Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Renren Inc. |
Entity Central Index Key | 1,509,223 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 726,549,453 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 305,388,450 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Current assets: | |||
Cash and cash equivalents | $ 128,595 | $ 79,370 | |
Restricted cash | 47,253 | 30,390 | |
Short-term investments | 410 | ||
Accounts receivable (net of allowances of $2,839 and $2,856 as of December 31, 2016 and 2017, respectively) | 6,260 | 4,702 | |
Financing receivable (net of allowances of $15,067 and $7,023 as of December 31, 2016 and 2017, respectively; including $73,549 and $78,485 from the Plans (i) as of December 31, 2016 and 2017, respectively) | [1] | 125,478 | 301,773 |
Prepaid expenses and other current assets | 50,183 | 20,749 | |
Inventory | 95,012 | ||
Amounts due from related parties | 15,224 | 13,419 | |
Total current assets | 468,005 | 450,813 | |
Long-term financing receivable (net of allowances of $47 and $nil as of December 31, 2016 and 2017, respectively) | 8 | 330 | |
Property and equipment, net | 29,532 | 28,666 | |
Intangible assets, net | 2,260 | ||
Goodwill | 101,937 | ||
Long-term investments | 565,366 | 695,348 | |
Other non-current assets | 27,056 | 1,687 | |
TOTAL ASSETS | 1,194,164 | 1,176,844 | |
Current liabilities: | |||
Accounts payable (including accounts payable of the consolidated VIEs without recourse to Renren Inc. of $5,423 and $19,476 as of December 31, 2016 and 2017, respectively) | 20,046 | 5,561 | |
Short-term debt (including short-term debt of the consolidated VIEs without recourse to Renren Inc. of $7,202 and $12,296 as of December 31, 2016 and 2017, respectively) | 61,479 | 37,202 | |
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to Renren Inc. of $11,277 and $17,498 as of December 31, 2016 and 2017, respectively; including accrued expenses and other current liabilities of the Plans without recourse to Renren Inc. of $4 and $4 as of December 31, 2016 and 2017, respectively) | 45,898 | 19,781 | |
Payable to investors (including payable to investors of the consolidated VIEs without recourse to Renren Inc. of $182,810 and $7,153 as of December 31, 2016 and 2017, respectively; including payable to investors of the Plans without recourse to Renren Inc. of $141 and $64,087 as of December 31, 2016 and 2017, respectively) | 142,689 | 182,951 | |
Amounts due to related parties (including amount due to related parties of the consolidated VIEs without recourse to Renren Inc. of $222 and $7,013 as of December 31, 2016 and 2017, respectively) | 17,746 | 10,914 | |
Deferred revenue (including deferred revenue of the consolidated VIEs without recourse to Renren Inc. of $5,804 and $10,164 as of December 31, 2016 and 2017, respectively) | 11,489 | 5,954 | |
Income tax payable (including income tax payable of the consolidated VIEs without recourse to Renren Inc. of $7,163 and $10,380 as of December 31, 2016 and 2017, respectively) | 12,652 | 7,860 | |
Contingent consideration (Note 5) (including contingent consideration of the consolidated VIEs without recourse to Renren Inc. of $nil and $5,944 as of December 31, 2016 and 2017, respectively) | 5,944 | 0 | |
Long-term debt - current (including long-term debt - current of the consolidated VIEs without recourse to Renren Inc. of $nil and $nil as of December 31, 2016 and 2017, respectively) | 52,604 | 0 | |
Total current liabilities | 370,547 | 270,223 | |
Long-term liabilities: | |||
Long-term debt (including long-term debt of the consolidated VIEs without recourse to Renren Inc. of $nil and $nil as of December 31, 2016 and 2017, respectively) | 47,665 | 95,390 | |
Long-term payable to investors (including long-term payable to investors of the Plans without recourse to Renren Inc. of $59,916 and $nil as of December 31, 2016 and 2017, respectively) | 59,916 | ||
Long-term contingent consideration (Note 5) (including long-term contingent consideration of the consolidated VIEs without recourse to Renren Inc. of $nil and $60,850 as of December 31, 2016 and 2017, respectively) | 60,850 | 0 | |
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Renren Inc. of $nil and $nil as of December 31, 2016 and 2017, respectively) | 6,356 | 12,849 | |
Total non-current liabilities | 114,871 | 168,155 | |
TOTAL LIABILITIES | 485,418 | 438,378 | |
Commitments (Note 23) | |||
Equity: | |||
Additional paid-in capital | 1,303,117 | 1,266,592 | |
Accumulated deficit | (653,173) | (542,746) | |
Statutory reserves | 6,712 | 6,712 | |
Accumulated other comprehensive income | 17,116 | 6,883 | |
Total Renren Inc. shareholders' equity | 674,804 | 738,466 | |
Noncontrolling interest | 33,942 | ||
Total equity | 708,746 | 738,466 | |
TOTAL LIABILITIES AND EQUITY | 1,194,164 | 1,176,844 | |
Class A ordinary shares [Member] | |||
Equity: | |||
Ordinary shares | 727 | 720 | |
Class B ordinary shares [Member] | |||
Equity: | |||
Ordinary shares | $ 305 | $ 305 | |
[1] | The Company consolidated Shanghai Renren Finance Leasing Asset-Backed Special Plans (the "Plans"), see Note 1. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts and notes receivable, allowances (in dollars) | $ 2,856 | $ 2,839 | |
Financing receivable, allowances (in dollars) | 7,023 | 15,067 | |
Allowances of long-term financing receivable | 47 | ||
Accounts payable | 20,046 | 5,561 | |
Short-term debt | 61,479 | 37,202 | |
Accrued expenses and other current liabilities | 45,898 | 19,781 | |
Payable to investors | 142,689 | 182,951 | |
Amounts due to related parties | 17,746 | 10,914 | |
Deferred revenue | 11,489 | 5,954 | |
Income tax payable | 12,652 | 7,860 | |
Long-term debt | 47,665 | 95,390 | |
Long-term debt to investors | 59,916 | ||
Other non-current liabilities | 6,356 | 12,849 | |
Financing Receivable Net Current | [1] | 125,478 | 301,773 |
Business Combination, Contingent Consideration, Liability, Noncurrent | 60,850 | 0 | |
Long-term Debt, Current Maturities | 52,604 | 0 | |
Consolidated Assets Backed Financing Entities [Member] | |||
Accrued expenses and other current liabilities | 4 | 4 | |
Payable to investors | 64,087 | 141 | |
Financing Receivable Net Current | 78,485 | 73,549 | |
Variable Interest Entity [Member] | |||
Accounts payable | 19,476 | 5,423 | |
Short-term debt | 12,296 | 7,202 | |
Accrued expenses and other current liabilities | 17,498 | 11,277 | |
Payable to investors | 7,153 | 182,810 | |
Amounts due to related parties | 7,013 | 222 | |
Deferred revenue | 10,164 | 5,804 | |
Income tax payable | 10,380 | 7,163 | |
Long-term debt | |||
Long-term debt to investors | 59,916 | ||
Other non-current liabilities | |||
Financing Receivable Net Current | 145 | 228,224 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | 5,944 | ||
Long-term Debt, Current Maturities | |||
Class A ordinary shares [Member] | |||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Ordinary shares, shares authorized | 3,000,000,000 | 3,000,000,000 | |
Ordinary shares, shares issued | 726,549,453 | 719,651,418 | |
Ordinary shares, shares outstanding | 726,549,453 | 719,651,418 | |
Class B ordinary shares [Member] | |||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 | |
Ordinary shares, shares issued | 305,388,450 | 305,388,450 | |
Ordinary shares, shares outstanding | 305,388,450 | 305,388,450 | |
[1] | The Company consolidated Shanghai Renren Finance Leasing Asset-Backed Special Plans (the "Plans"), see Note 1. |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net revenues: | |||
Used car sales | $ 121,084 | ||
IVAS and others | 51,749 | 34,047 | 32,507 |
Financing income | 29,269 | 29,317 | 8,604 |
Total net revenues | 202,102 | 63,364 | 41,111 |
Cost of revenues: | |||
Used car sales | 116,385 | ||
IVAS and others | 39,038 | 26,059 | 30,083 |
Financing income | 28,975 | 25,708 | 6,637 |
Total cost of revenues | 184,398 | 51,767 | 36,720 |
Gross profit | 17,704 | 11,597 | 4,391 |
Operating expenses: | |||
Selling and marketing | 28,954 | 21,276 | 30,502 |
Research and development | 23,678 | 20,750 | 32,392 |
General and administrative | 52,949 | 42,584 | 46,803 |
Total operating expenses | 105,581 | 84,610 | 109,697 |
Loss from operations | (87,877) | (73,013) | (105,306) |
Other (expenses) income | (1,369) | 12,888 | (7,058) |
Interest income | 2,029 | 919 | 2,190 |
Interest expenses | (10,185) | (12,439) | (2,041) |
Realized (loss) gain on short-term investments | (100) | 552 | (98,112) |
Realized gain on disposal of long-term investments | 37,311 | ||
Impairment of long-term investments | (113,073) | (102,307) | (4,258) |
Loss before provision of income tax and (loss) earnings in equity method investments and noncontrolling interest, net of tax | (173,264) | (173,400) | (214,585) |
Income tax expenses | (4,479) | (2,470) | (3,124) |
Loss before (loss) earnings in equity method investments and noncontrolling interest, net of tax | (177,743) | (175,870) | (217,709) |
(Loss) earnings in equity method investments, net of tax | 67,240 | (18,183) | (5,468) |
Loss from continuing operations | (110,503) | (194,053) | (223,177) |
Discontinued operations: | |||
Income from the operations of the discontinued operations, net of tax expenses of $944, $102 and $nil for the years ended December 31, 2015, 2016 and 2017, respectively | 391 | 1,520 | |
Gain on deconsolidation of subsidiaries, net of tax of $nil, $454 and $nil for the years ended December 31, 2015, 2016 and 2017, respectively | 8,310 | ||
Income from discontinued operations, net of tax expenses of $944, $556 and $nil for the years ended December 31, 2015, 2016 and 2017, respectively | 0 | 8,701 | 1,520 |
Net loss | (110,503) | (185,352) | (221,657) |
Net loss attributable to the noncontrolling interest | 76 | 1,529 | |
Net loss from continuing operations attributable to Renren Inc. | (110,427) | (194,053) | (221,648) |
Net income from discontinued operations attributable to Renren Inc. | 8,701 | 1,520 | |
Net loss attributable to Renren Inc. | $ (110,427) | $ (185,352) | $ (220,128) |
Net loss per share from continuing operations attributable to Renren Inc. shareholders: | |||
Basic (in dollars per share) | $ (0.11) | $ (0.19) | $ (0.22) |
Diluted (in dollars per share) | (0.11) | (0.19) | (0.22) |
Net income per share from discontinued operations attributable to Renren Inc. shareholders | |||
Basic (in dollars per share) | 0 | 0.01 | 0 |
Diluted (in dollars per share) | 0 | 0.01 | 0 |
Net loss per share attributable to Renren Inc. shareholders: | |||
Basic (in dollars per share) | (0.11) | (0.18) | (0.22) |
Diluted (in dollars per share) | $ (0.11) | $ (0.18) | $ (0.22) |
Weighted average number of shares used in calculating net loss per share from continuing operations attributable to Renren Inc. shareholders: | |||
Basic (in shares) | 1,028,537,406 | 1,022,664,396 | 1,019,378,556 |
Diluted (in shares) | 1,028,537,406 | 1,022,664,396 | 1,019,378,556 |
Weighted average number of shares used in calculating net income per share from discontinued operations attributable to Renren Inc. shareholders: | |||
Basic (in shares) | 1,028,537,406 | 1,022,664,396 | 1,019,378,556 |
Diluted (in shares) | 1,028,537,406 | 1,027,176,963 | 1,027,236,202 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
(Loss) income from the operations of the discontinued operations, tax (benefits) expenses | $ 0 | $ 102 | $ 944 |
Gain on deconsolidation of the subsidiaries, tax expense | 0 | 454 | 0 |
Gain from discontinued operations, tax (benefits) expenses | $ 0 | $ 556 | $ 944 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME [Abstract] | |||
Net loss | $ (110,503) | $ (185,352) | $ (221,657) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | 9,585 | (10,994) | (7,777) |
Net unrealized gain (loss) on available-for-sale investments, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively | 3,891 | (18,518) | 40,695 |
Transfer to statements of operations of realized gain on available-for-sale investments, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively | (3,243) | (729) | (3,568) |
Other comprehensive income (loss) | 10,233 | (30,241) | 29,350 |
Comprehensive loss | (100,270) | (215,593) | (192,307) |
Less: Comprehensive loss attributable to noncontrolling interest | 76 | 1,529 | |
Comprehensive loss attributable to Renren Inc. | $ (100,194) | $ (215,593) | $ (190,778) |
CONSOLIDATED STATEMENTS OF COM7
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net unrealized gain on available-for-sale investments, tax | |||
Transfer to statements of operations of realized gain on available-for-sale investments, tax |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Total Renren Inc.'s equity [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Statutory reserves [Member] | Accumulated other comprehensive income [Member] | Non-controlling interest [Member] | Class A ordinary shares [Member]Ordinary shares [Member] | Class B ordinary shares [Member]Ordinary shares [Member] |
Balance at Dec. 31, 2014 | $ 1,102,379 | $ 1,102,638 | $ 1,224,393 | $ (137,266) | $ 6,712 | $ 7,774 | $ (259) | $ 720 | $ 305 |
Balance (in shares) at Dec. 31, 2014 | 720,040,971 | 305,388,450 | |||||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Stock-based compensation | 28,241 | 28,241 | 28,241 | ||||||
Other comprehensive income (loss) | 29,350 | 29,350 | 29,350 | ||||||
Net loss | (221,657) | (220,128) | (220,128) | (1,529) | |||||
Exercise of share option and restricted shares vesting | 1,367 | 1,367 | 1,362 | $ 5 | |||||
Exercise of share option and restricted shares vesting (in shares) | 5,236,230 | ||||||||
Repurchase of ordinary shares | (10,292) | (10,292) | (10,281) | $ (11) | |||||
Repurchase of ordinary shares (in shares) | (10,912,110) | ||||||||
Purchase of noncontrolling interest in Jiehun China | 119 | 119 | (119) | ||||||
Deconsolidation of Wanmen | (751) | (751) | 751 | ||||||
Balance at Dec. 31, 2015 | 929,388 | 930,544 | 1,243,083 | (357,394) | 6,712 | 37,124 | (1,156) | $ 714 | $ 305 |
Balance (in shares) at Dec. 31, 2015 | 714,365,091 | 305,388,450 | |||||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Stock-based compensation | 23,544 | 23,544 | 23,544 | ||||||
Other comprehensive income (loss) | (30,241) | (30,241) | (30,241) | ||||||
Net loss | (185,352) | (185,352) | (185,352) | ||||||
Exercise of share option and restricted shares vesting | 1,150 | 1,150 | 1,144 | $ 6 | |||||
Exercise of share option and restricted shares vesting (in shares) | 5,286,327 | ||||||||
Deconsolidation of Wanmen | (23) | (1,179) | (1,179) | 1,156 | |||||
Balance at Dec. 31, 2016 | 738,466 | 738,466 | 1,266,592 | (542,746) | 6,712 | 6,883 | $ 720 | $ 305 | |
Balance (in shares) at Dec. 31, 2016 | 719,651,418 | 305,388,450 | |||||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Stock-based compensation | 28,016 | 28,016 | 28,016 | ||||||
Other comprehensive income (loss) | 10,233 | 9,477 | 9,477 | 756 | |||||
Noncontrolling interest arising from an acquisition | 25,255 | 756 | 0 | 0 | 0 | 756 | 24,499 | $ 0 | $ 0 |
Capital contribution from non-controlling shareholder | 16,717 | 7,954 | 7,954 | 0 | 8,763 | ||||
Net loss | (110,503) | (110,427) | (110,427) | (76) | |||||
Exercise of share option and restricted shares vesting | 562 | 562 | 555 | $ 7 | |||||
Exercise of share option and restricted shares vesting (in shares) | 6,898,035 | ||||||||
Balance at Dec. 31, 2017 | $ 708,746 | $ 674,804 | $ 1,303,117 | $ (653,173) | $ 6,712 | $ 17,116 | $ 33,942 | $ 727 | $ 305 |
Balance (in shares) at Dec. 31, 2017 | 726,549,453 | 305,388,450 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (110,503) | $ (185,352) | $ (221,657) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share-based compensation expense | 28,016 | 23,544 | 28,241 |
Gain on deconsolidation of subsidiaries | (1,825) | (12,895) | |
Loss (earnings) in equity method investments | (67,240) | 18,183 | 4,943 |
Realized gain on disposal of long-term investments | (37,311) | ||
Depreciation and amortization | 2,029 | 2,678 | 8,935 |
Exchange loss on offshore accounts | 4 | 174 | |
Impairment on long-term investments | 113,073 | 102,307 | 4,258 |
Loss on expiration of warrant | 901 | ||
Interest income from long-term available-for-sale investment | (108) | (298) | |
Provision for doubtful accounts-accounts receivable | 46 | (205) | 788 |
Provision for doubtful accounts- others | (39) | 369 | 836 |
Provision for financing receivable losses | 12,745 | 12,436 | 3,665 |
Write off of financing receivable | 0 | (119) | |
(Gain) loss on disposal of equipment | 13 | (95) | (988) |
Loss (gain) on short-term investments and fair value change of derivatives | 100 | (552) | 98,112 |
Realized gain on long-term available-for-sale investment | (729) | ||
Fair value change of put option and liability-classified warrant | (195) | (105) | 6,270 |
Fair value change of contingent consideration | 2,545 | ||
Changes in operating assets and liabilities: | |||
Accounts and notes receivable | 2,116 | (881) | 7,613 |
Financing receivable | (321) | 10 | (217) |
Prepaid expenses and other current assets | (20,842) | 7,934 | (22,788) |
Inventory | (76,605) | ||
Other non-current assets | 434 | 490 | 19,313 |
Intercompany loan to Online Gaming (see Note 4) | 7,500 | ||
Accounts payable | 12,599 | 797 | 1,266 |
Amounts due from/to related parties | 7,514 | 1,167 | 1,260 |
Accrued expenses and other current liabilities | 8,576 | 2,037 | 1,090 |
Interest payable to investors | (4,048) | (531) | 870 |
Deferred revenue | 4,109 | 2,780 | 397 |
Other non-current liabilities | 5,862 | 5,332 | 966 |
Income tax payable | 4,296 | 2,288 | (2,624) |
Profit distribution received from Japan Macro | 9,235 | ||
Net cash used in operating activities | (114,964) | (11,005) | (50,042) |
Cash flows from investing activities: | |||
Placement of restricted cash | (455,956) | (25,000) | (22,532) |
Release of restricted cash | 416,907 | 15,370 | 0 |
Decrease in term deposits | 0 | 493,471 | |
Proceeds from principal repayments of financing receivable | 925,951 | 626,775 | 126,535 |
Payments to provide financing receivable | (748,725) | (799,174) | (289,041) |
Proceeds from sale of trading securities | 7,973 | 22,632 | 63,822 |
Proceeds from sale of available-for-sale securities | 0 | 62,704 | |
Proceeds from sale of derivative financial instruments | 2,580 | ||
Proceeds from principal return on Series 2012-A Senior Secured Sofi Loan Notes ("SoFi Loan Note") | 5,879 | 984 | |
Proceeds from sale of equity method investments | 94,604 | 18,460 | 94 |
Proceeds from sales of cost method investment | 32,726 | ||
Proceeds from capital withdrawal from equity method investees | 148 | 29,634 | 60,279 |
Dividend received from trading and available-for-sales securities | 176 | ||
Purchase of trading securities | (7,653) | (19,702) | (67,986) |
Purchase of available-for-sale securities | 0 | (29,833) | |
Purchase of derivative financial instruments | (264) | (101,409) | |
Purchase of equity method investments, call option and warrant | (4,940) | (16,331) | (225,885) |
Purchase of cost method investments | (5,673) | (28,344) | (179,262) |
Purchase of long-term available-for-sale investments | (3,000) | (6,150) | (132,957) |
Proceeds from disposal of equipment | 63 | 142 | 1,084 |
Purchases of equipment and property | (135) | (357) | (806) |
Purchases of intangible assets | (386) | ||
Settlement of put option | (7,000) | ||
Cash disposed of from deconsolidation of subsidiaries | (1,179) | (6,176) | |
Acquisition of subsidiaries, net of cash acquired | (23,305) | ||
Loan to a noncontrolling shareholder | (1,930) | ||
Loan to related parties | (11,113) | (14,625) | (4,775) |
Proceeds from repayment of related party loans | 8,871 | 11,701 | 4,775 |
Loans to third parties | (2,220) | (4,518) | (21,898) |
Proceeds from repayment of third party loans | 892 | 3,765 | 13,212 |
Net cash (used in) provided by investing activities | 224,236 | (193,283) | (248,984) |
Cash flows from financing activities: | |||
Repurchase of ordinary shares | (10,292) | ||
Proceeds from exercise of share options | 262 | 1,430 | 1,231 |
Proceeds from investors | 1,580,544 | 844,712 | 174,543 |
Payment to investors | (1,688,655) | (637,931) | (125,001) |
Repayment of short-term borrowings | (24,060) | (108,292) | |
Repayment of long-term borrowings | (43,965) | (23,608) | |
Proceeds from short-term borrowings | 65,859 | 39,072 | 107,134 |
Proceeds from long-term borrowings | 26,639 | 130,885 | |
Proceeds from loan provided by a related party | 0 | 10,692 | |
Placement of restricted cash | 0 | (100,000) | |
Release of restricted cash | 100,000 | 0 | |
Capital injection by noncontrolling shareholders | 16,263 | 1,930 | |
Net cash provided by (used in) financing activities | (67,113) | 226,075 | 180,430 |
Net (decrease) increase in cash and cash equivalents | 42,159 | 21,787 | (118,596) |
Cash and cash equivalents at beginning of year | 79,370 | 60,837 | 183,025 |
Effect of exchange rate changes | 7,066 | (3,254) | (3,592) |
Cash and cash equivalents at end of year | 128,595 | 79,370 | 60,837 |
Supplemental schedule of cash flows information: | |||
Interest paid | 10,729 | 12,249 | 2,793 |
Income taxes paid | 180 | 123 | 6,744 |
Schedule of non-cash activities: | |||
Payable for acquisition of property, plant and equipments included in accrued expenses and other liabilities | 6 | 3 | 43 |
Purchase of long-term available-for-sale investment through exchange of equity interest in a subsidiary | 1,742 | ||
Acquisition of business settled by forgiveness of financing receivable | 21,201 | ||
Acquisition of entity through settlement of long-term investments | 5,787 | ||
Acquisition of entity through settlement of loan to a related party | 200 | ||
Acquisition of equity method investment through settlement of loan from a related party | $ 4,905 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2017 | |
ORGANIZATION AND PRINCIPAL ACTIVITIES [Abstract] | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES Renren Inc. was incorporated in the Cayman Islands. Through its social networking internet platform, the Company, its consolidated subsidiaries, variable interest entities ("VIEs") and VIEs' subsidiaries (collectively referred to as the "Company") were primarily engaged in the operation of its social networking internet platform ("SNS") through which it provides online advertising services and internet value-added services ("IVAS") as well as the operation of financial services platform to provide internet finance services. During the second half year of 2017, the Company, through the acquisition of a number of used car dealerships in China, also started the business of used car trading which represented a significant portion of its operations for the year ended December 31, 2017. Refer to Note 5 for further details. During 2015, the Company reached a resolution to dispose of its online gaming business ("Online Gaming"), which was subsequently sold in March 2016. The disposal of Online Gaming represented a strategic shift and had a major effect on the Company’s result of operations. Accordingly, revenues and expenses and cash flows related to the Online Gaming entities have been reclassified in the accompanying consolidated financial statements as discontinued operations for all periods presented. The consolidated balance sheet as of December 31, 2015, consolidated statements of operations and consolidated statements of cash flows for the year ended December 31, 2015 have been adjusted to reflect this change. Beginning with the fourth quarter of 2014, the Company launched Renren Fenqi platform (“Renren Fenqi”), a financial service platform which provides financing to college students in China for making purchases on e-commerce platforms. From the first quarter of 2015, the Company started to provide credit financing to used automobile dealers and apartment rental financing to individuals and apartment agents. Additionally, during 2015, the Company also launched Renren Licai (“Renren Licai”), a platform through which the Company identifies individual investors and transfers the creditors’ rights arising from aforementioned financing to individual investors. Additionally, in August 2017, the Company stopped accepting new funds from Renren Licai. In the first and second quarter of 2016, the Company stopped providing apartment rental financing to individuals and apartment agents, and financing to college students, respectively. As of December 31, 2017, the principal element of the Company's financing business is its financing to used automobile dealers. On September 30, 2016, the Company announced a plan to spin off a newly formed subsidiary, Oak Pacific Investment (the "OPI") that would hold the online talent show business ("Woxiu") and most of its investments in minority stakes in privately held companies. On December 22, 2016, the Company formed a special committee to review the terms of the proposed transaction. Subsequently, the Company revised the plan to substitute Beijing Zhenzhong Interactive Information Technology Co., Ltd ("Zhenzhong", a subsidiary of one of the Company's VIEs) for Woxiu. On April 30, 2018, the Company announced that OPI will offer newly issued ordinary shares of OPI in a private placement to those shareholders of Renren as of the Record Date who satisfy all three of the following criteria: (1) the shareholder is an “accredited investor,” as such term is defined under the U.S. Securities Act of 1933, as amended, (2) the shareholder is a “qualified purchaser,” as such term is defined under the U.S. Investment Company Act of 1940, as amended, and (3) the shareholder is not a resident of a jurisdiction where the offering would be illegal. Additionally, the Company also announced a cash dividend payable by Renren to all shareholders other than those shareholders who waive the cash dividend in connection with the private placement described above. The amount of the cash dividend will depend on the results of the private placement but Renren expects the cash dividend to be between US$ 0.4831 0.6096 As of December 31, 2017, Renren Inc.'s subsidiaries, VIEs and VIEs' subsidiaries are as follows: Later of date Percentage of of incorporation Place of legal ownership Name of Subsidiaries or acquisition incorporation by Renren Inc. Principal activities Subsidiaries: CIAC/ChinaInterActiveCorp ("CIAC") August 5, 2005 Cayman Islands 100 % Investment holding Kaixin Auto Group (formerly named as Renren Wealth Inc.) March 7, 2011 Cayman Islands 100 % Investment holding Link224 Inc. May 31, 2011 Cayman Islands 100 % Investment holding Renren Lianhe Holdings September 2, 2011 Cayman Islands 100 % Investment holding Wole Inc. October 27, 2011 Cayman Islands 100 % Investment holding JiehunChina Inc. ("JiehunChina") June 14, 2011 Cayman Islands 100 % Investment holding Renren Gongying Inc. October 2, 2015 Cayman Islands 100 % Investment holding Renren Study Inc. April 5, 2012 Cayman Islands 100 % Investment holding Renren Finance, Inc. December 15, 2014 Cayman Islands 100 % Internet business Renren CRSP Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren CHYP Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren PLML Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren KURY Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren ONER Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren BLCR Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren ZHCH Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren LSTAR Holdings Inc. October 17, 2016 Cayman Islands 100 % Investment holding Renren CHRYPH Holdings Inc. October 31, 2016 Cayman Islands 100 % Investment holding Renren SF Holdings Inc. January 9, 2017 Cayman Islands 100 % Investment holding Oak Pacific Investment September 14, 2017 Cayman Islands 100 % Investment holding Jet Sound Hong Kong Company Limited May 7, 2011 Hong Kong 100 % Investment holding Renren Game Hong Kong Limited ("Game HK") March 8, 2012 Hong Kong 100 % Investment holding Renren Giant Way Limited ("Renren Giant Way") May 17, 2012 Hong Kong 100 % Investment holding Renren Lianhe (Hong Kong) Co. Limited. May 16, 2016 Hong Kong 100 % Investment holding Renren Winday Company Limited. July 26, 2016 Hong Kong 100 % Investment holding Renren Giantly Limited. August 16, 2016 Hong Kong 100 % Investment holding Renren Gentle Height Company Limited. December 7, 2016 Hong Kong 100 % Investment holding Chime Technologies, Inc. September 7, 2012 USA 100 % Internet business Renren U.S. Holdco, Inc. July, 2017 USA 100 % Investment holding Sindeo Inc. July 3, 2017 USA 100 % Internet business Geographic Farming LLC Auguest 24, 2017 USA 100 % Internet business Trucker Path Inc. December 28, 2017 USA 100 % Internet business Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji") March 21, 2005 PRC 100 % Investment holding Beijing Woxiu Information Technology Co. Ltd. ("Beijing Woxiu") October 27, 2011 PRC 100 % Investment holding Beijing Jiexun Shiji Technology Development Co., Ltd. ("Jiexun Shiji") April 26, 2012 PRC 100 % Investment holding Renren Huijin (Tianjin) Technology Co., Ltd. ("Huijin") October 10, 2012 PRC 100 % Investment holding Joy Interactive (Beijing) Technology Development Co., Ltd. April 24, 2013 PRC 100 % Investment holding Shanghai Renren Financial Leasing Co., Ltd May 25, 2015 PRC 100 % Internet business Qianxiang Lianhe Technology Development (Beijing) Co., Ltd November 12, 2016 PRC 100 % Internet business Shanghai Renren Automobile Technology Co., Ltd August 18, 2017 PRC 100 % Investment holding Renren Zhenhan Technology Development (Beijing) Co., Ltd November 13, 2017 PRC 100 % Investment holding Variable Interest Entities: Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng") October 28, 2002 PRC N/A IVAS business Guangzhou Xiuxuan Brokers Co., Ltd.(“Guangzhou Xiuxuan”) September 22, 2014 PRC N/A IVAS business Beijing Qianxiang Yixin Technology Development Co., Ltd September 1, 2016 PRC N/A Investment holding Shanghai Qianxiang Changda Internet Information Technology Development Co., Ltd. ("Shanghai Changda") October 25, 2010 PRC N/A Internet business Shanghai Jieying Automobile Sales Co., Ltd. ("Shanghai Jieying") Feburay 27, 2017 PRC N/A Automobile business Subsidiaries of Variable Interest Entities: Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing") November 11, 2008 PRC N/A Internet business Beijing Wole Shijie Information Technology Co., Ltd. ("Wole Shijie") October 27, 2011 PRC N/A Technology development and service Beijing Kirin Wings Technology Development Co., Ltd. January 16, 2013 PRC N/A Internet business Beijing Zhenzhong Hudong Information Technology Co., Ltd. December 23, 2014 PRC N/A Internet business Shanghai Wangjing Commercial Factoring Co., Ltd. July 28, 2015 PRC N/A Factoring business Beijing Jingwei Zhihui Information Technology Co., Ltd. (“Jingwei Zhihui”) March 19, 2014 PRC N/A Internet business Shanghai Wangjing Investment Management Co., Ltd. April 20, 2015 PRC N/A Internet business Shanghai Mumian Interactive Internet Information Service Co., Ltd. June 16, 2016 PRC N/A IVAS business Fenqi Winday Company Limited, February 29, 2016 Hong Kong N/A Internet business Guangzhou Qunge Information Technology Co., Ltd. August 26, 2016 PRC N/A IVAS business Tianjin Zhenzhong Interactive Information Technology Co., Ltd. April 8, 2016 PRC N/A Investment holding Beijing Qianxiang Wanxin Technology Development Co., Ltd. November 18, 2016 PRC N/A Investment holding Shanghai Heiguo Internet Information Technology Co., Ltd. Feburary 27,2017 PRC N/A Investment holding Renren (Tianjin) Insurance Broker Co,. Ltd. August 24, 2017 PRC N/A Investment holding Renren Zhencai Technology Development (Beijing) Co., Ltd. December 15, 2017 PRC N/A Investment holding Jieying Baolufeng Automobile Sales (Shenyang) Co., Ltd. June 14, 2017 PRC N/A Automobile business Chongqing Jieying Shangyue Automobile Sales Co., Ltd. July 3, 2017 PRC N/A Automobile business Jiangsu Jieying Ruineng Automobile Sales Co., Ltd. May 16, 2017 PRC N/A Automobile business Dalian Yiche Jieying Automobile Sales Co., Ltd. June 27, 2017 PRC N/A Automobile business Henan Jieying Hengxin Automobile Sales Co., Ltd. June 29, 2017 PRC N/A Automobile business Shandong Jieying Huaqi Automobile Service Co., Ltd. July 20, 2017 PRC N/A Automobile business Neimenggu Jieying Kaihang Automobile Sales Co., Ltd. July 14, 2017 PRC N/A Automobile business Hangzhou Jieying Yifeng Automobile Sales Co., Ltd. August 1, 2017 PRC N/A Automobile business Jilin Jieying Taocheguan Automobile Sales Co., Ltd. October 31, 2017 PRC N/A Automobile business Suzhou Jieying Chemaishi Automobile Sales Co., Ltd. October 27, 2017 PRC N/A Automobile business Cangzhou Jieying Bole Automobile Sales Co., Ltd. August 10, 2017 PRC N/A Automobile business Shanghai Jieying Diyi Automobile Sales Co., Ltd. October 19, 2017 PRC N/A Automobile business Ningxia Jieying Xianzhi Automobile Sales Co., Ltd. July 26, 2017 PRC N/A Automobile business Wuhan Jieying Chimei Automobile Sales Co., Ltd. November 20, 2017 PRC N/A Automobile business The VIE arrangements PRC regulations currently limit direct foreign ownership of business entities providing value-added telecommunications services, online advertising services and internet services in the PRC where certain licenses are required for the provision of such services. To comply with these PRC regulations, the Company conducts substantially all of its businesses through the VIE Qianxiang Tiancheng as well as its respective subsidiaries. Prior to March 2016, the Company also conducted its business through a VIE Jingwei Zhihui, which became a wholly owned subsidiary of Qianxiang Tiancheng in March 2016. Qianxiang Tiancheng is mainly engaged in the provision of online advertising, IVAS and internet finance services. Jingwei Zhihui is mainly engaged in the provision of internet finance services. From June 2017, the Company also operates the used car trading business through a newly found VIE, Shanghai Jieying. Qianxiang Shiji ("WFOE"), a wholly owned subsidiary of CIAC, and Shanghai Renren Automotive Technology Co., Ltd, or Shanghai Automotive ("WFOE"), a wholly owned subsidiary of Jet Sound Hong Kong Company Limited., entered into a series of contractual arrangements with the VIEs that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Accordingly, the Company is considered the primary beneficiary of the VIEs and has consolidated the VIEs' financial results of operations, assets and liabilities in the Company's consolidated financial statements. In making the conclusion that the Company is the primary beneficiary of the VIEs, the Company believes the Company's rights under the terms of the exclusive option agreement and power of attorney are substantive given the substantive participating rights held by SB Pan Pacific Corporation as it relates to operating matters, which provide it with a substantive kick out right. More specifically, the Company believes the terms of the contractual agreements are valid, binding and enforceable under PRC laws and regulations currently in effect. In particular the Company also believes that the minimum amount of consideration permitted by the applicable PRC law to exercise the exclusive option does not represent a financial barrier or disincentive for the Company to currently exercise its rights under the exclusive option agreement. A simple majority vote of the Company's board of directors is required to pass a resolution to exercise the Company's rights under the exclusive option agreement, for which the consent from Mr. Joe Chen, who holds the most voting interests in the Company and is also the Company's chairman and CEO, is not required. The Company's rights under the exclusive option agreement give the Company the power to control the shareholders of the VIEs and thus the power to direct the activities that most significantly impact the VIEs' economic performance. In addition, the Company's rights under the powers of attorney also reinforce the Company's abilities to direct the activities that most significantly impact the VIEs' economic performance. The Company also believes that this ability to exercise control ensures that the VIEs will continue to execute and renew service agreements and pay service fees to the Company. By charging service fees at the sole discretion of the Company, and by ensuring that service agreements are executed and renewed indefinitely, the Company has the rights to receive substantially all of the economic benefits from the VIEs. The VIEs and their subsidiaries hold the requisite licenses and permits necessary to conduct the Company's business under the current business arrangements. The contractual agreements below provide the Company with the power to direct the activities that most significantly affect the economic performance of the VIEs and enable the Company to receive substantially all of economic benefits and absorb the losses of the VIEs. (1) Power of Attorney: WFOEs hold irrevocable power of attorney executed by the legal owners of the VIEs to exercise their voting rights on, including but not limited to dividend declaration, all matters at meetings of the legal owners of the VIEs and through such power of attorney has the right to control the operations of the VIEs. The power of attorney for Qianxiang Tiancheng will remain in force for ten years until December 22, 2020, and will be automatically renewed upon the extension of the terms of the relevant business operations agreements until the earlier of the following events: (i) nominee loses his/her position in Qianxiang Shiji or Qianxiang Shiji issue a written notice to dismiss or replace nominee; and (ii) the business operations agreements among Qianxiang Shiji, Qianxiang Tiancheng and Qianxiang Tiancheng's shareholders terminate or expire. The power of attorney for Shanghai Jieying became effective on August 18, 2017 and will remain effective as long as Shanghai Jieying exist. The shareholders of Shanghai Jieying do not have the right to terminate or revoke the power of attorney without the prior written consent of Shanghai Automotive. (2) Business Operations Agreement: The terms of the business operations agreements are ten years and will be extended automatically for another ten years unless the WFOEs provide a 30 (3) E xclusive Equity Option Agreement : Under the exclusive equity option agreement, the WFOEs have the exclusive right to purchase the equity interests of the VIEs from the registered legal equity owners as far as PRC regulations permit a transfer of legal ownership to foreign ownership. The WFOEs can exercise the purchase right at any portion and any time in the 10-year agreement period. Without the WFOE's consent, the VIEs' shareholders shall not transfer, donate, pledge, or otherwise dispose their equity shareholdings in the VIEs in any way. The equity option agreement will remain in full force and effect until the earlier of: (i) the date on which all of the equity interests in the VIEs have been acquired by the respective WFOE or its designated representative(s); or (ii) the receipt of the 30 (4) Spousal Consent Agreement: The spouse of each of the shareholders of Shanghai Jieying acknowledged that certain equity interests of Shanghai Jieying, held by and registered in the name of his/her spouse would be disposed of pursuant to the loan agreement, equity option agreement and equity interest pledge agreement of which they were respectively a party, and they will not take any action to interfere with such arrangement, including claiming that such equity interests constitute property or communal property between his/her spouse and himself/herself. (5) E xclusive Technical and Consulting Services Agreement : The WFOEs and registered shareholders irrevocably agree that the WFOEs shall be the exclusive technology service provider to the VIEs in return for a service fee which is determined at the sole discretion of the WFOEs. The term of each of agreement is ten years and will be extended automatically for another ten years unless terminated by the WFOEs. The WFOEs can terminate the agreement at any time by providing a 30-day prior written notice. The VIEs are not permitted to terminate the agreements prior to the expiration of the terms by December 22, 2020 and August 17, 2027, respectively, unless the WFOEs fail to comply with any of their obligations under this agreement and such breach makes the WFOEs unable to continue to perform the agreements. (6) Intellectual Property License Agreement: The term of the agreement will be extended for another five years with both parties' consents. The WFOEs may terminate the agreement at any time by providing a 30-day prior written notice. Any party may terminate the agreement immediately with written notice to the other party if the other party materially breaches the relevant agreement and fails to cure its breach within 30 days from the date it receives the written notice specifying its breach from the non-breaching party. The parties will review the agreement every three months and determine if any amendment is needed. (7) Loan Agreements: (8) E quity Interest Pledge Agreement: Shareholders of the VIEs have pledged all of their equity interests in the VIEs with their respective WFOEs and the WFOEs are entitled to certain rights to sell the pledged equity interests through auction or other means if the VIEs or the shareholders default in their obligations under other above-stated agreements. These agreements are substantially the same, and that the equity interest pledge has become effective and will expire on the earlier of: (i) the date on which the VIEs and their shareholders have fully performed their obligations under the loan agreements, the exclusive technical service agreement, the intellectual property right license agreement and the equity option agreements; (ii) the enforcement of the pledge by the WFOEs pursuant to the terms and conditions under this agreement to fully satisfy its rights under such agreements; or (iii) the completion of the transfer of all equity interests of the VIEs by the shareholders of the VIEs to another individual or legal entity designated by the WFOEs pursuant to the equity option agreement and no equity interests of the VIEs are held by such shareholders. Risks in relation to the VIE structure The Company and the Company's legal counsel believe that Qianxiang Shiji's and Shanghai Automotive's contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Company's ability to enforce these contractual arrangements and if the shareholders of the VIEs were to reduce their interest in the Company, their interests may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could: ⋅ Revoke the business and operating licenses of the WFOEs, the VIEs and their subsidiaries; ⋅ Discontinue or restrict the operations of any related-party transactions among the WFOEs, the VIEs and their subsidiaries; ⋅ Impose fines or other requirements on the WFOEs, the VIEs and their subsidiaries; ⋅ Require the Company or the WFOEs, the VIEs and their subsidiaries to revise the relevant ownership structure or restructure operations; and/or ⋅ Restrict or prohibit the Company's use of the proceeds of the additional public offering to finance the Company's business and operations in China. The Company's ability to conduct its business including online advertising, online gaming (discontinued after the Company's resolution to dispose of Online Gaming in 2015), online talent show, other internet value added services, used car trading business and internet finance services may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Company may not be able to consolidate the VIEs and the VIEs' subsidiaries in its consolidated financial statements as it may lose the ability to exert effective control over the VIEs and the VIEs' subsidiaries and shareholders, and it may lose the ability to receive economic benefits from the VIEs and the VIEs' subsidiaries. Certain shareholders of the VIEs are also shareholders of the Company. The interests of the shareholders of the VIEs may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing the VIEs not to pay the service fees when required to do so. The Company cannot assure that when conflicts of interest arise, shareholders of the VIEs will act in the best interests of the Company or that conflicts of interests will be resolved in the Company's favor. Currently, the Company does not have existing arrangements to address potential conflicts of interest the shareholders of the VIEs may encounter in their capacity as beneficial owners and directors of the VIEs. The Company believes the shareholders of the VIEs will not act contrary to any of the contractual arrangements and the exclusive option agreements provide the Company with a mechanism to remove the current shareholders of the VIEs as beneficial shareholders of the VIEs should they act to the detriment of the Company. The Company relies on the current shareholders of VIEs whom also are directors and executive officers of the Company, to fulfill their fiduciary duties and abide by laws of Cayman Islands and act in the best interest of the Company or that conflicts will be resolved in the Company’s favor. If the Company cannot resolve any conflicts of interest or disputes between the Company and the shareholders of the VIEs, the Company would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings. The Company's ability to control the VIEs also depends on the power of attorney that the WFOEs have to vote on all matters requiring shareholder approval in the VIEs. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership. The following financial statement balances and amounts of the Company’s VIEs were included in the accompanying consolidated financial statements after elimination of intercompany balances and transactions between the offshore companies, WFOEs, VIEs and VIEs’ subsidiaries. As of December 31, 2016 and 2017, the balance of the amounts payable by the VIEs and their subsidiaries to the WFOEs related to the service fees were $ nil. As of December 31, 2016 2017 Cash and cash equivalents $ 55,908 $ 8,188 Restricted cash 288 51 Short-term investments 410 - Accounts receivable, net 4,702 1,584 Financing receivable, net 228,224 145 Inventory - 95,012 Prepaid expenses and other current assets 17,988 37,422 Amounts due from related parties 10,219 11,624 Total current assets 317,739 154,026 Long-term financing receivable, net 330 - Property and equipment, net 1,058 507 Long-term investments 36,470 43,979 Goodwill - 89,274 Other non-current assets 876 835 Total non-current assets 38,734 134,595 Total assets $ 356,473 $ 288,621 Accounts payable $ 5,423 $ 19,476 Short-term debt 7,202 12,296 Accrued expenses and other current liabilities 11,277 17,498 Payable to investors 182,810 7,153 Amounts due to related parties 222 7,013 Deferred revenue 5,804 10,164 Contingent consideration - 5,944 Income tax payable 7,163 10,380 Total current liabilities 219,901 89,924 Long-term contingent consideration - 60,850 Total non-current liabilities - 60,850 Total liabilities $ 219,901 $ 150,774 Years ended December 31, 2015 2016 2017 Net revenues $ 39,017 $ 61,948 $ 181,253 Loss from continuing operations $ (68,991) $ (31,997) $ (42,245) Income from discontinued operations $ 4,302 $ 829 $ - Years ended December 31, 2015 2016 2017 Net cash provided by (used in) operating activities $ 34,652 $ 68,374 $ (146,911) Net cash (used in) provided by investing activities $ (102,061) $ (187,621) $ 22,943 Net cash provided by financing activities $ 55,928 $ 148,080 $ 37,208 The VIEs contributed an aggregate of 94.9 97.8 89.7 30.3 24.2 50.2 31.1 There are no consolidated VIEs' assets that are collateral for the VIEs' obligations and can only be used to settle the VIEs' obligations. There are no creditors (or beneficial interest holders) of the VIEs that have recourse to the general credit of the Company or any of its consolidated subsidiaries. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests, which require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of its net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 26 for disclosure of restricted net assets. Consolidated Plans In January 2016 and September 2016, the Company originated the issuance of two Shanghai Renren Finance Leasing Asset-Backed Special Plans, approximating $ 46.1 299.8 78.5 510.6 The plan will expire by the end of May 2018 The Plans consist of three tranches: AAA-rated senior securities (covering 68.0 70.5 10.5 11.0 21.5 18.5 The Company holds significant variable interests in the Plans through holding the subordinate securities and the guarantee provided, from which the Company has the right to receive benefits from the Plans that could potentially be significant to the Plans. The Company also has power to direct the activities of the Plans that most significantly impact the economic performance of the Plans by making revolving purchases of underlying financing receivables and providing payment collection services from the underlying financing receivables. Accordingly, the Company is considered the primary beneficiary of the Plans and has consolidated the Plans' assets, liabilities, results of operations, and cash flows in the accompanying consolidated financial statements. The assets of the Plans are not available to creditors of the Company. In addition, the investors of the Plans have no recourse against the assets of the Company. The following financial statement amounts and balances of the Plans were included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances: As of December 31, 2016 2017 Financing receivable, net $ 73,549 $ 78,485 Total assets $ 73,549 $ 78,485 Accrued expenses and other current liabilities $ 4 $ 4 Payable to investors 141 64,087 Long-term payable to investors 59,916 - Total liabilities $ 60,061 $ 64,091 Years ended December 31, 2015 2016 2017 Net revenues - - - Net loss - $ 375 $ 91 Years ended December 31, 2015 2016 2017 Net cash provided by operating activities - - - Net cash provided by investing activities - - - Net cash provided by financing activities - - - |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). The consolidated financial statements of the Company include the financial statements of Renren Inc., its subsidiaries, its VIEs and VIEs' subsidiaries. All inter-companies transactions and balances are eliminated upon consolidation. Business combinations are recorded using the acquisition method of accounting. The Company elected to early adopt ASU 2017-01 “Business Combination (Topic 805): Clarifying the Definition of a Business” on January 1, 2017 and applied the new definition of a business prospectively for acquisitions made during the year ended December 31, 2017. Upon the early adoption of ASU 2017-01, a new screen is introduced to evaluate whether a transaction should be accounted for as an acquisition and/or disposal of a business versus assets. In order for a purchase to be considered an acquisition of a business, and receive business combination accounting treatment, the set of transferred assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. The adoption of this standard requires future purchases to be evaluated under the new framework. The purchase price of business acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses and restructuring costs are expensed as incurred. Where the consideration in an acquisition includes contingent consideration and the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and if recorded as a liability, it is subsequently carried at fair value with changes in fair value reflected in earnings. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to, revenue recognition, allowance for financing receivable, allowance for doubtful accounts, share-based compensation, deferred tax valuation allowance, income taxes, impairment of goodwill and indefinite-lived intangible assets, fair value of derivative financial instruments and long-term available-for-sale investments, impairment of long-term and short-term investments, the price purchase allocation and the fair value of contingent consideration for business acquisition. Cash and cash equivalents consist of cash on hand. Restricted cash primarily consists of cash deposits used to secure debt borrowings of the Company which is expected to be released in accordance with the debt agreement. The restriction will lapse when the related debt agreement is paid off. The current portion of restricted cash represents cash deposited into bank accounts which is expected to be released within the next twelve months. The non-current portion of restricted cash represents cash deposited into bank accounts which is not expected to be released within the next twelve months. Non-current restricted cash is recorded in other non-current assets and amounted to $ 323 26,075 Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: · Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets. · Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. (1) Short-term investments The Company's short-term investments comprise of marketable securities which is classified as trading, available-for-sale investments, and derivative financial instruments that are regarded as assets. The trading investments are reported at fair values with the changes in fair values of those investments recognized as gain or loss. The available-for-sale investments are reported at fair values with the unrealized gains or losses recorded as accumulated other comprehensive income in equity. The Company's derivative financial instruments are measured at fair value. The changes in fair values of those derivative instruments are recognized as gain or loss in the consolidated statements of operations. The Company reviews its available-for-sale short-term investments for other-than-temporary impairment ("OTTI") based on the specific identification method. The Company considers available quantitative and qualitative evidence in evaluating the potential impairment of its short-term investments. If the cost of an investment exceeds the investment's fair value, the Company considers, among other factors, general market conditions, expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost, and the Company's intent and ability to hold the investment. The Company separates the amount of the OTTI into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings, which represents the difference between a security's amortized cost basis and the discounted present value of expected future cash flows. The amount due to other factors is recognized in the consolidated statements of comprehensive loss if the entity neither intends to sell and will not more likely than not be required to sell the security before recovery. The difference between the amortized cost basis and the cash flows expected to be collected is accreted as interest income. (2) Long-term investments Equity method investments Equity investment in common stock or in-substance common stock of an entity where the Company can exercise significant influence, but not control, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements are also considered in determining whether the equity method of accounting is appropriate. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Company considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the investment is initially recorded at cost and adjusted for the Company's share of undistributed earnings or losses of the investee. Investment losses are recognized until the investment is fully written down as the Company does not guarantee the investee's obligations nor it is committed to provide additional funding. When the Company's carrying value in an equity method affiliated company is reduced to zero, no further losses are recorded in the Company's consolidated financial statements unless the Company guaranteed obligations of the affiliated company or has committed additional funding. When the affiliated company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of its share of losses not previously recognized. The Company’s management regularly evaluates the impairment of the equity investment based on performance and the financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee's cash position, recent financings, projected and historical financial performance, cash flow forecasts and financing needs. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. Cost method investments For equity investments in an investee that are not considered debt securities or equity securities that have readily determinable fair values and over which the Company neither has significant influence nor control, the Company carries the investment at cost and recognizes income as any dividends declared from distribution of investee's earnings. The Company reviews the cost method investments for impairment whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. An impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment would then become the new cost basis of the investment. Available-for-sale investment The Company’s investments in convertible redeemable preferred shares and convertible debt are classified as available-for-sale investments which are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. The Company monitors the investments for OTTI by considering factors including, but not limited to, current economic and market conditions, the operating performance of the investees including current earnings trends, the Company’s intent and ability to hold the investment as well as other company-specific information. An impairment loss on the available-for-sale securities is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to be other-than-temporary. Accounts receivable represents those receivables derived in the ordinary course of business from continuing operations which mainly consists of IVAS. An allowance for doubtful accounts is provided based on aging analyses of accounts receivable balances, historical bad debt rates, repayment patterns and customer credit worthiness. Financing receivable represents receivables derived from the internet finance business. Financing receivable is recorded at amortized cost, reduced by a valuation allowance estimated as of the balance sheet date. The amortized cost of a financing receivable is equal to the unpaid principal balance, plus net deferred origination costs. Net deferred origination costs are comprised of certain direct origination costs, net of origination fees received. Origination fees include fees charged to the individuals or companies that increase the financing’s effective yield. Direct origination costs in excess of origination fees received are included in the financing receivable and amortized over the financing term using the effective interest method. Financing origination costs are limited to direct costs attributable to originating the financing, including commissions and personnel costs directly related to the time spent by those individuals performing activities related to the origination. Due to limitations imposed by PRC laws and regulations, the Company appointed a senior management member (the “Intermediary”) to act as an intermediary to facilitate certain financing services for its internet finance business (the “Intermediary Business Model”). Under the Intermediary Business Model, each individual or company is arranged to sign the financing agreement with the Intermediary. The Company provides funds to the Intermediary to finance the individuals or companies in accordance with the financing agreement. Immediately upon signing a financing agreement with an individual or a company, the Intermediary then transfers all of the creditor’s rights arising from the financing agreement to the Company. Additionally, once investors are identified by the Company on Renren Licai, the Company transfers the underlying creditor’s rights to the investors through the Intermediary. The Company, through the Intermediary, agrees to repurchase the creditor's rights from the investors prior to or upon the maturity of the investment period therefore acting as a principal in the transaction. Under the Intermediary Business Model, the Intermediary is acting as an agent for the Company. As noted above, the funds provided to the individuals and companies are obtained from the Company who further agrees to take all the risk arising from the potential breaches of agreement by the individuals or the companies receiving financing. Additionally, the Intermediary’s role is restricted to sign agreements with individuals and companies receiving financing, and investors and the Intermediary has no obligation to make any repayment to the investors once the creditors’ rights are transferred. As such, the Intermediary never puts his own funds at risk and bears no risk in the arrangement and is considered an agent. In May 2016, the Company terminated all of its financing business conducted under the Intermediary Business Model. All subsequent financing has been performed by the Company. An allowance for financing receivable is established through periodic charges to the provision for financing receivable losses when the Company believes that the future collection of principal is unlikely. Subsequent recoveries, if any, are recorded as credits against the allowance. The Company evaluates the creditworthiness of its portfolio based on a pooled basis due to the composition of homogeneous financing with similar size and general credit risk characteristics for similar financing businesses. The Company considers the credit worthiness of the individuals and the companies receiving financing, aging of the outstanding financing receivable and other specific circumstances related to the financing when determining the allowance for financing receivable. The allowance is subjective as it requires material estimates including such factors as known and inherent risks in the financing portfolio, adverse situation that may affect the ability of the individuals and the companies receiving financing to repay and current economic conditions. Recovery of the carrying value of financing receivable is dependent to a great extent on conditions that are beyond the Company’s control. Financing income is calculated based on the contractual rate of the financing and recorded as financing income over the life of the financing using the effective interest method. Financing receivables are placed on non-accrual status upon reaching 90 days past due for these arising from financing for installment sales and apartment rental financing, or when reasonable doubt exists as to the full, timely collection of the financing receivable. When a financing receivable is placed on non-accrual status, the Company stops accruing financing income. Financing receivable is returned to accrual status if the related individual or company has performed in accordance with the contractual terms for a reasonable period of time and, in the Company’s judgment, will continue to make period principal and financing income payments as scheduled. The Company writes off its nonaccrual financing receivable by considering factors including (i) death of the borrower; or (ii) its inability to reach the borrower. Sales and transfers of financial instruments are accounted under authoritative guidance for the transfers and servicing of financial assets and extinguishment of liabilities. Through the peer-to-peer platforms and the Plans, the Company identifies individual investors and transfers creditors’ rights originated from the aforementioned financing services to the individual investors. The Company further offers different investment periods to investors with various annual interest rates while those credit rights are held by the investors. The term of the sales require the Company to repurchase those creditors’ rights from investors prior to or upon the maturity of the investment period. As a result, the sales of those creditors’ rights are not accounted for as a sale and remain on the consolidated balance sheet and are recorded as payable to investors in the Company’s consolidated balance sheet. Inventory consists of purchased used cars. The vehicle reconditioning costs and other incremental costs are capitalized as a component of inventory. Inventory is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. Selling prices are derived from historical data and trends, such as sales price and inventory turn times of similar vehicles, as well as independent, market resources. Each reporting period the Company recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value through cost of sales in the accompanying consolidated statements of operations. Property and equipment, net is carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Building 46 years Computer equipment and application software 2-3 years Furniture and vehicles 5 years Leasehold improvements Over the lesser of the lease term or useful life of the assets Intangible assets with indefinite lives mainly include trademark and licenses. If an intangible asset is determined to have an indefinite life, it is not be amortized until its useful life is determined to be no longer indefinite. An intangible asset that is not subject to amortization is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Such impairment test consists of comparing the fair values of assets and their carrying value amounts and an impairment loss is recognized if and when the carrying amounts exceed the fair values. The estimates of fair values of intangible assets not subject to amortization are determined using various discounted cash flow valuation methodologies. Significant assumptions are inherent in this process, including estimates of discount rates. Discount rate assumptions are based on an assessment of the risk inherent in the respective intangible assets. For the years ended December 31, 2015, 2016 and 2017, the Company did not record impairment loss for indefinite-lived intangible assets. Long-lived assets, such as property and equipment and definite-lived intangible assets are stated at cost less accumulated depreciation or amortization. Depreciation and amortization is computed using the straight-line method. The Company evaluates the recoverability of long-lived assets, including identifiable intangible assets, with determinable useful lives whenever events or changes in circumstances indicate that an intangible asset's carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows associated with it. Impairment exists when the sum of the expected undiscounted future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. For the years ended December 31, 2015, 2016 and 2017, the Company did not record impairment loss for long-lived assets and intangible assets with definite lives. Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Goodwill is not amortized, but tested for impairment upon first adoption and annually, or more frequently if event and circumstances indicate that they might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. Based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount, the quantitative impairment test is performed. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The fair value of each reporting unit is estimated using a discounted cash flow methodology. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, and assumptions that are consistent with the plans and estimates being used to manage the Company's business, estimation of the long-term rate of growth for the Company's business, estimation of the useful life over which cash flows will occur, and determination of the Company's weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit. In performing the two-step quantitative impairment test, the first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit's goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. In estimating the fair value of each reporting unit the Company estimates the future cash flows of each reporting unit, the Company has taken into consideration the overall and industry economic conditions and trends, market risk of the Company and historical information. The Company did not record impairment charges of goodwill for the years ended December 31, 2015, 2016 and 2017, respectively. The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. The Company's revenues include revenue from its used car sales, revenue from advertising and IVAS as well as revenue related to its finance services. Used car sales Revenue from used car sales is recognized when a sales contract has been executed, the vehicle has been delivered, and payment has been received or financing has been arranged. The Company purchases used cars from unrelated individuals or dealerships and sells them directly to customers through its local dealer shops. IVAS and others IVAS and others revenue mainly include revenues from online advertising and revenue from live streaming services. Online advertising revenues The Company provides advertisement placement services in its SNS platforms and online games. The Company primarily enters into pay-for-time contracts, under which the Company bills its customers based on the period of time to display the advertisements in the specific formats on specific web pages. The Company also enters into pay-for-volume arrangements, under which it bills its customers on the traffic volume basis, e.g. pay-per-click or pay-per-impression. For pay-for-time contracts, revenue is recognized ratably over the period the advertising is displayed. For pay-for-volume contracts, revenue is recognized based on traffic volume tracked and the pre-agreed unit price. Contractual billings in excess of recognized revenue and payments received in advance of revenue recognition are recorded as deferred revenues. The Company principally enters into advertising placement contracts with advertisers' advertising agents and the Company offers volume rebates to certain advertisers' advertising agents. The Company recognizes estimated rebates as the reduction of revenues based on a systematic and rational allocation of the cost of honoring rebates earned and claimed to each of the underlying revenue transactions that results in progress by the customer toward earning the rebate or refund. Estimation of the total rebate is based on the estimates of the sales volume to be reached based on the historic experience of the Company. If amounts of future rebates cannot be reasonably estimated, a liability will be recognized for the maximum potential amount of the rebates. Revenue related to online advertising services amounted to $ 9,721 1,653 348 Live streaming revenue The Company generates live streaming revenue from both "Woxiu" and Renren mobile live streaming. "Woxiu", which translates into "a show of your own" in Chinese, is a virtual stage the Company initially offered on the 56.com platform and then on the “Woxiu” platform after the completion of the disposition of 56.com. On "Woxiu", grassroots musicians and performers can live-stream their performances and share with viewers. Fans of the performing user can chat along with the performer and other live audience and purchase consumable virtual items on the platform with virtual currencies to show support to the performers. In the second quarter of 2016, the Company also launched its live streaming service on its Renren mobile terminal. For both "Woxiu" and Renren mobile live streaming, the amount of virtual currencies consumed is maintained by the Company’s operating system and will be automatically deducted from users' accounts when the virtual currencies are used. Revenue is recognized monthly based on the virtual currencies consumed. The Company pays the performers a certain percentage of the virtual currencies consumed. The Company recognizes total revenue on a gross basis, and the commission paid to performers is recorded as cost of revenues. The Company calculates the amount of revenues recognized for each unit of virtual currency consumed using a moving weighted average method by dividing the total cumulative unrecognized deferred revenues by total unconsumed virtual currency. Revenue related to live streaming services amounted to $ 15,404 17,898 32,341 Internet finance services During the year ended December 31, 2017, the Company generates revenue from its internet finance services business primarily through financing provided to used car dealers. Additionally, the Company also provided credit financing to college students on Renren Fenqi as well as apartment rental financing during the years ended December 31, 2015 and 2016. Both of those services were terminated in May 2016 and January 2016, respectively. The Company records financing income and service fees related to those services over the life of the underlying financing using the effective interest method on unpaid principal amounts. The service fees collected upfront, as well as the direct origination costs for the financing, are deferred and recognized as financing income as an adjustment to the yield on a straight line basis over the life of the portfolio financing. Used car financing The Company provides short-term financing services to used car dealers to fund the car dealers’ cash needs for used car purchasing. The financing period is no more than six months and is secured by a pledge of the dealers' used car with total value exceeding the principal of the financing. The Company charges an upfront service fee as well as financing income on a monthly basis. Revenue related to used car financing services amounted to $ 2,754 17,854 25,399 Online game revenues The Company generates revenues from the provision of online game, primarily web-based online game services. The online game revenues were generally recognized ratably over the estimated average playing period of paying players for each applicable game. During 2015, the Company reached a resolution to dispose of the Online Gaming; the disposal was completed in March 2016. As such, online gaming revenues is included in discontinued operations during the years ended December 31, 2015 and 2016. The Company did not generate any revenue related to its online gaming during the year ended December 31, 2017. See Note 4 for further details. Cost of revenues consists of costs directly related to used car sales, online advertising and IVAS business as well as costs incurred related to the internet financing operations which mostly include interest expenses paid to investors on Renren Licai and interest paid for asset-backed securities. Cost of revenue also includes provision for loan loss which amounted to $ 3,665 12,436 12,745 The Company reports revenue net of business taxes. Business taxes deducted in arriving at net revenue during 2015, 2016 and 2017 were $ 25 77 VAT is also reported as a deduction to revenue when incurred and amounted to $ 1,217 4,080 9,777 Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax basis of assets and liabilities and their reported amounts in the financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of o |
SIGNIFICANT RISKS AND UNCERTAIN
SIGNIFICANT RISKS AND UNCERTAINTIES | 12 Months Ended |
Dec. 31, 2017 | |
SIGNIFICANT RISKS AND UNCERTAINTIES [Abstract] | |
SIGNIFICANT RISKS AND UNCERTAINTIES | 3. SIGNIFICANT RISKS AND UNCERTAINTIES Foreign currency risk The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of the RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. Cash and cash equivalents of the Company included aggregate amounts of $ 29,027 23,144 Concentration of credit risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, term deposits, short-term investment, accounts receivable, financing receivable and amounts due from related parties. The Company places their cash, cash equivalents, term deposits and short-term investment, with financial institutions with high-credit ratings and quality. The Company conducts credit evaluations of customers in online advertising and internet finance business, and requires collateral or other security from the customers for certain of the financing receivable as described in Note 7. There were no customers that accounted for 10 One customer accounted for 13 10 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
DISCONTINUED OPERATIONS [Abstract] | |
DISCONTINUED OPERATIONS | 4. DISCONTINUED OPERATIONS Disposition of Online Gaming On November 19, 2015, the Company reached a resolution to dispose of its Online Gaming which was subsequently sold in March 2016 for a gross consideration of $ 17,500 7,500 From March 31, 2016, the Company no longer retained power of control over Online Gaming and accordingly deconsolidated the Online Gaming’s financial statement from the Company’s consolidated financial statements. On March 31, 2016, the Company calculated a gain regarding such disposition as follows: As of March 31, 2016 The proceeds $ 17,500 Less: The repayment of intercompany loans provided by the Company 7,500 Net consideration 10,000 Less: Cash and cash equivalents 15,982 Prepaid expenses and other current assets 2,737 Property and equipment, net 194 Intangible assets, net 263 Other non-current assets 1,508 Accounts payable (1,209) Accrued expenses and other current liabilities (7,062) Amount due to the Company (7,500) Deferred revenue (3,677) Net assets of Online Gaming 1,236 Less: Tax expenses 454 Gain on deconsolidation of Online Gaming $ 8,310 The condensed cash flow of Online Gaming were as follows for the years ended December 31, 2015 and 2016: Years ended December 31, 2015 2016 Net cash (used in) provided by operating activities $ (10,164) $ 11,171 Net cash (used in) provided by investing activities $ (1,304) $ 25 The operating results from discontinued operations included in the Company's consolidated statement of operations were as follows for the years ended December 31, 2015 and 2016. Years ended December 31, 2015 2016 Renren Games Renren Games Major classes of line items constituting pretax profit of discontinued operations Net revenues $ 17,071 $ 1,699 Cost of revenues (9,426) (871) Selling, research and development, and general and administrative expenses (6,362) (485) Other income that are not major 1,181 150 Income from the operations of the discontinued operations, before income tax 2,464 493 Income tax expenses (944) (102) Income from the operations of the discontinued operations, net of tax 1,520 391 Gain on deconsolidation of the subsidiaries, net of tax - 8,310 Gain from the discontinued operations, net of tax $ 1,520 $ 8,701 All notes to the accompanying consolidated financial statements have been retrospectively adjusted to reflect the effect of the discontinued operations, where applicable. |
BUSINESS ACQUISITION
BUSINESS ACQUISITION | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business acquisition | 5. BUSINESS ACQUISITION Acquisition of used car dealers In the second half of 2017, in order to start and expand its business of used car trading, the Company completed the acquisitions of 14 Each acquisition, while negotiated independently, was structured in a similar manner. Specifically, Shanghai Jieying, a PRC subsidiary of the Company, initially purchased all car inventories from each dealership. The total consideration was $45,920, which was settled with a combination of cash paid by the Company amounting to $ 14,884 (1) The Seller agrees to set up a new entity to which it transfers the remaining eligible assets of the dealerships, employees, business contracts owned and leased by the existing dealership. In turn, Shanghai Jieying agrees to subscribe for 70 (2) As consideration for the above transaction, Shanghai Jieying agrees to inject cash to the acquired dealership as well as to pay the Seller contingent consideration in the form of shares of Kaixin Auto Group ("Kaixin"), a Cayman subsidiary of the Company and the parent of Shanghai Jieying. The cars purchase and acquisition of the dealership were accounted for as a single transaction. The payment of the contingent consideration is contingent upon the successful listing of Kaixin as well as the performance of the acquired dealerships. The amount of consideration is measured based on the operating performance of the acquired dealerships both prior to and subsequent to the future initial public offering ("IPO") of Kaixin, and the number of shares expected to be issued will be calculated based on the IPO issuance price. Such contingent consideration includes two components that will require the Company to issue the shares at different times. The first issuance will be made upon the successful IPO of Kaixin and is calculated based on a percentage of the cumulative operating results of the acquired dealerships between the acquisition date and the date of the IPO. The second issuance will be made in five equal annual installments after the successful IPO of Kaixin and will be calculated based on a percentage of the trailing 12 months operating results of the acquired dealerships leading up to the successful IPO. The contingent issuance of shares is not dependent on whether the previous dealership owner remains employed with the Company. The total purchase price of these 14 acquisitions consisted of a cash injection to the dealerships amounting to $ 17,580 7,240 66,794 Subsequent to the date of each acquisition, the Company re-measured the estimated fair values of the contingent consideration at each reporting date. For the year ended December 31, 2017, the Company recorded $ 2,601 Acquisition of Shandong, Chongqing and Wuhan On July 20, 2017, July 3, 2017, October 27, 2017, the Company entered into an equity purchase agreement (as described above) with Shandong, Chongqing and Wuhan for a total purchase price of $ 18,585 10,112 7,284 3,721 2,791 8,786 Shandong Chongqing Wuhan Cash - $ 2,727 - Goodwill $ 26,550 11,719 $ 10,405 NCI 7,965 4,334 3,121 The purchase price comprised of: -cash consideration - 818 - -contingent consideration 18,585 9,294 7,284 Total $ 18,585 $ 10,112 $ 7,284 Other acquisitions of used car dealerships in 2017 During the second half of 2017, the Company further entered into separate equity purchase agreements (as described above) with an additional 11 individually insignificant car dealerships. Prior to the agreement, the Company purchased all the car inventories from each dealership amounting to $ 30,622 Other used car dealer acquisitions Cash $ 1,270 Goodwill 38,317 NCI 11,876 The purchase price comprised of: -cash consideration 381 -contingent consideration 27,330 Total $ 27,711 The goodwill is mainly attributable to intangible assets that cannot be recognized separately as identifiable assets under US GAAP, and comprise of (a) the assembled work force and (b) the expected but unidentifiable business growth as a result of the synergies resulting from these acquisitions. The following information summarizes the results of operations attributable to the acquisitions included in the Company’s consolidated statement of operations since the acquisition date: Year ended December 31, 2017 Shandong Chongqing Wuhan Others Net revenues $ 334 $ 793 - $ 1,387 Net loss $ (76) $ (59) - $ (123) Pro forma information of acquisitions Supplementary pro-forma revenues and net earnings for the combined entity, as though the acquisition date for this business combination had been as of January 1, 2016 have not been included as it is impracticable since historical records of the used car dealerships are not available. Acquisition of TruckerPath Inc. In December 19, 2014, the Company invested and paid $ 11,500 29 71 7,616 100 The purchase price consists of the following: US$ Consideration $ 7,616 Fair value of the 29% equity interests: Carrying amount 5,587 Gain on re-measurement of fair value of noncontrolling equity investment (2,903) Total $ 10,300 The Company recognized an investment gain of $ 2,903 The purchase price was allocated as of December 28, 2017, the date of acquisition as follows: Amortization US$ period Net working capital $ 139 Other current assets 5,016 Intangible assets Customer relationship 610 3 Technology platform 325 Trade name 540 3 Goodwill 7,952 Other current liabilities (4,282) Total $ 10,300 Pro forma information of acquisitions The following unaudited pro forma information summarizes the results of operations for the years ended December 31, 2016 and December 31, 2017 of the Company as if the acquisition had occurred on January 1, 2016. There were no material nonrecurring pro-forma adjustments incurred. The following pro forma financial information is not necessarily indicative of the results that would have occurred had the acquisition been completed at the beginning of the periods indicated, nor is it indicative of future operating results: For the years ended December 31, December 31, Pro forma net revenues $ 63,404 $ 203,391 Pro forma net loss $ (193,704) $ (116,397) Other acquisitions in 2017 In 2017, the Company acquired 100 4,326 3,251 1,460 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
ACCOUNTS AND NOTES RECEIVABLE [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE Accounts receivable consists of the following: As of December 31, 2016 2017 Accounts receivable $ 7,541 $ 9,116 Allowance of doubtful accounts (2,839) (2,856) Accounts receivable, net $ 4,702 $ 6,260 Accounts receivable mainly represent amounts earned under advertising contracts and IVAS business Movement of allowance for doubtful accounts is as follows: As of December 31, 2015 2016 2017 Balance at beginning of year $ 2,946 $ 3,252 $ 2,839 Charge to expenses 788 (205) 46 Exchange difference (482) (208) (29) Balance at end of year $ 3,252 $ 2,839 $ 2,856 |
FINANCING RECEIVABLE
FINANCING RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
FINANCING RECEIVABLE [Abstract] | |
FINANCING RECEIVABLE | 7. FINANCING RECEIVABLE Financing receivable consists of the following: As of December 31, 2016 2017 Current financing receivable Used car financing $ 277,684 $ 129,018 Financing for installment sales 11,205 2,177 Other financing 27,775 1,306 Net deferred origination costs 176 - Less allowance for financing receivable (15,067) (7,023) Current financing receivable, net $ 301,773 $ 125,478 Long-term financing receivable Used car financing $ 53 $ 8 Financing for installment sales 324 - Less allowance for long-term financing receivable (47) - Long-term financing receivable, net $ 330 $ 8 Financing receivable mainly represent both the principal and financing income receivable associated with the respective financing services expected to be collected from the individuals or companies receiving financing under the internet finance business at the respective balance sheet dates. Used car financing is secured with pledged assets, which are used cars with value not less than the financing receivable. Other financing includes financing receivable related to rental financing provided to individuals referred by rental agents as well as micro cash financing to college students. The following table presents nonaccrual financing receivable as of December 31, 2016 and 2017, respectively. As of December 31, 2016 2017 Used car financing $ 3,352 $ 7,373 Financing for installment sales 6,817 2,051 Other financing 4,945 1,286 $ 15,114 $ 10,710 The following table presents the aging of financing receivable as of December 31, 2017. 0-90 over 90 total days days financing aging aging receivable Used car financing $ 121,653 $ 7,373 $ 129,026 Financing for installment sales 229 1,948 2,177 Other financing 138 1,168 1,306 $ 122,020 $ 10,489 $ 132,509 As of December 31, 2017, a total of $10,021 and $10,489 of financing receivables are past due and are respectively reflected in the 0-90 days aging and over 90 days aging table above. The following table presents the aging of financing receivable as of December 31, 2016. 0-90 over 90 total days days financing aging aging receivable Used car financing $ 275,007 $ 2,730 $ 277,737 Financing for installment sales 4,712 6,817 11,529 Other financing 23,734 4,041 27,775 $ 303,453 $ 13,588 $ 317,041 Movement of allowance for financing receivable is as follows: As of December 31, 2015 2016 2017 Balance at beginning of year $ - $ (3,583) $ (15,114) Charge to cost of revenues (3,665) (12,436) (12,745) Write off of financing receivable - 119 22,178 Exchange difference 82 786 (1,342) Balance at end of year $ (3,583) $ (15,114) $ (7,023) For the years ended December 31, 2015, 2016 and 2017, the Company considered loan principal and financing income receivables meeting any of the following conditions as uncollectible and has further written them off: (i) death of the borrower; or (ii) unable to reach the borrower. The Company outsourced almost all of its collection effort to third-party collection agencies. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 8. PREPAID EXPENSES AND OTHER CURRENT ASSETS As of December 31, Note 2016 2017 Advances to third parties (i) $ 721 $ 14,457 Prepaid expenses 2,341 3,925 Deposits 4,259 4,308 Loan to third parties 1,261 2,720 Funds receivable (ii) 4,495 3,880 Receivable from brokers (iii) 5,853 - Disposal of Mapbar Technology Limited (”Mapbar”) - 4,585 Disposal of online wealth management business - 3,482 Other receivable (iv) - 4,209 Other current assets 1,819 8,617 Total $ 20,749 $ 50,183 (i) Advances to third parties represents cash advanced to third party dealerships. Specifically, the Company acts as an agent and assists other dealerships in the sale of their cars by allowing them to move their cars to the Company's own lot and as an exchange, pays those third party dealerships an advance amounting to the value of the car. The Company subsequently agrees to market those cars and if successfully sold, receives a commission from those third party dealerships. The Company does not take title to the cars and merely acts as an agent. The advance is subsequently settled either (1) when the car is sold by the Company or (2) if the car is not sold, the cash is remitted back to the Company by the third party dealership. The balance was substantially collected after year-end and the commission earned from the above arrangements is immaterial for the year ended December 31, 2017. (ii) Funds receivable mainly represents balances paid by individuals for repayments of financing on Renren Fenqi as well as amounts paid by investors for investments made on Renren Licai that are held at a third party electronic payment service provider as of December 31, 2016 and 2017. The balances were collected subsequent to year-end. (iii) Receivable from brokers represents cash provided to brokers who hold the cash on behalf of the Company. The cash has not been used to purchase any securities and accordingly is recorded as a receivable. During the year ended December 31, 2017, the Company sold all its short-term securities and received the entire receivable back from the brokers. (iv) Other receivable represents cash advanced to customers of third party dealerships for purchase of cars for which loans were approved by a bank but for which the customers has not yet received the cash. The amount was subsequently collected by the Company after year-end. |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2017 | |
SHORT-TERM INVESTMENTS1 | |
SHORT-TERM INVESTMENTS | 9. SHORT-TERM INVESTMENTS Short-term investments comprise of marketable securities which are classified as trading and available-for-sale, and derivative financial instruments that are regarded as assets. Trading securities During the years ended December 31, 2016 and 2017, the Company purchased and sold serveral trading securities and recorded $ 577 100 Available-for-sale securities During the year ended December 31, 2015, the Company sold all short-term available-for-sale securities with initial costs of $ 59,136 62,704 3,568 Derivative financial instruments The Company used derivative financial instruments in the forms of interest rate swap contracts, interest rate swaption contracts and a series of equity contracts and included these derivative instruments in its trading portfolio. Such derivative instruments were not designated or qualified as hedging instruments, and accordingly were accounted for by fair value at each period end through the statement of operations. As of December 31, 2016 and 2017, the Company did not hold any derivative financial instruments. The Company recorded a realized loss of $ 100,644 |
LONG-TERM INVESTMENTS
LONG-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2017 | |
LONG-TERM INVESTMENTS [Abstract] | |
LONG-TERM INVESTMENTS | 10. LONG-TERM INVESTMENTS As of December 31, Note 2016 2017 Equity method investments: Social Finance Inc. ("SoFi") (i) $ 231,952 $ 208,694 Eall (Tianjin) Network Technology Co., Ltd. ("Eall Network") (xiii) 18,137 18,458 Golden Axe (ii) 16,243 14,268 Others (iii) 91,394 77,391 Total equity method investments 357,726 318,811 Cost method investments: Hylink Advertising Co., Ltd. ("Hylink") (iv) 2,161 - StoreDot Ltd. ("StoreDot") (v) 10,001 10,001 GoGo Tech Holdings Limited ("GoGo") (vi) 11,127 11,127 Motif Investing Inc. ("Motif") (vii) 7,700 5,475 LendingHome Corporation ("LendingHome") (viii) 65,843 65,843 Credit Shop Inc. ("Credit Shop") (ix) 35,000 - Eunke Technology Ltd. ("Eunke") (x) 25,000 13,438 Others (xi) 37,605 38,913 Total cost method investments 194,437 144,797 Available-for-sale investments: Snowball Finance Inc. ("Snowball") (xii) 36,337 26,070 Eall Technology Limited ("Eall") (xiii) 2,892 2,892 268V Limited (xiv) 24,170 12,207 Omni Prime Inc. ("Omni") (xv) 27,053 27,637 Zhu Chao Holding Company Limited ("Zhu Chao") (xvi) 18,722 - Hylink Advertising Co., Ltd. (iv) - 9,794 Others (xvii) 34,011 23,158 Total available-for-sale investments 143,185 101,758 Total long-term investments $ 695,348 $ 565,366 Equity method investments (i) In September 2012, March 2014, January 2015, and October 2015, the Company entered into agreements to purchase 5,573,719 Series B Preferred Shares, 6,020,695 Series D Preferred Shares, 2,361,116 Series E Preferred Shares and 9,507,933 Series F Preferred Shares issued by SoFi at a price of $8.79 per Series B Share, $3.45 per Series D Share, $9.46 per Series E Share and $15.78 per Series F Share for a total consideration of $242,120. In November 2012, SoFi split 1 Series B Preferred Share into 4 Series B Preferred Shares and the Company held 22,294,876 Series B Preferred Shares after that. In April 2017, the Company disposed 5,719,986 preferred shares of SoFi for total net proceeds of $91,926, recording a realized gain amounting to $58,335 in (Loss) earnings in equity method investments, net of tax on the consolidation statement of operations for the year ended December 31, 2017. The Company held 21.06% and 14.97% equity interest of SoFi as of December 31, 2016 and 2017, respectively and recognized its share of gain in SoFi of $3,902, loss of $3,968 and gain of $10,333 for the years ended December 31, 2015, 2016 and 2017, respectively. The Company accounted for this investment as equity method as of December 31, 2016 and continued to do so during the year ended December 31, 2017 as it believes it is able to exert significant influence through its board seat combined with the board seats held by the Company's two major shareholders on SoFi's board of directors. (ii) In January 2015, the Company entered into an agreement to purchase 2,000,000 Ordinary Shares and 26,081,176 Series B Preferred Shares issued by Golden Axe Inc. for a total consideration of $18,943 (the "Consideration"). The Company paid $1,143 in December 2015 and $7,167 of the Consideration was settled by both paying cash and forgiving previous loans provided to Golden Axe Inc. in January 2016, at which point, $10,633 of the Consideration remained outstanding. In 2016, concurrent with a restructuring of Golden Axe, the Company entered into a subsequent agreement to acquire 20.46% equity interest of a related entity, Shenzhen Golden Axe Co, Ltd. (collectively with Golden Axe Inc., "Golden Axe"), for the remainder of the Consideration of $10,633. The Company held 20.46% equity interest of Golden Axe as of December 31, 2017 and recognized its share of loss of $nil, $2,275 and $2,496 for the years ended December 31, 2015, 2016 and 2017, respectively. (iii) Others represents other equity method investments with individual carrying amounts less than $15,000 as of December 31, 2016 and 2017, respectively. As of December 31, 2016 2017 Total current assets $ 7,176,015 $ 10,070,446 Total assets $ 7,250,680 $ 10,151,227 Total current liabilities $ 5,200,536 $ 7,825,929 Total liabilities $ 5,340,139 $ 7,997,108 Noncontrolling interests $ 443,885 $ - For the years ended December 31, 2015 2016 2017 Net revenues $ 199,069 $ 406,686 $ 673,420 Gross profits $ 167,512 $ 351,782 $ 579,076 (Loss) income from continuing operations $ (58,658 ) $ (25,455 ) $ 30,669 Net (loss) income $ (58,658 ) $ (25,455 ) $ 30,669 Cost method investments (iv) In April 2011, the Company acquired 2% equity interest of Hylink at total cash consideration of $2,381. Hylink is mainly engaged in advertising agency service. The Company was not able to exercise significant influence over the operating and financial decisions of Hylink, and thus the Company used the cost method to account for its investment. In August 2017, Hylink successfully listed on the Shanghai Stock Exchange in China. The Company reclassified the investment as available-for-sale securities. Unrealized holding gains of $7,489 were reported in other comprehensive income for the year ended December 31, 2017. (v) In August 2014, the Company entered into an agreement to purchase Series B Preferred Shares issued by StoreDot for a total cash consideration of $10,001 and held 6.06% equity interest of StoreDot. The Company was not able to exercise significant influence over the operating and financial decisions of StoreDot, and thus the Company used the cost method to account for its investment. (vi) In November 2014, the Company entered into an agreement to acquire 10% equity interest of GoGo for a total consideration of $8,100. In May 2015, June 2015 and May 2016, the Company acquired additional equity interest of GoGo for a total consideration of $5,000, $3,000 and $500, respectively. The Company held 13.89% and 10.48% equity interest of GoGo as of December 31, 2015 and 2016, respectively. The Company was not able to exercise significant influence over the operating and financial decisions of GoGo, and thus the Company used the cost method to account for its investment. As of December 31, 2016, as a result of a decrease in fair value of GoGo from its new financing in 2016, the Company performed an impairment analysis and recognized an OTTI loss of $5,473 during the year ended December 31, 2016. (vii) In January 2015, the Company entered into an agreement to purchase 5,579,734 Series E Preferred Shares issued by Motif for a total consideration of $40,000 and held 10% equity interest of Motif as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of Motif, and thus the Company used the cost method to account for its investment. As a result of a failure to achieve Motif’s business plan and deterioration of its results, the Company performed an impairment analysis and recognized an OTTI loss of $32,300 and $2,225 during the years ended December 31, 2016 and 2017, respectively. (viii) In March 2015, the Company entered into an agreement to purchase 6,153,999 Series C Preferred Shares issued by LendingHome for a total consideration of $65,843 and held 14.72% equity interest of LendingHome as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of LendingHome, and thus the Company used the cost method to account for its investment. (ix) In January 2015, the Company acquired 204,471 Series A Preferred Shares issued by Credit Shop at a price of $73.36 for a total consideration of $15,000. Additionally, the parties also reached an agreement, whereby the Company would provide a revolving line of credit up to $15,000 to Credit Shop. That agreement also included an option whereby the Company or Credit Shop have the option to convert the full $15,000 revolving line into Series A Preferred Shares of Credit Shop. Prior to or in conjunction with the exercise of the option, the Company is required to have fully funded the $15,000 revolving loan. Additionally, upon the exercise of the option, the Company is also required to purchase additional Series A Preferred Shares from Credit Shop in the amount of $5,000. Such option is not legally detachable or transferable and therefore was not separately accounted. In December 2015, Credit Shop exercised the option; the Company therefore purchased $20,000 of Series A Preferred Shares in February 2016. As of December 31, 2016, the Company held 40.99% equity interest of Credit Shop. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. During the year ended December 31, 2017, as a result of a failure to achieve CreditShop’s business plan and deterioration of the its financial results, the Company performed an impairment analysis. As a result, the Company recognized an OTTI loss amounting to $35,000 during the year ended December 31, 2017. (x) In March 2015, the Company entered into an agreement to purchase 4,770,131 Series B Preferred Shares issued by Eunke for a total consideration of $25,000, and held 21.9% equity interest of Eunke as of December 31, 2015. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. In determining the fair value of the investment in Eunke, as a result of a failure to achieve Eunke’s business plan and deterioration of its financial results, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering, and recognized an OTTI loss amounting to $11,562 during the year ended December 31, 2017. (xi) Others represents other cost method investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively. In the third quarter of 2017, the Company disposed Mapbar, a cost method investment acquired in 2011, to an unrelated investor for a total consideration of US$37,311, of which US$32,726 was received as of December 31, 2017 and the rest amount were received in January 2018. The investment was fully impaired during the year ended December 31, 2013, and therefore, a total of $37,311 gain on disposal of investment was recognized in 2017. Available-for-sale investments Long-term available-for-sale investments represent convertible redeemable preferred shares, convertible debt and equity securities. As of December 31, 2017 As of December 31, 2016 Gross Other-than Gross Other-than unrealized -temporary Fair unrealized -temporary Fair Cost gains impairment value Cost gains impairment value Convertible redeemable preferred shares $ 165,524 $ 9,745 $ (89,805 ) $ 85,464 $ 172,928 $ 16,387 $ (50,830 ) $ 138,485 Convertible debt 7,500 - (1,000 ) 6,500 4,700 - - 4,700 Equity securities 2,305 7,489 - 9,794 - - - - Total $ 175,329 $ 17,234 $ (90,805 ) $ 101,758 $ 177,628 $ 16,387 $ (50,830 ) $ 143,185 In November 2014, the Company acquired 35,040,427 Series C Preferred Shares issued by Snowball at a price of $0.9988 per share. As part of the acquisition, the Company received a detachable preferred share warrant, exercisable within 2 years of the share acquisition, to (1) purchase additional up to 8,872,590 Series C Preferred Share at a price of $1.6906 per share; (2) if Snowball issued subsequent equity securities, purchase such subsequent equity securities at a price amounting to the lower of $1.6906 and the per share price paid by investors purchasing such subsequent equity securities. The total consideration for the purchase of Series C Preferred Shares and warrant was $34,998, of which $901 was allocated to the value of warrant based on its fair value at the acquisition date. The Company did not exercise the warrant and it expired in September 2016. As a result, the Company recorded a loss of $901 in 2016. The Company has determined that the Series C Preferred Shares are redeemable at the option of the investors according to the redemption terms further included below: (1) Each holder of the preferred shares then outstanding may require Snowball to redeem all but not less than all of the then outstanding preferred shares held by such requesting holder, at any time after the earliest of (i) five years from the issuance of the preferred shares if there is no firm commitment underwritten registered public offering of the shares or other securities of Snowball, (ii) any material adverse change in the regulatory environment, or (iii) any material breach by Snowball and/or the founders of Snowball of the preferred share purchase agreements, the shareholders’ agreement, the Amended Memorandum and Articles of Snowball, or other relevant agreements and documents. (2) The redemption price per preferred share shall be the sum of the original issue price (as adjusted) and all declared but unpaid dividends, plus an assumed 8 percent compounded per annum return for each year the preferred shares were outstanding. As such, the Company determined that the shares are debt securities in nature and accounted for those as available-for-sale securities. The Company performed an impairment analysis and recognized an OTTI loss of $9,989 during the year ended December 31, 2017. In determining the fair value of the investment in Snowball Finance Inc., the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering. Unrealized holding gains of $803 and loss of $278 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. (xiii) In September 2014, the Company entered into an agreement to purchase 5,321,428 Series B-1 Preferred Shares and 649,351 Series B-2 Preferred Shares issued by Eall at a price of $3.08 per Series B-1 share and $2.62 per Series B-2 share for a total consideration of $18,090. In July 2015, the Company purchased an additional 652,598 Series B-1 Preferred Shares at a price of $3.08 per Series B-1 share for a total consideration of $2,010. The Company has determined that all of the purchased shares are redeemable at the option of the investors according to the redemption terms further included below: (1) Each holder of the then outstanding preferred shares may require that Eall redeem all or part of the preferred shares then outstanding, on or after the earlier of (i) January 1, 2019, or (ii) the occurrence of any material breach or violation of any of the Memorandum and Articles of Eall, the preferred share purchase agreements, the shareholders agreement, and other relevant agreements and documents and/or the applicable laws by Eall or any direct or indirect holder of the ordinary shares of Eall. (2) The redemption price per preferred share shall be the amount equal to 100 percent of the original issue price, plus all accrued or declared but unpaid dividends on such preferred shares (subject to adjustments for share split, share dividend, reclassification or other similar events). As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. In July 2016, Eall conducted a restructuring such that the Company ultimately held a 20.4% investment in both Eall and Eall Network, a shell company controlled by the founding shareholders of Eall. The Company still accounted the investment in Eall as available-for-sale investment as there were no changes to the nature and redemption rights of the investment and recorded its investment at fair value as of December 31, 2016 and 2017. Additionally, the Company accounted for its investment in Eall Network as an in-substance common stock investment over which the Company could exercise significant influence. As a result, the Company recorded its investment in Eall Network as an equity method investment at $17,937 based on the fair value of the investment at the time of the restructuring. The Company recognized its share of loss of $200 and gain of $321 related to its investment in Eall Network for the years ended December 31, 2016 and 2017, respectively. (xiv) In January 2015, the Company entered into an agreement to purchase 64,281,655 Series D Preferred Shares issued by 268V Limited for a total consideration of $75,000. The Company has determined that the Series D Preferred Shares are redeemable at the option of the investors according to the redemption terms further included below: (1) At the option of a holder of the preferred shares, 268V Limited shall redeem all, or any, of the outstanding preferred shares held by the requesting holder, at any time after the earliest of (i) the date that there is a material breach by 268V Limited or by any direct or indirect owners of the ordinary shares of 268V Limited, of the preferred share purchase agreements, the shareholder agreement, the restated Articles, and other relevant agreements and documents, (ii) any material adverse change in the regulatory environment that will cause the agreements that provide 268V Limited the control over its variable interest entity to be invalid or unenforceable, or (iii) the failure by 268V Limited to complete a firm underwritten public offering of the shares or other equity securities within five years from the issuance date of the preferred shares. (2) The redemption price shall be equal to the greater of (i) an amount equal to the sum of the original issue price (as adjusted), plus an assumed 12 percent compounded per annum return for each year the preferred shares were outstanding, and all declared but unpaid dividends thereon up to the date of redemption or (ii) the fair market value of each preferred share. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. As a result of a decrease in fair value of 268V Limited from its new financing in 2016 and 2017, the Company performed an impairment analysis and recognized an OTTI loss of $50,830 and $12,085 during the years ended December 31, 2016 and 2017, respectively. In determining the fair value of the investment in 268V Limited, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering. Unrealized holding gains of $nil and $122 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. (xv) In July 2015 and March 2016, the Company purchased 14,727,541 Series B Preferred Shares and 510,248 shares of Series B++ Preferred Shares issued by Omni at the price of $1.358 per Series B Preferred Share and $1.96 per Series B++ Preferred Share for a total consideration of $21,000, respectively. The Company has determined that the Series B Preferred Shares and Series B++ Preferred Shares are redeemable at the option of the investor according to the redemption terms further included below: (1) If so requested by any holder of the preferred shares, Omni shall redeem all or part of such outstanding preferred shares, at any time after the earliest of (i) July 30, 2021, if Omni has not consummated an underwritten public offering of its ordinary shares, (ii) any change of laws or policy with respect to the validity of the agreements that provide Omni with control over its variable interest entity, (iii) any competent governmental authority having determined that it is illegal for Omni to carry on its business as conducted and as proposed to be conducted in accordance with applicable laws, regulations, policies or discretion of competent governmental authorities, and Omni has been unable to carry on such business for at least 3 consecutive months due to such determination or (iv) any material breach by Omni and/or its founders of the preferred share purchase agreements, shareholder agreement or relevant agreements and documents. (2) The price at which each preferred share shall be redeemed shall be equal to the greater of (i) 150 percent of the original issue price of such preferred shares and (ii) the fair market value of such preferred shares. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. Unrealized holding loss of $2,813 and gain of $584 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. (xvi) In January 2015, the Company entered into an agreement to purchase 1,553,566 Series A Preferred Shares issued by Zhu Chao for a total consideration of $15,000. The Company has determined that the Series A Preferred Shares are redeemable at the option of the investor according to the redemption terms further included below: (1) Each holder of the then outstanding preferred shares is entitled to request Zhu Chao to redeem all or part of its outstanding preferred shares on or after the earliest of (i) August 10, 2020, if there has been no firm commitment underwritten public offering of the ordinary shares of Zhu Chao, (ii) the last date of the three-month period commencing from the delivery of notice of the occurrence of any PRC regulatory development by the majority preferred shareholders to Zhu Chao, if, during such three-month period, the ordinary shareholders of Zhu Chao have failed to devise a feasible alternative legal structure reasonably satisfactory to the majority preferred shareholders that will give effect to the rights and preferences of the preferred shareholders under the Memorandum and Articles of Zhu Chao, the preferred share purchase agreement, the shareholder agreement and other relevant agreements and documents (“Zhu Chao Transaction Agreements”), as closely as possible, or (iii) the occurrence of any material breach by Zhu Chao or any holder of the ordinary shares of Zhu Chao of any of the Zhu Chao Transaction Agreements. (2) The redemption price per preferred share shall be the amount equal to 200 percent the original issue price of the preferred share, plus all accrued or declared but unpaid dividends on such preferred share. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. In determining the fair value of the investment in Zhuchao Holdings Company Limited., as a result of a failure to achieve Zhu Chao’s business plan and deterioration of its operating results, the Company performed an impairment analysis and recognized an OTTI loss amounting to $15,000 during the year ended December 31, 2017. Unrealized holding gains of $nil, $3,722 and loss of $3,722 were reported in other comprehensive income for the years ended December 31, 2015, 2016 and 2017, respectively. (xvii) Others represents other long-term available-for-sale investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively. The fair value of long-term available-for-sale investments as measured is further discussed in Note 18. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 11. PROPERTY AND EQUIPMENT, NET As of December 31, 2016 2017 Building $ 29,989 $ 32,002 Computer equipment and application software 18,724 17,821 Furniture and vehicles 137 312 Leasehold improvements 775 809 $ 49,625 $ 50,944 Less: Accumulated depreciation $ (20,869) $ (21,322) Less: Accumulated impairment loss (90) (90) $ 28,666 $ 29,532 Depreciation expense from continuing operations was $ 7,338 2,626 1,974 1,500 52 No impairment loss was recorded |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
GOODWILL. [Abstract] | |
GOODWILL | 12. Goodwill Amount Balance at January 1, 2017 - Increase in goodwill related to acquisitions $ 99,654 Exchange difference 2,283 Balance at December 31, 2017 $ 101,937 The Company’s goodwill reflects the excess of the consideration paid or transferred including the fair value of contingent consideration over the fair values of the identifiable net assets acquired. The majority of the goodwill balance as of December 31, 2017 relates to the various used car dealerships acquired during the year ended December 31, 2017 as well as to other acquisitions which were individually deemed insignificant. Refer to Note 5 for further details. To assess potential impairment of goodwill, the Company performs an assessment of the carrying value of the reporting unit at least on an annual basis or when events occur or circumstnaces change that would more likely than not reduce the estimated fair value of the reporting unit below its carrying value. If the carrying value of a reporting unit exceeds its fair value, the Company would perform the second step in its assessment process and record an impairment loss to earnings to the extent the carrying amount of the reporting unit's goodwill exceeds its implied fair value. The Company estimates the fair value of its reporting units through internal analysis and external valuations, which utilize the income and market approaches through the application of discounted cash flow methods. These valuations are based on a number of estimabes and assumptions, including the projected future operating results of the reporting unit, discount rates, long-term growth rates and market comparables. The Company has performed its annual test for impairment of goodwill in accordance with the accounting standard as of December 31, 2017, and determined that it was not more likely than not that goodwill was impaired, and therefore did not recognized any impairment loss during the year ended December 31, 2017. |
SHORT-TERM DEBT AND LONG-TERM D
SHORT-TERM DEBT AND LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
SHORT-TERM DEBT AND LONG-TERM DEBT [Abstract] | |
SHORT-TERM DEBT AND LONG-TERM DEBT | 13. SHORT TERM DEBT AND LONG-TERM DEBT As of December 31, Note 2016 2017 East West Bank (i) $ 30,000 $ - Bank of Shanghai (ii) 7,202 12,296 Hengfeng Bank (iii) - 49,183 Total $ 37,202 $ 61,479 (i) In December 2016, the Company entered into a short-term loan agreement with East West Bank for $ 30,000 1.2 10,000 LIBOR rate plus 1.2% (ii) In November 2016, the Company entered into a short-term loan agreement with Bank of Shanghai for $ 7,202 In May and August 2017, the Company entered into five short-term loan agreements with Bank of Shanghai for $ 12,296 137.9 149.4 In February 2017, the Company entered into a six-month loan agreement with Bank of Shanghai for $ 4,358 143.5 In March 2017, the Company entered into a loan agreement with Hengfeng Bank for $ 33,045 109.2 2,305 3,074 In May 2017, the Company entered into three short-term loan agreements with Hengfeng Bank for $ 46,109 98.9 As of December 31, Note 2016 2017 A trust company (v) - $ 52,604 Total - $ 52,604 As of December 31, Note 2016 2017 An asset management company (iv) $ 42,786 $ - A trust company (v) 52,604 - Hengfeng Bank and East West Bank (iii) (i) - 47,665 Total $ 95,390 $ 47,665 (iv) In November 2015, the Company entered into a long-term loan agreement with an asset management company to borrow $ 69,468 12 16 including 4,970,573 6,020,695 2,361,116 23,608 In October 2015, the Company entered into a long-term loan agreement with a trust company to borrow $ 59,260 6 7,512,535 one year. Accordingly, the Company reclassed the loan to long-term debt - current. Additionally, the Company issued the trust company a warrant to purchase 1,502,507 15.7763 The Company recognized a discount of $ 6,656 9.95 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2016 2017 Employee payroll and welfare payables $ 2,800 $ 3,437 Other tax payable 7,013 12,676 Accrued professional, marketing and leasing fees 3,965 6,032 Interest payable (i) 1,761 13,472 Other payables 4,242 10,281 Total $ 19,781 $ 45,898 (i) The balance mainly include the interest payable of Long-term debt - current (see Note 13 (v)). |
PAYABLE TO INVESTORS
PAYABLE TO INVESTORS | 12 Months Ended |
Dec. 31, 2017 | |
Payable To Investors [Abstract] | |
Payable To Investors | 15. PAYABLE TO INVESTORS In the ordinary course of business, through the peer-to-peer platforms and the Company's consolidated Shanghai Renren Finance Leasing Asset-Backed Special Plans (the "Plans"), the Company identifies investors and transfers creditors' rights to those investors. The Company further offers different investment periods to investors with various annual interest rates while those credit rights are held by the investors. The terms of the sales require the Company to repurchase those creditors’ rights from investors prior to or upon the maturity of the investment period. As a result, the sales of those creditors’ rights are not accounted for as a sale and remain on the consolidated balance sheet and are recorded as payable to investors in the Company’s consolidated balance sheet. The short-term payable to investors bears a fixed annual rate ranging from 8.6 11.04 15 12 The long-term payable to investors as of December 31, 2016 was arising from the Plans, which will expire by the end of May 2018, and bears a fixed annual rate ranging from 5.5 7.0 21 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 16. INCOME TAXES The Company, CIAC, Renren Gongying Inc, Link224 Inc., Renren Lianhe Holdings, Wole Inc., JiehunChina Inc., Renren Auto Group, Renren CRSP Holdings Inc., Renren CHYP Holdings Inc., Renren PLML Holdings Inc., Renren KURY Holdings Inc., Renren ONER Holdings Inc., Renren LSTAR Holdings Inc., Renren BLCR Holdings Inc., Renren ZHCH Holdings Inc., Renren CHRYPH Holdings Inc., Renren Study Inc., Renren SF Holdings Inc., Oak Pacific Investment and Renren Finance Inc. are all incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the companies are not subject to income or capital gains taxes. Chime Technologies, Inc., Renren U.S. Holdco, Inc., Sindeo Inc., Geographic Farming LLC and Trucker Path Inc. are incorporated in the US and subject to state income tax and federal income tax at different tax rates, depending upon taxable income levels. They did not have taxable income and no income tax expense was provided for the year ended December 31, 2015, 2016 and 2017. Other subsidiaries and VIEs of the Company domiciled in the PRC were subject to 25 The EIT Law includes a provision specifying that legal entities organized outside PRC will be considered residents for Chinese income tax purposes if their place of effective management or control is within PRC. If legal entities organized outside PRC were considered residents for Chinese income tax purpose, they would become subject to the EIT Law on their worldwide income. This would cause any income from legal entities organized outside PRC earned to be subject to PRC's 25% EIT. The Implementation Rules to EIT Law provide that non-resident legal entities will be considered as PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting, properties, etc. reside within PRC. Beijing Qilin Wings Technology Development Co., Ltd., incorporated in the PRC on January 16, 2013, qualified as a “High and New Tech Enterprise” in 2017, and therefore was entitled to a preferential tax rate of 15 Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Company does not believe that the legal entities organized outside the PRC should be characterized as PRC residents for EIT Law purposes. Under the EIT Law and its implementation rules which became effective on January 1, 2008, dividends generated after January 1, 2008 and payable by a foreign-invested enterprise in PRC to its foreign investors who are non-resident enterprises are subject to a 10 The Company's subsidiaries and VIEs located in the PRC had aggregate accumulated deficits as of December 31, 2017. Accordingly, no deferred tax liability had been accrued for the Chinese dividend withholding taxes as of December 31, 2017. The current and deferred component of income tax expenses which were substantially attributable to the Company's PRC subsidiaries and VIEs and VIEs' subsidiaries, are as follows: Years ended December 31, 2015 2016 2017 Current income tax expenses $ 3,124 $ 2,470 $ 4,479 Deferred income tax expenses - - - Total income tax expenses $ 3,124 $ 2,470 $ 4,479 The principal components of the deferred tax assets and liabilities are as follows: As of December 31, 2016 2017 Deferred tax assets Provision for doubtful accounts $ 5,339 $ 3,422 Accrued payroll and welfare 700 809 Accrued liabilities 2,409 2,414 Long term investment impairment - 2,328 Excessive advertising fee 1,572 1,990 Excessive employee education fee 150 161 Net operating loss carry forwards 54,567 55,745 Less valuation allowance (64,737) (66,869) Deferred tax assets, net $ - $ - Deferred tax liabilities $ - $ - The Company operates through multiple subsidiaries and VIEs and VIEs' subsidiaries. The valuation allowance is considered on each individual entity basis. The subsidiaries and VIEs and VIEs' subsidiaries registered in the PRC have total deferred tax assets related to net operating loss carry forwards of $ 54,567 55,745 Reconciliation between the income tax expenses computed by applying the PRC tax rate to loss before the provision of income taxes and the actual provision for income taxes is as follows: Years ended December 31, 2015 2016 2017 Loss before provision of income tax $ (214,585) $ (173,400) $ (173,264) PRC statutory income tax rate 25 % 25 % 25 % Income tax at statutory tax rate (53,646) (43,350) (43,316) Taxable deemed interest income from inter-company interest-free loans 5,632 6,925 7,288 Non-deductible loss and other expenses not deductible for tax purposes 41,114 42,571 37,096 Effect of income tax rate differences in jurisdictions other than the PRC (27) (54) 709 Effect of tax holidays - - 570 Changes in valuation allowance 10,051 (3,622) 2,132 Income tax expenses $ 3,124 $ 2,470 $ 4,479 The Company did not identify significant unrecognized tax benefits for the years ended December 31, 2015, 2016 and 2017, respectively. The Company did not incur any interest and penalties related to potential underpaid income tax expenses. Since January 1, 2008, the relevant tax authorities have not conducted a tax examination on PRC entities. In accordance with relevant PRC tax administration laws, tax years from 2013 to 2017 of the Company's PRC subsidiaries and VIEs and VIEs' subsidiaries remain subject to tax audits as of December 31, 2017, at the tax authority's discretion. |
ORDINARY SHARES
ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2017 | |
ORDINARY SHARES [Abstract] | |
ORDINARY SHARES | 17. ORDINARY SHARES Under a series of share repurchase programs approved by the Company's board of directors on September 29, 2011, December 26, 2012, June 28, 2013 and June 28, 2014, during the years ended December 31, 2015, 2016 and 2017, the Company repurchased 10,912,110 10,292 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 18. FAIR VALUE MEASUREMENTS Assets and liabilities disclosed at fair value The Company measures its cash and cash equivalents, restricted cash, amounts due from/to related parties, financing receivable, cost method investments and short-term and long-term debt and payable to investors at amortized cost. The carrying values of cash and cash equivalents and restricted cash approximated fair value and represented a level 1 measurement. The carrying value of financing receivable and payable to investors approximate their fair value due to their short-term nature and are considered level 3 measurement. Such fair value was estimated by discounting scheduled cash flows through the estimated maturity with estimated discount rates based on current offering rates of comparable financings with similar terms. The carrying value of the debt obligations approximate fair value considering the borrowing rates are at the same level of the current market yield for the comparable debts and represent a level 2 measurement. The carrying value of amounts due from/to related parties approximate fair value due to the relatively short maturity. Fair value of the cost method investments approximated $ 187,649 144,797 Assets and liabilities measured at fair value on a recurring basis The Company measured its short-term investments, long-term available-for-sale investment and liability-classified warrant at fair value on a recurring basis as of December 31, 2016 and 2017. Short-term investments include the investments in fund and future that were traded publicly in the open market and were valued based on the quoted market price and were classified as Level 1. The Company's derivative financial instruments were classified as Level 2, as they were not actively traded and were valued using pricing models that used observable market inputs. The Company did not have any transfers between Level 1 and Level 2 fair value measurements during the periods presented. The following table summarizes the Company's financial assets and liabilities measured and recorded at fair value on recurring basis as of December 31, 2016 and 2017, respectively: As of December 31, 2016 As of December 31, 2017 Fair Value Measurement at the Reporting Date using Fair Value Measurement at the Reporting Date using Quoted Significant Significant Total Quoted Significant Significant Total Short-term investments Trading securities: Funds 411 - - 411 - - - - Future (1) - - (1) - - - - Long-term investments Available-for-sale investments: Convertible redeemable preferred shares - - 138,485 138,485 - - 85,464 85,464 Convertible debt - - 4,700 4,700 - - 6,500 6,500 Equity securities - - - - - 9,794 - 9,794 Accrued expense and other current liabilities Liability-classified warrant - - (6,551) (6,551) - - (6,356) (6,356) Total $ 410 - $ 136,634 $ 137,044 - 9,794 $ 85,608 $ 95,402 The following table provides additional information about the reconciliation of the fair value measurements of assets and liabilities using significant unobservable inputs (level 3). Convertible redeemable Written Liability- preferred Convertible put classified shares Debt option warrant Balance as of December 31, 2015 $ 219,278 $ 6,500 $ (7,000) $ (6,656) Initial recognition 6,492 3,200 - - Derecognition (17,937) (5,000) 7,000 - (Losses) earnings for the period Earnings - - - 105 Impairment losses (50,830) - - Other comprehensive loss (18,518) - - - Balance as of December 31, 2016 $ 138,485 $ 4,700 $ - $ (6,551) Initial recognition - 3,000 - - Derecognition (10,647) (200) - - (Losses) earnings for the period Earnings - - - 195 Impairment losses (38,975) (1,000) - - Other comprehensive loss (3,399) - - - Balance as of December 31, 2017 $ 85,464 $ 6,500 $ - $ (6,356) Trading securities recorded in short-term investments were valued using the market approach based on the quoted prices in active markets at the reporting date. Derivative financial instruments were valued based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Long-term available-for-sale investments do not have a quoted market rate. The Company determined the fair value of the long-term available-for-sale investments generally by adopting a market approach concluding on the overall investee’s equity value which takes into consideration a number of factors that include expected market multiples from publicly traded companies in the industry, and allocating this value to the various classes of preferred and common shares by using an option-pricing method which takes into consideration a number of factors that include lack of marketability discount, interest rate, expected volatility, probability weight for each scenario including liquidation, redemption and initial public offering as applicable. The determination of the fair value requires the Company to make certain assumptions and estimates regarding industry economic factors. Years ended December 31, 2016 2017 Exercise price $ 15.78 $ 15.78 Annual risk-free interest rate 1.7 % 2.0 % Volatility 28 % 31 % Dividend yield - - The assumptions are inherently uncertain and subjective. Changes in any unobservable inputs may have a significant impact on the fair values. Assets measured at fair value on a nonrecurring basis The Company measured its property and equipment, goodwill and other intangible assets, long-term cost and equity method investments at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. As of December 31, 2016, the Company performed impairment tests on its equity method investments, cost method investments and long-term available-for-sales investments, using the market approach or asset-based approach and recorded OTTI losses 7,519 43,958 $ 50,830 . As of December 31, 2017, the Company performed impairment tests on its equity method investments, cost method investments and long-term available-for-sales investments, using the market approach or asset-based approach and recorded OTTI losses of $ 20,040 53,058 39,975 its equity method investments, cost method investments and long-term available-for-sales investments during the year ended December 31, 2017 (see Note 10). The impairment of the equity method investments, cost method investments and long-term available-for-sales investments is considered level 3 because the Company used unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, redemption and an initial public offering as applicable . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | 19. SHARE-BASED COMPENSATION Stock options The Company adopted 2003 Stock Incentive Plan (the "2003 Plan"), 2004 Stock Incentive Option Plan (the "2004 Plan"), 2005 Stock Incentive Plan (the "2005 Plan"), 2006 Equity Incentive Plan (the "2006 Plan"), 2008 Equity Incentive Plan (the "2008 Plan"), 2009 Equity Incentive Plan (the "2009 Plan"), 2011 Share Incentive Plan (the "2011 Plan"), 2016 Share Incentive Plan (the "2016 Plan") and the Equity Incentive Plan specifically for Online Gaming (the "Link224 Inc. Plan") for the granting of stock options and incentive stock options to employees and executives to reward them for service to the Company and to provide incentives for future service. In 2006, the Company adopted 2006 Plan to replace the 2003 Plan, 2004 Plan and 2005 Plan. On February 26, 2016, the Company amended 2011 Plan and 45,000,000 97,430,220 30,529,630 40,000,000 110,014,158 53,596,236 13,055,529 On December 28, 2012, the Company modified the exercise price of the outstanding share options granted from $ 4.00 3.30 27,480,309 4,281 On May 19, 2014, the Company granted 69,593,691 1.097 34,796,847 th 34,796,844 100 30 6.00 th 30 10,926 On August 24, 2017, the Company’s Compensation Committee approved to reduce the exercise price for all outstanding options previously granted by the Company with an exercise price higher than $ 0.478 0.478 Such reduction was accounted by the Company as a share option modification and required the remeasurement of these share options at the time of the modification. The total incremental cost as a result of the modification was 10,382 The incremental cost related to vested options amounted to $ 7,427 2,955 Excluding the options containing market and service vesting conditions, the Company calculated the estimated fair value of the options on the respective grant dates using the binomial option pricing model with the assistance from independent valuation firms, with the following assumptions used in 2016. The Company did not grant any options in 2015 and 2017. The weighted-average grant-date fair value of the share options granted during 2016 was $ 0.54 Year ended December 31, 2016 Using binomial Risk-free interest rate 2.0 % Volatility 50 % Expected term (in years) 10 Exercise price $ 1.227 Dividend yield - (1) Volatility The volatility of the underlying ordinary shares during the life of the options was estimated based on the historical stock price volatility of listed comparable companies over a period comparable to the expected term of the options. (2) Risk-free interest rate Risk-free interest rate was estimated based on the yield to maturity of treasury bonds of the United States with a maturity period close to the expected life of the options. (3) Expected term For the options granted to employees, the Company estimated the expected term based on the vesting and contractual terms and employee demographics. For the options granted to non-employees, the Company estimated the expected term as the original contractual term. (4) Dividend yield The dividend yield was estimated by the Company based on its expected dividend policy over the expected term of the options. (5) Exercise price The exercise price of the options was determined by the Company's board of directors. (6) Fair value of underlying ordinary shares The closing market price of the Company's ordinary shares on the grant date was used. The aggregate intrinsic value was calculated as the difference between the exercise price of the underlying awards and the closing stock price of $ 1.23 0.53 0.69 2,044 1,118 293 23,008 12,721 16,036 The following table summarizes information with respect to share options outstanding as of December 31, 2017: Options outstanding Options exercisable Weighted Weighted Weighted Weighted Weighted Weighted average average average average average average Range of Number remaining exercise intrinsic Number of remaining exercise intrinsic exercise prices outstanding contractual life price value exercisable contractual life price value $0.08~$0.18 442,515 1.62 $ 0.18 $ 227 442,455 1.62 $ 0.18 $ 227 $0.3~$0.48 141,039,101 6.40 $ 0.48 30,276 105,631,485 5.96 $ 0.48 22,676 141,481,616 $ 30,503 106,073,940 $ 22,903 Weighted Weighted average average Number of exercise grant date shares price fair value Balance, December 31, 2016 145,446,560 $ 0.96 $ 0.63 Exercised (1,715,895) $ 0.33 $ 0.30 Forfeited (2,249,049) $ 0.36 $ 0.16 Balance, December 31, 2017 141,481,616 $ 0.48 $ 0.64 Exercisable, December 31, 2017 106,073,940 $ 0.48 Expected to vest, December 31, 2017 35,407,676 $ 0.48 For employee stock options, the Company recorded share-based compensation from continuing operations of $ 22,989 19,420 23,904 1,736 For non-employee options, share based compensation was immaterial for the years ended December 31, 2015, December 31, 2016 and December 31, 2017, respectively. As of December 31, 2017, there was $ 22,147 1.70 Nonvested restricted shares A summary of the nonvested restricted shares activity is as follows: Weighted Weighted average fair number of value nonvested per ordinary restricted share at the shares grant dates Outstanding as of December 31, 2016 15,935,208 1.00 Granted 1,475,608 0.53 Vested (5,182,140) 1.01 Forfeited (1,425,993) 0.90 Outstanding as of December 31, 2017 10,802,683 0.95 The Company recorded compensation expenses based on the fair value of nonvested restricted shares on the grant dates over the requisite service period of award using the straight line vesting attribution method. The fair value of the nonvested restricted shares on the grant date was the closing market price of the ordinary shares as of the date. The Company recorded the compensation expenses related with nonvested restricted shares from continuing operations of $ 1,509 4,124 4,112 Total unrecognized compensation expense amounting to $ 10,323 2.12 In December 2015, the Company provided a loan of $ 1,930 75 The amount of share-based compensation expense for options and nonvested restricted shares attributable to cost of revenues, selling and marketing, research and development, general and administrative expenses and loss from the operations of the discontinued operations are as follows: Years ended December 31, 2015 2016 2017 Gross amount: Selling and marketing $ 243 $ 770 $ 598 Research and development 781 1,363 1,092 General and administrative 25,481 21,411 26,326 26,505 23,544 28,016 Expense recorded in discontinued operations 1,736 - - Total share-based compensation expense $ 28,241 $ 23,544 $ 28,016 There was no income tax benefit recognized in the statements of operations for share-based compensation for the years ended December 31, 2015, 2016 and 2017. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 20. RELATED PARTY BALANCES AND TRANSACTIONS Details of major related party balances and transactions as of December 31, 2016 and 2017 are as follows: (1) Amounts due from related parties 13,419 15,224 As of December 31, Note 2016 2017 Tianjin Yi Chuang Xin He Information Technology Co., Ltd., (“Yi Chuang Xin He”), a subsidiary of Eall, available-for-sale investee of the Company (i) 10,082 10,759 Others 3,337 4,465 Total $ 13,419 $ 15,224 (i) The balance represents the loan to Yi Chuang Xin He. Yi Chuang Xin He is a subsidiary of Eall, which is an available-for-sale investee of the Company. In May 2016, the Company entered into agreements with Eall and Yi Chuang Xin He for a series of loan transactions, pursuant to which the Company made a loan amounting to RMB70 million to Yi Chuang Xin He. At the same time, Eall made a loan in US dollar to the Company amounting to RMB70 million ($10,692). Both of the loans are free of interest. The loan due from Yi Chuang Xin He is repayable on demand. The loan due to Eall is repayable 5 work days after Yi Chuang Xin He repays the loan to the Company. The Company recorded the loans as amount due from and amount due to related parties as the Company does not have the right to offset and does not intend on setting off the loans. As of December 31, 2017, both of the loans remained outstanding. (2) As of December 31, 2016 2017 Eall (i) $ 10,692 $ 10,692 Others 222 7,054 Total $ 10,914 $ 17,746 (i) The balance represents the loan provided by Eall (see Note 20 (i)). (3) Transactions with related parties for amount due from related parties Years ended December 31, 2015 2016 2017 Loan to Beautiful Bay Co., Ltd, substantially controlled by the majority shareholder of OPH which is controlled by the CEO of the Company $ 4,775 $ - $ - Loan to Yi Chuang Xin He - 10,542 - Loan to Beijing Yunke Logistics Co., Ltd, a subsidiary of Eunke, cost method investee of the Company - - 8,591 Others 182 4,083 3,069 Total $ 4,957 $ 14,625 $ 11,660 (4) Transactions with related parties for amount due to related parties Years ended December 31, 2015 2016 2017 Loan from Eall $ - $ 10,692 $ - Others 152 413 333 Total $ 152 $ 11,105 $ 333 (5) In July 2012, the Company purchased $ 10,000 49,000 20,789 22,331 150,000 In April 2017, the Company disposed 5,719,986 91,926 58,335 (6) In November 2015, the CEO of the Company provided joint and several liability guarantee for a long-term debt with a principal of $ 69,468 (7) In 2006, the Company entered into an agreement to make a loan of $ 167 10 In 2016, the Company received $ 7,188 7,021 (8) In November 2016, the COO of the Company provided joint and several liability guarantee for a short-term debt with a principal of $ 7,202 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | 21. SEGMENT INFORMATION The Company's Chief Operating Decision Maker (the "CODM") is the CEO, who is responsible for decisions about allocating resources and assessing performance of the Company. An operating segment is a component of the Company Company As described in Note 1, the Company started to operate the used car trading business in the second half of 2017 and stopped providing apartment rental financing to individuals and apartment agents, and financing to college students in 2016. As a result, the Company reevaluted its segments in the fourth quarter of 2017 and concluded that it had two remaining reportable segments as of and for the year ended December 31, 2017, namely Renren and Auto Group. The Auto Group segment mostly includes the sales of used cars as well as used car financing provided to used car dealerships while the Renren segment mostly includes the Company’s main social networking website and mobile services as well as our social video platform. The segment information for the years ended December 31, 2015 and 2016 were retrospectively revised to reflect such changes as follows: Year ended December 31, 2015 Year ended December 31, 2016 Year ended December 31, 2017 Renren Auto Total Renren Auto Total Renren Auto Total Net revenues $ 36,880 4,231 41,111 42,513 20,851 63,364 52,251 149,851 202,102 Cost of revenues 35,203 1,517 36,720 37,696 14,071 51,767 40,108 144,290 184,398 Operating expenses 107,211 2,486 109,697 68,918 15,692 84,610 80,403 25,178 105,581 Operating (loss) gain (105,534) 228 (105,306) (64,101) (8,912) (73,013) (68,260) (19,617) (87,877) Net loss from continuing operations (221,851) (1,326) (223,177) (183,638) (10,415) (194,053) (85,237) (25,266) (110,503) Net income from discontinued operations 1,520 - 1,520 8,701 - 8,701 - - - Net loss $ (220,331) (1,326) (221,657) (174,937) (10,415) (185,352) (85,237) (25,266) (110,503) The Company does not allocate assets to its current operating segments as management does not believe that allocating these assets is useful in evaluating these segments’ performance. Accordingly, the Company has not made disclosure of total assets by reportable segment. The majority of the Company's revenue for the years ended December 31, 2015, 2016 and 2017 was generated from the PRC. As of December 31, 2015, 2016 and 2017, respectively, substantially all of long-lived assets of the Company were located in the PRC. |
LOSSES PER SHARE
LOSSES PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | 22. LOSSES PER SHARE The following table sets forth the computation of basic and diluted net loss per ordinary share for the years ended: Years ended December 31, 2015 2016 2017 Net loss: Loss from continuing operations $ (223,177) $ (194,053) $ (110,503) Income from discontinued operations, net of tax 1,520 8,701 - Net loss (221,657) (185,352) (110,503) Add: net loss attributable to noncontrolling interest 1,529 - 76 Net loss attributable to Renren Inc. $ (220,128) $ (185,352) $ (110,427) Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share-basic 1,019,378,556 1,022,664,396 1,028,537,406 Incremental weighted average ordinary shares from assumed exercise of stock options using the treasury stock method 7,857,646 4,512,567 - Weighted average number of ordinary shares outstanding used in computing net income per ordinary share-diluted 1,027,236,202 1,027,176,963 1,028,537,406 Net loss per ordinary share attributable to Renren Inc. shareholders - basic: Loss per ordinary share from continuing operations $ (0.22) $ (0.19) $ (0.11) Income per ordinary share from discontinued operations $ 0.00 $ 0.01 $ - Net loss per ordinary share attributable to Renren Inc. shareholders - basic: $ (0.22) $ (0.18) $ (0.11) Net loss per ordinary share attributable to Renren Inc. shareholders - diluted: Loss per ordinary share from continuing operations $ (0.22) $ (0.19) $ (0.11) Income per ordinary share from discontinued operations $ 0.00 $ 0.01 $ - Net loss per ordinary share attributable to Renren Inc. shareholders - diluted: $ (0.22) $ (0.18) $ (0.11) For the years ended December 31, 2016 and 2017, 142,517,623 142,615,572 3,354,015 9,668,727 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCY [Abstract] | |
COMMITMENTS AND CONTINGENCY | 23. COMMITMENTS (1) Operating lease as lessee The Company leases its facilities and offices under non-cancelable operating lease agreements. In addition, the Company pays telecommunications carriers and other service providers for telecommunications services and for hosting its servers at their internet data centers under non-cancelable agreements, which are treated as operating leases. These leases expire through 2027 and are renewable upon negotiation. Rental and bandwidth expenses under operating leases for 2015, 2016 and 2017 from continuing operations were $ 12,113 5,964 5,926 2,553 183 Future minimum lease payments under such non-cancellable leases as of December 31, 2017 are as follows: 2018 $ 6,366 2019 3,792 2020 3,031 2021 and thereafter 1,686 Total $ 14,875 (2) Future minimum principal payments related to the Company’s long-term debts as of December 31, 2017 are as follows (see Note 13): 2018 $ 59,260 2019 3,074 2020 44,591 Total $ 106,925 (3) Unconditional investment commitment The Company was obligated to pay up to $ 2,887 1,736 |
EMPLOYEE BENEFIT PLAN
EMPLOYEE BENEFIT PLAN | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLAN | 24. EMPLOYEE BENEFIT PLAN Full time employees of the Company in the PRC participate in a government-mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The Company accrues for these benefits based on certain percentages of the employees' salaries. The total provisions for such employee benefits from continuing operations were $ 10,032 6,469 7,528 621 85 |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2017 | |
ORDINARY SHARES [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | 25. OTHER COMPREHENSIVE INCOME Foreign Unrealized currency gain (loss) on translation available-for-sale adjustments investments Total Balance as of December 31, 2014 $ 9,267 $ (1,493) $ 7,774 Exchange difference (7,777) 37,127 29,350 Balance as of December 31, 2015 $ 1,490 $ 35,634 $ 37,124 Exchange difference (10,994) (19,247) (30,241) Balance as of December 31, 2016 $ (9,504) $ 16,387 $ 6,883 Exchange difference 9,585 648 10,233 Balance as of December 31, 2017 $ 81 $ 17,035 $ 17,116 |
STATUTORY RESERVE AND RESTRICTE
STATUTORY RESERVE AND RESTRICTED NET ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
STATUTORY RESERVE AND RESTRICTED NET ASSETS [Abstract] | |
STATUTORY RESERVE AND RESTRICTED NET ASSETS | 26. STATUTORY RESERVE AND RESTRICTED NET ASSETS In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, the Company’s subsidiaries and VIE entities located in the PRC, being foreign invested enterprises established in the PRC, are required to provide for certain statutory reserves. These statutory reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund or discretionary reserve fund, and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires a minimum annual appropriation of 10 50 Appropriations to the enterprise expansion reserve and the staff welfare and bonus reserve are to be made at the discretion of the board of directors of each of the Company's subsidiaries. The appropriation to these reserves by the Company's PRC subsidiaries was $nil, $nil and $nil for the years ended December 31, 2015, 2016 and 2017, respectively. As a result of these PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Company. Amounts restricted include paid-in capital and the statutory reserves of the Company's PRC subsidiaries and VIE entities. The aggregate amounts of capital and statutory reserves restricted which represented the amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution was $ 370,971 435,999 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2017 | |
SUBSEQUENT EVENT [Abstract] | |
SUBSEQUENT EVENT | 27. SUBSEQUENT EVENT Stock incentive plan On January 31, 2018, the Company approved a stock incentive plans specifically for Auto Group segment (the "Kaixin Auto Group 2018 Plan"), pursuant to which the maximum number of shares of the Company available for issurance pursuant to all awards thereunder shall be 40,000,000 Property disposal plan On April 20, 2018, the Company entered into a contract with Shanghai Liandong Economic Development Company, Shanghai Zhenda Industrial Co., Ltd. and Shanghai Baoshan Xiershi Industrial Co., Ltd., selling the Company’s amounted to 3,073 and the amounted to 61,210 |
Additional Information - Financ
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2017 | |
Schedule I Condensed Financial Information of Parent Company | |
Schedule I Condensed Financial Information of Parent Company | Condensed Financial Information of Parent Company BALANCE SHEETS (U.S. dollars in thousands, except share data and per share data, or otherwise noted) As of December 31, 2016 2017 ASSETS Current assets: Cash and cash equivalents $ 15,694 $ 97,697 Prepaid expenses and other current assets - 5,179 Amounts due from subsidiaries 1,127,402 1,144,420 Total current assets 1,143,096 1,247,296 Long-term investments 232,952 209,605 Investment in subsidiaries (529,991) (687,629) TOTAL ASSETS $ 846,057 $ 769,272 LIABILITIES AND EQUITY Current liabilities: Short-term debt 30,000 - Long-term debt - current - 52,604 Accrued expenses and other current liabilities 1,446 15,508 Amounts due to related party 10,692 - Total current liabilities 42,138 68,112 Long-term liabilities 52,604 20,000 Other non-current liabilities 12,849 6,356 TOTAL LIABILITIES $ 107,591 $ 94,468 Equity: Class A ordinary shares, $0.001 par value, 3,000,000,000 shares authorized, 719,651,418 and 726,549,453 shares issued and outstanding as of December 31, 2016 and 2017, respectively 720 727 Class B ordinary shares, $0.001 par value, 500,000,000 shares authorized, 305,388,450 and 305,388,450 shares issued and outstanding as of December 31, 2016 and 2017, respectively 305 305 Additional paid-in capital 1,266,592 1,303,117 Accumulated deficit (536,034) (646,461) Accumulated other comprehensive income 6,883 17,116 Equity 738,466 674,804 TOTAL LIABILITIES AND EQUITY $ 846,057 $ 769,272 Condensed Financial Information of Parent Company STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (U.S. dollars in thousands, except share data and per share data, or otherwise noted) Years ended December 31, 2015 2016 2017 Selling and marketing $ 243 $ 770 $ 598 Research and development 780 1,363 1,092 General and administrative 28,811 25,477 33,519 Total operating expenses 29,834 27,610 35,209 Other (loss) income (528) 307 1,385 Interest income 270 127 223 Interest expenses (985) (5,728) (6,391) Realized gain on short-term investments 4,102 - - (Loss) earnings in equity method investments (3,516) (3,968) 9,743 (Loss) gain on disposal of equity method investments (534) - 58,335 (Loss) gain on disposal of cost method investments - - 37,311 Equity in loss of subsidiaries and variable interest entities (189,103) (148,480) (175,824) Net loss $ (220,128) $ (185,352) $ (110,427) Other comprehensive (loss) income, net of tax: Foreign currency translation (7,777) (10,994) 9,585 Net unrealized gain (loss) on available-for-sale investments, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively 40,695 (18,518) 3,891 Transfer to statements of operations of realized gain on available-for-sale securities, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively (3,568) (729) (3,243) Other comprehensive income (loss) $ 29,350 $ (30,241) $ 10,233 Comprehensive loss $ (190,778) $ (215,593) $ (100,194) Condensed Financial Information of Parent Company STATEMENTS OF CASH FLOWS (U.S. dollars in thousands, except share data and per share data, or otherwise noted) Years ended December 31, 2015 2016 2017 Cash flows from operating activities: Net loss $ (220,128) $ (185,352) $ (110,427) Equity in income of subsidiaries and variable interest entities 189,103 148,480 175,824 Share-based compensation expense 24,575 23,544 28,016 Gain on disposal of cost method investment - - (37,311) Exchange loss (gain) on offshore accounts 376 3 (1) Gain on short-term investments and fair value change of derivatives (4,102) - - Loss (earnings) in equity method investment 4,050 3,968 (68,078) Fair value change of liability-classified warrant - (105) (195) Changes in operating assets and liabilities: Prepaid expenses and other current assets 2,796 107 (294) Accrued expenses and other current liabilities (5,040) (1,689) 1,902 Other non-current liabilities 966 5,332 5,862 Increase in amounts due from subsidiaries (128,551) (65,055) (27,710) Net cash used in operating activities (135,955) (70,767) (32,412) Cash flows from investing activities: Restricted cash (15,370) 15,370 - Decrease in term deposits 139,514 - - Proceeds from sale of available-for-sale securities 33,416 - - Proceeds from principal return on SoFi Loan Note 984 5,879 - Proceeds from sale of equity method investment - 18,460 91,926 Proceeds from sale of cost method investment - - 32,726 Capital distribution received from equity method investees 9,854 - - Dividend received from available-for-sale securities 137 - - Purchase of equity method investment (172,331) (1,000) (500) Purchase of cost method investment (300) - - Net cash (used in) provided by investing activities (4,096) 38,709 124,152 Cash flows from financing activities: Repurchase of ordinary shares (10,292) - - Proceeds from exercise of share options 1,231 1,430 262 Proceeds from borrowings 159,260 30,000 - Restricted cash for debt borrowings (100,000) 100,000 - Repayment of borrowings - (100,000) (10,000) Proceeds from loan from a related party - 10,692 - Net cash provided by (used in) financing activities 50,199 42,122 (9,738) Net (decrease) increase in cash and cash equivalents (89,852) 10,064 82,002 Cash and cash equivalents at beginning of year 95,485 5,633 15,694 Effect of exchange rate changes - (3) 1 Cash and cash equivalents at end of year $ 5,633 $ 15,694 $ 97,697 1. BASIS FOR PREPARATION The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the Parent Company used the equity method to account for investments in its subsidiaries and VIE. The condensed financial information is provided since the restricted net assets of the Company’s subsidiaries, VIE and VIE’s subsidiaries were $435,999, over 25% of the consolidated net assets of the Company as of December 31, 2017. 2. INVESTMENTS IN SUBSIDIARIES, VIE AND VIE’S SUBSIDIARIES The Parent Company and its subsidiaries, VIEs and VIEs' subsidiaries were included in the consolidated financial statements where inter-company balances and transactions were eliminated upon consolidation. For purpose of the Parent Company’s stand-alone financial statements, its investments in subsidiaries, VIEs and VIEs' subsidiaries were reported using the equity method of accounting. The Parent Company’s share of loss from its subsidiaries, VIEs and VIEs' subsidiaries were reported as share of loss of subsidiaries, VIEs and VIEs' subsidiaries in the accompanying Parent Company financial statements. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to $nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the Parent Company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries, VIEs and VIEs' subsidiaries regardless of the carrying value of the investment even though the Parent Company is not obligated to provide continuing support or fund losses. |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). |
Principles of consolidation | Principles of consolidation The consolidated financial statements of the Company include the financial statements of Renren Inc., its subsidiaries, its VIEs and VIEs' subsidiaries. All inter-companies transactions and balances are eliminated upon consolidation. |
Business Combinations | Business combinations Business combinations are recorded using the acquisition method of accounting. The Company elected to early adopt ASU 2017-01 “Business Combination (Topic 805): Clarifying the Definition of a Business” on January 1, 2017 and applied the new definition of a business prospectively for acquisitions made during the year ended December 31, 2017. Upon the early adoption of ASU 2017-01, a new screen is introduced to evaluate whether a transaction should be accounted for as an acquisition and/or disposal of a business versus assets. In order for a purchase to be considered an acquisition of a business, and receive business combination accounting treatment, the set of transferred assets and activities must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. The adoption of this standard requires future purchases to be evaluated under the new framework. The purchase price of business acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses and restructuring costs are expensed as incurred. Where the consideration in an acquisition includes contingent consideration and the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and if recorded as a liability, it is subsequently carried at fair value with changes in fair value reflected in earnings. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amounts of revenues and expenses in the financial statements and accompanying notes. Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to, revenue recognition, allowance for financing receivable, allowance for doubtful accounts, share-based compensation, deferred tax valuation allowance, income taxes, impairment of goodwill and indefinite-lived intangible assets, fair value of derivative financial instruments and long-term available-for-sale investments, impairment of long-term and short-term investments, the price purchase allocation and the fair value of contingent consideration for business acquisition. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand. |
Restricted cash | Restricted cash primarily consists of cash deposits used to secure debt borrowings of the Company which is expected to be released in accordance with the debt agreement. The restriction will lapse when the related debt agreement is paid off. The current portion of restricted cash represents cash deposited into bank accounts which is expected to be released within the next twelve months. The non-current portion of restricted cash represents cash deposited into bank accounts which is not expected to be released within the next twelve months. Non-current restricted cash is recorded in other non-current assets and amounted to $ 323 26,075 |
Fair value | Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: · Level 1-inputs are based upon unadjusted quoted prices for identical assets or liabilities traded in active markets. · Level 2-inputs are based upon quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. · Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. |
Investments | Investments (1) Short-term investments The Company's short-term investments comprise of marketable securities which is classified as trading, available-for-sale investments, and derivative financial instruments that are regarded as assets. The trading investments are reported at fair values with the changes in fair values of those investments recognized as gain or loss. The available-for-sale investments are reported at fair values with the unrealized gains or losses recorded as accumulated other comprehensive income in equity. The Company's derivative financial instruments are measured at fair value. The changes in fair values of those derivative instruments are recognized as gain or loss in the consolidated statements of operations. The Company reviews its available-for-sale short-term investments for other-than-temporary impairment ("OTTI") based on the specific identification method. The Company considers available quantitative and qualitative evidence in evaluating the potential impairment of its short-term investments. If the cost of an investment exceeds the investment's fair value, the Company considers, among other factors, general market conditions, expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost, and the Company's intent and ability to hold the investment. The Company separates the amount of the OTTI into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings, which represents the difference between a security's amortized cost basis and the discounted present value of expected future cash flows. The amount due to other factors is recognized in the consolidated statements of comprehensive loss if the entity neither intends to sell and will not more likely than not be required to sell the security before recovery. The difference between the amortized cost basis and the cash flows expected to be collected is accreted as interest income. (2) Long-term investments Equity method investments Equity investment in common stock or in-substance common stock of an entity where the Company can exercise significant influence, but not control, is accounted for using the equity method. Significant influence is generally considered to exist when the Company has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements are also considered in determining whether the equity method of accounting is appropriate. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Company considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. Under the equity method, the investment is initially recorded at cost and adjusted for the Company's share of undistributed earnings or losses of the investee. Investment losses are recognized until the investment is fully written down as the Company does not guarantee the investee's obligations nor it is committed to provide additional funding. When the Company's carrying value in an equity method affiliated company is reduced to zero, no further losses are recorded in the Company's consolidated financial statements unless the Company guaranteed obligations of the affiliated company or has committed additional funding. When the affiliated company subsequently reports income, the Company will not record its share of such income until it exceeds the amount of its share of losses not previously recognized. The Company’s management regularly evaluates the impairment of the equity investment based on performance and the financial position of the investee as well as other evidence of market value. Such evaluation includes, but is not limited to, reviewing the investee's cash position, recent financings, projected and historical financial performance, cash flow forecasts and financing needs. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. Cost method investments For equity investments in an investee that are not considered debt securities or equity securities that have readily determinable fair values and over which the Company neither has significant influence nor control, the Company carries the investment at cost and recognizes income as any dividends declared from distribution of investee's earnings. The Company reviews the cost method investments for impairment whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. An impairment loss is recognized in earnings equal to the difference between the investment's cost and its fair value at the balance sheet date of the reporting period for which the assessment is made. The fair value of the investment would then become the new cost basis of the investment. Available-for-sale investment The Company’s investments in convertible redeemable preferred shares and convertible debt are classified as available-for-sale investments which are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. The Company monitors the investments for OTTI by considering factors including, but not limited to, current economic and market conditions, the operating performance of the investees including current earnings trends, the Company’s intent and ability to hold the investment as well as other company-specific information. An impairment loss on the available-for-sale securities is recognized in the consolidated statements of operations and comprehensive income when the decline in value is determined to be other-than-temporary. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts Accounts receivable represents those receivables derived in the ordinary course of business from continuing operations which mainly consists of IVAS. An allowance for doubtful accounts is provided based on aging analyses of accounts receivable balances, historical bad debt rates, repayment patterns and customer credit worthiness. |
Financing receivable | Financing receivable Financing receivable represents receivables derived from the internet finance business. Financing receivable is recorded at amortized cost, reduced by a valuation allowance estimated as of the balance sheet date. The amortized cost of a financing receivable is equal to the unpaid principal balance, plus net deferred origination costs. Net deferred origination costs are comprised of certain direct origination costs, net of origination fees received. Origination fees include fees charged to the individuals or companies that increase the financing’s effective yield. Direct origination costs in excess of origination fees received are included in the financing receivable and amortized over the financing term using the effective interest method. Financing origination costs are limited to direct costs attributable to originating the financing, including commissions and personnel costs directly related to the time spent by those individuals performing activities related to the origination. Due to limitations imposed by PRC laws and regulations, the Company appointed a senior management member (the “Intermediary”) to act as an intermediary to facilitate certain financing services for its internet finance business (the “Intermediary Business Model”). Under the Intermediary Business Model, each individual or company is arranged to sign the financing agreement with the Intermediary. The Company provides funds to the Intermediary to finance the individuals or companies in accordance with the financing agreement. Immediately upon signing a financing agreement with an individual or a company, the Intermediary then transfers all of the creditor’s rights arising from the financing agreement to the Company. Additionally, once investors are identified by the Company on Renren Licai, the Company transfers the underlying creditor’s rights to the investors through the Intermediary. The Company, through the Intermediary, agrees to repurchase the creditor's rights from the investors prior to or upon the maturity of the investment period therefore acting as a principal in the transaction. Under the Intermediary Business Model, the Intermediary is acting as an agent for the Company. As noted above, the funds provided to the individuals and companies are obtained from the Company who further agrees to take all the risk arising from the potential breaches of agreement by the individuals or the companies receiving financing. Additionally, the Intermediary’s role is restricted to sign agreements with individuals and companies receiving financing, and investors and the Intermediary has no obligation to make any repayment to the investors once the creditors’ rights are transferred. As such, the Intermediary never puts his own funds at risk and bears no risk in the arrangement and is considered an agent. In May 2016, the Company terminated all of its financing business conducted under the Intermediary Business Model. All subsequent financing has been performed by the Company. |
Allowance for financing receivable | Allowance for financing receivable An allowance for financing receivable is established through periodic charges to the provision for financing receivable losses when the Company believes that the future collection of principal is unlikely. Subsequent recoveries, if any, are recorded as credits against the allowance. The Company evaluates the creditworthiness of its portfolio based on a pooled basis due to the composition of homogeneous financing with similar size and general credit risk characteristics for similar financing businesses. The Company considers the credit worthiness of the individuals and the companies receiving financing, aging of the outstanding financing receivable and other specific circumstances related to the financing when determining the allowance for financing receivable. The allowance is subjective as it requires material estimates including such factors as known and inherent risks in the financing portfolio, adverse situation that may affect the ability of the individuals and the companies receiving financing to repay and current economic conditions. Recovery of the carrying value of financing receivable is dependent to a great extent on conditions that are beyond the Company’s control. |
Nonaccrual financing receivable | Nonaccrual financing receivable Financing income is calculated based on the contractual rate of the financing and recorded as financing income over the life of the financing using the effective interest method. Financing receivables are placed on non-accrual status upon reaching 90 days past due for these arising from financing for installment sales and apartment rental financing, or when reasonable doubt exists as to the full, timely collection of the financing receivable. When a financing receivable is placed on non-accrual status, the Company stops accruing financing income. Financing receivable is returned to accrual status if the related individual or company has performed in accordance with the contractual terms for a reasonable period of time and, in the Company’s judgment, will continue to make period principal and financing income payments as scheduled. The Company writes off its nonaccrual financing receivable by considering factors including (i) death of the borrower; or (ii) its inability to reach the borrower. |
Transfer of financial instruments | Transfer of financial instruments Sales and transfers of financial instruments are accounted under authoritative guidance for the transfers and servicing of financial assets and extinguishment of liabilities. Through the peer-to-peer platforms and the Plans, the Company identifies individual investors and transfers creditors’ rights originated from the aforementioned financing services to the individual investors. The Company further offers different investment periods to investors with various annual interest rates while those credit rights are held by the investors. The term of the sales require the Company to repurchase those creditors’ rights from investors prior to or upon the maturity of the investment period. As a result, the sales of those creditors’ rights are not accounted for as a sale and remain on the consolidated balance sheet and are recorded as payable to investors in the Company’s consolidated balance sheet. |
Inventory | Inventory Inventory consists of purchased used cars. The vehicle reconditioning costs and other incremental costs are capitalized as a component of inventory. Inventory is stated at the lower of cost or net realizable value. Inventory cost is determined by specific identification. Net realizable value is the estimated selling price less costs to complete, dispose and transport the vehicles. Selling prices are derived from historical data and trends, such as sales price and inventory turn times of similar vehicles, as well as independent, market resources. Each reporting period the Company recognizes any necessary adjustments to reflect vehicle inventory at the lower of cost or net realizable value through cost of sales in the accompanying consolidated statements of operations. |
Property and equipment, net | Property and equipment, net Property and equipment, net is carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Building 46 years Computer equipment and application software 2-3 years Furniture and vehicles 5 years Leasehold improvements Over the lesser of the lease term or useful life of the assets |
Intangible assets with indefinite lives | Intangible assets with indefinite lives Intangible assets with indefinite lives mainly include trademark and licenses. If an intangible asset is determined to have an indefinite life, it is not be amortized until its useful life is determined to be no longer indefinite. An intangible asset that is not subject to amortization is tested for impairment at least annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Such impairment test consists of comparing the fair values of assets and their carrying value amounts and an impairment loss is recognized if and when the carrying amounts exceed the fair values. The estimates of fair values of intangible assets not subject to amortization are determined using various discounted cash flow valuation methodologies. Significant assumptions are inherent in this process, including estimates of discount rates. Discount rate assumptions are based on an assessment of the risk inherent in the respective intangible assets. For the years ended December 31, 2015, 2016 and 2017, the Company did not record impairment loss for indefinite-lived intangible assets. |
Impairment of long-lived assets and intangible assets with definite lives | Impairment of long-lived assets and intangible assets with definite lives Long-lived assets, such as property and equipment and definite-lived intangible assets are stated at cost less accumulated depreciation or amortization. Depreciation and amortization is computed using the straight-line method. The Company evaluates the recoverability of long-lived assets, including identifiable intangible assets, with determinable useful lives whenever events or changes in circumstances indicate that an intangible asset's carrying amount may not be recoverable. The Company measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows associated with it. Impairment exists when the sum of the expected undiscounted future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Company to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. For the years ended December 31, 2015, 2016 and 2017, the Company did not record impairment loss for long-lived assets and intangible assets with definite lives. |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Goodwill is not amortized, but tested for impairment upon first adoption and annually, or more frequently if event and circumstances indicate that they might be impaired. The Company has an option to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. In the qualitative assessment, the Company considers primary factors such as industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations. Based on the qualitative assessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount, the quantitative impairment test is performed. Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The fair value of each reporting unit is estimated using a discounted cash flow methodology. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, and assumptions that are consistent with the plans and estimates being used to manage the Company's business, estimation of the long-term rate of growth for the Company's business, estimation of the useful life over which cash flows will occur, and determination of the Company's weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit. In performing the two-step quantitative impairment test, the first step compares the fair values of each reporting unit to its carrying amount, including goodwill. If the fair value of a reporting unit exceeds its carrying amount, goodwill is not considered impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of the affected reporting unit's goodwill to the carrying value of that goodwill. The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. This allocation process is only performed for purposes of evaluating goodwill impairment and does not result in an entry to adjust the value of any assets or liabilities. An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. In estimating the fair value of each reporting unit the Company estimates the future cash flows of each reporting unit, the Company has taken into consideration the overall and industry economic conditions and trends, market risk of the Company and historical information. The Company did not record impairment charges of goodwill for the years ended December 31, 2015, 2016 and 2017, respectively. |
Revenue recognition | Revenue recognition The Company recognizes revenues when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. The Company's revenues include revenue from its used car sales, revenue from advertising and IVAS as well as revenue related to its finance services. Used car sales Revenue from used car sales is recognized when a sales contract has been executed, the vehicle has been delivered, and payment has been received or financing has been arranged. The Company purchases used cars from unrelated individuals or dealerships and sells them directly to customers through its local dealer shops. IVAS and others IVAS and others revenue mainly include revenues from online advertising and revenue from live streaming services. Online advertising revenues The Company provides advertisement placement services in its SNS platforms and online games. The Company primarily enters into pay-for-time contracts, under which the Company bills its customers based on the period of time to display the advertisements in the specific formats on specific web pages. The Company also enters into pay-for-volume arrangements, under which it bills its customers on the traffic volume basis, e.g. pay-per-click or pay-per-impression. For pay-for-time contracts, revenue is recognized ratably over the period the advertising is displayed. For pay-for-volume contracts, revenue is recognized based on traffic volume tracked and the pre-agreed unit price. Contractual billings in excess of recognized revenue and payments received in advance of revenue recognition are recorded as deferred revenues. The Company principally enters into advertising placement contracts with advertisers' advertising agents and the Company offers volume rebates to certain advertisers' advertising agents. The Company recognizes estimated rebates as the reduction of revenues based on a systematic and rational allocation of the cost of honoring rebates earned and claimed to each of the underlying revenue transactions that results in progress by the customer toward earning the rebate or refund. Estimation of the total rebate is based on the estimates of the sales volume to be reached based on the historic experience of the Company. If amounts of future rebates cannot be reasonably estimated, a liability will be recognized for the maximum potential amount of the rebates. Revenue related to online advertising services amounted to $ 9,721 1,653 348 Live streaming revenue The Company generates live streaming revenue from both "Woxiu" and Renren mobile live streaming. "Woxiu", which translates into "a show of your own" in Chinese, is a virtual stage the Company initially offered on the 56.com platform and then on the “Woxiu” platform after the completion of the disposition of 56.com. On "Woxiu", grassroots musicians and performers can live-stream their performances and share with viewers. Fans of the performing user can chat along with the performer and other live audience and purchase consumable virtual items on the platform with virtual currencies to show support to the performers. In the second quarter of 2016, the Company also launched its live streaming service on its Renren mobile terminal. For both "Woxiu" and Renren mobile live streaming, the amount of virtual currencies consumed is maintained by the Company’s operating system and will be automatically deducted from users' accounts when the virtual currencies are used. Revenue is recognized monthly based on the virtual currencies consumed. The Company pays the performers a certain percentage of the virtual currencies consumed. The Company recognizes total revenue on a gross basis, and the commission paid to performers is recorded as cost of revenues. The Company calculates the amount of revenues recognized for each unit of virtual currency consumed using a moving weighted average method by dividing the total cumulative unrecognized deferred revenues by total unconsumed virtual currency. Revenue related to live streaming services amounted to $ 15,404 17,898 32,341 Internet finance services During the year ended December 31, 2017, the Company generates revenue from its internet finance services business primarily through financing provided to used car dealers. Additionally, the Company also provided credit financing to college students on Renren Fenqi as well as apartment rental financing during the years ended December 31, 2015 and 2016. Both of those services were terminated in May 2016 and January 2016, respectively. The Company records financing income and service fees related to those services over the life of the underlying financing using the effective interest method on unpaid principal amounts. The service fees collected upfront, as well as the direct origination costs for the financing, are deferred and recognized as financing income as an adjustment to the yield on a straight line basis over the life of the portfolio financing. Used car financing The Company provides short-term financing services to used car dealers to fund the car dealers’ cash needs for used car purchasing. The financing period is no more than six months and is secured by a pledge of the dealers' used car with total value exceeding the principal of the financing. The Company charges an upfront service fee as well as financing income on a monthly basis. Revenue related to used car financing services amounted to $ 2,754 17,854 25,399 Online game revenues The Company generates revenues from the provision of online game, primarily web-based online game services. The online game revenues were generally recognized ratably over the estimated average playing period of paying players for each applicable game. During 2015, the Company reached a resolution to dispose of the Online Gaming; the disposal was completed in March 2016. As such, online gaming revenues is included in discontinued operations during the years ended December 31, 2015 and 2016. The Company did not generate any revenue related to its online gaming during the year ended December 31, 2017. See Note 4 for further details. Cost of revenues consists of costs directly related to used car sales, online advertising and IVAS business as well as costs incurred related to the internet financing operations which mostly include interest expenses paid to investors on Renren Licai and interest paid for asset-backed securities. Cost of revenue also includes provision for loan loss which amounted to $ 3,665 12,436 12,745 The Company reports revenue net of business taxes. Business taxes deducted in arriving at net revenue during 2015, 2016 and 2017 were $ 25 77 VAT is also reported as a deduction to revenue when incurred and amounted to $ 1,217 4,080 9,777 |
Cost of revenues | Cost of revenues Cost of revenues consists of costs directly related to used car sales, online advertising and IVAS business as well as costs incurred related to the internet financing operations which mostly include interest expenses paid to investors on Renren Licai and interest paid for asset-backed securities. Cost of revenue also includes provision for loan loss which amounted to $ 3,665 12,436 12,745 |
Business taxes | Business taxes The Company reports revenue net of business taxes. Business taxes deducted in arriving at net revenue during 2015, 2016 and 2017 were $ 25 77 |
Value added taxes | Value added taxes VAT is also reported as a deduction to revenue when incurred and amounted to $ 1,217 4,080 9,777 |
Income taxes | Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax basis of assets and liabilities and their reported amounts in the financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The Company adopted ASU 2015-17 Income Taxes (Topic 740) on January 1, 2017 and presented the deferred tax assets and liabilities as non-current in its consolidated balance sheet as of December 31, 2017. Prior periods were not retrospectively adjusted. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. The Company did not recognize any income tax due to uncertain tax position or incur any interest and penalties related to potential underpaid income tax expenses for the years ended December 31, 2015, 2016 and 2017, respectively. |
Financial instruments | Financial instruments include cash and cash equivalents, restricted cash, accounts receivable, financing receivable, amounts due from/to related parties, short-term investments, long-term financing receivable, long-term investments, accounts payable, short-term debt, payable to investors, long-term debt and liability-classified warrant. Refer to Note 18 for further details. |
Research and development expenses | Research and development expenses Research and development expenses are primarily incurred for development of new services, features and products for the Company's SNS, internet finance business, used car business, as well as to further improve the Company's technology infrastructure to support these businesses. The Company has expensed all research and development costs when incurred. |
Foreign currency translation | Foreign currency translation The functional and reporting currency of the Company is the United States dollar ("US dollar"). The financial records of the Company's subsidiaries and VIEs located in the PRC and Hongkong are maintained in their local currencies, Renminbi ("RMB") and Hong Kong Dollar ("HKD"), respectively, which are also the functional currencies of these entities. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the statements of operations. The Company's entities with functional currency of RMB and HKD, translate their operating results and financial positions into US dollar, the Company's reporting currency. Assets and liabilities are translated using the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component in the statements of comprehensive (loss) income. |
Comprehensive loss | Comprehensive loss Comprehensive loss includes net loss, unrealized gain (loss) on short-term investments, long-term available-for-sale investments and foreign currency translation adjustments and is reported in the consolidated statements of comprehensive loss. |
Share-based compensation | Share-based compensation Share-based payment transactions with employees, such as share options are measured based on the grant date fair value of the equity instrument. The Company recognizes the compensation costs net of estimated forfeitures using the straight-line method, over the applicable vesting period. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of stock compensation expense to be recognized in future periods. Share options granted to employees with market conditions attached are measured at fair value on the grant date and are recognized as the compensation costs over the estimated requisite service period, regardless of whether the market condition has been met. Share awards issued to non-employees are measured at fair value at the earlier of the commitment date or the date the service is completed and recognized over the period the service is provided. A change in any of the terms or conditions of share options is accounted for as a modification of stock options. The Company calculates the incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified, measured based on the share price and other pertinent factors at the modification date. For vested options, the Company recognizes incremental compensation cost in the period the modification occurred. For unvested options, the Company recognizes, over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. |
Loss per share | Basic loss per ordinary share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share reflect the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Company had stock options, which could potentially dilute basic earnings per share in the future. Potential ordinary shares in the diluted net loss per share computation are excluded in periods of losses from continuing operations as their effect would be anti-diluted. |
Accounting pronouncements newly adopted | In November 2015, the FASB issued ASU 2015-17 Income Taxes (Topic 740) which changes how deferred taxes are classified on organizations’ balance sheets. The ASU eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments apply to all organizations that present a classified balance sheet. For public companies, the amendments are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. This ASU may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company adopted this guidance on January 1, 2017 on a prospective basis. The adoption of this standard did not have a material impact on its consolidated financial statement. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718). The new guidance simplifies certain aspects related to income taxes, statement of cash flows, and forfeitures when accounting for share-based payment transactions. This new guidance will be effective for the Company for the first reporting period beginning after December 15, 2016, with earlier adoption permitted. Certain of the amendments related to timing of the recognition of tax benefits and tax withholding requirements should be applied using a modified retrospective transition method. Amendments related to the presentation of the statement of cash flows should be applied retrospectively. All other provisions may be applied on a prospective or modified retrospective basis. The Company adopted of this guidance on January 1, 2017. The adoption of this standard did not have a material impact on its consolidated financial statement. In March 2016, the FASB issued a new pronouncement ASU 2016-07, InvestmentsEquity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting, which affects all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. The amendments eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Earlier application is permitted. The Company adopted this guidance on January 1, 2017. The adoption of this standard did not have a material impact on its consolidated financial statement. In January, 2017, the FASB issued a new pronouncement, ASU 2017-01, which clarifies the definition of a business in ASC 805. The amendments in the ASU are intended to make application of the guidance more consistent and cost-efficient. The ASU narrows the definition of a business and provide a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. Specifically, the ASU: • Provides a “screen” for determining when a set is not a business. • Specifies that if the screen’s threshold is not met, a set cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create outputs. • Narrows the definition of the term “output” to be consistent with the description of outputs in ASC 606. For public business entities, the ASU is effective for annual periods beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. The ASU must be applied prospectively on or after the effective date. The Company early adopted this guidance on January 1, 2017 and applied it prospectively to all new acquisitions completed during the year ended December 31, 2017. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330), which modifies the accounting for inventory. Under this ASU, the measurement principle for inventory will change from lower of cost or market value to lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company adopted this ASU on January 1, 2017 and measured inventory at the lowest of cost and net realizable value. |
Recent accounting pronouncements not yet adopted | Recent accounting pronouncements not yet adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. In April 2016, the FASB issued ASU 2016-10, “Identifying Performance Obligations and Licensing” ASU 2016-10 clarifies the following two aspects of ASU 2014-09: identifying performance obligations and licensing implementation guidance. The effective date of ASU 2016-10 is the same as the effective date of ASU 2014-09. The Company plans on adopting ASU 2014-09 using the modified retrospective method on January 1, 2018. Prior periods will not be retrospectively adjusted. The Company has substantially finalized its preliminary assessment of the new standard and concluded that revenue generated from internet finance services is explicitly excluded from the scope of the new standard as it represents revenue within the scope of ASC 310, Receivables, which is explicitly excluded from the scope of ASC 606. Accordingly, the Company has concluded that the fees related to its internet finance services will not be effected by the adoption of ASC 606. Additionally, the Company has preliminarily concluded that the impact of ASC 606 to its IVAS and used car sales business will not be material to its consolidated financial statements. However, the Company believes that certain financial statements disclosure requirements are mandated by the new standard including disclosure of contract assets and contract liabilities as well as disaggregated view of revenue. In January, 2016, the FASB issued a new pronouncement ASU 2016-01, “Financial InstrumentsOverall”, which is intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. The new guidance makes targeted improvements to existing US GAAP by: · Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; · Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; · Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; · Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; · Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and · Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as “own credit”) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Company is in the process of evaluating the impact of adoption of this guidance on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In transition, entities are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The Company is currently evaluating the impact on its consolidated financial statements of adopting this guidance, but expects that most existing operating lease commitments will be recognized as operating lease obligations and right-of-use assets as a result of this adoption. In June 2016, the FASB issued a new pronouncement ASU 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The ASU is effective for SEC filers for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all organizations for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently evaluating the impact on its consolidated financial statements of adopting this guidance. In August 2016, the FASB issued a new pronouncement ASU 2016-15, which amends the guidance in ASC 230 on the classification of certain cash receipts and payments in the statement of cash flows. The primary purpose of the ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flow issues: ⋅ Debt prepayment or debt extinguishment costs. ⋅ Settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing. ⋅ Contingent consideration payments made after a business combination. ⋅ Proceeds from the settlement of insurance claims. ⋅ Proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies. ⋅ Distributions received from equity method investees. ⋅ Beneficial interests in securitization transactions. ⋅ Separately identifiable cash flows and application of the predominance principle. For public business entities, the guidance in the ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for all entities. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively from the earliest date practicable if retrospective application would be impracticable. The Company does not expect the adoption of this pronouncement will have a significant effect on its consolidated financial position or results of operations. In November 2016, the FASB issued a new pronouncement, ASU 2016-18, which amends ASC 230 to add or clarify guidance on the classification and presentation of restricted cash in the statement of cash flows. Key requirements of the ASU are as follows: · An entity should include in its cash and cash-equivalent balances in the statement of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents. The ASU does not define the terms “restricted cash” and “restricted cash equivalents” but states that an entity should continue to provide appropriate disclosures about its accounting policies pertaining to restricted cash in accordance with other GAAP. The ASU also states that any change in accounting policy will need to be assessed under ASC 250. · A reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. · Changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows. · An entity with a material balance of amounts generally described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments should be applied using a retrospective transition method to each period presented. The Company plans to adopt this ASU in the first quarter of fiscal 2018. The adoption of this guidance will impact the presentation and classification of restricted cash in the Company’s consolidated statements of cash flow. In January 2017, the FASB issued ASU 2017-04: IntangiblesGoodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the Board eliminated Step 2 from the goodwill impairment test. Under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity should apply the amendments in this Update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. A public business entity should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not expect the adoption of this guidance will have a significant effect on the Company’s consolidated financial statements. |
ORGANIZATION AND PRINCIPAL AC39
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of percentage of legal ownership by Renren Inc | Later of date Percentage of of incorporation Place of legal ownership Name of Subsidiaries or acquisition incorporation by Renren Inc. Principal activities Subsidiaries: CIAC/ChinaInterActiveCorp ("CIAC") August 5, 2005 Cayman Islands 100 % Investment holding Kaixin Auto Group (formerly named as Renren Wealth Inc.) March 7, 2011 Cayman Islands 100 % Investment holding Link224 Inc. May 31, 2011 Cayman Islands 100 % Investment holding Renren Lianhe Holdings September 2, 2011 Cayman Islands 100 % Investment holding Wole Inc. October 27, 2011 Cayman Islands 100 % Investment holding JiehunChina Inc. ("JiehunChina") June 14, 2011 Cayman Islands 100 % Investment holding Renren Gongying Inc. October 2, 2015 Cayman Islands 100 % Investment holding Renren Study Inc. April 5, 2012 Cayman Islands 100 % Investment holding Renren Finance, Inc. December 15, 2014 Cayman Islands 100 % Internet business Renren CRSP Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren CHYP Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren PLML Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren KURY Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren ONER Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren BLCR Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren ZHCH Holdings Inc. October 14, 2016 Cayman Islands 100 % Investment holding Renren LSTAR Holdings Inc. October 17, 2016 Cayman Islands 100 % Investment holding Renren CHRYPH Holdings Inc. October 31, 2016 Cayman Islands 100 % Investment holding Renren SF Holdings Inc. January 9, 2017 Cayman Islands 100 % Investment holding Oak Pacific Investment September 14, 2017 Cayman Islands 100 % Investment holding Jet Sound Hong Kong Company Limited May 7, 2011 Hong Kong 100 % Investment holding Renren Game Hong Kong Limited ("Game HK") March 8, 2012 Hong Kong 100 % Investment holding Renren Giant Way Limited ("Renren Giant Way") May 17, 2012 Hong Kong 100 % Investment holding Renren Lianhe (Hong Kong) Co. Limited. May 16, 2016 Hong Kong 100 % Investment holding Renren Winday Company Limited. July 26, 2016 Hong Kong 100 % Investment holding Renren Giantly Limited. August 16, 2016 Hong Kong 100 % Investment holding Renren Gentle Height Company Limited. December 7, 2016 Hong Kong 100 % Investment holding Chime Technologies, Inc. September 7, 2012 USA 100 % Internet business Renren U.S. Holdco, Inc. July, 2017 USA 100 % Investment holding Sindeo Inc. July 3, 2017 USA 100 % Internet business Geographic Farming LLC Auguest 24, 2017 USA 100 % Internet business Trucker Path Inc. December 28, 2017 USA 100 % Internet business Qianxiang Shiji Technology Development (Beijing) Co., Ltd. ("Qianxiang Shiji") March 21, 2005 PRC 100 % Investment holding Beijing Woxiu Information Technology Co. Ltd. ("Beijing Woxiu") October 27, 2011 PRC 100 % Investment holding Beijing Jiexun Shiji Technology Development Co., Ltd. ("Jiexun Shiji") April 26, 2012 PRC 100 % Investment holding Renren Huijin (Tianjin) Technology Co., Ltd. ("Huijin") October 10, 2012 PRC 100 % Investment holding Joy Interactive (Beijing) Technology Development Co., Ltd. April 24, 2013 PRC 100 % Investment holding Shanghai Renren Financial Leasing Co., Ltd May 25, 2015 PRC 100 % Internet business Qianxiang Lianhe Technology Development (Beijing) Co., Ltd November 12, 2016 PRC 100 % Internet business Shanghai Renren Automobile Technology Co., Ltd August 18, 2017 PRC 100 % Investment holding Renren Zhenhan Technology Development (Beijing) Co., Ltd November 13, 2017 PRC 100 % Investment holding Variable Interest Entities: Beijing Qianxiang Tiancheng Technology Development Co., Ltd. ("Qianxiang Tiancheng") October 28, 2002 PRC N/A IVAS business Guangzhou Xiuxuan Brokers Co., Ltd.(“Guangzhou Xiuxuan”) September 22, 2014 PRC N/A IVAS business Beijing Qianxiang Yixin Technology Development Co., Ltd September 1, 2016 PRC N/A Investment holding Shanghai Qianxiang Changda Internet Information Technology Development Co., Ltd. ("Shanghai Changda") October 25, 2010 PRC N/A Internet business Shanghai Jieying Automobile Sales Co., Ltd. ("Shanghai Jieying") Feburay 27, 2017 PRC N/A Automobile business Subsidiaries of Variable Interest Entities: Beijing Qianxiang Wangjing Technology Development Co., Ltd. ("Qianxiang Wangjing") November 11, 2008 PRC N/A Internet business Beijing Wole Shijie Information Technology Co., Ltd. ("Wole Shijie") October 27, 2011 PRC N/A Technology development and service Beijing Kirin Wings Technology Development Co., Ltd. January 16, 2013 PRC N/A Internet business Beijing Zhenzhong Hudong Information Technology Co., Ltd. December 23, 2014 PRC N/A Internet business Shanghai Wangjing Commercial Factoring Co., Ltd. July 28, 2015 PRC N/A Factoring business Beijing Jingwei Zhihui Information Technology Co., Ltd. (“Jingwei Zhihui”) March 19, 2014 PRC N/A Internet business Shanghai Wangjing Investment Management Co., Ltd. April 20, 2015 PRC N/A Internet business Shanghai Mumian Interactive Internet Information Service Co., Ltd. June 16, 2016 PRC N/A IVAS business Fenqi Winday Company Limited, February 29, 2016 Hong Kong N/A Internet business Guangzhou Qunge Information Technology Co., Ltd. August 26, 2016 PRC N/A IVAS business Tianjin Zhenzhong Interactive Information Technology Co., Ltd. April 8, 2016 PRC N/A Investment holding Beijing Qianxiang Wanxin Technology Development Co., Ltd. November 18, 2016 PRC N/A Investment holding Shanghai Heiguo Internet Information Technology Co., Ltd. Feburary 27,2017 PRC N/A Investment holding Renren (Tianjin) Insurance Broker Co,. Ltd. August 24, 2017 PRC N/A Investment holding Renren Zhencai Technology Development (Beijing) Co., Ltd. December 15, 2017 PRC N/A Investment holding Jieying Baolufeng Automobile Sales (Shenyang) Co., Ltd. June 14, 2017 PRC N/A Automobile business Chongqing Jieying Shangyue Automobile Sales Co., Ltd. July 3, 2017 PRC N/A Automobile business Jiangsu Jieying Ruineng Automobile Sales Co., Ltd. May 16, 2017 PRC N/A Automobile business Dalian Yiche Jieying Automobile Sales Co., Ltd. June 27, 2017 PRC N/A Automobile business Henan Jieying Hengxin Automobile Sales Co., Ltd. June 29, 2017 PRC N/A Automobile business Shandong Jieying Huaqi Automobile Service Co., Ltd. July 20, 2017 PRC N/A Automobile business Neimenggu Jieying Kaihang Automobile Sales Co., Ltd. July 14, 2017 PRC N/A Automobile business Hangzhou Jieying Yifeng Automobile Sales Co., Ltd. August 1, 2017 PRC N/A Automobile business Jilin Jieying Taocheguan Automobile Sales Co., Ltd. October 31, 2017 PRC N/A Automobile business Suzhou Jieying Chemaishi Automobile Sales Co., Ltd. October 27, 2017 PRC N/A Automobile business Cangzhou Jieying Bole Automobile Sales Co., Ltd. August 10, 2017 PRC N/A Automobile business Shanghai Jieying Diyi Automobile Sales Co., Ltd. October 19, 2017 PRC N/A Automobile business Ningxia Jieying Xianzhi Automobile Sales Co., Ltd. July 26, 2017 PRC N/A Automobile business Wuhan Jieying Chimei Automobile Sales Co., Ltd. November 20, 2017 PRC N/A Automobile business |
Schedule of Consolidated Assets Backed Financing Entities | As of December 31, 2016 2017 Financing receivable, net $ 73,549 $ 78,485 Total assets $ 73,549 $ 78,485 Accrued expenses and other current liabilities $ 4 $ 4 Payable to investors 141 64,087 Long-term payable to investors 59,916 - Total liabilities $ 60,061 $ 64,091 Years ended December 31, 2015 2016 2017 Net revenues - - - Net loss - $ 375 $ 91 Years ended December 31, 2015 2016 2017 Net cash provided by operating activities - - - Net cash provided by investing activities - - - Net cash provided by financing activities - - - |
VIEs and their subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of consolidated financial information | As of December 31, 2016 2017 Cash and cash equivalents $ 55,908 $ 8,188 Restricted cash 288 51 Short-term investments 410 - Accounts receivable, net 4,702 1,584 Financing receivable, net 228,224 145 Inventory - 95,012 Prepaid expenses and other current assets 17,988 37,422 Amounts due from related parties 10,219 11,624 Total current assets 317,739 154,026 Long-term financing receivable, net 330 - Property and equipment, net 1,058 507 Long-term investments 36,470 43,979 Goodwill - 89,274 Other non-current assets 876 835 Total non-current assets 38,734 134,595 Total assets $ 356,473 $ 288,621 Accounts payable $ 5,423 $ 19,476 Short-term debt 7,202 12,296 Accrued expenses and other current liabilities 11,277 17,498 Payable to investors 182,810 7,153 Amounts due to related parties 222 7,013 Deferred revenue 5,804 10,164 Contingent consideration - 5,944 Income tax payable 7,163 10,380 Total current liabilities 219,901 89,924 Long-term contingent consideration - 60,850 Total non-current liabilities - 60,850 Total liabilities $ 219,901 $ 150,774 Years ended December 31, 2015 2016 2017 Net revenues $ 39,017 $ 61,948 $ 181,253 Loss from continuing operations $ (68,991) $ (31,997) $ (42,245) Income from discontinued operations $ 4,302 $ 829 $ - Years ended December 31, 2015 2016 2017 Net cash provided by (used in) operating activities $ 34,652 $ 68,374 $ (146,911) Net cash (used in) provided by investing activities $ (102,061) $ (187,621) $ 22,943 Net cash provided by financing activities $ 55,928 $ 148,080 $ 37,208 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
DISCONTINUED OPERATIONS [Line Items] | |
Cash Flow Statement, Discontinued Operations | Years ended December 31, 2015 2016 Net cash (used in) provided by operating activities $ (10,164) $ 11,171 Net cash (used in) provided by investing activities $ (1,304) $ 25 |
Summary of operating results from discontinued operations included in the Company's consolidated statement of operations | Years ended December 31, 2015 2016 Renren Games Renren Games Major classes of line items constituting pretax profit of discontinued operations Net revenues $ 17,071 $ 1,699 Cost of revenues (9,426) (871) Selling, research and development, and general and administrative expenses (6,362) (485) Other income that are not major 1,181 150 Income from the operations of the discontinued operations, before income tax 2,464 493 Income tax expenses (944) (102) Income from the operations of the discontinued operations, net of tax 1,520 391 Gain on deconsolidation of the subsidiaries, net of tax - 8,310 Gain from the discontinued operations, net of tax $ 1,520 $ 8,701 |
Renren Games [Member] | |
DISCONTINUED OPERATIONS [Line Items] | |
Schedule of calculation of gain (loss) on deconsolidation | As of March 31, 2016 The proceeds $ 17,500 Less: The repayment of intercompany loans provided by the Company 7,500 Net consideration 10,000 Less: Cash and cash equivalents 15,982 Prepaid expenses and other current assets 2,737 Property and equipment, net 194 Intangible assets, net 263 Other non-current assets 1,508 Accounts payable (1,209) Accrued expenses and other current liabilities (7,062) Amount due to the Company (7,500) Deferred revenue (3,677) Net assets of Online Gaming 1,236 Less: Tax expenses 454 Gain on deconsolidation of Online Gaming $ 8,310 |
BUSINESS ACQUISITION (Tables)
BUSINESS ACQUISITION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Shandong Chongqing Wuhan Cash - $ 2,727 - Goodwill $ 26,550 11,719 $ 10,405 NCI 7,965 4,334 3,121 The purchase price comprised of: -cash consideration - 818 - -contingent consideration 18,585 9,294 7,284 Total $ 18,585 $ 10,112 $ 7,284 Other used car dealer acquisitions Cash $ 1,270 Goodwill 38,317 NCI 11,876 The purchase price comprised of: -cash consideration 381 -contingent consideration 27,330 Total $ 27,711 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year ended December 31, 2017 Shandong Chongqing Wuhan Others Net revenues $ 334 $ 793 - $ 1,387 Net loss $ (76) $ (59) - $ (123) |
Trucker Path Inc. [Member] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | US$ Consideration $ 7,616 Fair value of the 29% equity interests: Carrying amount 5,587 Gain on re-measurement of fair value of noncontrolling equity investment (2,903) Total $ 10,300 Amortization US$ period Net working capital $ 139 Other current assets 5,016 Intangible assets Customer relationship 610 3 Technology platform 325 Trade name 540 3 Goodwill 7,952 Other current liabilities (4,282) Total $ 10,300 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the years ended December 31, December 31, Pro forma net revenues $ 63,404 $ 203,391 Pro forma net loss $ (193,704) $ (116,397) |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
ACCOUNTS AND NOTES RECEIVABLE [Abstract] | |
Schedule of accounts receivable | As of December 31, 2016 2017 Accounts receivable $ 7,541 $ 9,116 Allowance of doubtful accounts (2,839) (2,856) Accounts receivable, net $ 4,702 $ 6,260 |
Schedule of movement of allowance for doubtful accounts | As of December 31, 2015 2016 2017 Balance at beginning of year $ 2,946 $ 3,252 $ 2,839 Charge to expenses 788 (205) 46 Exchange difference (482) (208) (29) Balance at end of year $ 3,252 $ 2,839 $ 2,856 |
FINANCING RECEIVABLE (Tables)
FINANCING RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
FINANCING RECEIVABLE [Abstract] | |
Schedule of financing receivable | As of December 31, 2016 2017 Current financing receivable Used car financing $ 277,684 $ 129,018 Financing for installment sales 11,205 2,177 Other financing 27,775 1,306 Net deferred origination costs 176 - Less allowance for financing receivable (15,067) (7,023) Current financing receivable, net $ 301,773 $ 125,478 Long-term financing receivable Used car financing $ 53 $ 8 Financing for installment sales 324 - Less allowance for long-term financing receivable (47) - Long-term financing receivable, net $ 330 $ 8 |
Schedule of nonaccrual financing receivable | As of December 31, 2016 2017 Used car financing $ 3,352 $ 7,373 Financing for installment sales 6,817 2,051 Other financing 4,945 1,286 $ 15,114 $ 10,710 |
Schedule of aging of financing receivable | 0-90 over 90 total days days financing aging aging receivable Used car financing $ 121,653 $ 7,373 $ 129,026 Financing for installment sales 229 1,948 2,177 Other financing 138 1,168 1,306 $ 122,020 $ 10,489 $ 132,509 As of December 31, 2017, a total of $10,021 and $10,489 of financing receivables are past due and are respectively reflected in the 0-90 days aging and over 90 days aging table above. The following table presents the aging of financing receivable as of December 31, 2016. 0-90 over 90 total days days financing aging aging receivable Used car financing $ 275,007 $ 2,730 $ 277,737 Financing for installment sales 4,712 6,817 11,529 Other financing 23,734 4,041 27,775 $ 303,453 $ 13,588 $ 317,041 |
Schedule of movement of allowance for financing receivable | As of December 31, 2015 2016 2017 Balance at beginning of year $ - $ (3,583) $ (15,114) Charge to cost of revenues (3,665) (12,436) (12,745) Write off of financing receivable - 119 22,178 Exchange difference 82 786 (1,342) Balance at end of year $ (3,583) $ (15,114) $ (7,023) |
PREPAID EXPENSES AND OTHER CU44
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] | |
Schedule of prepaid expenses and other current assets | As of December 31, Note 2016 2017 Advances to third parties (i) $ 721 $ 14,457 Prepaid expenses 2,341 3,925 Deposits 4,259 4,308 Loan to third parties 1,261 2,720 Funds receivable (ii) 4,495 3,880 Receivable from brokers (iii) 5,853 - Disposal of Mapbar Technology Limited (”Mapbar”) - 4,585 Disposal of online wealth management business - 3,482 Other receivable (iv) - 4,209 Other current assets 1,819 8,617 Total $ 20,749 $ 50,183 (i) Advances to third parties represents cash advanced to third party dealerships. Specifically, the Company acts as an agent and assists other dealerships in the sale of their cars by allowing them to move their cars to the Company's own lot and as an exchange, pays those third party dealerships an advance amounting to the value of the car. The Company subsequently agrees to market those cars and if successfully sold, receives a commission from those third party dealerships. The Company does not take title to the cars and merely acts as an agent. The advance is subsequently settled either (1) when the car is sold by the Company or (2) if the car is not sold, the cash is remitted back to the Company by the third party dealership. The balance was substantially collected after year-end and the commission earned from the above arrangements is immaterial for the year ended December 31, 2017. (ii) Funds receivable mainly represents balances paid by individuals for repayments of financing on Renren Fenqi as well as amounts paid by investors for investments made on Renren Licai that are held at a third party electronic payment service provider as of December 31, 2016 and 2017. The balances were collected subsequent to year-end. (iii) Receivable from brokers represents cash provided to brokers who hold the cash on behalf of the Company. The cash has not been used to purchase any securities and accordingly is recorded as a receivable. During the year ended December 31, 2017, the Company sold all its short-term securities and received the entire receivable back from the brokers. (iv) Other receivable represents cash advanced to customers of third party dealerships for purchase of cars for which loans were approved by a bank but for which the customers has not yet received the cash. The amount was subsequently collected by the Company after year-end. |
LONG-TERM INVESTMENTS (Tables)
LONG-TERM INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
LONG-TERM INVESTMENTS [Abstract] | |
Schedule of long-term investments | As of December 31, Note 2016 2017 Equity method investments: Social Finance Inc. ("SoFi") (i) $ 231,952 $ 208,694 Eall (Tianjin) Network Technology Co., Ltd. ("Eall Network") (xiii) 18,137 18,458 Golden Axe (ii) 16,243 14,268 Others (iii) 91,394 77,391 Total equity method investments 357,726 318,811 Cost method investments: Hylink Advertising Co., Ltd. ("Hylink") (iv) 2,161 - StoreDot Ltd. ("StoreDot") (v) 10,001 10,001 GoGo Tech Holdings Limited ("GoGo") (vi) 11,127 11,127 Motif Investing Inc. ("Motif") (vii) 7,700 5,475 LendingHome Corporation ("LendingHome") (viii) 65,843 65,843 Credit Shop Inc. ("Credit Shop") (ix) 35,000 - Eunke Technology Ltd. ("Eunke") (x) 25,000 13,438 Others (xi) 37,605 38,913 Total cost method investments 194,437 144,797 Available-for-sale investments: Snowball Finance Inc. ("Snowball") (xii) 36,337 26,070 Eall Technology Limited ("Eall") (xiii) 2,892 2,892 268V Limited (xiv) 24,170 12,207 Omni Prime Inc. ("Omni") (xv) 27,053 27,637 Zhu Chao Holding Company Limited ("Zhu Chao") (xvi) 18,722 - Hylink Advertising Co., Ltd. (iv) - 9,794 Others (xvii) 34,011 23,158 Total available-for-sale investments 143,185 101,758 Total long-term investments $ 695,348 $ 565,366 Equity method investments (i) In September 2012, March 2014, January 2015, and October 2015, the Company entered into agreements to purchase 5,573,719 Series B Preferred Shares, 6,020,695 Series D Preferred Shares, 2,361,116 Series E Preferred Shares and 9,507,933 Series F Preferred Shares issued by SoFi at a price of $8.79 per Series B Share, $3.45 per Series D Share, $9.46 per Series E Share and $15.78 per Series F Share for a total consideration of $242,120. In November 2012, SoFi split 1 Series B Preferred Share into 4 Series B Preferred Shares and the Company held 22,294,876 Series B Preferred Shares after that. In April 2017, the Company disposed 5,719,986 preferred shares of SoFi for total net proceeds of $91,926, recording a realized gain amounting to $58,335 in (Loss) earnings in equity method investments, net of tax on the consolidation statement of operations for the year ended December 31, 2017. The Company held 21.06% and 14.97% equity interest of SoFi as of December 31, 2016 and 2017, respectively and recognized its share of gain in SoFi of $3,902, loss of $3,968 and gain of $10,333 for the years ended December 31, 2015, 2016 and 2017, respectively. The Company accounted for this investment as equity method as of December 31, 2016 and continued to do so during the year ended December 31, 2017 as it believes it is able to exert significant influence through its board seat combined with the board seats held by the Company's two major shareholders on SoFi's board of directors. (ii) In January 2015, the Company entered into an agreement to purchase 2,000,000 Ordinary Shares and 26,081,176 Series B Preferred Shares issued by Golden Axe Inc. for a total consideration of $18,943 (the "Consideration"). The Company paid $1,143 in December 2015 and $7,167 of the Consideration was settled by both paying cash and forgiving previous loans provided to Golden Axe Inc. in January 2016, at which point, $10,633 of the Consideration remained outstanding. In 2016, concurrent with a restructuring of Golden Axe, the Company entered into a subsequent agreement to acquire 20.46% equity interest of a related entity, Shenzhen Golden Axe Co, Ltd. (collectively with Golden Axe Inc., "Golden Axe"), for the remainder of the Consideration of $10,633. The Company held 20.46% equity interest of Golden Axe as of December 31, 2017 and recognized its share of loss of $nil, $2,275 and $2,496 for the years ended December 31, 2015, 2016 and 2017, respectively. (iii) Others represents other equity method investments with individual carrying amounts less than $15,000 as of December 31, 2016 and 2017, respectively. (iv) In April 2011, the Company acquired 2% equity interest of Hylink at total cash consideration of $2,381. Hylink is mainly engaged in advertising agency service. The Company was not able to exercise significant influence over the operating and financial decisions of Hylink, and thus the Company used the cost method to account for its investment. In August 2017, Hylink successfully listed on the Shanghai Stock Exchange in China. The Company reclassified the investment as available-for-sale securities. Unrealized holding gains of $7,489 were reported in other comprehensive income for the year ended December 31, 2017. (v) In August 2014, the Company entered into an agreement to purchase Series B Preferred Shares issued by StoreDot for a total cash consideration of $10,001 and held 6.06% equity interest of StoreDot. The Company was not able to exercise significant influence over the operating and financial decisions of StoreDot, and thus the Company used the cost method to account for its investment. (vi) In November 2014, the Company entered into an agreement to acquire 10% equity interest of GoGo for a total consideration of $8,100. In May 2015, June 2015 and May 2016, the Company acquired additional equity interest of GoGo for a total consideration of $5,000, $3,000 and $500, respectively. The Company held 13.89% and 10.48% equity interest of GoGo as of December 31, 2015 and 2016, respectively. The Company was not able to exercise significant influence over the operating and financial decisions of GoGo, and thus the Company used the cost method to account for its investment. As of December 31, 2016, as a result of a decrease in fair value of GoGo from its new financing in 2016, the Company performed an impairment analysis and recognized an OTTI loss of $5,473 during the year ended December 31, 2016. (vii) In January 2015, the Company entered into an agreement to purchase 5,579,734 Series E Preferred Shares issued by Motif for a total consideration of $40,000 and held 10% equity interest of Motif as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of Motif, and thus the Company used the cost method to account for its investment. As a result of a failure to achieve Motif’s business plan and deterioration of its results, the Company performed an impairment analysis and recognized an OTTI loss of $32,300 and $2,225 during the years ended December 31, 2016 and 2017, respectively. (viii) In March 2015, the Company entered into an agreement to purchase 6,153,999 Series C Preferred Shares issued by LendingHome for a total consideration of $65,843 and held 14.72% equity interest of LendingHome as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of LendingHome, and thus the Company used the cost method to account for its investment. (ix) In January 2015, the Company acquired 204,471 Series A Preferred Shares issued by Credit Shop at a price of $73.36 for a total consideration of $15,000. Additionally, the parties also reached an agreement, whereby the Company would provide a revolving line of credit up to $15,000 to Credit Shop. That agreement also included an option whereby the Company or Credit Shop have the option to convert the full $15,000 revolving line into Series A Preferred Shares of Credit Shop. Prior to or in conjunction with the exercise of the option, the Company is required to have fully funded the $15,000 revolving loan. Additionally, upon the exercise of the option, the Company is also required to purchase additional Series A Preferred Shares from Credit Shop in the amount of $5,000. Such option is not legally detachable or transferable and therefore was not separately accounted. In December 2015, Credit Shop exercised the option; the Company therefore purchased $20,000 of Series A Preferred Shares in February 2016. As of December 31, 2016, the Company held 40.99% equity interest of Credit Shop. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. During the year ended December 31, 2017, as a result of a failure to achieve CreditShop’s business plan and deterioration of the its financial results, the Company performed an impairment analysis. As a result, the Company recognized an OTTI loss amounting to $35,000 during the year ended December 31, 2017. (x) In March 2015, the Company entered into an agreement to purchase 4,770,131 Series B Preferred Shares issued by Eunke for a total consideration of $25,000, and held 21.9% equity interest of Eunke as of December 31, 2015. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. In determining the fair value of the investment in Eunke, as a result of a failure to achieve Eunke’s business plan and deterioration of its financial results, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering, and recognized an OTTI loss amounting to $11,562 during the year ended December 31, 2017. (xi) Others represents other cost method investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively. In the third quarter of 2017, the Company disposed Mapbar, a cost method investment acquired in 2011, to an unrelated investor for a total consideration of US$37,311, of which US$32,726 was received as of December 31, 2017 and the rest amount were received in January 2018. The investment was fully impaired during the year ended December 31, 2013, and therefore, a total of $37,311 gain on disposal of investment was recognized in 2017. In November 2014, the Company acquired 35,040,427 Series C Preferred Shares issued by Snowball at a price of $0.9988 per share. As part of the acquisition, the Company received a detachable preferred share warrant, exercisable within 2 years of the share acquisition, to (1) purchase additional up to 8,872,590 Series C Preferred Share at a price of $1.6906 per share; (2) if Snowball issued subsequent equity securities, purchase such subsequent equity securities at a price amounting to the lower of $1.6906 and the per share price paid by investors purchasing such subsequent equity securities. The total consideration for the purchase of Series C Preferred Shares and warrant was $34,998, of which $901 was allocated to the value of warrant based on its fair value at the acquisition date. The Company did not exercise the warrant and it expired in September 2016. As a result, the Company recorded a loss of $901 in 2016. The Company has determined that the Series C Preferred Shares are redeemable at the option of the investors according to the redemption terms further included below: (1) Each holder of the preferred shares then outstanding may require Snowball to redeem all but not less than all of the then outstanding preferred shares held by such requesting holder, at any time after the earliest of (i) five years from the issuance of the preferred shares if there is no firm commitment underwritten registered public offering of the shares or other securities of Snowball, (ii) any material adverse change in the regulatory environment, or (iii) any material breach by Snowball and/or the founders of Snowball of the preferred share purchase agreements, the shareholders’ agreement, the Amended Memorandum and Articles of Snowball, or other relevant agreements and documents. (2) The redemption price per preferred share shall be the sum of the original issue price (as adjusted) and all declared but unpaid dividends, plus an assumed 8 percent compounded per annum return for each year the preferred shares were outstanding. As such, the Company determined that the shares are debt securities in nature and accounted for those as available-for-sale securities. The Company performed an impairment analysis and recognized an OTTI loss of $9,989 during the year ended December 31, 2017. In determining the fair value of the investment in Snowball Finance Inc., the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering. Unrealized holding gains of $803 and loss of $278 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. (xiii) In September 2014, the Company entered into an agreement to purchase 5,321,428 Series B-1 Preferred Shares and 649,351 Series B-2 Preferred Shares issued by Eall at a price of $3.08 per Series B-1 share and $2.62 per Series B-2 share for a total consideration of $18,090. In July 2015, the Company purchased an additional 652,598 Series B-1 Preferred Shares at a price of $3.08 per Series B-1 share for a total consideration of $2,010. The Company has determined that all of the purchased shares are redeemable at the option of the investors according to the redemption terms further included below: (1) Each holder of the then outstanding preferred shares may require that Eall redeem all or part of the preferred shares then outstanding, on or after the earlier of (i) January 1, 2019, or (ii) the occurrence of any material breach or violation of any of the Memorandum and Articles of Eall, the preferred share purchase agreements, the shareholders agreement, and other relevant agreements and documents and/or the applicable laws by Eall or any direct or indirect holder of the ordinary shares of Eall. (2) The redemption price per preferred share shall be the amount equal to 100 percent of the original issue price, plus all accrued or declared but unpaid dividends on such preferred shares (subject to adjustments for share split, share dividend, reclassification or other similar events). As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. In July 2016, Eall conducted a restructuring such that the Company ultimately held a 20.4% investment in both Eall and Eall Network, a shell company controlled by the founding shareholders of Eall. The Company still accounted the investment in Eall as available-for-sale investment as there were no changes to the nature and redemption rights of the investment and recorded its investment at fair value as of December 31, 2016 and 2017. Additionally, the Company accounted for its investment in Eall Network as an in-substance common stock investment over which the Company could exercise significant influence. As a result, the Company recorded its investment in Eall Network as an equity method investment at $17,937 based on the fair value of the investment at the time of the restructuring. The Company recognized its share of loss of $200 and gain of $321 related to its investment in Eall Network for the years ended December 31, 2016 and 2017, respectively. (xiv) In January 2015, the Company entered into an agreement to purchase 64,281,655 Series D Preferred Shares issued by 268V Limited for a total consideration of $75,000. The Company has determined that the Series D Preferred Shares are redeemable at the option of the investors according to the redemption terms further included below: (1) At the option of a holder of the preferred shares, 268V Limited shall redeem all, or any, of the outstanding preferred shares held by the requesting holder, at any time after the earliest of (i) the date that there is a material breach by 268V Limited or by any direct or indirect owners of the ordinary shares of 268V Limited, of the preferred share purchase agreements, the shareholder agreement, the restated Articles, and other relevant agreements and documents, (ii) any material adverse change in the regulatory environment that will cause the agreements that provide 268V Limited the control over its variable interest entity to be invalid or unenforceable, or (iii) the failure by 268V Limited to complete a firm underwritten public offering of the shares or other equity securities within five years from the issuance date of the preferred shares. (2) The redemption price shall be equal to the greater of (i) an amount equal to the sum of the original issue price (as adjusted), plus an assumed 12 percent compounded per annum return for each year the preferred shares were outstanding, and all declared but unpaid dividends thereon up to the date of redemption or (ii) the fair market value of each preferred share. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. As a result of a decrease in fair value of 268V Limited from its new financing in 2016 and 2017, the Company performed an impairment analysis and recognized an OTTI loss of $50,830 and $12,085 during the years ended December 31, 2016 and 2017, respectively. In determining the fair value of the investment in 268V Limited, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering. Unrealized holding gains of $nil and $122 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. (xv) In July 2015 and March 2016, the Company purchased 14,727,541 Series B Preferred Shares and 510,248 shares of Series B++ Preferred Shares issued by Omni at the price of $1.358 per Series B Preferred Share and $1.96 per Series B++ Preferred Share for a total consideration of $21,000, respectively. The Company has determined that the Series B Preferred Shares and Series B++ Preferred Shares are redeemable at the option of the investor according to the redemption terms further included below: (1) If so requested by any holder of the preferred shares, Omni shall redeem all or part of such outstanding preferred shares, at any time after the earliest of (i) July 30, 2021, if Omni has not consummated an underwritten public offering of its ordinary shares, (ii) any change of laws or policy with respect to the validity of the agreements that provide Omni with control over its variable interest entity, (iii) any competent governmental authority having determined that it is illegal for Omni to carry on its business as conducted and as proposed to be conducted in accordance with applicable laws, regulations, policies or discretion of competent governmental authorities, and Omni has been unable to carry on such business for at least 3 consecutive months due to such determination or (iv) any material breach by Omni and/or its founders of the preferred share purchase agreements, shareholder agreement or relevant agreements and documents. (2) The price at which each preferred share shall be redeemed shall be equal to the greater of (i) 150 percent of the original issue price of such preferred shares and (ii) the fair market value of such preferred shares. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. Unrealized holding loss of $2,813 and gain of $584 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. (xvi) In January 2015, the Company entered into an agreement to purchase 1,553,566 Series A Preferred Shares issued by Zhu Chao for a total consideration of $15,000. The Company has determined that the Series A Preferred Shares are redeemable at the option of the investor according to the redemption terms further included below: (1) Each holder of the then outstanding preferred shares is entitled to request Zhu Chao to redeem all or part of its outstanding preferred shares on or after the earliest of (i) August 10, 2020, if there has been no firm commitment underwritten public offering of the ordinary shares of Zhu Chao, (ii) the last date of the three-month period commencing from the delivery of notice of the occurrence of any PRC regulatory development by the majority preferred shareholders to Zhu Chao, if, during such three-month period, the ordinary shareholders of Zhu Chao have failed to devise a feasible alternative legal structure reasonably satisfactory to the majority preferred shareholders that will give effect to the rights and preferences of the preferred shareholders under the Memorandum and Articles of Zhu Chao, the preferred share purchase agreement, the shareholder agreement and other relevant agreements and documents (“Zhu Chao Transaction Agreements”), as closely as possible, or (iii) the occurrence of any material breach by Zhu Chao or any holder of the ordinary shares of Zhu Chao of any of the Zhu Chao Transaction Agreements. (2) The redemption price per preferred share shall be the amount equal to 200 percent the original issue price of the preferred share, plus all accrued or declared but unpaid dividends on such preferred share. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. In determining the fair value of the investment in Zhuchao Holdings Company Limited., as a result of a failure to achieve Zhu Chao’s business plan and deterioration of its operating results, the Company performed an impairment analysis and recognized an OTTI loss amounting to $15,000 during the year ended December 31, 2017. Unrealized holding gains of $nil, $3,722 and loss of $3,722 were reported in other comprehensive income for the years ended December 31, 2015, 2016 and 2017, respectively. (xvii) Others represents other long-term available-for-sale investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively. |
Summary of financial information of the equity method investments | The summarized financial information for all of the Company’s equity method investments were as follows: As of December 31, 2016 2017 Total current assets $ 7,176,015 $ 10,070,446 Total assets $ 7,250,680 $ 10,151,227 Total current liabilities $ 5,200,536 $ 7,825,929 Total liabilities $ 5,340,139 $ 7,997,108 Noncontrolling interests $ 443,885 $ - For the years ended December 31, 2015 2016 2017 Net revenues $ 199,069 $ 406,686 $ 673,420 Gross profits $ 167,512 $ 351,782 $ 579,076 (Loss) income from continuing operations $ (58,658 ) $ (25,455 ) $ 30,669 Net (loss) income $ (58,658 ) $ (25,455 ) $ 30,669 |
Schedule of long-term available-for-sale investments | As of December 31, 2016 and 2017, the Company held following long-term available-for-sale investments: As of December 31, 2017 As of December 31, 2016 Gross Other-than Gross Other-than unrealized -temporary Fair unrealized -temporary Fair Cost gains impairment value Cost gains impairment value Convertible redeemable preferred shares $ 165,524 $ 9,745 $ (89,805 ) $ 85,464 $ 172,928 $ 16,387 $ (50,830 ) $ 138,485 Convertible debt 7,500 - (1,000 ) 6,500 4,700 - - 4,700 Equity securities 2,305 7,489 - 9,794 - - - - Total $ 175,329 $ 17,234 $ (90,805 ) $ 101,758 $ 177,628 $ 16,387 $ (50,830 ) $ 143,185 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
PROPERTY AND EQUIPMENT, NET [Abstract] | |
Schedule of Property and equipment, net | As of December 31, 2016 2017 Building $ 29,989 $ 32,002 Computer equipment and application software 18,724 17,821 Furniture and vehicles 137 312 Leasehold improvements 775 809 $ 49,625 $ 50,944 Less: Accumulated depreciation $ (20,869) $ (21,322) Less: Accumulated impairment loss (90) (90) $ 28,666 $ 29,532 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
GOODWILL. [Abstract] | |
Schedule of changes in carrying amounts of goodwill | Amount Balance at January 1, 2017 - Increase in goodwill related to acquisitions $ 99,654 Exchange difference 2,283 Balance at December 31, 2017 $ 101,937 |
SHORT-TERM DEBT AND LONG-TERM48
SHORT-TERM DEBT AND LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SHORT-TERM DEBT AND LONG-TERM DEBT [Abstract] | |
Schedule of Short-term Debt | As of December 31, Note 2016 2017 East West Bank (i) $ 30,000 $ - Bank of Shanghai (ii) 7,202 12,296 Hengfeng Bank (iii) - 49,183 Total $ 37,202 $ 61,479 (i) In December 2016, the Company entered into a short-term loan agreement with East West Bank for $ 30,000 1.2 10,000 LIBOR rate plus 1.2% (ii) In November 2016, the Company entered into a short-term loan agreement with Bank of Shanghai for $ 7,202 In May and August 2017, the Company entered into five short-term loan agreements with Bank of Shanghai for $ 12,296 137.9 149.4 In February 2017, the Company entered into a six-month loan agreement with Bank of Shanghai for $ 4,358 143.5 In March 2017, the Company entered into a loan agreement with Hengfeng Bank for $ 33,045 109.2 2,305 3,074 |
Schedule Of Long Term Debt Current | Long-term debt current As of December 31, Note 2016 2017 A trust company (v) - $ 52,604 Total - $ 52,604 |
Schedule of Long-term Debt Instruments | Long-term debt non current As of December 31, Note 2016 2017 An asset management company (iv) $ 42,786 $ - A trust company (v) 52,604 - Hengfeng Bank and East West Bank (iii) (i) - 47,665 Total $ 95,390 $ 47,665 (iv) In November 2015, the Company entered into a long-term loan agreement with an asset management company to borrow $ 69,468 12 16 including 4,970,573 6,020,695 2,361,116 23,608 In October 2015, the Company entered into a long-term loan agreement with a trust company to borrow $ 59,260 6 7,512,535 one year. Accordingly, the Company reclassed the loan to long-term debt - current. |
ACCRUED EXPENSES AND OTHER CU49
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | |
Schedule of accrued expenses and other payables | As of December 31, 2016 2017 Employee payroll and welfare payables $ 2,800 $ 3,437 Other tax payable 7,013 12,676 Accrued professional, marketing and leasing fees 3,965 6,032 Interest payable (i) 1,761 13,472 Other payables 4,242 10,281 Total $ 19,781 $ 45,898 (i) The balance mainly include the interest payable of Long-term debt - current (see Note 13 (v)). |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES [Abstract] | |
Schedule of current and deferred component of income tax expenses (benefits) which were substantially attributable to the Company's PRC subsidiaries and VIE and VIE's subsidiaries | Years ended December 31, 2015 2016 2017 Current income tax expenses $ 3,124 $ 2,470 $ 4,479 Deferred income tax expenses - - - Total income tax expenses $ 3,124 $ 2,470 $ 4,479 |
Schedule of principal components of the deferred tax assets and liabilities | As of December 31, 2016 2017 Deferred tax assets Provision for doubtful accounts $ 5,339 $ 3,422 Accrued payroll and welfare 700 809 Accrued liabilities 2,409 2,414 Long term investment impairment - 2,328 Excessive advertising fee 1,572 1,990 Excessive employee education fee 150 161 Net operating loss carry forwards 54,567 55,745 Less valuation allowance (64,737) (66,869) Deferred tax assets, net $ - $ - Deferred tax liabilities $ - $ - |
Schedule of reconciliation between the income taxes expense (benefit) computed by applying the PRC tax rate to income (loss) before income taxes and the actual provision for income taxes | Years ended December 31, 2015 2016 2017 Loss before provision of income tax $ (214,585) $ (173,400) $ (173,264) PRC statutory income tax rate 25 % 25 % 25 % Income tax at statutory tax rate (53,646) (43,350) (43,316) Taxable deemed interest income from inter-company interest-free loans 5,632 6,925 7,288 Non-deductible loss and other expenses not deductible for tax purposes 41,114 42,571 37,096 Effect of income tax rate differences in jurisdictions other than the PRC (27) (54) 709 Effect of tax holidays - - 570 Changes in valuation allowance 10,051 (3,622) 2,132 Income tax expenses $ 3,124 $ 2,470 $ 4,479 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
Summary of the Company's financial assets and liabilities measured and recorded at fair value on recurring basis | As of December 31, 2016 As of December 31, 2017 Fair Value Measurement at the Reporting Date using Fair Value Measurement at the Reporting Date using Quoted Significant Significant Total Quoted Significant Significant Total Short-term investments Trading securities: Funds 411 - - 411 - - - - Future (1) - - (1) - - - - Long-term investments Available-for-sale investments: Convertible redeemable preferred shares - - 138,485 138,485 - - 85,464 85,464 Convertible debt - - 4,700 4,700 - - 6,500 6,500 Equity securities - - - - - 9,794 - 9,794 Accrued expense and other current liabilities Liability-classified warrant - - (6,551) (6,551) - - (6,356) (6,356) Total $ 410 - $ 136,634 $ 137,044 - 9,794 $ 85,608 $ 95,402 |
Summary of additional information about the reconciliation of the fair value measurements using significant unobservable inputs level 3 | Convertible redeemable Written Liability- preferred Convertible put classified shares Debt option warrant Balance as of December 31, 2015 $ 219,278 $ 6,500 $ (7,000) $ (6,656) Initial recognition 6,492 3,200 - - Derecognition (17,937) (5,000) 7,000 - (Losses) earnings for the period Earnings - - - 105 Impairment losses (50,830) - - Other comprehensive loss (18,518) - - - Balance as of December 31, 2016 $ 138,485 $ 4,700 $ - $ (6,551) Initial recognition - 3,000 - - Derecognition (10,647) (200) - - (Losses) earnings for the period Earnings - - - 195 Impairment losses (38,975) (1,000) - - Other comprehensive loss (3,399) - - - Balance as of December 31, 2017 $ 85,464 $ 6,500 $ - $ (6,356) |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The liability-classified warrant was valued using Black-Scholes model with the following assumptions. Years ended December 31, 2016 2017 Exercise price $ 15.78 $ 15.78 Annual risk-free interest rate 1.7 % 2.0 % Volatility 28 % 31 % Dividend yield - - |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SHARE-BASED COMPENSATION [Abstract] | |
Schedule of fair value of the options granted, estimated on the date of grant using the option-pricing models with assistance from Marsh, an independent valuation firm, with assumptions used | Year ended December 31, 2016 Using binomial Risk-free interest rate 2.0 % Volatility 50 % Expected term (in years) 10 Exercise price $ 1.227 Dividend yield - |
Summary of information with respect to share options outstanding | Options outstanding Options exercisable Weighted Weighted Weighted Weighted Weighted Weighted average average average average average average Range of Number remaining exercise intrinsic Number of remaining exercise intrinsic exercise prices outstanding contractual life price value exercisable contractual life price value $0.08~$0.18 442,515 1.62 $ 0.18 $ 227 442,455 1.62 $ 0.18 $ 227 $0.3~$0.48 141,039,101 6.40 $ 0.48 30,276 105,631,485 5.96 $ 0.48 22,676 141,481,616 $ 30,503 106,073,940 $ 22,903 |
Summary of the activity of the stock options granted | Weighted Weighted average average Number of exercise grant date shares price fair value Balance, December 31, 2016 145,446,560 $ 0.96 $ 0.63 Exercised (1,715,895) $ 0.33 $ 0.30 Forfeited (2,249,049) $ 0.36 $ 0.16 Balance, December 31, 2017 141,481,616 $ 0.48 $ 0.64 Exercisable, December 31, 2017 106,073,940 $ 0.48 Expected to vest, December 31, 2017 35,407,676 $ 0.48 |
Summary of the nonvested restricted shares activity | Weighted Weighted average fair number of value nonvested per ordinary restricted share at the shares grant dates Outstanding as of December 31, 2016 15,935,208 1.00 Granted 1,475,608 0.53 Vested (5,182,140) 1.01 Forfeited (1,425,993) 0.90 Outstanding as of December 31, 2017 10,802,683 0.95 |
Share-based compensation attributable to selling and marketing, research and development and general and administrative expenses and loss from the operations of the discontinued operations | Years ended December 31, 2015 2016 2017 Gross amount: Selling and marketing $ 243 $ 770 $ 598 Research and development 781 1,363 1,092 General and administrative 25,481 21,411 26,326 26,505 23,544 28,016 Expense recorded in discontinued operations 1,736 - - Total share-based compensation expense $ 28,241 $ 23,544 $ 28,016 |
RELATED PARTY BALANCES AND TR53
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract] | |
Schedule of amount due from related parties | As of December 31, 2016 and 2017, amounts due from related parties were $ 13,419 15,224 As of December 31, Note 2016 2017 Tianjin Yi Chuang Xin He Information Technology Co., Ltd., (“Yi Chuang Xin He”), a subsidiary of Eall, available-for-sale investee of the Company (i) 10,082 10,759 Others 3,337 4,465 Total $ 13,419 $ 15,224 (i) The balance represents the loan to Yi Chuang Xin He. Yi Chuang Xin He is a subsidiary of Eall, which is an available-for-sale investee of the Company. In May 2016, the Company entered into agreements with Eall and Yi Chuang Xin He for a series of loan transactions, pursuant to which the Company made a loan amounting to RMB70 million to Yi Chuang Xin He. At the same time, Eall made a loan in US dollar to the Company amounting to RMB70 million ($10,692). Both of the loans are free of interest. The loan due from Yi Chuang Xin He is repayable on demand. The loan due to Eall is repayable 5 work days after Yi Chuang Xin He repays the loan to the Company. The Company recorded the loans as amount due from and amount due to related parties as the Company does not have the right to offset and does not intend on setting off the loans. As of December 31, 2017, both of the loans remained outstanding. |
Schedule of amount due to related parties | Amounts due to related parties As of December 31, 2016 2017 Eall (i) $ 10,692 $ 10,692 Others 222 7,054 Total $ 10,914 $ 17,746 (i) The balance represents the loan provided by Eall (see Note 20 (i)). |
Schedule of transactions with related parties for amount due from related parties | Years ended December 31, 2015 2016 2017 Loan to Beautiful Bay Co., Ltd, substantially controlled by the majority shareholder of OPH which is controlled by the CEO of the Company $ 4,775 $ - $ - Loan to Yi Chuang Xin He - 10,542 - Loan to Beijing Yunke Logistics Co., Ltd, a subsidiary of Eunke, cost method investee of the Company - - 8,591 Others 182 4,083 3,069 Total $ 4,957 $ 14,625 $ 11,660 |
Schedule of transactions with related parties for amount due to related parties | Years ended December 31, 2015 2016 2017 Loan from Eall $ - $ 10,692 $ - Others 152 413 333 Total $ 152 $ 11,105 $ 333 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SEGMENT INFORMATION [Abstract] | |
Schedule of segment information | Year ended December 31, 2015 Year ended December 31, 2016 Year ended December 31, 2017 Renren Auto Total Renren Auto Total Renren Auto Total Net revenues $ 36,880 4,231 41,111 42,513 20,851 63,364 52,251 149,851 202,102 Cost of revenues 35,203 1,517 36,720 37,696 14,071 51,767 40,108 144,290 184,398 Operating expenses 107,211 2,486 109,697 68,918 15,692 84,610 80,403 25,178 105,581 Operating (loss) gain (105,534) 228 (105,306) (64,101) (8,912) (73,013) (68,260) (19,617) (87,877) Net loss from continuing operations (221,851) (1,326) (223,177) (183,638) (10,415) (194,053) (85,237) (25,266) (110,503) Net income from discontinued operations 1,520 - 1,520 8,701 - 8,701 - - - Net loss $ (220,331) (1,326) (221,657) (174,937) (10,415) (185,352) (85,237) (25,266) (110,503) |
LOSSES PER SHARE (Tables)
LOSSES PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
EARNINGS PER SHARE [Abstract] | |
Schedule of computation of basic and diluted net loss per ordinary share | Years ended December 31, 2015 2016 2017 Net loss: Loss from continuing operations $ (223,177) $ (194,053) $ (110,503) Income from discontinued operations, net of tax 1,520 8,701 - Net loss (221,657) (185,352) (110,503) Add: net loss attributable to noncontrolling interest 1,529 - 76 Net loss attributable to Renren Inc. $ (220,128) $ (185,352) $ (110,427) Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share-basic 1,019,378,556 1,022,664,396 1,028,537,406 Incremental weighted average ordinary shares from assumed exercise of stock options using the treasury stock method 7,857,646 4,512,567 - Weighted average number of ordinary shares outstanding used in computing net income per ordinary share-diluted 1,027,236,202 1,027,176,963 1,028,537,406 Net loss per ordinary share attributable to Renren Inc. shareholders - basic: Loss per ordinary share from continuing operations $ (0.22) $ (0.19) $ (0.11) Income per ordinary share from discontinued operations $ 0.00 $ 0.01 $ - Net loss per ordinary share attributable to Renren Inc. shareholders - basic: $ (0.22) $ (0.18) $ (0.11) Net loss per ordinary share attributable to Renren Inc. shareholders - diluted: Loss per ordinary share from continuing operations $ (0.22) $ (0.19) $ (0.11) Income per ordinary share from discontinued operations $ 0.00 $ 0.01 $ - Net loss per ordinary share attributable to Renren Inc. shareholders - diluted: $ (0.22) $ (0.18) $ (0.11) |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCY [Abstract] | |
Schedule of future minimum lease payments under non-cancellable operating leases | 2018 $ 6,366 2019 3,792 2020 3,031 2021 and thereafter 1,686 Total $ 14,875 |
Schedule of future minimum payments related to long-term debts | 2018 $ 59,260 2019 3,074 2020 44,591 Total $ 106,925 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
ORDINARY SHARES [Abstract] | |
Schedule Of Comprehensive Income (Loss) | Movement of accumulated other comprehensive income is as follow: Foreign Unrealized currency gain (loss) on translation available-for-sale adjustments investments Total Balance as of December 31, 2014 $ 9,267 $ (1,493) $ 7,774 Exchange difference (7,777) 37,127 29,350 Balance as of December 31, 2015 $ 1,490 $ 35,634 $ 37,124 Exchange difference (10,994) (19,247) (30,241) Balance as of December 31, 2016 $ (9,504) $ 16,387 $ 6,883 Exchange difference 9,585 648 10,233 Balance as of December 31, 2017 $ 81 $ 17,035 $ 17,116 |
Additional Information - Fina58
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule I Condensed Financial Information of Parent Company | |
Condensed Balance Sheets | Condensed Financial Information of Parent Company BALANCE SHEETS (U.S. dollars in thousands, except share data and per share data, or otherwise noted) As of December 31, 2016 2017 ASSETS Current assets: Cash and cash equivalents $ 15,694 $ 97,697 Prepaid expenses and other current assets - 5,179 Amounts due from subsidiaries 1,127,402 1,144,420 Total current assets 1,143,096 1,247,296 Long-term investments 232,952 209,605 Investment in subsidiaries (529,991) (687,629) TOTAL ASSETS $ 846,057 $ 769,272 LIABILITIES AND EQUITY Current liabilities: Short-term debt 30,000 - Long-term debt - current - 52,604 Accrued expenses and other current liabilities 1,446 15,508 Amounts due to related party 10,692 - Total current liabilities 42,138 68,112 Long-term liabilities 52,604 20,000 Other non-current liabilities 12,849 6,356 TOTAL LIABILITIES $ 107,591 $ 94,468 Equity: Class A ordinary shares, $0.001 par value, 3,000,000,000 shares authorized, 719,651,418 and 726,549,453 shares issued and outstanding as of December 31, 2016 and 2017, respectively 720 727 Class B ordinary shares, $0.001 par value, 500,000,000 shares authorized, 305,388,450 and 305,388,450 shares issued and outstanding as of December 31, 2016 and 2017, respectively 305 305 Additional paid-in capital 1,266,592 1,303,117 Accumulated deficit (536,034) (646,461) Accumulated other comprehensive income 6,883 17,116 Equity 738,466 674,804 TOTAL LIABILITIES AND EQUITY $ 846,057 $ 769,272 |
Condensed Statements of Operations And Comprehensive (Loss) Income | Condensed Financial Information of Parent Company STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (U.S. dollars in thousands, except share data and per share data, or otherwise noted) Years ended December 31, 2015 2016 2017 Selling and marketing $ 243 $ 770 $ 598 Research and development 780 1,363 1,092 General and administrative 28,811 25,477 33,519 Total operating expenses 29,834 27,610 35,209 Other (loss) income (528) 307 1,385 Interest income 270 127 223 Interest expenses (985) (5,728) (6,391) Realized gain on short-term investments 4,102 - - (Loss) earnings in equity method investments (3,516) (3,968) 9,743 (Loss) gain on disposal of equity method investments (534) - 58,335 (Loss) gain on disposal of cost method investments - - 37,311 Equity in loss of subsidiaries and variable interest entities (189,103) (148,480) (175,824) Net loss $ (220,128) $ (185,352) $ (110,427) Other comprehensive (loss) income, net of tax: Foreign currency translation (7,777) (10,994) 9,585 Net unrealized gain (loss) on available-for-sale investments, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively 40,695 (18,518) 3,891 Transfer to statements of operations of realized gain on available-for-sale securities, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively (3,568) (729) (3,243) Other comprehensive income (loss) $ 29,350 $ (30,241) $ 10,233 Comprehensive loss $ (190,778) $ (215,593) $ (100,194) |
Condensed Statements of Cash Flows | Condensed Financial Information of Parent Company STATEMENTS OF CASH FLOWS (U.S. dollars in thousands, except share data and per share data, or otherwise noted) Years ended December 31, 2015 2016 2017 Cash flows from operating activities: Net loss $ (220,128) $ (185,352) $ (110,427) Equity in income of subsidiaries and variable interest entities 189,103 148,480 175,824 Share-based compensation expense 24,575 23,544 28,016 Gain on disposal of cost method investment - - (37,311) Exchange loss (gain) on offshore accounts 376 3 (1) Gain on short-term investments and fair value change of derivatives (4,102) - - Loss (earnings) in equity method investment 4,050 3,968 (68,078) Fair value change of liability-classified warrant - (105) (195) Changes in operating assets and liabilities: Prepaid expenses and other current assets 2,796 107 (294) Accrued expenses and other current liabilities (5,040) (1,689) 1,902 Other non-current liabilities 966 5,332 5,862 Increase in amounts due from subsidiaries (128,551) (65,055) (27,710) Net cash used in operating activities (135,955) (70,767) (32,412) Cash flows from investing activities: Restricted cash (15,370) 15,370 - Decrease in term deposits 139,514 - - Proceeds from sale of available-for-sale securities 33,416 - - Proceeds from principal return on SoFi Loan Note 984 5,879 - Proceeds from sale of equity method investment - 18,460 91,926 Proceeds from sale of cost method investment - - 32,726 Capital distribution received from equity method investees 9,854 - - Dividend received from available-for-sale securities 137 - - Purchase of equity method investment (172,331) (1,000) (500) Purchase of cost method investment (300) - - Net cash (used in) provided by investing activities (4,096) 38,709 124,152 Cash flows from financing activities: Repurchase of ordinary shares (10,292) - - Proceeds from exercise of share options 1,231 1,430 262 Proceeds from borrowings 159,260 30,000 - Restricted cash for debt borrowings (100,000) 100,000 - Repayment of borrowings - (100,000) (10,000) Proceeds from loan from a related party - 10,692 - Net cash provided by (used in) financing activities 50,199 42,122 (9,738) Net (decrease) increase in cash and cash equivalents (89,852) 10,064 82,002 Cash and cash equivalents at beginning of year 95,485 5,633 15,694 Effect of exchange rate changes - (3) 1 Cash and cash equivalents at end of year $ 5,633 $ 15,694 $ 97,697 |
ORGANIZATION AND PRINCIPAL AC59
ORGANIZATION AND PRINCIPAL ACTIVITIES (Schedule Of Information Related To Entity's Subsidiary, VIEs And VIE's Subsidiaries) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
CIAC [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 5, 2005 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Kaixin Auto Group (formerly named as Renren Wealth Inc.) [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Mar. 7, 2011 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Link224 Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | May 31, 2011 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Lianhe Holdings [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Sep. 2, 2011 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Wole Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 27, 2011 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
JiehunChina Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jun. 14, 2011 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Giant Way [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | May 17, 2012 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Finance, Inc. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Dec. 15, 2014 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Renren Gongying Inc. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 2, 2015 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Study Inc. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Apr. 5, 2012 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Game HK [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Mar. 8, 2012 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Qianxiang Shiji [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Mar. 21, 2005 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Beijing Woxiu [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 27, 2011 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Jiexun Shiji [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Apr. 26, 2012 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Huijin [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 10, 2012 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Joy Interactive (Beijing) Technology Development Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Apr. 24, 2013 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Shanghai Renren Financial Leasing Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | May 25, 2015 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Qianxiang Tiancheng [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 28, 2002 |
Place of incorporation | PRC |
Principal activities | IVAS business |
Jingwei Zhihui [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Mar. 19, 2014 |
Place of incorporation | PRC |
Principal activities | Internet business |
Guangzhou Xiuxuan Brokers Co.,Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Sep. 22, 2014 |
Place of incorporation | PRC |
Principal activities | IVAS business |
Shanghai Wangjing Investment Management Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Apr. 20, 2015 |
Place of incorporation | PRC |
Principal activities | Internet business |
Qianxiang Wangjing [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Nov. 11, 2008 |
Place of incorporation | PRC |
Principal activities | Internet business |
Shanghai Changda [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 25, 2010 |
Place of incorporation | PRC |
Principal activities | Internet business |
Wole Shijie [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 27, 2011 |
Place of incorporation | PRC |
Principal activities | Technology development and service |
Beijing Kirin Wings Technology Development Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jan. 16, 2013 |
Place of incorporation | PRC |
Principal activities | Internet business |
Beijing Zhenzhong Hudong Information Technology Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Dec. 23, 2014 |
Place of incorporation | PRC |
Principal activities | Internet business |
Shanghai Wangjing Commercial Factoring Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 28, 2015 |
Place of incorporation | PRC |
Principal activities | Factoring business |
Renren CRSP Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren CHYP Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren PLML Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren KURY Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren ONER Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren BLCR Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren ZHCH Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 14, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren LSTAR Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 17, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren CHRYPH Holdings Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 31, 2016 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Lianhe Hong Kong Co. Limited [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | May 16, 2016 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Winday Company Limited [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 26, 2016 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Giantly Limited [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 16, 2016 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Gentle Height Company Limited [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Dec. 7, 2016 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Chime Technologies, Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Sep. 7, 2012 |
Place of incorporation | USA |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Qianxiang Lianhe Technology Development Beijing Co., Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Nov. 12, 2016 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Beijing Qianxiang Yixin Technology Development Co., Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Sep. 1, 2016 |
Place of incorporation | PRC |
Principal activities | Investment holding |
Fenqi Winday Company Limited [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Feb. 29, 2016 |
Place of incorporation | Hong Kong |
Principal activities | Internet business |
Shanghai Mumian Interactive Internet Information Service Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jun. 16, 2016 |
Place of incorporation | PRC |
Principal activities | IVAS business |
Guangzhou Qunge Information Technology Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 26, 2016 |
Place of incorporation | PRC |
Principal activities | IVAS business |
Tianjin Zhenzhong Interactive Information Technology Co., Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Apr. 8, 2016 |
Place of incorporation | PRC |
Principal activities | Investment holding |
Beijing Qianxiang Wanxin Technology Development Co., Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Nov. 18, 2016 |
Place of incorporation | PRC |
Principal activities | Investment holding |
Renren SF Holdings Inc. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jan. 9, 2017 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Oak Pacific Investment [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Sep. 14, 2017 |
Place of incorporation | Cayman Islands |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Jet Sound Hong Kong Company Limited [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | May 7, 2011 |
Place of incorporation | Hong Kong |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren U.S. Holdco, Inc. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 31, 2017 |
Place of incorporation | USA |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Sindeo Inc [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 3, 2017 |
Place of incorporation | USA |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Geographic Farming LLC [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 24, 2017 |
Place of incorporation | USA |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Trucker Path Inc. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Dec. 28, 2017 |
Place of incorporation | USA |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Internet business |
Shanghai Renren Automobile Technology Co., Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 18, 2017 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Renren Zhenhan Technology Development Beijing Co., Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Nov. 13, 2017 |
Place of incorporation | PRC |
Percentage of legal ownership by Renren Inc | 100.00% |
Principal activities | Investment holding |
Shanghai Jieying Automobile Sales Co., Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Feb. 27, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Shanghai Heiguo Internet Information Technology Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Feb. 27, 2017 |
Place of incorporation | PRC |
Principal activities | Investment holding |
Renren (Tianjin) Insurance Broker Co Ltd. [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 24, 2017 |
Place of incorporation | PRC |
Principal activities | Investment holding |
Renren Zhencai Technology Development Beijing Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Dec. 15, 2017 |
Place of incorporation | PRC |
Principal activities | Investment holding |
Jieying Baolufeng Automobile Sales Shenyang Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jun. 14, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Chongqing Jieying Shangyue Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 3, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Jiangsu Jieying Ruineng Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | May 16, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Dalian Yiche Jieying Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jun. 27, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Henan Jieying Hengxin Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jun. 29, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Shandong Jieying Huaqi Automobile Service Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 20, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Neimenggu Jieying Kaihang Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 14, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Hangzhou Jieying Yifeng Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 1, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Jilin Jieying Taocheguan Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 31, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Suzhou Jieying Chemaishi Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 27, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Cangzhou Jieying Bole Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Aug. 10, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Shanghai Jieying Diyi Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Oct. 19, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Ningxia Jieying Xianzhi Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Jul. 26, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
Wuhan Jieying Chimei Automobile Sales Co Ltd [Member] | |
Investment Holdings [Line Items] | |
Later of date of incorporation or acquisition | Nov. 20, 2017 |
Place of incorporation | PRC |
Principal activities | Automobile business |
ORGANIZATION AND PRINCIPAL AC60
ORGANIZATION AND PRINCIPAL ACTIVITIES ( (Narrative) (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2017$ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016CNY (¥) | Jan. 31, 2016CNY (¥) | |
VIE arrangements [Line Items] | |||||||
Asset-Backed Securities, at Carrying Value | $ 78.5 | $ 46.1 | ¥ 510.6 | ¥ 299.8 | |||
Financing Arrangements Expiration Date | May 2,018 | ||||||
Minimum [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.4831 | ||||||
Maximum [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.6096 | ||||||
AAA-rated senior securities [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Percentage of Tranches | 70.50% | 68.00% | |||||
AA-rated senior securities [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Percentage of Tranches | 11.00% | 10.50% | |||||
Subordinate Security Held By Originator [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Percentage of Tranches | 18.50% | 21.50% | |||||
Variable Interest Entity [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Percentage of VIEs revenues to the consolidated net revenues | 89.70% | 97.80% | 94.90% | ||||
Percentage of VIEs assets to the consolidated total assets | 24.20% | 30.30% | |||||
Percentage of VIEs liability to the consolidated total liabilities | 31.10% | 50.20% | |||||
Variable Interest Entity [Member] | Power of Attorney [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Term of agreement | 10 years | ||||||
Variable Interest Entity [Member] | Business Operations Agreement [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Advance written notice period for not extending term of agreement | 30 years | ||||||
Variable Interest Entity [Member] | Exclusive Equity Option Agreement [Member] | |||||||
VIE arrangements [Line Items] | |||||||
Advance written notice period for not extending term of agreement | 30 years |
ORGANIZATION AND PRINCIPAL AC61
ORGANIZATION AND PRINCIPAL ACTIVITIES (Schedule Of Consolidated Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Consolidated financial information [Line Items] | ||||
Cash and cash equivalents | $ 128,595 | $ 79,370 | ||
Restricted cash | 47,253 | 30,390 | ||
Short-term investments | 410 | |||
Accounts receivable, net | 6,260 | 4,702 | ||
Financing receivable, net | [1] | 125,478 | 301,773 | |
Inventory | 95,012 | |||
Prepaid expenses and other current assets | 50,183 | 20,749 | ||
Amounts due from related parties | 15,224 | 13,419 | ||
Total current assets | 468,005 | 450,813 | ||
Long-term loan receivable, net | 8 | 330 | ||
Property and equipment, net | 29,532 | 28,666 | ||
Long-term investments | 565,366 | 695,348 | ||
Goodwill | 101,937 | |||
Other non-current assets | 27,056 | 1,687 | ||
Total assets | 1,194,164 | 1,176,844 | ||
Accounts payable | 20,046 | 5,561 | ||
Short-term debt | 61,479 | 37,202 | ||
Accrued expenses and other current liabilities | 45,898 | 19,781 | ||
Payable to investors | 142,689 | 182,951 | ||
Amounts due to related parties | 17,746 | 10,914 | ||
Deferred revenue | 11,489 | 5,954 | ||
Contingent consideration | 60,850 | 0 | ||
Income tax payable | 12,652 | 7,860 | ||
Total current liabilities | 370,547 | 270,223 | ||
Long-term contingent consideration | 66,794 | |||
Total non-current liabilities | 114,871 | 168,155 | ||
Long-term payable to investors | 59,916 | |||
TOTAL LIABILITIES | 485,418 | 438,378 | ||
Net revenues | 202,102 | 63,364 | $ 41,111 | |
Net loss | (110,427) | (185,352) | (220,128) | |
Loss from continuing operations | (110,503) | (194,053) | (223,177) | |
(Loss) income from discontinued operations | 0 | 8,701 | 1,520 | |
Net cash provided by (used in) operating activities | (114,964) | (11,005) | (50,042) | |
Net cash (used in) provided by investing activities | 224,236 | (193,283) | (248,984) | |
Net cash provided by financing activities | (67,113) | 226,075 | 180,430 | |
VIEs and their subsidiaries [Member] | ||||
Consolidated financial information [Line Items] | ||||
Cash and cash equivalents | 8,188 | 55,908 | ||
Restricted cash | 51 | 288 | ||
Short-term investments | 410 | |||
Accounts receivable, net | 1,584 | 4,702 | ||
Financing receivable, net | 145 | 228,224 | ||
Inventory | 95,012 | 0 | ||
Prepaid expenses and other current assets | 37,422 | 17,988 | ||
Amounts due from related parties | 11,624 | 10,219 | ||
Total current assets | 154,026 | 317,739 | ||
Long-term loan receivable, net | 330 | |||
Property and equipment, net | 507 | 1,058 | ||
Long-term investments | 43,979 | 36,470 | ||
Goodwill | 89,274 | |||
Other non-current assets | 835 | 876 | ||
Total non-current assets | 134,595 | 38,734 | ||
Total assets | 288,621 | 356,473 | ||
Accounts payable | 19,476 | 5,423 | ||
Short-term debt | 12,296 | 7,202 | ||
Accrued expenses and other current liabilities | 17,498 | 11,277 | ||
Payable to investors | 7,153 | 182,810 | ||
Amounts due to related parties | 7,013 | 222 | ||
Deferred revenue | 10,164 | 5,804 | ||
Contingent consideration | 5,944 | |||
Income tax payable | 10,380 | 7,163 | ||
Total current liabilities | 89,924 | 219,901 | ||
Long-term contingent consideration | 60,850 | |||
Total non-current liabilities | 60,850 | |||
Long-term payable to investors | 59,916 | |||
TOTAL LIABILITIES | 150,774 | 219,901 | ||
Net revenues | 181,253 | 61,948 | 39,017 | |
Loss from continuing operations | (42,245) | (31,997) | (68,991) | |
(Loss) income from discontinued operations | 829 | 4,302 | ||
Net cash provided by (used in) operating activities | (146,911) | 68,374 | 34,652 | |
Net cash (used in) provided by investing activities | 22,943 | (187,621) | (102,061) | |
Net cash provided by financing activities | 37,208 | 148,080 | 55,928 | |
Consolidated Assets Backed Financing Entities [Member] | ||||
Consolidated financial information [Line Items] | ||||
Financing receivable, net | 78,485 | 73,549 | ||
Total assets | 78,485 | 73,549 | ||
Accrued expenses and other current liabilities | 4 | 4 | ||
Payable to investors | 64,087 | 141 | ||
Long-term payable to investors | 0 | 59,916 | ||
TOTAL LIABILITIES | 64,091 | 60,061 | ||
Net revenues | ||||
Net loss | 91 | 375 | ||
Net cash provided by (used in) operating activities | ||||
Net cash (used in) provided by investing activities | ||||
Net cash provided by financing activities | ||||
[1] | The Company consolidated Shanghai Renren Finance Leasing Asset-Backed Special Plans (the "Plans"), see Note 1. |
SUMMARY OF SIGNIFICANT ACCOUN62
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Estimated Useful Lives Of Property And Equipment) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Building [Member] | |
Property and equipment, net [Line Items] | |
Estimated useful lives | 46 years |
Furniture and vehicles [Member] | |
Property and equipment, net [Line Items] | |
Estimated useful lives | 5 years |
Computer equipment and application software [Member] | Minimum [Member] | |
Property and equipment, net [Line Items] | |
Estimated useful lives | 2 years |
Computer equipment and application software [Member] | Maximum [Member] | |
Property and equipment, net [Line Items] | |
Estimated useful lives | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN63
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets With Indefinite Lives, Impairment Of Long-Lived Assets And Intangible Assets With Definite Lives, Business Taxes, Value Added Taxes, Income Taxes) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost of revenues | |||
Provision for Loan and Lease Losses | $ 12,745 | $ 12,436 | $ 3,665 |
Business taxes | |||
Business taxes deducted in arriving net revenue | 0 | 77 | 25 |
Value added taxes | |||
Amount of VAT reported as a deduction to revenue | 9,777 | 4,080 | 1,217 |
Income taxes | |||
Income tax due to uncertain tax position and interest and penalties related to potential underpaid income tax expenses | 0 | 0 | 0 |
Treasury shares | |||
Revenue, Other Financial Services | 25,399 | 17,854 | 2,754 |
Other Noncurrent Assets [Member] | |||
Treasury shares | |||
Restricted Cash, Noncurrent | 26,075 | 323 | |
Online Advertising Services [Member] | |||
Treasury shares | |||
Revenues | 348 | 1,653 | 9,721 |
Live Streaming Services [Member] | |||
Treasury shares | |||
Revenues | $ 32,341 | $ 17,898 | $ 15,404 |
SIGNIFICANT RISKS AND UNCERTA64
SIGNIFICANT RISKS AND UNCERTAINTIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign currency risk | |||
Cash and cash equivalents denominated in RMB | $ 23,144 | $ 29,027 | |
Sales Revenue, Net [Member] | |||
Foreign currency risk | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Accounts Receivable [Member] | |||
Foreign currency risk | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Foreign currency risk | |||
Concentration Risk, Percentage | 13.00% |
DISCONTINUED OPERATIONS (Schedu
DISCONTINUED OPERATIONS (Schedule Of Calculation Of Gain (Loss) On Consolidation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Calculation of gain on deconsolidation | ||||
Amount due to the Company | $ 7,500 | |||
Gain on deconsolidation of Online Gaming | $ 8,310 | |||
Online Gaming [Member] | ||||
Calculation of gain on deconsolidation | ||||
The proceeds | $ 17,500 | |||
Less: The repayment of intercompany loans provided by the Company | 7,500 | |||
Net consideration | 10,000 | |||
Less: Cash and cash equivalents | 15,982 | |||
Prepaid expenses and other current assets | 2,737 | |||
Other current assets | 1,508 | |||
Property and equipment, net | 194 | |||
Intangible assets, net | 263 | |||
Accounts payable | (1,209) | |||
Accrued expenses and other current liabilities | (7,062) | |||
Amount due to the Company | (7,500) | |||
Deferred revenue | (3,677) | |||
Net assets of Online Gaming | 1,236 | |||
Less: Tax expenses | 454 | |||
Gain on deconsolidation of Online Gaming | $ 8,310 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Major classes of line items constituting pretax profit of discontinued operations | |||
Net revenues | $ 202,102 | $ 63,364 | $ 41,111 |
Cost of revenues | (184,398) | (51,767) | (36,720) |
Other income that are not major | (1,369) | 12,888 | (7,058) |
Income tax expenses | 0 | (102) | (944) |
Income from the operations of the discontinued operations, net of tax | 391 | 1,520 | |
Gain on deconsolidation of the subsidiaries, net of tax | 8,310 | ||
Renren Games [Member] | |||
Major classes of line items constituting pretax profit of discontinued operations | |||
Net revenues | 1,699 | 17,071 | |
Cost of revenues | (871) | (9,426) | |
Selling, research and development, and general and administrative expenses | (485) | (6,362) | |
Other income that are not major | 150 | 1,181 | |
Income from the operations of the discontinued operations, before income tax | 493 | 2,464 | |
Income tax expenses | (102) | (944) | |
Income from the operations of the discontinued operations, net of tax | 391 | 1,520 | |
Gain on deconsolidation of the subsidiaries, net of tax | 8,310 | ||
Gain from the discontinued operations, net of tax | $ 8,701 | $ 1,520 |
DISCONTINUED OPERATIONS (Sche67
DISCONTINUED OPERATIONS (Schedule of Condensed cash flow of Online Gaming) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Net cash (used in) provided by operating activities | $ 11,171 | $ (10,164) |
Net cash (used in) provided by investing activities | $ 25 | $ (1,304) |
DISCONTINUED OPERATIONS (Narrat
DISCONTINUED OPERATIONS (Narrative) (Details) - Online Gaming [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
DECONSOLIDATION OF SUBSIDIARIES [Line Items] | |
Disposal of business gross amount | $ 17,500 |
Proceeds from Collection of Advance to Affiliate | $ 7,500 |
BUSINESS ACQUISITION (Schedule
BUSINESS ACQUISITION (Schedule Of Significant Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill | $ 101,937 | |
-contingent consideration | 66,794 | |
Shandong [Member] | ||
Cash | 0 | |
Goodwill | 26,550 | |
NCI | 7,965 | |
-cash consideration | 0 | |
-contingent consideration | 18,585 | |
Total | 18,585 | |
Chongqing [Member] | ||
Cash | 2,727 | |
Goodwill | 11,719 | |
NCI | 4,334 | |
-cash consideration | 818 | |
-contingent consideration | 9,294 | |
Total | 10,112 | |
Wuhan [Member] | ||
Cash | ||
Goodwill | 10,405 | |
NCI | 3,121 | |
-cash consideration | ||
-contingent consideration | 7,284 | |
Total | 7,284 | |
Other Used Car Dealer [Member] | ||
Cash | 1,270 | |
Goodwill | 38,317 | |
NCI | 11,876 | |
-cash consideration | 381 | |
-contingent consideration | 27,330 | |
Total | $ 27,711 |
BUSINESS ACQUISITION (Schedul70
BUSINESS ACQUISITION (Schedule Of Consolidated Statement Of Operations Acquisition) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Shandong [Member] | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 334 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (76) |
Chongqing [Member] | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 793 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (59) |
Wuhan [Member] | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 0 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 0 |
Others [Member] | |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,387 |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (123) |
BUSINESS ACQUISITION (Schedul71
BUSINESS ACQUISITION (Schedule Purchase Price) (Details) - Trucker Path Inc. [Member] - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 19, 2014 | Dec. 31, 2017 | |
Consideration | $ 11,500 | $ 7,616 |
Fair value of the 29% equity interests: | ||
Carrying amount | 5,587 | |
Gain on re-measurement of fair value of noncontrolling equity investment | (2,903) | |
Total | $ 10,300 |
BUSINESS ACQUISITION (Schedul72
BUSINESS ACQUISITION (Schedule of Purchase Price Acquisition) (Details) $ in Thousands | Dec. 28, 2017USD ($) |
Net working capital | $ 139 |
Other current assets | 5,016 |
Goodwill | 7,952 |
Other current liabilities | (4,282) |
Total | 10,300 |
Customer relationship | |
Goodwill | $ 610 |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Technology platform | |
Goodwill | $ 325 |
Trade name | |
Goodwill | $ 540 |
Finite-Lived Intangible Asset, Useful Life | 3 years |
BUSINESS ACQUISITION (Schedul73
BUSINESS ACQUISITION (Schedule of pro forma financial information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Pro forma net revenues | $ 203,391 | $ 63,404 |
Pro forma net loss | $ (116,397) | $ (193,704) |
BUSINESS ACQUISITION (Narrative
BUSINESS ACQUISITION (Narrative) (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 19, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 27, 2017USD ($) | Jul. 20, 2017USD ($) | Jul. 03, 2017USD ($) | |
Number of Businesses Acquired | 14 | |||||||
Business Combination, Contingent Consideration, Liability | $ 66,794 | $ 66,794 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 2,545 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | 30.00% | ||||||
Goodwill. | $ 101,937 | $ 101,937 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 8,786 | $ 3,721 | $ 2,791 | |||||
Shandong [Member] | ||||||||
Payments to Acquire Businesses, Gross | 0 | |||||||
Business Combination, Contingent Consideration, Liability | 18,585 | 18,585 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 18,585 | |||||||
Business Combination, Consideration Transferred | 18,585 | |||||||
Goodwill. | 26,550 | 26,550 | ||||||
Chongqing [Member] | ||||||||
Payments to Acquire Businesses, Gross | 818 | |||||||
Business Combination, Contingent Consideration, Liability | 9,294 | 9,294 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 10,112 | |||||||
Business Combination, Consideration Transferred | 10,112 | |||||||
Goodwill. | 11,719 | 11,719 | ||||||
Wuhan [Member] | ||||||||
Payments to Acquire Businesses, Gross | ||||||||
Business Combination, Contingent Consideration, Liability | 7,284 | 7,284 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 7,284 | |||||||
Business Combination, Consideration Transferred | 7,284 | |||||||
Goodwill. | $ 10,405 | 10,405 | ||||||
Trucker Path Inc. [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 11,500 | $ 7,616 | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 29.00% | 71.00% | 71.00% | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 2,903 | |||||||
Business Combination, Consideration Transferred | 10,300 | |||||||
Sindeo Inc [Member] | ||||||||
Goodwill. | $ 3,251 | 3,251 | ||||||
Geographic Farming LLC [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 4,326 | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | 100.00% | ||||||
Goodwill. | $ 1,460 | $ 1,460 | ||||||
Cash Injection Dealerships [Member] | ||||||||
Business Acquisition Consideration, Cash Injected | 17,580 | |||||||
Payments to Acquire Businesses, Gross | 7,240 | |||||||
Used Car Dealers [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 14,884 | |||||||
Business Combination, Consideration Transferred | 45,920 | |||||||
Financing Receivable Forgiven | $ 21,201 | |||||||
New Entity [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 70.00% | 70.00% | ||||||
Car Inventories Each Dealership [Member] | ||||||||
Business Combination, Consideration Transferred | $ 30,622 | |||||||
Shandong, Chongqing and Wuhan [Member] | ||||||||
Financing Receivable Forgiven | 6,995 | |||||||
Other Payments to Acquire Businesses | $ 2,951 | |||||||
Other Acquisition [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 11,933 | |||||||
Financing Receivable Forgiven | $ 14,206 |
ACCOUNTS RECEIVABLE (Schedule O
ACCOUNTS RECEIVABLE (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable | $ 9,116 | $ 7,541 |
Allowance of doubtful accounts | (2,856) | (2,839) |
Accounts receivable, net | $ 6,260 | $ 4,702 |
ACCOUNTS RECEIVABLE (Schedule76
ACCOUNTS RECEIVABLE (Schedule Of Movement Of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement of allowance for doubtful accounts | |||
Balance at beginning of year | $ 2,839 | $ 3,252 | $ 2,946 |
Charge to expenses | 46 | (205) | 788 |
Exchange difference | (29) | (208) | (482) |
Balance at end of year | $ 2,856 | $ 2,839 | $ 3,252 |
FINANCING RECEIVABLE (Schedule
FINANCING RECEIVABLE (Schedule of Loans Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current financing receivable | ||
Used car financing | $ 129,018 | $ 277,684 |
Financing for installment sales | 2,177 | 11,205 |
Other financing | 1,306 | 27,775 |
Net deferred origination costs | 176 | |
Less allowance for financing receivable | (7,023) | (15,067) |
Current financing receivable, net | 125,478 | 301,773 |
Long-term financing receivable | ||
Used car financing | 8 | 53 |
Financing for installment sales | 324 | |
Less allowance for long-term financing receivable | (47) | |
Long-term financing receivable, net | $ 8 | $ 330 |
FINANCING RECEIVABLE (Schedul78
FINANCING RECEIVABLE (Schedule of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Used car financing | $ 7,373 | $ 3,352 |
Financing for installment sales | 2,051 | 6,817 |
Other financing | 1,286 | 4,945 |
Financing receivable, net | $ 10,710 | $ 15,114 |
FINANCING RECEIVABLE (Schedul79
FINANCING RECEIVABLE (Schedule of Aging of loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Used car financing | $ 129,026 | $ 277,737 |
Financing for installment sales | 2,177 | 11,529 |
Other financing | 1,306 | 27,775 |
Financing receivable | 132,509 | 317,041 |
0-90 days aging [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Used car financing | 121,653 | 275,007 |
Financing for installment sales | 229 | 4,712 |
Other financing | 138 | 23,734 |
Financing receivable | 122,020 | 303,453 |
Over 90 days aging [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Used car financing | 7,373 | 2,730 |
Financing for installment sales | 1,948 | 6,817 |
Other financing | 1,168 | 4,041 |
Financing receivable | $ 10,489 | $ 13,588 |
FINANCING RECEIVABLE (Schedul80
FINANCING RECEIVABLE (Schedule of Movement of Allowance for Financing Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ (15,114) | $ (3,583) | $ 0 |
Charge to cost of revenues | (12,745) | (12,436) | (3,665) |
Write off of financing receivable | 0 | (119) | |
Exchange difference | (1,342) | 786 | 82 |
Balance at end of year | $ (7,023) | $ (15,114) | $ (3,583) |
FINANCING RECEIVABLE (Narrative
FINANCING RECEIVABLE (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Current | $ 132,509 | $ 317,041 |
0-90 days aging [Member] | ||
Financing Receivable, Recorded Investment, Current | 122,020 | 303,453 |
Over 90 days aging [Member] | ||
Financing Receivable, Recorded Investment, Current | $ 10,489 | $ 13,588 |
PREPAID EXPENSES AND OTHER CU82
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Advances to third parties | $ 14,457 | $ 721 | |
Prepaid expenses | 3,925 | 2,341 | |
Deposits | 4,308 | 4,259 | |
Loan to third parties | 2,720 | 1,261 | |
Funds receivable | [1] | 3,880 | 4,495 |
Receivable from brokers | [2] | 0 | 5,853 |
Other receivable | [3] | 4,209 | 0 |
Other current assets | 8,617 | 1,819 | |
Total | 50,183 | 20,749 | |
Mapbar Technology Limited [Member] | |||
Disposal Group | 4,585 | 0 | |
Online Wealth Management Business | |||
Disposal Group | $ 3,482 | $ 0 | |
[1] | Funds receivable mainly represents balances paid by individuals for repayments of financing on Renren Fenqi as well as amounts paid by investors for investments made on Renren Licai that are held at a third party electronic payment service provider as of December 31, 2016 and 2017. The balances were collected subsequent to year-end. | ||
[2] | Receivable from brokers represents cash provided to brokers who hold the cash on behalf of the Company. The cash has not been used to purchase any securities and accordingly is recorded as a receivable. During the year ended December 31, 2017, the Company sold all its short-term securities and received the entire receivable back from the brokers. | ||
[3] | Other receivable represents cash advanced to customers of third party dealerships for purchase of cars for which loans were approved by a bank but for which the customers has not yet received the cash. The amount was subsequently collected by the Company after year-end. |
SHORT-TERM INVESTMENTS (Narrati
SHORT-TERM INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Impact of derivative instruments on the statement of operations | |||
Trading Securities, Realized Gain | $ 577 | ||
Available-for-sale Securities, Amortized Cost Basis | $ 175,329 | 177,628 | $ 59,136 |
Proceeds from Sale of Available-for-sale Securities | 62,704 | ||
Trading Securities, Realized Loss | 100 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 3,243 | $ 729 | 3,568 |
Derivative, Loss on Derivative | $ 100,644 |
LONG-TERM INVESTMENTS (Narrativ
LONG-TERM INVESTMENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2017 | Apr. 30, 2017 | Sep. 30, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Feb. 27, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Jul. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2015 | Nov. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Mar. 31, 2014 | Nov. 30, 2012 | Sep. 30, 2012 | Apr. 30, 2011 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 31, 2016 | Jun. 30, 2015 | May 31, 2015 | ||||
Equity method investments | |||||||||||||||||||||||||||||
Earnings (loss) in equity method investments, net of tax | $ 67,240 | $ (18,183) | $ (5,468) | ||||||||||||||||||||||||||
Total equity method investments | 318,811 | 357,726 | |||||||||||||||||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 58,335 | ||||||||||||||||||||||||||||
Trading Securities, Unrealized Holding Gain | 122 | 0 | |||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost Method Investments | 144,797 | 194,437 | |||||||||||||||||||||||||||
Cost Method Investment Consideration | 37,311 | ||||||||||||||||||||||||||||
Proceeds from Sale of Other Investments | 32,726 | ||||||||||||||||||||||||||||
Cost-method Investments, Realized Gains | 37,311 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Unrealized holding gains (loss) | 17,234 | 16,387 | |||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 90,805 | 50,830 | |||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 30.00% | ||||||||||||||||||||||||||||
Golden Axe [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Due to Related Parties | $ 10,633 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,000,000 | ||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.46% | ||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 18,943 | ||||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Other | 1,143 | ||||||||||||||||||||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | $ 2,496 | 2,275 | 0 | ||||||||||||||||||||||||||
SZ Golden Axe [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.46% | ||||||||||||||||||||||||||||
Payments to Acquire Businesses, Gross | $ 10,633 | ||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Total equity method investments | 15,000 | 15,000 | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Other long-term available-for-sale investments | 10,000 | 10,000 | |||||||||||||||||||||||||||
Series B shares [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Stock Splits | 22,294,876 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 26,081,176 | ||||||||||||||||||||||||||||
Business Combination, Consideration Transferred, Other | $ 7,167 | ||||||||||||||||||||||||||||
Snowball [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Unrealized holding gains (loss) | 278 | 803 | |||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 9,989 | ||||||||||||||||||||||||||||
Snowball [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Earnings (loss) in equity method investments, net of tax | $ 901 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Warrants term | 2 years | ||||||||||||||||||||||||||||
Payments to acquire investments | $ 901 | ||||||||||||||||||||||||||||
Snowball [Member] | Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Number of shares purchased | 35,040,427 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 0.9988 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Price per share (in dollars per share) | 1.6906 | ||||||||||||||||||||||||||||
Snowball [Member] | Series C Preferred Stock [Member] | Warrant [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 1.6906 | ||||||||||||||||||||||||||||
Payments to acquire investments | $ 34,998 | ||||||||||||||||||||||||||||
Number of shares entitled to be purchased on exercise of warrants | 8,872,590 | ||||||||||||||||||||||||||||
Eall [Member] | Series B-1 and B-2 Preferred Share [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Payments to acquire investments | $ 18,090 | ||||||||||||||||||||||||||||
Eall [Member] | Series B-1 Preferred Shares [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Number of shares purchased | 652,598 | 5,321,428 | |||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 3.08 | $ 3.08 | |||||||||||||||||||||||||||
Payments to acquire investments | $ 2,010 | ||||||||||||||||||||||||||||
Eall [Member] | Series B-2 Preferred Shares [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Number of shares purchased | 649,351 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 2.62 | ||||||||||||||||||||||||||||
268V Limited [Member] | Series D Preferred Stock [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost-method Investments, Other than Temporary Impairment | 12,085 | ||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Number of shares purchased | 64,281,655 | ||||||||||||||||||||||||||||
Payments to acquire investments | $ 75,000 | ||||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 50,830 | ||||||||||||||||||||||||||||
Omni [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Unrealized holding gains (loss) | 584 | (2,813) | |||||||||||||||||||||||||||
Omni [Member] | Series B shares [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Number of shares purchased | 14,727,541 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 1.358 | ||||||||||||||||||||||||||||
Payments to acquire investments | $ 21,000 | ||||||||||||||||||||||||||||
Omni [Member] | Series B++ Preferred Share [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Number of shares purchased | 510,248 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 1.96 | ||||||||||||||||||||||||||||
Zhu Chao [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 15,000 | ||||||||||||||||||||||||||||
Zhu Chao [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Number of shares purchased | 1,553,566 | ||||||||||||||||||||||||||||
Payments to acquire investments | $ 15,000 | ||||||||||||||||||||||||||||
Unrealized holding gains (loss) | $ 0 | (3,722) | 3,722 | $ 0 | |||||||||||||||||||||||||
Hylink [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Acquisition of equity interest (as a percent) | 2.00% | ||||||||||||||||||||||||||||
Cash contribution made to acquire investments | $ 2,381 | ||||||||||||||||||||||||||||
Cost Method Investments | [1] | 2,161 | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Unrealized holding gains (loss) | 7,489 | ||||||||||||||||||||||||||||
StoreDot [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost Method Investments | [2] | 10,001 | $ 10,001 | ||||||||||||||||||||||||||
StoreDot [Member] | Series B shares [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Acquisition of equity interest (as a percent) | 6.06% | ||||||||||||||||||||||||||||
Cash contribution made to acquire investments | $ 10,001 | ||||||||||||||||||||||||||||
GoGo [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Acquisition of equity interest (as a percent) | 10.00% | 10.48% | 13.89% | ||||||||||||||||||||||||||
Cash contribution made to acquire investments | $ 8,100 | ||||||||||||||||||||||||||||
Cost Method Investments | 5,000 | 11,127 | [3] | $ 11,127 | [3] | $ 5,000 | $ 500 | $ 3,000 | $ 5,000 | ||||||||||||||||||||
Cost-method Investments, Other than Temporary Impairment | 5,473 | ||||||||||||||||||||||||||||
Motif [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost Method Investments | [4] | 5,475 | 7,700 | ||||||||||||||||||||||||||
Cost-method Investments, Other than Temporary Impairment | 2,225 | 32,300 | |||||||||||||||||||||||||||
Motif [Member] | Series E Preferred Shares [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Acquisition of equity interest (as a percent) | 10.00% | ||||||||||||||||||||||||||||
Cost Method Investments | $ 40,000 | $ 40,000 | |||||||||||||||||||||||||||
Number of shares purchased | 5,579,734 | ||||||||||||||||||||||||||||
LendingHome Corporation [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Acquisition of equity interest (as a percent) | 14.72% | ||||||||||||||||||||||||||||
Cost Method Investments | $ 65,843 | 65,843 | [5] | $ 65,843 | [5] | 65,843 | |||||||||||||||||||||||
LendingHome Corporation [Member] | Series C Preferred Stock [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Number of shares purchased | 6,153,999 | ||||||||||||||||||||||||||||
Credit Shop [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Acquisition of equity interest (as a percent) | 40.99% | ||||||||||||||||||||||||||||
Cost Method Investments | [6] | $ 35,000 | |||||||||||||||||||||||||||
Cost-method Investments, Other than Temporary Impairment | 35,000 | ||||||||||||||||||||||||||||
Credit Shop [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cash contribution made to acquire investments | $ 20,000 | $ 15,000 | |||||||||||||||||||||||||||
Number of shares purchased | 204,471 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 73.36 | ||||||||||||||||||||||||||||
Revolving line of credit, maximum borrowing capacity | 15,000 | $ 15,000 | |||||||||||||||||||||||||||
Amount of additional shares to be purchased upon conversion of debt | $ 15,000 | ||||||||||||||||||||||||||||
Debt Conversion, Original Debt, Amount | $ 15,000 | ||||||||||||||||||||||||||||
Eunke [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost Method Investments | [7] | 13,438 | 25,000 | ||||||||||||||||||||||||||
Cost-method Investments, Other than Temporary Impairment | 11,562 | ||||||||||||||||||||||||||||
Eunke [Member] | Series B shares [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cash contribution made to acquire investments | $ 25,000 | ||||||||||||||||||||||||||||
Number of shares purchased | 4,770,131 | ||||||||||||||||||||||||||||
Percentage of Ownership Under Cost Method Investment | 21.90% | 21.90% | |||||||||||||||||||||||||||
Others [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost Method Investments | [8] | 38,913 | 37,605 | ||||||||||||||||||||||||||
Others [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Cost method investments | |||||||||||||||||||||||||||||
Cost Method Investments | 10,000 | 10,000 | |||||||||||||||||||||||||||
Eall Network [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Earnings (loss) in equity method investments, net of tax | 321 | (200) | |||||||||||||||||||||||||||
Total equity method investments | 18,458 | 18,137 | |||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||
Payments to acquire investments | 17,937 | ||||||||||||||||||||||||||||
Social Finance, Inc [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Payment for equity method investments | $ 242,120 | ||||||||||||||||||||||||||||
Earnings (loss) in equity method investments, net of tax | $ 10,333 | $ (3,968) | $ 3,902 | ||||||||||||||||||||||||||
Ownership percentage by parent company | 14.97% | 21.06% | |||||||||||||||||||||||||||
Total equity method investments | [9] | $ 208,694 | $ 231,952 | ||||||||||||||||||||||||||
Social Finance, Inc [Member] | Series B shares [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Number of shares purchased | 5,573,719 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 8.79 | ||||||||||||||||||||||||||||
Social Finance, Inc [Member] | Series D Preferred Stock [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Number of shares purchased | 6,020,695 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 3.45 | ||||||||||||||||||||||||||||
Social Finance, Inc [Member] | Series E Preferred Shares [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Number of shares purchased | 2,361,116 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 9.46 | ||||||||||||||||||||||||||||
Social Finance, Inc [Member] | Series F Preferred Shares [Member] | |||||||||||||||||||||||||||||
Equity method investments | |||||||||||||||||||||||||||||
Number of shares purchased | 9,507,933 | ||||||||||||||||||||||||||||
Price per share (in dollars per share) | $ 15.78 | ||||||||||||||||||||||||||||
[1] | In April 2011, the Company acquired 2% equity interest of Hylink at total cash consideration of $2,381. Hylink is mainly engaged in advertising agency service. The Company was not able to exercise significant influence over the operating and financial decisions of Hylink, and thus the Company used the cost method to account for its investment. In August 2017, Hylink successfully listed on the Shanghai Stock Exchange in China. The Company reclassified the investment as available-for-sale securities. Unrealized holding gains of $7,489 were reported in other comprehensive income for the year ended December 31, 2017. | ||||||||||||||||||||||||||||
[2] | In August 2014, the Company entered into an agreement to purchase Series B Preferred Shares issued by StoreDot for a total cash consideration of $10,001 and held 6.06% equity interest of StoreDot. The Company was not able to exercise significant influence over the operating and financial decisions of StoreDot, and thus the Company used the cost method to account for its investment. | ||||||||||||||||||||||||||||
[3] | In November 2014, the Company entered into an agreement to acquire 10% equity interest of GoGo for a total consideration of $8,100. In May 2015, June 2015 and May 2016, the Company acquired additional equity interest of GoGo for a total consideration of $5,000, $3,000 and $500, respectively. The Company held 13.89% and 10.48% equity interest of GoGo as of December 31, 2015 and 2016, respectively. The Company was not able to exercise significant influence over the operating and financial decisions of GoGo, and thus the Company used the cost method to account for its investment. As of December 31, 2016, as a result of a decrease in fair value of GoGo from its new financing in 2016, the Company performed an impairment analysis and recognized an OTTI loss of $5,473 during the year ended 2016. | ||||||||||||||||||||||||||||
[4] | In January 2015, the Company entered into an agreement to purchase 5,579,734 Series E Preferred Shares issued by Motif for a total consideration of $40,000 and held 10% equity interest of Motif as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of Motif, and thus the Company used the cost method to account for its investment. As a result of a failure to achieve Motif’s business plan and deterioration of its results, the Company performed an impairment analysis and recognized an OTTI loss of $32,300 and $2,225 during the years ended December 31, 2016 and 2017, respectively. | ||||||||||||||||||||||||||||
[5] | In March 2015, the Company entered into an agreement to purchase 6,153,999 Series C Preferred Shares issued by LendingHome for a total consideration of $65,843 and held 14.72% equity interest of LendingHome as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of LendingHome, and thus the Company used the cost method to account for its investment. | ||||||||||||||||||||||||||||
[6] | In January 2015, the Company acquired 204,471 Series A Preferred Shares issued by Credit Shop at a price of $73.36 for a total consideration of $15,000. Additionally, the parties also reached an agreement, whereby the Company would provide a revolving line of credit up to $15,000 to Credit Shop. That agreement also included an option whereby the Company or Credit Shop have the option to convert the full $15,000 revolving line into Series A Preferred Shares of Credit Shop. Prior to or in conjunction with the exercise of the option, the Company is required to have fully funded the $15,000 revolving loan. Additionally, upon the exercise of the option, the Company is also required to purchase additional Series A Preferred Shares from Credit Shop in the amount of $5,000. Such option is not legally detachable or transferable and therefore was not separately accounted. In December 2015, Credit Shop exercised the option; the Company therefore purchased $20,000 of Series A Preferred Shares in February 2016. As of December 31, 2016, the Company held 40.99% equity interest of Credit Shop. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. During the year ended December 31, 2017, as a result of a failure to achieve CreditShop’s business plan and deterioration of the its financial results, the Company performed an impairment analysis. As a result, the Company recognized an OTTI loss amounting to $35,000 during the year ended December 31, 2017. | ||||||||||||||||||||||||||||
[7] | In March 2015, the Company entered into an agreement to purchase 4,770,131 Series B Preferred Shares issued by Eunke for a total consideration of $25,000, and held 21.9% equity interest of Eunke as of December 31, 2015. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. In determining the fair value of the investment in Eunke, as a result of a failure to achieve Eunke’s business plan and deterioration of the its financial results, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering, and recognized an OTTI loss amounting to $11,562 during the year ended December 31, 2017. | ||||||||||||||||||||||||||||
[8] | Others represents other cost method investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively.In the third quarter of 2017, the Company disposed Mapbar, a cost method investment acquired in 2011, to an unrelated investor for a total consideration of US$37,311, of which US$32,726 was received as of December 31, 2017 and the rest amount were received in January 2018. The investment was fully impaired during the year ended December 31, 2013, and therefore, a total of $37,311 gain on disposal of investment was recognized in 2017. | ||||||||||||||||||||||||||||
[9] | In September 2012, March 2014, January 2015, and October 2015, the Company entered into agreements to purchase 5,573,719 Series B Preferred Shares, 6,020,695 Series D Preferred Shares, 2,361,116 Series E Preferred Shares and 9,507,933 Series F Preferred Shares issued by SoFi at a price of $8.79 per Series B Share, $3.45 per Series D Share, $9.46 per Series E Share and $15.78 per Series F Share for a total consideration of $242,120. In November 2012, SoFi split 1 Series B Preferred Share into 4 Series B Preferred Shares and the Company held 22,294,876 Series B Preferred Shares after that. In April 2017, the Company disposed 5,719,986 preferred shares of SoFi for total net proceeds of $91,926, recording a realized gain amounting to $58,335 in (Loss) earnings in equity method investments, net of tax on the consolidation statement of operation for the year ended December 31, 2017. The Company held 21.06% and 14.97% equity interest of SoFi as of December 31, 2016 and 2017, respectively and recognized its share of gain in SoFi of $3,902, loss of $3,968 and gain of $10,333 for the years ended December 31, 2015, 2016 and 2017, respectively. The Company accounted for this investment as equity method as of December 31, 2016 and continued to do so during the year ended December 31, 2017 as it believes it is able to exert significant influence through its board seat combined with the board seats held by the Company's two major shareholders on SOFI's board of directors. |
LONG-TERM INVESTMENTS (Schedule
LONG-TERM INVESTMENTS (Schedule Of Long-Term Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | May 31, 2015 | |||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total equity method investments | $ 318,811 | $ 357,726 | |||||||
Total cost method investments | 144,797 | 194,437 | |||||||
Total available-for-sale investments | 101,758 | 143,185 | |||||||
Total long-term investments | 565,366 | 695,348 | |||||||
Golden Axe Inc. [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total equity method investments | [1] | 14,268 | 16,243 | ||||||
Snowball [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total available-for-sale investments | [2] | 26,070 | 36,337 | ||||||
Eall [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total available-for-sale investments | [3] | 2,892 | 2,892 | ||||||
268V Limited [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total available-for-sale investments | [4] | 12,207 | 24,170 | ||||||
Omni [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total available-for-sale investments | [5] | 27,637 | 27,053 | ||||||
Zhu Chao [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total available-for-sale investments | [6] | 18,722 | |||||||
Others [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total available-for-sale investments | [7] | 23,158 | 34,011 | ||||||
Hylink [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | [8] | 2,161 | |||||||
Total available-for-sale investments | [8] | 9,794 | |||||||
StoreDot [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | [9] | 10,001 | 10,001 | ||||||
GoGo [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | 11,127 | [10] | 11,127 | [10] | $ 500 | $ 5,000 | $ 3,000 | $ 5,000 | |
Motif [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | [11] | 5,475 | 7,700 | ||||||
LendingHome [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | 65,843 | [12] | 65,843 | [12] | $ 65,843 | ||||
Credit Shop [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | [13] | 35,000 | |||||||
Eunke [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | [14] | 13,438 | 25,000 | ||||||
Others [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total cost method investments | [15] | 38,913 | 37,605 | ||||||
Eall Network [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total equity method investments | 18,458 | 18,137 | |||||||
SoFi [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total equity method investments | [16] | 208,694 | 231,952 | ||||||
Others [Member] | |||||||||
LONG-TERM INVESTMENTS [Line Items] | |||||||||
Total equity method investments | [17] | $ 77,391 | $ 91,394 | ||||||
[1] | In January 2015, the Company entered into an agreement to purchase 2,000,000 Ordinary Shares and 26,081,176 Series B Preferred Shares issued by Golden Axe Inc. for a total consideration of $18,943 (the "Consideration"). The Company paid $1,143 in December 2015 and $7,167 of the Consideration was settled by both paying cash and forgiving previous loans provided to Golden Axe Inc. in January 2016, at which point, $10,633 of the Consideration remained outstanding. In 2016, concurrent with a restructuring of Golden Axe, the Company entered into a subsequent agreement to acquire 20.46% equity interest of a related entity, Shenzhen Golden Axe Co, Ltd. (collectively with Golden Axe Inc., "Golden Axe"), for the remainder of the Consideration of $10,633. The Company held 20.46% equity interest of Golden Axe as of December 31, 2017 and recognized its share of loss of $nil, $2,275 and $2,496 for the years ended December 31, 2015, 2016 and 2017, respectively. | ||||||||
[2] | In November 2014, the Company acquired 35,040,427 Series C Preferred Shares issued by Snowball at a price of $0.9988 per share. As part of the acquisition, the Company received a detachable preferred share warrant, exercisable within 2 years of the share acquisition, to (1) purchase additional up to 8,872,590 Series C Preferred Share at a price of $1.6906 per share; (2) if Snowball issued subsequent equity securities, purchase such subsequent equity securities at a price amounting to the lower of $1.6906 and the per share price paid by investors purchasing such subsequent equity securities. The total consideration for the purchase of Series C Preferred Shares and warrant was $34,998, of which $901 was allocated to the value of warrant based on its fair value at the acquisition date. The Company did not exercise the warrant and it expired in September 2016. As a result, the Company recorded a loss of $901 in 2016. The Company has determined that the Series C Preferred Shares are redeemable at the option of the investors according to the redemption terms further included below: (1) Each holder of the preferred shares then outstanding may require Snowball to redeem all but not less than all of the then outstanding preferred shares held by such requesting holder, at any time after the earliest of (i) five years from the issuance of the preferred shares if there is no firm commitment underwritten registered public offering of the shares or other securities of Snowball, (ii) any material adverse change in the regulatory environment, or (iii) any material breach by Snowball and/or the founders of Snowball of the preferred share purchase agreements, the shareholders’ agreement, the Amended Memorandum and Articles of Snowball, or other relevant agreements and documents. (2) The redemption price per preferred share shall be the sum of the original issue price (as adjusted) and all declared but unpaid dividends, plus an assumed 8 percent compounded per annum return for each year the preferred shares were outstanding. As such, the Company determined that the shares are debt securities in nature and accounted for those as available-for-sale securities. The Company performed an impairment analysis and recognized an OTTI loss of $9,989 during the year ended December 31, 2017. In determining the fair value of the investment in Snowball Finance Inc., the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering. Unrealized holding gains of $803 and loss of $278 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. | ||||||||
[3] | In September 2014, the Company entered into an agreement to purchase 5,321,428 Series B-1 Preferred Shares and 649,351 Series B-2 Preferred Shares issued by Eall at a price of $3.08 per Series B-1 share and $2.62 per Series B-2 share for a total consideration of $18,090. In July 2015, the Company purchased an additional 652,598 Series B-1 Preferred Shares at a price of $3.08 per Series B-1 share for a total consideration of $2,010. The Company has determined that all of the purchased shares are redeemable at the option of the investors according to the redemption terms further included below: (1) Each holder of the then outstanding preferred shares may require that Eall redeem all or part of the preferred shares then outstanding, on or after the earlier of (i) January 1, 2019, or (ii) the occurrence of any material breach or violation of any of the Memorandum and Articles of Eall, the preferred share purchase agreements, the shareholders agreement, and other relevant agreements and documents and/or the applicable laws by Eall or any direct or indirect holder of the ordinary shares of Eall. (2) The redemption price per preferred share shall be the amount equal to 100 percent of the original issue price, plus all accrued or declared but unpaid dividends on such preferred shares (subject to adjustments for share split, share dividend, reclassification or other similar events). As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. In July 2016, Eall conducted a restructuring such that the Company ultimately held a 20.4% investment in both Eall and Eall Network, a shell company controlled by the founding shareholders of Eall. The Company still accounted the investment in Eall as available-for-sale investment as there were no changes to the nature and redemption rights of the investment and recorded its investment at fair value as of December 31, 2016. Additionally, the Company accounted for its investment in Eall Network as an in-substance common stock investment over which the Company could exercise significant influence. As a result, the Company recorded its investment in Eall Network as an equity method investment at $17,937 based on the fair value of the investment at the time of the restructuring. The Company recognized its share of loss of $200 and gain of $321 related to its investment in Eall Network for the year ended December 31, 2016 and 2017, respectively. | ||||||||
[4] | In January 2015, the Company entered into an agreement to purchase 64,281,655 Series D Preferred Shares issued by 268V Limited for a total consideration of $75,000. The Company has determined that the Series D Preferred Shares are redeemable at the option of the investors according to the redemption terms further included below: (1) At the option of a holder of the preferred shares, 268V Limited shall redeem all, or any, of the outstanding preferred shares held by the requesting holder, at any time after the earliest of (i) the date that there is a material breach by 268V Limited or by any direct or indirect owners of the ordinary shares of 268V Limited, of the preferred share purchase agreements, the shareholder agreement, the restated Articles, and other relevant agreements and documents, (ii) any material adverse change in the regulatory environment that will cause the agreements that provide 268V Limited the control over its variable interest entity to be invalid or unenforceable, or (iii) the failure by 268V Limited to complete a firm underwritten public offering of the shares or other equity securities within five years from the issuance date of the preferred shares. (2) The redemption price shall be equal to the greater of (i) an amount equal to the sum of the original issue price (as adjusted), plus an assumed 12 percent compounded per annum return for each year the preferred shares were outstanding, and all declared but unpaid dividends thereon up to the date of redemption or (ii) the fair market value of each preferred share. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. As a result of a decrease in fair value of 268V Limited from its new financing in 2016 and 2017, the Company performed an impairment analysis and recognized an OTTI loss of $50,830 and $12,085 during the years ended December 31, 2016 and 2017, respectively. In determining the fair value of the investment in 268V Limited, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering. Unrealized holding gains of $nil and $122 were reported in other comprehensive income for the year ended December 31, 2016 and 2017, respectively. | ||||||||
[5] | In July 2015 and March 2016, the Company purchased 14,727,541 Series B Preferred Shares and 510,248 shares of Series B++ Preferred Shares issued by Omni at the price of $1.358 per Series B Preferred Share and $1.96 per Series B++ Preferred Share for a total consideration of $21,000, respectively. The Company has determined that the Series B Preferred Shares and Series B++ Preferred Shares are redeemable at the option of the investor according to the redemption terms further included below: (1) If so requested by any holder of the preferred shares, Omni shall redeem all or part of such outstanding preferred shares, at any time after the earliest of (i) July 30, 2021, if Omni has not consummated an underwritten public offering of its ordinary shares, (ii) any change of laws or policy with respect to the validity of the agreements that provide Omni with control over its variable interest entity, (iii) any competent governmental authority having determined that it is illegal for Omni to carry on its business as conducted and as proposed to be conducted in accordance with applicable laws, regulations, policies or discretion of competent governmental authorities, and Omni has been unable to carry on such business for at least 3 consecutive months due to such determination or (iv) any material breach by Omni and/or its founders of the preferred share purchase agreements, shareholder agreement or relevant agreements and documents. (2) The price at which each preferred share shall be redeemed shall be equal to the greater of (i) 150 percent of the original issue price of such preferred shares and (ii) the fair market value of such preferred shares. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. Unrealized holding loss of $2,813 and gain of $584 were reported in other comprehensive income for the years ended December 31, 2016 and 2017, respectively. | ||||||||
[6] | In January 2015, the Company entered into an agreement to purchase 1,553,566 Series A Preferred Shares issued by Zhu Chao for a total consideration of $15,000. The Company has determined that the Series A Preferred Shares are redeemable at the option of the investor according to the redemption terms further included below: (1) Each holder of the then outstanding preferred shares is entitled to request Zhu Chao to redeem all or part of its outstanding preferred shares on or after the earliest of (i) August 10, 2020, if there has been no firm commitment underwritten public offering of the ordinary shares of Zhu Chao, (ii) the last date of the three-month period commencing from the delivery of notice of the occurrence of any PRC regulatory development by the majority preferred shareholders to Zhu Chao, if, during such three-month period, the ordinary shareholders of Zhu Chao have failed to devise a feasible alternative legal structure reasonably satisfactory to the majority preferred shareholders that will give effect to the rights and preferences of the preferred shareholders under the Memorandum and Articles of Zhu Chao, the preferred share purchase agreement, the shareholder agreement and other relevant agreements and documents (“Zhu Chao Transaction Agreements”), as closely as possible, or (iii) the occurrence of any material breach by Zhu Chao or any holder of the ordinary shares of Zhu Chao of any of the Zhu Chao Transaction Agreements. (2) The redemption price per preferred share shall be the amount equal to 200 percent the original issue price of the preferred share, plus all accrued or declared but unpaid dividends on such preferred share. As such, the Company determined that they are debt securities in nature and accounted for those as available-for-sale securities. In determining the fair value of the investment in Zhuchao Holdings Company Limited., as a result of a failure to achieve Zhu Chao’s business plan and deterioration of its operating results, the Company performed an impairment analysis and recognized an OTTI loss amounting to $15,000 during the year ended December 31, 2017. Unrealized holding gains of $nil, $3,722 and loss of $3,722 were reported in other comprehensive income for the years ended December 31, 2015, 2016 and 2017, respectively. | ||||||||
[7] | Others represents other long-term available-for-sale investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively. | ||||||||
[8] | In April 2011, the Company acquired 2% equity interest of Hylink at total cash consideration of $2,381. Hylink is mainly engaged in advertising agency service. The Company was not able to exercise significant influence over the operating and financial decisions of Hylink, and thus the Company used the cost method to account for its investment. In August 2017, Hylink successfully listed on the Shanghai Stock Exchange in China. The Company reclassified the investment as available-for-sale securities. Unrealized holding gains of $7,489 were reported in other comprehensive income for the year ended December 31, 2017. | ||||||||
[9] | In August 2014, the Company entered into an agreement to purchase Series B Preferred Shares issued by StoreDot for a total cash consideration of $10,001 and held 6.06% equity interest of StoreDot. The Company was not able to exercise significant influence over the operating and financial decisions of StoreDot, and thus the Company used the cost method to account for its investment. | ||||||||
[10] | In November 2014, the Company entered into an agreement to acquire 10% equity interest of GoGo for a total consideration of $8,100. In May 2015, June 2015 and May 2016, the Company acquired additional equity interest of GoGo for a total consideration of $5,000, $3,000 and $500, respectively. The Company held 13.89% and 10.48% equity interest of GoGo as of December 31, 2015 and 2016, respectively. The Company was not able to exercise significant influence over the operating and financial decisions of GoGo, and thus the Company used the cost method to account for its investment. As of December 31, 2016, as a result of a decrease in fair value of GoGo from its new financing in 2016, the Company performed an impairment analysis and recognized an OTTI loss of $5,473 during the year ended 2016. | ||||||||
[11] | In January 2015, the Company entered into an agreement to purchase 5,579,734 Series E Preferred Shares issued by Motif for a total consideration of $40,000 and held 10% equity interest of Motif as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of Motif, and thus the Company used the cost method to account for its investment. As a result of a failure to achieve Motif’s business plan and deterioration of its results, the Company performed an impairment analysis and recognized an OTTI loss of $32,300 and $2,225 during the years ended December 31, 2016 and 2017, respectively. | ||||||||
[12] | In March 2015, the Company entered into an agreement to purchase 6,153,999 Series C Preferred Shares issued by LendingHome for a total consideration of $65,843 and held 14.72% equity interest of LendingHome as of December 31, 2015. The Company was not able to exercise significant influence over the operating and financial decisions of LendingHome, and thus the Company used the cost method to account for its investment. | ||||||||
[13] | In January 2015, the Company acquired 204,471 Series A Preferred Shares issued by Credit Shop at a price of $73.36 for a total consideration of $15,000. Additionally, the parties also reached an agreement, whereby the Company would provide a revolving line of credit up to $15,000 to Credit Shop. That agreement also included an option whereby the Company or Credit Shop have the option to convert the full $15,000 revolving line into Series A Preferred Shares of Credit Shop. Prior to or in conjunction with the exercise of the option, the Company is required to have fully funded the $15,000 revolving loan. Additionally, upon the exercise of the option, the Company is also required to purchase additional Series A Preferred Shares from Credit Shop in the amount of $5,000. Such option is not legally detachable or transferable and therefore was not separately accounted. In December 2015, Credit Shop exercised the option; the Company therefore purchased $20,000 of Series A Preferred Shares in February 2016. As of December 31, 2016, the Company held 40.99% equity interest of Credit Shop. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. During the year ended December 31, 2017, as a result of a failure to achieve CreditShop’s business plan and deterioration of the its financial results, the Company performed an impairment analysis. As a result, the Company recognized an OTTI loss amounting to $35,000 during the year ended December 31, 2017. | ||||||||
[14] | In March 2015, the Company entered into an agreement to purchase 4,770,131 Series B Preferred Shares issued by Eunke for a total consideration of $25,000, and held 21.9% equity interest of Eunke as of December 31, 2015. The Company accounted for the investment under the cost method given that such shares have substantive liquidation preference over ordinary shares and are not considered in-substance common stock. In determining the fair value of the investment in Eunke, as a result of a failure to achieve Eunke’s business plan and deterioration of the its financial results, the Company applied the market approach using unobservable inputs, such as a lack of marketability discount and probability weighting for each scenario including liquidation, and initial public offering, and recognized an OTTI loss amounting to $11,562 during the year ended December 31, 2017. | ||||||||
[15] | Others represents other cost method investments with individual carrying amount less than $10,000 as of December 31, 2016 and 2017, respectively.In the third quarter of 2017, the Company disposed Mapbar, a cost method investment acquired in 2011, to an unrelated investor for a total consideration of US$37,311, of which US$32,726 was received as of December 31, 2017 and the rest amount were received in January 2018. The investment was fully impaired during the year ended December 31, 2013, and therefore, a total of $37,311 gain on disposal of investment was recognized in 2017. | ||||||||
[16] | In September 2012, March 2014, January 2015, and October 2015, the Company entered into agreements to purchase 5,573,719 Series B Preferred Shares, 6,020,695 Series D Preferred Shares, 2,361,116 Series E Preferred Shares and 9,507,933 Series F Preferred Shares issued by SoFi at a price of $8.79 per Series B Share, $3.45 per Series D Share, $9.46 per Series E Share and $15.78 per Series F Share for a total consideration of $242,120. In November 2012, SoFi split 1 Series B Preferred Share into 4 Series B Preferred Shares and the Company held 22,294,876 Series B Preferred Shares after that. In April 2017, the Company disposed 5,719,986 preferred shares of SoFi for total net proceeds of $91,926, recording a realized gain amounting to $58,335 in (Loss) earnings in equity method investments, net of tax on the consolidation statement of operation for the year ended December 31, 2017. The Company held 21.06% and 14.97% equity interest of SoFi as of December 31, 2016 and 2017, respectively and recognized its share of gain in SoFi of $3,902, loss of $3,968 and gain of $10,333 for the years ended December 31, 2015, 2016 and 2017, respectively. The Company accounted for this investment as equity method as of December 31, 2016 and continued to do so during the year ended December 31, 2017 as it believes it is able to exert significant influence through its board seat combined with the board seats held by the Company's two major shareholders on SOFI's board of directors. | ||||||||
[17] | Others represents other equity method investments with individual carrying amounts less than $15,000 as of December 31, 2016 and 2017, respectively. |
LONG-TERM INVESTMENTS (Summary
LONG-TERM INVESTMENTS (Summary Of Financial Information Of The Equity Method Investments) (Details) - Equity method investments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity method investments [Line Items] | |||
Total current assets | $ 10,070,446 | $ 7,176,015 | |
Total assets | 10,151,227 | 7,250,680 | |
Total current liabilities | 7,825,929 | 5,200,536 | |
Total liabilities | 7,997,108 | 5,340,139 | |
Noncontrolling interests | 0 | 443,885 | |
Net revenues | 673,420 | 406,686 | $ 199,069 |
Gross profits | 579,076 | 351,782 | 167,512 |
(Loss) income from continuing operations | 30,669 | (25,455) | (58,658) |
Net (loss) income | $ 30,669 | $ (25,455) | $ (58,658) |
LONG-TERM INVESTMENTS (Summar87
LONG-TERM INVESTMENTS (Summary of Long-Term Available-for-Sale Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | $ 175,329 | $ 177,628 | $ 59,136 |
Gross unrealized gains | 17,234 | 16,387 | |
Other-than -temporary impairment | (90,805) | (50,830) | |
Fair value | 101,758 | 143,185 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 2,305 | 0 | |
Gross unrealized gains | 7,489 | 0 | |
Other-than -temporary impairment | 0 | 0 | |
Fair value | 9,794 | 0 | |
Convertible Debt [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 7,500 | 4,700 | |
Gross unrealized gains | 0 | 0 | |
Other-than -temporary impairment | (1,000) | 0 | |
Fair value | 6,500 | 4,700 | |
Convertible redeemable preferred shares [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Cost | 165,524 | 172,928 | |
Gross unrealized gains | 9,745 | 16,387 | |
Other-than -temporary impairment | (89,805) | (50,830) | |
Fair value | $ 85,464 | $ 138,485 |
PROPERTY AND EQUIPMENT, NET (Sc
PROPERTY AND EQUIPMENT, NET (Schedule Of Property And Equipment, Net) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and equipment, net [Line Items] | ||
Equipment, gross | $ 50,944 | $ 49,625 |
Less: Accumulated depreciation | (21,322) | (20,869) |
Less: Accumulated impairment loss | (90) | (90) |
Equipment, net | 29,532 | 28,666 |
Building [Member] | ||
Property and equipment, net [Line Items] | ||
Equipment, gross | 32,002 | 29,989 |
Computer equipment and application software [Member] | ||
Property and equipment, net [Line Items] | ||
Equipment, gross | 17,821 | 18,724 |
Furniture and vehicles [Member] | ||
Property and equipment, net [Line Items] | ||
Equipment, gross | 312 | 137 |
Leasehold improvements [Member] | ||
Property and equipment, net [Line Items] | ||
Equipment, gross | $ 809 | $ 775 |
PROPERTY AND EQUIPMENT, NET (Na
PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation expenses from continuing operations | $ 1,974 | $ 2,626 | $ 7,338 |
Depreciation expenses from discontinuing operations | $ 0 | $ 52 | $ 1,500 |
Goodwill (Schedule Of Changes I
Goodwill (Schedule Of Changes In Carrying Amounts Of Goodwill) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Costs: | |
Beginning balance | $ 0 |
Increase in goodwill related to acquisitions | 99,654 |
Exchange difference | 2,283 |
Ending balance | $ 101,937 |
SHORT-TERM DEBT AND LONG-TERM91
SHORT-TERM DEBT AND LONG-TERM DEBT (Narrative - Short-term debt) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2018 | Aug. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Nov. 30, 2015 | |
Bank of Shanghai [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Face amount of debt | $ 12,296,000 | $ 4,358,000 | $ 7,202,000 | ||||||||
Debt term | 1 year | ||||||||||
Debt Instrument Annual Interest Rate as Percentage of One Year Loan | 143.50% | 141.50% | |||||||||
Debt Instrument, Term | 1 year | ||||||||||
Debt Instrument bear an annual interest rate | The loan bears an annual interest rates of 137.9% to 149.4% of the one year loan interest rate quoted by the People’s Bank of China and has the loan periods of eight to eleven months. | ||||||||||
Hengfeng Bank [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Face amount of debt | $ 46,109,000 | $ 33,045,000 | |||||||||
Debt term | 1 year | 1 year | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 98.90% | ||||||||||
Debt Instrument Annual Interest Rate as Percentage of One Year Loan | 109.20% | ||||||||||
Repayments of Related Party Debt | $ 2,305,000 | ||||||||||
Debt Instrument, Term | 1 year | 1 year | |||||||||
Debt Instrument bear an annual interest rate | The loans bear an annual interest rate of 98.9% of the one year loan interest rate quoted by the People’s Bank of China and have a loan period of one year. | ||||||||||
Hengfeng Bank [Member] | Scenario, Forecast [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Repayments of Related Party Debt | $ 3,074,000 | ||||||||||
East West Bank [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Repayments of Related Party Debt | $ 10,000,000 | ||||||||||
Minimum [Member] | Bank of Shanghai [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Debt Instrument Annual Interest Rate as Percentage of One Year Loan | 137.90% | ||||||||||
Maximum [Member] | Bank of Shanghai [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Debt Instrument Annual Interest Rate as Percentage of One Year Loan | 149.40% | ||||||||||
Short term-loan agreement with the East West Bank, December 2015 [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Face amount of debt | $ 30,000,000 | ||||||||||
Short Term Loan Agreement With Bank Of Shangai November 2016 [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | 1.2 | ||||||||||
Debt Instrument Annual Interest Rate as Percentage of One Year Loan | 141.50% | ||||||||||
Short Term Loan Agreement With East West Bank [Member] | |||||||||||
SHORT-TERM DEBT [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR rate plus 1.2% | ||||||||||
Repayments of Related Party Debt | $ 20,000 |
SHORT-TERM DEBT AND LONG-TERM92
SHORT-TERM DEBT AND LONG-TERM DEBT (Narrative - Long-term debt) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 30, 2015 | Jan. 31, 2016 | Nov. 30, 2015 | Oct. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Fair Value Adjustment of Warrants | $ 6,656 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 9.95% | |||||
Minimum [Member] | Long-term Debt [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Interest rate (as a percent) | 5.50% | 5.50% | ||||
Maximum [Member] | Long-term Debt [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Interest rate (as a percent) | 7.00% | 7.00% | ||||
A trust company [Member] | SoFi [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Face amount of debt | $ 59,260 | |||||
Interest rate (as a percent) | 6.00% | |||||
Number of shares entitled to be purchased on exercise of warrants | 1,502,507 | |||||
Exercise price of warrants issued (in dollars per share) | $ 15.7763 | |||||
A trust company [Member] | SoFi [Member] | Series F Preferred Stock [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Number of Preferred Stock of equity method investee pledged | 7,512,535 | |||||
An asset management company [Member] | Minimum [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Interest rate (as a percent) | 12.00% | |||||
An asset management company [Member] | Maximum [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Interest rate (as a percent) | 16.00% | |||||
An asset management company [Member] | SoFi [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Face amount of debt | $ 69,468 | |||||
Repayments of Long-term Debt | $ 23,608 | |||||
An asset management company [Member] | SoFi [Member] | Series B Preferred Stock [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Number of Preferred Stock of equity method investee pledged | 4,970,573 | |||||
An asset management company [Member] | SoFi [Member] | Series D Preferred Stock [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Number of Preferred Stock of equity method investee pledged | 6,020,695 | |||||
An asset management company [Member] | SoFi [Member] | Series E Preferred Stock [Member] | ||||||
LONG-TERM DEBT [Line Items] | ||||||
Number of Preferred Stock of equity method investee pledged | 2,361,116 |
SHORT-TERM DEBT AND LONG-TERM93
SHORT-TERM DEBT AND LONG-TERM DEBT (Schedule Of Short Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Total | $ 61,479 | $ 37,202 | |
East West Bank [Member] | |||
Total | [1] | 0 | 30,000 |
Bank of Shanghai [Member] | |||
Total | [2] | 12,296 | 7,202 |
Hengfeng Bank [Member] | |||
Total | [3] | $ 49,183 | $ 0 |
[1] | In December 2016, the Company entered into a short-term loan agreement with East West Bank for $30,000. The loan bears an annual interest rate equal to the one month LIBOR rate plus 1.2% and has a loan period of six month. In June 2017, the Company amended and extended the maturity date to April 2018. In October 2017, the Company repaid $10,000 of the loan balance. In January 2018, the Company further refinanced its short term loan agreement with East West Bank and replaced it with a long-term debt. The long-term debt has an annual interest rate equal to LIBOR rate plus 1.2% and is repayable on April 3, 2020. Accordingly, the Company has excluded $20,000 from the short term debt and has reclassified it to long-term debt as of December 31, 2017. | ||
[2] | In November 2016, the Company entered into a short-term loan agreement with Bank of Shanghai for $7,202. The loan bears an annual interest rate of 141.5% of the one year loan interest rate quoted by the People’s Bank of China and has a loan period of six months. The Chief Operating Officer (“COO”) of the Company provided joint and several liability guarantee for the loan. The Company repaid the loan in May 2017.In May and August 2017, the Company entered into five short-term loan agreements with Bank of Shanghai for $12,296. The loans bear an annual interest rates ranging from 137.9% to 149.4% of the one year loan interest rate quoted by the People’s Bank of China and have loan periods ranging from eight to eleven months. The Company repaid the loans in April 2018. In February 2017, the Company entered into a six-month loan agreement with Bank of Shanghai for $4,358. The loan bears an annual interest rates of 143.5% of the one year loan interest rate quoted by the People’s Bank of China and has a loan period of five months. The Company repaid the loan in August 2017. | ||
[3] | In March 2017, the Company entered into a loan agreement with Hengfeng Bank for $33,045. The loan bears an annual interest rate of 109.2% of the one year loan interest rate quoted by the People’s Bank of China. The Company repaid $2,305 of the principal during the year ended December 31, 2017. $3,074 of the principal is due during the year ended December 31, 2018 and the remaining balance, classified as long-term debt, is due during the years ended December 31, 2019 and 2020. |
SHORT-TERM DEBT AND LONG-TERM94
SHORT-TERM DEBT AND LONG-TERM DEBT (Schedule Of Debt Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Total | $ 47,665 | $ 95,390 | |
An asset management company [Member] | |||
Total | [1] | 0 | 42,786 |
A trust company [Member] | |||
Total | [2] | 0 | 52,604 |
Hengfeng Bank and East West Bank [Member] | |||
Total | [3],[4] | $ 47,665 | $ 0 |
[1] | In November 2015, the Company entered into a long-term loan agreement with an asset management company to borrow $69,468 in order to finance the investment in SoFi. The loan bears an annual interest rate ranging from 12% to 16% upon certain scenarios, including a qualified public offering of SoFi during the period of the loan, and requests the pledge of certain assets of the Company including building, the long-term investment in Hayman, and certain shares of SoFi owned by the Company including 4,970,573 Series B Preferred Stock, 6,020,695 Series D Preferred Stock and 2,361,116 Series E Preferred Stock. The loan is expected to be repaid within four years. The Chief Executive Officer (“CEO”) of the Company provided joint and several liability guarantee for the loan. The loan can be repaid in advance at the option of the Company upon distribution from the long-term investment in one of its equity method investee, or upon approval from the asset management company. In January 2016, the Company received the notice for such distribution from the equity method investee and repaid $23,608 of the loan balance. In early 2017, the Company made a request to the asset management company for an early repayment. Such request was approved and the Company repaid the remainder of the loan in February 2017. | ||
[2] | In October 2015, the Company entered into a long-term loan agreement with a trust company to borrow $59,260 in order to finance the investment in SoFi. The loan bears an annual interest rate 6% and requests the pledge of 7,512,535 Series F Preferred Stock of SoFi owned by the Company. As of December 31, 2017, as a result of SoFi missing certain revenue target, the loan became due within one year. Accordingly, the Company reclassed the loan to long-term debt - current. Additionally, the Company issued the trust company a warrant to purchase 1,502,507 Series F Preferred Stock of SoFi from the Company at a preliminary exercise price of $15.7763 per share upon occurrence of certain events within five years, including a qualified public offering of SoFi. Such warrant was considered as liability-classified warrants and separately recorded based on its fair value under the caption of "Other non-current liabilities" on the consolidated balance sheet. | ||
[3] | In December 2016, the Company entered into a short-term loan agreement with East West Bank for $30,000. The loan bears an annual interest rate equal to the one month LIBOR rate plus 1.2% and has a loan period of six month. In June 2017, the Company amended and extended the maturity date to April 2018. In October 2017, the Company repaid $10,000 of the loan balance. In January 2018, the Company further refinanced its short term loan agreement with East West Bank and replaced it with a long-term debt. The long-term debt has an annual interest rate equal to LIBOR rate plus 1.2% and is repayable on April 3, 2020. Accordingly, the Company has excluded $20,000 from the short term debt and has reclassified it to long-term debt as of December 31, 2017. | ||
[4] | In March 2017, the Company entered into a loan agreement with Hengfeng Bank for $33,045. The loan bears an annual interest rate of 109.2% of the one year loan interest rate quoted by the People’s Bank of China. The Company repaid $2,305 of the principal during the year ended December 31, 2017. $3,074 of the principal is due during the year ended December 31, 2018 and the remaining balance, classified as long-term debt, is due during the years ended December 31, 2019 and 2020. |
SHORT_-_TERM DEBT AND LONG-TERM
SHORT - TERM DEBT AND LONG-TERM DEBT (Schedule Of Long-term debt current) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Debt, Excluding Current Maturities | $ 47,665 | $ 95,390 | |
Trust Company [Member] | |||
Long-term Debt, Excluding Current Maturities | [1] | $ 0 | $ 52,604 |
[1] | In October 2015, the Company entered into a long-term loan agreement with a trust company to borrow $59,260 in order to finance the investment in SoFi. The loan bears an annual interest rate 6% and requests the pledge of 7,512,535 Series F Preferred Stock of SoFi owned by the Company. As of December 31, 2017, as a result of SoFi missing certain revenue target, the loan became due within one year. Accordingly, the Company reclassed the loan to long-term debt - current. Additionally, the Company issued the trust company a warrant to purchase 1,502,507 Series F Preferred Stock of SoFi from the Company at a preliminary exercise price of $15.7763 per share upon occurrence of certain events within five years, including a qualified public offering of SoFi. Such warrant was considered as liability-classified warrants and separately recorded based on its fair value under the caption of "Other non-current liabilities" on the consolidated balance sheet. |
ACCRUED EXPENSES AND OTHER CU96
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Accrued expenses and other current liabilities | |||
Employee payroll and welfare payables | $ 3,437 | $ 2,800 | |
Other tax payable | 12,676 | 7,013 | |
Accrued professional, marketing and leasing fees | 6,032 | 3,965 | |
Interest payable | [1] | 13,472 | 1,761 |
Other payables | 10,281 | 4,242 | |
Total | $ 45,898 | $ 19,781 | |
[1] | The balance mainly include the interest payable of Long-term debt - current (see Note 13 (v)). |
PAYABLE TO INVESTORS (Narrative
PAYABLE TO INVESTORS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Debt [Member] | ||
Debt Instrument, Term | 21 months | 21 months |
Minimum [Member] | Long-term Debt [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% |
Maximum [Member] | Long-term Debt [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | 7.00% |
Short-term Debt [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.60% | 8.60% |
Debt Instrument, Term | 15 days | 15 days |
Short-term Debt [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 11.04% | 11.04% |
Debt Instrument, Term | 12 months | 12 months |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||
Statutory income tax rate (as a percent) | 25.00% | 25.00% | 25.00% |
Net operating loss carry forwards | $ 55,745 | $ 54,567 | |
PRC [Member] | |||
Income Taxes [Line Items] | |||
Statutory income tax rate (as a percent) | 25.00% | ||
Withholding income tax rate on dividends generated and payable by a foreign-invested enterprise in PRC to foreign non-resident enterprise investors (as a percent) | 10.00% | ||
High and New Tech Enterprise [Member] | |||
Income Taxes [Line Items] | |||
Statutory income tax rate (as a percent) | 15.00% |
INCOME TAXES (Schedule Of Curre
INCOME TAXES (Schedule Of Current And Deferred Component Of Income Tax Expenses (Benefits) Which Were Substantially Attributable To The Companys PRC Subsidiaries And VIE And VIEs Subsidiaries) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current and deferred component of income tax expenses (benefits) | |||
Income tax expenses | $ 4,479 | $ 2,470 | $ 3,124 |
PRC [Member] | |||
Current and deferred component of income tax expenses (benefits) | |||
Current income tax expenses | 4,479 | 2,470 | 3,124 |
Deferred income tax expenses | 0 | ||
Income tax expenses | $ 4,479 | $ 2,470 | $ 3,124 |
INCOME TAXES (Schedule Of Princ
INCOME TAXES (Schedule Of Principal Components Of The Deferred Tax Assets And Liabilities) (Details) - PRC [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Provision for doubtful accounts | $ 3,422 | $ 5,339 |
Accrued payroll and welfare | 809 | 700 |
Accrued liabilities | 2,414 | 2,409 |
Long term investment impairment | 2,328 | 0 |
Excessive advertising fees | 1,990 | 1,572 |
Excessive employee education fee | 161 | 150 |
Net operating loss carry forwards | 55,745 | 54,567 |
Non-current deferred tax assets | ||
Less valuation allowance | (66,869) | (64,737) |
Deferred tax assets, net | 0 | |
Deferred tax liabilities | $ 0 |
INCOME TAXES (Schedule Of Recon
INCOME TAXES (Schedule Of Reconciliation Between The Income Taxes Expense (Benefit) Computed By Applying PRC Tax Rate To Income (Loss) Before Income Taxes And Actual Provision For Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating loss carry forwards [Line Items] | |||
Loss before provision of income tax | $ (173,264) | $ (173,400) | $ (214,585) |
PRC statutory income tax rate (as a percent) | 25.00% | 25.00% | 25.00% |
Income tax at statutory tax rate | $ (43,316) | $ (43,350) | $ (53,646) |
Taxable deemed interest income from inter-company interest-free loans | 7,288 | 6,925 | 5,632 |
Non-deductible loss and other expenses not deductible for tax purposes | 37,096 | 42,571 | 41,114 |
Effect of income tax rate differences in jurisdictions other than the PRC | 709 | (54) | (27) |
Effect of tax holidays | 570 | 0 | 0 |
Changes in valuation allowance | 2,132 | (3,622) | 10,051 |
Income tax expenses | $ 4,479 | $ 2,470 | $ 3,124 |
ORDINARY SHARES (Details)
ORDINARY SHARES (Details) - Class A ordinary shares [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
ORDINARY SHARES [Line Items] | |||
Total consideration given for repurchase of ordinary shares | $ 0 | $ 0 | |
Board of Directors Chairman [Member] | |||
ORDINARY SHARES [Line Items] | |||
Total consideration given for repurchase of ordinary shares | $ 10,292,000 | ||
Ordinary shares [Member] | |||
ORDINARY SHARES [Line Items] | |||
Shares repurchased | 10,912,110 | ||
Ordinary shares [Member] | Board of Directors Chairman [Member] | |||
ORDINARY SHARES [Line Items] | |||
Shares repurchased | 0 | 0 | 10,912,110 |
FAIR VALUE MEASUREMENTS (Summar
FAIR VALUE MEASUREMENTS (Summary Of Companys Financial Assets Measured And Recorded At Fair Value On Recurring Basis) (Details) - Recurring basis [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term investments Trading securities: | ||
Equity securities | $ 9,794 | |
Funds | 411 | |
Future | (1) | |
Long-term investments Available-for-sale investments: | ||
Convertible redeemable preferred shares | 85,464 | 138,485 |
Convertible debt | 6,500 | 4,700 |
Other non-current liabilities | ||
Liability-classified warrant | (6,356) | (6,551) |
Total | 95,402 | 137,044 |
Quoted price in active markets for identical assets Level 1 [Member] | ||
Short-term investments Trading securities: | ||
Equity securities | ||
Funds | 411 | |
Future | (1) | |
Long-term investments Available-for-sale investments: | ||
Convertible redeemable preferred shares | ||
Convertible debt | ||
Other non-current liabilities | ||
Liability-classified warrant | ||
Total | 410 | |
Significant other observable inputs Level 2 [Member] | ||
Short-term investments Trading securities: | ||
Equity securities | 9,794 | |
Funds | ||
Future | ||
Long-term investments Available-for-sale investments: | ||
Convertible redeemable preferred shares | ||
Convertible debt | ||
Other non-current liabilities | ||
Liability-classified warrant | ||
Total | 9,794 | |
Significant unobservable inputs Level 3 [Member] | ||
Short-term investments Trading securities: | ||
Equity securities | 0 | |
Funds | ||
Future | ||
Long-term investments Available-for-sale investments: | ||
Convertible redeemable preferred shares | 85,464 | 138,485 |
Convertible debt | 6,500 | 4,700 |
Other non-current liabilities | ||
Liability-classified warrant | (6,356) | (6,551) |
Total | $ 85,608 | $ 136,634 |
FAIR VALUE MEASUREMENTS (Sum104
FAIR VALUE MEASUREMENTS (Summary of Reconciliation of Fair Value Measurement Using Level 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Liability classified warrant [Member] | ||
Fair value measurements | ||
Balance at beginning of period | $ (6,551) | $ (6,656) |
Initial recognition | 0 | |
Derecognition | ||
(Losses) earnings for the period | ||
Earnings | 195 | 105 |
Impairment losses | ||
Other comprehensive loss | ||
Balance at end of period | (6,356) | (6,551) |
Convertible debt [Member] | ||
Fair value measurements | ||
Balance at beginning of period | 4,700 | 6,500 |
Initial recognition | 3,000 | 3,200 |
Derecognition | (200) | (5,000) |
(Losses) earnings for the period | ||
Earnings | ||
Impairment losses | (1,000) | |
Other comprehensive loss | ||
Balance at end of period | 6,500 | 4,700 |
Convertible redeemable preferred shares [Member] | ||
Fair value measurements | ||
Balance at beginning of period | 138,485 | 219,278 |
Initial recognition | 6,492 | |
Derecognition | (10,647) | (17,937) |
(Losses) earnings for the period | ||
Earnings | 0 | |
Impairment losses | (38,975) | (50,830) |
Other comprehensive loss | (3,399) | (18,518) |
Balance at end of period | 85,464 | 138,485 |
Written put option [Member] | ||
Fair value measurements | ||
Balance at beginning of period | 0 | (7,000) |
Initial recognition | ||
Derecognition | 7,000 | |
(Losses) earnings for the period | ||
Earnings | ||
Impairment losses | ||
Other comprehensive loss | ||
Balance at end of period | $ 0 |
FAIR VALUE MEASUREMENTS (The li
FAIR VALUE MEASUREMENTS (The liability-classified warrant was valued using Black-Scholes model) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Exercise price | $ 15.78 | $ 15.78 |
Annual risk-free interest rate | 2.00% | 1.70% |
Volatility | 31.00% | 28.00% |
Dividend yield |
FAIR VALUE MEASUREMENTS (Narrat
FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets measured and recorded at fair value [Line Items] | ||
Cost Method Investments | $ 144,797 | $ 194,437 |
Cost Method Investments, Fair Value Disclosure | 187,649 | |
Cost-method Investments [Member] | ||
Financial assets measured and recorded at fair value [Line Items] | ||
Cost-method Investments, Other than Temporary Impairment | 53,058 | 43,958 |
Available-for-sale Securities [Member] | ||
Financial assets measured and recorded at fair value [Line Items] | ||
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities | 39,975 | 50,830 |
Equity Method Investments [Member] | ||
Financial assets measured and recorded at fair value [Line Items] | ||
Impairment loss on equity method investment | $ 20,040 | $ 7,519 |
SHARE-BASED COMPENSATION (Stock
SHARE-BASED COMPENSATION (Stock Options) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 23, 2015 | May 19, 2014 | Dec. 28, 2012 | Aug. 24, 2017 | Feb. 26, 2016 | Dec. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Number of days for calculation of average closing price of one ADS | 30 days | ||||||||
Total incremental cost | $ 10,382 | ||||||||
Closing stock price of ordinary shares (in dollars per share) | $ 0.69 | $ 0.53 | $ 1.23 | ||||||
Unrecognized share-based compensation cost disclosure | |||||||||
Intrinsic value of options exercised | $ 293 | $ 1,118 | $ 2,044 | ||||||
Proceeds by noncontrolling shareholder | 1,930 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 16,036 | $ 12,721 | $ 23,008 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost Related To Vested Options | 7,427 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost Related To Unvested Options | 2,955 | ||||||||
Wanmen [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Percentage of Initially Owned Equity Interest | 75.00% | ||||||||
Stock options [Member] | |||||||||
Unrecognized share-based compensation cost disclosure | |||||||||
Unrecognized share-based compensation expense relating to share options | $ 22,147 | ||||||||
Weighted-average vesting period for recognition of unrecognized share-based compensation cost | 1 year 8 months 12 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.54 | ||||||||
Employee stock options [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Award vesting period | 6 years | ||||||||
Percantage of options to be forfeited on May 19, 2017 unless the average closing price of one ADS for specific period is US$6.00 or higher | 100.00% | ||||||||
Number of days for calculation of average closing price of one ADS | 30 days | ||||||||
Minimum average closing price of one ADS for specific period | $ 6 | ||||||||
Options granted to employees, management and external advisors (in shares) | 69,593,691 | ||||||||
Exercise price of awards granted (in dollars per share) | $ 1.097 | ||||||||
Share-based compensation expenses from continuing operations | $ 23,904 | $ 19,420 | $ 22,989 | ||||||
Share-based compensation expenses from discontinued operations | $ 1,736 | ||||||||
Employee stock options [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options granted to employees, management and external advisors (in shares) | 34,796,844 | ||||||||
Unrecognized share-based compensation cost disclosure | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | (2) 25% of the options will be vested on May 19, 2015 and 1/36 of the remaining 75% will be vested at the 18th day of each calendar month after May 19, 2015 through the end of the fourth year. | ||||||||
Employee stock options [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options granted to employees, management and external advisors (in shares) | 34,796,847 | ||||||||
Unrecognized share-based compensation cost disclosure | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 1/36 of the remaining 75% will be vested at the 18 th day of each calendar month after May 19, 2015 | ||||||||
Modified stock options [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Exercise price of the outstanding share options granted before modification (in dollars per ADS) | $ 4 | ||||||||
Exercise price of the outstanding share options granted after modification (in dollars per ADS) | $ 3.30 | ||||||||
Outstanding options eligible for modification (in shares) | 27,480,309 | ||||||||
Total incremental cost | $ 4,281 | ||||||||
Modified Stock Options 23 December 2015 [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Total incremental cost | $ 10,926 | ||||||||
ModifiedStockOptions24August2017 [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Exercise price of the outstanding share options granted before modification (in dollars per ADS) | $ 0.478 | ||||||||
Exercise price of the outstanding share options granted after modification (in dollars per ADS) | $ 0.478 | ||||||||
2011 Stock Incentive Plan [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options approved under the plan (in shares) | 110,014,158 | ||||||||
Options granted to employees, management and external advisors (in shares) | 45,000,000 | ||||||||
Stock Incentive Plan 2006 [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options approved under the plan (in shares) | 97,430,220 | ||||||||
Stock Incentive Plan 2008 [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options approved under the plan (in shares) | 30,529,630 | ||||||||
Stock Incentive Plan 2009 [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options approved under the plan (in shares) | 40,000,000 | ||||||||
Stock Incentive Plan 2016 [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options approved under the plan (in shares) | 53,596,236 | ||||||||
Link224 Inc. Plan [Member] | |||||||||
SHARE-BASED COMPENSATION : Stock Options [Line Items] | |||||||||
Options approved under the plan (in shares) | 13,055,529 |
SHARE-BASED COMPENSATION (Sched
SHARE-BASED COMPENSATION (Schedule Of Fair Value Of Options Granted, Estimated On Date Of Grant Using Option-Pricing Models With Assistance From Marsh, Independent Valuation Firm, With Assumptions Used) (Details) - Binomial option pricing model [Member] | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Fair value of the options granted, estimated on the date of grant using option-pricing models with assistance from Duff & Phelps, an independent valuation firm, with assumptions used [Line Items] | |
Risk-free interest rate (as a percent) | 2.00% |
Expected term (in years) | 10 years |
Exercise price | $ 1.227 |
Volatility (as a percent) | 50.00% |
Dividend yield (as a percent) |
SHARE-BASED COMPENSATION (Summa
SHARE-BASED COMPENSATION (Summary Of Information With Respect To Share Options Outstanding) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Options outstanding | |
Number outstanding (in shares) | shares | 141,481,616 |
Weighted average intrinsic value | $ | $ 30,503 |
Options exercisable | |
Number of exercisable (in shares) | shares | 106,073,940 |
Weighted average intrinsic value | $ | $ 22,903 |
Range of exercise price from $0.08-$0.18 [Member] | |
Information with respect to share options outstanding [Line Items] | |
Low end of range of exercise prices (in dollars per share) | $ 0.08 |
High end of range of exercise prices (in dollars per share) | $ 0.18 |
Options outstanding | |
Number outstanding (in shares) | shares | 442,515 |
Weighted average remaining contractual life | 1 year 7 months 13 days |
Weighted average exercise price (in dollars per share) | $ 0.18 |
Weighted average intrinsic value | $ | $ 227 |
Options exercisable | |
Number of exercisable (in shares) | shares | 442,455 |
Weighted average remaining contractual life | 1 year 7 months 13 days |
Weighted average exercise price (in dollars per share) | $ 0.18 |
Weighted average intrinsic value | $ | $ 227 |
Range of exercise price from $0.3-$0.48 [Member] | |
Information with respect to share options outstanding [Line Items] | |
Low end of range of exercise prices (in dollars per share) | $ 0.3 |
High end of range of exercise prices (in dollars per share) | $ 0.48 |
Options outstanding | |
Number outstanding (in shares) | shares | 141,039,101 |
Weighted average remaining contractual life | 6 years 4 months 24 days |
Weighted average exercise price (in dollars per share) | $ 0.48 |
Weighted average intrinsic value | $ | $ 30,276 |
Options exercisable | |
Number of exercisable (in shares) | shares | 105,631,485 |
Weighted average remaining contractual life | 5 years 11 months 16 days |
Weighted average exercise price (in dollars per share) | $ 0.48 |
Weighted average intrinsic value | $ | $ 22,676 |
SHARE-BASED COMPENSATION (Su110
SHARE-BASED COMPENSATION (Summary Of Activity Of Stock Options Granted) (Details) - Stock options [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Number of shares | |
Balance at the beginning of the period (in shares) | shares | 145,446,560 |
Exercised (in shares) | shares | (1,715,895) |
Forfeited (in shares) | shares | (2,249,049) |
Balance at the end of the period (in shares) | shares | 141,481,616 |
Exercisable, at the end of the period (in shares) | shares | 106,073,940 |
Vested and expected to vest, at the end of the period (in shares) | shares | 35,407,676 |
Weighted average exercise price | |
Balance at the beginning of the period (in dollars per share) | $ 0.96 |
Exercised (in dollars per share) | 0.33 |
Forfeited (in dollars per share) | 0.36 |
Balance at the end of the period (in dollars per share) | 0.48 |
Exercisable, at the end of the period (in dollars per share) | 0.48 |
Vested and expected to vest, at the end of the period (in dollars per share) | 0.48 |
Weighted average grant date fair value | |
Balance at the beginning of the period (in dollars per share) | 0.63 |
Exercised (in dollars per share) | 0.3 |
Forfeited (in dollars per share) | 0.16 |
Balance at the end of the period (in dollars per share) | $ 0.64 |
SHARE-BASED COMPENSATION (Su111
SHARE-BASED COMPENSATION (Summary Of Nonvested Restricted Shares Activity) (Details) - Nonvested restricted shares [Member] | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Weighted number of nonvested restricted shares | |
Outstanding at the beginning of the period (in shares) | shares | 15,935,208 |
Granted (in shares) | shares | 1,475,608 |
Vested (in shares) | shares | (5,182,140) |
Forfeited (in shares) | shares | (1,425,993) |
Outstanding at the end of the period (in shares) | shares | 10,802,683 |
Weighted average fair value per ordinary share at the grant dates | |
Outstanding at the beginning of the period (in dollars per share) | $ / shares | $ 1 |
Granted (in dollars per share) | $ / shares | 0.53 |
Vested (in dollars per share) | $ / shares | 1.01 |
Forfeited (in dollars per share) | $ / shares | 0.9 |
Outstanding at the end of the period (in dollars per share) | $ / shares | $ 0.95 |
SHARE-BASED COMPENSATION (Nonve
SHARE-BASED COMPENSATION (Nonvested Restricted Shares) (Narrative) (Details) - Nonvested restricted shares [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other disclosures | |||
Compensation expense | $ 4,112 | $ 4,124 | $ 1,509 |
Unrecognized compensation expense | $ 10,323 | ||
Expected weighted-average period for unrecognized compensation expense to be recognized | 2 years 1 month 13 days |
SHARE-BASED COMPENSATION (Share
SHARE-BASED COMPENSATION (Share-Based Compensation Attributable To Selling And Marketing, Research And Development And General And Administrative Expenses And Loss From Operations Of Discontinued Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based compensation recorded by Group [Line Items] | |||
Share-based compensation expenses from continuing operations | $ 28,016 | $ 23,544 | $ 26,505 |
Options and nonvested restricted shares [Member] | |||
Share-based compensation recorded by Group [Line Items] | |||
Expense recorded in discontinued operations | 0 | 1,736 | |
Share-based compensation | 28,016 | 23,544 | 28,241 |
Options and nonvested restricted shares [Member] | Selling and marketing [Member] | |||
Share-based compensation recorded by Group [Line Items] | |||
Share-based compensation expenses from continuing operations | 598 | 770 | 243 |
Options and nonvested restricted shares [Member] | Research and development [Member] | |||
Share-based compensation recorded by Group [Line Items] | |||
Share-based compensation expenses from continuing operations | 1,092 | 1,363 | 781 |
Options and nonvested restricted shares [Member] | General and administrative [Member] | |||
Share-based compensation recorded by Group [Line Items] | |||
Share-based compensation expenses from continuing operations | $ 26,326 | $ 21,411 | $ 25,481 |
RELATED PARTY BALANCES AND T114
RELATED PARTY BALANCES AND TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Apr. 30, 2017 | Apr. 17, 2017 | Oct. 31, 2015 | Feb. 28, 2015 | Mar. 31, 2014 | Sep. 30, 2012 | Jul. 31, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2006 | Nov. 30, 2016 | Nov. 30, 2015 | |
Details of related party balances and transactions [Line Items] | |||||||||||||
Amounts due from related parties | $ 15,224 | $ 13,419 | |||||||||||
Proceeds from Sale of Equity Method Investments | $ 94,604 | 18,460 | $ 94 | ||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 58,335 | ||||||||||||
CEO [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Face amount of debt | $ 69,468 | ||||||||||||
Liu Guolan [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Payments to Fund Long-term Loans to Related Parties | $ 167 | ||||||||||||
Maturity period | 10 years | ||||||||||||
Other Income | 7,021 | ||||||||||||
Proceeds from (Repayments of) Related Party Debt | $ 7,188 | ||||||||||||
SoFi [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Equity Method Investment Number Of Securities Sold | 5,719,986 | ||||||||||||
Proceeds from Sale of Equity Method Investments | $ 91,926 | ||||||||||||
Equity Method Investment, Realized Gain (Loss) on Disposal | $ 58,335 | ||||||||||||
SoFi [Member] | Series B shares [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Payment for equity method investments | $ 49,000 | ||||||||||||
SoFi [Member] | Series D shares [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Payment for equity method investments | $ 20,789 | ||||||||||||
SoFi [Member] | Series E preferred shares [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Payment for equity method investments | $ 22,331 | ||||||||||||
SoFi [Member] | Series F Preferred Stock [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Payment for equity method investments | $ 150,000 | ||||||||||||
SoFi Lending Corp. [Member] | Series 2012-A Senior Secured Refi Loan Notes [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Purchases of Series 2012-A Senior Secured Refi Loan Notes | $ 10,000 | ||||||||||||
Guaranteed by Chief Operating Officer [Member] | |||||||||||||
Details of related party balances and transactions [Line Items] | |||||||||||||
Face amount of debt | $ 7,202 |
RELATED PARTY BALANCES AND T115
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule Of Amounts Due From Related Parties) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Amounts due from related parties [Line Items] | |||
Total | $ 15,224 | $ 13,419 | |
Tianjin Yi Chuang Xin He Information Technology Co., Ltd [Member] | |||
Amounts due from related parties [Line Items] | |||
Total | [1] | 10,759 | 10,082 |
Others [Member] | |||
Amounts due from related parties [Line Items] | |||
Total | $ 4,465 | $ 3,337 | |
[1] | The balance represents the loan to Yi Chuang Xin He. Yi Chuang Xin He is a subsidiary of Eall, which is an available-for-sale investee of the Company. In May 2016, the Company entered into agreements with Eall and Yi Chuang Xin He for a series of loan transactions, pursuant to which the Company made a loan amounting to RMB70 million to Yi Chuang Xin He. At the same time, Eall made a loan in US dollar to the Company amounting to RMB70 million ($10,692). Both of the loans are free of interest. The loan due from Yi Chuang Xin He is repayable on demand. The loan due to Eall is repayable 5 work days after Yi Chuang Xin He repays the loan to the Company. The Company recorded the loans as amount due from and amount due to related parties as the Company does not have the right to offset and does not intend on setting off the loans. As of December 31, 2017, both of the loans remained outstanding. |
RELATED PARTY BALANCES AND T116
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule Of Amount Due To Related Parties) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Amounts due from related parties [Line Items] | |||
Others | $ 7,054 | $ 222 | |
Total | 17,746 | 10,914 | |
Eall [Member] | |||
Amounts due from related parties [Line Items] | |||
Total | [1] | $ 10,692 | $ 10,692 |
[1] | The balance represents the loan provided by Eall (see Note 20 (1)). |
RELATED PARTY BALANCES AND T117
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule Of Transactions With Related Parties For Amount Due From Related Parties) (Details) - Due From Related Parties [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Transactions with related parties for amount due from related parties | $ 11,660 | $ 14,625 | $ 4,957 |
Beautiful Bay Co., Ltd, Substantially controlled by the majority shareholder of OPH [Member] | |||
Related Party Transaction [Line Items] | |||
Transactions with related parties for amount due from related parties | 0 | 0 | 4,775 |
Yi Chuang Xin He [Member] | |||
Related Party Transaction [Line Items] | |||
Transactions with related parties for amount due from related parties | 0 | 10,542 | 0 |
Beijing Yunke Logistics Co Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Transactions with related parties for amount due from related parties | 8,591 | 0 | 0 |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Transactions with related parties for amount due from related parties | $ 3,069 | $ 4,083 | $ 182 |
RELATED PARTY BALANCES AND T118
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule Of Transactions With Related Parties For Amount Due To Related Parties) (Details) - Due To Related Parties [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 333 | $ 11,105 | $ 152 |
Eall [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | 0 | 10,692 | 0 |
Others [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 333 | $ 413 | $ 152 |
SEGMENT INFORMATION (Schedule O
SEGMENT INFORMATION (Schedule Of Components Of Net Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEGMENT INFORMATION | |||
Net revenues | $ 202,102 | $ 63,364 | $ 41,111 |
Cost of revenues | 184,398 | 51,767 | 36,720 |
Operating expenses | 105,581 | 84,610 | 109,697 |
Loss from operations | (87,877) | (73,013) | (105,306) |
Net loss from continuing operations | (110,503) | (194,053) | (223,177) |
Net income from discontinued operations | 0 | 8,701 | 1,520 |
Net loss | (110,503) | (185,352) | (221,657) |
Renren [Member] | |||
SEGMENT INFORMATION | |||
Net revenues | 52,251 | 42,513 | 36,880 |
Cost of revenues | 40,108 | 37,696 | 35,203 |
Operating expenses | 80,403 | 68,918 | 107,211 |
Loss from operations | (68,260) | (64,101) | (105,534) |
Net loss from continuing operations | (85,237) | (183,638) | (221,851) |
Net income from discontinued operations | 0 | 8,701 | 1,520 |
Net loss | (85,237) | (174,937) | (220,331) |
Auto Group [Member] | |||
SEGMENT INFORMATION | |||
Net revenues | 149,851 | 20,851 | 4,231 |
Cost of revenues | 144,290 | 14,071 | 1,517 |
Operating expenses | 25,178 | 15,692 | 2,486 |
Loss from operations | (19,617) | (8,912) | 228 |
Net loss from continuing operations | (25,266) | (10,415) | (1,326) |
Net income from discontinued operations | 0 | 0 | 0 |
Net loss | $ (25,266) | $ (10,415) | $ (1,326) |
LOSSES PER SHARE (Narrative) (D
LOSSES PER SHARE (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 142,615,572 | 142,517,623 |
Nonvested shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 9,668,727 | 3,354,015 |
LOSSES PER SHARE (Schedule Of C
LOSSES PER SHARE (Schedule Of Computation Of Basic And Diluted Net Loss Per Ordinary Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net loss: | |||
Loss from continuing operations | $ (110,503) | $ (194,053) | $ (223,177) |
Income from discontinued operations, net of tax | 0 | 8,701 | 1,520 |
Net loss | (110,503) | (185,352) | (221,657) |
Add: net loss attributable to noncontrolling interest | 76 | 1,529 | |
Net loss attributable to Renren Inc. | $ (110,427) | $ (185,352) | $ (220,128) |
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share-basic | 1,028,537,406 | 1,022,664,396 | 1,019,378,556 |
Incremental weighted average ordinary shares from assumed exercise of stock options using the treasury stock method | 0 | 4,512,567 | 7,857,646 |
Weighted average number of ordinary shares outstanding used in computing net income per ordinary share-diluted | 1,028,537,406 | 1,027,176,963 | 1,027,236,202 |
Net loss per ordinary share attributable to Renren Inc. shareholders - basic: | |||
Income (loss) per ordinary share from continuing operations | $ (0.11) | $ (0.19) | $ (0.22) |
Income per ordinary share from discontinued operations | 0 | 0.01 | 0 |
Net loss per ordinary share attributable to Renren Inc. shareholders - basic: | (0.11) | (0.18) | (0.22) |
Net loss per ordinary share attributable to Renren Inc. shareholders - diluted: | |||
Income (loss) per ordinary share from continuing operations | (0.11) | (0.19) | (0.22) |
Income per ordinary share from discontinued operations | 0 | 0.01 | 0 |
Net loss per ordinary share attributable to Renren Inc. shareholders - diluted: | $ (0.11) | $ (0.18) | $ (0.22) |
COMMITMENTS (Narrative) (Detail
COMMITMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Commitments [Line Items] | |||
Rental and Bandwidth expenses under operating leases from continuing operations | $ 5,926 | $ 5,964 | $ 12,113 |
Rental and Bandwidth expenses under operating leases from discontinuing operations | 0 | 183 | $ 2,553 |
Capital commitments | |||
Obligation to pay for acquisition of investments | $ 1,736 | $ 2,887 |
COMMITMENTS (Schedule Of Future
COMMITMENTS (Schedule Of Future Minimum Lease Payments Under Non-Cancellable Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum lease payments under non-cancellable leases | |
2,018 | $ 6,366 |
2,019 | 3,792 |
2,020 | 3,031 |
2021 and thereafter | 1,686 |
Total | 14,875 |
Future minimum principal payments related to long-term debts | |
2,018 | 59,260 |
2,019 | 3,074 |
2,020 | 44,591 |
Total | $ 106,925 |
EMPLOYEE BENEFIT PLAN (Details)
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2006 | |
Provisions for employee benefits under government-mandated defined contribution plan from continuing operation | $ 7,528 | $ 6,469 | $ 10,032 | |
Provisions for employee benefits under government-mandated defined contribution plan from discontinuing operations | $ 0 | $ 621 | $ 85 |
OTHER COMPREHENSIVE INCOME (Sch
OTHER COMPREHENSIVE INCOME (Schedule Of Comprehensive Income/Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign currency translation adjustments, Beginning Balance | $ (9,504) | $ 1,490 | $ 9,267 |
Foreign currency translation adjustments, Exchange difference | 9,585 | (10,994) | (7,777) |
Foreign currency translation adjustments, Ending Balance | 81 | (9,504) | 1,490 |
Unrealized gain (loss) on available-for-sale investments, Beginning Balance | 16,387 | 35,634 | (1,493) |
Unrealized gain (loss) on available-for-sale investments, Exchange difference | 648 | (19,247) | 37,127 |
Unrealized gain (loss) on available-for-sale investments, Ending Balance | 17,035 | 16,387 | 35,634 |
Total, Beginning Balance | 6,883 | 37,124 | 7,774 |
Exchange difference | 10,233 | (30,241) | 29,350 |
Total, Ending Balance | $ 17,116 | $ 6,883 | $ 37,124 |
STATUTORY RESERVE AND RESTRI126
STATUTORY RESERVE AND RESTRICTED NET ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Percentage of after-tax profits required to be allocated to general reserve | 10.00% | |
General reserve as a percentage of registered capital up to which after-tax profit of PRC subsidiaries and VIEs shall be transferred | 50.00% | |
Aggregate amount of net assets of the relevant subsidiaries and VIE entities in the Company not available for distribution | $ 435,999 | $ 370,971 |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 20, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2018 | |
Subsequent Events [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 63,000 | $ 142,000 | $ 1,084,000 | ||
Scenario, Forecast [Member] | |||||
Subsequent Events [Line Items] | |||||
Proceeds from Other Deposits | $ 3,073 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 61,210 | ||||
Subsequent event [Member] | |||||
Subsequent Events [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 40,000,000 |
Additional Information - Fin128
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company (BALANCE SHEETS) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 128,595 | $ 79,370 | ||
Prepaid expenses and other current assets | 50,183 | 20,749 | ||
Total current assets | 468,005 | 450,813 | ||
Long-term investments | 565,366 | 695,348 | ||
TOTAL ASSETS | 1,194,164 | 1,176,844 | ||
Current liabilities: | ||||
Short-term debt | 61,479 | 37,202 | ||
Long-term debt - current | 52,604 | 0 | ||
Accrued expenses and other current liabilities | 45,898 | 19,781 | ||
Amounts due to related party | 17,746 | 10,914 | ||
Total current liabilities | 370,547 | 270,223 | ||
Long-term liabilities | 47,665 | 95,390 | ||
Other non-current liabilities | 6,356 | 12,849 | ||
TOTAL LIABILITIES | 485,418 | 438,378 | ||
Equity: | ||||
Additional paid-in capital | 1,303,117 | 1,266,592 | ||
Accumulated deficit | (653,173) | (542,746) | ||
Accumulated other comprehensive income | 17,116 | 6,883 | $ 37,124 | $ 7,774 |
Total Renren Inc. shareholders' equity | 674,804 | 738,466 | ||
TOTAL LIABILITIES AND EQUITY | 1,194,164 | 1,176,844 | ||
Class A ordinary shares [Member] | ||||
Equity: | ||||
Ordinary shares | 727 | 720 | ||
Class B ordinary shares [Member] | ||||
Equity: | ||||
Ordinary shares | 305 | 305 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 97,697 | 15,694 | ||
Prepaid expenses and other current assets | 5,179 | |||
Amounts due from subsidiaries | 1,144,420 | 1,127,402 | ||
Total current assets | 1,247,296 | 1,143,096 | ||
Long-term investments | 209,605 | 232,952 | ||
Investment in subsidiaries | (687,629) | (529,991) | ||
TOTAL ASSETS | 769,272 | 846,057 | ||
Current liabilities: | ||||
Short-term debt | 0 | 30,000 | ||
Long-term debt - current | 52,604 | |||
Accrued expenses and other current liabilities | 15,508 | 1,446 | ||
Amounts due to related party | 10,692 | |||
Total current liabilities | 68,112 | 42,138 | ||
Long-term liabilities | 20,000 | 52,604 | ||
Other non-current liabilities | 6,356 | 12,849 | ||
TOTAL LIABILITIES | 94,468 | 107,591 | ||
Equity: | ||||
Additional paid-in capital | 1,303,117 | 1,266,592 | ||
Accumulated deficit | (646,461) | (536,034) | ||
Accumulated other comprehensive income | 17,116 | 6,883 | ||
Total Renren Inc. shareholders' equity | 674,804 | 738,466 | ||
TOTAL LIABILITIES AND EQUITY | 769,272 | 846,057 | ||
Parent Company [Member] | Class A ordinary shares [Member] | ||||
Equity: | ||||
Ordinary shares | 727 | 720 | ||
Parent Company [Member] | Class B ordinary shares [Member] | ||||
Equity: | ||||
Ordinary shares | $ 305 | $ 305 |
Additional Information - Fin129
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company (STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | |||
Selling and marketing | $ 28,954 | $ 21,276 | $ 30,502 |
Research and development | 23,678 | 20,750 | 32,392 |
General and administrative | 52,949 | 42,584 | 46,803 |
Total operating expenses | 105,581 | 84,610 | 109,697 |
Other (loss) income | (1,369) | 12,888 | (7,058) |
Interest income | 2,029 | 919 | 2,190 |
Interest expenses | (10,185) | (12,439) | (2,041) |
Realized gain on short-term investments | (100) | 552 | (98,112) |
Net loss | (110,503) | (185,352) | (221,657) |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation | 9,585 | (10,994) | (7,777) |
Net unrealized gain (loss) on available-for-sale investments, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively | 3,891 | (18,518) | 40,695 |
Transfer to statements of operations of realized gain on available-for-sale securities, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively | (3,243) | (729) | (3,568) |
Other comprehensive income (loss) | 10,233 | (30,241) | 29,350 |
Comprehensive loss attributable to Renren Inc. | (100,194) | (215,593) | (190,778) |
Parent Company [Member] | |||
STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME | |||
Selling and marketing | 598 | 770 | 243 |
Research and development | 1,092 | 1,363 | 780 |
General and administrative | 33,519 | 25,477 | 28,811 |
Total operating expenses | 35,209 | 27,610 | 29,834 |
Other (loss) income | 1,385 | 307 | (528) |
Interest income | 223 | 127 | 270 |
Interest expenses | (6,391) | (5,728) | (985) |
Realized gain on short-term investments | 0 | 0 | 4,102 |
(Loss) earnings in equity method investments | 9,743 | (3,968) | (3,516) |
(Loss) gain on disposal of equity method investments | 58,335 | 0 | (534) |
(Loss) gain on disposal of cost method investments | 37,311 | 0 | 0 |
Equity in loss of subsidiaries and variable interest entities | (175,824) | (148,480) | (189,103) |
Net loss | (110,427) | (185,352) | (220,128) |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation | 9,585 | (10,994) | (7,777) |
Net unrealized gain (loss) on available-for-sale investments, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively | 3,891 | (18,518) | 40,695 |
Transfer to statements of operations of realized gain on available-for-sale securities, net of tax of $nil for the years ended December 31, 2015, 2016 and 2017, respectively | (3,243) | (729) | (3,568) |
Other comprehensive income (loss) | 10,233 | (30,241) | 29,350 |
Comprehensive loss attributable to Renren Inc. | $ (100,194) | $ (215,593) | $ (190,778) |
Additional Information - Fin130
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company (STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (110,503) | $ (185,352) | $ (221,657) |
Share-based compensation expense | 28,016 | 23,544 | 28,241 |
Exchange loss (gain) on offshore accounts | 4 | 174 | |
Gain on short-term investments and fair value change of derivatives | 100 | (552) | 98,112 |
Fair value change of liability-classified warrant | (195) | (105) | 6,270 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (20,842) | 7,934 | (22,788) |
Accrued expenses and other current liabilities | 8,576 | 2,037 | 1,090 |
Other non-current liabilities | 5,862 | 5,332 | 966 |
Net cash used in operating activities | (114,964) | (11,005) | (50,042) |
Cash flows from investing activities: | |||
Decrease in term deposits | 0 | 493,471 | |
Proceeds from sale of available-for-sale securities | 0 | 62,704 | |
Proceeds from principal return on SoFi Loan Note | 5,879 | 984 | |
Proceeds from sale of equity method investment | 94,604 | 18,460 | 94 |
Proceeds from sale of cost method investment | 32,726 | ||
Capital distribution received from equity method investees | 148 | 29,634 | 60,279 |
Net cash (used in) provided by investing activities | 224,236 | (193,283) | (248,984) |
Cash flows from financing activities: | |||
Repurchase of ordinary shares | (10,292) | ||
Proceeds from exercise of share options | 262 | 1,430 | 1,231 |
Repayment of short-term borrowings | (24,060) | (108,292) | |
Proceeds from loan from a related party | 0 | 10,692 | |
Net cash provided by (used in) financing activities | (67,113) | 226,075 | 180,430 |
Net (decrease) increase in cash and cash equivalents | 42,159 | 21,787 | (118,596) |
Cash and cash equivalents at beginning of year | 79,370 | 60,837 | 183,025 |
Effect of exchange rate changes | 7,066 | (3,254) | (3,592) |
Cash and cash equivalents at end of year | 128,595 | 79,370 | 60,837 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net loss | (110,427) | (185,352) | (220,128) |
Equity in income of subsidiaries and variable interest entities | 175,824 | 148,480 | 189,103 |
Share-based compensation expense | 28,016 | 23,544 | 24,575 |
Gain on disposal of cost method investments | (37,311) | 0 | 0 |
Exchange loss (gain) on offshore accounts | (1) | 3 | 376 |
Gain on short-term investments and fair value change of derivatives | 0 | 0 | (4,102) |
Loss (earnings) in equity method investment | (68,078) | 3,968 | 4,050 |
Fair value change of liability-classified warrant | (195) | (105) | 0 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (294) | 107 | 2,796 |
Accrued expenses and other current liabilities | 1,902 | (1,689) | (5,040) |
Other non-current liabilities | 5,862 | 5,332 | 966 |
Increase in amounts due from subsidiaries | (27,710) | (65,055) | (128,551) |
Net cash used in operating activities | (32,412) | (70,767) | (135,955) |
Cash flows from investing activities: | |||
Restricted cash | 0 | 15,370 | (15,370) |
Decrease in term deposits | 0 | 0 | 139,514 |
Proceeds from sale of available-for-sale securities | 0 | 0 | 33,416 |
Proceeds from principal return on SoFi Loan Note | 0 | 5,879 | 984 |
Proceeds from sale of equity method investment | 91,926 | 18,460 | 0 |
Proceeds from sale of cost method investment | 32,726 | 0 | 0 |
Capital distribution received from equity method investees | 9,854 | ||
Dividend received from available-for-sale securities | 0 | 0 | 137 |
Purchase of equity method investment | (500) | (1,000) | (172,331) |
Purchase of cost method investment | 0 | 0 | (300) |
Net cash (used in) provided by investing activities | 124,152 | 38,709 | (4,096) |
Cash flows from financing activities: | |||
Repurchase of ordinary shares | 0 | 0 | (10,292) |
Proceeds from exercise of share options | 262 | 1,430 | 1,231 |
Proceeds from borrowings | 0 | 30,000 | 159,260 |
Restricted cash for debt borrowings | 0 | 100,000 | (100,000) |
Repayment of short-term borrowings | (10,000) | (100,000) | 0 |
Proceeds from loan from a related party | 0 | 10,692 | 0 |
Net cash provided by (used in) financing activities | (9,738) | 42,122 | 50,199 |
Net (decrease) increase in cash and cash equivalents | 82,002 | 10,064 | (89,852) |
Cash and cash equivalents at beginning of year | 15,694 | 5,633 | 95,485 |
Effect of exchange rate changes | 1 | (3) | 0 |
Cash and cash equivalents at end of year | $ 97,697 | $ 15,694 | $ 5,633 |
Additional Information - Fin131
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company (Parenthetical) (Details) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Class A ordinary shares [Member] | ||
Consolidated financial information [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 3,000,000,000 | 3,000,000,000 |
Ordinary shares, shares issued | 726,549,453 | 719,651,418 |
Ordinary shares, shares outstanding | 726,549,453 | 719,651,418 |
Class B ordinary shares [Member] | ||
Consolidated financial information [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 305,388,450 | 305,388,450 |
Ordinary shares, shares outstanding | 305,388,450 | 305,388,450 |
Parent Company [Member] | Class A ordinary shares [Member] | ||
Consolidated financial information [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 3,000,000,000 | 3,000,000,000 |
Ordinary shares, shares issued | 726,549,453 | 719,651,418 |
Ordinary shares, shares outstanding | 726,549,453 | 719,651,418 |
Parent Company [Member] | Class B ordinary shares [Member] | ||
Consolidated financial information [Line Items] | ||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, shares issued | 305,388,450 | 305,388,450 |
Ordinary shares, shares outstanding | 305,388,450 | 305,388,450 |
Additional Information - Fin132
Additional Information - Financial Statement Schedule I Condensed Financial Information of Parent Company (Basis for preparation) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Basis Of Preparation [Line Items] | ||
Restricted net assets of Company's subsidiaries, VIE and VIE's subsidiaries | $ 435,999 | $ 370,971 |
Parent Company [Member] | ||
Basis Of Preparation [Line Items] | ||
Restricted net assets of Company's subsidiaries, VIE and VIE's subsidiaries | $ 435,999 |