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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net loss $ (1,624,157) $ (1,457,722) $ (961,034)
Adjustments to reconcile net loss to net cash used in operating activities:      
Allowance for credit losses 57,509 3,581 2,189
Amortization of discount on convertible notes 88,198 33,334 14,154
Amortization of intangible assets 11,694 4,849 23,826
Changes in fair value of convertible notes 87 472,877 (41,259)
Deferred income tax (27,451) (4,333) (19,797)
Depreciation of property and equipment 169,067 116,783 54,902
Gain on disposal of subsidiaries (62,115) 0 0
Gain on disposal of investments 0 (129) (7,685)
Gain on re-measurement of equity interests (3,003) (4,500) 0
Impairment loss on intangible assets 5,713 0 5,166
Impairment loss on investments 61,238 1,155 3,416
Loss on debt extinguishment 24,400 0 0
Net foreign exchange differences 11,298 (292) (10,230)
Prepaid licensing fees written-off 0 0 4,544
Share-based compensation 290,246 117,069 58,121
Share of results of equity investees (721) 3,239 3,066
Unrealized loss on marketable securities 24,150 0 0
Others 3,550 1,891 2,589
Operating cash flows before changes in working capital (970,297) (712,198) (868,032)
Inventories (38,528) 11,762 (28,465)
Accounts receivable (174,767) (86,546) (38,524)
Prepaid expenses and other assets (527,139) (214,926) (159,025)
Amounts due from related parties (10,897) 538 (3,306)
Operating lease right-of-use assets (45,203) (62,140) 0
Accounts payable 50,860 31,381 29,733
Accrued expenses and other payables 943,586 354,151 354,946
Advances from customers 92,851 34,263 2,727
Operating lease liabilities 46,352 70,901 0
Deferred revenue 1,162,399 637,214 204,161
Income tax payable 25,505 17,207 (75)
Amount due to related parties 1,146 (11,742) 10,640
Net cash (used in) generated from operating activities 555,868 69,865 (495,220)
Cash flows from investing activities      
Purchase of property and equipment (336,274) (239,844) (177,343)
Purchase of intangible assets (20,780) (7,254) (1,142)
Purchase of investments (219,548) (118,462) (69,641)
Proceeds from disposal of property and equipment 1,732 1,236 668
Proceeds from disposal of intangible assets 0 0 245
Proceeds from sale and maturity of investments 19,541 640 22,685
Distributions from investments 1,294 465 0
Acquisition of businesses, net of cash acquired (92,190) 0 0
Disposal of subsidiaries, net of cash disposed 15,008 0 0
Change in loans receivable (255,695) 0 0
Net cash used in investing activities (886,912) (363,219) (224,528)
Cash flows from financing activities      
Proceeds from issuance of convertible notes, net 1,141,362 1,138,500 564,938
Purchase of capped call (135,700) (97,060) 0
Proceeds from borrowings 1,224 868 2,055
Repayment of borrowings (31,833) (2,871) (2,698)
Proceeds from issuance of ordinary shares, net 2,970,248 1,538,802 4,574
Transaction with non-controlling interests (20,736) 0 (25,768)
Proceeds from partial disposal of a subsidiary without a loss in control 0 0 3,527
Contribution by non-controlling interest 4,631 1,356 0
Payments for exchange and conversion of convertible notes (50,009) 0 0
Change in accrued expenses and other payables (146,055) 0 0
Net cash generated from financing activities 3,733,132 2,579,595 546,628
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 80,727 25,025 (12,546)
Net (decrease) increase in cash, cash equivalents and restricted cash 3,482,815 2,311,266 (185,666)
Cash, cash equivalents and restricted cash at beginning of the year 3,570,578 1,259,312 1,444,978
Cash, cash equivalents and restricted cash at end of the year 7,053,393 3,570,578 1,259,312
Supplement disclosures of cash flow information:      
Income taxes paid (144,874) (74,349) (23,961)
Interest paid (42,003) (13,501) (42,901)
Supplement disclosures of non-cash activities:      
Purchase of property and equipment included in accrued expenses and other payables 1,834 (9,804) 7,579
Purchase of intangible assets included in accrued expenses and other payables 484 (422) (444)
Purchase of property and equipment included in prepayments (83,782) 3,851 (6,104)
Purchase of intangible assets included in prepayments (6,638) 51 4,547
Conversion and exchange of convertible notes into ordinary shares (464,930) (1,080,112) (48,975)
Acquisition of a subsidiary by conversion of convertible notes 72,000 0 0
Proceeds from disposal of a subsidiary included in prepaid expenses and other assets 12,870 0 0
Transfers of loans receivable to prepaid expenses and other assets $ 8,830 $ 0 $ 0