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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
CNY (¥)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
CNY (¥)
Dec. 31, 2019
CNY (¥)
Cash flows from operating activities:        
Net loss ¥ (6,108,533) $ (958,563) ¥ (7,007,153) ¥ (10,276,739)
Adjustments to reconcile net loss to net cash provided by operating activities        
Depreciation of fixed assets 400,241 62,807 480,396 476,068
Amortization and impairment of intangible assets 162,182 25,450 317,579 972,760
Amortization and impairment of licensed copyrights 10,082,541 1,582,171 11,863,521 12,743,323
Amortization and impairment of produced content 6,121,035 960,524 4,534,116 2,977,181
Impairment of long-lived assets 0 0 143,534 0
Provision/(reversal) for credit loss (45,228) (7,097) 265,540 58,006
Unrealized foreign exchange loss/(gain) 15,534 2,438 (51,819) 155,079
Loss/(gain) on disposal of fixed assets (25,611) (4,019) (20,991) 13,257
Gain on disposal of subsidiaries (44,861) (7,040) 0 0
Accretion on convertible senior notes and asset-backed debt securities 618,393 97,039 501,033 379,916
Barter transaction revenue (1,243,562) (195,142) (1,376,912) (682,941)
Share-based compensation 1,219,163 191,313 1,370,095 1,084,520
Share of losses from equity method investments 446,323 70,038 224,489 155,073
Fair value change and impairment of long-term investments 82,447 12,938 33,928 162,350
Fair value change of assets and liabilities remeasured at fair value on a recurring basis 0 0 0 5,711
Interest and other investment (income)/expense (5,134) (806) 49,622 (25,272)
Deferred income tax (benefit)/expense 18,535 2,909 (41,979) (77,312)
Amortization of deferred income (12,674) (1,989) (14,969) (12,446)
Other non-cash expenses/(income) (46,400) (7,281) (67,750) 4,183
Changes in operating assets and liabilities        
Accounts receivable 644,924 101,203 8,841 (810,774)
Amounts due from related parties (56,029) (8,792) 144,423 45,717
Licensed copyrights (9,731,462) (1,527,079) (10,527,700) 0
Produced content (10,491,647) (1,646,368) (6,728,467) (3,596,339)
Prepayments and other assets 96,000 15,064 1,166,105 (854,906)
Accounts payable 1,438,676 225,760 (605,394) (654,987)
Amounts due to related parties 658,173 103,282 77,049 460,964
Customer advances and deferred revenue 39,592 6,213 429,510 880,844
Accrued expenses and other liabilities (216,064) (33,905) (580,615) 132,551
Other non-current liabilities 31,599 4,959 2,897 190,440
Net cash provided by/(used for) operating activities (5,951,847) (933,973) (5,411,071) 3,906,227
Cash flows from investing activities:        
Acquisition of fixed assets (261,536) (41,041) (240,750) (740,163)
Acquisition of intangible assets (139,199) (21,843) (144,978) (127,505)
Acquisition of licensed copyrights from related parties 0 0 0 (324,040)
Acquisition of licensed copyrights from third parties 0 0 0 (11,633,509)
Purchase of long-term investments (386,383) (60,632) (1,050,810) (706,149)
Proceeds from disposal of long-term investments 0 0 40,000 3,000
Acquisition of business, net of cash acquired 0 0 (5,798) (5,798)
Film investments made as passive investor (21,850) (3,429) 0 (3,250)
Proceeds from film investments as passive investor 3,600 565 1,612 27,420
Loans provided to related parties (1,000) (157) 0 0
Loans provided to third parties (813,000) (127,577) (9,655) (46,000)
Repayment of loans provided to related parties 1,000 157 100,000 22,000
Repayment of loans provided to third parties 813,030 127,582 0 4,500
Purchases of held-to-maturity debt securities (6,419,905) (1,007,423) (3,367,103) (8,500,890)
Maturities of held-to-maturity debt securities 8,518,768 1,336,781 5,202,271 9,894,325
Purchases of available-for-sale debt securities (13,555,195) (2,127,106) (11,813,599) (14,458,369)
Maturities of available-for-sale debt securities 13,468,301 2,113,470 11,431,950 14,844,857
Other investing activities 55,719 8,744 16,156 0
Net cash (used for)/provided by investing activities 1,262,350 198,091 159,296 (11,749,571)
Cash flows from financing activities:        
Proceeds from short-term loans 4,437,033 696,267 3,559,525 2,738,224
Repayments of short-term loans (3,296,979) (517,368) (3,219,083) (3,166,503)
Proceeds from long-term loans and borrowings from third party investors, net of issuance costs 0 0 0 945,749
Repayments of long-term loans and borrowings from third party investors (880,861) (138,226) (709,192) (167,837)
Proceeds from issuance of convertible senior notes, net of issuance costs 632,369 99,232 5,150,888 7,909,506
Repayments of convertible senior notes (4,751,022) (745,539) 0 0
Purchase of capped calls 0 0 0 (567,140)
Proceeds from issuance of subsidiaries' shares 268,457 42,127 9,609 106,750
Acquisition of noncontrolling interests in a subsidiary 0 0 0 (65,000)
Proceeds from issuance of ordinary shares in the follow-on offering, net of issuance costs 500,380 78,521 4,457,007 0
Proceeds from exercise of share options 180,002 28,246 196,597 146,954
Finance lease payments (14,473) (2,271) (9,020) (397)
Dividends paid by subsidiaries (27,827) (4,367) (62,425) 0
Other financing activities (6,534) (1,025) 0 0
Net cash provided by/(used for) financing activities (2,959,455) (464,403) 9,373,906 7,880,306
Effect of exchange rate changes on cash, cash equivalents and restricted cash (216,696) (34,007) (91,293) 112,265
Net increase/(decrease) in cash, cash equivalents and restricted cash (7,865,648) (1,234,292) 4,030,838 149,227
Cash, cash equivalents and restricted cash at the beginning of the year 10,940,512 1,716,805 6,909,674 6,760,447
Cash, cash equivalents and restricted cash at the end of the year 3,074,864 482,513 10,940,512 6,909,674
Supplemental disclosures of cash flow information:        
Cash paid for interest 670,916 105,281 502,985 436,651
Cash paid for income taxes 108,436 17,016 97,863 171,259
Acquisition of fixed assets included in accounts payable 68,110 10,688 30,341 84,605
Acquisition of long-term investments with non-cash consideration 50,000 7,846 4,000 7,500
Reconciliation of cash and cash equivalents and restricted cash:        
Cash and cash equivalents 2,997,212 470,328 10,915,282 5,934,742
Restricted cash 77,652 12,185 25,230 974,932
Total cash and cash equivalents and restricted cash shown in the statements of cash flows ¥ 3,074,864 $ 482,513 ¥ 10,940,512 ¥ 6,909,674