Noah holdings ltd (NOAH)
CashFlow / Yearly
Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10
Cash flows from operating activities:
Net income

117,097

86,114

81,246

75,212

53,038

22,909

23,969

11,530

Adjustments to reconcile net income to net cash provided by operating activities:
Loss from disposal of property and equipment

-21

-683

-32

-27

-125

-63

-

-

Depreciation and amortization

12,598

8,831

5,313

3,635

2,469

1,814

1,001

390

Share-based compensation

14,391

11,403

10,446

5,298

5,245

3,998

2,156

2,220

Income from equity in affiliates

14,161

3,218

3,296

2,200

1,191

617

-21

-25

Provision for loan losses

322

-26

25

36

155

-

-

-

Amortization of unearned income for financial lease

-1,802

-

-

-

-

-

-

-

Changes in investment fair value in the consolidated funds

-555

-

-

-

-

-

-

-

Income from amortization of discount on held-to-maturity investments

-

-17

-

361

261

-

-

-

Changes in operating assets and liabilities:
Gain on change in fair value of trading securities

-

-

-

-

-

-

-

55

Gain on change in fair value of derivative liabilities

-

-

-

-

-

-

-

354

Accounts receivable

-3,327

11,779

8,378

2,696

-1,874

3,758

5,081

1,037

Amounts due from related parties

26,709

13,554

13,332

15,107

4,306

2,740

667

1,017

Other current assets

14,827

1,964

2,567

4,895

1,524

1,090

-42

1,692

Other non-current assets

-470

1,766

526

814

244

125

213

97

Accrued payroll and welfare expenses

8,167

11,911

26,895

22,862

17,231

2,366

4,627

2,958

Income taxes payable

-536

-5,543

957

6,438

42

493

-4,631

6,157

Deferred revenues

16,600

3,575

-4,520

580

10,210

4,338

-

-

Other current liabilities

19,074

-3,634

25,875

12,728

7,690

2,706

652

2,689

Other non-current liabilities

4,900

-157

7,228

1,464

1,483

227

896

957

Amounts due to related parties

-1,844

1,767

-

-

-

-

-

-

Uncertain tax position liabilities

-

-9

-1,707

168

168

-156

168

98

Deferred tax assets and liabilities

2,602

1,809

1,199

3,545

-1,761

476

1,657

1,486

Acquisitions and sales of financial products

38,435

-17,999

18,271

3,696

-

-

-

-

Other operating cash flows

-25

-

-

-

-

-

-

-

Net cash (used in) provided by operating activities

96,581

98,840

104,222

95,135

93,969

29,953

21,286

21,431

Cash flows from investing activities:
Purchases of property and equipment

23,471

14,600

21,039

9,608

6,769

1,888

3,583

1,159

Internally developed intangible assets

-

-

-

-

74

78

119

88

Collection of short-term loan investments

-

-

-

-

563

561

-

-

Purchase of held-to-maturity investments

15,523

82,699

3,896

6,273

18,320

75,565

20,409

6,557

Proceeds from redemption of held-to-maturity investments

27,755

65,510

7,162

19,736

52,199

49,613

4,847

2,616

Purchases of trading securities investments

-

-

14,665

35,150

40,547

-

-

-

Proceeds on trading securities investments

-

-

14,665

49,596

29,206

-

-

-

Purchases of available-for-sale investments

101,984

97,770

566,566

18,112

4,949

-

-

-

Proceeds from sale or redemption of available-for-sale investments

110,891

130,869

516,616

7,397

4,949

-

-

-

Purchase of long-term investments

57,163

13,132

34,327

3,918

10,480

3,106

-

-

Proceeds from sale of long-term investments

9,811

-

5,007

-

-

-

-

-

Purchase of investment held by consolidated fund

8,090

-

-

-

-

-

-

-

Principal collection of loans originated to third parties

-

-

-

188,082

30,427

-

-

-

Increase in restricted cash

-

-

-

-

81

-

-

75

Increase in investment in affiliates

52,557

27,709

14,576

19,568

8,483

3,198

1,554

885

Capital return from investment in affiliates

-7,546

-

-

-

-

-

-

-

Proceeds from disposal of a subsidiary, net of cash deconsolidated

770

-

-

-

-

-

-

-

Capital return from investment in affiliates

-

-

1,829

335

1,164

219

-

-

Purchase of loan receivables from factoring business

30,739

667,320

-

-

-

-

-

-

Collection of loan receivables from factoring business

107,588

593,691

-

-

-

-

-

-

Net cash used in investing activities

-128,161

-127,292

-117,240

-14,798

-17,141

-34,565

-20,818

-6,149

Cash flows from financing activities:
Gross proceeds from issuance of ordinary shares in the initial public offering

-

-

-

-

-

-

-

115,920

Refunds from the initial public offering

-

-

-

-

-

-

31

-10,777

Proceeds from issuance of ordinary shares upon exercise of stock options

3,027

653

671

654

1,130

407

649

-

Contribution from non-controlling shareholders of subsidiaries

5,398

24,009

5,986

1,294

6,595

2,178

-

-

Increase in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary

-

48,394

-

-

-

-

-

-

Decrease in Mezzanine Equity - Redeemable non-controlling Interest of a Subsidiary

52,771

-

-

-

-

-

-

-

Return of non-controlling interests of subsidiaries

303

-

617

-

-

-

-

-

Prepayment from an investor to acquire interest in one subsidiary

4,613

-

-

-

-

-

-

-

Payments related to transfer of rights to the loan receivables from factoring business

-30,739

-

-

-

-

-

-

-

Proceeds related to transfer of rights to the loan receivables from factoring business

107,588

-

-

-

-

-

-

-

Transfer of factoring receivables recorded as secured borrowing

-

619,935

-

-

-

-

-

-

Repayment of transferred factoring receivables recorded as secured borrowing

-

547,920

-

-

-

-

-

-

Dividend distribution

-

-

-

263

7,673

7,856

-

-

Payment for repurchase of ordinary shares

4,809

1,815

6,882

-

3,155

8,520

-

-

Proceeds from short-term bank loan

-

-

-

8,043

-

-

-

-

Repayment of short-term bank loan

-

-

7,718

-

-

-

-

-

Proceeds from convertible notes

-

-

80,000

-

-

-

-

-

Net cash provided by (used in) financing activities

-121,694

143,257

71,439

9,729

-3,103

-13,791

680

105,142

Effect of exchange rate changes

-12,218

7,561

660

-4,098

2,827

1,105

2,440

729

Net increases (decrease) in cash, cash equivalents and restricted cash

-165,492

122,365

59,081

85,968

76,552

-17,298

3,589

121,153

Supplemental disclosure of cash flow information:
Cash paid for income taxes

31,544

27,962

20,144

22,254

16,214

9,238

13,290

242

Cash paid for interest expenses

3,648

2,647

290

466

-

-

-

-

Supplemental disclosure of non-cash investing and financing activities:
Reclassification of derivative liabilities to additional paid-in capital upon modification of Series A convertible redeemable preferred shares

-

-

-

-

-

-

-

2,153

Issuance of ordinary shares upon conversion of Series A convertible redeemable preferred shares

-

-

-

-

-

-

-

4,478

Purchase of property and equipment in accounts payable

550

1,614

2,067

569

645

216

352

124

Conversion of convertible notes

5,113

-

-

-

-

-

-

-