SHANGHAI, Aug. 5, 2012 /PRNewswire-Asia/ -- Tudou
Holdings Limited (NASDAQ: TUDO) ("Tudou" or the "Company"), a
leading Internet video company in China, today announced its unaudited financial
results for the second quarter ended June
30, 2012.
Second Quarter 2012 Revenue Highlights
- Net revenues increased to RMB171.9
million (US$27.1 million), up
47.3% year-over-year.
- Online advertising service revenues increased to RMB150.7 million (US$23.7
million), up 47.4% year-over-year.
- Mobile video service revenues increased to RMB16.7 million (US$2.6
million), up 50.6% year-over-year.
- Other (sub-licensing) revenues increased to RMB4.5 million (US$0.7
million), up 34.2% year-over-year.
Second Quarter 2012 Financial Results
Revenues: Net revenues for the second
quarter 2012 increased by 47.3% to RMB171.9
million (US$27.1 million) from
RMB116.7 million in the corresponding
period in 2011, driven by increases in online advertising service
revenues, mobile video service revenues and other (sub-licensing)
revenues.[1] Online advertising service revenues for the
second quarter 2012 increased by 47.4% to RMB150.7 million (US$23.7
million) from RMB102.2 million
in the corresponding period in 2011. Mobile video service revenues
for the second quarter 2012 increased by 50.6% to RMB16.7 million (US$2.6
million) from RMB11.1 million
in the corresponding period in 2011. Other (sub-licensing) revenues
increased by 34.2% to RMB4.5 million
(US$0.7 million) from RMB3.4 million in the corresponding period in
2011.
Cost of Revenues: Cost of revenues for the
second quarter 2012 increased by 123.2% to RMB191.0 million (US$30.1
million) from RMB85.6 million
in the corresponding period in 2011, partially offset by a
RMB12.7 million decrease in
share-based compensation expenses. The increase in cost of revenues
was primarily attributable to increased Internet bandwidth costs,
content costs and mobile video services costs. Internet
bandwidth costs for the second quarter 2012 totaled RMB65.1 million (US$10.2
million), compared to RMB34.5
million in the corresponding period in 2011. The increase in
Internet bandwidth costs was primarily due to increased traffic on
the Company's website and its continued focus on enhancing users'
experience. Content costs for the second quarter 2012 totaled
RMB100.5 million (US$15.8 million), compared to RMB35.7 million in the corresponding period in
2011. Content costs consist of amortization of premium
licensed content, salaries and benefits for staff and production
costs for content produced in-house. The increase in content costs
was primarily due to the increase in amortization of premium
licensed content and content produced in-house as a result of an
increase in the amount of content purchased and produced. Mobile
video service costs for the second quarter 2012 totaled
RMB12.3 million (US$1.9 million), compared to RMB5.8 million, in the corresponding period in
2011. The increase in mobile video services costs was primarily
attributable to the increase in mobile video services revenues.
Gross Loss: For the second quarter 2012,
gross loss totaled RMB19.2 million
(US$3.0 million), compared to gross
profit of RMB31.1 million in the
corresponding period in 2011.
Operating Expenses: Operating expenses for the
second quarter 2012 were RMB135.8
million (US$21.4 million),
compared to RMB86.7 million in the
corresponding period in 2011. The increase was primarily due
to merger related expenses of RMB23.7
million (US $3.7 million)
resulting from the Company's pending transaction with Youku, Inc.
(NYSE: YOKU) ("Youku") and an increase in sales and marketing
expenses, mainly as a result of the Company's hiring of additional
sales professionals and enhanced promotion and marketing
efforts.
Net Loss: Net loss for the second quarter 2012
increased to RMB154.7 million
(US$24.4 million) from a net loss of
RMB78.9 million in the corresponding
period in 2011.
Adjusted Net Loss: Adjusted net loss for the
second quarter 2012, which excluded share-based compensation
expenses, was RMB144.8 million
(US$22.8 million), compared to an
adjusted net loss of RMB37.2 million
in the corresponding period in 2011, which excluded share-based
compensation expenses and fair value changes in warrant
liabilities. See "Non-GAAP Financial Measures" and "Adjusted Net
Loss – Non-GAAP Reconciliation" below.
Recent Developments
In July 2012, Tudou announced it
will hold its 2012 annual general meeting of shareholders on the
18th Floor, One Exchange Square, 8 Connaught Place, Central,
Hong Kong on Monday, August 20, 2012 at 10:00 a.m. (Hong
Kong time), to consider and vote on, among other things, the
proposal to approve the pending merger with Youku announced on
March 11, 2012. The notice of
the annual general meeting of shareholders and joint proxy
statement can be obtained from the Company's investor relations
website (http://ir.tudou.com) and the Company's filings with the
Securities and Exchange Commission (http://www.sec.gov).
In July 2012, Tudou announced that
Ms. Evelyn Wang tendered resignation
from her position as Chief Operating Officer due to personal
reasons. Ms. Wang will continue to assist the Company throughout
the ongoing merger process with Youku, which remains on track to
close during the third quarter of 2012, subject to closing
conditions including approvals by Youku's and Tudou's
shareholders.
In June 2012, Tudou held the
awards ceremony for the 2012 Tudou Video Festival in Chengde,
China. This was Tudou's 5th annual
video festival and was co-hosted with the China Film Group
Corporation, the largest film enterprise in China. With the slogan Be Creative
and Live, this year's festival attracted over 15,000 video
submissions, including submissions from a talented group of 200
video finalists that competed for 15 grand prizes. Over 1,500
producers, directors, writers, studio representatives and
advertisers attended the event in anticipation of the opportunity
to work with the creators of the winning submissions.
Conference Call
Due to the pending merger with Youku, Tudou will not hold a
conference call to discuss its financial results.
About Tudou
Tudou Holdings Limited (NASDAQ: TUDO) is a leading Internet
video company in China providing
premium licensed content, user generated content ("UGC") and
original in-house produced content. Founded in 2005, Tudou
was the first UGC video sharing website launched in China.
The "Tudou" brand is one of the most recognized Internet brands in
China, and the annual Tudou Video
Festival has become a signature event in the online video
industry. For more information, please visit
http://ir.tudou.com.
SOURCE: Tudou
Safe Harbor Statement
This press release contains forward-looking statements made
under the "safe harbor" provisions of Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
can be identified by terminology such as "may," "will," "expects,"
"anticipates," "future,\" "intends," "plans," "believes," "aims,"
"estimates," "confident," "likely to" and similar 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: the
Company's ability to execute its business strategies, plans and
initiatives; the Company's future business development, results of
operations and financial condition; changes in the Company's
revenues and certain cost or expense items; the Company's
expectations with respect to increased revenue growth and its
ability to sustain profitability; the Company's ability to develop
new services; the Company's ability to attract users and
advertisers and enhance its brand recognition; the ability of the
online video and advertising industry in China to grow at rates projected by market
data; and ability of the Company to timely close its pending merger
with Youku. Any of the foregoing risks may have a material
adverse effect on the Company's business and the market price of
its ADSs. Further information regarding these and other risks
is included in the Company's 20-F filed with the Securities and
Exchange Commission on March 30,
2012. All information provided in this press release is
current as of the date of the press release, and the Company
undertakes no duty to update such information, except as required
under applicable law.
Non-GAAP Financial Measures
The Company defines adjusted net income (loss), a non-GAAP
financial measure, as net income (loss) excluding share-based
compensation expenses and fair value changes in warrant
liabilities. The Company reviews adjusted net income (loss)
together with net income (loss) to obtain a better understanding of
its operating performance. The Company believes it is useful
supplemental information for investors and other interested persons
to assess the Company's operating performance without the effect of
non-cash fair value changes in warrant liabilities, which would not
likely be a recurring factor in its business in the future, and
share-based compensation expenses, which have been and continue to
be a significant recurring factor in our business.
The Company presents its non-GAAP financial measure because
management uses it to evaluate the Company's operating performance.
The Company believes that non-GAAP financial measure provides
useful information to investors and other interested persons
because by having access to such information they will have the
same data the Company uses to assess its operating
performance. In addition, this information allows investors
and other interested persons to understand and evaluate the
Company's consolidated results of operations in the same manner as
management and to make period-over-period comparisons of its
financial results. However, the use of adjusted net income (loss)
has material limitations as an analytical tool. One of the
limitations of using non-GAAP adjusted net income (loss) is that it
does not include all items that impact the Company's net income
(loss) for the period. In addition, because companies may not
calculate adjusted net income (loss) in the same manner, it may not
be comparable to similarly titled measures used by other companies.
In light of the foregoing limitations, you should not consider
adjusted net income (loss) in isolation from or as an alternative
to net income (loss) prepared in accordance with U.S. GAAP. The
Company encourages investors and other interested persons to review
the Company's financial information in its entirety and not rely on
a single financial measure.
Exchange Rate
This press release contains translations of certain Renminbi
amounts into US dollars at specified rates solely for the
convenience of readers. Unless otherwise noted, all translations
from Renminbi to US dollars for the quarter ended June 30, 2012 were made at a rate of RMB6.3530 to US$1.00, the noon buying rate in effect on
June 29, 2012 as set forth in the
weekly H.10 statistical release of the U.S. Federal Reserve Board.
No representation is made that any Renminbi or U.S. dollar amounts
could have been, or could be, converted into U.S. dollars or
Renminbi, as the case may be, at such rate.
[1] The Company records revenues on a net basis and presents net
revenues net of third party advertising agency fees and sales tax
as a reduction of revenues. For the second quarter 2012,
third party advertising agency fees were RMB32.3 million (US$5.1
million) and sales tax was RMB7.4
million (US$1.2 million),
compared to third party advertising agency fees of RMB23.6 million and sales tax of RMB14.6 million in the corresponding period in
2011.
|
|
|
|
|
Tudou
Holdings Limited
|
|
Consolidated Balance Sheet
Information
|
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
|
|
Jun 30,
2011
|
Mar 31,
2012
|
Jun 30,
2012
|
Jun 30,
2012
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
135,769,594
|
695,746,338
|
516,192,285
|
81,251,737
|
Restricted
cash
|
78,629,940
|
96,685,338
|
50,599,200
|
7,964,615
|
Accounts
receivable, net
|
259,354,944
|
256,602,540
|
316,334,475
|
49,792,929
|
Prepayments and other current assets
|
34,481,051
|
15,347,958
|
12,694,496
|
1,998,189
|
Premium
content licensed
|
18,720,530
|
47,551,257
|
40,316,868
|
6,346,115
|
Content
produced
|
|
695,922
|
176,761
|
27,823
|
Total
current assets
|
526,956,059
|
1,112,629,353
|
936,314,085
|
147,381,408
|
Equipment
|
66,825,250
|
93,393,641
|
94,764,562
|
14,916,506
|
Intangible
assets
|
4,696,093
|
5,973,504
|
6,467,861
|
1,018,080
|
Other
assets
|
4,282,679
|
4,175,908
|
-
|
-
|
Other
long-term receivables
|
|
10,000,000
|
10,000,000
|
1,574,059
|
Prepayment
for premium content licensed
|
|
166,091,005
|
181,731,422
|
28,605,607
|
Premium
content licensed
|
59,980,909
|
200,466,206
|
235,529,108
|
37,073,683
|
Total
assets
|
662,740,990
|
1,592,729,617
|
1,464,807,038
|
230,569,343
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
76,297,318
|
163,179,211
|
188,110,362
|
29,609,690
|
Taxes
payable
|
25,456,201
|
28,491,533
|
25,241,179
|
3,973,112
|
Accrued
liabilities and other payables
|
170,319,316
|
225,563,977
|
243,956,753
|
38,400,245
|
Short-term
loan
|
72,343,510
|
83,343,510
|
41,543,510
|
6,539,196
|
Share-based compensation liability
|
263,420,394
|
-
|
-
|
-
|
Total
current liabilities
|
607,836,739
|
500,578,231
|
498,851,804
|
78,522,243
|
|
|
|
|
|
Warrant
liabilities
|
343,404,204
|
-
|
-
|
-
|
Total
liabilities
|
951,240,943
|
500,578,231
|
498,851,804
|
78,522,243
|
|
|
|
|
|
Series A
redeemable convertible preferred shares
|
7,617,308
|
-
|
-
|
-
|
Series B
redeemable convertible preferred shares
|
55,008,503
|
-
|
-
|
-
|
Series C
redeemable convertible preferred shares
|
122,960,400
|
-
|
-
|
-
|
Series D
redeemable convertible preferred shares
|
367,586,880
|
-
|
-
|
-
|
Series E
redeemable convertible preferred shares
|
378,063,467
|
-
|
-
|
-
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
Ordinary
shares
|
9,700
|
74,907
|
76,747
|
12,080
|
Additional
paid-in capital
|
11,054,330
|
2,554,379,616
|
2,582,926,377
|
406,567,980
|
Accumulated deficit
|
(1,230,800,541)
|
(1,462,303,137)
|
(1,617,047,890)
|
(254,532,960)
|
Total
shareholders' equity
|
(1,219,736,511)
|
1,092,151,386
|
965,955,234
|
152,047,100
|
|
|
|
|
-
|
Total
liabilities and shareholders' equity
|
662,740,990
|
1,592,729,617
|
1,464,807,038
|
230,569,343
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tudou
Holdings Limited
|
|
|
|
|
Consolidated Statement of Operations
Information
|
|
|
|
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Six
Months Ended
|
|
Jun 30,
2011
|
Mar 31,
2012
|
Jun 30,
2012
|
Jun 30,
2012
|
|
June 30,
2011
|
June 30,
2012
|
June 30,
2012
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Revenues
|
131,307,230
|
145,856,999
|
179,264,317
|
28,217,270
|
|
222,725,998
|
325,121,316
|
51,176,030
|
Less:
Sales taxes
|
(14,635,680)
|
(5,575,694)
|
(7,403,565)
|
(1,165,365)
|
|
(26,677,477)
|
(12,979,259)
|
(2,043,013)
|
Net
revenues
|
116,671,550
|
140,281,305
|
171,860,752
|
27,051,905
|
|
196,048,521
|
312,142,057
|
49,133,017
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(85,577,861)
|
(179,632,865)
|
(191,026,368)
|
(30,068,687)
|
|
(166,573,691)
|
(370,659,233)
|
(58,343,969)
|
Gross
profit / (loss)
|
31,093,689
|
(39,351,560)
|
(19,165,616)
|
(3,016,782)
|
|
29,474,830
|
(58,517,176)
|
(9,210,952)
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing expenses
|
(55,679,672)
|
(68,808,006)
|
(84,959,552)
|
(13,373,139)
|
|
(132,063,602)
|
(153,767,558)
|
(24,203,928)
|
General
and administrative expenses
|
(31,029,507)
|
(24,527,517)
|
(50,870,494)
|
(8,007,318)
|
|
(114,917,061)
|
(75,398,011)
|
(11,868,096)
|
Total
operating expenses
|
(86,709,179)
|
(93,335,523)
|
(135,830,046)
|
(21,380,457)
|
|
(246,980,663)
|
(229,165,569)
|
(36,072,024)
|
|
|
|
|
|
|
|
|
|
Loss
from operations
|
(55,615,490)
|
(132,687,083)
|
(154,995,662)
|
(24,397,239)
|
|
(217,505,833)
|
(287,682,745)
|
(45,282,976)
|
|
|
|
|
|
|
|
|
|
Finance
income
|
76,330
|
639,483
|
563,307
|
88,668
|
|
152,987
|
1,202,790
|
189,326
|
Finance
expense
|
(1,090,078)
|
(1,517,576)
|
(973,768)
|
(153,277)
|
|
(1,957,240)
|
(2,491,344)
|
(392,152)
|
Other
income / (expense), net
|
(119,253)
|
-
|
(168,525)
|
(26,527)
|
|
(119,253)
|
(168,525)
|
(26,527)
|
Foreign
exchange gain / (loss)
|
(3,135,290)
|
(893,968)
|
829,895
|
130,630
|
|
(6,049,673)
|
(64,073)
|
(10,085)
|
Fair value
change in warrant liabilities
|
(18,979,502)
|
-
|
|
-
|
|
(189,364,593)
|
-
|
-
|
Loss
before income taxes
|
(78,863,283)
|
(134,459,144)
|
(154,744,753)
|
(24,357,745)
|
|
(414,843,605)
|
(289,203,897)
|
(45,522,414)
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(78,863,283)
|
(134,459,144)
|
(154,744,753)
|
(24,357,745)
|
|
(414,843,605)
|
(289,203,897)
|
(45,522,414)
|
|
|
|
|
|
|
|
|
|
Accretion
and effect of foreign exchange movement on Series A Preferred
Shares
|
(105,067)
|
-
|
-
|
-
|
|
(236,052)
|
-
|
-
|
Effect of
foreign exchange movement on Series B Preferred Shares
|
720,799
|
-
|
-
|
-
|
|
1,284,348
|
-
|
-
|
Effect of
foreign exchange movement on Series C Preferred Shares
|
1,611,200
|
-
|
-
|
-
|
|
2,870,900
|
-
|
-
|
Effect of
foreign exchange movement on Series D Preferred Shares
|
4,816,640
|
-
|
-
|
-
|
|
8,582,480
|
-
|
-
|
Accretion
and effect of foreign exchange movement on Series E Preferred
Shares
|
(16,505,338)
|
-
|
-
|
-
|
|
(26,661,338)
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Net
loss attributable to ordinary shareholders
|
(88,325,049)
|
(134,459,144)
|
(154,744,753)
|
(24,357,745)
|
|
(429,003,267)
|
(289,203,897)
|
(45,522,414)
|
|
|
|
|
|
|
|
|
|
Loss
per ordinary share
|
|
|
|
|
|
|
|
|
- Basic
and diluted
|
(7.36)
|
(1.19)
|
(1.34)
|
(0.21)
|
|
(35.75)
|
(2.52)
|
(0.40)
|
|
|
|
|
|
|
|
|
|
Loss
per ADS
|
|
|
|
|
|
|
|
|
- Basic
and diluted
|
(29.44)
|
(4.74)
|
(5.34)
|
(0.84)
|
|
(143.00)
|
(10.09)
|
(1.59)
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares used in
computing loss per share
|
|
|
|
|
|
|
|
|
- Basic
and diluted
|
12,000,000
|
113,431,544
|
115,853,225
|
115,853,225
|
|
12,000,000
|
114,653,268
|
114,653,268
|
|
|
|
|
|
|
|
|
|
Share-based compensation was allocated in
operating expenses as follows:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
3,038,064
|
1,379,365
|
1,372,659
|
216,064
|
|
17,756,069
|
2,752,024
|
433,185
|
Sales and
marketing expenses
|
9,803,139
|
5,404,764
|
4,744,666
|
746,839
|
|
44,851,797
|
10,149,430
|
1,597,581
|
General
and administrative expenses
|
9,809,598
|
3,430,954
|
3,827,077
|
602,405
|
|
66,659,181
|
7,258,031
|
1,142,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tudou
Holdings Limited
|
|
|
|
|
|
Adjusted Net Loss — Non-GAAP
Reconciliation
|
|
|
|
|
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Six
Months Ended
|
|
|
Jun 30,
2011
|
Mar 31,
2012
|
Jun 30,
2012
|
Jun 30,
2012
|
|
June 30,
2011
|
June 30,
2012
|
June 30,
2012
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(78,863,283)
|
(134,459,144)
|
(154,744,753)
|
(24,357,745)
|
|
(414,843,605)
|
(289,203,897)
|
(45,522,414)
|
|
|
|
|
|
|
|
|
|
|
Add
back:
|
Share-based compensation expenses
|
22,650,801
|
10,215,083
|
9,944,402
|
1,565,308
|
|
129,267,047
|
20,159,485
|
3,173,223
|
|
Fair value
changes in warrant liabilities
|
18,979,502
|
-
|
-
|
-
|
|
189,364,593
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
Adjusted net loss
|
|
(37,232,980)
|
(124,244,061)
|
(144,800,351)
|
(22,792,437)
|
|
(96,211,965)
|
(269,044,412)
|
(42,349,191)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tudou
Holdings Limited
|
|
|
|
|
|
Consolidated Statement of Cash
Flows
|
|
|
|
|
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Six
Months Ended
|
|
Jun 30,
2011
|
Mar 31,
2012
|
Jun 30,
2012
|
Jun 30,
2012
|
|
June 30,
2011
|
June 30,
2012
|
June 30,
2012
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
|
|
|
Net
loss
|
(78,863,283)
|
(134,459,144)
|
(154,744,753)
|
(24,357,745)
|
|
(414,843,605)
|
(289,203,897)
|
(45,522,414)
|
Adjustments to reconcile net loss to net cash
provided by (used in)
operating activities:
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Depreciation of equipment
|
6,734,331
|
9,637,685
|
10,277,833
|
1,617,792
|
|
12,867,612
|
19,915,518
|
3,134,821
|
Amortization of intangible assets
|
50,405
|
209,660
|
255,793
|
40,263
|
|
58,255
|
465,453
|
73,265
|
Amortization of other assets
|
35,590
|
35,590
|
-
|
-
|
|
71,180
|
35,590
|
5,602
|
Provision
for doubtful accounts
|
4,085,033
|
2,643,383
|
2,807,208
|
441,871
|
|
16,368,108
|
5,450,591
|
857,955
|
Amortization of the premium content
licensed
|
18,124,644
|
50,863,964
|
57,165,796
|
8,998,236
|
|
28,140,551
|
108,029,760
|
17,004,527
|
Amortization of the content produced
|
3,497,227
|
12,728,947
|
2,790,348
|
439,217
|
|
6,562,500
|
15,519,295
|
2,442,829
|
Share-based compensation
|
22,650,802
|
10,215,083
|
9,944,403
|
1,565,308
|
|
129,267,046
|
20,159,486
|
3,173,223
|
Fair value
changes in warrant liabilities
|
18,979,502
|
-
|
-
|
-
|
|
189,364,593
|
-
|
-
|
Loss from
disposal of other assets
|
-
|
-
|
181,908
|
28,633
|
|
-
|
181,908
|
28,633
|
Foreign
exchange loss
|
3,135,290
|
893,968
|
(829,895)
|
(130,630)
|
|
6,049,673
|
64,073
|
10,085
|
|
|
|
|
|
|
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivables
|
(9,304,512)
|
(19,441,737)
|
(62,539,143)
|
(9,844,033)
|
|
(32,689,703)
|
(81,980,880)
|
(12,904,278)
|
Prepayments and other current assets
|
(2,242,691)
|
4,835,969
|
4,289,096
|
675,129
|
|
2,900,427
|
9,125,065
|
1,436,340
|
Content
produced
|
-
|
(5,210,362)
|
(2,271,187)
|
(357,498)
|
|
-
|
(7,481,549)
|
(1,177,640)
|
Accounts
payable
|
(2,172,159)
|
6,636,811
|
10,506,166
|
1,653,733
|
|
(1,343,849)
|
17,142,977
|
2,698,407
|
Tax
payable
|
3,005,534
|
(9,149,133)
|
(3,250,354)
|
(511,625)
|
|
4,297,529
|
(12,399,487)
|
(1,951,753)
|
Other
payables and accruals
|
9,368,177
|
(5,200,531)
|
18,392,777
|
2,895,136
|
|
27,373,497
|
13,192,246
|
2,076,538
|
|
|
|
|
|
|
|
|
|
Net
cash provided by/(used in) operating activities
|
(2,916,110)
|
(74,759,847)
|
(107,024,004)
|
(16,846,213)
|
|
(25,556,186)
|
(181,783,851)
|
(28,613,860)
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchase
of equipment
|
(18,344,013)
|
(12,263,333)
|
(14,456,328)
|
(2,275,512)
|
|
(21,723,420)
|
(26,719,661)
|
(4,205,834)
|
Purchase
of intangible assets
|
(463,656)
|
-
|
(750,150)
|
(118,078)
|
|
(1,300,756)
|
(750,150)
|
(118,078)
|
Cash
received from disposal of other assets
|
-
|
-
|
3,994,000
|
628,679
|
|
-
|
3,994,000
|
628,679
|
Advance
payment for premium content licensed
|
-
|
(23,340,704)
|
(15,640,417)
|
(2,461,895)
|
|
-
|
(38,981,121)
|
(6,135,860)
|
Cash paid
for premium content licensed
|
(45,761,160)
|
(65,097,644)
|
(67,761,751)
|
(10,666,103)
|
|
(74,331,397)
|
(132,859,395)
|
(20,912,859)
|
Cash
received from maturity of short-term investment
|
-
|
-
|
-
|
-
|
|
5,837,246
|
-
|
-
|
Cash paid
for PRC advertising license
|
-
|
-
|
-
|
-
|
|
(1,527,178)
|
-
|
-
|
Net
decrease/(increase) in restricted cash
|
(13,065,940)
|
101,381
|
46,086,138
|
7,254,232
|
|
(12,402,940)
|
46,187,519
|
7,270,190
|
Net
cash used in investing activities
|
(77,634,769)
|
(100,600,300)
|
(48,528,508)
|
(7,638,677)
|
|
(105,448,445)
|
(149,128,808)
|
(23,473,762)
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
|
|
Cash
received from short-term loan
|
11,100,000
|
-
|
-
|
-
|
|
11,100,000
|
-
|
-
|
Cash paid
for the repayment of short-term loan
|
-
|
-
|
(41,800,000)
|
(6,579,569)
|
|
-
|
(41,800,000)
|
(6,579,569)
|
Cash
received from exercise of stock options
|
-
|
-
|
16,968,564
|
2,670,953
|
|
-
|
16,968,564
|
2,670,953
|
Cash paid
for initial public offering cost
|
(613,685)
|
-
|
-
|
-
|
|
(1,426,877)
|
-
|
-
|
Net
cash used in financing
activities
|
10,486,315
|
-
|
(24,831,436)
|
(3,908,616)
|
|
9,673,123
|
(24,831,436)
|
(3,908,616)
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents
|
(70,064,564)
|
(175,360,147)
|
(180,383,948)
|
(28,393,506)
|
|
(121,331,508)
|
(355,744,095)
|
(55,996,238)
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of period
|
208,969,448
|
872,000,453
|
695,746,338
|
109,514,613
|
|
263,150,775
|
872,000,453
|
137,258,060
|
Effect of
foreign exchange rate change on cash
|
(3,135,290)
|
(893,968)
|
829,895
|
130,630
|
|
(6,049,673)
|
(64,073)
|
(10,085)
|
Cash and
cash equivalents at end of period
|
135,769,594
|
695,746,338
|
516,192,285
|
81,251,737
|
|
135,769,594
|
516,192,285
|
81,251,737
|
|
|
|
|
|
|
|
|
|
Supplementary Disclosure of Cash Flow
Information
|
|
|
|
|
|
|
|
|
Cash paid
for interest
|
1,034,405
|
1,519,720
|
1,809,392
|
284,809
|
|
1,855,700
|
3,329,112
|
524,022
|
|
|
|
|
|
|
|
|
|
Supplementary Disclosure of Non-cash Investing
and Financial Activities
|
|
|
|
|
|
|
|
|
Unpaid
deferred expenses/Payables related to the initial public
offering
|
17,477,601
|
-
|
-
|
-
|
|
17,477,601
|
-
|
-
|
Payables
related to purchase of equipment
|
19,702,648
|
13,723,390
|
10,915,816
|
1,718,214
|
|
19,702,648
|
24,639,206
|
3,878,358
|
Payables
related to premium content licensed
|
9,895,500
|
54,296,015
|
71,528,574
|
11,259,023
|
|
9,895,500
|
125,824,589
|
19,805,539
|
Payables
related to purchase of PRC advertising license qualification
right
|
300,124
|
-
|
-
|
-
|
|
300,124
|
-
|
-
|
SOURCE Tudou Holdings Limited