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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (1,657,772) $ (2,043,030) $ (1,624,157)
Adjustments to reconcile net loss to net cash generated from (used in) operating activities:      
Amortization of discount and debt issuance costs of convertible notes 7,536 100,141 88,198
Deferred income tax (140,553) (975) (27,451)
Depreciation and amortization 428,344 279,032 180,761
Impairment and write-off of long-lived assets 32,823 1,614 6,579
Impairment of goodwill 354,943 0 0
Net foreign exchange differences 41,737 (45,214) 11,298
Net investment loss 216,001 43,337 19,905
Net loss (gain) on debt extinguishment (199,697) 2,069 24,400
Provision for credit losses 513,690 117,427 57,509
Share-based compensation 705,896 470,324 290,246
Share of results of equity investees (11,156) (5,019) (721)
Others 22,144 12,723 3,136
Operating cash flows before changes in working capital 313,936 (1,067,571) (970,297)
Inventories 1,441 (62,735) (38,528)
Accounts receivable 98,981 (37,066) (174,767)
Prepaid expenses and other assets (497,889) (395,803) (527,139)
Amounts due from related parties 1,360 2,185 (10,897)
Operating lease right-of-use assets (360,472) (418,846) (45,203)
Accounts payable 43,311 99,639 50,860
Accrued expenses and other payables (39,069) 545,691 494,913
Escrow payables and advances from customers 166,996 654,257 541,524
Operating lease liabilities 385,911 429,366 46,352
Deferred revenue (1,093,229) 314,048 1,162,399
Income tax payable (4,628) 105,927 25,505
Amounts due to related parties (72,341) 39,557 1,146
Net cash generated from (used in) operating activities (1,055,692) 208,649 555,868
Cash flows from investing activities      
Purchase of property and equipment (924,178) (772,177) (336,274)
Purchase of intangible assets and capitalized software costs (52,105) (34,999) (20,780)
Proceeds from disposal of long-lived assets 119,996 620 1,732
Purchase of investments (2,630,842) (2,505,358) (219,548)
Proceeds from sale and maturity of investments 2,281,019 798,178 19,541
Distributions from investments 4,674 1,632 1,294
Acquisition of businesses, net of cash acquired (60,713) (22,763) (92,190)
Disposal of subsidiaries, net of cash disposed (230) (11,775) 15,008
Change in loans receivable (1,166,430) (1,220,631) (255,695)
Net cash used in investing activities (2,428,809) (3,767,273) (886,912)
Cash flows from financing activities      
Repayment of bank borrowings and finance lease obligations (117,238) (1,247) (31,833)
Proceeds from bank borrowings 49,000 115,282 1,224
Proceeds from issuance of convertible notes, net 0 2,846,250 1,141,362
Capital contributed by non-controlling interest 70,876 339 4,631
Transactions with non-controlling interests (22,889) 0 (20,736)
Purchase of capped calls 0 0 (135,700)
Payments for redemption, exchange, conversion and repurchase of convertible notes (611,315) (1,935) (50,009)
Proceeds from issuance of ordinary shares, net 50,211 4,050,055 2,970,248
Change in deposits payable 942,630 392,845 (146,055)
Proceeds from secured borrowings, net 38,981 0 0
Net cash generated from financing activities 400,256 7,401,589 3,733,132
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (143,511) (58,218) 80,727
Net increase (decrease) in cash, cash equivalents and restricted cash (3,227,756) 3,784,747 3,482,815
Cash, cash equivalents and restricted cash at beginning of the year 10,838,140 [1] 7,053,393 [1] 3,570,578
Cash, cash equivalents and restricted cash at end of the year [1] 7,610,384 10,838,140 7,053,393
Supplement disclosures of cash flow information      
Income taxes paid (313,755) (207,381) (144,874)
Interest paid (104,557) (44,981) (42,003)
Supplement disclosures of non-cash activities      
Purchase of property and equipment included in accrued expenses and other payables (14,631) 38,742 1,834
Purchase of property and equipment included in prepayments (13,171) 58,249 (83,782)
Purchase of property and equipment by exercise of exchangeable loan 0 (20,722) 0
Purchase of intangible assets included in accrued expenses and other payables (554) 183 484
Purchase of intangible assets included in prepayments (4,506) (3,875) (6,638)
Conversion and exchange of convertible notes into ordinary shares (5) (826,124) (464,930)
Acquisition of subsidiaries by conversion of convertible notes or issuance of shares 0 270,733 72,000
Proceeds from disposal of a subsidiary included in prepaid expenses and other assets 0 0 12,870
Transfers of loans receivable to prepaid expenses and other assets $ 56 $ 186 $ 8,830
[1] As of December 31, 2022, cash and cash equivalents of $13,227 was included in Assets held for sale within Prepaid expenses and other assets.