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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
CNY (¥)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
CNY (¥)
Dec. 31, 2020
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (117,776) $ (17,076) ¥ (6,108,533) ¥ (7,007,153)
Adjustments to reconcile net loss to net cash provided by operating activities        
Depreciation of fixed assets 337,423 48,922 400,241 480,396
Amortization and impairment of intangible assets 177,019 25,665 162,182 317,579
Amortization and impairment of licensed copyrights 7,780,928 1,128,129 10,082,541 11,863,521
Amortization and impairment of produced content 5,359,648 777,075 6,121,035 4,534,116
Impairment of long-lived assets 0 0 0 143,534
Provision/(reversal) of credit losses (25,855) (3,749) (45,228) 265,540
Unrealized foreign exchange (gain)/loss 107,595 15,600 15,534 (51,819)
Gain on disposal of fixed assets (34,901) (5,060) (25,611) (20,991)
Gain on disposal of subsidiaries (367,717) (53,314) (44,861) 0
Accretion on convertible senior notes and asset-backed debt securities 146,079 21,179 618,393 501,033
Barter transaction revenue (876,109) (127,024) (1,243,562) (1,376,912)
Share-based compensation 811,441 117,649 1,219,163 1,370,095
Share of losses from equity method investments 213,409 30,941 446,323 224,489
Fair value change and impairment of long-term investments 823,806 119,440 82,447 33,928
Interest and other investment expense/(income) (5,537) (803) (5,134) 49,622
Deferred income tax (benefit)/expense 30,056 4,358 18,535 (41,979)
Amortization of deferred income (11,760) (1,705) (12,674) (14,969)
Other non-cash (income)/expenses (23,185) (3,362) (46,400) (67,750)
Changes in operating assets and liabilities        
Accounts receivable 312,776 45,348 644,924 8,841
Amounts due from related parties (49,434) (7,167) (56,029) 144,423
Licensed copyrights (6,143,075) (890,662) (9,731,462) (10,527,700)
Produced content (7,387,666) (1,071,111) (10,491,647) (6,728,467)
Prepayments and other assets 222,399 32,245 96,000 1,166,105
Accounts payable 2,911,022 422,059 1,438,676 (605,394)
Amounts due to related parties 204,774 29,689 658,173 77,049
Customer advances and deferred revenue 750,799 108,856 39,592 429,510
Accrued expenses and other liabilities (615,479) (89,236) (216,064) (580,615)
Other non-current liabilities 1,023,847 148,444 31,599 2,897
Net cash used for operating activities (70,569) (10,232) (5,951,847) (5,411,071)
Cash flows from investing activities:        
Acquisition of fixed assets (174,263) (25,266) (261,536) (240,750)
Acquisition of intangible assets (95,506) (13,847) (139,199) (144,978)
Purchase of long-term investments (78,273) (11,349) (386,383) (1,050,810)
Proceeds from disposal of long-term investments 20,145 2,921 0 40,000
Acquisition of business, net of cash acquired 0 0 0 (5,798)
Film investments made as passive investor (59,650) (8,648) (21,850) 0
Proceeds from film investments as passive investor 30,200 4,379 3,600 1,612
Loans provided to related parties 0 0 (1,000) 0
Loans provided to third parties 0 0 (813,000) (9,655)
Repayment of loans provided to related parties 0 0 1,000 100,000
Repayment of loans provided to third parties 3,182 461 813,030 0
Purchases of held-to-maturity debt securities (727,943) (105,542) (6,419,905) (3,367,103)
Maturities of held-to-maturity debt securities 769,766 111,606 8,518,768 5,202,271
Purchases of available-for-sale debt securities (3,731,634) (541,036) (13,555,195) (11,813,599)
Maturities of available-for-sale debt securities 4,260,759 617,752 13,468,301 11,431,950
Other investing activities 49,197 7,133 55,719 16,156
Net cash provided by investing activities 265,980 38,564 1,262,350 159,296
Cash flows from financing activities:        
Proceeds from short-term loans 4,277,653 620,201 4,437,033 3,559,525
Repayments of short-term loans (5,033,931) (729,851) (3,296,979) (3,219,083)
Repayments of long-term loans and borrowings from third party investors 0 0 (880,861) (709,192)
Proceeds from issuance of convertible senior notes, net of issuance costs 3,448,551 499,993 632,369 5,150,888
Repayments of convertible senior notes 0 0 (4,751,022) 0
Proceeds from issuance of subsidiaries' shares 1,000 145 268,457 9,609
Proceeds from issuance of ordinary shares in the follow-on offering, net of issuance costs 0 0 500,380 4,457,007
Proceeds from issuance of shares to third parties upon private placement 1,172,732 170,030 0 0
Proceeds from issuance of Class B ordinary shares to Baidu upon private placement 634,470 91,990 0 0
Proceeds from exercise of share options 51,850 7,518 180,002 196,597
Finance lease payments (38,132) (5,529) (14,473) (9,020)
Dividends paid by subsidiaries (64,240) (9,314) (27,827) (62,425)
Other financing activities (18,910) (2,742) (6,534) 0
Net cash provided by/(used for) financing activities 4,468,863 647,925 (2,959,455) 9,373,906
Effect of exchange rate changes on cash, cash equivalents and restricted cash 122,418 17,748 (216,696) (91,293)
Net increase/(decrease) in cash, cash equivalents and restricted cash 4,786,692 694,005 (7,865,648) 4,030,838
Cash, cash equivalents and restricted cash at the beginning of the year 3,074,864 445,813 10,940,512 6,909,674
Cash, cash equivalents and restricted cash at the end of the year 7,861,556 1,139,818 3,074,864 10,940,512
Supplemental disclosures of cash flow information:        
Cash paid for interest 524,484 76,043 670,916 502,985
Cash paid for income taxes 56,153 8,141 108,436 97,863
Acquisition of fixed assets included in accounts payable 3,751 544 68,110 30,341
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 7,097,938 $ 1,029,104 2,997,212 10,915,282
Restricted cash 13,618   77,652 25,230
Long-term restricted cash 750,000   0 0
Total cash and cash equivalents and restricted cash shown in the statements of cash flows ¥ 7,861,556   ¥ 3,074,864 ¥ 10,940,512