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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
CNY (¥)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
CNY (¥)
Dec. 31, 2016
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (9,061,231) $ (1,317,900) ¥ (3,736,932) ¥ (3,074,022)
Adjustments to reconcile net loss to net cash provided by operating activities        
Depreciation of fixed assets 312,138 45,399 348,921 306,495
Amortization of intangible assets 346,672 50,421 112,860 102,242
Amortization of licensed copyrights 12,055,624 1,753,418 7,491,955 4,036,121
Amortization and impairment of produced content 2,265,543 329,510 811,448 574,530
Impairment of licensed copyrights 180,615 26,269 390,235 212,219
Impairment of long-term investments 0 0 32,938 0
Provision for doubtful accounts 107,223 15,595 56,048 7,245
Unrealized foreign exchange loss/(gain) 940,479 136,787 (333,601) 180,574
Loss on disposal of fixed assets 4,184 609 4,594 1,166
Accretion on convertible notes payable or convertible senior notes 23,912 3,478 112,457 0
Barter transaction revenue (1,082,964) (157,511) (762,741) (382,478)
Share-based compensation 556,211 80,897 233,424 62,392
Share of losses on equity method investments 16,965 2,467 263 100
Fair value change of equity investments with no readily determinable fair values under the measurement alternative (189,639) (27,582) 0 0
Fair value change of assets and liabilities remeasured at fair value on a recurring basis 13,005 1,891 0 0
Deferred income tax expense/(benefit) (45,086) (6,557) (12,214) 478
Amortization of deferred income (5,346) (778) 0 0
Other non-cash expenses 20,128 2,927 (2,532) 29,016
Changes in operating assets and liabilities        
Accounts receivable (543,988) (79,120) (512,060) (322,756)
Amounts due from related parties (155,361) (22,596) 56,720 (57,941)
Produced content (4,544,977) (661,039) (1,962,221) (872,425)
Prepayments and other assets (735,191) (106,929) (549,301) (173,417)
Accounts payable 583,099 84,808 1,050,178 1,076,988
Amounts due to related parties 435,911 63,401 (184,882) 19,138
Customer advances and deferred revenue 466,961 67,917 836,946 456,823
Accrued expenses and other current liabilities 808,277 117,559 646,814 389,004
Interest payables 9,253 1,346 (123,618) 42,943
Other non-current liabilities 101,769 14,802 6,085 (2,314)
Net cash provided by operating activities 2,884,186 419,489 4,011,784 2,612,121
Cash flows from investing activities:        
Acquisition of fixed assets (611,910) (88,999) (1,022,315) (399,885)
Acquisition of intangible assets (387,539) (56,365) (110,290) (42,120)
Acquisition of licensed copyrights (13,042,056) (1,896,888) (9,087,438) (5,290,838)
Purchase of long-term investments (883,375) (128,482) (553,003) (163,990)
Acquisition of business, net of cash acquired (1,018,002) (148,062) 0 0
Film investment as passive investor (2,932) (426) (11,075) (31,751)
Proceeds from film investments as passive investor 6,173 898 31,093 5,484
Loans provided to related parties and third parties (400,370) (58,231) (2,279,238) 0
Repayment of loans provided to related parties 275,000 39,997 2,393,654 0
Purchases of held-to-maturity investments 0 0 (1,750,000) 0
Maturities of held-to-maturity investments 0 0 1,750,000 0
Purchase of available-for-sale debt securities (26,103,910) (3,796,656) (13,770,043) (4,499,000)
Maturity of available-for-sale debt securities 21,219,827 3,086,296 13,747,981 3,759,000
Net cash used for investing activities (20,949,094) (3,046,918) (10,660,674) (6,663,100)
Cash flows from financing activities:        
Proceeds from loans from related parties 650,000 94,539 2,220,000 4,000,000
Repayments of loans from related parties 0 0 (6,726,000) (688,234)
Proceeds from short-term loans 3,387,008 492,620 299,374 100,000
Repayments of short-term loans (639,933) (93,074) (100,000) 0
Proceeds from long-term loan and borrowings from third party investors, net of issuance costs 453,802 66,003 299,000 0
Repayment of long-term loan (99,119) (14,416) (5,000) 0
Purchase of capped call (464,825) (67,606) 0 0
Proceeds from issuance of a subsidiary’s equity to noncontrolling interest holders 19,500 2,836 45,500 0
Proceeds from initial public offering, net of issuance costs 14,896,761 2,166,644 0 0
Capital contribution from parent company 170,548 24,805 0 0
Proceeds from exercise of share options 66,554 9,680 0 0
Net cash provided by financing activities 23,474,959 3,414,292 6,561,110 3,411,766
Effect of exchange rate changes on cash, cash equivalents and restricted cash 617,386 89,791 (143,417) 14,681
Net (decrease)/increase in cash, cash equivalents and restricted cash 6,027,437 876,654 (231,197) (624,532)
Cash, cash equivalents and restricted cash at the beginning of the year 733,010 106,612 964,207 1,588,739
Cash, cash equivalents and restricted cash at the end of the year 6,760,447 983,266 733,010 964,207
Supplemental disclosures of cash flow information:        
Cash paid for interest 46,390 6,747 282,045 66,651
Cash paid for income taxes 20,054 2,917 22,472 413
Acquisition of fixed assets included in accounts payable 259,948 37,808 150,434 107,723
Acquisition of licensed copyrights included in accounts payable and deferred revenue 6,336,656 921,628 4,040,476 2,194,554
Acquisition of licensed copyrights from nonmonetary content exchanges 642,262 93,413 781,513 385,318
Acquisition of long-term investments with non-cash consideration 763,750 111,083 0 0
Related Parties        
Cash flows from financing activities:        
Proceeds from issuance of convertible notes payable 0 0 2,064,360 0
External Investor        
Cash flows from financing activities:        
Proceeds from issuance of convertible notes payable 0 0 8,463,876 0
Convertible Senior Notes        
Cash flows from financing activities:        
Proceeds from issuance of convertible notes payable ¥ 5,034,663 $ 732,261 ¥ 0 ¥ 0