BEIJING, Feb. 28, 2013 /PRNewswire/ -- Youku Tudou Inc.
(NYSE: YOKU, and formerly Youku Inc. or "Youku"), China's leading
Internet television company ("Youku Tudou" or the "Company"), today
announced its unaudited financial results for fourth quarter and
fiscal year 2012.
Basis of Presentation
On August 23, 2012, the Company
and Tudou Holdings Limited ("Tudou") announced the completion of
the merger between Youku and Tudou. Following the completion of the
merger, Tudou's financial results were consolidated into the
Company from the date of the completion of the merger.
This press release includes the Company's selected unaudited pro
forma combined financial information for the three months ended
December 31, 2011 derived from the
accompanying unaudited pro forma condensed combined statements of
operations (the "Pro Forma Statement of Operations") for the three
months ended December 31, 2011. The
Pro Forma Statements of Operations combine the historical
consolidated statements of operations of Youku and Tudou, giving
effect to the Merger as if it had been completed on January 1, 2011.
The Pro Forma Statement of Operations have been derived from the
audited historical consolidated statement of operations of Youku
and Tudou. Certain financial statement line items included in
Tudou's historical presentation have been disaggregated or
condensed to conform to corresponding financial statement line
items included in Youku's historical presentation. These include:
business taxes, value-added tax, share based compensation expenses,
selling and general administrative expenses relating to product
development, professional licensed content, and intangible assets
related to purchased software.
Additionally, based on Youku's review of Tudou's publicly
disclosed summary of significant accounting policies prior to the
merger with Tudou management, the nature and amount of any
adjustments to the historical statement of operations to conform
its accounting policies to those of Youku are not expected to be
material.
Fourth Quarter 2012
Highlights[1]
- Consolidated net revenues were RMB635.8
million (US$102.1 million),a
30% increase from the pro forma combined net revenues for the
corresponding period in 2011.
- Consolidated gross profit was RMB116.3
million (US$18.7 million), a
62% increase from the pro forma combined gross profit for the
corresponding period in 2011. Consolidated or pro forma combined
non-GAAP gross profit is herein defined as consolidated or pro
forma combined gross profit excluding share-based compensation
expenses and amortization of intangible assets from business
combination in relation to user generated content.
Consolidated non-GAAP gross profit was RMB129.1 million (US$20.7
million) in the fourth quarter of 2012, an increase of 74%
from the pro forma combined non-GAAP gross profit for the
corresponding period in 2011.
- Consolidated net loss was RMB113.6
million (US$18.2 million), a
43% decrease from the pro forma combined net loss for the
corresponding period in 2011. Consolidated or pro forma combined
non-GAAP net loss is herein defined as consolidated or pro forma
combined net loss excluding share-based compensation expenses,
amortization of intangible assets from business combination and
business combination related expenses. Consolidated non-GAAP
net loss was RMB62.3 million
(US$10.0 million) in the fourth
quarter of 2012, a decrease of 64% from the pro forma combined
non-GAAP net loss for the corresponding period in 2011.
- Consolidated basic and diluted loss per ADS, each representing
18 Class A ordinary shares, for the fourth quarter of 2012 amounted
to RMB0.69 (US$0.11) and RMB0.69 (US$0.11),
respectively.
- Consolidated cash, cash equivalents, restricted cash and
short-term investments totaled RMB3.8
billion (US$605.9 million) as
of December 31, 2012.
- Consolidated acquisition of property and equipment for the
fourth quarter of 2012 was RMB24.4
million (US$3.9 million).
- Consolidated acquisition of intangible assets for the fourth
quarter of 2012 was RMB111.1 million
(US$17.8 million).
Fiscal Year 2012 Highlights
- Consolidated net revenues were RMB1.8
billion (US$288.2
million).
- Consolidated gross profit was RMB296.0
million (US$47.5million).
Consolidated non-GAAP gross profit was RMB335.3 million (US$53.8
million) in 2012.
- Consolidated net loss was RMB424.0
million (US$68.1 million).
Consolidated non-GAAP net loss was RMB244.7
million (US$39.3 million) in
2012.
- Consolidated basic and diluted loss per ADS, each representing
18 Class A ordinary shares, for 2012 amounted to RMB3.20 (US$0.51)
and RMB3.20 (US$0.51), respectively.
- Consolidated acquisition of property and equipment in 2012 was
RMB90.2 million (US$14.5 million).
- Consolidated acquisition of intangible assets in 2012 was
RMB362.0 million (US$58.1 million).
[1]
|
The
reporting currency of the Company is Renminbi ("RMB"), but for the
convenience of the reader, the amounts presented throughout the
release are in US dollars ("US$"). Unless otherwise noted, all
conversions from RMB to US$ are made at a rate of RMB6.2301 to
US$1.00, the effective noon buying rate as of December 31, 2012 in
the City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York. No
representation is made that the RMB amounts could have been, or
could be, converted into US$ at such rate.
|
"I am pleased with our financial and operational performance in
the fourth quarter, which was the first full quarter for the merged
Youku-Tudou company. We managed solid revenue growth and the
net loss for the combined company has narrowed materially despite
sales disruption brought on by the reorganization of our sales team
after the merger," said Victor Koo,
Chairman and Chief Executive Officer of Youku Tudou. "Even as the
integration process is proceeding well, we expect temporary
business impact from this large-scale merger but we are optimistic
that the second half of 2013 will see more revenue growth momentum
and cost synergies. In 2013, we also plan to start monetizing
the significant growth in our mobile traffic as our daily mobile
video views exceeded 100 million by the end of 2012."
Dele Liu, President of Youku Tudou, commented, "In terms of cost
structure, the fourth quarter results reflect early synergies
resulting from the merger, especially in bandwidth and personnel
related expenses. We expect this trend to continue into 2013,
supported by the overall improvement of our unit economics due to
the ongoing growth in traffic, especially the significant growth
from mobile devices. In addition, we
are strengthening our in-house productions offering to
reduce our reliance on professional licensed content as well as
generate additional revenues through program sponsorship and
product placements."
Fourth Quarter 2012 Results
Consolidated net revenues were RMB635.8 million (US$102.1
million) in the fourth quarter of 2012, a 30% increase from
the pro forma combined net revenues for the corresponding period in
2011 and exceeding the high end of the consolidated net revenues
guidance previously announced by the Company. Consolidated
advertising net revenues were RMB574.9
million (US$92.3 million),
meeting the consolidated advertising net revenues guidance
previously announced by the Company. The growth was primarily
attributable to the increased use by brand advertisers of our
advertising services as evidenced by an increase in the number of
advertisers and the rising average spend per advertiser.
Consolidated bandwidth costs as a component of
consolidated cost of revenues were RMB163.0
million (US$26.2 million) in
the fourth quarter of 2012, representing 26% of consolidated net
revenues, as compared to pro forma combined bandwidth costs
representing 37% of the pro forma combined net revenues for the
corresponding period in 2011.
Consolidated content costs as a component of consolidated
cost of revenues were RMB270.9
million (US$43.5 million)
in the fourth quarter of 2012, representing 43% of consolidated net
revenues. Consolidated non-GAAP content costs, which is
herein defined as consolidated content costs excluding share-based
compensation expenses and amortization of intangible assets from
business combination in relation to user generated content, were
RMB258.2 million (US$41.4 million) in the fourth quarter of 2012,
representing 41% of consolidated net revenues. During the fourth
quarter of 2012, there was a one-time reclassification of
advertising production expenses amounted to RMB31.5 million (US$5.1
million) from consolidated sales and marketing expenses into
consolidated content costs.
If excluding this one-time reclassification, consolidated
non-GAAP content costs would have been 36% of consolidated net
revenues, as compared to the pro forma combined non-GAAP content
costs representing 35% of the pro forma combined net revenues for
the corresponding period in 2011. The increase was primarily due to
content price increase during 2011, which we amortize using an
accelerated method, broadening of our content portfolio and
increase in salaries and benefits for our content team.
Consolidated in-house content production cost and investment in TV
serial dramas production was RMB17.1
million (US$2.7 million) in
the fourth quarter of 2012, as compared to RMB6.6 million (US$1.1
million) of the pro forma combined in-house content
production cost for the corresponding period in 2011.
Consolidated gross profit was RMB116.3 million (US$18.7
million)in the fourth quarter of 2012, an increase of 62%
compared to RMB71.9 million
(US$11.5 million) of the pro forma
combined gross profit for the corresponding period in 2011.
Consolidated non-GAAP gross profit was RMB129.1 million (US$20.7
million) in the fourth quarter of 2012, an increase of 74%
compared to RMB74.3 million
(US$11.9 million) of the pro forma
combined non-GAAP gross profit for the corresponding period in 2011
due to strong operating leverage.
If excluding the one-time reclassification of advertising
production expenses from consolidated sales and marketing expenses
into consolidated content costs, the consolidated non-GAAP gross
profit would have been RMB160.6
million (US$25.8 million) in
the fourth quarter of 2012, representing 25% of the consolidated
net revenues, an increase of 116% as compared to pro forma combined
non-GAAP gross profit which represented 15% of the pro forma
combined net revenues for the corresponding period in 2011.
Consolidated operating expenses were RMB245.0 million (US$39.3
million) in the fourth quarter of 2012, a decrease of 10% as
compared to RMB273.4 million
(US$43.9 million) of the pro forma
combined operating expenses for the corresponding period in 2011.
Consolidated non-GAAP operating expenses, which is herein
defined as consolidated operating expenses excluding share-based
compensation expenses, business combination related expenses and
amortization of intangible assets from business combination in
relation to customer relationship, technology and non-compete
provisions, were RMB206.4 million
(US$33.1 million) in the fourth
quarter of 2012, a decrease of 18% compared to RMB252.0 million (US$40.4
million) of the pro forma combined non-GAAP operating
expenses for the corresponding period in 2011. The decrease was
primarily due to the reduction of bad debt related expenses,
reduction of traffic acquisition cost incurred by Tudou and the
one-time reclassification of advertising production expenses from
consolidated sales and marketing expenses to consolidated content
costs. Detailed discussion of each component of consolidated
operating expenses is as follows:
Consolidated sales and marketing expenses were
RMB107.8 million (US$17.3 million) in the fourth quarter of 2012, a
decrease of 29% compared to RMB151.4
million (US$24.3 million) of
the pro forma combined sales and marketing expenses for the
corresponding period in 2011. Consolidated non-GAAP sales and
marketing expenses, which is herein defined as consolidated
sales and marketing expenses excluding share-based compensation
expenses and amortization of intangible assets from business
combination in relation to customer relationship, were RMB95.1 million (US$15.3
million) in the fourth quarter of 2012, a decrease of 35%
compared to RMB146.2 million
(US$23.5 million) of the pro forma
combined non-GAAP sales and marketing expenses for the
corresponding period in 2011. This decrease was primarily due to
reduction of traffic acquisition cost incurred by Tudou and the
one-time reclassification of advertising production expenses from
consolidated sales and marketing expenses to consolidated content
costs.
Consolidated product development expenses were
RMB64.1 million (US$10.3 million) in the fourth quarter of 2012,
as compared to RMB44.6 million
(US$7.2 million) of the pro forma
combined product development expenses for the corresponding period
in 2011. Consolidated non-GAAP product development expenses,
which is herein defined as consolidated product development
expenses excluding share-based compensation expenses and
amortization of intangible assets from business combination in
relation to technology, were RMB54.3
million (US$8.7 million) in
the fourth quarter of 2012, an increase of 39% compared to
RMB39.0 million (US$6.3 million) of the pro forma combined
non-GAAP product development expenses for the corresponding period
in 2011. This increase was primarily due to an increase in
personnel related expenses for our product development in mobile,
search, social and paid-services.
Consolidated general and administrative expenses were
RMB73.1 million (US$11.7 million) in the fourth quarter of 2012, a
decrease of 6% compared to RMB77.4
million (US$12.4 million) of
the pro forma combined general and administrative expenses for the
corresponding period in 2011. Consolidated non-GAAP general and
administrative expenses, which is herein defined as
consolidated general and administrative expenses excluding
share-based compensation expenses, business combination related
expenses and amortization of intangible assets from business
combination in relation to non-compete provisions, were
RMB57.0 million (US$9.2 million) in the fourth quarter of 2012, a
decrease of 15% compared to RMB66.8
million (US$10.7 million) of
the pro forma combined non-GAAP general and administrative expenses
for the corresponding period in 2011. This decrease was primarily
due to reduction of bad debt related expenses.
Consolidated net loss was RMB113.6
million (US$18.2 million) in
the fourth quarter of 2012, a decrease of 43% compared to
RMB198.5 million (US$31.9 million) of the pro forma combined net
loss for the corresponding period in 2011. Consolidated non-GAAP
net loss was RMB62.3 million
(US$10.0 million) in the fourth
quarter of 2012, a decrease of 64% compared to RMB174.6 million (US$28.0
million) of the pro forma combined non-GAAP net loss for the
corresponding period in 2011.
Consolidated non-GAAP adjusted EBITDA Loss, which is
herein defined as consolidated or pro forma combined net loss
before income taxes, interest expenses, interest income,
depreciation and amortization (excluding amortization of acquired
content), further adjusted for share-based compensation expenses,
amortization of intangible assets from business combination,
business combination related expenses and other non-operating
items, was RMB46.1 million
(US$7.4 million) in the fourth
quarter of 2012, a decrease of 70% compared to RMB155.7 million (US$25.0
million) of the pro forma combined non-GAAP adjusted EBITDA
loss for the corresponding period in 2011.
Fiscal Year 2012 Results
Consolidated net revenues were RMB1.8 billion (US$288.2
million) in 2012.
Consolidated bandwidth costs as a component of
consolidated cost of revenues were RMB524.6
million (US$84.2 million) in
2012, representing 29% of consolidated net revenues.
Consolidated content costs as a component of consolidated
cost of revenues were RMB737.1
million (US$118.3 million) in 2012, representing 41%
of consolidated net revenues. If excluding the one-time
reclassification of advertising production expenses amounted to
RMB31.5 million (US$5.1 million) from consolidated sales and
marketing expenses into consolidated content costs during the
fourth quarter of 2012, consolidated content costs would have been
39% of consolidated net revenues in 2012.
Consolidated gross profit was RMB296.0 million (US$47.5
million). Consolidated non-GAAP gross profit was
RMB335.3 million (US$53.8 million) in 2012.
Consolidated operating expenses were RMB774.7 million (US$124.3
million) in 2012. Consolidated non-GAAP operating
expenses were RMB634.6 million
(US$101.9 million) in 2012. Detailed
discussion of each component of consolidated operating expenses is
as follows:
Consolidated sales and marketing expenses were
RMB363.7 million (US$58.4 million) in 2012. Consolidated
non-GAAP sales and marketing expenses were RMB332.0 million (US$53.3
million) in 2012.
Consolidated product development expenses were
RMB172.9 million (US$27.8 million) in 2012. Consolidated
non-GAAP product development expenses were RMB144.8 million (US$23.2
million) in 2012.
Consolidated general and administrative expenses were
RMB238.1 million (US$38.2 million) in 2012. Consolidated
non-GAAP general and administrative expenses were RMB157.8 million (US$25.3
million) in 2012.
Consolidated net loss was RMB424.0
million (US$68.1 million) in
2012. Consolidated non-GAAP net loss was RMB244.7 million (US$39.3
million) in 2012.
Consolidated non-GAAP adjusted EBITDA loss was
RMB217.7 million (US$34.9 million) in 2012.
Business Outlook
For the first quarter of 2013, the Company expects consolidated
net revenues will be between RMB480 million
and RMB520 million, with consolidated advertising net
revenues contributing between RMB420 million
and RMB450 million. This forecast reflects the Company's
current and preliminary view, which is subject to change.
Conference Call Information
Youku Tudou's management will host an earnings conference call
at 8:00 p.m. U.S. Eastern Time on
February 28, 2013 (9:00 a.m. Beijing/Hong Kong Time on March 1, 2013).
Interested parties may participate in the conference call by
dialing one of the following numbers below and entering passcode
Youku# (i.e., 96858#) starting 10-15 minutes prior to the beginning
of the call.
US Toll Free Dial In: 1-866-519-4004
International Dial In: 1-718-354-1231
Mainland China Toll Free Dial In:
86-4006208038 / 86-8008190121
Hong Kong Dial In: 852-2475-0994
A replay of the call will be available by dialing +61 2 8199
0299 and entering passcode 14050024#. The replay will be available
through March 8, 2013.
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 Tudou's corporate website at
http://ir.youku.com.
About Youku Tudou Inc.
Youku Tudou Inc. (NYSE: YOKU) is China's leading
Internet television company. Its 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 Youku's Class A ordinary shares,
are traded on the 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 filings with the U.S.
Securities and Exchange Commission ("SEC"), 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
annual report on Form 20-F and other documents 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 Tudou's consolidated financial results
presented in accordance with United States Generally Accepted
Accounting Principles ("GAAP"), Youku Tudou uses the following
measures defined as non-GAAP financial measures by the SEC in
evaluating its business: consolidated non-GAAP content costs,
consolidated non-GAAP gross profit or loss, consolidated non-GAAP
operating expenses, consolidated non-GAAP sales and marketing
expense, consolidated non-GAAP product development expenses,
consolidated non-GAAP general and administrative expenses,
consolidated non- GAAP profit or loss from operations, consolidated
non-GAAP net profit or loss and consolidated non-GAAP adjusted
EBITDA profit or loss. We define consolidated non-GAAP content
costs as consolidated content costs excluding share-based
compensation expenses and amortization of intangible assets from
business combination in relation to user generated content. We
define consolidated non-GAAP gross profit or loss as the respective
nearest comparable GAAP financial measure to exclude share-based
compensation expenses and amortization of intangible assets from
business combination in relation to user generated content. We
define consolidated non-GAAP operating expenses as operating
expenses excluding share-based compensation expenses, business
combination related expenses and amortization of intangible assets
from business combination in relation to customer relationship,
technology and non-compete provisions. We define consolidated
non-GAAP sales and marketing expenses as consolidated sales and
marketing expenses excluding share-based compensation expenses and
amortization of intangible assets from business combination in
relation to customer relationship. We define consolidated non-GAAP
product development expense as consolidated product development
expenses excluding share-based compensation expenses and
amortization of intangible assets from business combination in
relation to technology. We define consolidated non-GAAP general and
administrative expenses as consolidated general and administrative
expenses excluding share-based compensation expenses, business
combination related expenses and amortization of intangible assets
from business combination in relation to non-compete provisions. We
define consolidated non-GAAP profit or loss from operations as
consolidated profit or loss from operations excluding share-based
compensation expenses, amortization of intangible assets from
business combination and business combination related expenses. We
define consolidated non-GAAP net profit or loss as consolidated net
loss excluding share-based compensation expenses, amortization of
intangible assets from business combination and business
combination related expenses. We define consolidated non-GAAP
adjusted EBITDA profit or loss as consolidated net profit or loss
before income taxes, interest expenses, interest income,
depreciation and amortization (excluding amortization of acquired
content), further adjusted for share-based compensation expenses,
amortization of intangible assets from business combination,
business combination related 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. A limitation of using
non-GAAP financial measures is that non-GAAP measures exclude
share-based compensation charges that have been and will continue
to be significant recurring expenses in Youku Tudou's business for
the foreseeable future. In addition, in this press release we also
included unaudited pro forma combined non-GAAP measures for the
three months ended December 31, 2011,
after giving effect to the Merger between Youku and Tudou as if the
Merger had been completed on January 1,
2011 to provide comparative reference of the corresponding
consolidated non-GAAP measures of the Company for the three months
ended December 31, 2012. The pro
forma data is presented for informational purposes only and does
not purport to be indicative of the results of future operations,
or of the results that would have occurred had the Merger taken
place at the beginning of 2011.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, 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.
For more information, please contact:
Ryan Cheung
Corporate Finance Director
Youku Tudou Inc.
Tel: (+8610) 5885-1881 x6090
Email: ryan.cheung@youku.com
Caroline Straathof
IR Inside
Tel: +31-6-5462-4301
Email: info@irinside.com
YOUKU TUDOU INC.
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
(Amounts
in thousands, except for number of shares)
|
|
December
31,
|
|
2011
|
|
2012
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
2,292,538
|
|
1,655,857
|
|
265,783
|
|
Restricted cash
|
|
-
|
|
9,003
|
|
1,445
|
|
Short-term investments
|
|
1,400,858
|
|
2,110,073
|
|
338,690
|
|
Accounts receivable, net
|
|
420,706
|
|
932,796
|
|
149,724
|
|
Intangible assets, net
|
|
16,078
|
|
19,607
|
|
3,147
|
|
Amounts due from related party
|
|
768
|
|
-
|
|
-
|
|
Prepayments and other assets
|
|
16,832
|
|
75,379
|
|
12,099
|
Total
current assets
|
|
4,147,780
|
|
4,802,715
|
|
770,888
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
96,567
|
|
200,681
|
|
32,212
|
|
Long-term investment in related
party
|
|
1,707
|
|
-
|
|
-
|
|
Intangible assets, net
|
|
211,978
|
|
1,304,923
|
|
209,455
|
|
Capitalized content production
costs
|
|
7,782
|
|
-
|
|
-
|
|
Amounts due from related party
|
|
65,352
|
|
-
|
|
-
|
|
Prepayments and other assets
|
|
144,392
|
|
229,185
|
|
36,787
|
|
Goodwill
|
|
-
|
|
4,255,570
|
|
683,066
|
Total non-current
assets
|
|
527,778
|
|
5,990,359
|
|
961,520
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
4,675,558
|
|
10,793,074
|
|
1,732,408
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
57,276
|
|
181,878
|
|
29,193
|
|
Advances from customers and deferred
revenue
|
|
3,140
|
|
21,603
|
|
3,468
|
|
Amounts due to related party
|
|
2,794
|
|
-
|
|
-
|
|
Accrued expenses and other
liabilities
|
|
390,607
|
|
981,353
|
|
157,518
|
|
Current portion of long-term
debt
|
|
9,182
|
|
7,441
|
|
1,194
|
Total
current liabilities
|
|
462,999
|
|
1,192,275
|
|
191,373
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
Deferred tax liability
|
|
-
|
|
224,374
|
|
36,015
|
|
Other liabilities
|
|
-
|
|
19,552
|
|
3,138
|
|
Long-term debt
|
|
7,382
|
|
-
|
|
-
|
Total
non-current liabilities
|
|
7,382
|
|
243,926
|
|
39,153
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
470,381
|
|
1,436,201
|
|
230,526
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
Class A
Ordinary Shares (US$0.00001 par value, 9,340,238,793 authorized,
1,395,435,339 and 2,291,138,514 issued and outstanding as of
December 31, 2011 and 2012, respectively)
|
|
93
|
|
149
|
|
24
|
|
Class B
Ordinary Shares (US$0.00001 par value, 659,761,207 authorized,
659,561,893 and 659,561,893 issued and outstanding as of December
31, 2011 and 2012, respectively)
|
|
49
|
|
49
|
|
8
|
|
Additional paid-in capital
|
|
5,185,257
|
|
10,768,204
|
|
1,728,416
|
|
Accumulated deficit
|
|
(871,644)
|
|
(1,295,647)
|
|
(207,966)
|
|
Accumulated other comprehensive
loss
|
|
(108,578)
|
|
(115,882)
|
|
(18,600)
|
Total
shareholders' equity
|
|
4,205,177
|
|
9,356,873
|
|
1,501,882
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
4,675,558
|
|
10,793,074
|
|
1,732,408
|
|
|
|
|
|
|
|
|
YOUKU TUDOU INC.
|
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
(Amounts in thousands, except for number of shares and ADS and per share and per
ADS data)
|
Pro Forma
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
September 30, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
489,347
|
|
502,190
|
|
635,831
|
|
102,058
|
|
1,795,575
|
|
288,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues (Note 1)
|
|
(417,427)
|
|
(376,793)
|
|
(519,544)
|
|
(83,393)
|
|
(1,499,536)
|
|
(240,692)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
71,920
|
|
125,397
|
|
116,287
|
|
18,665
|
|
296,039
|
|
47,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
(44,625)
|
|
(44,907)
|
|
(64,099)
|
|
(10,289)
|
|
(172,885)
|
|
(27,750)
|
Sales and
marketing
|
|
(151,351)
|
|
(109,259)
|
|
(107,787)
|
|
(17,301)
|
|
(363,707)
|
|
(58,378)
|
General and
administrative
|
|
(77,418)
|
|
(73,425)
|
|
(73,084)
|
|
(11,731)
|
|
(238,112)
|
|
(38,220)
|
Total
operating expenses
|
|
(273,394)
|
|
(227,591)
|
|
(244,970)
|
|
(39,321)
|
|
(774,704)
|
|
(124,348)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations
|
|
(201,474)
|
|
(102,194)
|
|
(128,683)
|
|
(20,656)
|
|
(478,665)
|
|
(76,830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
10,993
|
|
11,512
|
|
9,988
|
|
1,603
|
|
45,478
|
|
7,299
|
Interest
expenses
|
|
(2,787)
|
|
(1,026)
|
|
(830)
|
|
(133)
|
|
(3,989)
|
|
(640)
|
Other,
net
|
|
(5,203)
|
|
559
|
|
1,043
|
|
167
|
|
9,757
|
|
1,566
|
Total
other income, net
|
|
3,003
|
|
11,045
|
|
10,201
|
|
1,637
|
|
51,246
|
|
8,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before income taxes
|
|
(198,471)
|
|
(91,149)
|
|
(118,482)
|
|
(19,019)
|
|
(427,419)
|
|
(68,605)
|
Income
taxes
|
|
-
|
|
(311)
|
|
4,912
|
|
788
|
|
3,416
|
|
548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(198,471)
|
|
(91,460)
|
|
(113,570)
|
|
(18,231)
|
|
(424,003)
|
|
(68,057)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share, basic and diluted
|
|
(0.07)
|
|
(0.04)
|
|
(0.04)
|
|
(0.01)
|
|
(0.18)
|
|
(0.03)
|
Net loss
per ADS (each ADS represents 18 class A ordinary shares),
basic and
diluted
|
|
(1.23)
|
|
(0.67)
|
|
(0.69)
|
|
(0.11)
|
|
(3.20)
|
|
(0.51)
|
Shares
used in computation, basic and diluted
|
|
2,892,903,144
|
|
2,454,198,684
|
|
2,944,902,156
|
|
2,944,902,156
|
|
2,388,083,058
|
|
2,388,083,058
|
ADSs used
in computation, basic and diluted
|
|
160,716,841
|
|
136,344,371
|
|
163,605,675
|
|
163,605,675
|
|
132,671,281
|
|
132,671,281
|
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
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
September 30, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
(Amounts
in thousands)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cost
of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value added, business taxes and
surcharges
|
|
|
45,711
|
|
40,274
|
|
59,337
|
|
9,524
|
|
169,283
|
|
27,172
|
Bandwidth costs
|
|
|
180,083
|
|
136,636
|
|
162,959
|
|
26,157
|
|
524,623
|
|
84,208
|
Depreciation of servers and other
equipment
|
|
|
18,395
|
|
17,846
|
|
26,303
|
|
4,222
|
|
68,569
|
|
11,006
|
Content costs
|
|
|
173,238
|
|
182,037
|
|
270,945
|
|
43,490
|
|
737,061
|
|
118,306
|
Total Cost of Revenues
|
|
|
417,427
|
|
376,793
|
|
519,544
|
|
83,393
|
|
1,499,536
|
|
240,692
|
YOUKU TUDOU INC.
|
CONSOLIDATED STATEMENTS OF CASH
FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
September 30, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash
flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
|
(49,614)
|
|
(91,460)
|
|
(113,570)
|
|
(18,231)
|
|
(424,003)
|
|
(68,057)
|
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
13,230
|
|
21,617
|
|
31,249
|
|
5,016
|
|
81,609
|
|
13,099
|
|
Bad debt
expense
|
|
|
|
(10)
|
|
9,388
|
|
(1,828)
|
|
(293)
|
|
9,887
|
|
1,587
|
|
Amortization of intangible assets and capitalized
content production costs
|
|
|
|
61,552
|
|
112,367
|
|
135,508
|
|
21,751
|
|
416,396
|
|
66,836
|
|
Amortization of long-term debt discounts
|
|
|
|
717
|
|
441
|
|
336
|
|
54
|
|
1,928
|
|
309
|
|
Gain on
disposal of property and equipment
|
|
|
|
(11)
|
|
52
|
|
-
|
|
-
|
|
52
|
|
8
|
|
Foreign
exchange loss
|
|
|
|
2,009
|
|
(172)
|
|
826
|
|
133
|
|
469
|
|
75
|
|
Share-based compensation
|
|
|
|
15,547
|
|
30,175
|
|
38,779
|
|
6,224
|
|
118,218
|
|
18,975
|
|
Capital
gain from step business combination
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,344)
|
|
(537)
|
|
Change in
deferred tax expenses
|
|
|
|
-
|
|
(2,278)
|
|
(7,675)
|
|
(1,232)
|
|
(9,953)
|
|
(1,598)
|
|
Write-off
of prepayment
|
|
|
|
-
|
|
-
|
|
8,510
|
|
1,366
|
|
8,510
|
|
1,366
|
|
Change in
operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
|
(9,809)
|
|
(62,026)
|
|
73,149
|
|
11,741
|
|
(223,772)
|
|
(35,918)
|
|
Amounts
due from related party
|
|
|
|
1,232
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Prepayments and other assets
|
|
|
|
(1,223)
|
|
12,277
|
|
(20,831)
|
|
(3,344)
|
|
21,779
|
|
3,496
|
|
Capitalized content production costs
|
|
|
|
(4,163)
|
|
(7,755)
|
|
5,761
|
|
925
|
|
(9,891)
|
|
(1,588)
|
|
Accounts
payable
|
|
|
|
-
|
|
(14,026)
|
|
(22,506)
|
|
(3,612)
|
|
(39,023)
|
|
(6,264)
|
|
Advances
from customers
|
|
|
|
(2,028)
|
|
(13,026)
|
|
(23,022)
|
|
(3,695)
|
|
(19,454)
|
|
(3,123)
|
|
Accrued
expenses and other liabilities
|
|
|
|
54,122
|
|
61,651
|
|
53,987
|
|
8,665
|
|
208,012
|
|
33,392
|
Net cash
(used in) provided by operating activities
|
|
|
|
81,551
|
|
57,225
|
|
158,673
|
|
25,468
|
|
137,420
|
|
22,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
(40,706)
|
|
(33,168)
|
|
(24,364)
|
|
(3,911)
|
|
(90,204)
|
|
(14,479)
|
|
Proceeds
from short-term investments
|
|
|
|
1,134,162
|
|
255,923
|
|
1,170,519
|
|
187,881
|
|
2,826,023
|
|
453,608
|
|
Purchase
of short-term investments
|
|
|
|
(1,133,901)
|
|
(1,168,773)
|
|
(2,113,464)
|
|
(339,234)
|
|
(3,536,711)
|
|
(567,681)
|
|
Proceeds
from disposal of property and equipment
|
|
|
|
16
|
|
8
|
|
1
|
|
-
|
|
9
|
|
1
|
|
Cash
acquired, net of cash paid for acquired subsidiaries
|
|
|
|
-
|
|
404,444
|
|
-
|
|
-
|
|
378,666
|
|
60,780
|
|
Acquisition of intangible assets from related
party
|
|
|
|
(114,511)
|
|
(7,200)
|
|
7,200
|
|
1,156
|
|
-
|
|
-
|
|
Acquisition of intangible assets
|
|
|
|
(538)
|
|
(141,675)
|
|
(118,256)
|
|
(18,981)
|
|
(361,976)
|
|
(58,101)
|
Net cash
(used in) provided by investing activities
|
|
|
|
(155,478)
|
|
(690,441)
|
|
(1,078,364)
|
|
(173,089)
|
|
(784,193)
|
|
(125,872)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise
of employee stock options
|
|
|
|
1,232
|
|
4,597
|
|
3,561
|
|
572
|
|
22,485
|
|
3,609
|
|
Proceeds
from issuance of Series F Preferred Shares
|
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Proceeds
from restricted cash
|
|
|
|
-
|
|
12,705
|
|
25,364
|
|
4,071
|
|
38,069
|
|
6,110
|
|
Principal
repayments on long-term debt
|
|
|
|
(4,741)
|
|
(14,061)
|
|
(23,685)
|
|
(3,802)
|
|
(42,689)
|
|
(6,852)
|
|
Debt
commitment fee (paid) received
|
|
|
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Proceeds
from IPO and secondary offering, net of issuance costs
|
|
|
|
(247)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Net cash
(used in) provided by financing activities
|
|
|
|
(3,756)
|
|
3,241
|
|
5,240
|
|
841
|
|
17,865
|
|
2,867
|
Effect of
exchange rate changes on cash and cash equivalents
|
|
|
|
(17,626)
|
|
6,651
|
|
(21,474)
|
|
(3,447)
|
|
(7,773)
|
|
(1,248)
|
Net
(decrease) increase in cash and cash equivalents
|
|
|
|
(95,309)
|
|
(623,324)
|
|
(935,925)
|
|
(150,227)
|
|
(636,681)
|
|
(102,195)
|
Cash and
cash equivalents at the beginning of the period
|
|
|
|
2,387,847
|
|
3,215,106
|
|
2,591,782
|
|
416,010
|
|
2,292,538
|
|
367,978
|
Cash and
cash equivalents at the end of the period
|
|
|
|
2,292,538
|
|
2,591,782
|
|
1,655,857
|
|
265,783
|
|
1,655,857
|
|
265,783
|
Reconciliations of Non-GAAP results of operations
measures to the nearest comparable GAAP financial measures
(1)(Amounts in thousands of Renminbi ("RMB") and U.S.
dollars ("US$"), unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP Content Cost
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
September 30, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
December 31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Content cost
|
|
|
173,238
|
|
182,037
|
|
270,945
|
|
43,490
|
|
737,061
|
|
118,306
|
Deduct: share-based
compensation
|
|
|
2,412
|
|
3,602
|
|
4,536
|
|
728
|
|
12,751
|
|
2,047
|
Deduct: amortization of intangible assets from
business combination
|
|
-
|
|
18,237
|
|
8,235
|
|
1,322
|
|
26,472
|
|
4,249
|
Non-GAAP content cost
|
|
|
170,826
|
|
160,198
|
|
258,174
|
|
41,440
|
|
697,838
|
|
112,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.
Non-GAAP Gross Profit
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Gross
profit
|
|
|
71,920
|
|
125,397
|
|
116,287
|
|
18,665
|
|
296,039
|
|
47,518
|
Add
back: share-based compensation
|
|
|
2,412
|
|
3,602
|
|
4,536
|
|
728
|
|
12,751
|
|
2,047
|
Add
back: amortization of intangible assets from business
combination
|
|
-
|
|
18,237
|
|
8,235
|
|
1,322
|
|
26,472
|
|
4,249
|
Non-GAAP gross profit
|
|
|
74,332
|
|
147,236
|
|
129,058
|
|
20,715
|
|
335,262
|
|
53,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Non-GAAP Operating
Expenses
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Operating
expenses
|
|
|
273,394
|
|
227,591
|
|
244,970
|
|
39,321
|
|
774,704
|
|
124,348
|
Deduct: share-based
compensation
|
|
|
21,424
|
|
26,573
|
|
34,243
|
|
5,496
|
|
105,467
|
|
16,928
|
Deduct: business combination related
expenses
|
|
|
-
|
|
3,622
|
|
127
|
|
20
|
|
28,754
|
|
4,615
|
Deduct: amortization of intangible assets from
business combination
|
|
-
|
|
1,709
|
|
4,176
|
|
670
|
|
5,885
|
|
945
|
Non-GAAP operating expenses
|
|
|
251,970
|
|
195,687
|
|
206,424
|
|
33,135
|
|
634,598
|
|
101,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.
Non-GAAP Sales and Marketing Expenses
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Sales and
marketing expenses
|
|
|
151,351
|
|
109,259
|
|
107,787
|
|
17,301
|
|
363,707
|
|
58,378
|
Deduct: share-based
compensation
|
|
|
5,171
|
|
7,289
|
|
10,606
|
|
1,702
|
|
28,741
|
|
4,613
|
Deduct: amortization of intangible assets from
business combination
|
|
-
|
|
854
|
|
2,087
|
|
335
|
|
2,941
|
|
473
|
Non-GAAP sales and marketing
expenses
|
|
|
146,180
|
|
101,116
|
|
95,094
|
|
15,264
|
|
332,025
|
|
53,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Non-GAAP Product Development Expenses
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Product
development expenses
|
|
|
44,625
|
|
44,907
|
|
64,099
|
|
10,289
|
|
172,885
|
|
27,750
|
Deduct: share-based
compensation
|
|
|
5,673
|
|
6,221
|
|
8,408
|
|
1,350
|
|
26,157
|
|
4,198
|
Deduct: amortization of intangible assets from
business combination
|
|
-
|
|
574
|
|
1,402
|
|
225
|
|
1,976
|
|
317
|
Non-GAAP product development
expenses
|
|
|
38,952
|
|
38,112
|
|
54,289
|
|
8,714
|
|
144,752
|
|
23,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Non-GAAP General and Administrative Expenses
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
General
and administrative expenses
|
|
|
77,418
|
|
73,425
|
|
73,084
|
|
11,731
|
|
238,112
|
|
38,220
|
Deduct: share-based
compensation
|
|
|
10,580
|
|
13,063
|
|
15,229
|
|
2,444
|
|
50,569
|
|
8,117
|
Deduct: business combination related
expenses
|
|
|
-
|
|
3,622
|
|
127
|
|
20
|
|
28,754
|
|
4,615
|
Deduct: amortization of intangible assets from
business combination
|
|
-
|
|
281
|
|
687
|
|
110
|
|
968
|
|
155
|
Non-GAAP general and administrative
expenses
|
|
|
66,838
|
|
56,459
|
|
57,041
|
|
9,157
|
|
157,821
|
|
25,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Non-GAAP Loss from Operations
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Loss from
operations
|
|
|
(201,474)
|
|
(102,194)
|
|
(128,683)
|
|
(20,656)
|
|
(478,665)
|
|
(76,830)
|
Add
back: share-based compensation
|
|
|
23,836
|
|
30,175
|
|
38,779
|
|
6,224
|
|
118,218
|
|
18,975
|
Add
back: business combination related expenses
|
|
|
-
|
|
3,622
|
|
127
|
|
20
|
|
28,754
|
|
4,615
|
Add
back: amortization of intangible assets from business
combination
|
|
-
|
|
19,946
|
|
12,411
|
|
1,992
|
|
32,357
|
|
5,194
|
Non-GAAP loss from operations
|
|
|
(177,638)
|
|
(48,451)
|
|
(77,366)
|
|
(12,420)
|
|
(299,336)
|
|
(48,046)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Non-GAAP Net Loss
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(198,471)
|
|
(91,460)
|
|
(113,570)
|
|
(18,231)
|
|
(424,003)
|
|
(68,057)
|
Add
back: share-based compensation
|
|
|
23,836
|
|
30,175
|
|
38,779
|
|
6,224
|
|
118,218
|
|
18,975
|
Add
back: business combination related expenses
|
|
|
-
|
|
3,622
|
|
127
|
|
20
|
|
28,754
|
|
4,615
|
Add
back: amortization of intangible assets from business
combination
|
|
-
|
|
19,946
|
|
12,411
|
|
1,992
|
|
32,357
|
|
5,194
|
Add
back: investment loss
|
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
Non-GAAP net loss
|
|
|
(174,635)
|
|
(37,717)
|
|
(62,253)
|
|
(9,995)
|
|
(244,674)
|
|
(39,273)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Non-GAAP EBITDA Loss
|
|
|
For
the Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
|
Pro
Forma
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
September
30, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
December
31, 2012
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(198,471)
|
|
(91,460)
|
|
(113,570)
|
|
(18,231)
|
|
(424,003)
|
|
(68,057)
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization (excluding
amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of acquired content )
(2)
|
|
|
21,969
|
|
21,631
|
|
31,263
|
|
5,018
|
|
81,667
|
|
13,108
|
Interest income
|
|
|
(10,993)
|
|
(11,512)
|
|
(9,988)
|
|
(1,603)
|
|
(45,478)
|
|
(7,299)
|
Interest expenses
|
|
|
2,787
|
|
1,026
|
|
830
|
|
133
|
|
3,989
|
|
640
|
Change in fair value of warrant
liability
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
-
|
|
311
|
|
(4,912)
|
|
(788)
|
|
(3,416)
|
|
(548)
|
EBITDA loss
|
|
|
(184,708)
|
|
(80,004)
|
|
(96,377)
|
|
(15,471)
|
|
(387,241)
|
|
(62,156)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
|
23,836
|
|
30,175
|
|
38,779
|
|
6,224
|
|
118,218
|
|
18,975
|
Business combination related
expenses
|
|
|
-
|
|
3,622
|
|
127
|
|
20
|
|
28,754
|
|
4,615
|
Amortization of intangible assets from business
combination
|
|
|
-
|
|
19,946
|
|
12,411
|
|
1,992
|
|
32,357
|
|
5,194
|
Investment loss
|
|
|
-
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
Others, net
|
|
|
5,203
|
|
(559)
|
|
(1,043)
|
|
(167)
|
|
(9,757)
|
|
(1,566)
|
Non-GAAP EBITDA loss
|
|
|
(155,669)
|
|
(26,820)
|
|
(46,103)
|
|
(7,402)
|
|
(217,669)
|
|
(34,938)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For more information on
the Non-GAAP financial measures, please see the section captioned
"About Non-GAAP Financial Measures" in this earnings
release.
|
(2) The amortization expense was
related to an advertising license acquired in April 2010. The
amortization of acquired content was not treated as a Non-GAAP
adjustment.
|
SOURCE Youku Tudou Inc.