| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income | ||||||
190,069 | 114,717 | 67,828 | 48,737 | 46,863 | 28,812 | 18,770 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Share-based compensation | ||||||
10,200 | 7,984 | 8,110 | 5,147 | 5,033 | 3,345 | 2,460 |
Depreciation and amortization | ||||||
121,306 | 100,086 | 102,103 | 91,984 | 76,506 | 55,790 | 37,633 |
Amortization of issuance cost of convertible senior notes | ||||||
399 | - | - | - | - | - | - |
Deferred taxes | ||||||
-11,717 | 4,817 | -7,742 | -6,832 | -3,736 | -2,925 | -5,674 |
Bad debt expenses | ||||||
376 | 156 | 308 | 769 | 755 | 199 | 106 |
Deferred rent | ||||||
32,134 | 14,881 | 20,115 | 29,427 | 30,926 | 23,092 | -14,765 |
(Gain) loss from disposal of property and equipment | ||||||
-1,980 | -1,344 | 852 | -129 | 1,773 | - | - |
Impairment loss | ||||||
26,008 | 22,143 | 14,759 | 4,415 | 1,316 | 859 | 113 |
Loss (Income) from equity method investments | ||||||
-1,811 | 886 | -20 | 790 | -71 | - | - |
Investment (income) loss | ||||||
24,588 | 16,817 | - | - | - | - | - |
Excess tax benefit from share-based compensation | ||||||
- | 2,685 | 1,982 | 1,885 | 2,409 | 691 | 1,323 |
Changes in operating assets and liabilities, net of effect of acquisitions: | ||||||
Accounts receivable | ||||||
-647 | 6,656 | 888 | 3,026 | 4,670 | 1,980 | 2,606 |
Prepaid rent | ||||||
28,995 | 3,655 | 6,859 | 3,478 | 6,983 | 14,963 | 12,047 |
Inventories | ||||||
-425 | -565 | -919 | -665 | -668 | 1,078 | 2,032 |
Amounts due from related parties | ||||||
4,788 | 1,341 | 0 | -41 | 109 | - | -519 |
Other current assets | ||||||
11,730 | 5,878 | 2,395 | 6,829 | 4,362 | 4,720 | 2,492 |
Other assets | ||||||
8,363 | 727 | -276 | 2,131 | 8,298 | 5,053 | 3,512 |
Accounts payable | ||||||
1,251 | 8,516 | 2,191 | 2,904 | 596 | 544 | 546 |
Amounts due to related parties | ||||||
475 | 1,079 | 193 | 131 | 117 | -37 | 28 |
Salary and welfare payables | ||||||
20,464 | 8,738 | 3,787 | 6,256 | 4,752 | 5,906 | 3,595 |
Deferred revenue | ||||||
617 | 2,813 | 33,469 | 40,867 | 19,127 | 14,521 | 14,745 |
Accrued expenses and other current liabilities | ||||||
44,293 | 29,145 | 18,757 | 9,508 | 10,332 | 5,791 | 5,441 |
Income tax payable | ||||||
6,868 | 9,230 | 8,647 | 7,297 | 2,890 | 2,134 | 1,168 |
Other long-term liabilities | ||||||
7,813 | 7,355 | 9,337 | 11,039 | 9,167 | 5,333 | 2,684 |
Net cash provided by (used in) operating activities | ||||||
376,955 | 294,924 | 270,101 | 234,345 | 176,779 | 114,879 | 72,887 |
Purchases of property and equipment for hotels in operation and headquarters | ||||||
62,273 | 42,684 | 48,646 | 45,525 | 28,161 | - | - |
Purchases of property and equipment for hotels under development | ||||||
63,685 | 29,783 | 50,187 | 104,512 | 149,028 | 160,198 | 122,143 |
Purchases of intangibles | ||||||
1,207 | 1,953 | 1,361 | 1,680 | 709 | 567 | 2,331 |
Amount received as a result of government zoning | ||||||
399 | 302 | 1,038 | 1,701 | 2,483 | - | -1,096 |
Acquisitions, net of cash received | ||||||
575,686 | -18,940 | 2,957 | 2,587 | 5,628 | 4,824 | 9,187 |
Proceeds from disposal of subsidiary and branch, net of cash disposed | ||||||
2,103 | -2,977 | 772 | 2,979 | - | - | - |
Purchases of long-term investments | ||||||
204,034 | 42,219 | 21,258 | 30,794 | 9,043 | 4,515 | - |
Proceeds from maturity/sale of long-term investments | ||||||
19,700 | 2,138 | 4,498 | 14,226 | - | - | - |
Payment for shareholder loan to equity investees | ||||||
17,399 | 5,673 | 214 | 2,521 | - | - | - |
Collection of shareholder loan from equity investees | ||||||
18,421 | 1,337 | 235 | - | - | - | - |
Purchases of short-term investments | ||||||
14,724 | - | 70,365 | 12,122 | - | 1,296 | 4,767 |
Proceeds from maturity/sale of short-term investments | ||||||
- | 75,824 | - | - | - | - | - |
Payment for the origination of loan receivables | ||||||
68,532 | 5,246 | - | - | - | - | - |
Proceeds from collection of loan receivables | ||||||
8,554 | 6,609 | - | - | - | - | - |
Proceeds from maturity/sale of short-term investments | ||||||
- | - | 4,764 | 8,945 | - | - | 20,655 |
(Increase) decrease in restricted cash | ||||||
73,905 | -51,851 | 55,652 | -535 | 252 | 47 | 36 |
Net cash (used in) provided by investing activities | ||||||
-1,032,268 | 26,466 | -239,333 | -171,355 | -190,338 | -171,447 | -116,713 |
Financing activities: | ||||||
Net proceeds from issuance of ordinary shares upon exercise of options | ||||||
1,394 | 1,759 | 3,492 | 3,382 | 4,645 | 2,973 | 1,157 |
Payment of share repurchase | ||||||
- | - | 16,569 | - | - | - | - |
Proceeds from short-term bank borrowings | ||||||
20,978 | 40,576 | 90,984 | 48,351 | 17,476 | - | - |
Repayment of short-term bank borrowings | ||||||
45,291 | 47,898 | 43,767 | 48,351 | 17,476 | - | - |
Proceeds from long-term bank borrowings | ||||||
558,409 | - | - | - | - | 161 | - |
Repayment of long-term bank borrowings | ||||||
253,741 | - | - | - | - | - | - |
Funds advanced from noncontrolling interest holders | ||||||
12,845 | 1,650 | 839 | - | 321 | 482 | 554 |
Repayment of funds advanced from noncontrolling interest holders | ||||||
1,342 | 86 | 139 | 251 | 1,084 | 430 | 408 |
Acquisitions of noncontrolling interest | ||||||
576 | 588 | 630 | 658 | 695 | - | - |
Repayment of long-term debt | ||||||
- | - | - | - | - | 161 | - |
Contribution from noncontrolling interest holders | ||||||
3,931 | 6,568 | 378 | - | - | 39 | 73 |
Dividends paid to noncontrolling interest holders | ||||||
432 | 530 | 711 | 863 | 533 | 560 | 501 |
Dividends paid | ||||||
47,084 | 39,790 | - | - | - | - | - |
Proceeds from issuance of convertible senior notes, net of issuance cost and capped call option | ||||||
449,595 | - | - | - | - | - | - |
Debt financing costs paid | ||||||
1,501 | - | - | - | - | - | - |
Proceeds from ADS lending | ||||||
1 | - | - | - | - | - | - |
Excess tax benefit from share-based compensation | ||||||
- | 2,685 | 1,982 | 1,885 | 2,409 | 691 | 1,323 |
Effect of exchange rate changes on cash and cash equivalents | ||||||
- | 1,916 | -405 | -175 | -161 | - | - |
Net cash provided by (used in) financing activities | ||||||
697,186 | -35,654 | 35,859 | 3,495 | 5,063 | 3,195 | 2,198 |
Effect of exchange rate changes on cash and cash equivalents | ||||||
-5,031 | - | - | - | - | 122 | -2,616 |
Net (decrease) increase in cash and cash equivalents | ||||||
36,842 | 287,652 | 66,222 | 66,310 | -8,657 | -53,251 | -44,244 |
Supplemental disclosure of cash flow information: | ||||||
Interest paid, net of amounts capitalized | ||||||
28,687 | 1,356 | 595 | - | - | - | - |
Income taxes paid | ||||||
58,447 | 26,561 | 29,433 | 17,765 | 16,364 | 11,232 | 8,449 |
Interest paid | ||||||
- | - | - | 2,374 | 179 | 138 | 140 |
Supplemental schedule of non-cash investing and financing activities: | ||||||
Purchases of property and equipment included in payables | ||||||
94,140 | 65,286 | 79,219 | 94,304 | 105,679 | 94,842 | 62,867 |
Consideration payable for business acquisition | ||||||
18,173 | 24,890 | 17,515 | 1,218 | 1,477 | 1,686 | 2,641 |
Purchase of intangible assets included in payables | ||||||
924 | 1,047 | 1,180 | 1,399 | 1,596 | 1,699 | 1,820 |
Reimbursement of government zoning included in receivables | ||||||
318 | 389 | 324 | 161 | 998 | 488 | - |
Proceeds from disposal of subsidiary and branch included in receivables | ||||||
46 | - | 0 | 806 | - | - | - |
Proceeds from issuance of ordinary shares upon exercise of options included in receivables | ||||||
- | - | 267 | 191 | 218 | 47 | 80 |
Acquisition of noncontrolling interest included in payables | ||||||
- | - | 630 | 1,316 | 2,024 | - | - |
Issuance of ordinary shares for acquisition of AccorHotels (Note 3) | ||||||
- | 164,701 | - | - | - | - | - |