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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
CNY (¥)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
CNY (¥)
Dec. 31, 2018
CNY (¥)
Cash flows from operating activities:        
Net income/(loss) ¥ 146,962 $ 22,523 ¥ (104,420) ¥ (416,694)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:        
Unrealized gain/(loss) from foreign currency exchange 1,957 300 (1,770) 1,757
Share-based compensation expense 26,734 4,097 16,732 27,886
Depreciation and amortization 18,944 2,903 26,625 32,970
Impairment loss       7,364
Deferred taxes (benefits)/expenses (9,931) (1,522) (153) 73
(Gain)/loss on disposal of property, equipment 367 56 (27)  
Changes in assets and liabilities:        
Inventory (1,627) (249) 308  
Prepaid expenses and other current assets (53,940) (8,267) (16,644) (87,412)
Operating lease right of use assets (41,363) (6,339) (56,638)  
Other non-current assets (8,509) (1,304) (538) 1,296
Advances from students 534,455 81,909 501,800 480,568
Accrued expenses and other liabilities 66,119 10,133 (27,181) (9,959)
Operating lease liabilities 41,448 6,352 55,095  
Taxes payable (2,373) (364) 4,744 (8,068)
Net cash provided by operating activities 719,243 110,228 397,933 29,781
Cash flows from investing activities:        
Purchases of property and equipment (21,957) (3,365) (9,604) (17,605)
Purchase of intangible assets (7,167) (1,098) (1,530) (3,962)
Placement of time deposits (789,331) (120,970) (443,454) (224,586)
Placement of short-term investments (700,251) (107,318) (997,564) (190,073)
Withdrawal of time deposits 144,991 22,221 351,281 276,326
Withdrawal of short-term investments 639,259 97,971 687,863 155,002
Proceeds from disposal of property and equipment 185 28 98  
Net cash used in investing activities (734,271) (112,531) (412,910) (4,898)
Cash flows from financing activities:        
Share repurchase program (23,116) (3,543) (6,011)  
Proceeds from exercise of stock options 10,330 1,583 4,334 1,611
Drawdown of short-term loan       85,856
Proceeds from issuance of stock, net of offering expenses 39,942 6,121    
Short-term loan repayment (16,367) (2,508) (52,859) (19,060)
Net cash provided by/(used in) financing activities 10,789 1,653 (54,536) 68,407
Effect of exchange rate changes on cash and cash equivalents (12,065) (1,849) (679) (186)
Net increase/(decrease) in cash and cash equivalents (16,304) (2,499) (70,192) 93,104
Cash and cash equivalents at the beginning of the year 342,951 52,560 413,143 320,039
Cash and cash equivalents at the end of the year 326,647 50,061 342,951 413,143
Supplemental disclosure of cash flow information        
Cash paid for income taxes 8,295 1,271 1,809 10,538
Cash paid for interest expenses 90 14 3,110 1,944
Non-cash supplemental investing activities        
Property and equipment and intagible assets purchases financed by accrued expenses and other current liabilities ¥ 11,434 $ 1,752 ¥ 1,366 ¥ 1,650