XML 336 R5.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Income/(loss) for the year $ 4,568 $ 366,065 $ (70,659)
Non-cash items:      
Depreciation and amortization 6,645 6,665 2,778
Impairment of intangible assets 0 0 30
Impairment of investment in associate 0 42,938 0
Equity settled share-based payment expense 10,718 14,468 12,637
(Gain)/loss on investments held at fair value (232,674) 37,863 20,307
Realized loss on sale of investments 54,976 0 0
(Gain)/loss on short-term investments 0 0 (843)
Gain on deconsolidation 0 264,409 41,730
Gain on loss of significant influence 0 (445,582) (10,287)
Conversion of debt to equity 0 0 349
Disposal of assets 66 140 161
Share of net (income)/loss of associates accounted for using the equity method 34,117 (30,791) 11,491
Income taxes, net 14,402 112,077 1,723
Unrealized (gain)/loss on foreign currency transactions 0 0 (271)
Finance costs, net 6,114 46,229 (8,446)
Changes in operating assets and liabilities:      
Accounts receivable (529) 747 467
Other financial assets 0 (48) (1,327)
Prepaid expenses and other current assets (3,371) (25) 774
Deferred revenues (5,223) 186 4,841
Trade and other payables 605 11,166 5,094
Other liabilities (7) 3,002 115
Income taxes paid (20,737) 0 0
Interest received 1,155 3,648 0
Interest paid (2,651) (2,495) 0
Net cash used in operating activities (131,827) (98,156) (72,796)
Cash flows from investing activities:      
Purchase of property and equipment (5,170) (12,138) (4,365)
Proceeds from sale of property and equipment 0 0 125
Purchases of intangible assets (254) (400) (125)
Purchase of associate preferred shares held at fair value (10,000) (13,670) (3,500)
Purchase of investments held at fair value (1,150) (1,556) 0
Sale of investments held at fair value 350,586 9,294 0
Receipt of payment of sublease 350 191 0
Purchase of convertible note 0 (6,480) 0
Cash derecognized upon loss of control over subsidiary 0 (16,036) (13,390)
Purchases of short-term investments 0 (69,541) (166,452)
Proceeds from maturity of short-term investments 30,116 173,995 148,062
Net cash provided by/(used in) investing activities 364,478 63,659 (39,645)
Cash flows from financing activities:      
Receipt of PPP loan 68 0 0
Issuance of long term loan 14,720 0 0
Proceeds from issuance of convertible notes 25,000 1,606 6,147
Payment of lease liability (2,908) (1,678) 0
Repayment of long-term debt 0 (178) (185)
Distribution to Tal shareholders 0 (112) 0
Exercise of stock options 1,036 504 0
Proceeds from the issuance of shares and subsidiary preferred shares 0 0 152,030
Settlement of RSU's (12,888) 0 0
Vesting of restricted stock units 0 (1,280) 0
Issuance of preferred shares of subsidiaries 13,750 51,048 0
Issuance of warrants in subsidiary 92 0 0
Buyback of shares 0 0 (35)
Distribution to shareholders on dissolution of subsidiary 0 0 (1,062)
Subsidiary dividend payments 0 0 (8)
Net cash provided by financing activities 38,869 49,910 156,887
Effect of exchange rates on cash and cash equivalents 0 (104) (44)
Net increase in cash and cash equivalents 271,520 15,309 44,402
Cash and cash equivalents at beginning of year 132,360 117,051 72,649
Cash and cash equivalents at end of year 403,881 132,360 117,051
Supplemental disclosure of non-cash investment and financing activities:      
Purchase of non controlling interest in consideration for issuance of shares and options 0 9,106 0
Purchase of intangible asset and investment held at fair value in consideration for issuance of warrant liability and assumption of other long and short-term liabilities 0 15,894 0
Leasehold improvements purchased through lease incentives (deducted from Right of Use Asset) 0 10,680 0
Conversion of subsidiary convertible note into preferred share liabilities 0 4,894 0
Conversion of subsidiary convertible note into subsidiary common stock (NCI) 0 2,418 0
Supplemental disclosure of cash paid for income taxes:      
Cash paid for income taxes $ 20,737 $ 176 $ 92