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Consolidated Statements of Cash Flows
¥ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 24,175 $ 3,312 ¥ 21,549 ¥ 7,534
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation of fixed assets and computer parts 6,844 938 7,390 6,477
Amortization and impairment of intangible assets 295 40 430 467
Deferred income tax, net 1,040 142 (163) (99)
Share-based compensation 4,784 655 6,345 6,788
Allowance for credit losses 1,074 147 693 701
Investment and interest expense (income) (2,598) (356) (3,765) 4,010
Amortization of licensed copyrights 7,489 1,026 7,088 7,781
Amortization and impairment of produced content 5,893 807 6,549 5,359
Impairment of long-term investments and other assets 630 86 910 3,058
Share of losses from equity method investments 691 95 3,799 1,910
(Gain) loss on disposal of subsidiaries or business 22 3 (157) (868)
Gain on disposal of fixed assets (44) (6) (36) (58)
Barter transaction revenue (902) (124) (418) (876)
Accretion on convertible senior notes and others 311 43 332 146
Other non-cash expenses (income) (958) (131) (864) 598
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:        
Accounts receivable 327 45 216 (2,369)
Amounts due from related parties (220) (30) (196) 264
Licensed copyrights (6,530) (895) (6,381) (6,144)
Produced content (7,210) (988) (6,928) (7,391)
Other assets (16,782) (2,299) (691) 965
Customer deposits and deferred revenue 103 14 1,645 (460)
Accounts payable and accrued liabilities and other non-current liabilities 2,298 315 (858) (1,450)
Deferred income 410 56 273 16
Amounts due to related parties 92 14 (147) (189)
Net cash provided by operating activities 21,234 2,909 36,615 26,170
Cash flows from investing activities:        
Acquisition of fixed assets (8,134) (1,114) (11,190) (8,286)
Acquisition of businesses, net of cash acquired     (115) (14)
Acquisition of intangible assets (125) (17) (105) (107)
Purchases of time deposits and held-to-maturity investments (225,885) (30,946) (198,658) (173,934)
Maturities of time deposits and held-to-maturity investments 224,188 30,714 152,877 178,831
Purchases of available-for-sale debt investments (79,022) (10,826) (3,335) (7,587)
Sales and maturities of available-for-sale debt investments 74,366 10,188 2,155 9,288
Purchases of equity investments (795) (109) (1,487) (3,628)
Proceeds from disposal of equity investments 6,697 917 6,884 1,984
Disposal of subsidiaries' shares     15 270
Loans provided to third parties (2,427) (332) (1,472)  
Loans provided to related parties (38) (5) (1) (859)
Repayment of loans provided to third parties 112 15    
Repayment of loans provided to related parties     3,946  
Return of equity method investments 2,536 347    
Other investing activities (28) (4) 89 98
Net cash used in investing activities (8,555) (1,172) (50,397) (3,944)
Cash flows from financing activities:        
Proceeds from short-term loans 22,454 3,076 15,928 6,273
Repayments of short-term loans (22,039) (3,019) (11,026) (5,084)
Proceeds from long-term loans 1,120 153 130  
Repayments of long-term loans (6,158) (844) (7,327) (11,451)
Repayment of loans borrowed from related parties     (3,477)  
Proceeds from issuance of convertible senior notes, net of issuance costs     4,415 3,449
Repayments or redemption of convertible senior notes (2,914) (399) (11,736)  
Proceeds from issuance of subsidiaries' shares 41 6 3,461 1,227
Repurchase of ordinary shares (6,324) (866) (4,764) (1,925)
Proceeds from exercise of share options 47 6 103 200
Proceeds from issuance of redeemable noncontrolling interests 615 84 351 1,212
Acquisition of redeemable noncontrolling interests and noncontrolling interests in subsidiaries (825) (113)   (86)
Proceeds from other financing activities 339 46   25
Repayments of other financing activities (115) (15) (220) (230)
Net cash used in financing activities (13,759) (1,885) (14,162) (6,390)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 95 13 282 1,729
Net increase/(decrease) in cash, cash equivalents and restricted cash (985) (135) (27,662) 17,565
Cash, cash equivalents and restricted cash at the beginning of the year 37,574 5,148 65,236 47,671
Cash, cash equivalents and restricted cash at the end of the year 36,589 5,013 37,574 65,236
Supplemental disclosures:        
Interest paid 2,237 306 2,764 2,690
Income taxes paid 3,684 505 3,666 3,525
Non-cash investing and financing activities:        
Acquisition of fixed assets included in accounts payable and accrued liabilities 1,819 249 1,310 1,000
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 24,832 3,402 25,231 53,156
Restricted cash 11,697 1,602 11,503 11,330
Long-term restricted cash 60 9 840 750
Cash, cash equivalents and restricted cash at the end of the year ¥ 36,589 $ 5,013 ¥ 37,574 ¥ 65,236