BEIJING, Feb. 28, 2011 /PRNewswire-Asia/ -- Youku.com Inc.
(NYSE: YOKU), China's leading
Internet television company ("Youku" or the "Company"), today
announced its unaudited financial results for the fourth quarter
and fiscal year ended December 31,
2010.
Fourth Quarter Highlights(1)
- Net revenues were RMB152.5
million (US$23.1 million), a
183% increase from the corresponding period in 2009.(2)
- Gross profit was RMB50.4 million
(US$7.6 million), compared to a gross
loss of RMB5.2 million ($0.8 million) for the corresponding period in
2009.
- Net loss was RMB37.7 million
(US$5.7 million), an 18% decrease
from the corresponding period in 2009.
- Adjusted EBITDA (non-GAAP financial measure) was RMB6.4 million (US$1.0
million), compared to an adjusted EBITDA loss of
RMB31.6 million (US$4.8 million) for the corresponding period in
2009.
Fiscal Year 2010 Highlights
- Net revenues were RMB387.1
million (US$58.7 million), a
152% increase from 2009.
- Gross profit was RMB36.3 million
(US$5.5 million), compared to a gross
loss of RMB63.1 million ($9.6 million) in 2009.
- Net loss was RMB204.7 million
(US$31.0 million), a 12% increase
from 2009.
- Adjusted EBITDA loss (non-GAAP financial measure) was
RMB99.5 million (US$15.1 million), a 26% decrease from an adjusted
EBITDA loss of RMB134.5 million
(US$20.4 million) in 2009.
"I am very pleased to report a strong fourth quarter, which is
also the first time we report financial results as a publicly
listed company. Our strong growth has been driven by a surging
digital economy in China and our
focus on providing the most comprehensive video content library to
Chinese users and the best user experience in watching, searching
and sharing videos. We are also happy with the achievements we made
in our video search engine Soku, P2P software iKu and our wireless
products which are rapidly gaining popularity," said Victor Koo, Chairman and Chief Executive
Officer.
"Our brand continues to strengthen, and building on the
publicity gained throughout China
from our recent IPO in the New York Stock Exchange, our lead over
competitors in brand awareness and popularity has further expanded.
Looking forward I am confident that Youku will remain at the center
of China's online video market,"
Mr. Koo continued.
"More and more domestic and international companies appreciate
the strength of our video platform as an advertising opportunity,
and we believe that the outlook for 2011 is promising," Mr. Koo
added.
Dele Liu, Youku's Senior Vice President and Chief Financial
Officer, commented, "Riding on the shifting of video advertising
dollars online, we have achieved strong revenue growth momentum and
significant margin improvement. These results have further added to
our optimism and confidence that the right company strategy is to
invest aggressively in future growth through investment in content,
technology, product innovation and brand."
Fourth Quarter 2010 Results
Net revenues were RMB152.5
million (US$23.1 million) in
the fourth quarter of 2010, representing a 183% increase from the
corresponding period in 2009. The significant increase of net
revenues was mainly due to the strong performance of brand
advertising revenues, which amounted to RMB139.4 million (US$21.1
million) in the fourth quarter of 2010, representing a 189%
increase from the corresponding period in 2009. The growth was
primarily attributable to the increased use by brand advertisers of
our advertising services.
Bandwidth costs as a component of cost of revenues were
RMB51.7 million (US$7.8 million) in the fourth quarter of
2010, representing 34% of net revenues, compared to 71% in the
corresponding period in 2009.
Content costs as a component of cost of revenues were
RMB26.2 million (US$4.0 million), representing 17% of net
revenues, compared to 10% in the corresponding period in 2009. The
increase in content costs was mainly due to expansion of our online
video content library and increase in unit acquisition cost of
professionally produced content.
Gross profit was RMB50.4
million (US$7.6 million) in
the fourth quarter of 2010, compared to a gross loss of
RMB5.2 million (US$0.8 million) for the corresponding period in
2009. The significant increase in gross profit was mainly due to
increased revenues from brand advertising services.
Operating expenses were RMB59.0 million (US$8.9
million) in the fourth quarter of 2010, an increase of 57%
compared to RMB37.6 million in the
corresponding period in 2009. The increase was primarily due to
increases in sales and marketing expenses, general and
administrative expenses and product development expenses as a
result of the substantial growth of our business.
Operating loss was RMB8.6
million (US$1.3 million) in
the fourth quarter of 2010, representing an 80% decrease from the
corresponding period in 2009. The decrease was mainly due to the
significant increase in gross profit as noted above.
Net loss was RMB37.7
million (US$5.7 million) in
the fourth quarter of 2010, representing an 18% decrease from the
corresponding period in 2009. Basic and diluted loss per
ADS(3) for the fourth quarter of 2010 amounted to
RMB0.89 (US$0.13) and RMB0.89 (US$0.13),
respectively.
Adjusted net loss (non-GAAP financial
measure), which is herein defined as net loss excluding share-based
compensation expenses and change in fair value of derivative
financial liabilities and warrant liability, was RMB6.4 million (US$1.0
million) in the fourth quarter of 2010, or an 85% decrease
from the corresponding period in 2009.
Adjusted EBITDA (non-GAAP financial measure),
which is herein defined as net income or loss before income taxes,
interest expenses, interest income, depreciation and amortization,
further adjusted for change in fair value of derivative financial
liabilities and warrant liability, share-based compensation
expenses and other non-operating items, was RMB6.4 million (US$1.0
million) for the fourth quarter of 2010, compared to a loss
of RMB31.6 million (US$4.8 million) from the corresponding period in
2009.
Full-Year 2010 Results
Net revenues were RMB387.1
million (US$58.7 million) in
the fiscal year 2010, representing a 152% increase from 2009. The
significant increase of net revenues for 2010 was mainly due to the
substantial increase in brand advertising revenues, which grew by
161% from 2009 to RMB356.9 million
(US$54.1 million) in 2010. The growth
was primarily attributable to the increased use by brand
advertisers of our advertising services.
Bandwidth costs as a component of cost of revenues were
RMB191.7 million (US$29.0 million) in 2010, representing 50%
of net revenues, compared to 97% in 2009.
Content costs as a component of cost of revenues were
RMB82.7 million (US$12.5 million), representing 21% of net
revenues, compared to 11% in 2009. The increase in content costs
was mainly due to expansion of our online video content library and
increase in unit acquisition cost of professionally produced
content.
Gross profit was RMB36.3 million (US$5.5
million) in 2010, compared to gross loss of RMB63.1 million (US$9.6
million) in 2009. The significant increase in gross profit
was mainly due to increased revenues from brand advertising
services. The gross profit margin improved to 9% from a negative
margin of 41% in the prior year, mainly due to operating leverage,
as cost of revenues represented 91% of net revenues in 2010
compared to 141% in 2009.
Operating expenses were RMB190.6
million (US$28.9 million) in
2010, an increase of 70% compared to RMB112.2 million (US$17.0
million) from 2009. The increase was primarily due to
increases in sales and marketing expenses, general and
administrative expenses and product development expenses as a
result of the substantial growth of our business.
Operating loss was RMB154.3
million (US$23.4 million) in
2010, representing a decrease of 12% from 2009. The decrease was
mainly due to the significant increase in gross profit as noted
above.
Net loss was RMB204.7
million (US$31.0 million) in
2010, representing a 12% increase from 2009.
Basic and diluted loss per ADS for 2010 amounted to
RMB7.90 (US$1.2) and RMB7.90 (US$1.2),
respectively.
Adjusted net loss (non-GAAP financial
measure) was RMB148.4 million
(US$22.5 million) in 2010, or a 15%
decrease from 2009.
Adjusted EBITDA loss (non-GAAP financial measure)
was RMB99.5 million (US$15.1 million) in 2010, or a decrease of 26%
from 2009.
Business Outlook
For the first quarter of 2011, the Company expects the
year-on-year net revenues growth at a rate of 105% to 115%. This
forecast reflects Youku's current and preliminary view, which is
subject to change.
Conference Call Information
Youku's management will host an earnings conference call at
8:00 p.m. U.S. Eastern Time on
February 28, 2011 (9:00 a.m. Beijing/Hong Kong Time on March 1, 2011).
Interested parties may participate in the conference call by
dialing one of the following numbers below and entering passcode
Youku#, 10-15 minutes before the call starts.
US Toll Free Dial In:
1-866-700-6293
|
|
US Toll / International Dial In:
1-617-213-8835
|
|
China Toll:
86-4008811629/30
|
|
China (Telecom) Toll Free:
108001300399
|
|
Hong Kong Toll / International
Dial In: 852-3002-1672
|
|
Participant
Passcode: Youku#
|
|
|
A replay of the call will be available by dialing 1-888-286-8010
(international 1-617-801-6888), and entering passcode 53661444#.
The replay will be available through March
15, 2011.
This call will be webcast live and the replay will be available
for 12 months. Both will be available on the Investor Relations
section of Youku's corporate website at http://ir.youku.com
About Youku
Youku.com Inc. is China's
leading Internet television company. Our Internet television
platform enables users to search, view and share high-quality video
content quickly and easily across multiple devices. Youku, which
stands for "what's best and what's cool" in Chinese, is the most
recognized online video brand in China. Youku's American
depositary shares, each representing 18 of our Class A ordinary
shares, are traded on NYSE under the symbol "YOKU".
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Youku's strategic and operational plans,
contain forward-looking statements. Youku may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K in
its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about Youku's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: our goals and strategies; our future
business development, financial condition and results of
operations; the expected growth of the online video market in
China; our expectations regarding
demand for and market acceptance of our services; our expectations
regarding the retention and strengthening of our relationships with
key advertisers and customers; our plans to enhance user
experience, infrastructure and service offerings; competition in
our industry in China; and
relevant government policies and regulations relating to our
industry. Further information regarding these and other risks is
included in our registration statement on Form F-1, as amended,
filed with the SEC. All information provided in this press release
and in the attachments is as of the date of this press release, and
Youku does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
About Non-GAAP Financial Measures
To supplement Youku's consolidated financial results presented
in accordance with United States Generally Accepted Accounting
Principles ("GAAP"), Youku uses the following measures defined as
non-GAAP financial measures by the SEC in evaluating its business:
adjusted net loss and adjusted EBITDA. We define adjusted net
loss as net loss excluding share-based compensation expenses and
change in fair value of derivative financial liabilities and
warrant liability. We define adjusted EBITDA as net income or loss
before income taxes, interest expenses, interest income,
depreciation and amortization (excluding amortization of purchased
contents), further adjusted for change in fair value of derivative
financial liabilities and warrant liability, share-based
compensation expenses and other non-operating items. We present
non-GAAP financial measures because they are used by our management
to evaluate our operating performance. We also believe that these
non-GAAP financial measures provide useful information to investors
and others in understanding and evaluating our consolidated results
of operations in the same manner as our management and in comparing
financial results across accounting periods and to those of our
peer companies.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation or as a substitute for the
financial information prepared and presented in accordance with
GAAP. For more information on these non-GAAP financial measures,
please see the table captioned "Reconciliations of non-GAAP results
of operations measures to the nearest comparable GAAP financial
measures" at the end of this release.
(1)
The reporting currency of the
Company is Renminbi ("RMB"), but for the convenience of the reader,
the amounts presented throughout the release are in US dollars
("US$"). Unless otherwise noted, all transactions from RMB to US$
are made at a rate of RMB6.6000 to US$1.00,
the effective noon buying rate as of December 31, 2010 in the City
of New York for cable transfers of RMB as certified for customs
purposes by the Federal Reserve Bank of New York. No representation
is made that the RMB amounts could have been, or could be,
converted into US$ at such rate.
|
|
|
|
(2) The
Company's net
revenues are presented net of commissions earned by third-party
advertising agencies, which amounted to RMB86.6 million (US$13.1
million) in 2010 and RMB37.9 million in 2009.
|
|
|
|
(3) Each ADS
represents eighteen (18) Class A ordinary shares.
|
|
|
Investor
Relations:
|
|
|
|
Ryan Cheung
|
|
Corporate Finance
Director
|
|
Youku.com Inc.
|
|
Tel: (+8610) 5885-1881
x6090
|
|
Email: ryan.cheung@youku.com
|
|
|
|
Caroline Straathof
|
|
IR Inside
|
|
Tel: (+31) 6-54624301
|
|
Email: caroline.straathof@irinside.com
|
|
|
|
Media
Relations:
|
|
Jean Shao
|
|
Director, International Public
Relations
|
|
Youku.com Inc.
|
|
Tel: (+8610) 5885-1881
x7128
|
|
Email: shaodan@youku.com
|
|
|
YOUKU.COM
INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(Amounts in thousands of
Renminbi ("RMB") and U.S. dollars ("US$"), except for number
of shares, ADS, per share and per ADS information)
|
|
December 31,
2009
|
|
December 31,
2010
|
|
December 31,
2010
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
301,608
|
|
1,811,423
|
|
274,458
|
|
|
Restricted cash
|
|
-
|
|
-
|
|
-
|
|
|
Short-term investment
|
|
-
|
|
-
|
|
-
|
|
|
Accounts receivable,
net
|
|
74,960
|
|
216,245
|
|
32,764
|
|
|
Intangible assets
|
|
5,036
|
|
10,230
|
|
1,550
|
|
|
Prepayments and other
assets
|
|
2,718
|
|
10,006
|
|
1,517
|
|
Total current
assets
|
|
384,322
|
|
2,047,904
|
|
310,289
|
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
54,651
|
|
64,177
|
|
9,724
|
|
|
Intangible assets
|
|
1,460
|
|
57,550
|
|
8,720
|
|
|
Capitalized content production
costs
|
|
|
|
-
|
|
-
|
|
|
Prepayments and other
assets
|
|
1,308
|
|
5,356
|
|
812
|
|
Total non-current
assets
|
|
57,419
|
|
127,083
|
|
19,256
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
441,741
|
|
2,174,987
|
|
329,545
|
|
|
|
|
|
|
|
|
|
|
LIABIILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Current portion of long-term
debt
|
|
24,031
|
|
22,180
|
|
3,361
|
|
|
Accounts payable
|
|
6,309
|
|
35,641
|
|
5,400
|
|
|
Advances from
customers
|
|
3,210
|
|
1,304
|
|
198
|
|
|
Accrued expenses and other
liabilities
|
|
91,573
|
|
201,100
|
|
30,471
|
|
|
Warrant liability
|
|
7,356
|
|
-
|
|
-
|
|
Total current
liabilities
|
|
132,479
|
|
260,225
|
|
39,430
|
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
14,275
|
|
18,455
|
|
2,796
|
|
Total non-current
liabilities
|
|
14,275
|
|
18,455
|
|
2,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
146,754
|
|
278,680
|
|
42,226
|
|
|
|
|
|
|
|
|
|
|
Convertible redeemable preferred
shares
|
|
780,599
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Youku.com Inc. shareholders'
equity (deficit):
|
|
|
|
|
|
|
|
|
Class A Ordinary shares ($0.0001
par value,4,340,238,793 authorized, 1,236,605,283 issued and
outstanding as of December 31, 2010)
|
|
-
|
|
82
|
|
13
|
|
|
Class B Ordinary shares ($0.0001
par value, 659,761,207 authorized, 365,000,000 and 659,761,207
issued and outstanding as of December 31, 2009 and 2010,
respectively)
|
|
30
|
|
49
|
|
7
|
|
|
Additional paid-in
capital
|
|
12,473
|
|
2,610,069
|
|
395,465
|
|
|
Accumulated deficit
|
|
(494,856)
|
|
(699,540)
|
|
(105,991)
|
|
|
Accumulated other comprehensive
loss
|
|
(3,259)
|
|
(14,353)
|
|
(2,175)
|
|
Total shareholders' equity
(deficit)
|
|
(485,612)
|
|
1,896,307
|
|
287,319
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES, CONVERTIBLE
REDEEMABLE PREFERRED
|
|
|
|
|
|
SHARES AND
SHAREHOLDERS' EQUITY
|
|
441,741
|
|
2,174,987
|
|
329,545
|
|
|
|
|
|
|
|
|
|
YOUKU.COM
INC.
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands of
Renminbi ("RMB") and U.S. dollars ("US$"), except for number
of shares, ADS, per share and per ADS information)
|
|
For the
Three Months Ended,
|
|
For the
Twelve Months Ended,
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2009
|
|
2010
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2010
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
|
53,842
|
|
114,807
|
|
152,474
|
|
23,102
|
|
153,626
|
|
387,097
|
|
58,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (Note 1)
|
|
(59,024)
|
|
(99,054)
|
|
(102,111)
|
|
(15,472)
|
|
(216,708)
|
|
(350,830)
|
|
(53,156)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
|
(5,182)
|
|
15,753
|
|
50,363
|
|
7,630
|
|
(63,082)
|
|
36,267
|
|
5,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product development
|
|
(5,905)
|
|
(8,824)
|
|
(10,027)
|
|
(1,519)
|
|
(20,908)
|
|
(31,287)
|
|
(4,740)
|
|
Sales and marketing
|
|
(26,261)
|
|
(38,539)
|
|
(38,711)
|
|
(5,865)
|
|
(72,746)
|
|
(130,238)
|
|
(19,733)
|
|
General and administrative
|
|
(5,480)
|
|
(7,242)
|
|
(10,241)
|
|
(1,551)
|
|
(18,523)
|
|
(28,957)
|
|
(4,387)
|
|
Total operating
expenses
|
|
(37,646)
|
|
(54,605)
|
|
(58,979)
|
|
(8,935)
|
|
(112,177)
|
|
(190,482)
|
|
(28,860)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(42,828)
|
|
(38,852)
|
|
(8,616)
|
|
(1,305)
|
|
(175,259)
|
|
(154,215)
|
|
(23,365)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
214
|
|
265
|
|
102
|
|
16
|
|
2,054
|
|
1,170
|
|
177
|
|
Interest expenses
|
|
(1,434)
|
|
(2,517)
|
|
(2,477)
|
|
(375)
|
|
(6,835)
|
|
(7,440)
|
|
(1,127)
|
|
Change in fair value of
derivative financial liabilities and warrant liability
|
|
(1,956)
|
|
(11,976)
|
|
(26,736)
|
|
(4,051)
|
|
(2,313)
|
|
(44,268)
|
|
(6,707)
|
|
Others, net
|
|
19
|
|
(42)
|
|
4
|
|
1
|
|
67
|
|
69
|
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
(45,985)
|
|
(53,122)
|
|
(37,723)
|
|
(5,714)
|
|
(182,286)
|
|
(204,684)
|
|
(31,012)
|
|
Income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(45,985)
|
|
(53,122)
|
|
(37,723)
|
|
(5,714)
|
|
(182,286)
|
|
(204,684)
|
|
(31,012)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted
|
|
(0.13)
|
|
(0.15)
|
|
(0.05)
|
|
(0.01)
|
|
(0.50)
|
|
(0.44)
|
|
(0.07)
|
|
Net loss per ADS, basic and
diluted
|
|
(2.26)
|
|
(2.61)
|
|
(0.89)
|
|
(0.13)
|
|
(8.98)
|
|
(7.90)
|
|
(1.20)
|
|
Shares used in computation,
basic and diluted
|
|
365,469,999
|
|
365,699,281
|
|
765,083,372
|
|
765,083,372
|
|
365,432,916
|
|
466,340,541
|
|
466,340,541
|
|
ADS used in computation, basic
and diluted
|
|
20,303,889
|
|
20,316,627
|
|
42,504,632
|
|
42,504,632
|
|
20,301,829
|
|
25,907,808
|
|
25,907,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an
integral part of the press release
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1. Cost of
Revenues
|
|
|
|
|
For the
Three Months Ended,
|
|
For the
Twelve Months Ended,
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
|
2009
|
|
2010
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2010
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business tax and
surcharges
|
|
(6,014)
|
|
(9,800)
|
|
(15,231)
|
|
(2,308)
|
|
(16,624)
|
|
(38,472)
|
|
(5,830)
|
|
|
Bandwidth costs
|
|
(38,180)
|
|
(50,211)
|
|
(51,685)
|
|
(7,831)
|
|
(149,479)
|
|
(191,679)
|
|
(29,042)
|
|
|
Depreciation of servers and
other equipment
|
|
(9,186)
|
|
(9,316)
|
|
(8,950)
|
|
(1,355)
|
|
(33,692)
|
|
(37,958)
|
|
(5,751)
|
|
|
Content cost
|
|
(5,644)
|
|
(29,727)
|
|
(26,245)
|
|
(3,977)
|
|
(16,913)
|
|
(82,721)
|
|
(12,533)
|
|
|
Total Cost of
Revenues
|
|
(59,024)
|
|
(99,054)
|
|
(102,111)
|
|
(15,471)
|
|
(216,708)
|
|
(350,830)
|
|
(53,156)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations of Non-GAAP
results of operations measures to the nearest comparable GAAP
measures(*) (in thousands except for share, per share information,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Adjusted Loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended,
|
|
For the
Twelve Months Ended,
|
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
|
2009
|
|
2010
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2010
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
Net loss
|
|
(45,985)
|
|
(53,122)
|
|
(37,723)
|
|
(5,714)
|
|
(182,286)
|
|
(204,684)
|
|
(31,012)
|
|
|
Add back: share-based
compensation
|
|
1,317
|
|
3,416
|
|
4,615
|
|
699
|
|
4,565
|
|
11,990
|
|
1,817
|
|
|
Add back: change in fair value
of derivative financial liabilities and
warrant liability
|
|
1,956
|
|
11,976
|
|
26,736
|
|
4,051
|
|
2,313
|
|
44,268
|
|
6,707
|
|
|
Adjusted net loss
|
|
(42,712)
|
|
(37,730)
|
|
(6,372)
|
|
(964)
|
|
(175,408)
|
|
(148,426)
|
|
(22,488)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Adjusted EBITDA
|
|
|
|
|
|
|
|
For the
Three Months Ended,
|
|
For the
Twelve Months Ended,
|
|
|
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2009
|
|
2010
|
|
2010
|
|
2010
|
|
2009
|
|
2010
|
|
2010
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net loss
|
|
(45,985)
|
|
(53,122)
|
|
(37,723)
|
|
(5,714)
|
|
(182,286)
|
|
(204,684)
|
|
(31,012)
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
(excluding amortization of acquired content)
|
|
9,872
|
|
10,745
|
|
10,423
|
|
1,579
|
|
36,207
|
|
42,711
|
|
6,471
|
|
Interest income
|
|
(214)
|
|
(265)
|
|
(102)
|
|
(16)
|
|
(2,054)
|
|
(1,170)
|
|
(177)
|
|
Interest expenses
|
|
1,434
|
|
2,517
|
|
2,477
|
|
375
|
|
6,835
|
|
7,440
|
|
1,127
|
|
EBITDA
|
|
(34,893)
|
|
(40,125)
|
|
(24,925)
|
|
(3,776)
|
|
(141,298)
|
|
(155,703)
|
|
(23,591)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
1,317
|
|
3,416
|
|
4,615
|
|
699
|
|
4,565
|
|
11,990
|
|
1,817
|
|
Change in fair value of
derivative financial liabilities and warrant liability
|
|
1,956
|
|
11,976
|
|
26,736
|
|
4,051
|
|
2,313
|
|
44,268
|
|
6,707
|
|
Others, net
|
|
(19)
|
|
42
|
|
(4)
|
|
(1)
|
|
(67)
|
|
(69)
|
|
(10)
|
|
Adjusted EBITDA
|
|
(31,639)
|
|
(24,691)
|
|
6,422
|
|
974
|
|
(134,487)
|
|
(99,514)
|
|
(15,077)
|
|
** The
amortization expense was related
to the advertising license acquired in April 2010.
The
amortization of purchased contents was not included in the Non-GAAP
financial measures as we disclosed in our filed F-1 form.
For more
information on the Non-GAAP financial measures, please see the
section captioned "About
Non-GAAP Financial Measures" in this
earnings release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Youku.com Inc.