BEIJING, Feb. 27, 2014 /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 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. Based on Youku's review with Tudou management of Tudou's
publicly disclosed summary of significant accounting policies prior
to the merger, certain adjustments to the historical statement of
operations have been made to conform its accounting policies to
those of Youku's. Due to the fact that Tudou's historical
statements of operations for certain period of 2012 consist of
stand-alone historical financial information without these
adjustments, we do not believe that comparison of the Company's
fiscal year 2013 financial results with that of the fiscal year
2012 can be provided on a consistent basis.
Fourth Quarter 2013
Highlights[1]
- Net revenues were RMB901.3
million (US$148.9 million),a
42% increase from the corresponding period in 2012.
- Gross profit was RMB254.3 million
(US$42.0 million), a 119% increase
from the corresponding period in 2012. Non-GAAP gross profit is
herein defined as gross profit excluding share-based compensation
expenses and amortization of intangible assets from business
combination in relation to user generated content. Non-GAAP
gross profit was RMB268.3 million
(US$44.3 million) in the fourth
quarter of 2013, an increase of 108% from the corresponding period
in 2012.
- Net loss was RMB24.6 million
(US$4.1 million), a 78% decrease from
the corresponding period in 2012. Non-GAAP net profit or loss is
herein defined as net loss excluding share-based compensation
expenses, amortization of intangible assets from business
combination and business combination related expenses. Non-GAAP net
profit was RMB44.2 million
(US$7.3 million) in the fourth
quarter of 2013, as compared to a non-GAAP net loss of RMB62.3 million (US$10.3
million) for the corresponding period in 2012.
- Basic and diluted loss per ADS, each representing 18 Class A
ordinary shares, for the fourth quarter of 2013 amounted to
RMB0.15 (US$0.02) and RMB0.15 (US$0.02),
respectively.
- Cash, cash equivalents, restricted cash and short-term
investments totaled RMB3.2 billion
(US$524.7 million) as of December 31, 2013.
- Acquisition of property and equipment for the fourth quarter of
2013 was RMB15.0 million
(US$2.5 million).
- Acquisition of intangible assets for the fourth quarter of 2013
was RMB227.5 million (US$37.6 million).
Fiscal Year 2013 Highlights
- Net revenues were RMB3.0 billion
(US$500.3 million).
- Gross profit was RMB541.1 million
(US$89.4 million). Non-GAAP gross
profit was RMB601.3 million
(US$99.3 million).
- Net loss was RMB580.7 million
(US$95.9 million). Non-GAAP net loss
was RMB342.1million (US$56.5million).
- Basic and diluted loss per ADS, each representing 18 Class A
ordinary shares, for 2013 amounted to RMB3.50 (US$0.58)
and RMB3.50 (US$0.58), respectively.
- Acquisition of property and equipment in 2013 was RMB144.1 million (US$23.8
million).
- Acquisition of intangible assets in 2013 was RMB740.6 million (US$122.3
million).
"The strong operational and financial performance recorded
in the fourth quarter enabled Youku Tudou to achieve
profitability on a combined basis for the first time in the
company's history. This milestone was achieved on the back of scale
economics, strong operating leverage and solid execution," stated
Victor Koo, Chairman and Chief
Executive Officer of Youku Tudou. "With dynamic rise in mobile
traffic throughout 2013, our existing comprehensive content library
and the two most recognized online video brands set Youku
Tudou apart as China's no. 1 multi-screen video
company."
Dele Liu, President of Youku Tudou, added, "As viewing content
from multiple Internet-enabled devices increasingly becomes a
social phenomenon in China, a
diverse and comprehensive content mix is critical to elevating our
media value and further expanding our leadership across China. We
believe our most comprehensive content offering provides
enlightening entertainment to hundreds of millions of users in
China."
Fourth Quarter 2013 Results
Net revenues were RMB901.3
million (US$148.9 million) in
the fourth quarter of 2013, a 42% increase from the corresponding
period in 2012 and exceeding the high end of the net revenues
guidance previously announced by the Company. Advertising net
revenues were RMB801.0 million
(US$132.3 million), meeting the
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
the rising average spend per advertiser.
Bandwidth costs as a component of cost of revenues were
RMB178.8 million (US$29.5 million)in the fourth quarter of 2013,
representing 20% of net revenues, as compared to 26% of net
revenues for the corresponding period in 2012.
Content costs as a component of cost of revenues were
RMB353.7 million (US$58.4 million) in the fourth quarter of
2013, representing 39% of net revenues. Non-GAAP content
costs, which is herein defined as content costs excluding
share-based compensation expenses and amortization of intangible
assets from business combination in relation to user generated
content, were RMB339.7million
(US$56.1 million) in the fourth
quarter of 2013, representing 38% of net revenues, as compared to
41% of net revenues for the corresponding period in 2012.
Gross profit was RMB254.3
million (US$42.0 million)in
the fourth quarter of 2013, an increase of 119% from the
corresponding period in 2012. Non-GAAP gross profit was
RMB268.3 million (US$44.3 million) in the fourth quarter of 2013,
an increase of 108% from the corresponding period in 2012 due to
strong operating leverage.
Operating expenses were RMB333.4
million (US$55.1 million) in
the fourth quarter of 2013, as compared to RMB245.0 million (US$40.5
million) of the corresponding period in 2012. Non-GAAP
operating expenses, which is herein defined 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, were RMB278.5 million (US$46.0
million) in the fourth quarter of 2013, an increase of 35%
from the corresponding period in 2012. Detailed discussion of each
component of operating expenses is as follows:
Sales and marketing expenses were RMB216.4 million (US$35.8
million) in the fourth quarter of 2013, as compared to
RMB107.8 million (US$17.8 million) of the corresponding period in
2012. Non-GAAP sales and marketing expenses, which is herein
defined as sales and marketing expenses excluding share-based
compensation expenses and amortization of intangible assets from
business combination in relation to customer relationship, were
RMB195.8 million (US$32.3 million) in the fourth quarter of 2013,
an increase of 106% from the corresponding period in 2012. This
increase was primarily due to year-end advertising related
promotion expenses and marketing expenditures on our mobile
products.
Product development expenses were RMB76.5 million (US$12.6
million) in the fourth quarter of 2013, as compared to
RMB64.1 million (US$10.6 million) for the corresponding period in
2012. Non-GAAP product development expenses, which is herein
defined as product development expenses excluding share-based
compensation expenses and amortization of intangible assets from
business combination in relation to technology, were RMB61.3 million (US$10.1
million) in the fourth quarter of 2013, an increase of 13%
from the corresponding period in 2012. This increase was primarily
due to an increase in personnel related expenses for our product
development in mobile, search, social and paid-services.
General and administrative expenses were RMB40.4 million (US$6.7
million) in the fourth quarter of 2013, as compared to
RMB73.1 million (US$12.1 million) for the corresponding period in
2012. Non-GAAP general and administrative expenses, which is
herein defined as 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
RMB21.4 million (US$3.5 million) in the fourth quarter of 2013, a
decrease of 62% from the corresponding period in 2012.
Net loss was RMB24.6
million (US$4.1 million)in the
fourth quarter of 2013, a decrease of 78% compared to RMB113.6 million (US$18.8
million) for the corresponding period in 2012. Non-GAAP
net profit was RMB44.2 million
(US$7.3 million) in the fourth
quarter of 2013, as compared to a non-GAAP net loss of RMB62.3 million (US$10.3
million) for the corresponding period in 2012.
Non-GAAP adjusted EBITDA Profit, which is herein defined
as 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 related expenses and other non-operating items, was
RMB36.8 million (US$6.1 million) in the fourth quarter of 2013, as
compared to a non-GAAP adjusted EBITDA loss of RMB46.1 million (US$7.6
million) for the corresponding period in 2012.
Fiscal Year 2013 Results
Net revenues were RMB3.0
billion (US$500.3
million).
Bandwidth costs as a component of cost of revenues were
RMB685.7 million (US$113.3 million), representing 23% of net
revenues.
Content costs as a component of cost of revenues were
RMB1.4 billion (US$235.0 million), representing 47% of net
revenues.
Gross profit was RMB541.1
million (US$89.4 million).
Non-GAAP gross profit was RMB601.3
million (US$99.3 million).
Operating expenses were RMB1.2
billion (US$201.7 million).
Non-GAAP operating expenses were RMB1.0 billion (US$172.2
million). Detailed discussion of each component of operating
expenses is as follows:
Sales and marketing expenses were RMB681.0 million (US$112.5
million). Non-GAAP sales and marketing expenses were
RMB619.0 million (US$102.3 million).
Product development expenses were RMB278.0 million (US$45.9
million). Non-GAAP product development expenses were
RMB232.0 million (US$38.3 million).
General and administrative expenses were RMB261.8 million (US$43.2
million). Non-GAAP general and administrative
expenses were RMB191.5 million
(US$31.6 million).
Net loss was RMB580.7
million (US$95.9 million).
Non-GAAP net loss was RMB342.1
million (US$56.5 million).
Non-GAAP adjusted EBITDA loss was RMB309.5 million (US$51.1
million).
Business Outlook
For the first quarter of 2014, the Companyexpects net revenues
will be between RMB680 million and RMB720
million, with advertising net revenues contributing between
RMB600 million and RMB640 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 27, 2014 (9:00 a.m. Beijing/Hong Kong Time on February 28, 2014).
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 1592223#. The replay will be available
through March 8, 2014.
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 Tudou 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 Tudou 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 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: non-GAAP content costs, non-GAAP gross profit,
non-GAAP operating expenses, non-GAAP sales and marketing expenses,
non-GAAP product development expenses, non-GAAP general and
administrative expenses, non-GAAP profit or loss from
operations, non-GAAP net profit or loss and non-GAAP
EBITDA profit or loss. We define non-GAAP content costs as content
costs excluding share-based compensation expenses and amortization
of intangible assets from business combination in relation to user
generated content. We define 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 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 non-GAAP sales and
marketing expenses as sales and marketing expenses excluding
share-based compensation expenses and amortization of intangible
assets from business combination in relation to customer
relationship. We define non-GAAP product development expense as
product development expenses excluding share-based compensation
expenses and amortization of intangible assets from business
combination in relation to technology. We define non-GAAP general
and administrative expenses as 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 non-GAAP profit or loss from operations as profit or loss
from operations excluding share-based compensation expenses,
amortization of intangible assets from business combination and
business combination related expenses. We define non-GAAP net
profit or loss as net loss excluding share-based compensation
expenses, amortization of intangible assets from business
combination and business combination related expenses. We define
non-GAAP EBITDA profit or loss as 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 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.
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
RMB6.0537 to US$1.00, the effective noon buying rate as of December
31, 2013 in the City of New York for cable transfers of
RMB as certified for customs purposes by the Federal Reserve Bank
of New York. No representation is made that the RMB
amounts could have been, or could be, converted into US$ at such
rate.
|
|
|
|
|
|
|
|
|
YOUKU TUDOU
INC.
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except for number of shares)
|
|
|
As of December
31,
|
|
|
2012
|
|
2013
|
|
2013
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
1,655,857
|
|
1,764,221
|
|
291,429
|
|
Restricted
cash
|
|
|
9,003
|
|
2,679
|
|
443
|
|
Short-term
investments
|
|
|
2,110,073
|
|
1,409,439
|
|
232,823
|
|
Accounts receivable,
net
|
|
|
932,796
|
|
1,370,031
|
|
226,313
|
|
Intangible assets,
net
|
|
|
19,607
|
|
51,942
|
|
8,580
|
|
Deferred tax
assets
|
|
|
10,470
|
|
7,843
|
|
1,296
|
|
Prepayments and other
assets
|
|
|
64,909
|
|
82,300
|
|
13,595
|
Total current
assets
|
|
|
4,802,715
|
|
4,688,455
|
|
774,479
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
200,681
|
|
222,229
|
|
36,710
|
|
Intangible assets,
net
|
|
|
1,304,923
|
|
1,197,671
|
|
197,841
|
|
Capitalized content
production costs
|
|
|
-
|
|
1,176
|
|
194
|
|
Prepayments and other
assets
|
|
|
229,185
|
|
197,856
|
|
32,683
|
|
Goodwill
|
|
|
4,255,570
|
|
4,262,569
|
|
704,126
|
Total non-current
assets
|
|
|
5,990,359
|
|
5,881,501
|
|
971,554
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
10,793,074
|
|
10,569,956
|
|
1,746,033
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
181,878
|
|
213,825
|
|
35,321
|
|
Advances from
customers
|
|
|
21,603
|
|
25,081
|
|
4,143
|
|
Accrued expenses and
other liabilities
|
|
|
981,353
|
|
1,124,342
|
|
185,729
|
|
Current portion of
long-term debt
|
|
|
7,441
|
|
-
|
|
-
|
Total current
liabilities
|
|
|
1,192,275
|
|
1,363,248
|
|
225,193
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Deferred tax
liability
|
|
|
224,374
|
|
219,519
|
|
36,262
|
|
Other
liabilities
|
|
|
19,552
|
|
4,070
|
|
672
|
Total non-current
liabilities
|
|
|
243,926
|
|
223,589
|
|
36,934
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
1,436,201
|
|
1,586,837
|
|
262,127
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
Class A Ordinary
Shares (US$0.00001 par value, 9,340,238,793
authorized,
2,286,643,502 and 2,356,529,401 issued and outstanding
as of December 31,
2012 and 2013, respectively)
|
|
|
149
|
|
154
|
|
25
|
|
Class B Ordinary
Shares (US$0.00001 par value, 659,761,207
authorized,
659,561,893 and 659,561,893 issued and outstanding
as
of December 31, 2012
and 2013, respectively)
|
|
|
49
|
|
49
|
|
8
|
|
Additional paid-in
capital
|
|
|
10,768,204
|
|
11,058,360
|
|
1,826,711
|
|
Statutory
reserves
|
|
|
1,500
|
|
2,063
|
|
341
|
|
Accumulated
deficit
|
|
|
(1,297,147)
|
|
(1,878,454)
|
|
(310,298)
|
|
Accumulated other
comprehensive loss
|
|
|
(115,882)
|
|
(199,053)
|
|
(32,881)
|
Total
shareholders' equity
|
|
|
9,356,873
|
|
8,983,119
|
|
1,483,906
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
10,793,074
|
|
10,569,956
|
|
1,746,033
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOUKU TUDOU
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
(Amounts in
thousands, except for number of shares and ADS and per share
and per
ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
635,831
|
|
857,743
|
|
901,287
|
|
148,882
|
|
1,795,575
|
|
3,028,484
|
|
500,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(Note 1)
|
|
|
(519,544)
|
|
(775,436)
|
|
(646,938)
|
|
(106,867)
|
|
(1,499,536)
|
|
(2,487,421)
|
|
(410,893)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
116,287
|
|
82,307
|
|
254,349
|
|
42,015
|
|
296,039
|
|
541,063
|
|
89,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
|
(64,099)
|
|
(78,622)
|
|
(76,514)
|
|
(12,639)
|
|
(172,885)
|
|
(278,015)
|
|
(45,925)
|
Sales and
marketing
|
|
|
(107,787)
|
|
(171,763)
|
|
(216,444)
|
|
(35,754)
|
|
(363,707)
|
|
(681,008)
|
|
(112,494)
|
General and
administrative
|
|
|
(73,084)
|
|
(62,458)
|
|
(40,393)
|
|
(6,672)
|
|
(238,112)
|
|
(261,770)
|
|
(43,241)
|
Total operating
expenses
|
|
|
(244,970)
|
|
(312,843)
|
|
(333,351)
|
|
(55,065)
|
|
(774,704)
|
|
(1,220,793)
|
|
(201,660)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(128,683)
|
|
(230,536)
|
|
(79,002)
|
|
(13,050)
|
|
(478,665)
|
|
(679,730)
|
|
(112,282)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
9,988
|
|
7,284
|
|
8,419
|
|
1,391
|
|
45,478
|
|
29,972
|
|
4,950
|
Interest
expenses
|
|
|
(830)
|
|
-
|
|
-
|
|
-
|
|
(3,989)
|
|
(545)
|
|
(90)
|
Other, net
|
|
|
1,043
|
|
4,694
|
|
46,878
|
|
7,744
|
|
9,757
|
|
70,573
|
|
11,658
|
Total other
income, net
|
|
|
10,201
|
|
11,978
|
|
55,297
|
|
9,135
|
|
51,246
|
|
100,000
|
|
16,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(118,482)
|
|
(218,558)
|
|
(23,705)
|
|
(3,915)
|
|
(427,419)
|
|
(579,730)
|
|
(95,764)
|
Income
taxes
|
|
|
4,912
|
|
(80)
|
|
(876)
|
|
(145)
|
|
3,416
|
|
(1,014)
|
|
(168)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(113,570)
|
|
(218,638)
|
|
(24,581)
|
|
(4,060)
|
|
(424,003)
|
|
(580,744)
|
|
(95,932)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss, before tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(20,647)
|
|
(10,547)
|
|
(33,201)
|
|
(5,484)
|
|
(7,304)
|
|
(83,171)
|
|
(13,739)
|
Other comprehensive
loss, before tax
|
|
|
(20,647)
|
|
(10,547)
|
|
(33,201)
|
|
(5,484)
|
|
(7,304)
|
|
(83,171)
|
|
(13,739)
|
Income tax expense
related to components of other comprehensive loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive loss, net of tax
|
|
|
(20,647)
|
|
(10,547)
|
|
(33,201)
|
|
(5,484)
|
|
(7,304)
|
|
(83,171)
|
|
(13,739)
|
|
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
0
|
Net loss per share,
basic and diluted
|
|
|
(0.04)
|
|
(0.07)
|
|
(0.01)
|
|
(0.00)
|
|
(0.18)
|
|
(0.19)
|
|
(0.03)
|
Net loss per ADS
(each ADS represents 18 class A ordinary shares),
basic and
diluted
|
|
|
(0.69)
|
|
(1.31)
|
|
(0.15)
|
|
(0.02)
|
|
(3.20)
|
|
(3.50)
|
|
(0.58)
|
Shares used in
computation, basic and diluted
|
|
|
2,944,902,156
|
|
2,995,701,280
|
|
3,010,627,513
|
|
3,010,627,513
|
|
2,386,474,188
|
|
2,986,223,088
|
|
2,986,223,088
|
ADSs used in
computation, basic and diluted
|
|
|
163,605,675
|
|
166,427,848
|
|
167,257,084
|
|
167,257,084
|
|
132,581,899
|
|
165,901,282
|
|
165,901,282
|
The accompanying
notes are an integral part of the press release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1. Cost of
Revenues
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
(Amounts in
thousands)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value added,
business taxes and surcharges
|
|
|
59,337
|
|
75,480
|
|
77,758
|
|
12,845
|
|
169,283
|
|
276,497
|
|
45,674
|
Bandwidth
costs
|
|
|
162,959
|
|
181,670
|
|
178,824
|
|
29,540
|
|
524,623
|
|
685,650
|
|
113,261
|
Depreciation of
servers and other equipment
|
|
|
26,303
|
|
21,827
|
|
36,686
|
|
6,060
|
|
68,569
|
|
102,367
|
|
16,910
|
Content
costs
|
|
|
270,945
|
|
496,459
|
|
353,670
|
|
58,422
|
|
737,061
|
|
1,422,907
|
|
235,048
|
Total Cost
of Revenues
|
|
|
519,544
|
|
775,436
|
|
646,938
|
|
106,867
|
|
1,499,536
|
|
2,487,421
|
|
410,893
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Twelve
Months Ended
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
(113,570)
|
|
(218,638)
|
|
(24,581)
|
|
(4,060)
|
|
(424,003)
|
|
(580,744)
|
|
(95,932)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
impairment of fixed assets
|
|
|
|
31,249
|
|
30,342
|
|
46,972
|
|
7,759
|
|
81,609
|
|
131,611
|
|
21,741
|
|
Bad debt
expense
|
|
|
|
(1,828)
|
|
19,945
|
|
25,547
|
|
4,220
|
|
9,887
|
|
62,603
|
|
10,341
|
|
Amortisation and
impairment of intangible assets and capitalized content production
costs
|
|
|
|
135,508
|
|
327,334
|
|
225,109
|
|
37,185
|
|
416,396
|
|
867,957
|
|
143,376
|
|
Amortization of
long-term debt discounts
|
|
|
|
336
|
|
-
|
|
-
|
|
-
|
|
1,928
|
|
313
|
|
52
|
|
Gain on disposal
of property and equipment
|
|
|
|
-
|
|
788
|
|
(353)
|
|
(58)
|
|
52
|
|
485
|
|
80
|
|
Foreign exchange loss
(gain)
|
|
|
|
826
|
|
2,540
|
|
(15,336)
|
|
(2,533)
|
|
469
|
|
(13,318)
|
|
(2,200)
|
|
Share-based
compensation
|
|
|
|
38,779
|
|
48,918
|
|
53,061
|
|
8,764
|
|
118,218
|
|
188,358
|
|
31,114
|
|
Gain form
remeasurement of previously held investment in acquired
subsidiary
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,344)
|
|
-
|
|
-
|
|
Deferred income tax
benefits
|
|
|
|
(7,675)
|
|
-
|
|
(4,414)
|
|
(729)
|
|
(9,953)
|
|
(4,414)
|
|
(729)
|
|
Write-off of
prepayment
|
|
|
|
8,510
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Gain from
de-recognition of off-market liabilities
|
|
|
|
-
|
|
-
|
|
(16,540)
|
|
(2,732)
|
|
-
|
|
(16,540)
|
|
(2,732)
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
-
|
|
6,759
|
|
(1,129)
|
|
(186)
|
|
(9,003)
|
|
6,324
|
|
1,045
|
|
Accounts
receivable
|
|
|
|
73,149
|
|
(161,184)
|
|
(10,312)
|
|
(1,703)
|
|
(223,772)
|
|
(499,838)
|
|
(82,567)
|
|
Prepayments and other assets
|
|
|
|
(20,831)
|
|
37,051
|
|
(58,751)
|
|
(9,705)
|
|
20,182
|
|
1,441
|
|
238
|
|
Capitalized content production costs
|
|
|
|
5,761
|
|
(3,004)
|
|
22,687
|
|
3,748
|
|
(9,891)
|
|
(6,738)
|
|
(1,113)
|
|
Accounts
payable
|
|
|
|
(22,506)
|
|
702
|
|
(15,572)
|
|
(2,572)
|
|
(39,023)
|
|
(13,555)
|
|
(2,239)
|
|
Advances
from customers
|
|
|
|
(23,022)
|
|
9,918
|
|
(40,717)
|
|
(6,726)
|
|
(7,244)
|
|
3,478
|
|
576
|
|
Accrued
expenses and other liabilities
|
|
|
|
53,987
|
|
20,027
|
|
21,519
|
|
3,553
|
|
214,912
|
|
142,060
|
|
23,464
|
Net cash provided
by operating activities
|
|
|
|
158,673
|
|
121,498
|
|
207,190
|
|
34,225
|
|
137,420
|
|
269,483
|
|
44,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
|
|
(24,364)
|
|
(67,252)
|
|
(14,955)
|
|
(2,470)
|
|
(90,204)
|
|
(144,120)
|
|
(23,807)
|
|
Proceeds received
from maturity of short-term investments
|
|
|
|
1,170,519
|
|
1,358,761
|
|
1,018,628
|
|
168,265
|
|
2,826,023
|
|
2,989,628
|
|
493,851
|
|
Short-term
investments placed with financial institutions
|
|
|
|
(2,113,464)
|
|
(1,405,173)
|
|
-
|
|
-
|
|
(3,536,711)
|
|
(2,283,410)
|
|
(377,192)
|
|
Proceeds from
disposal of property and equipment
|
|
|
|
1
|
|
-
|
|
(824)
|
|
(136)
|
|
9
|
|
458
|
|
76
|
|
Cash acquired, net of
cash paid for acquired subsidiaries
|
|
|
|
-
|
|
-
|
|
(6,999)
|
|
(1,156)
|
|
378,666
|
|
(6,999)
|
|
(1,156)
|
|
Acquisition of
intangible assets from related party
|
|
|
|
7,200
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Acquisition of
intangible assets
|
|
|
|
(118,256)
|
|
(171,620)
|
|
(227,540)
|
|
(37,587)
|
|
(361,976)
|
|
(740,581)
|
|
(122,335)
|
Net cash (used in)
provided by investing activities
|
|
|
|
(1,078,364)
|
|
(285,284)
|
|
768,310
|
|
126,916
|
|
(784,193)
|
|
(185,024)
|
|
(30,563)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee
stock options
|
|
|
|
3,561
|
|
27,676
|
|
9,084
|
|
1,501
|
|
22,485
|
|
101,435
|
|
16,756
|
|
Proceeds from
restricted cash
|
|
|
|
25,364
|
|
-
|
|
-
|
|
-
|
|
38,069
|
|
-
|
|
-
|
|
Principal repayments
on long-term debt
|
|
|
|
(23,685)
|
|
(1,111)
|
|
-
|
|
-
|
|
(11,145)
|
|
(7,677)
|
|
(1,268)
|
|
Principal repayments
on short-term loan
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(31,544)
|
|
-
|
|
-
|
Net cash
provided by financing activities
|
|
|
|
5,240
|
|
26,565
|
|
9,084
|
|
1,501
|
|
17,865
|
|
93,758
|
|
15,488
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
|
(21,474)
|
|
(13,087)
|
|
(17,865)
|
|
(2,951)
|
|
(7,773)
|
|
(69,853)
|
|
(11,539)
|
Net (decrease)
increase in cash and cash equivalents
|
|
|
|
(935,925)
|
|
(150,308)
|
|
966,719
|
|
159,691
|
|
(636,681)
|
|
108,364
|
|
17,901
|
Cash and cash
equivalents at the beginning of the period
|
|
|
|
2,591,782
|
|
947,810
|
|
797,502
|
|
131,738
|
|
2,292,538
|
|
1,655,857
|
|
273,528
|
Cash and cash
equivalents at the end of the period
|
|
|
|
1,655,857
|
|
797,502
|
|
1,764,221
|
|
291,429
|
|
1,655,857
|
|
1,764,221
|
|
291,429
|
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$"), unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
Content Costs
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Content
costs
|
|
|
270,945
|
|
496,459
|
|
353,670
|
|
58,422
|
|
737,061
|
|
1,422,907
|
|
235,048
|
Deduct:
share-based compensation
|
|
|
4,536
|
|
12,136
|
|
7,846
|
|
1,296
|
|
12,751
|
|
32,110
|
|
5,304
|
Deduct:
amortization of intangible assets from business
combination
|
|
|
8,235
|
|
5,984
|
|
6,100
|
|
1,008
|
|
26,472
|
|
28,156
|
|
4,651
|
Non-GAAP content
costs
|
|
|
258,174
|
|
478,339
|
|
339,724
|
|
56,118
|
|
697,838
|
|
1,362,641
|
|
225,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Non-GAAP Gross
Profit
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Gross
profit
|
|
|
116,287
|
|
82,307
|
|
254,349
|
|
42,015
|
|
296,039
|
|
541,063
|
|
89,378
|
Add back:
share-based compensation
|
|
|
4,536
|
|
12,136
|
|
7,846
|
|
1,296
|
|
12,751
|
|
32,110
|
|
5,304
|
Add back:
amortization of intangible assets from business
combination
|
|
|
8,235
|
|
5,984
|
|
6,100
|
|
1,008
|
|
26,472
|
|
28,156
|
|
4,651
|
Non-GAAP gross
profit
|
|
|
129,058
|
|
100,427
|
|
268,295
|
|
44,319
|
|
335,262
|
|
601,329
|
|
99,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Non-GAAP
Operating Expenses
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Operating
expenses
|
|
|
244,970
|
|
312,843
|
|
333,351
|
|
55,065
|
|
774,704
|
|
1,220,793
|
|
201,660
|
Deduct:
share-based compensation
|
|
|
34,243
|
|
36,782
|
|
45,215
|
|
7,468
|
|
105,467
|
|
156,248
|
|
25,810
|
Deduct:
business combination related expenses
|
|
|
127
|
|
-
|
|
-
|
|
-
|
|
28,754
|
|
-
|
|
-
|
Deduct:
amortization of intangible assets from business
combination
|
|
|
4,176
|
|
4,155
|
|
9,623
|
|
1,589
|
|
5,885
|
|
22,088
|
|
3,648
|
Non-GAAP
operating expenses
|
|
|
206,424
|
|
271,906
|
|
278,513
|
|
46,008
|
|
634,598
|
|
1,042,457
|
|
172,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Non-GAAP Sales
and Marketing Expenses
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Sales and marketing
expenses
|
|
|
107,787
|
|
171,763
|
|
216,444
|
|
35,754
|
|
363,707
|
|
681,008
|
|
112,494
|
Deduct:
share-based compensation
|
|
|
10,606
|
|
12,366
|
|
15,577
|
|
2,573
|
|
28,741
|
|
50,712
|
|
8,377
|
Deduct:
amortization of intangible assets from business
combination
|
|
|
2,087
|
|
2,077
|
|
5,077
|
|
839
|
|
2,941
|
|
11,308
|
|
1,867
|
Non-GAAP
sales and marketing expenses
|
|
|
95,094
|
|
157,320
|
|
195,790
|
|
32,342
|
|
332,025
|
|
618,988
|
|
102,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Non-GAAP
Product Development Expenses
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Product development
expenses
|
|
|
64,099
|
|
78,622
|
|
76,514
|
|
12,639
|
|
172,885
|
|
278,015
|
|
45,925
|
Deduct:
share-based compensation
|
|
|
8,408
|
|
9,748
|
|
11,795
|
|
1,948
|
|
26,157
|
|
38,400
|
|
6,343
|
Deduct:
amortization of intangible assets from business
combination
|
|
|
1,402
|
|
1,395
|
|
3,411
|
|
563
|
|
1,976
|
|
7,596
|
|
1,255
|
Non-GAAP
product development expenses
|
|
|
54,289
|
|
67,479
|
|
61,308
|
|
10,128
|
|
144,752
|
|
232,019
|
|
38,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Non-GAAP
General and Administrative Expenses
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
General and
administrative expenses
|
|
|
73,084
|
|
62,458
|
|
40,393
|
|
6,672
|
|
238,112
|
|
261,770
|
|
43,241
|
Deduct:
share-based compensation
|
|
|
15,229
|
|
14,668
|
|
17,843
|
|
2,947
|
|
50,569
|
|
67,136
|
|
11,090
|
Deduct:
business combination related expenses
|
|
|
127
|
|
-
|
|
-
|
|
-
|
|
28,754
|
|
-
|
|
-
|
Deduct:
amortization of intangible assets from business
combination
|
|
|
687
|
|
683
|
|
1,135
|
|
187
|
|
968
|
|
3,184
|
|
526
|
Non-GAAP
general and administrative expenses
|
|
|
57,041
|
|
47,107
|
|
21,415
|
|
3,538
|
|
157,821
|
|
191,450
|
|
31,625
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. Non-GAAP Loss
from Operations
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
|
|
(128,683)
|
|
(230,536)
|
|
(79,002)
|
|
(13,050)
|
|
(478,665)
|
|
(679,730)
|
|
(112,282)
|
Add back:
share-based compensation
|
|
|
38,779
|
|
48,918
|
|
53,061
|
|
8,764
|
|
118,218
|
|
188,358
|
|
31,114
|
Add back:
business combination related expenses
|
|
|
127
|
|
-
|
|
-
|
|
-
|
|
28,754
|
|
-
|
|
-
|
Add back:
amortization of intangible assets from business
combination
|
|
|
12,411
|
|
10,139
|
|
15,723
|
-
|
2,597
|
|
32,357
|
|
50,244
|
|
8,299
|
Non-GAAP
loss from operations
|
|
|
(77,366)
|
|
(171,479)
|
|
(10,218)
|
|
(1,689)
|
|
(299,336)
|
|
(441,128)
|
|
(72,869)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Non-GAAP
Net (Loss) Profit
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(113,570)
|
|
(218,638)
|
|
(24,581)
|
|
(4,060)
|
|
(424,003)
|
|
(580,744)
|
|
(95,932)
|
Add back:
share-based compensation
|
|
|
38,779
|
|
48,918
|
|
53,061
|
|
8,764
|
|
118,218
|
|
188,358
|
|
31,114
|
Add back:
business combination related expenses
|
|
|
127
|
|
-
|
|
-
|
|
-
|
|
28,754
|
|
-
|
|
-
|
Add back:
amortization of intangible assets from business
combination
|
|
|
12,411
|
|
10,139
|
|
15,723
|
|
2,597
|
|
32,357
|
|
50,244
|
|
8,299
|
Non-GAAP net
(loss) profit
|
|
|
(62,253)
|
|
(159,581)
|
|
44,203
|
|
7,301
|
|
(244,674)
|
|
(342,142)
|
|
(56,519)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Non-GAAP
EBITDA (Loss) Profit
|
|
|
For the Three
Months Ended
|
|
For the Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
September 30,
2013
|
|
December 31,
2013
|
|
December 31,
2013
|
|
December 31,
2012
|
|
December 31,
2013
|
|
December 31,
2013
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(113,570)
|
|
(218,638)
|
|
(24,581)
|
|
(4,060)
|
|
(424,003)
|
|
(580,744)
|
|
(95,932)
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization (excluding amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of acquired content
)(2)
|
|
|
31,263
|
|
30,356
|
|
46,986
|
|
7,762
|
|
81,667
|
|
131,668
|
|
21,750
|
Interest
income
|
|
|
(9,988)
|
|
(7,284)
|
|
(8,419)
|
|
(1,391)
|
|
(45,478)
|
|
(29,972)
|
|
(4,950)
|
Interest
expenses
|
|
|
830
|
|
-
|
|
-
|
|
-
|
|
3,989
|
|
545
|
|
90
|
Income
taxes
|
|
|
(4,912)
|
|
80
|
|
876
|
|
145
|
|
(3,416)
|
|
1,014
|
|
168
|
EBITDA (loss)
profit
|
|
|
(96,377)
|
|
(195,486)
|
|
14,862
|
|
2,456
|
|
(387,241)
|
|
(477,489)
|
|
(78,874)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
38,779
|
|
48,918
|
|
53,061
|
|
8,764
|
|
118,218
|
|
188,358
|
|
31,114
|
Business
combination related expenses
|
|
|
127
|
|
-
|
|
-
|
|
-
|
|
28,754
|
|
-
|
|
-
|
Amortization of
intangible assets from business combination
|
|
|
12,411
|
|
10,139
|
|
15,723
|
|
2,597
|
|
32,357
|
|
50,244
|
|
8,299
|
Others,
net
|
|
|
(1,043)
|
|
(4,694)
|
|
(46,878)
|
|
(7,744)
|
|
(9,757)
|
|
(70,573)
|
|
(11,658)
|
Non-GAAP EBITDA
(loss) profit
|
|
|
(46,103)
|
|
(141,123)
|
|
36,768
|
|
6,073
|
|
(217,669)
|
|
(309,460)
|
|
(51,119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.