|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
9 Months Ended |
|
Sep. 30, 2011
|
Sep. 30, 2010
|
| Operating activities: |
|
|
| Net income (loss) |
$ (433,066,424) |
$ 31,402,416 |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Depreciation and amortization |
23,949,778 |
19,580,800 |
| Allowance for doubtful accounts |
4,204,118 |
1,573,399 |
| Share-based compensation |
23,644,529 |
20,056,997 |
| Goodwill impairment charge |
417,822,304 |
|
| Unrealized loss on marketable securities |
9,999,480 |
|
| Loss from equity in affiliates |
495,655 |
122,566 |
| Loss on disposal of subsidiaries |
1,054,348 |
|
| Others |
369,238 |
(174,879) |
| Changes in operating assets and liabilities: |
|
|
| Restricted cash |
4,101,578 |
2,611,231 |
| Customer deposits |
(49,309,627) |
(54,917,940) |
| Accounts receivable |
(43,787,073) |
(19,095,770) |
| Amounts due from related parties |
372,551 |
(512,651) |
| Property held for sale |
(4,490,301) |
3,471,401 |
| Prepaid expenses and other current assets |
(8,528,652) |
(4,406,448) |
| Other non-current assets |
(4,844,960) |
(828,841) |
| Accounts payable |
(2,406,375) |
(3,658,955) |
| Accrued payroll and welfare expenses |
(1,642,516) |
(5,825,554) |
| Income tax payable |
(17,547,269) |
(8,909,826) |
| Other tax payable |
1,534,012 |
(1,091,592) |
| Amounts due to related parties |
(3,776,397) |
|
| Other current liabilities |
1,830,533 |
6,093,091 |
| Other non-current liabilities |
50,637 |
(123,469) |
| Net cash used in operating activities |
(79,970,833) |
(14,634,024) |
| Investing activities: |
|
|
| Deposit for and purchase of property and equipment and intangible assets |
(19,343,535) |
(8,429,988) |
| Purchase of subsidiaries, net of cash acquired |
(16,337,455) |
1,222,425 |
| Deposit for acquisition |
(2,335,221) |
(9,871,838) |
| Investment in affiliates |
(16,409,049) |
(9,878,053) |
| Proceeds from disposal of property and equipment |
87,756 |
63,973 |
| Proceeds from disposal of subsidiaries |
117,457 |
|
| Restricted cash-deposit |
796,512 |
4,229 |
| Net cash used in investing activities |
(53,423,535) |
(26,889,252) |
| Financing activities: |
|
|
| Repurchase of CRIC shares |
(29,862,792) |
(9,926,659) |
| Contribution from non-controlling interest |
33,922 |
367,689 |
| Proceeds from exercise of options |
1,192,151 |
2,012,272 |
| Repurchase of shares |
(18,525,172) |
|
| Dividends |
(20,209,842) |
(20,081,057) |
| Dividends to non-controlling interest shareholders |
(783,403) |
|
| Loans from non-controlling interest |
|
1,200,000 |
| Net cash used in financing activities |
(68,155,136) |
(26,427,755) |
| Effect of exchange rate changes on cash and cash equivalents |
5,435,782 |
5,301,068 |
| Net decrease in cash and cash equivalents |
(196,113,722) |
(62,649,963) |
| Cash and cash equivalents at the beginning of the year |
543,817,633 |
548,061,884 |
| Cash and cash equivalents at the end of the period |
347,703,911 |
485,411,921 |
| Supplemental disclosure of cash flow information: |
|
|
| Income taxes paid |
14,501,591 |
19,728,461 |
| Non-cash investing and financing activities: |
|
|
| Decrease in amount due to related party due to vesting of restricted shares |
262,500 |
187,500 |
| Additional paid-in capital recognized in connection with business acquisition |
1,808,679 |
|
| Non-controlling interest recognized in connection with business acquisition |
3,666,476 |
1,648,336 |
| Consideration payable recognized in connection with business acquisition |
6,933,493 |
|
| Consideration payable for recognized in purchase of exclusive rights with Baidu |
$ 34,039,569 |
|