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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
CNY (¥)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
Dec. 31, 2021
CNY (¥)
Cash flows from operating activities:        
Net (loss)/income ¥ 1,952,554 $ 275,012 ¥ (117,776) ¥ (6,108,533)
Adjustments to reconcile net (loss)/income to net cash (used for)/provided by operating activities        
Depreciation of fixed assets 275,155 38,755 337,423 400,241
Amortization of intangible assets 179,380 25,265 177,019 162,182
Amortization of licensed copyrights 7,087,769 998,291 7,780,928 10,082,541
Amortization and impairment of produced content 6,548,911 922,395 5,359,648 6,121,035
(Reversal)/provision of credit losses 30,225 4,257 25,855 (45,228)
Unrealized foreign exchange loss 28,025 3,947 107,595 15,534
Gain on disposal of fixed assets (16,361) (2,304) (34,901) (25,611)
Gain on disposal of subsidiaries or business (89,571) (12,616) (367,717) (44,861)
Accretion on convertible senior notes and others 331,967 46,757 146,079 618,393
Barter transaction revenue (417,630) (58,822) (876,109) (1,243,562)
Share-based compensation 636,732 89,682 811,441 1,219,163
Share of losses from equity method investments 51,249 7,218 213,409 446,323
Fair value change and impairment of long-term investments 340,042 47,894 823,806 82,447
Deferred income tax expense/(benefit) (1,008) (142) 30,056 18,535
Other non-cash (income)/expenses (227,353) (32,022) 5,888 (64,208)
Changes in operating assets and liabilities        
Accounts receivable 193,305 27,226 312,776 644,924
Amounts due from related parties (280,042) (39,443) 49,434 (56,029)
Licensed copyrights (6,381,628) (898,834) (6,143,075) (9,731,462)
Produced content (6,901,691) (972,083) (7,387,666) (10,491,647)
Prepayments and other assets (34,876) (4,912) 222,399 96,000
Accounts payable (288,128) (40,582) (2,911,022) 1,438,676
Amounts due to related parties 37,841 5,330 204,774 658,173
Customer advances and deferred revenue 141,098 19,873 750,799 39,592
Accrued expenses and other liabilities 173,550 24,444 (615,479) (216,064)
Other non-current liabilities (17,915) (2,523) 1,023,847 31,599
Net cash (used for)/provided by operating activities 3,351,600 472,063 (70,569) (5,951,847)
Cash flows from investing activities:        
Acquisition of fixed assets (36,971) (5,207) (174,263) (261,536)
Acquisition of intangible assets (67,937) (9,569) (95,506) (139,199)
Purchase of long-term investments (178,522) (25,144) (78,273) (386,383)
Proceeds from disposal of long-term investments 109,791 15,464 20,145 0
Film investments made as passive investor (17,600) (2,479) (59,650) (21,850)
Proceeds from film investments as passive investor 20,689 2,914 30,200 3,600
Loans provided to related parties (1,472,600) (207,411) 0 (1,000)
Loans provided to third parties 0 0   (813,000)
Repayment of loans provided to related parties 0 0 0 1,000
Repayment of loans provided to third parties 0 0 3,182 813,030
Purchases of held-to-maturity debt securities 0 0 (727,943) (6,419,905)
Maturities of held-to-maturity debt securities 0 0 769,766 8,518,768
Purchases of available-for-sale debt securities (1,890,450) (266,264) (3,731,634) (13,555,195)
Maturities of available-for-sale debt securities 1,769,297 249,200 4,260,759 13,468,301
Other investing activities 24,788 3,491 49,197 55,719
Net cash provided by/(used for) investing activities (1,739,515) (245,005) 265,980 1,262,350
Cash flows from financing activities:        
Repayments from loans from related parties (650,000) (91,551) 0 0
Proceeds from short-term loans 4,633,238 652,578 4,277,653 4,437,033
Repayments of short-term loans (4,412,667) (621,511) (5,033,931) (3,296,979)
Proceeds from long-term loans 99,990 14,083 0 0
Repayments of long-term loans and borrowings from third party investors 0 0 0 (880,861)
Proceeds from issuance of convertible senior notes, net of issuance costs 4,415,401 621,896 3,448,551 632,369
Repayments or redemption of convertible senior notes (11,735,964) (1,652,976) 0 (4,751,022)
Proceeds from issuance of subsidiaries' shares 0 0 1,000 268,457
Proceeds from issuance of ordinary shares in the follow-on offering, net of issuance costs 3,391,277 477,651 0 500,380
Proceeds from issuance of ordinary shares to third parties upon private placement 0 0 1,172,732 0
Proceeds from issuance of Class B ordinary shares to Baidu upon private placement 0 0 634,470 0
Proceeds from exercise of share options 69,844 9,837 51,850 180,002
Finance lease payments (27,666) (3,897) (38,132) (14,473)
Dividends paid to noncontrolling interest shareholders (44,525) (6,271) (64,240) (27,827)
Other financing activities (24,000) (3,380) 18,910 (6,534)
Net cash (used for)/provided by financing activities (4,285,072) (603,541) 4,468,863 (2,959,455)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 92,039 12,964 122,418 (216,696)
Net (decrease)/increase in cash, cash equivalents and restricted cash (2,580,948) (363,519) 4,786,692 (7,865,648)
Cash, cash equivalents and restricted cash at the beginning of the year 7,861,556 1,107,277 3,074,864 10,940,512
Cash, cash equivalents and restricted cash at the end of the year 5,280,608 743,758 7,861,556 3,074,864
Supplemental disclosures of cash flow information:        
Cash paid for interest 784,242 110,458 524,484 670,916
Cash paid for income taxes 34,719 4,890 56,153 108,436
Acquisition of fixed assets included in accounts payable 6,869 967 3,751 68,110
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 4,434,525 $ 624,590 7,097,938 2,997,212
Restricted cash 6,120   13,618 77,652
Long-term restricted cash 839,963   750,000 0
Total cash and cash equivalents and restricted cash shown in the statements of cash flows ¥ 5,280,608   ¥ 7,861,556 ¥ 3,074,864