Judicate West Continues Southern California Growth with Addition of Employment Neutral Michael Strauss
'Mike brings a wealth of employment law experience to our Employment Practice Group, having spent more than 18 years representing plaintiffs and defendants in almost every type of employment dispute. As a client, using our neutrals over the years, Mike earned a reputation as a fair and respectful negotiator and effective settlement driver. His patient, persistent, and practical style fits perfectly with our culture and fellow neutrals,' said Rosemarie Chiusano Aubert, Co-Founder and Executive Vice President of Business Development with Judicate West. 'We are excited to work with Mike and offer his services to our clients statewide. We expect they will be as impressed with him as we are.'
Strauss has more than 18 years of experience in labor and employment law, representing individuals and companies in wage-and-hour class actions and matters involving harassment, discrimination, retaliation and wrongful termination. He began his career in a general litigation firm, representing companies in employment and business cases, before founding his own law firm that focused entirely on employment litigation. Across his career, Strauss has successfully brokered numerous eight-figure settlements, represented parties in hundreds of arbitrations, argued repeatedly in state and federal courts of appeal, and received countless plaintiff and defense verdicts. In 2022, Strauss became a settlement officer with the Los Angeles County Superior Court's Resolve Law Virtual Mandatory Settlement Conference program and now also serves on the court's Mediation Volunteer Panel and the U.S. District Court, Central District of California's Mediation Panel. In 2023, he turned his attention to being a full-time mediator and arbitrator, specializing in employment law matters.
Strauss is a member of the Ventura County Bar Association (VCBA) and served on its board of directors from 2008-2010. He is the long-time chair of the Steering Committee for the VCBA Lawyer Referral and Information Service. He is also a member of the Association of Business Trial Lawyers, the Los Angeles County Bar Association and the Southern California Mediation Association. Strauss received a commendation from the City of Lancaster, Calif., for his achievement in resolving a wage-and-hour class action in 2014. He was named by Southern California Super Lawyers Magazine as a 'Rising Star' from 2011-2019 and as a 'Super Lawyer' from 2020-2021 and 2023-2025. He earned his J.D. from Wake Forest University School of Law (2006) and his B.A. from the University of California, Berkeley (2001). He studied in the Certificate of Dispute Resolution Program at the Straus Institute for Dispute Resolution at the Pepperdine University School of Law from 2022-2023.
About Judicate West
For more than 30 years, Judicate West has been one of California's leading providers of private dispute resolution services with a distinguished roster of proven neutrals, including retired state and federal court judges plus professional attorney mediators and arbitrators from a wide variety of practice areas. Founded in 1993, the firm prides itself on maintaining the utmost integrity in delivering innovative solutions to all types of civil disputes. The firm's successful formula involves top-tier neutrals, a great company culture and an experienced team of ADR professionals dedicated to delivering gold standard service in alternative dispute resolution (ADR).
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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 access PIN by a calendar invite. Participant Online Registration: It will automatically direct you to the registration page of "iQIYI Second Quarter 2025 Earnings Conference Call", where you may fill in your details for RSVP. In the 10 minutes prior to the call start time, you may 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 August 27, 2025. Dial-in numbers for the replay are as follows: International Dial-in +1 855 883 1031Passcode: 10049037 A live and archived webcast of the conference call will be available at About iQIYI, Inc. iQIYI, Inc. is a leading provider of online entertainment video services in China. It combines creative talent 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 itself 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 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-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 iQIYI's strategic and operational plans, contain 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 or employees to third parties. Statements that are not historical facts, including but not limited to statements about iQIYI's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: iQIYI's strategies; iQIYI's future business development, financial condition and results of operations; iQIYI's ability to retain and increase the number of users, members and advertising customers, and expand its service offerings; competition in the online entertainment industry; changes in iQIYI's 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 assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's 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 iQIYI undertakes no duty to update such information, except as required under applicable law. Non-GAAP Financial Measures To supplement iQIYI's consolidated financial results presented in accordance with GAAP, iQIYI uses the following non-GAAP financial measures: non-GAAP operating income, non-GAAP operating 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 prepared 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 excluding 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 management's internal comparisons to iQIYI's 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 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 Company's results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. Non-GAAP operating income represents operating income excluding share-based compensation expenses, amortization 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 loss, impairment of long-term investments, fair value change of long-term investments, adjusted for related income tax effects. iQIYI's 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 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 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: Investor RelationsiQIYI, Consolidated Statements of Income/(Loss) (In RMB thousands, except for number of shares and per share data) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2024 2025 2025 2024 2025 RMB RMB RMB RMB RMB (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenues: Membership services 4,495,310 4,399,010 4,090,126 9,294,171 8,489,136 Online advertising services 1,461,367 1,327,827 1,272,198 2,943,419 2,600,025 Content distribution 698,175 628,743 436,578 1,626,184 1,065,321 Others 783,933 830,889 829,346 1,502,366 1,660,235 Total revenues 7,438,785 7,186,469 6,628,248 15,366,140 13,814,717 Operating costs and expenses: Cost of revenues (5,678,342 ) (5,406,341 ) (5,292,894 ) (11,309,581 ) (10,699,235 ) Selling, general and administrative (969,673 ) (1,025,742 ) (959,604 ) (1,891,708 ) (1,985,346 ) Research and development (448,677 ) (412,489 ) (421,918 ) (878,005 ) (834,407 ) Total operating costs and expenses (7,096,692 ) (6,844,572 ) (6,674,416 ) (14,079,294 ) (13,518,988 ) Operating income/(loss) 342,093 341,897 (46,168 ) 1,286,846 295,729 Other income/(expenses): Interest income 68,688 78,756 87,779 127,428 166,535 Interest expenses (288,162 ) (233,429 ) (235,267 ) (570,297 ) (468,696 ) Foreign exchange gain/(loss), net (51,338 ) 41,889 100,811 (82,889 ) 142,700 Share of gains/(losses) from equity method investments (2,100 ) (3,617 ) (1,086 ) 11,414 (4,703 ) Others, net 32,476 1,724 (14,134 ) 12,617 (12,410 ) Total other expense, net (240,436 ) (114,677 ) (61,897 ) (501,727 ) (176,574 ) Income/(loss) before income taxes 101,657 227,220 (108,065 ) 785,119 119,155 Income tax expense (25,741 ) (41,590 ) (27,155 ) (43,374 ) (68,745 ) Net income/(loss) 75,916 185,630 (135,220 ) 741,745 50,410 Less: Net income/(loss) attributable to noncontrolling interests 7,231 3,485 (1,512 ) 17,743 1,973 Net income/(loss) attributable to iQIYI, Inc. 68,685 182,145 (133,708 ) 724,002 48,437 Net income/(loss) attributable to ordinary shareholders 68,685 182,145 (133,708 ) 724,002 48,437 Net income/(loss) per share for Class A and Class B ordinary shares: Basic 0.01 0.03 (0.02 ) 0.11 0.01 Diluted 0.01 0.03 (0.02 ) 0.11 0.01 Net income/(loss) per ADS (1 ADS equals 7 Class A ordinary shares): Basic 0.07 0.19 (0.14 ) 0.75 0.05 Diluted 0.07 0.19 (0.14 ) 0.74 0.05 Weighted average number of Class A and Class B ordinary shares used in net income/(loss) per share computation: Basic 6,725,978,497 6,740,810,595 6,743,563,754 6,721,815,708 6,742,194,780 Diluted 6,857,915,450 6,780,303,294 6,743,563,754 6,822,994,286 6,780,167,606iQIYI, Consolidated Balance Sheets (In RMB thousands, except for number of shares and per share data) December 31, June 30, 2024 2025 RMB RMB (Unaudited) ASSETS Current assets: Cash and cash equivalents 3,529,679 3,329,708 Restricted cash - 2,062 Short-term investments 941,610 917,165 Accounts receivable, net 2,191,178 2,191,126 Prepayments and other assets 2,192,928 2,172,378 Amounts due from related parties 283,123 264,262 Licensed copyrights, net 388,718 579,132 Total current assets 9,527,236 9,455,833 Non-current assets: Fixed assets, net 877,982 839,284 Long-term investments 2,108,477 1,978,055 Deferred tax assts, net 23,536 21,197 Licensed copyrights, net 6,930,053 6,669,903 Intangible assets, net 289,861 252,596 Produced content, net 14,707,869 14,484,001 Prepayments and other assets 2,913,919 4,470,231 Operating lease assets 609,832 513,704 Goodwill 3,820,823 3,820,823 Amounts due from related parties 3,950,937 3,859,086 Total non-current assets 36,233,289 36,908,880 Total assets 45,760,525 46,364,713 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts and notes payable 6,482,209 6,956,061 Amounts due to related parties 3,239,036 3,361,596 Customer advances and deferred revenue 4,403,686 4,457,113 Convertible senior notes, current portion 242,460 1,483,936 Short-term loans 3,786,901 2,757,119 Long-term loans, current portion 167,987 717,991 Operating lease liabilities, current portion 96,675 81,728 Accrued expenses and other liabilities 3,058,379 2,725,586 Total current liabilities 21,477,333 22,541,130 Non-current liabilities: Long-term loans 1,036,835 2,300,177 Convertible senior notes 8,350,570 6,739,446 Amounts due to related parties 59,226 49,057 Operating lease liabilities 461,974 363,730 Other non-current liabilities 1,000,823 860,803 Total non-current liabilities 10,909,428 10,313,213 Total liabilities 32,386,761 32,854,343 Shareholders' equity: Class A ordinary shares 238 238 Class B ordinary shares 193 193 Additional paid-in capital 55,623,841 55,842,259 Accumulated deficit (43,809,369 ) (43,760,932 ) Accumulated other comprehensive income 1,550,523 1,438,027 Non-controlling interests 8,338 (9,415 ) Total shareholders' equity 13,373,764 13,510,370 Total liabilities and shareholders' equity 45,760,525 46,364,713 iQIYI, Consolidated Statements of Cash Flows (In RMB thousands, except for number of shares and per share data) Three Months Ended June 30, March 31, June 30, 2024 2025 2025 RMB RMB RMB (Unaudited) (Unaudited) (Unaudited) Net cash provided by/(used for) operating activities 410,752 338,950 (12,731 ) Net cash provided by/(used for) investing activities (1,2) 336,256 (30,136 ) (114,005 ) Net cash provided by/(used for) financing activities 865,894 860,477 (465,256 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 23,113 (1,232 ) (27,881 ) Net increase/(decrease) in cash, cash equivalents and restricted cash 1,636,015 1,168,059 (619,873 ) Cash, cash equivalents and restricted cash at the beginning of the period 6,271,368 3,590,331 4,758,390 Cash, cash equivalents and restricted cash at the end of the period 7,907,383 4,758,390 4,138,517 Reconciliation of cash and cash equivalents and restricted cash: Cash and cash equivalents 6,301,808 4,320,028 3,329,708 Restricted cash - 1,899 2,062 Long-term restricted cash 1,605,575 436,463 806,747 Total cash and cash equivalents and restricted cash shown in the statements of cash flows 7,907,383 4,758,390 4,138,517 Net cash provided by/(used for) operating activities 410,752 338,950 (12,731 ) Less: Capital expenditures (2) (28,299 ) (31,252 ) (21,410 ) Free cash flow 382,453 307,698 (34,141 ) (1) Net cash provided by or used for investing activities primarily consists of net cash flows from investing in debt securities, purchase of long-term investments and capital expenditures.(2) Capital expenditures are incurred primarily in connection with construction in process, computers and of Non-GAAP Financial Measures to the Nearest Comparable GAAP Measures(Amounts in thousands of Renminbi ('RMB'), except for per ADS information, unaudited) Three Months Ended June 30, March 31, June 30, 2024 2025 2025 RMB RMB RMB Operating income/(loss) 342,093 341,897 (46,168 ) Add: Share-based compensation expenses 157,791 115,105 103,313 Add: Amortization of intangible assets(1) 1,533 1,533 1,533 Operating income (non-GAAP) 501,417 458,535 58,678 Net income/(loss) attributable to iQIYI, Inc. 68,685 182,145 (133,708 ) Add: Share-based compensation expenses 157,791 115,105 103,313 Add: Amortization of intangible assets(1) 1,533 1,533 1,533 Add: Impairment of long-term investments 16,591 2,000 25,950 Add: Fair value loss/(gain) of long-term investments 2,577 (1,740 ) 17,564 Add: Reconciling items on equity method investments - 5,377 - Add: Tax effects on non-GAAP adjustments(2) (263 ) - - Net income attributable to iQIYI, Inc. (non-GAAP) 246,914 304,420 14,652 Diluted net income/(loss) per ADS 0.07 0.19 (0.14 ) Add: Non-GAAP adjustments to earnings per ADS 0.18 0.12 0.16 Diluted net income per ADS (non-GAAP) 0.25 0.31 0.02 (1) This represents amortization of intangible assets resulting from business combinations.(2) This represents tax impact of all relevant non-GAAP in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
