SHANGHAI, Feb. 29, 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 fourth quarter and fiscal year ended December 31, 2011. The Company will hold a
conference call at 7:30 am U.S.
Eastern Time, or 8:30 pm Beijing / Hong
Kong time, on March 1,
2012. Dial-in details are provided below.
Fourth Quarter 2011 Highlights
- Net revenues were RMB 166.5
million (US $26.5 million) up
69.7% year-over-year, exceeding management's prior guidance of 55%
to 60% year-over year.
- Online advertising service revenues were RMB 144.6 million (US $23.0 million) up 60.1% year-over-year.
- Mobile video service revenues were RMB
21.7 million (US $3.5 million)
up 183.4% year-over-year.
Fiscal Year 2011 Highlights
- Net revenues were RMB 512.2
million (US $81.4 million) up
78.9% year-over-year.
- Online advertising service revenues were RMB 443.5 million (US $70.5 million) up 67.2% year-over-year.
- Mobile video service revenues were RMB
57.8 million (US $9.2 million)
up 203.4% year-over-year.
"We're very pleased to announce strong fourth quarter and full
year 2011 results which came in ahead of our expectations,"
commented Gary Wang, Founder,
Chairman and Chief Executive Officer. "After successfully
completing our IPO in August 2011,
the fourth quarter was the first full quarter for us to leverage
our improved capital base. By expanding our content,
infrastructure and marketing footprint, we have positioned our
brand and platform for continued business growth over the coming
quarters and years.
"We are focused on enhancing our user experience through further
integrating our video platform with China's leading social networking
platforms. As social media becomes more integrated and media
consumption becomes more mobile, Tudou is well positioned to
benefit directly from these major macro shifts," Mr. Wang
added.
Bin Yu, Chief Financial Officer, commented, "We are pleased to
have achieved another solid quarter of continued top-line growth in
both advertising service revenues and mobile video service
revenues. More specifically, we will continue to expand our mobile
video reach, where we experienced triple-digit revenue growth in
the fourth quarter of 2011. As we continue to focus on how to
best serve our users and advertising clients, we will continue to
explore new and innovative opportunities. We expect to
continue taking advantage of growth opportunities to help ensure
sustained growth over the long term."
Fourth Quarter 2011 Financial Results
Revenues: Net revenues for the fourth
quarter of 2011 increased by 69.7 % to RMB
166.5 million (US $26.5
million) from RMB 98.1 million
in the corresponding period in 2010(1). The increase was primarily
attributable to the increase in net revenues from the Company's
online advertising services. Online advertising service
revenues for the fourth quarter of 2011 increased by 60.1% to
RMB 144.6 million (US $23.0 million), from RMB
90.3 million in the corresponding period in 2010. Mobile
video service revenues for the fourth quarter of 2011 increased by
183.4% to RMB 21.7 million (US
$3.5 million), from RMB 7.7 million for the corresponding period in
2010.
Cost of Revenues: Cost of revenues increased
by 118.5% to RMB 160.1 million (US
$25.4 million) from RMB 73.3 million in the corresponding period in
2010. The increase was primarily attributable to increased Internet
bandwidth costs, content costs and mobile video services
costs. Internet bandwidth costs totaled RMB 70.4 million (US $11.2
million), or 42.3% of net revenues compared to RMB 27.4 million, or 27.9% of net revenues in the
corresponding period in 2010. The increase in Internet bandwidth
costs was primarily due to increased traffic to our website and our
focus on enhancing our users' experience. Content costs
totaled RMB 66.5 million (US
$10.6 million), or 39.9% of net
revenues, compared to RMB 22.7
million, or 23.2% of net revenues, in the corresponding
period in 2010. Content costs consisted of amortization of
the premium licensed content, salaries and benefits for staff, as
well as the production cost for content produced in-house. The
increase in content costs was primarily due to an increase in the
amount of licensed content purchased. The mobile video
services cost totaled RMB 13.2
million (US $2.1 million), or
7.9% of net revenues, compared to RMB 3.4
million, or 3.5% of net revenues, in the corresponding
period in 2010. The increase in mobile video services cost was
primarily attributable to the increase in mobile video services
revenues.
Gross Profit: For the fourth quarter of
2011, gross profit totaled RMB 6.3
million (US $1.0 million),
compared to RMB 24.8 million in the
corresponding period in 2010. Gross margin was 3.8% compared to
25.3% in the corresponding period in 2010. The decline in gross
margin was primarily due to the increase in Internet bandwidth
costs and content costs.
Operating Expenses: Total operating expenses for
the fourth quarter of 2011 were RMB 150.4
million (US $23.9 million)
compared to RMB 142.0 million in the
corresponding period in 2010. The increase was primarily due to an
increase in sales and marketing expenses, partially offset by a
decrease in share-based compensation expenses. The increase in
sales and marketing expenses was primarily the result of increased
promotion and marketing efforts and hiring of additional sales and
marketing staff.
Net Loss: Net loss for the fourth quarter of 2011
decreased to RMB 148.9 million (US
$23.7 million) from a net loss of
RMB 263.7 million in corresponding
period in 2010.
Adjusted Net Loss: Adjusted net loss for the
fourth quarter of 2011, which excludes share-based compensation
expenses, was RMB 140.6 million (US
$22.3 million) compared to adjusted
net loss of RMB 15.0 million in the
corresponding period in 2010. See "Non-GAAP Financial Measures"
below.
(1) The
Company records revenue on a net basis and net revenues are
presented net of third party ad agency fees and sales tax as a
reduction of revenues. For the fourth quarter of 2011, third
party ad agency fees were RMB 26.2 million (US $4.2 million) and
sales tax was RMB 13.5 million (US $2.2 million), compared to third
party ad agency fees of RMB 18.3 million and sales tax of RMB 16.2
million in the corresponding period in 2010.
|
Fiscal Year 2011 Financial Results
Revenues: For fiscal year 2011, net revenues
increased by 78.9% to RMB 512.2
million (US $81.4 million)
from RMB 286.3 million for fiscal
year 2010(2). The increase was primarily attributable to the
increase in net revenues from the Company's online advertising
services. Online advertising service revenues increased by 67.2% to
RMB 443.4 million (US $70.5 million) from RMB
265.2 million for fiscal year 2010. Revenues from
mobile video services increased 203.4% to RMB 57.8 million (US $9.2
million) from RMB 19.1 million
for fiscal year 2010.
Cost of Revenues: For fiscal year 2011, cost
of revenues increased by 89.0% to RMB 427.8
million (US $68.0 million)
from RMB 226.4 million for fiscal
year 2010. The increase was primarily attributable to the increase
in Internet bandwidth costs, content costs and mobile video
services costs. Internet bandwidth costs totaled RMB 180.2 million (US $28.6 million), or 35.2% of net revenues,
compared to RMB 103.6 million, or
36.2% of net revenues for fiscal year 2010. Content costs totaled
RMB 168.6 million (US $26.8 million), or 32.9% of net revenues,
compared to RMB 79.6 million, or
27.8% of net revenues for fiscal year 2010. Content costs
consisted of amortization and write-down of the premium licensed
content, salaries and benefits for staff, as well as the production
cost for content produced in-house. The mobile video services cost
totaled RMB 34.7 million (US
$5.5 million), or 6.8% of net
revenues, compared to RMB 9.5
million, or 3.3% of net revenues in 2010. The increase
in mobile video services cost was primarily attributable to the
increase in mobile video services revenues.
Gross Profit: For fiscal year 2011, gross profit
totaled RMB 84.4 million (US
$13.4 million) representing a 16.5%
gross margin, compared to RMB 59.9
million representing a 20.9% gross margin for fiscal year
2010. The decline in gross margin was primarily due to increases in
Internet bandwidth costs and content costs.
Operating Expenses: Total operating expenses for
fiscal year 2011 were RMB 461.8
million (US $73.4 million)
compared to RMB 248.1 million for
fiscal year 2010. The increase was primarily due to 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 fiscal year 2011 increased
to RMB 511.2 million (US $81.2 million) from a net loss of RMB 347.4 million for fiscal year 2010.
Adjusted Net Loss: Adjusted net loss for fiscal
year 2011, which excludes RMB 105.0
million in share-based compensation expenses and
RMB 113.7 million of fair value
changes in warrant liabilities, was RMB
292.4 million (US $46.5
million) compared to adjusted net loss of RMB 107.2 million for fiscal year 2010.
As of December 31, 2011, the
Company had approximately 113.4 million ordinary shares
outstanding. The Company's American Depositary Shares are
listed on the Nasdaq Global Market. Each American Depositary
Share represents four ordinary shares.
(2) The Company records revenue on a net
basis and net revenues are presented net of third party ad agency
fees and sales tax as a reduction of revenues. For fiscal
year 2011, third party ad agency fees were RMB 93.0 million (US
$14.8 million) and sales tax was RMB 60.4 million (US $9.6
million), compared to third party ad agency fees of RMB 55.0
million and sales tax of RMB 43.2 million for fiscal year
2010.
|
Business Outlook
For the first quarter of 2012, the Company expects
year-over-year growth in net revenues of 70% to 75%. This forecast
reflects the Company's current and preliminary view, which is
subject to change.
Recent Developments
In February 2012, the Company
announced the following statistics for December 2011: 227
million monthly unique visitors according to iResearch Consulting
Group, 300 million monthly unique visitors and 5.2 billion monthly
video views according to the Company's internal data. In
addition, among all video views on Sina Weibo (NASDAQ: SINA) in
December 2011, approximately 41%, or
180 million video views for the month, were from Tudou, according
to comScore, Inc.
In February 2012, the Company
announced its enhanced video sharing platform for SinaWeibo users
to upload and share videos seamlessly to Tudou's video site. Sina
Weibo users who are not registered with Tudou, but wish to share
their videos with Tudou's users, will automatically become a
registered Tudou user. Their user account names at Tudou will be
identical to their Sina Weibo account names. Sharing
functionalities enable users to sync comments on both
platforms.
In December 2011, the Company's
Board of Directors appointed Ms. Bin Yu, the Company's Vice
President of Finance, to serve as Chief Financial Officer effective
January 1, 2012. Previously, she had
spent over 11 years in KPMG's audit practice in both China and the United
States.
In November 2011, the Company
entered into a program license agreement for the exclusive license
of Japanese anime produced by TV Tokyo Corporation and TY Tokyo
Medianet, Inc. Tudou has the rights to initially simulcast over 60
Japanese anime series in Mainland China, marking the first time
that Japanese anime will be simulcast through an online video
website in Mainland China.
Conference Call
The Company will hold a conference call on Thursday, March 1, 2012 at 7:30 am U.S. Eastern Time, or 8:30 pm Beijing
/ Hong Kong time, to discuss the
financial results. Listeners may access the call by dialing the
following numbers:
United
States:
|
+1-646-254-3515
|
International Toll Free:
|
+1-855-500-8701
|
China
Domestic:
|
400-1200654
|
Hong
Kong:
|
+852-305-12745
|
Conference
ID:
|
54590849
|
The replay will be accessible through March 8, 2012 by dialing the following
numbers:
United
States:
|
+1-718-354-1232
|
International Toll Free:
|
+1-866-214-5335
|
China
Domestic:
|
400-6920026
|
Conference
ID:
|
54590849
|
A webcast of the conference call will be available through the
Company's investor relations website at http://ir.tudou.com.
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 production. 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.
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. Among
other things, the Company's business outlook and revenue guidance
for the first quarter of 2012, as well as Tudou's strategic and
operational plans, contain 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: the
Company's 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 services under development or planning; the Company's
ability to attract users and advertisers and enhance its brand
recognition; and the ability of the online video and
advertising industry in China to grow at rates projected by market
data, or at all. 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 registration statement on
Form F-1, as amended, filed with the Securities and Exchange
Commission. 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
We define adjusted net income (loss), a non-GAAP financial
measure, as net income (loss) excluding share-based compensation
expenses, a beneficial conversion charge on convertible loans and
fair value changes in warrant liabilities. We review adjusted net
income (loss) together with net income (loss) to obtain a better
understanding of our operating performance. We also believe it is
useful supplemental information for investors and other interested
persons to assess our operating performance without the effect of
the non-cash beneficial conversion charge on convertible loans and
fair value changes in warrant liabilities, which will not likely be
recurring factors in our business in the future, and share-based
compensation expenses, which have been and will continue to be a
significant recurring factor in our business.
We present this non-GAAP financial measure because this is used
by our management to evaluate our operating performance. We believe
that the 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 we use to assess our
operating performance, and because such information allows them to
understand and evaluate our consolidated results of operations in
the same manner as our management and to make period over period
comparisons of our 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 our net income
(loss) for the period. In addition, because adjusted net income
(loss) may not be calculated in the same manner by all companies,
it may not be comparable to other similar 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. We encourage investors and other interested persons to review
our 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 and the year ended
December 31, 2011, were made at a
rate of RMB 6.2939 to US$1.00, the
noon buying rate in effect on December 30,
2011 in the City of New
York for cable transfers in Renminbi per U.S. dollar as
certified for customs purposes by the Federal Reserve Bank of
New York. No representation is
made that any Renminbi or U.S. dollar amounts could have been, or
could be, converted into U.S. dollars or Renminbi, as the case may
be, at such rate.
Tudou
Holdings Limited
|
Consolidated Balance Sheet
Information
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
Dec 31, 2010
|
Dec 31, 2011
|
Dec 31, 2011
|
|
(audited)
|
(unaudited)
|
(unaudited)
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
Cash
and cash equivalent
|
263,150,775
|
872,000,453
|
138,546,919
|
Restricted cash
|
66,227,000
|
96,786,719
|
15,377,861
|
Short term investments
|
5,837,246
|
-
|
-
|
Accounts receivable, net
|
243,033,349
|
239,804,186
|
38,101,048
|
Prepayments and other current
assets
|
28,299,804
|
17,888,737
|
2,842,233
|
Content purchased
|
1,070,902
|
64,461,085
|
10,241,835
|
Content produced
|
6,562,500
|
8,214,506
|
1,305,154
|
Total current assets
|
614,181,576
|
1,299,155,686
|
206,415,050
|
|
|
|
|
Property and equipment, net
|
46,405,816
|
88,787,903
|
14,106,977
|
Intangible assets
|
1,626,290
|
6,183,164
|
982,406
|
Other assets
|
4,353,859
|
4,211,498
|
669,140
|
Other long-term receivables
|
-
|
10,000,000
|
1,588,840
|
Prepayment for content
purchased
|
-
|
142,750,301
|
22,680,739
|
Content purchased
|
32,174,634
|
141,403,738
|
22,466,791
|
Total assets
|
698,742,175
|
1,692,492,290
|
268,909,943
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
Accounts payable
|
66,812,485
|
126,643,349
|
20,121,602
|
Tax
payable
|
21,158,672
|
37,640,665
|
5,980,499
|
Accrued liabilities and other
payables
|
134,990,897
|
230,764,509
|
36,664,788
|
Short-term loan
|
61,243,510
|
83,343,510
|
13,241,950
|
Share-based compensation
liability
|
134,153,348
|
-
|
-
|
Total current
liabilities
|
418,358,912
|
478,392,033
|
76,008,839
|
|
|
|
|
Warrant liabilities
|
154,039,611
|
-
|
-
|
Total liabilities
|
572,398,523
|
478,392,033
|
76,008,839
|
|
|
|
|
Series A redeemable convertible preferred
shares
|
7,381,256
|
-
|
-
|
Series B redeemable convertible preferred
shares
|
56,292,851
|
-
|
-
|
Series C redeemable convertible preferred
shares
|
125,831,300
|
-
|
-
|
Series D redeemable convertible preferred
shares
|
376,169,360
|
-
|
-
|
Series E redeemable convertible preferred
shares
|
351,402,129
|
-
|
-
|
|
|
|
|
Shareholders' equity
|
|
|
|
Ordinary shares
|
9,700
|
74,608
|
11,854
|
Additional paid-in capital
|
11,054,330
|
2,541,869,642
|
403,862,413
|
Accumulated deficit
|
(801,797,274)
|
(1,327,843,993)
|
(210,973,163)
|
Total shareholders'
equity
|
(790,733,244)
|
1,214,100,257
|
192,901,104
|
|
|
|
|
Total liabilities and shareholders'
equity
|
698,742,175
|
1,692,492,290
|
268,909,943
|
|
|
|
|
Tudou
Holdings Limited
|
Consolidated Statement of Operations
Information
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Twelve Months Ended
|
|
Dec
31, 2010
|
Sept
30, 2011
|
Dec
31, 2011
|
Dec
31, 2011
|
|
Dec
31, 2010
|
Dec
31, 2011
|
Dec
31, 2011
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
(audited)
|
(unaudited)
|
(unaudited)
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Revenues
|
114,269,404
|
169,849,583
|
180,038,169
|
28,605,184
|
|
329,453,609
|
572,613,750
|
90,979,162
|
Sales
tax
|
(16,182,334)
|
(20,191,808)
|
(13,549,101)
|
(2,152,735)
|
|
(43,195,533)
|
(60,418,386)
|
(9,599,514)
|
Net
revenues
|
98,087,070
|
149,657,775
|
166,489,068
|
26,452,449
|
|
286,258,076
|
512,195,364
|
81,379,648
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(73,297,226)
|
(101,124,670)
|
(160,143,362)
|
(25,444,218)
|
|
(226,399,229)
|
(427,841,723)
|
(67,977,204)
|
Gross
profit
|
24,789,844
|
48,533,105
|
6,345,706
|
1,008,231
|
|
59,858,847
|
84,353,641
|
13,402,444
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Sales and
marketing expenses
|
(63,291,230)
|
(49,410,940)
|
(105,373,197)
|
(16,742,115)
|
|
(143,224,062)
|
(286,847,739)
|
(45,575,516)
|
General
and administrative expenses
|
(78,724,949)
|
(14,988,226)
|
(45,066,299)
|
(7,160,314)
|
|
(104,911,440)
|
(174,971,586)
|
(27,800,185)
|
Total
operating expenses
|
(142,016,179)
|
(64,399,166)
|
(150,439,496)
|
(23,902,429)
|
|
(248,135,502)
|
(461,819,325)
|
(73,375,701)
|
|
|
|
|
|
|
|
|
|
Loss
from operations
|
(117,226,335)
|
(15,866,061)
|
(144,093,790)
|
(22,894,198)
|
|
(188,276,655)
|
(377,465,684)
|
(59,973,257)
|
|
|
|
|
|
|
|
|
|
Finance
income
|
(18,215)
|
51,789
|
223,034
|
35,437
|
|
330,967
|
427,810
|
67,972
|
Finance
expense
|
(848,514)
|
(1,354,304)
|
(1,459,818)
|
(231,942)
|
|
(12,851,263)
|
(4,771,362)
|
(758,093)
|
Other
income/(expense)
|
20,432
|
(1,100)
|
(13,363)
|
(2,123)
|
|
1,370
|
(133,716)
|
(21,245)
|
Foreign
exchange loss
|
(4,046,911)
|
(5,923,547)
|
(3,513,029)
|
(558,164)
|
|
(10,957,198)
|
(15,486,249)
|
(2,460,517)
|
Fair value
change in warrant liabilities
|
(141,547,983)
|
75,632,028
|
-
|
-
|
|
(124,680,060)
|
(113,732,565)
|
(18,070,285)
|
Income/(loss) before income taxes
|
(263,667,526)
|
52,538,805
|
(148,856,966)
|
(23,650,990)
|
|
(347,399,837)
|
(511,161,766)
|
(81,215,425)
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
Net
Income/(loss)
|
(263,667,526)
|
52,538,805
|
(148,856,966)
|
(23,650,990)
|
|
(347,399,837)
|
(511,161,766)
|
(81,215,425)
|
|
|
|
|
|
|
|
|
|
Earnings per ordinary share
|
|
|
|
|
|
|
|
|
-
Basic
|
(21.97)
|
0.85
|
(1.31)
|
(0.21)
|
|
(28.95)
|
(10.21)
|
(1.62)
|
-
Diluted
|
(21.97)
|
0.83
|
(1.31)
|
(0.21)
|
|
(28.95)
|
(10.21)
|
(1.62)
|
|
|
|
|
|
|
|
|
|
Earnings per ADS
|
|
|
|
|
|
|
|
|
-
Basic
|
(87.89)
|
3.41
|
(5.25)
|
(0.84)
|
|
(115.80)
|
(40.84)
|
(6.48)
|
-
Diluted
|
(87.89)
|
3.32
|
(5.25)
|
(0.84)
|
|
(115.80)
|
(40.84)
|
(6.48)
|
|
|
|
|
|
|
|
|
|
Weighted average ordinary shares
outstanding
|
|
|
|
|
|
|
|
|
-
Basic
|
12,000,000
|
61,610,329
|
113,425,562
|
113,425,562
|
|
12,000,000
|
50,069,321
|
50,069,321
|
-
Diluted
|
12,000,000
|
63,240,028
|
113,425,562
|
113,425,562
|
|
12,000,000
|
50,069,321
|
50,069,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation was allocated in
operating expenses as follows:
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
14,917,468
|
(4,689,054)
|
1,110,057
|
176,370
|
|
14,133,016
|
14,177,071
|
2,252,510
|
Sales and
marketing expenses
|
31,787,374
|
(9,908,829)
|
4,531,878
|
720,043
|
|
31,025,332
|
39,474,846
|
6,271,921
|
General
and administrative expenses
|
60,446,998
|
(17,923,310)
|
2,646,953
|
420,559
|
|
59,418,021
|
51,382,824
|
8,163,909
|
|
|
|
|
|
|
|
|
|
Tudou
Holdings Limited
|
Adjusted Net Loss - Non-GAAP
Reconciliation
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Twelve Months Ended
|
|
|
Dec
31, 2010
|
Sept
30, 2011
|
Dec
31, 2011
|
Dec
31, 2011
|
|
Dec
31, 2010
|
Dec
31, 2011
|
Dec
31, 2011
|
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
(audited)
|
(unaudited)
|
(unaudited)
|
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
|
(263,667,526)
|
52,538,805
|
(148,856,966)
|
(23,650,990)
|
|
(347,399,837)
|
(511,161,766)
|
(81,215,425)
|
|
|
|
|
|
|
|
|
|
|
Add
back:
|
share-based
compensation expenses/(gains)
|
107,151,840
|
(32,521,193)
|
8,288,888
|
1,316,972
|
|
104,576,369
|
105,034,741
|
16,688,340
|
|
beneficial
conversion charge on convertible loan
|
-
|
-
|
-
|
-
|
|
10,966,998
|
-
|
-
|
|
fair value
changes in warrant liabilities
|
141,547,983
|
(75,632,028)
|
-
|
-
|
|
124,680,060
|
113,732,565
|
18,070,285
|
|
|
|
|
|
|
|
|
|
|
Adjusted
net loss
|
|
(14,967,703)
|
(55,614,416)
|
(140,568,078)
|
(22,334,018)
|
|
(107,176,410)
|
(292,394,460)
|
(46,456,800)
|
|
|
|
|
|
|
|
|
|
|
Tudou
Holdings Limited
|
Consolidated Statement of Cash
Flows
|
(Amounts expressed in RMB, unless otherwise
stated)
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the
Twelve Months Ended
|
|
Dec
31, 2010
|
Sept
30, 2011
|
Dec
31, 2011
|
Dec
31, 2011
|
|
Dec
31, 2010
|
Dec
31, 2011
|
Dec
31, 2011
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
(audited)
|
(unaudited)
|
(unaudited)
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
Cash
flows from operating activities:
|
|
|
|
|
|
|
|
|
Net
(loss)/profit
|
(263,667,526)
|
52,538,805
|
(148,856,966)
|
(23,650,990)
|
|
(347,399,837)
|
(511,161,766)
|
(81,215,425)
|
Adjustments to reconcile net (loss)/profit to net
cash (used in) provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation of equipment
|
5,133,985
|
8,022,134
|
8,724,857
|
1,386,240
|
|
20,681,661
|
29,614,603
|
4,705,287
|
Amortization of intangible assets
|
-
|
114,671
|
182,619
|
29,015
|
|
-
|
355,545
|
56,490
|
Amortization of other assets
|
-
|
35,590
|
35,591
|
5,655
|
|
-
|
142,361
|
22,619
|
Provision
for doubtful accounts
|
4,946,426
|
10,396,926
|
17,390,053
|
2,763,001
|
|
7,500,531
|
44,155,087
|
7,015,537
|
Amortization of the premium content
licensed
|
2,831,006
|
23,572,294
|
45,833,577
|
7,282,222
|
|
24,209,941
|
97,546,423
|
15,498,566
|
Amortization of the content produced
|
1,586,500
|
-
|
750,000
|
119,163
|
|
1,586,500
|
7,312,500
|
1,161,839
|
Write-down
of the premium content licensed
|
-
|
-
|
-
|
-
|
|
10,712,277
|
-
|
-
|
Share-based compensation
|
107,151,840
|
(32,521,193)
|
8,288,888
|
1,316,972
|
|
104,576,369
|
105,034,741
|
16,688,340
|
Interest
expense from the accretion of the convertible loan
|
-
|
-
|
-
|
-
|
|
10,249,998
|
-
|
-
|
Beneficial
conversion charge on convertible loan
|
-
|
-
|
-
|
-
|
|
10,966,998
|
-
|
-
|
Fair value
changes in warrant liabilities
|
141,547,983
|
(75,632,028)
|
-
|
-
|
|
124,680,060
|
113,732,565
|
18,070,285
|
Foreign
exchange loss
|
4,046,911
|
5,923,547
|
3,513,029
|
558,164
|
|
10,957,198
|
15,486,249
|
2,460,517
|
|
|
|
|
|
|
|
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivables
|
(42,623,838)
|
(44,965,344)
|
36,729,124
|
5,835,670
|
|
(179,425,363)
|
(40,925,924)
|
(6,502,474)
|
Prepayments and other current assets
|
(16,662,647)
|
(282,135)
|
(6,003,888)
|
(953,922)
|
|
(18,169,499)
|
(3,385,595)
|
(537,917)
|
Other
assets
|
-
|
-
|
-
|
-
|
|
(4,353,859)
|
-
|
-
|
Other
long-term receivables
|
-
|
(10,000,000)
|
-
|
-
|
|
-
|
(10,000,000)
|
(1,588,840)
|
Content
produced
|
(2,936,020)
|
(3,968,323)
|
(4,996,183)
|
(793,814)
|
|
(8,149,000)
|
(8,964,506)
|
(1,424,317)
|
Accounts
payable
|
19,052,548
|
19,731,048
|
22,092,776
|
3,510,189
|
|
45,929,468
|
40,479,974
|
6,431,620
|
Tax
payable
|
5,849,345
|
6,385,324
|
5,799,140
|
921,391
|
|
15,804,442
|
16,481,993
|
2,618,725
|
Other
payables and accruals
|
24,389,559
|
34,298,734
|
43,924,185
|
6,978,850
|
|
70,859,585
|
105,596,416
|
16,777,581
|
Net
cash provided by/(used in) operating activities
|
(9,353,928)
|
(6,349,950)
|
33,406,802
|
5,307,806
|
|
(98,782,530)
|
1,500,666
|
238,432
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchase
of equipment
|
(12,031,676)
|
(23,682,454)
|
(22,986,538)
|
(3,652,193)
|
|
(27,595,513)
|
(68,392,412)
|
(10,866,460)
|
Purchase
of intangible assets
|
(1,626,290)
|
(817,700)
|
(1,266,785)
|
(201,272)
|
|
(1,626,290)
|
(4,912,419)
|
(780,505)
|
Advance
payment for premium content licensed
|
-
|
(80,784,271)
|
(61,966,030)
|
(9,845,411)
|
|
-
|
(142,750,301)
|
(22,680,739)
|
Cash paid
for premium content licensed
|
(15,010,297)
|
(42,860,344)
|
(137,227,357)
|
(21,803,231)
|
|
(68,167,754)
|
(254,419,098)
|
(40,423,124)
|
Cash
received from maturity of short-term investment
|
196,919
|
-
|
-
|
-
|
|
84,211,616
|
5,837,246
|
927,445
|
Cash paid
for short-term investments
|
-
|
-
|
-
|
-
|
|
(5,837,246)
|
-
|
-
|
Net
decrease/(increase) in restricted cash
|
1,917,800
|
(15,808,811)
|
(2,347,968)
|
(373,055)
|
|
(66,227,000)
|
(30,559,719)
|
(4,855,450)
|
Net
cash used in investing activities
|
(26,553,544)
|
(163,953,580)
|
(225,794,678)
|
(35,875,161)
|
|
(85,242,187)
|
(495,196,703)
|
(78,678,832)
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds
from issuance of the redeemable convertible preferred
shares
|
-
|
-
|
-
|
-
|
|
236,434,080
|
-
|
-
|
Cash
received from short-term loan
|
-
|
21,000,000
|
20,543,510
|
3,264,035
|
|
81,243,510
|
52,643,510
|
8,364,211
|
Cash paid
for the repayment of short-term loan
|
-
|
(10,000,000)
|
(20,543,510)
|
(3,264,035)
|
|
(20,000,000)
|
(30,543,510)
|
(4,852,875)
|
Cash
received from issuance of convertible loan
|
-
|
-
|
-
|
-
|
|
102,394,500
|
-
|
-
|
Cash
received from exercise of warrants
|
-
|
160,423,540
|
-
|
-
|
|
-
|
160,423,540
|
25,488,734
|
Cash
received from public offering
|
-
|
961,381,493
|
-
|
-
|
|
-
|
961,381,493
|
152,748,136
|
Cash paid
for initial public offering cost
|
(3,973,818)
|
(18,025,540)
|
(6,420,652)
|
(1,020,139)
|
|
(3,973,818)
|
(25,873,069)
|
(4,110,817)
|
Net
cash provided by/(used in)
financing activities
|
(3,973,818)
|
1,114,779,493
|
(6,420,652)
|
(1,020,139)
|
|
396,098,272
|
1,118,031,964
|
177,637,389
|
|
|
|
|
|
|
|
|
|
Net
increase/(decrease) in cash and cash equivalents
|
(39,881,291)
|
944,475,963
|
(198,808,528)
|
(31,587,494)
|
|
212,073,555
|
624,335,927
|
99,196,989
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of period
|
307,078,977
|
135,769,594
|
1,074,322,010
|
170,692,577
|
|
62,034,418
|
263,150,775
|
41,810,447
|
Effect of
foreign exchange rate change on cash
|
(4,046,911)
|
(5,923,547)
|
(3,513,029)
|
(558,164)
|
|
(10,957,198)
|
(15,486,249)
|
(2,460,517)
|
Cash and
cash equivalents at end of period
|
263,150,775
|
1,074,322,010
|
872,000,453
|
138,546,919
|
|
263,150,775
|
872,000,453
|
138,546,919
|
|
|
|
|
|
|
|
|
|
Supplementary Disclosure of Cash Flow
Information
|
|
|
|
|
|
|
|
|
Cash paid
for income taxes
|
-
|
-
|
-
|
-
|
|
-
|
-
|
-
|
Cash paid
for interest
|
473,004
|
1,350,486
|
1,492,948
|
237,206
|
|
2,081,693
|
4,699,135
|
746,617
|
|
|
|
|
|
|
|
|
|
Supplementary Disclosure of Non-cash Investing
and Financial Activities
|
|
|
|
|
|
|
|
|
Unpaid
deferred expenses/Payables related to the initial public
offering
|
9,822,804
|
6,420,652
|
-
|
-
|
|
9,822,804
|
-
|
-
|
Payables
related to purchase of equipment
|
8,139,022
|
1,700,714
|
11,743,300
|
1,865,822
|
|
8,139,022
|
11,743,300
|
1,865,822
|
Payables
related to premium content licensed
|
10,630,443
|
4,032,461
|
26,377,055
|
4,190,892
|
|
10,630,443
|
26,377,055
|
4,190,892
|
|
|
|
|
|
|
|
|
|
Conversion
of the convertible loan to redeemable convertible preferred
shares
|
-
|
-
|
-
|
-
|
|
102,394,500
|
-
|
-
|
|
|
|
|
|
|
|
|
|
SOURCE Tudou Holdings Limited