CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands |
12 Months Ended |
|
Dec. 31, 2023
CNY (¥)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
CNY (¥)
|
Dec. 31, 2021
CNY (¥)
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
| Net income (loss) |
¥ (893,384)
|
$ (125,832)
|
¥ (1,503,291)
|
¥ 209,628
|
| Less: Net income (loss) from discontinued operations, net of tax |
15,222
|
2,144
|
(38,464)
|
1,473,489
|
| Net loss from continuing operations |
(908,606)
|
(127,976)
|
(1,464,827)
|
(1,263,861)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
| Share of net loss of equity investees |
|
|
|
58
|
| Fair value change of equity investments without readily determinable fair values under the measurement alternative |
|
|
|
(58,643)
|
| Change in fair value change of derivative assets and derivative liabilities |
(32,322)
|
(4,552)
|
(71,619)
|
14,918
|
| Impairment of long-term investments |
|
|
12,312
|
10,691
|
| Gain on disposal of a subsidiary |
(939)
|
(132)
|
|
|
| Depreciation and amortization |
189,197
|
26,648
|
188,910
|
191,365
|
| Lease expense to reduce operating lease right-of -use assets |
486,767
|
68,560
|
713,799
|
769,005
|
| Share-based compensation |
48,344
|
6,809
|
72,096
|
107,681
|
| Accretion (reversal) on secured bank borrowings and convertible senior notes held by third parties |
(44,123)
|
(6,215)
|
51,445
|
81,290
|
| Accretion on convertible senior notes held by a related party |
1,453
|
205
|
1,342
|
5,949
|
| Allowance for credit losses |
76,911
|
10,833
|
201,155
|
64,366
|
| Loss (gain) on disposal of property and equipment |
9,141
|
1,287
|
(6,919)
|
10,386
|
| Gain on disposal of long-term investments |
|
|
|
(247,145)
|
| Impairment of long-lived assets |
94,699
|
13,338
|
0
|
0
|
| Gain from the repurchase of convertible senior notes |
|
|
(17,356)
|
|
| Foreign exchange (gain) loss |
14,010
|
1,974
|
132,730
|
(44,556)
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Accounts and notes receivable |
(143,357)
|
(20,191)
|
93,451
|
(2,796,772)
|
| Inventories |
8,686
|
1,223
|
9,142
|
2,647
|
| Prepayments and other current assets |
(74,485)
|
(10,491)
|
20,404
|
(1,391,552)
|
| Amounts due from related parties |
14,612
|
2,058
|
50,211
|
57,211
|
| Non-current deposits |
(31,102)
|
(4,381)
|
|
3,850
|
| Other non-current assets |
14,923
|
2,102
|
(49,223)
|
11,166
|
| Lease rental receivables - interest portion |
(291)
|
(41)
|
4,748
|
(10,885)
|
| Accounts and notes payable |
212,578
|
29,941
|
76,854
|
2,697,827
|
| Income tax payable |
1,214
|
171
|
976
|
(13,963)
|
| Customer advances and deposits and deferred revenue |
10,447
|
1,471
|
(20,616)
|
17,672
|
| Accrued expenses and other liabilities |
(6,041)
|
(852)
|
(352,380)
|
1,626,075
|
| Amounts due to related parties |
(196)
|
(28)
|
(1,448)
|
(972)
|
| Other non-current liabilities |
(17,194)
|
(2,422)
|
|
|
| Operating lease liabilities |
(469,418)
|
(66,116)
|
(696,849)
|
(734,943)
|
| Net cash used in continuing operating activities |
(545,092)
|
(76,777)
|
(1,051,662)
|
(891,135)
|
| Net cash used in discontinued operating activities |
|
|
(66,174)
|
(1,912,826)
|
| Net cash used in operating activities |
(545,092)
|
(76,777)
|
(1,117,836)
|
(2,803,961)
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
| Purchase of property and equipment |
(129,510)
|
(18,241)
|
(143,276)
|
(160,012)
|
| Origination of lease rental and other financing receivables |
|
|
|
(45,671)
|
| Receipt of repayment on lease and other financing receivables-principal portion |
36,466
|
5,136
|
554,195
|
1,165,834
|
| Disposal of property and equipment and intangible assets to third parties |
17,005
|
2,395
|
25,273
|
17,913
|
| Disposal of property and equipment and intangible assets to a related party |
14,015
|
1,974
|
16,013
|
|
| Cash paid for business acquisitions (net of cash acquired of nil, for the year ended December 31, 2021) |
|
|
|
(1,749)
|
| Acquisition of intangible assets |
(34,224)
|
(4,820)
|
(32,505)
|
(19,355)
|
| Disposal of long-term investments |
|
|
|
354,018
|
| Acquisition of long-term investments |
|
|
|
(50,000)
|
| Proceeds from disposal of subsidiaries (net of cash disposed of RMB3,550,235, nil, andRMB445(US$63) for the year ended December 31, 2021, 2022 and 2023, respectively) |
(445)
|
(63)
|
|
3,550,235
|
| Proceeds from maturities of short-term investments |
1,782,502
|
251,060
|
1,804,329
|
425,120
|
| Purchase of short-term investments |
(1,043,834)
|
(147,021)
|
(2,233,094)
|
(349,212)
|
| Other investing activities, net |
(13,000)
|
(1,831)
|
159,821
|
103,613
|
| Net cash generated from continuing investing activities |
628,975
|
88,589
|
150,756
|
4,990,734
|
| Net cash used in discontinued investing activities |
|
|
|
(448,016)
|
| Net cash generated from investing activities |
628,975
|
88,589
|
150,756
|
4,542,718
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
| Proceeds from short-term bank loans |
415,690
|
58,549
|
110,142
|
906,341
|
| Proceeds from long-term bank loans |
|
|
138,635
|
701,085
|
| Repayment of short-term bank loans |
(200,270)
|
(28,207)
|
(530,495)
|
(2,245,093)
|
| Repayment of long-term bank loans |
|
|
(932)
|
(2,797)
|
| Proceeds from loan from a related party |
|
|
|
600,000
|
| Repayment of loan from a related party |
|
|
|
(600,000)
|
| Proceeds from other financing activities |
|
|
1,722
|
2,440
|
| Principal repayment of financing lease liabilities |
(1,193)
|
(168)
|
(1,772)
|
(1,481)
|
| Proceeds from issuance of series A preferred shares of a subsidiary, net of issuance cost |
|
|
|
191,865
|
| Proceeds from long-term borrowings, net of issuance costs |
|
|
|
585,529
|
| Principal repayment of long-term borrowings |
(27,045)
|
(3,809)
|
(301,765)
|
(378,829)
|
| Redemption of convertible senior notes held by a related party |
(503,318)
|
(70,891)
|
(746,538)
|
|
| Redemption of convertible senior notes held by third parties |
|
|
(617,368)
|
|
| Principal repayment of other financing activities |
(13,542)
|
(1,907)
|
|
|
| Contributions from non-controlling interest shareholders |
|
|
|
415
|
| Proceeds from the exercise of share options |
45
|
6
|
4
|
2,603
|
| Repurchase of ordinary shares |
(23,853)
|
(3,360)
|
|
|
| Net cash used in continuing financing activities |
(353,486)
|
(49,787)
|
(1,948,367)
|
(237,922)
|
| Net cash used in discontinued financing activities |
|
|
|
(337,838)
|
| Net cash used in financing activities |
(353,486)
|
(49,787)
|
(1,948,367)
|
(575,760)
|
| Exchange rate effect on cash, cash equivalents and restricted cash |
37,845
|
5,332
|
77,722
|
(55,970)
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
(231,758)
|
(32,643)
|
(2,837,725)
|
1,107,027
|
| Cash, cash equivalents and restricted cash at the beginning of the year |
2,478,423
|
349,079
|
5,316,148
|
4,209,121
|
| Cash, cash equivalents and restricted cash at the end of the year |
2,246,665
|
316,436
|
2,478,423
|
5,316,148
|
| Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
|
| Cash and cash equivalents |
425,976
|
|
533,481
|
3,571,745
|
| Restricted cash - current |
1,008,318
|
|
399,337
|
675,159
|
| Restricted cash - non-current |
812,371
|
|
1,545,605
|
1,069,244
|
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows |
2,246,665
|
|
2,478,423
|
5,316,148
|
| Supplemental disclosures of cash flow information: |
|
|
|
|
| Income taxes paid |
|
|
|
17,161
|
| Interest expense paid |
102,840
|
14,485
|
87,387
|
152,348
|
| Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
| Purchase of property and equipment included in accrued expenses and other liabilities |
70,015
|
9,861
|
71,234
|
29,545
|
| Acquisition of property and equipment through financing leases |
¥ 643
|
$ 91
|
¥ 37,897
|
¥ 3,972
|