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Additional information: condensed financial statements of the Company

12 Months Ended

Dec. 31, 2020

Additional information: condensed financial statements of the Company

Additional information: condensed financial statements of the Company

31. Additional information: condensed financial statements of the Company

Regulation S-X requires condensed financial information as to financial position, statements of cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year.

The Company records its investment in its subsidiaries, VIE and VIE’s subsidiaries under the equity method of accounting.

Such investments are presented on the separate condensed balance sheets of the Company as “long-term investments”.

The subsidiaries did not pay any dividends to the Company for the periods presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures represent supplemental information relating to the operations of the Company, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Group.

31. Additional information: condensed financial statements of the Company (Continued)

The Company did not have significant other commitments, long-term obligations, or guarantees as of December 31, 2020.

Condensed Balance Sheets


(In thousands)		December 31, 2019		December 31, 2020
Assets
Current assets:
Cash and cash equivalents		7,683		57,585
Short-term investments		102,555		47,525
Due from subsidiaries and consolidated VIEs		277,241		279,043
Prepayments and other current assets		274		860
Total current assets		387,753		385,013
Non-current assets:
Investments in subsidiaries and consolidated VIEs		(79,165)		(79,936)
Total assets		308,588		305,077
Liabilities
Current liabilities:
Accounts payable		55		55
Due to subsidiaries and consolidated VIEs		9,737		10,750
Contract liabilities and deferred income, current portion		1		1
Accrued liabilities and other payables		1,918		2,118
Total current liabilities		11,711		12,924
Total liabilities		11,711		12,924
Commitments and contingencies
Shareholders’ equity
Common shares		85		84
Treasury shares (29,711,964 shares and 34,475,224 shares as of December 31, 2019 and 2020, respectively)		7		8
Other shareholders’ equity		296,785		292,061
Total Xunlei Limited’s shareholders’ equity		296,877		292,153
Total liabilities and shareholders’ equity		308,588		305,077

31. Additional information: condensed financial statements of the Company (Continued)

Condensed Statements of Operations


		Years ended December 31,
(In thousands)		2018		2019		2020
Operating expenses
Sales and marketing expenses		—		(1)		—
General and administrative expenses		(1,483)		(1,247)		(1,438)
Total operating expenses		(1,483)		(1,248)		(1,438)
Operating loss		(1,483)		(1,248)		(1,438)
Interest income		879		1,496		2
Interest expense		(239)		(75)		(399)
Other income, net		4,646		4,712		2,455
(Loss)/profit from subsidiaries and consolidated VIE
- Continuing operations		(43,221)		(57,787)		(14,361)
- Discontinued operations		139		—		—
Loss before income tax		(39,279)		(52,902)		(13,741)
Income tax expenses		—		(267)		(99)
Net loss		(39,279)		(53,169)		(13,840)
Net loss attributable to Xunlei Limited’s common shareholders		(39,279)		(53,169)		(13,840)

Condensed Statements of Cash Flows


		Years ended December 31,
(In thousands)		2018		2019		2020
Cash flows from operating activities
Net cash used in operating activities		(88,309)		(171,796)		(12,704)
Cash flows from investing activities
Net cash generated from investing activities		37,788		52,359		12,051
Cash flows from financing activities
Net cash used in financing activities		—		—		(4,475)
Net decrease in cash and cash equivalents		(50,521)		(119,437)		(5,128)
Cash and cash equivalents at beginning of year		280,196		229,675		110,238
Effect of exchange rates on cash and cash equivalents		—		—		—
Cash and cash equivalents at end of year		229,675		110,238		105,110