BEIJING, Aug. 8, 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 the second quarter
2013.
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
June 30, 2012 derived from the
accompanying unaudited pro forma condensed combined statements of
operations (the "Pro Forma Statement of Operations") for the three
months ended June 30, 2012. The Pro
Forma Statement of Operations combines the historical consolidated
statements of operations of Youku and Tudou, giving effect to the
merger as if it had been completed on January 1, 2012.
The Pro Forma Statement of Operations has been derived from the
unaudited 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 with Tudou management of
Tudou's publicly disclosed summary of significant accounting
policies prior to the merger, the adjustments to the historical
statement of operations have been made to conform its accounting
policies to those of Youku's.
Second Quarter
Highlights[1]
- Consolidated net revenues were RMB753.5
million (US$122.8 million), a
30% increase from the pro forma combined net revenues for the
corresponding period in 2012.
- Consolidated gross profit was RMB190.2
million (US$31.0 million), an
87% increase from the pro forma combined gross profit for the
corresponding period in 2012. 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 RMB204.4 million (US$33.3
million), a 77% increase from the pro forma combined
non-GAAP gross profit for the corresponding period in
2012.
- Consolidated net loss was RMB105.1
million (US$17.1million), a
40% decrease from the pro forma combined net loss for the
corresponding period in 2012. 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 RMB44.6 million
(US$7.3 million), a 63% decrease from
the pro forma combined non-GAAP net loss for the corresponding
period in 2012.
- Consolidated basic and diluted loss per ADS, each representing
18 Class A ordinary shares, amounted to RMB0.63 (US$0.10)
and RMB0.63 (US$0.10), respectively.
- Consolidated cash, cash equivalents, restricted cash and
short-term investments totaled RMB3.3
billion (US$543.8 million) as
of June 30, 2013.
- Consolidated acquisition of property and equipment was
RMB34.5 million (US$5.6 million).
- Consolidated acquisition of intangible assets was RMB102.5 million (US$16.7
million).
"Multi-screen video consumption is a game changer for Internet
television as it offers video anytime, anywhere on any device. We
are leveraging our top-of-mind video brand awareness, comprehensive
content library and cross-screen product functionalities to extend
our leading presence across different screens. With users watching
Internet videos on multiple screens becoming the standard in
China, Youku Tudou is at the
center of exciting growth opportunities for the long term," said
Victor Koo, Chairman and Chief
Executive Officer of Youku Tudou. "Youku Tudou is moving full speed
ahead in multi-screen online video services. Mobile traffic growth
is fast gaining traction ahead of our expectations with daily video
views growing more than 100% in the last six months. The
combination of dynamic growth in mobile traffic and the vast scale
of our traffic on PC positions us as the clear leading multi-screen
online video company in China."
Dele Liu, President of Youku Tudou, added, "We made solid
financial and operational progress across-the-board in the second
quarter. Revenue growth reaccelerated due to more effective sales
execution while cost synergies further materialized as the
integration between Youku and Tudou was completed, resulting in
significant margin improvement. We remain committed to building our
user-generated content ecosystem and leveraging our original
content production capabilities to differentiate Youku Tudou and
support our content marketing solutions."
Second Quarter 2013 Results
Consolidated net revenues were RMB753.5 million (US$122.8
million) in the second quarter of 2013, a 30% increase from
the pro forma combined net revenues for the corresponding period in
2012 and meeting the consolidated net revenues guidance previously
announced by the Company. Consolidated advertising net revenues
were RMB726.6 million (US$118.4 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 RMB164.1
million (US$26.7 million) in
the second quarter of 2013, representing 22% of the consolidated
net revenues, as compared to the pro forma combined bandwidth costs
of RMB177.0 million (US$28.8 million), representing 31% of the pro
forma combined net revenues for the corresponding period in
2012.
Consolidated content costs as a component of consolidated
cost of revenues were RMB303.5
million (US$49.4 million)
in the second quarter of 2013, representing 40% of the consolidated
net revenues, as compared to the pro forma combined content costs
of RMB208.3 million, representing 36%
of the pro forma combined net revenues for the corresponding period
in 2012. 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
RMB289.2 million (US$47.1 million) in the second quarter of 2013,
representing 38% of consolidated net revenues. Before any pro forma
adjustments, the combined non-GAAP content costs were RMB248.6 million (US$40.5
million), representing 43% of the pro forma combined net
revenues for the corresponding period in 2012. Including the pro
forma adjustments, the pro forma combined non-GAAP content costs
were RMB194.6 million (US$31.7 million), representing 34% of the pro
forma combined net revenues for the corresponding period in
2012.
Consolidated gross profit was RMB190.2 million (US$31.0
million)in the second quarter of 2013, an 87% increase from
the pro forma combined gross profit of RMB101.8 million (US$16.6
million) for the corresponding period in 2012.
Consolidated non-GAAP gross profit was RMB204.4 million (US$33.3
million) in the second quarter of 2013, representing 27% of
consolidated net revenues, a 77% increase as compared to the pro
forma combined non-GAAP gross profit of RMB115.5 million (US$18.8
million), representing 20% of the pro forma combined net
revenues for the corresponding period in 2012.
Consolidated operating expenses were RMB306.8 million (US$50.0
million) in the second quarter of 2013, as compared to
RMB296.8 million (US$48.4 million) of the pro forma combined
operating expenses for the corresponding period in 2012.
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 RMB260.6 million
(US$42.5 million) in the second
quarter of 2013, a 2% increase compared to RMB254.4 million (US$41.5
million) of the pro forma combined non-GAAP operating
expenses for the corresponding period in 2012. Detailed discussion
of each component of consolidated operating expenses is as
follows:
Consolidated sales and marketing expenses were
RMB165.2 million (US$26.9 million) in the second quarter of 2013,
as compared to RMB146.1 million
(US$23.8 million) of the pro forma
combined sales and marketing expenses for the corresponding period
in 2012. 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 RMB150.4 million (US$24.5
million) in the second quarter of 2013, a 12% increase
compared to RMB134.7 million
(US$21.9 million) of the pro forma
combined non-GAAP sales and marketing expenses for the
corresponding period in 2012. This increase was primarily due to
higher commission expenses paid to our sales force in line with our
revenue growth.
Consolidated product development expenses were
RMB66.1 million (US$10.8 million) in the second quarter of 2013,
as compared to RMB57.3 million
(US$9.3 million) of the pro forma
combined product development expenses for the corresponding period
in 2012. 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 RMB54.8
million (US$8.9 million) in
the second quarter of 2013, a 14% increase compared to RMB48.2 million (US$7.9
million) of the pro forma combined non-GAAP product
development expenses for the corresponding period in 2012. This
increase was primarily due to higher personnel related expenses for
our product development in mobile, search, social and
paid-services.
Consolidated general and administrative expenses were
RMB75.6 million (US$12.3 million) in the second quarter of 2013,
as compared to RMB93.5 million
(US$15.2 million) of the pro forma
combined general and administrative expenses for the corresponding
period in 2012. 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 RMB55.4
million (US$9.0 million) in
the second quarter of 2013, a 22% decrease compared to RMB71.5 million (US$11.6
million) of the pro forma combined non-GAAP general and
administrative expenses for the corresponding period in 2012.
Consolidated net loss was RMB105.1
million (US$17.1 million) in
the second quarter of 2013, a 40% decrease compared to RMB176.3 million (US$28.7
million) of the pro forma combined net loss for the
corresponding period in 2012. Consolidated non-GAAP net loss
was RMB44.6 million (US$7.3 million) in the second quarter of 2013, a
63% decrease compared to RMB120.1
million (US$19.6 million) of
the pro forma combined non-GAAP net loss for the corresponding
period in 2012.
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 RMB28.7 million
(US$4.7 million) in the second
quarter of 2013, a 75% decrease compared to RMB113.9 million (US$18.6
million) of the pro forma combined non-GAAP adjusted EBITDA
loss for the corresponding period in 2012.
Business Outlook
For the third quarter of 2013, the Company expects consolidated
net revenues will be between RMB830 million
and RMB870 million, with consolidated advertising net
revenues contributing between RMB740 million
and RMB770 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 9:00 p.m. U.S. Eastern Time on
August 8, 2013 (9:00 a.m. Beijing/Hong Kong Time on August 9, 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: +65-6723-9381
Mainland China Dial In:
+86-400-620-8038 / +86-800-819-0121
Hong Kong Dial In: +852-2475-0994
A replay of the call will be available by dialing
+1-855-452-5696 and entering passcode 27037557#. The replay will be
available through August 16,
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 Youku and Tudou Internet television
platforms enable users to search, view and share high-quality video
content quickly and easily across multiple devices. Its Youku brand
and Tudou brand are among the most recognized online video brands
in China. Youku Tudou's American
depositary shares, each representing 18 of Youku Tudou'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 Tudou'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 Tudou'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 June 30, 2012,
after giving effect to the merger between Youku and Tudou as if the
merger had been completed on January 1,
2012 to provide comparative reference of the corresponding
consolidated non-GAAP measures of the Company for the three months
ended June 30, 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 2012.
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
[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 RMB6.1374 to
US$1.00, the effective noon buying rate as of June 28, 2013 in the
City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York. No
representation is made that the RMB amounts could have been, or
could be, converted into US$ at such rate.
|
|
|
|
|
|
|
|
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except for number of shares)
|
|
|
For the Three Months
Ended
|
|
|
December 31,
2012
|
|
June 30,
2013
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
1,655,857
|
|
947,810
|
|
154,432
|
Restricted cash
|
|
|
9,003
|
|
8,309
|
|
1,354
|
Short-term investments
|
|
|
2,110,073
|
|
2,381,219
|
|
387,985
|
Accounts receivable,
net
|
|
|
932,796
|
|
1,244,028
|
|
202,696
|
Intangible assets,
net
|
|
|
19,607
|
|
101,477
|
|
16,534
|
Deferred tax
assets
|
|
|
10,470
|
|
10,470
|
|
1,706
|
Prepayments and other
assets
|
|
|
64,909
|
|
49,582
|
|
8,079
|
Total current
assets
|
|
|
4,802,715
|
|
4,742,895
|
|
772,786
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and equipment, net
|
|
|
200,681
|
|
208,143
|
|
33,914
|
Intangible assets, net
|
|
|
1,304,923
|
|
1,326,080
|
|
216,065
|
Capitalized content production costs
|
|
|
-
|
|
4,941
|
|
805
|
Prepayments and other assets
|
|
|
229,185
|
|
239,633
|
|
39,045
|
Goodwill
|
|
|
4,255,570
|
|
4,255,570
|
|
693,383
|
Total
non-current assets
|
|
|
5,990,359
|
|
6,034,367
|
|
983,212
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
10,793,074
|
|
10,777,262
|
|
1,755,998
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
181,878
|
|
284,285
|
|
46,320
|
Advances from customers
|
|
|
21,603
|
|
55,879
|
|
9,105
|
Accrued expenses and other liabilities
|
|
|
981,353
|
|
1,080,185
|
|
176,001
|
Current portion of long-term debt
|
|
|
7,441
|
|
1,122
|
|
183
|
Total current
liabilities
|
|
|
1,192,275
|
|
1,421,471
|
|
231,609
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Deferred tax liability
|
|
|
224,374
|
|
224,374
|
|
36,558
|
Other liabilities
|
|
|
19,552
|
|
70
|
|
11
|
Total non-current
liabilities
|
|
|
243,926
|
|
224,444
|
|
36,569
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
1,436,201
|
|
1,645,915
|
|
268,178
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Class A Ordinary Shares (US$0.00001 par value,
9,340,238,793
authorized, 2,286,643,502 and 2,325,733,363 issued and
outstanding
as
of December 31, 2012 and June 30, 2013, respectively)
|
149
|
|
152
|
|
25
|
Class B Ordinary Shares (US$0.00001 par value,
659,761,207
authorized, 659,561,893 and 659,561,893 issued and outstanding
as
of December 31, 2012 and June 30, 2013, respectively)
|
49
|
|
49
|
|
8
|
Additional
paid-in capital
|
|
|
10,768,204
|
|
10,919,623
|
|
1,779,194
|
Statutory reserves
|
|
|
1,500
|
|
1,500
|
|
244
|
Accumulated
deficit
|
|
|
(1,297,147)
|
|
(1,634,672)
|
|
(266,346)
|
Accumulated other comprehensive loss
|
|
|
(115,882)
|
|
(155,305)
|
|
(25,305)
|
Total
shareholders' equity
|
|
|
9,356,873
|
|
9,131,347
|
|
1,487,820
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
10,793,074
|
|
10,777,262
|
|
1,755,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
(Amounts in
thousands, except for number of shares and ADS and per share
and per
ADS data)
|
|
Pro Forma
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
578,308
|
|
515,997
|
|
753,457
|
|
122,765
|
|
1,269,454
|
|
206,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(Note 1)
|
|
|
(476,545)
|
|
(501,766)
|
|
(563,281)
|
|
(91,778)
|
|
(1,065,047)
|
|
(173,534)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
101,763
|
|
14,231
|
|
190,176
|
|
30,987
|
|
204,407
|
|
33,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
|
(57,260)
|
|
(56,828)
|
|
(66,051)
|
|
(10,762)
|
|
(122,879)
|
|
(20,021)
|
Sales and
marketing
|
|
|
(146,074)
|
|
(127,600)
|
|
(165,201)
|
|
(26,917)
|
|
(292,801)
|
|
(47,707)
|
General and
administrative
|
|
|
(93,504)
|
|
(83,350)
|
|
(75,569)
|
|
(12,313)
|
|
(158,919)
|
|
(25,894)
|
Total operating
expenses
|
|
|
(296,838)
|
|
(267,778)
|
|
(306,821)
|
|
(49,992)
|
|
(574,599)
|
|
(93,622)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(195,075)
|
|
(253,547)
|
|
(116,645)
|
|
(19,005)
|
|
(370,192)
|
|
(60,316)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
12,938
|
|
7,179
|
|
7,090
|
|
1,155
|
|
14,269
|
|
2,324
|
Interest
expenses
|
|
|
(1,956)
|
|
(387)
|
|
(158)
|
|
(26)
|
|
(545)
|
|
(89)
|
Other, net
|
|
|
5,423
|
|
14,281
|
|
4,720
|
|
769
|
|
19,001
|
|
3,096
|
Total other
income, net
|
|
|
16,405
|
|
21,073
|
|
11,652
|
|
1,898
|
|
32,725
|
|
5,331
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(178,670)
|
|
(232,474)
|
|
(104,993)
|
|
(17,107)
|
|
(337,467)
|
|
(54,985)
|
Income
taxes
|
|
|
2,391
|
|
-
|
|
(58)
|
|
(9)
|
|
(58)
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(176,279)
|
|
(232,474)
|
|
(105,051)
|
|
(17,116)
|
|
(337,525)
|
|
(54,995)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
|
|
(0.06)
|
|
(0.08)
|
|
(0.04)
|
|
(0.01)
|
|
(0.11)
|
|
(0.02)
|
Net loss per ADS
(each ADS represents 18 class A ordinary shares),
basic and
diluted
|
|
|
(1.09)
|
|
(1.42)
|
|
(0.63)
|
|
(0.10)
|
|
(2.05)
|
|
(0.33)
|
Shares used in
computation, basic and diluted
|
|
|
2,918,302,861
|
|
2,953,267,696
|
|
2,980,162,122
|
|
2,980,162,122
|
|
2,969,000,985
|
|
2,969,000,985
|
ADSs used in
computation, basic and diluted
|
|
|
162,127,936
|
|
164,070,427
|
|
165,564,562
|
|
165,564,562
|
|
164,944,499
|
|
164,944,499
|
The accompanying
notes are an integral part of the press release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1. Cost of
Revenues
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
(Amounts in
thousands)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value added,
business taxes and surcharges
|
|
|
60,891
|
|
48,925
|
|
74,334
|
|
12,112
|
|
123,259
|
|
20,083
|
Bandwidth
costs
|
|
|
176,951
|
|
161,045
|
|
164,111
|
|
26,739
|
|
325,156
|
|
52,979
|
Depreciation of
servers and other equipment
|
|
|
30,424
|
|
22,470
|
|
21,384
|
|
3,484
|
|
43,854
|
|
7,146
|
Content
costs
|
|
|
208,279
|
|
269,326
|
|
303,452
|
|
49,443
|
|
572,778
|
|
93,326
|
Total Cost
of Revenues
|
|
|
476,545
|
|
501,766
|
|
563,281
|
|
91,778
|
|
1,065,047
|
|
173,534
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six
Months Ended
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2012
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
(62,848)
|
|
(232,474)
|
|
(105,051)
|
|
(17,116)
|
|
(218,973)
|
|
(337,525)
|
|
(54,995)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
14,742
|
|
26,795
|
|
27,502
|
|
4,481
|
|
28,743
|
|
54,297
|
|
8,847
|
Bad debt expense
|
|
|
|
|
1,669
|
|
7,076
|
|
10,035
|
|
1,635
|
|
2,327
|
|
17,111
|
|
2,788
|
Amortization of intangible assets and capitalized content
production costs
|
|
|
|
|
77,338
|
|
138,991
|
|
176,523
|
|
28,762
|
|
168,521
|
|
315,514
|
|
51,408
|
Amortization of long-term debt discounts
|
|
|
|
|
535
|
|
221
|
|
92
|
|
15
|
|
1,151
|
|
313
|
|
51
|
Gain on disposal of property and equipment
|
|
|
|
|
-
|
|
695
|
|
(645)
|
|
(105)
|
|
-
|
|
50
|
|
8
|
Foreign exchange loss
|
|
|
|
|
(374)
|
|
325
|
|
(847)
|
|
(138)
|
|
(185)
|
|
(522)
|
|
(85)
|
Share-based compensation
|
|
|
|
|
26,197
|
|
37,850
|
|
48,529
|
|
7,907
|
|
49,264
|
|
86,379
|
|
14,075
|
Gain form remeasurement of previously held investment in acquired
subsidiary
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,344)
|
|
-
|
|
-
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
-
|
|
(10)
|
|
704
|
|
115
|
|
-
|
|
694
|
|
113
|
Accounts receivable
|
|
|
|
|
(232,847)
|
|
(33,644)
|
|
(294,698)
|
|
(48,017)
|
|
(234,895)
|
|
(328,342)
|
|
(53,499)
|
Prepayments and other assets
|
|
|
|
|
19,167
|
|
1,347
|
|
21,794
|
|
3,551
|
|
30,332
|
|
23,141
|
|
3,770
|
Capitalized content production
costs
|
|
|
|
|
(2,872)
|
|
15,961
|
|
(42,382)
|
|
(6,906)
|
|
(7,897)
|
|
(26,421)
|
|
(4,305)
|
Accounts payable
|
|
|
|
|
(2,504)
|
|
(9,864)
|
|
11,179
|
|
1,821
|
|
(2,491)
|
|
1,315
|
|
214
|
Advances from customers
|
|
|
|
|
(12,392)
|
|
38,457
|
|
(4,180)
|
|
(681)
|
|
16,594
|
|
34,277
|
|
5,585
|
Accrued expenses and other liabilities
|
|
|
|
|
83,026
|
|
12,468
|
|
88,046
|
|
14,347
|
|
92,375
|
|
100,514
|
|
16,378
|
Net cash (used in)
provided by operating activities
|
|
|
|
(91,163)
|
|
4,194
|
|
(63,399)
|
|
(10,329)
|
|
(78,478)
|
|
(59,205)
|
|
(9,647)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property and equipment
|
|
|
|
|
(22,603)
|
|
(27,364)
|
|
(34,549)
|
|
(5,629)
|
|
(32,672)
|
|
(61,913)
|
|
(10,088)
|
Proceeds received from maturity of short-term
investments
|
|
|
|
|
1,145,908
|
|
36,703
|
|
621,948
|
|
101,337
|
|
1,399,581
|
|
658,651
|
|
107,318
|
Short-term
investments placed with financial institutions
|
|
|
|
|
-
|
|
(185,590)
|
|
(739,059)
|
|
(120,419)
|
|
(254,474)
|
|
(924,649)
|
|
(150,658)
|
Proceeds
from disposal of property and equipment
|
|
|
|
|
-
|
|
-
|
|
1,282
|
|
209
|
|
-
|
|
1,282
|
|
209
|
Cash acquired, net of cash paid for acquired
subsidiaries
|
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(25,778)
|
|
-
|
|
-
|
Acquisition of intangible assets
|
|
|
|
|
(51,625)
|
|
(238,921)
|
|
(102,500)
|
|
(16,701)
|
|
(102,045)
|
|
(341,421)
|
|
(55,630)
|
Net cash (used in)
provided by investing activities
|
|
|
|
|
1,071,680
|
|
(415,172)
|
|
(252,878)
|
|
(41,203)
|
|
984,612
|
|
(668,050)
|
|
(108,849)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee stock options
|
|
|
|
|
8,483
|
|
28,740
|
|
35,935
|
|
5,855
|
|
14,327
|
|
64,675
|
|
10,538
|
Principal repayments on long-term debt
|
|
|
|
|
(2,956)
|
|
(3,236)
|
|
(3,330)
|
|
(543)
|
|
(4,943)
|
|
(6,566)
|
|
(1,070)
|
Net cash (used in)
provided by financing activities
|
|
|
|
|
5,527
|
|
25,504
|
|
32,605
|
|
5,312
|
|
9,384
|
|
58,109
|
|
9,468
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
|
|
9,527
|
|
(6,293)
|
|
(32,608)
|
|
(5,313)
|
|
7,050
|
|
(38,901)
|
|
(6,338)
|
Net (decrease)
increase in cash and cash equivalents
|
|
|
|
|
995,571
|
|
(391,767)
|
|
(316,280)
|
|
(51,533)
|
|
922,568
|
|
(708,047)
|
|
(115,366)
|
Cash and cash
equivalents at the beginning of the period
|
|
|
|
|
2,219,535
|
|
1,655,857
|
|
1,264,090
|
|
205,965
|
|
2,292,538
|
|
1,655,857
|
|
269,798
|
Cash and cash
equivalents at the end of the period
|
|
|
|
|
3,215,106
|
|
1,264,090
|
|
947,810
|
|
154,432
|
|
3,215,106
|
|
947,810
|
|
154,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$"), unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
Content Cost
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Content
cost
|
|
|
208,279
|
|
269,326
|
|
303,452
|
|
49,443
|
|
572,778
|
|
93,326
|
Deduct:
share-based compensation
|
|
|
4,806
|
|
5,663
|
|
6,465
|
|
1,053
|
|
12,128
|
|
1,976
|
Deduct:
amortization of intangible assets from business
combination
|
|
8,897
|
|
8,331
|
|
7,741
|
|
1,261
|
|
16,072
|
|
2,619
|
Non-GAAP content
cost
|
|
|
194,576
|
|
255,332
|
|
289,246
|
|
47,129
|
|
544,578
|
|
88,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Non-GAAP Gross
Profit
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Gross
profit
|
|
|
101,763
|
|
14,231
|
|
190,176
|
|
30,987
|
|
204,407
|
|
33,306
|
Add back:
share-based compensation
|
|
|
4,806
|
|
5,663
|
|
6,465
|
|
1,053
|
|
12,128
|
|
1,976
|
Add back:
amortization of intangible assets from business
combination
|
|
8,897
|
|
8,331
|
|
7,741
|
|
1,261
|
|
16,072
|
|
2,619
|
Non-GAAP gross
profit
|
|
|
115,466
|
|
28,225
|
|
204,382
|
|
33,301
|
|
232,607
|
|
37,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Non-GAAP
Operating Expenses
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Operating
expenses
|
|
|
296,838
|
|
267,778
|
|
306,821
|
|
49,992
|
|
574,599
|
|
93,622
|
Deduct:
share-based compensation
|
|
|
30,939
|
|
32,187
|
|
42,064
|
|
6,854
|
|
74,251
|
|
12,099
|
Deduct:
business combination related expenses
|
|
|
7,371
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Deduct:
amortization of intangible assets from business
combination
|
|
4,176
|
|
4,155
|
|
4,155
|
|
676
|
|
8,310
|
|
1,354
|
Non-GAAP
operating expenses
|
|
|
254,352
|
|
231,436
|
|
260,602
|
|
42,462
|
|
492,038
|
|
80,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Non-GAAP Sales
and Marketing Expenses
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Sales and marketing
expenses
|
|
|
146,074
|
|
127,600
|
|
165,201
|
|
26,917
|
|
292,801
|
|
47,707
|
Deduct:
share-based compensation
|
|
|
9,331
|
|
10,061
|
|
12,708
|
|
2,071
|
|
22,769
|
|
3,710
|
Deduct:
amortization of intangible assets from business
combination
|
|
2,087
|
|
2,077
|
|
2,077
|
|
338
|
|
4,154
|
|
676
|
Non-GAAP
sales and marketing expenses
|
|
|
134,656
|
|
115,462
|
|
150,416
|
|
24,508
|
|
265,878
|
|
43,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Non-GAAP
Product Development Expenses
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Product development
expenses
|
|
|
57,260
|
|
56,828
|
|
66,051
|
|
10,762
|
|
122,879
|
|
20,021
|
Deduct:
share-based compensation
|
|
|
7,659
|
|
6,967
|
|
9,890
|
|
1,611
|
|
16,857
|
|
2,747
|
Deduct:
amortization of intangible assets from business
combination
|
|
1,402
|
|
1,395
|
|
1,395
|
|
227
|
|
2,790
|
|
455
|
Non-GAAP
product development expenses
|
|
|
48,199
|
|
48,466
|
|
54,766
|
|
8,924
|
|
103,232
|
|
16,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Non-GAAP
General and Administrative Expenses
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
General and
administrative expenses
|
|
|
93,504
|
|
83,350
|
|
75,569
|
|
12,313
|
|
158,919
|
|
25,894
|
Deduct:
share-based compensation
|
|
|
13,949
|
|
15,159
|
|
19,466
|
|
3,172
|
|
34,625
|
|
5,642
|
Deduct:
business combination related expenses
|
|
|
7,371
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Deduct:
amortization of intangible assets from business
combination
|
|
687
|
|
683
|
|
683
|
|
111
|
|
1,366
|
|
223
|
Non-GAAP
general and administrative expenses
|
|
|
71,497
|
|
67,508
|
|
55,420
|
|
9,030
|
|
122,928
|
|
20,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. Non-GAAP Loss
from Operations
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Loss from
operations
|
|
|
(195,075)
|
|
(253,547)
|
|
(116,645)
|
|
(19,005)
|
|
(370,192)
|
|
(60,316)
|
Add back:
share-based compensation
|
|
|
35,745
|
|
37,850
|
|
48,529
|
|
7,907
|
|
86,379
|
|
14,075
|
Add back:
business combination related expenses
|
|
|
7,371
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Add back:
amortization of intangible assets from business
combination
|
|
13,073
|
|
12,486
|
|
11,896
|
|
1,937
|
|
24,382
|
|
3,973
|
Non-GAAP
loss from operations
|
|
|
(138,886)
|
|
(203,211)
|
|
(56,220)
|
|
(9,161)
|
|
(259,431)
|
|
(42,268)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Non-GAAP
Net Loss
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(176,279)
|
|
(232,474)
|
|
(105,051)
|
|
(17,116)
|
|
(337,525)
|
|
(54,995)
|
Add back:
share-based compensation
|
|
|
35,745
|
|
37,850
|
|
48,529
|
|
7,907
|
|
86,379
|
|
14,075
|
Add back:
business combination related expenses
|
|
|
7,371
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Add back:
amortization of intangible assets from business
combination
|
|
13,073
|
|
12,486
|
|
11,896
|
|
1,937
|
|
24,382
|
|
3,973
|
Non-GAAP net
loss
|
|
|
(120,090)
|
|
(182,138)
|
|
(44,626)
|
|
(7,272)
|
|
(226,764)
|
|
(36,947)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Non-GAAP
EBITDA Loss
|
|
|
For the Three
Months Ended
|
|
For the Six Months
Ended
|
|
|
|
Pro Forma
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
March 31,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
June 30,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(176,279)
|
|
(232,474)
|
|
(105,051)
|
|
(17,116)
|
|
(337,525)
|
|
(54,995)
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization (excluding amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of acquired content )
(2)
|
|
|
25,035
|
|
26,810
|
|
27,516
|
|
4,483
|
|
54,326
|
|
8,852
|
Interest
income
|
|
|
(12,938)
|
|
(7,179)
|
|
(7,090)
|
|
(1,155)
|
|
(14,269)
|
|
(2,324)
|
Interest
expenses
|
|
|
1,956
|
|
387
|
|
158
|
|
26
|
|
545
|
|
89
|
Income
taxes
|
|
|
(2,391)
|
|
-
|
|
58
|
|
9
|
|
58
|
|
10
|
EBITDA
loss
|
|
|
(164,617)
|
|
(212,456)
|
|
(84,409)
|
|
(13,753)
|
|
(296,865)
|
|
(48,368)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
35,745
|
|
37,850
|
|
48,529
|
|
7,907
|
|
86,379
|
|
14,075
|
Business
combination related expenses
|
|
|
7,371
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Amortization of
intangible assets from business combination
|
|
|
13,073
|
|
12,486
|
|
11,896
|
|
1,937
|
|
24,382
|
|
3,973
|
Others,
net
|
|
|
(5,423)
|
|
(14,281)
|
|
(4,720)
|
|
(769)
|
|
(19,001)
|
|
(3,096)
|
Non-GAAP EBITDA
loss
|
|
|
(113,851)
|
|
(176,401)
|
|
(28,704)
|
|
(4,678)
|
|
(205,105)
|
|
(33,416)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.