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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 income ¥ 2,115,697 $ 307,714 ¥ 2,508,391 ¥ 1,511,576
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation of property and equipment 150,991 21,961 176,715 173,625
Amortization of acquired intangible assets and land use rights 69,095 10,049 62,419 100,892
Allowance for doubtful accounts 54,073 7,865 15,106 45,914
Loss (gain) on disposal of property and equipment (799) (116) 17,620 891
Impairment of investments 35,348 5,141 43,205 80,104
Impairment of intangible assets 0 0 0 3,828
Impairment of goodwill 0 [1] 0 [1] 2,527 17,665 [1],[2]
Share-based compensation 648,025 94,251 257,661 157,286
Share of income in equity method investments, net of income taxes (58,933) (8,571) (33,024) (8,279)
Gain on deemed disposal and disposal of investments (16,178) (2,353) (45,861) (25,061)
Gain on deconsolidation and disposal of subsidiaries 0 0 (37,989) (103,960)
Deferred income taxes, net 49,646 7,221 3,919 (7,768)
Foreign currency exchange (gains) losses, net 514 75 2,176 (1,158)
Investment income (17,093) (2,486) 0 0
Gain on fair value changes of investments (1,689,404) (245,714) 0 0
Fair value loss on derivative liabilities 2,285,223 332,372 0 0
Changes in operating assets and liabilities, net of business acquisition and disposal of subsidiaries        
Accounts receivable (45,682) (6,644) 18,383 (34,293)
Interest receivables recorded in financing receivables (832) (121) 0 0
Prepayments and other assets (380,834) (55,391) (48,277) (97,888)
Amounts due from related parties 486 71 155 1,839
Inventory 315 46 1,434 680
Amounts due to related parties (1,896) (276) (18,615) 66,328
Accounts payable 8,699 1,265 (39,060) 36,888
Deferred revenue 227,564 33,098 366,634 81,513
Advances from customers 21,284 3,096 24,254 10,783
Income taxes payable 62,520 9,093 5,544 33,351
Accrued liabilities and other current liabilities 946,985 137,733 435,135 376,379
Net cash provided by operating activities 4,464,814 649,379 3,718,452 2,421,135
Cash flows from investing activities        
Placements of short-term deposits (9,512,818) (1,383,582) (9,667,447) (8,027,325)
Maturities of short-term deposits 8,649,150 1,257,967 7,361,225 6,324,897
Placements of long-term deposits (1,000,000) (145,444) 0 0
Placements of short-term investments (3,505,075) (509,792) (189,550) 0
Maturities of short-term investments 2,667,665 387,996 65,000 0
Purchase of property and equipment (333,994) (48,577) (397,327) (162,395)
Purchase of intangible assets and land use right (58,838) (8,558) (17,749) (70,029)
Purchase of other non-current assets 0 0 (82,645) (5,403)
Prepayments for investments (67,250) (9,781) 0 0
Cash paid for investments (2,335,537) (339,690) (325,647) (197,244)
Cash received from disposal of investments 718,476 104,498 86,714 22,608
Cash dividend received from an equity investee 6,125 891 0 6,720
Acquisition of businesses, net of cash and cash equivalents acquired 0 0 (6,161) (1,946)
Deconsolidation and disposal of subsidiaries, net of cash disposed 0 0 117,005 (5,370)
Payments on behalf of related parties, net of repayment 2,543 370 23,116 (10,699)
Loans to related parties (188,000) (27,343) (24,962) (44,500)
Repayments of loans from related parties 20,000 2,909 35,462 0
Loans to employees and third parties (282,031) (41,020) (20,550) (6,605)
Repayments of loans from employees and third parties 35,067 5,100 4,641 4,751
Payments to originate financing receivables (1,458,012) (212,059) 0 0
Principal collection from financing receivables 346,028 50,328 0 0
Proceeds from disposal of property and equipment 1,115 161 1,359 181
Net cash used in investing activities (6,295,386) (915,626) (3,037,516) (2,172,359)
Cash flows from financing activities        
Proceeds from exercise of vested share options 7 1 20 9
Capital contributions from the non-controlling interests shareholders 658 96 64,875 10,642
Capital contributions from mezzanine equity holders 3,231,261 469,967 509,535 0
Proceeds from issuance of subsidiary's ordinary shares upon its Initial Public Offering 1,207,749 175,660 0 0
Acquisition of subsidiary's shares from mezzanine equity holders (30,000) (4,363) 0 0
Partial disposal of subsidiary's interests to non-controlling interest shareholders 378,548 55,058 0 0
Proceeds from bank borrowings 691,612 100,591 621,118 0
Repayment of bank borrowings (1,308,092) (190,254) 0 0
Proceeds from issuance of common shares, net of issuance cost (4,473) (651) 2,950,607 0
Repayment of convertible bonds 0 0 (2,753,630) 0
Net cash provided by financing activities 4,167,270 606,105 1,392,525 10,651
Net increase in cash, and cash equivalents and restricted cash 2,336,698 339,858 2,073,461 259,427
Cash, cash equivalents and restricted cash at the beginning of the year 3,617,432 526,134 1,579,743 1,318,155
Effect of exchange rate changes on cash, and cash equivalents and restricted cash 50,101 7,287 (35,772) 2,161
Cash, cash equivalents and restricted cash at the end of the year 6,004,231 873,279 3,617,432 1,579,743
Supplemental disclosure of cash flows information:        
—Cash paid for interest, net of amounts capitalized (9,354) (1,360) (41,729) (59,884)
—Income taxes paid (365,541) (53,166) (406,348) (254,931)
Supplemental disclosures of non-cash investing and financing activities:        
—Acquisition of property and equipment 64,041 9,314 16,865 37,649
—Conversion of subsidiary's preferred shares to ordinary shares 6,290,417 914,903 0 0
—Amounts receivable from issuance of subsidiary's preferred shares 102,951 14,974 0 0
—Disposal of subsidiaries and investments ¥ 77,423 $ 11,261 ¥ 7,986 ¥ 153,310
[1] Share-based compensation was allocated in cost of revenues and operating expenses as follows:RMB RMB RMB US$ Cost of revenues 15,894 42,759 74,339 10,812 Research and development expenses 78,816 122,348 225,173 32,750 Sales and marketing expenses 3,107 4,417 5,723 832 General and administrative expenses 59,469 88,137 342,790 49,857
[2] Share-based compensation was allocated in cost of revenues and operating expenses as follows: YY Live Huya 100 Education Total RMB RMB RMB RMB Cost of revenues 9,893 5,677 324 15,894 Research and development expenses 53,085 19,538 6,193 78,816 Sales and marketing expenses 2,781 326 - 3,107 General and administrative expenses 19,523 26,557 13,389 59,469