDate": "2020-04-07 00:00:00",
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      "text": "When aggregated and compared to IQ's F-1 prospectus, we found that the deferred revenues reported to the SEC were overstated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively.",
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      "text": "Beijing iQIYI Science & Technology Co., Ltd., Shanghai iQIYI Culture Media Co., Ltd., Shanghai Zhong Yuan Network Co., Ltd., iQIYI Pictures (Beijing) Co., Ltd., Beijing iQIYI Cinema Management Co., Ltd.",
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      "text": "deferred revenue: 261.7%",
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      "text": "Overstating its numbers to this extent in the years prior to its IPO creates a serious problem for IQ: it must post increasingly inflated results in order to make up for pre-existing fraud and still show growth.",
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      "text": "In an exclusive deal, the seller forfeits the streaming and sublicensing rights of the content to the purchasing party. In a non-exclusive deal, the seller retains the right to stream the content on its own site as well as sublicense the content to others, as explained in IQ's disclosure above. The table below shows the absurdity of IQ's purported barter sublicensing revenues:",
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      "text": "Deferred Revenue Discrepancies. IQ's reported deferred revenue is significantly overstated which further shows that it inflates its revenue.",
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      "text": "Barter Transaction Revenue Reality Check: 2017 - 2019",
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