BEIJING, Nov. 13, 2014 /PRNewswire/ -- Youku Tudou Inc.
(NYSE: YOKU), China's leading
Internet television company ("Youku Tudou" or the "Company"), today
announced its unaudited financial results for third quarter
2014.
Third Quarter 2014
Highlights[1]
- Net revenues were RMB1.11 billion
(US$180.3 million), a 29% increase
from the corresponding period in 2013.
- Gross profit was RMB246.9 million
(US$40.2 million), a 200% increase
from the corresponding period in 2013. Non-GAAP gross profit was
RMB260.5 million (US$42.4 million) in the third quarter of 2014, an
increase of 159% from the corresponding period in 2013.
- Net loss was RMB181.4 million
(US$29.6 million), a 17% decrease
from the corresponding period in 2013. Non-GAAP net loss was
RMB102.7 million (US$16.7 million) in the third quarter of 2014, as
compared to RMB159.6 million
(US$26.0 million) from the
corresponding period in 2013.
- Basic and diluted loss per ADS, each representing 18 Class A
ordinary shares of the Company, for the third quarter of 2014
amounted to RMB0.88 (US$0.14) and RMB0.88 (US$0.14),
respectively. Non-GAAP basic and diluted loss per ADS for the third
quarter of 2014 amounted to RMB0.50
(US$0.08) and RMB0.50 (US$0.08),
respectively.
- Cash, cash equivalents, restricted cash and short-term
investments totaled RMB8.7 billion
(US$1.4 billion) as of September 30, 2014.
- Acquisition of property and equipment for the third quarter of
2014 was RMB41.3 million
(US$6.7 million).
- Acquisition of intangible assets for the third quarter of 2014
was RMB344.1 million (US$56.1 million).
- Share repurchases totaling US$300
million completed the share repurchase program authorized by
the Board in August 2014.
"We made positive progress in the third quarter in improving the
effectiveness of multi-screen advertising solutions and growing our
new consumer revenue streams, which drove the top line growth
momentum of 29% increase year-on-year versus 27% growth in the
second quarter. The new marketing solutions we announced with
Alibaba through our strategic cooperation on big data places us
uniquely at the forefront of new trends in digital advertising. Our
new consumer businesses enjoyed rapid growth and may help spur
further top line growth in future quarters. Meanwhile, our Youku
mobile video app is now ranked the second most popular mobile app
in terms of user time spent after WeChat," said Victor Koo, Chairman and Chief Executive Officer
of Youku Tudou. "At the same time, we will continue to invest
decisively in the future growth of advertising and consumer
business, our content eco-system and continued leadership in
multi-screen product development. We believe these investments,
such as in headcount increase and marketing for new consumer
businesses and our original content productions, will help us
further capitalize on the opportunities ahead of us in the
multi-screen Internet era, and structurally step up the
monetization of our mass user base and brand leadership."
Dele Liu, President of Youku Tudou, added, "With regards to our
content strategy, we continued to book further success in
establishing a comprehensive content production and distribution
eco-system. One of the key highlights for the quarter was the
establishment of Heyi Pictures, our movie production and investment
division, which is China's first
online and offline film company to incubate content IP, scale up
content from micro-movies to silver screen movies and to grow fan
communities that can support films and new consumer monetization
model. Our most recent deals on the production of Internet-based
adaptations to television blockbusters Big Brother and The Voice
Kids in 2015 are testament to the growing convergence in online and
offline media and entertainment."
Third Quarter 2014 Results
Net revenues were RMB1.11
billion (US$180.3 million) in
the third quarter of 2014, a 29% increase from the corresponding
period in 2013, meeting net revenues guidance previously announced
by the Company.
Advertising net revenues were RMB985.2 million (US$160.5
million) in the third quarter of 2014, a 32% increase from
the corresponding period in 2013, 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 an increase
in the number of advertisers and the rising average spend per
advertiser.
Consumer revenues, which are mainly derived from our
subscription-based and pay-per-view services, were RMB41.8 million (US$6.8
million) in the third quarter of 2014, a 473% increase from
the corresponding period in 2013. The growth was primarily
attributable to the expansion of our subscriber base and
pay-per-view orders.
Bandwidth costs as a component of cost of revenues were
RMB229.7 million (US$37.4 million)in the third quarter of 2014,
representing 21% of net revenues, as compared to 21% of net
revenues for the corresponding period in 2013.
Content costs as a component of cost of revenues were
RMB501.8 million (US$81.8 million) in the third quarter of 2014,
representing 45% of net revenues as compared to 58% of net revenues
for the corresponding period in 2013. Non-GAAP content costs
were RMB488.2 million (US$79.5 million) in the third quarter of 2014,
representing 44% of net revenues, as compared to 56% of net
revenues for the corresponding period in 2013.
Gross profit was RMB246.9
million (US$40.2 million)in
the third quarter of 2014, an increase of 200% from the
corresponding period in 2013. Non-GAAP gross profit was
RMB260.5 million (US$42.4 million) in the third quarter of 2014, an
increase of 159% from the corresponding period in 2013 due to
strong operating leverage.
Operating expenses were RMB452.5
million (US$73.7 million) in
the third quarter of 2014, as compared to RMB312.8 million (US$51.0million) for the corresponding period in
2013. Non-GAAP operating expenses were RMB387.4 million (US$63.1
million) in the third quarter of 2014, as compared to
RMB271.9 million (US$44.3 million) for the corresponding period in
2013. Detailed discussion of each component of operating expenses
is as follows:
Sales and marketing expenses were RMB287.0 million (US$46.8
million) in the third quarter of 2014, as compared to
RMB171.8 million (US$28.0 million) for the corresponding period in
2013. Non-GAAP sales and marketing expenses were
RMB262.9 million (US$42.8 million) in the third quarter of 2014, as
compared to RMB157.3 million
(US$25.6 million) for the
corresponding period in 2013. This increase was primarily due to
increases in marketing expenses and commission expenses paid to our
sales force in line with our revenue growth.
Product development expenses were RMB112.4 million (US$18.3
million) in the third quarter of 2014, as compared to
RMB78.6 million (US$12.8 million) for the corresponding period in
2013. Non-GAAP product development expenses were
RMB93.6 million (US$15.2 million) in the third quarter of 2014, as
compared to RMB67.5 million
(US$11.0 million) for the
corresponding period in 2013. This increase was primarily due to an
increase in personnel related expenses for our product development
in mobile, search, social, paid and live broadcasting services.
General and administrative expenses were RMB53.0 million (US$8.6
million) in the third quarter of 2014, as compared to
RMB62.5 million (US$10.2 million) for the corresponding period in
2013. Non-GAAP general and administrative expenses were
RMB31.0 million (US$5.0 million) in the third quarter of 2014, a
decrease of 34% from the corresponding period in 2013.
Net loss was RMB181.4
million (US$29.6 million)in
the third quarter of 2014, as compared to RMB218.6 million (US$35.6
million) for the corresponding period in 2013. Non-GAAP
net loss was RMB102.7 million
(US$16.7 million) in the third
quarter of 2014, as compared to RMB159.6
million (US$26.0 million) from
the corresponding period in 2013.
Non-GAAP adjusted EBITDA loss was RMB88.9 million (US$14.5
million) in the third quarter of 2014, as compared to
RMB141.1 million (US$23.0 million) from the corresponding period in
2013.
Departure of Chief Financial Officer
The Company today announced that its Chief Financial Officer,
Mr. Ge Xu, is resigning from his
position at the Company due to personal reasons, and will be
effective when the Company submits its 2014 20-F filing.
Mr. Xu joined the Company in October
2011 and has made significant contributions to the Company's
growth and development, including enhancing the Company's financial
systems and internal controls.
Mr. Victor Koo, Chairman and
Chief Executive Officer of Youku Tudou, said, "I'd like to thank
Michael for his significant contributions to the Company. We wish
him the best with his future endeavors."
"During these years in Youku Tudou, I had a lot of fun and
excitement, which not many people are privileged to experience. For
this, I am grateful to all my colleagues," commented Mr. Xu.
The Company noted that there were no disagreements between Mr.
Xu and Youku Tudou's Board of Directors or management and that his
departure is not related to the Company's operations, policies,
practices or any issues regarding the integrity of Youku Tudou's
financial statements or accounting policies and practices.
Business Outlook
For the fourth quarter of 2014, the Companyexpects net revenues
will be between RMB1.15 billion and RMB1.22
billion, with advertising net revenues contributing between
RMB1.01 billion and RMB1.07 billion.
This forecast reflects the Company's current and preliminary view,
which is subject to change.
Recent Development
As of November 13, 2014, the
Company has purchased approximately 16.1 million ADSs in the open
market for a total consideration of approximately US$300.0 million under its share repurchase
program approved by the Company's board of directors in
August 2014, which has hereby been
completed.
Conference Call Information
Youku Tudou's management will host an earnings conference call
at 8:00 p.m. U.S. Eastern Time on
November 13, 2014 (9:00 a.m. Beijing/Hong Kong Time on November 14, 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:
|
+1-800-742-9301
|
International Dial
In:
|
+61-2-8373-3610
|
Mainland China Dial
In:
|
+86-800-870-0210 /
+86-400-120-3170
|
Hong Kong Dial
In:
|
+852-3051-2792
|
A replay of the call will be available by dialing +61 2 8199
0299 and entering passcode 31852718. The replay will be available
through November 21, 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
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 Senior 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 RMB6.1380 to
US$1.00, the effective noon buying rate as of September 30, 2014 in
the City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York. No
representation is made that the RMB amounts could have been, or
could be, converted into US$ at such rate.
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except for number of shares)
|
|
As of
|
|
December 31,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,764,221
|
|
5,073,522
|
|
826,576
|
|
Restricted
cash
|
|
2,679
|
|
558,318
|
|
90,961
|
|
Short-term
investments
|
|
1,409,439
|
|
3,112,495
|
|
507,086
|
|
Accounts
receivable, net
|
|
1,370,031
|
|
1,619,947
|
|
263,921
|
|
Intangible
assets, net
|
|
51,942
|
|
150,475
|
|
24,515
|
|
Amounts due
from related party
|
|
-
|
|
72,040
|
|
11,737
|
|
Deferred tax
assets
|
|
7,843
|
|
7,843
|
|
1,278
|
|
Prepayments and
other assets
|
|
82,300
|
|
109,426
|
|
17,828
|
Total current
assets
|
|
4,688,455
|
|
10,704,066
|
|
1,743,902
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
222,229
|
|
281,937
|
|
45,933
|
|
Long-term
investment
|
|
-
|
|
50,000
|
|
8,146
|
|
Intangible
assets, net
|
|
1,197,671
|
|
1,380,433
|
|
224,899
|
|
Capitalized
content production costs
|
|
1,176
|
|
9,497
|
|
1,547
|
|
Prepayments and
other assets
|
|
197,856
|
|
289,739
|
|
47,204
|
|
Goodwill
|
|
4,262,569
|
|
4,262,569
|
|
694,456
|
Total
non-current assets
|
|
5,881,501
|
|
6,274,175
|
|
1,022,185
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
10,569,956
|
|
16,978,241
|
|
2,766,087
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
213,825
|
|
487,766
|
|
79,467
|
|
Advances from
customers
|
|
25,081
|
|
25,451
|
|
4,146
|
|
Amounts due to
related party
|
|
-
|
|
118
|
|
19
|
|
Accrued
expenses and other liabilities
|
|
1,124,342
|
|
1,378,582
|
|
224,598
|
Total current
liabilities
|
|
1,363,248
|
|
1,891,917
|
|
308,230
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
Deferred tax
liability
|
|
219,519
|
|
219,519
|
|
35,764
|
|
Other
liabilities
|
|
4,070
|
|
8,166
|
|
1,330
|
Total non-current
liabilities
|
|
223,589
|
|
227,685
|
|
37,094
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
1,586,837
|
|
2,119,602
|
|
345,324
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
Class A Ordinary
Shares (US$0.00001 par value, 9,340,238,793 authorized,
2,356,529,401 and 3,114,197,551 issued as of December 31, 2013 and
September 30, 2014, respectively, 2,356,529,401 and 2,917,676,233
outstanding as of December 31, 2013 and September 30, 2014,
respectively)
|
|
154
|
|
201
|
|
33
|
|
Class B Ordinary
Shares (US$0.00001 par value, 659,761,207 authorized, 659,561,893
and 645,691,903 issued and outstanding as of December 31,
2013 and September 30, 2014, respectively)
|
|
49
|
|
48
|
|
8
|
|
Additional
paid-in capital
|
|
11,058,360
|
|
18,790,468
|
|
3,061,334
|
|
Treasury stock
(at cost, nil and 196,521,318
as of December 31, 2013 and September 30, 2014,
respectively)
|
|
-
|
|
(1,293,644)
|
|
(210,760)
|
|
Statutory
reserves
|
|
2,063
|
|
2,063
|
|
336
|
|
Accumulated
deficit
|
|
(1,878,454)
|
|
(2,448,972)
|
|
(398,985)
|
|
Accumulated
other comprehensive loss
|
|
(199,053)
|
|
(191,525)
|
|
(31,203)
|
Total
shareholders' equity
|
|
8,983,119
|
|
14,858,639
|
|
2,420,763
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
10,569,956
|
|
16,978,241
|
|
2,766,087
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
(Amounts in
thousands, except for number of shares and ADS and per share and
per ADS data)
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
(including advertising net revenues from related party amounting to
RMB26,738, and RMB69,763 for the three months ended June 30 and
September 30, 2014, respectively, and RMB96,501 for the nine months
ended September 30, 2014 )
|
|
857,743
|
|
958,719
|
|
1,106,641
|
|
180,294
|
|
2,127,197
|
|
2,765,734
|
|
450,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(Note 1)
|
|
(775,436)
|
|
(750,107)
|
|
(859,774)
|
|
(140,074)
|
|
(1,840,483)
|
|
(2,224,689)
|
|
(362,445)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
82,307
|
|
208,612
|
|
246,867
|
|
40,220
|
|
286,714
|
|
541,045
|
|
88,147
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(78,622)
|
|
(99,116)
|
|
(112,434)
|
|
(18,318)
|
|
(201,501)
|
|
(292,250)
|
|
(47,613)
|
Sales and
marketing
|
|
(171,763)
|
|
(212,826)
|
|
(287,038)
|
|
(46,764)
|
|
(464,564)
|
|
(686,406)
|
|
(111,828)
|
General and
administrative
|
(62,458)
|
|
(74,457)
|
|
(53,009)
|
|
(8,636)
|
|
(221,377)
|
|
(174,289)
|
|
(28,395)
|
Total operating
expenses
|
|
(312,843)
|
|
(386,399)
|
|
(452,481)
|
|
(73,718)
|
|
(887,442)
|
|
(1,152,945)
|
|
(187,836)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
(230,536)
|
|
(177,787)
|
|
(205,614)
|
|
(33,498)
|
|
(600,728)
|
|
(611,900)
|
|
(99,689)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
7,284
|
|
9,923
|
|
22,694
|
|
3,697
|
|
21,553
|
|
38,670
|
|
6,299
|
Interest
expenses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(545)
|
|
-
|
|
-
|
Other, net
|
|
4,694
|
|
3,441
|
|
1,542
|
|
251
|
|
23,695
|
|
2,724
|
|
444
|
Total other
income, net
|
11,978
|
|
13,364
|
|
24,236
|
|
3,948
|
|
44,703
|
|
41,394
|
|
6,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(218,558)
|
|
(164,423)
|
|
(181,378)
|
|
(29,550)
|
|
(556,025)
|
|
(570,506)
|
|
(92,946)
|
Income
taxes
|
|
(80)
|
|
(12)
|
|
-
|
|
-
|
|
(138)
|
|
(12)
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
(218,638)
|
|
(164,435)
|
|
(181,378)
|
|
(29,550)
|
|
(556,163)
|
|
(570,518)
|
|
(92,948)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
(loss) income, before tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
(10,547)
|
|
(13,645)
|
|
214
|
|
35
|
|
(49,970)
|
|
7,528
|
|
1,226
|
Other comprehensive
(loss) income, before tax
|
|
(10,547)
|
|
(13,645)
|
|
214
|
|
35
|
|
(49,970)
|
|
7,528
|
|
1,226
|
Income tax expense
related to components of other comprehensive (loss)
income
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive (loss) income, net of tax
|
(10,547)
|
|
(13,645)
|
|
214
|
|
35
|
|
(49,970)
|
|
7,528
|
|
1,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
|
(0.07)
|
|
(0.05)
|
|
(0.05)
|
|
(0.01)
|
|
(0.19)
|
|
(0.17)
|
|
(0.03)
|
Net loss per ADS
(each ADS represents 18 class A ordinary shares),
basic and
diluted
|
|
(1.31)
|
|
(0.88)
|
|
(0.88)
|
|
(0.14)
|
|
(3.36)
|
|
(3.05)
|
|
(0.50)
|
Shares used in
computation, basic and diluted
|
2,995,701,280
|
|
3,355,310,411
|
|
3,724,534,275
|
|
3,724,534,275
|
|
2,977,998,887
|
|
3,369,848,757
|
|
3,369,848,757
|
ADSs used in
computation, basic and diluted
|
|
166,427,848
|
|
186,406,133
|
|
206,918,571
|
|
206,918,571
|
|
165,444,382
|
|
187,213,819
|
|
187,213,819
|
The accompanying
notes are an integral part of the press release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1. Cost of
Revenues
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
(Amounts in
thousands)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value added,
business taxes and surcharges
|
|
75,480
|
|
89,550
|
|
97,760
|
|
15,927
|
|
198,739
|
|
250,268
|
|
40,774
|
Bandwidth
costs
|
|
181,670
|
|
213,538
|
|
229,714
|
|
37,425
|
|
506,826
|
|
645,141
|
|
105,106
|
Depreciation of
servers and other equipment
|
|
21,827
|
|
28,756
|
|
30,472
|
|
4,965
|
|
65,681
|
|
83,534
|
|
13,608
|
Content
costs
|
|
496,459
|
|
418,263
|
|
501,828
|
|
81,757
|
|
1,069,237
|
|
1,245,746
|
|
202,957
|
Total Cost
of Revenues
|
|
775,436
|
|
750,107
|
|
859,774
|
|
140,074
|
|
1,840,483
|
|
2,224,689
|
|
362,445
|
YOUKU TUDOU
INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Nine
Months Ended
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
(218,638)
|
|
(164,435)
|
|
(181,378)
|
|
(29,550)
|
|
(556,163)
|
|
(570,518)
|
|
(92,948)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
impairment of fixed assets
|
|
30,342
|
|
36,328
|
|
38,054
|
|
6,200
|
|
84,639
|
|
106,265
|
|
17,313
|
|
Bad debt
expense
|
|
19,945
|
|
5,247
|
|
(12,546)
|
|
(2,044)
|
|
37,056
|
|
(13,772)
|
|
(2,244)
|
|
Amortisation and
impairment of intangible assets and capitalized content production
costs
|
|
327,334
|
|
229,561
|
|
306,460
|
|
49,928
|
|
642,848
|
|
717,798
|
|
116,943
|
|
Amortization of
long-term debt discounts
|
|
-
|
|
-
|
|
-
|
|
-
|
|
313
|
|
-
|
|
-
|
|
Loss on disposal
of property and equipment
|
|
788
|
|
128
|
|
10
|
|
2
|
|
838
|
|
228
|
|
37
|
|
Foreign exchange loss
(gain)
|
|
2,540
|
|
846
|
|
(58)
|
|
(9)
|
|
2,018
|
|
2,952
|
|
481
|
|
Share-based
compensation
|
|
48,918
|
|
82,131
|
|
72,372
|
|
11,791
|
|
135,297
|
|
224,723
|
|
36,612
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
6,759
|
|
(1)
|
|
(555,636)
|
|
(90,524)
|
|
7,453
|
|
(555,639)
|
|
(90,524)
|
|
Accounts
receivable
|
|
(161,184)
|
|
(244,056)
|
|
(171,241)
|
|
(27,899)
|
|
(489,526)
|
|
(236,144)
|
|
(38,472)
|
|
Amounts
due from related party
|
|
-
|
|
(62,620)
|
|
(9,420)
|
|
(1,535)
|
|
-
|
|
(72,040)
|
|
(11,737)
|
|
Prepayments and other assets
|
|
37,051
|
|
(21,120)
|
|
21,958
|
|
3,577
|
|
60,192
|
|
(9,777)
|
|
(1,593)
|
|
Capitalized content production costs
|
|
(3,004)
|
|
(6,371)
|
|
(17,511)
|
|
(2,854)
|
|
(29,425)
|
|
(26,854)
|
|
(4,375)
|
|
Accounts
payable
|
|
702
|
|
8,631
|
|
17,079
|
|
2,783
|
|
2,017
|
|
30,284
|
|
4,934
|
|
Advances
from customers
|
|
9,918
|
|
(3,229)
|
|
1,783
|
|
290
|
|
44,195
|
|
370
|
|
60
|
|
Accrued
expenses and other liabilities
|
|
20,027
|
|
(16,266)
|
|
236,276
|
|
38,496
|
|
120,541
|
|
249,601
|
|
40,664
|
|
Amounts
due to related party
|
|
-
|
|
70
|
|
48
|
|
8
|
|
-
|
|
118
|
|
19
|
Net cash provided by
(used in) operating activities
|
|
121,498
|
|
(155,156)
|
|
(253,750)
|
|
(41,340)
|
|
62,293
|
|
(152,405)
|
|
(24,830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
(67,252)
|
|
(84,968)
|
|
(41,295)
|
|
(6,728)
|
|
(129,165)
|
|
(154,454)
|
|
(25,164)
|
|
Proceeds received
from maturity of short-term investments
|
|
1,358,761
|
|
66,037
|
|
1,363,276
|
|
222,104
|
|
2,017,412
|
|
2,561,772
|
|
417,363
|
|
Short-term
investments placed with financial institutions
|
|
(1,405,173)
|
|
(4,698)
|
|
(2,859,798)
|
|
(465,917)
|
|
(2,329,822)
|
|
(4,255,735)
|
|
(693,342)
|
|
Proceeds from
disposal of property and equipment
|
|
-
|
|
10
|
|
88
|
|
14
|
|
1,282
|
|
278
|
|
45
|
|
Acquisition of shares
of an investee
|
|
-
|
|
-
|
|
(50,000)
|
|
(8,146)
|
|
-
|
|
(50,000)
|
|
(8,146)
|
|
Acquisition of
intangible assets
|
|
(171,620)
|
|
(246,320)
|
|
(344,142)
|
|
(56,067)
|
|
(513,041)
|
|
(756,353)
|
|
(123,225)
|
Net cash used in
investing activities
|
|
(285,284)
|
|
(269,939)
|
|
(1,931,871)
|
|
(314,740)
|
|
(953,334)
|
|
(2,654,492)
|
|
(432,469)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee
stock options
|
|
27,676
|
|
7,355
|
|
6,086
|
|
992
|
|
92,351
|
|
25,250
|
|
4,114
|
|
Principal repayments
on long-term debt
|
|
(1,111)
|
|
-
|
|
-
|
|
-
|
|
(7,677)
|
|
-
|
|
-
|
|
Repurchase of
ADSs
|
|
-
|
|
-
|
|
(1,293,644)
|
|
(210,760)
|
|
-
|
|
(1,293,644)
|
|
(210,760)
|
|
Proceeds from Ali
investment, net of issuance costs
|
|
-
|
|
7,387,520
|
|
(7,504)
|
|
(1,223)
|
|
-
|
|
7,380,016
|
|
1,202,349
|
Net cash
provided by (used in) financing activities
|
|
26,565
|
|
7,394,875
|
|
(1,295,062)
|
|
(210,991)
|
|
84,674
|
|
6,111,622
|
|
995,703
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(13,087)
|
|
(14,491)
|
|
272
|
|
44
|
|
(51,988)
|
|
4,576
|
|
746
|
Net (decrease)
increase in cash and cash equivalents
|
|
(150,308)
|
|
6,955,289
|
|
(3,480,411)
|
|
(567,027)
|
|
(858,355)
|
|
3,309,301
|
|
539,150
|
Cash and cash
equivalents at the beginning of the period
|
|
947,810
|
|
1,598,644
|
|
8,553,933
|
|
1,393,603
|
|
1,655,857
|
|
1,764,221
|
|
287,426
|
Cash and cash
equivalents at the end of the period
|
|
797,502
|
|
8,553,933
|
|
5,073,522
|
|
826,576
|
|
797,502
|
|
5,073,522
|
|
826,576
|
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$"), unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
Content Costs
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Content
costs
|
496,459
|
|
418,263
|
|
501,828
|
|
81,757
|
|
1,069,237
|
|
1,245,746
|
|
202,957
|
Deduct:
share-based compensation
|
12,136
|
|
12,694
|
|
11,077
|
|
1,805
|
|
24,264
|
|
35,994
|
|
5,864
|
Deduct:
amortization of intangible assets from business
combination
|
5,984
|
|
2,631
|
|
2,557
|
|
417
|
|
22,056
|
|
7,671
|
|
1,250
|
Non-GAAP content
costs
|
478,339
|
|
402,938
|
|
488,194
|
|
79,535
|
|
1,022,917
|
|
1,202,081
|
|
195,843
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Non-GAAP Gross
Profit
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Gross
profit
|
82,307
|
|
208,612
|
|
246,867
|
|
40,220
|
|
286,714
|
|
541,045
|
|
88,147
|
Add back:
share-based compensation
|
12,136
|
|
12,694
|
|
11,077
|
|
1,805
|
|
24,264
|
|
35,994
|
|
5,864
|
Add back:
amortization of intangible assets from business
combination
|
5,984
|
|
2,631
|
|
2,557
|
|
417
|
|
22,056
|
|
7,671
|
|
1,250
|
Non-GAAP gross
profit
|
100,427
|
|
223,937
|
|
260,501
|
|
42,442
|
|
333,034
|
|
584,710
|
|
95,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Non-GAAP
Operating Expenses
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Operating
expenses
|
312,843
|
|
386,399
|
|
452,481
|
|
73,718
|
|
887,442
|
|
1,152,945
|
|
187,836
|
Deduct:
share-based compensation
|
36,782
|
|
69,437
|
|
61,295
|
|
9,986
|
|
111,033
|
|
188,729
|
|
30,748
|
Deduct:
amortization of intangible assets from business
combination
|
4,155
|
|
3,743
|
|
3,743
|
|
610
|
|
12,465
|
|
11,229
|
|
1,828
|
Non-GAAP
operating expenses
|
271,906
|
|
313,219
|
|
387,443
|
|
63,122
|
|
763,944
|
|
952,987
|
|
155,260
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Non-GAAP Sales
and Marketing Expenses
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Sales and marketing
expenses
|
171,763
|
|
212,826
|
|
287,038
|
|
46,764
|
|
464,564
|
|
686,406
|
|
111,828
|
Deduct:
share-based compensation
|
12,366
|
|
24,824
|
|
22,256
|
|
3,626
|
|
35,135
|
|
68,252
|
|
11,120
|
Deduct:
amortization of intangible assets from business
combination
|
2,077
|
|
1,871
|
|
1,871
|
|
305
|
|
6,231
|
|
5,613
|
|
913
|
Non-GAAP
sales and marketing expenses
|
157,320
|
|
186,131
|
|
262,911
|
|
42,833
|
|
423,198
|
|
612,541
|
|
99,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Non-GAAP
Product Development Expenses
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Product development
expenses
|
78,622
|
|
99,116
|
|
112,434
|
|
18,318
|
|
201,501
|
|
292,250
|
|
47,613
|
Deduct:
share-based compensation
|
9,748
|
|
19,006
|
|
17,624
|
|
2,871
|
|
26,605
|
|
53,836
|
|
8,771
|
Deduct:
amortization of intangible assets from business
combination
|
1,395
|
|
1,257
|
|
1,257
|
|
205
|
|
4,185
|
|
3,771
|
|
614
|
Non-GAAP
product development expenses
|
67,479
|
|
78,853
|
|
93,553
|
|
15,242
|
|
170,711
|
|
234,643
|
|
38,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Non-GAAP
General and Administrative Expenses
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
General and
administrative expenses
|
62,458
|
|
74,457
|
|
53,009
|
|
8,636
|
|
221,377
|
|
174,289
|
|
28,395
|
Deduct:
share-based compensation
|
14,668
|
|
25,607
|
|
21,415
|
|
3,489
|
|
49,293
|
|
66,641
|
|
10,857
|
Deduct:
amortization of intangible assets from business
combination
|
683
|
|
615
|
|
615
|
|
100
|
|
2,049
|
|
1,845
|
|
301
|
Non-GAAP
general and administrative expenses
|
47,107
|
|
48,235
|
|
30,979
|
|
5,047
|
|
170,035
|
|
105,803
|
|
17,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. Non-GAAP Loss
from Operations
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
(230,536)
|
|
(177,787)
|
|
(205,614)
|
|
(33,498)
|
|
(600,728)
|
|
(611,900)
|
|
(99,689)
|
Add back:
share-based compensation
|
48,918
|
|
82,131
|
|
72,372
|
|
11,791
|
|
135,297
|
|
224,723
|
|
36,612
|
Add back:
amortization of intangible assets from business
combination
|
10,139
|
|
6,374
|
|
6,300
|
|
1,027
|
|
34,521
|
|
18,900
|
|
3,078
|
Non-GAAP
loss from operations
|
(171,479)
|
|
(89,282)
|
|
(126,942)
|
|
(20,680)
|
|
(430,910)
|
|
(368,277)
|
|
(59,999)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Non-GAAP Net
Loss
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net
loss
|
(218,638)
|
|
(164,435)
|
|
(181,378)
|
|
(29,550)
|
|
(556,163)
|
|
(570,518)
|
|
(92,948)
|
Add back:
share-based compensation
|
48,918
|
|
82,131
|
|
72,372
|
|
11,791
|
|
135,297
|
|
224,723
|
|
36,612
|
Add back:
amortization of intangible assets from business
combination
|
10,139
|
|
6,374
|
|
6,300
|
|
1,027
|
|
34,521
|
|
18,900
|
|
3,078
|
Non-GAAP net
loss
|
(159,581)
|
|
(75,930)
|
|
(102,706)
|
|
(16,732)
|
|
(386,345)
|
|
(326,895)
|
|
(53,258)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Non-GAAP
EBITDA Loss
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
June 30,
2014
|
|
September 30,
2014
|
|
September 30,
2014
|
|
September 30,
2013
|
|
September 30,
2014
|
|
September 30,
2014
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
Net
loss
|
(218,638)
|
|
(164,435)
|
|
(181,378)
|
|
(29,550)
|
|
(556,163)
|
|
(570,518)
|
|
(92,948)
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization (excluding amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of acquired content )
(2)
|
30,356
|
|
36,341
|
|
38,068
|
|
6,202
|
|
84,682
|
|
106,306
|
|
17,319
|
Interest
income
|
(7,284)
|
|
(9,923)
|
|
(22,694)
|
|
(3,697)
|
|
(21,553)
|
|
(38,670)
|
|
(6,299)
|
Interest
expenses
|
-
|
|
-
|
|
-
|
|
-
|
|
545
|
|
-
|
|
-
|
Income
taxes
|
80
|
|
12
|
|
-
|
|
-
|
|
138
|
|
12
|
|
2
|
EBITDA
loss
|
(195,486)
|
|
(138,005)
|
|
(166,004)
|
|
(27,045)
|
|
(492,351)
|
|
(502,870)
|
|
(81,926)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
48,918
|
|
82,131
|
|
72,372
|
|
11,791
|
|
135,297
|
|
224,723
|
|
36,612
|
Amortization of
intangible assets from business combination
|
10,139
|
|
6,374
|
|
6,300
|
|
1,027
|
|
34,521
|
|
18,900
|
|
3,078
|
Others,
net
|
(4,694)
|
|
(3,441)
|
|
(1,542)
|
|
(251)
|
|
(23,695)
|
|
(2,724)
|
|
(444)
|
Non-GAAP EBITDA
loss
|
(141,123)
|
|
(52,941)
|
|
(88,874)
|
|
(14,478)
|
|
(346,228)
|
|
(261,971)
|
|
(42,680)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.