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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
CNY (¥)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2022
CNY (¥)
Cash flows from operating activities:        
Net (loss)/income ¥ 790,589 $ 108,310 ¥ 1,952,554 ¥ (117,776)
Adjustments to reconcile net (loss)/income to net cash (used for)/provided by operating activities        
Depreciation of fixed assets 147,946 20,269 275,155 337,423
Amortization of intangible assets 95,595 13,096 179,380 177,019
Amortization of licensed copyrights 7,488,646 1,025,940 7,087,769 7,780,928
Amortization and impairment of produced content 5,892,927 807,328 6,548,911 5,359,648
Provision/(reversal) of credit losses (13,347) (1,829) 30,225 25,855
Unrealized foreign exchange loss 35,267 4,832 28,025 107,595
Gain on disposal of fixed assets (19,459) (2,666) (16,361) (34,901)
(Gain)/loss on disposal of subsidiaries or business 22,265 3,050 (89,571) (367,717)
Accretion on convertible senior notes and others 311,236 42,639 331,967 146,079
Barter transaction revenue (901,638) (123,524) (417,630) (876,109)
Share-based compensation 544,395 74,582 636,732 811,441
Share of losses/(gains) from equity method investments (17,790) (2,437) 51,249 213,409
Fair value change and impairment of long-term investments 176,221 24,142 340,042 823,806
Deferred income tax expense/(benefit) (24,360) (3,337) (1,008) 30,056
Other non-cash expense/(income) (59,337) (8,129) (227,353) 5,888
Changes in operating assets and liabilities        
Accounts receivable 6,993 958 193,305 312,776
Amounts due from related parties (14,515) (1,989) (280,042) 49,434
Licensed copyrights (6,529,740) (894,571) (6,381,628) (6,143,075)
Produced content (7,218,469) (988,926) (6,901,691) (7,387,666)
Prepayments and other assets 699,289 95,802 (34,876) 222,399
Accounts payable 703,957 96,442 (288,128) (2,911,022)
Amounts due to related parties 256,647 35,160 37,841 204,774
Customer advances and deferred revenue 30,478 4,175 141,098 750,799
Accrued expenses and other liabilities 76,242 10,445 173,550 (615,479)
Other non-current liabilities (369,981) (50,687) (17,915) 1,023,847
Net cash (used for)/provided by operating activities 2,110,057 289,075 3,351,600 (70,569)
Cash flows from investing activities:        
Acquisition of fixed assets (79,319) (10,867) (36,971) (174,263)
Acquisition of intangible assets (93,719) (12,839) (67,937) (95,506)
Purchase of long-term investments (37,790) (5,177) (178,522) (78,273)
Proceeds from disposal of long-term investments 61,009 8,358 109,791 20,145
Film investments made as passive investor (14,400) (1,973) (17,600) (59,650)
Proceeds from film investments as passive investor 13,512 1,851 20,689 30,200
Loans provided to related parties (2,316,239) (317,323) (1,472,600) 0
Purchases of held-to-maturity debt securities (510,000) (69,870) 0 (727,943)
Maturities of held-to-maturity debt securities 510,000 69,870 0 769,766
Purchases of available-for-sale debt securities (438,000) (60,006) (1,890,450) (3,731,634)
Maturities of available-for-sale debt securities 443,000 60,691 1,769,297 4,260,759
Other investing activities 17,076 2,340 24,788 52,379
Net cash provided by/(used for) investing activities (2,444,870) (334,945) (1,739,515) 265,980
Cash flows from financing activities:        
Repayments from loans from related parties 0 0 (650,000) 0
Proceeds from short-term loans 4,952,608 678,505 4,633,238 4,277,653
Repayments of short-term loans (4,732,857) (648,399) (4,412,667) (5,033,931)
Proceeds from long-term loans 1,120,332 153,485 99,990 0
Repayments of long-term loans (15,500) (2,123) 0 0
Proceeds from issuance of convertible senior notes, net of issuance costs 0 0 4,415,401 3,448,551
Repayments or redemption of convertible senior notes (2,914,233) (399,248) (11,735,964) 0
Acquisition of noncontrolling interests in a subsidiary (26,819) (3,674) 0 (5,090)
Proceeds from issuance of ordinary shares in the follow-on offering, net of issuance costs 0 0 3,391,277 0
Proceeds from issuance of ordinary shares to third parties upon private placement 0 0 0 1,172,732
Proceeds from issuance of Class B ordinary shares to Baidu upon private placement 0 0 0 634,470
Proceeds from exercise of share options 41,067 5,626 69,844 51,850
Finance lease payments (18,256) (2,501) (27,666) (38,132)
Dividends paid to noncontrolling interest shareholders (22,503) (3,083) (44,525) (64,240)
Proceeds from other financing activities 339,023 46,446 0 25,000
Repayment for other financing activities (92,983) (12,739) (24,000) 0
Net cash provided by/(used for) financing activities (1,370,121) (187,705) (4,285,072) 4,468,863
Effect of exchange rate changes on cash, cash equivalents and restricted cash 14,657 2,008 92,039 122,418
Net increase/(decrease) in cash, cash equivalents and restricted cash (1,690,277) (231,567) (2,580,948) 4,786,692
Cash, cash equivalents and restricted cash at the beginning of the year 5,280,608 723,440 7,861,556 3,074,864
Cash, cash equivalents and restricted cash at the end of the year 3,590,331 491,873 5,280,608 7,861,556
Supplemental disclosures of cash flow information:        
Cash paid for interest 678,069 92,895 784,242 524,484
Cash paid for income taxes 78,487 10,753 34,719 56,153
Acquisition of fixed assets included in accounts payable 95,597 13,097 6,869 3,751
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 3,529,679 $ 483,564 4,434,525 7,097,938
Restricted cash 0   6,120 13,618
Long-term restricted cash 60,652   839,963 750,000
Total cash and cash equivalents and restricted cash shown in the statements of cash flows ¥ 3,590,331   ¥ 5,280,608 ¥ 7,861,556