VIEs (Tables)

12 Months Ended

Dec. 31, 2021

Financial information of consolidated VIEs


	As of December 31,
	2020		2021

ASSETS:
Cash and cash equivalents	$	47,028	$	32,513
Restricted cash		1,211		0
Short-term investments		153		0
Accounts receivable, net		47,234		36,027
Prepaid and other current assets		15,385		18,836
Intra-Group receivables due from the Company’s subsidiaries		506,659		647,330
Assets held for sale (current)		113,011		0

Total current assets		730,681		734,706

Fixed assets, net		295		427
Other non-current assets		69,284		86,744

Total assets	$	800,260	$	821,877

LIABILITIES:
Accounts payable	$	11,145	$	12,325
Accrued liabilities		46,888		43,695
Receipts in advance and deferred revenue		43,076		45,844
Other current liabilities		37,148		24,026
Intra-Group payables due to the Company’s subsidiaries		350,599		462,487
Liabilities held for sale (current)		187,712		0

Total current liabilities		676,568		588,377

Long-term tax liabilities		14,134		14,465
Deferred tax liabilities		2,014		3,323
Other non-current liabilities		1,819		1,750

Total liabilities	$	694,535	$	607,915


	Year Ended December 31,
	2019			2020			2021

Revenues:
Third-party revenues	$	482,283		$	552,980		$	664,823
Intra-Group revenues		29,674			30,207			21,488

Total revenues		511,957			583,187			686,311
Cost of revenues:
Third-party cost of revenues		101,044			93,333			81,725
Intra-Group cost of revenues		139,765			141,717			136,221

Total cost of revenues		240,809			235,050			217,946
Operating expenses:
Third-party operating expenses		69,131			50,983			72,126
Intra-Group operating expenses		184,799			254,796			366,762

Total operating expenses		253,930			305,779			438,888
Net income from continuing operations		19,607			41,756			35,805
Net loss from discontinued operations		(1,491	)		(82,329	)		(47,924	)


	Year ended December 31,
	2019			2020			2021

Cash flows from operating activities:
Net cash provided by transactions with external parties	$	334,903		$	459,263		$	541,172
Net cash used in transactions with intra-Group entities		(310,243	)		(379,649	)		(505,553	)

Net cash provided by continuing operating activities		24,660			79,614			35,619
Net cash used in discontinued operating activities		(5,046	)		(13,244	)		(1,789	)

Net cash provided by operating activities		19,614			66,370			33,830

Cash flows from investing activities:
Net cash used in transactions with external parties		(13,272	)		(773	)		(23,887	)
Net cash used in transactions with intra-Group entities		(40,426	)		(106,321	)		(140,671	)
Net cash used in continuing investing activities		(53,698	)		(107,094	)		(164,558	)

Net cash provided by/(used in) discontinued investing activities		(18,040	)		7,797			12,116

Net cash used in investing activities		(71,738	)		(99,297	)		(152,442	)

Cash flows from financing activities:
Net cash provided by transactions with intra-Group entities		26,559			32,751			111,888

Net cash provided by continuing financing activities		26,559			32,751			111,888
Net cash provided by/(used in) discontinued financing activities		8,601			152			(9,131	)

Net cash provided by financing activities		35,160			32,903			102,757

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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