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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
CNY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
CNY (¥)
Dec. 31, 2017
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (10,276,739) $ (1,476,162) ¥ (9,061,231) ¥ (3,736,932)
Adjustments to reconcile net loss to net cash provided by operating activities        
Depreciation of fixed assets 476,068 68,383 312,138 348,921
Amortization and impairment of intangible assets 972,760 139,728 346,672 112,860
Amortization and impairment of licensed copyrights 12,743,323 1,830,464 12,236,239 7,882,190
Amortization and impairment of produced content 2,977,181 427,645 2,265,543 811,448
Provision for doubtful accounts 58,006 8,332 107,223 56,048
Unrealized foreign exchange (gain)/loss 155,079 22,276 940,479 (333,601)
Loss on disposal of fixed assets 13,257 1,904 4,184 4,594
Accretion on convertible notes payable or convertible senior notes 346,279 49,740 23,912 112,457
Barter transaction revenue (682,941) (98,098) (1,082,964) (762,741)
Share-based compensation 1,084,520 155,782 556,211 233,424
Share of losses on equity method investments 155,073 22,275 16,965 263
Fair value change and impairment of long-term investments 162,350 23,320 (189,639) 32,938
Fair value change of assets and liabilities remeasured at fair value on a recurring basis 5,711 820 13,005 0
Other investment income (25,272) (3,630) 0 0
Deferred income tax benefit (77,312) (11,105) (45,086) (12,214)
Amortization of deferred income (12,446) (1,788) (5,346) 0
Other non-cash (income)/expenses 37,820 5,433 20,128 (2,532)
Changes in operating assets and liabilities        
Accounts receivable (810,774) (116,460) (543,988) (512,060)
Amounts due from related parties 45,717 6,567 (155,361) 56,720
Produced content (3,596,339) (516,582) (4,544,977) (1,962,221)
Prepayments and other assets (854,906) (122,800) (735,191) (549,301)
Accounts payable (654,987) (94,083) 583,099 1,050,178
Amounts due to related parties 460,964 66,213 435,911 (184,882)
Customer advances and deferred revenue 880,844 126,525 466,961 836,946
Accrued expenses and other current liabilities 73,907 10,616 808,277 646,814
Interest payables 58,644 8,424 9,253 (123,618)
Other non-current liabilities 190,440 27,355 101,769 6,085
Net cash provided by operating activities 3,906,227 561,094 2,884,186 4,011,784
Cash flows from investing activities:        
Acquisition of fixed assets (740,163) (106,318) (611,910) (1,022,315)
Acquisition of intangible assets (127,505) (18,315) (387,539) (110,290)
Acquisition of licensed copyrights from related parties (324,040) (46,545) (58,660) 0
Acquisition of licensed copyrights from third parties (11,633,509) (1,671,049) (12,983,396) (9,087,438)
Purchase of long-term investments (706,149) (101,432) (883,375) (553,003)
Disposal of equity method investments 3,000 431 0 0
Acquisition of business, net of cash acquired (5,798) (833) (1,018,002) 0
Film investment as passive investor (3,250) (467) (2,932) (11,075)
Proceeds from film investments as passive investor 27,420 3,939 6,173 31,093
Loans provided to related parties 0 0 (41,370) (2,276,238)
Loans provided to third parties (46,000) (6,607) (359,000) (3,000)
Repayment of loans provided to related parties 22,000 3,160 5,000 2,390,654
Repayment of loans provided to third parties 4,500 646 270,000 3,000
Purchases of held-to-maturity debt securities (8,500,890) (1,221,076) (6,638,660) (1,750,000)
Maturities of held-to-maturity debt securities 9,894,325 1,421,231 2,060,400 1,750,000
Purchases of available-for-sale debt securities (14,458,369) (2,076,815) (19,465,250) (13,770,043)
Maturities of available-for-sale debt securities 14,844,857 2,132,330 19,159,427 13,747,981
Net cash used for investing activities (11,749,571) (1,687,720) (20,949,094) (10,660,674)
Cash flows from financing activities:        
Proceeds from loans from related parties 0 0 650,000 2,220,000
Repayments of loans from related parties 0 0 0 (6,726,000)
Proceeds from short-term loans 2,738,224 393,321 3,387,008 299,374
Repayments of short-term loans (3,166,503) (454,840) (639,933) (100,000)
Proceeds from long-term loans and borrowings from third party investors, net of issuance costs 945,749 135,848 453,802 299,000
Repayments of long-term loans and borrowings from third party investors (167,837) (24,108) (99,119) (5,000)
Purchase of capped calls (567,140) (81,465) (464,825) 0
Proceeds from issuance of subsidiaries' shares 106,750 15,334 19,500 45,500
Acquisition of noncontrolling interests in a subsidiary (65,000) (9,337) 0 0
Proceeds from initial public offering, net of issuance costs 0 0 14,896,761 0
Capital contribution from parent company 0 0 170,548 0
Proceeds from exercise of share options 146,954 21,109 66,554 0
Finance lease payments (397) (57) 0 0
Net cash provided by financing activities 7,880,306 1,131,934 23,474,959 6,561,110
Effect of exchange rate changes on cash, cash equivalents and restricted cash 112,265 16,127 617,386 (143,417)
Net (decrease)/increase in cash, cash equivalents and restricted cash 149,227 21,435 6,027,437 (231,197)
Cash, cash equivalents and restricted cash at the beginning of the year 6,760,447 971,077 733,010 964,207
Cash, cash equivalents and restricted cash at the end of the year 6,909,674 992,512 6,760,447 733,010
Supplemental disclosures of cash flow information:        
Cash paid for interest 436,651 62,721 46,390 282,045
Cash paid for income taxes 171,259 24,600 20,054 22,472
Acquisition of fixed assets included in accounts payable 84,605 12,153 259,948 150,434
Acquisition of licensed copyrights included in current liabilities 5,486,374 788,068 6,336,656 4,040,476
Acquisition of licensed copyrights from nonmonetary content exchanges 967,536 138,978 642,262 781,513
Acquisition of long-term investments with non-cash consideration 7,500 1,077 763,750 0
Related Parties        
Cash flows from financing activities:        
Proceeds from issuance of convertible notes payable 0 0 0 2,064,360
External Investor        
Cash flows from financing activities:        
Proceeds from issuance of convertible notes payable 0 0 0 8,463,876
Convertible Senior Notes        
Cash flows from financing activities:        
Proceeds from issuance of convertible notes payable ¥ 7,909,506 $ 1,136,129 ¥ 5,034,663 ¥ 0