BEIJING, Aug. 19, 2015 /PRNewswire/ -- Youku Tudou Inc.
(NYSE: YOKU), a leading multi-screen entertainment and media
company in China ("Youku Tudou" or
the "Company"), today announced its unaudited financial results for
the second quarter 2015.
Second Quarter 2015
Highlights[1]
- Net revenues were RMB1.61 billion
(US$259.6 million), a 57% increase
from the corresponding period in 2014[2]. Non-GAAP[3] net revenues
were RMB1.51 billion (US$244.3 million) in the second quarter of 2015,
a 58% increase from the corresponding period in 2014.
- Gross profit was RMB254.1 million
(US$41.0 million), an 11% increase
from the corresponding period in 2014. Non-GAAP gross profit was
RMB253.8 million (US$40.9 million) in the second quarter of 2015, a
14% increase from the corresponding period in 2014.
- Net loss was RMB342.0 million
(US$55.2 million), as compared to
RMB142.3 million (US$23.0 million) from the corresponding period in
2014. Non-GAAP net loss was RMB220.7
million (US$35.6 million) in
the second quarter of 2015, as compared to RMB76.9 million (US$12.4
million) from the corresponding period in 2014.
- Basic and diluted loss per ADS, each representing 18 Class A
ordinary shares of the Company, for the second quarter of 2015
amounted to RMB1.76 (US$0.28) and RMB1.76 (US$0.28),
respectively. Non-GAAP basic and diluted loss per ADS for the
second quarter of 2015 amounted to RMB1.13 (US$0.18)
and RMB1.13 (US$0.18), respectively.
- Cash, cash equivalents, restricted cash and short-term
investments totaled RMB8.33 billion
(US$1.34 billion) as of June 30, 2015.
- Acquisition of property and equipment for the second quarter of
2015 was RMB71.5 million
(US$11.5 million).
- Acquisition of licensed copyright for the second quarter of
2015 was RMB366.2 million
(US$59.1 million).
"I am very pleased that once more we delivered accelerated and
increasingly diversified topline growth in the second quarter,
driven by robust consumer business development and supported by
healthy advertising revenues. Our revenue diversification through
consumer business is successful and based on progress driven by our
business unit reorganizations and management team additions.
Meanwhile, with nearly half of advertising revenues coming from
mobile, we have achieved broad adoption of mobile advertising by
domestic and international advertisers alike," said Victor Koo, Chairman and Chief Executive Officer
of Youku Tudou. "We expect these positive trends, reinforced by our
clear growth strategy and improving business economics, to continue
during the second half of this year."
Dele Liu, President of Youku Tudou, added, "We continued to
significantly increase web-native content, which is one of the key
growth pillars driving our business development this year, in
addition to accelerated topline growth and revenue diversification.
More specifically, we are creating cross-domain synergy for high
quality IPs taking the forms of web series, online game, and
movies, leveraging our large and growing user base and high quality
traffic as measured by user time spent and user engagement."
Second Quarter 2015 Results
Net revenues were RMB1.61
billion (US$259.6 million) in
the second quarter of 2015, a 57% increase from the corresponding
period in 2014. Non-GAAP net revenues
were RMB1.51 billion (US$244.3 million) in the second quarter of 2015,
a 58% increase from the corresponding period in 2014, meeting the
non-GAAP net revenues guidance previously announced by the
Company.
Advertising net revenues were RMB1.28 billion (US$206.1
million) in the second quarter of 2015, a 40% increase from
the corresponding period in 2014, 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 derived from our
subscription-based service, interactive live entertainment and
mobile game joint operation, were RMB174.5
million (US$28.1 million) in
the second quarter of 2015, a 596% increase from the corresponding
period in 2014. The growth was primarily attributable to the
increasing user adoption of our consumer services as evidenced by
expansion of subscriber base of our subscription-based service, and
growing number of paying users and average spend per user of our
interactive live entertainment service.
Bandwidth costs as a component of cost of revenues were
RMB330.3 million (US$53.3 million)in the second quarter of 2015,
representing 21% of net revenues, as compared to 21% of net
revenues for the corresponding period in 2014.
Content costs as a component of cost of revenues were
RMB744.4 million (US$120.1 million) in the second quarter of 2015,
representing 46% of net revenues as compared to 45% of net revenues
for the corresponding period in 2014. Non-GAAP content costs
were RMB649.8 million (US$104.8 million) in the second quarter of 2015,
representing 43% of non-GAAP net revenues, as compared to 42% of
non-GAAP net revenues for the corresponding period in 2014. This
increase was primarily due to expansion of our video content
portfolio to support our new business growth initiatives.
Gross profit was RMB254.1
million (US$41.0 million) in
the second quarter of 2015, an 11% increase from the corresponding
period in 2014. Non-GAAP gross profit was RMB253.8 million (US$40.9
million) in the second quarter of 2015, a 14% increase from
the corresponding period in 2014.
Operating expenses were RMB645.9
million (US$104.2 million) in
the second quarter of 2015, as compared to RMB384.2 million (US$62.0
million) for the corresponding period in 2014. Non-GAAP
operating expenses were RMB524.4
million (US$84.6 million) in
the second quarter of 2015, as compared to RMB312.1 million (US$50.3
million) for the corresponding period in 2014. Detailed
discussion of each component of operating expenses is as
follows:
Sales and marketing expenses were RMB354.3 million (US$57.1
million) in the second quarter of 2015, as compared to
RMB212.0 million (US$34.2 million) for the corresponding period in
2014. Non-GAAP sales and marketing expenses were
RMB305.6 million (US$49.3 million) in the second quarter of 2015,
as compared to RMB185.8 million
(US$30.0 million) for the
corresponding period in 2014. This increase was primarily due to
increases in marketing expenses and commission paid to our sales
force in line with our revenue growth.
Product development expenses were RMB181.9 million (US$29.3
million) in the second quarter of 2015, as compared to
RMB98.6 million (US$15.9 million) for the corresponding period in
2014. Non-GAAP product development expenses were
RMB141.8 million (US$22.9 million) in the second quarter of 2015,
as compared to RMB78.6 million
(US$12.7 million) for the
corresponding period in 2014. This increase was primarily due to an
increase in personnel related expenses for our product development
in mobile, search, social, subscription and interactive live
entertainment services.
General and administrative expenses were RMB109.8 million (US$17.7
million) in the second quarter of 2015, as compared to
RMB73.7 million (US$11.9 million) from the corresponding period in
2014. Non-GAAP general and administrative expenses were
RMB77.0 million (US$12.4 million) in the second quarter of 2015,
as compared to RMB47.6 million
(US$7.7 million) from the
corresponding period in 2014.
Net loss was RMB342.0
million (US$55.2 million) in
the second quarter of 2015, as compared to RMB142.3 million (US$23.0
million) for the corresponding period in 2014. Non-GAAP
net loss was RMB220.7 million
(US$35.6 million) in the second
quarter of 2015, as compared to RMB76.9
million (US$12.4 million) from
the corresponding period in 2014.
Business Outlook
For the third quarter of 2015, the Company expects non-GAAP net
revenues will be between RMB1.69 billion and
RMB1.78 billion, with advertising net revenues contributing
between RMB1.34 billion and RMB1.40
billion. This forecast reflects the Company's current and
preliminary view, which is subject to change.
Conference Call Information
Youku Tudou's management will host an earnings conference call
at 9:00 p.m. U.S. Eastern Time on
August 19, 2015 (9:00 a.m. Beijing/Hong Kong Time on August 20, 2015).
Interested parties may participate in the conference call by
dialing one of the following numbers below and entering passcode
Youku# (i.e., 96858#) starting 10-15 minutes prior to the beginning
of the call.
US Toll Free Dial
In:
|
+1-866-519-4004
|
International Dial
In:
|
+65-6713-5090
|
Mainland China Dial
In:
|
+86-800-819-0121 /
+86-400-620-8038
|
Hong Kong Dial
In:
|
+852-3018-6771
|
A replay of the call will be available by dialing +61 2 8199
0299 and entering passcode 12334563. The replay will be available
through August 26, 2015.
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 a leading multi-screen
entertainment and media company in China. Youku Tudou is China's leading Internet television platform,
enabling 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 net revenues, 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 and non-GAAP net profit or loss
and non-GAAP adjusted EBITDA profit or loss. We define
non-GAAP net revenues as net revenues excluding barter sublicensing
revenues. We define non-GAAP content costs as content costs
excluding amortization of licensed copyrights from nonmonetary
content exchanges, 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 barter sublicensing revenues, amortization of licensed
copyrights from nonmonetary content exchanges, 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 barter sublicensing revenues,
amortization of licensed copyrights from nonmonetary content
exchanges , 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 barter sublicensing revenues, amortization of
licensed copyrights from nonmonetary content exchanges ,
share-based compensation expenses, amortization of intangible
assets from business combination and business combination related
expenses. We define non-GAAP adjusted 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 barter sublicensing
revenues, amortization of licensed copyrights from nonmonetary
content exchanges, 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:
Chang You
Youku Tudou Inc.
Tel: (+8610) 5890-6883 x 8056
Email: changyou@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 RMB6.2000 to
US$1.00, the effective noon buying rate as of June 30, 2015 in the
City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York. No
representation is made that the RMB amounts could have been, or
could be, converted into US$ at such rate.
|
|
|
[2]
|
As noted in the
Company's annual report for fiscal year 2014 on Form 20-F (the
"2014 Annual Report"), certain adjustments were made to the
Company's historical consolidated financial statements reflecting
certain revisions to its accounting treatment for (i) licensed
copyrights and (ii) nonmonetary exchanges of licensed copyrights,
as further described in the 2014 Annual Report. Accordingly,
unaudited financial information in this release in relation to the
second quarter of 2014 has been amended, where applicable,
principally as a result of, and to reflect the adjustment caused
by, such revisions of the Company's accounting
treatment.
|
|
|
[3]
|
All non-GAAP measures
exclude, as applicable, barter sublicensing revenues, amortization
of licensed copyrights from nonmonetary content exchanges,
share-based compensation expenses and amortization of intangible
assets from business combination. For further details on non-GAAP
measures, please refer to the reconciliation table and a detailed
discussion of the Company's use of non-GAAP information set forth
elsewhere in this press release.
|
YOUKU TUDOU
INC.
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in
thousands, except for number of shares)
|
|
|
As of
|
|
|
December 31,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
|
RMB
|
|
RMB
|
|
US$
|
ASSETS
|
|
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
3,820,742
|
|
2,561,775
|
|
413,190
|
|
Restricted
cash
|
|
|
617,586
|
|
1,441,049
|
|
232,427
|
|
Short-term
investments
|
|
|
4,021,199
|
|
4,323,246
|
|
697,298
|
|
Accounts
receivable
|
|
|
1,719,760
|
|
2,135,363
|
|
344,413
|
|
Licensed
copyrights, net
|
|
|
220,152
|
|
259,052
|
|
41,783
|
|
Amounts due
from related parties
|
|
|
125,204
|
|
85,408
|
|
13,775
|
|
Deferred tax
assets, net
|
|
|
2,283
|
|
2,283
|
|
368
|
|
Prepayments and
other assets
|
|
|
117,716
|
|
315,511
|
|
50,890
|
Total current
assets
|
|
|
10,644,642
|
|
11,123,687
|
|
1,794,144
|
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
|
|
Property and
equipment, net
|
|
|
293,027
|
|
365,002
|
|
58,871
|
|
Long-term
investments
|
|
|
67,293
|
|
176,951
|
|
28,540
|
|
Available-for-sale financial
assets
|
|
|
-
|
|
21,267
|
|
3,430
|
|
Licensed
copyrights, net
|
|
|
505,173
|
|
657,606
|
|
106,065
|
|
Intangible
assets, net
|
|
|
875,502
|
|
869,467
|
|
140,237
|
|
Capitalized
content production costs
|
|
|
1,678
|
|
3,562
|
|
575
|
|
Film
assets
|
|
|
-
|
|
64,885
|
|
10,465
|
|
Prepayments and
other assets
|
|
|
431,377
|
|
389,162
|
|
62,768
|
|
Goodwill
|
|
|
4,262,569
|
|
4,262,569
|
|
687,511
|
Total
non-current assets
|
|
|
6,436,619
|
|
6,810,471
|
|
1,098,462
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
17,081,261
|
|
17,934,158
|
|
2,892,606
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
563,009
|
|
690,668
|
|
111,399
|
|
Advances from
customers and deferred revenue
|
|
|
36,232
|
|
156,660
|
|
25,268
|
|
Amounts due to
related parties
|
|
|
4
|
|
1
|
|
-
|
|
Accrued
expenses and other liabilities
|
|
|
1,668,122
|
|
2,017,281
|
|
325,368
|
|
Short-term bank
loans
|
|
|
500,000
|
|
1,320,386
|
|
212,965
|
Total current
liabilities
|
|
|
2,767,367
|
|
4,184,996
|
|
675,000
|
|
|
|
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
213,608
|
|
213,608
|
|
34,453
|
|
Other
liabilities
|
|
|
6,570
|
|
33,458
|
|
5,396
|
Total non-current
liabilities
|
|
|
220,178
|
|
247,066
|
|
39,849
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
2,987,545
|
|
4,432,062
|
|
714,849
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
Class A Ordinary
Shares (US$0.00001 par value, 9,340,238,793
authorized, 3,123,742,699 and 3,158,011,117 issued as of
December
31, 2014 and June 30, 2015, respectively, 2,834,270,299
and
2,868,538,717 outstanding as of December 31, 2014 and June
30,
2015, respectively)
|
|
|
201
|
|
203
|
|
33
|
|
Class B Ordinary
Shares (US$0.00001 par value, 659,761,207 authorized, 645,691,903
and 645,691,903 issued and outstanding as of December 31,
2014 and June 30, 2015, respectively)
|
|
|
48
|
|
48
|
|
8
|
|
Additional paid-in
capital
|
|
|
18,878,497
|
|
19,136,913
|
|
3,086,599
|
|
Treasury stock (at
cost, 289,472,400 and 289,472,400
as of December 31, 2014 and June 30, 2015,
respectively)
|
|
|
(1,845,892)
|
|
(1,845,892)
|
|
(297,725)
|
|
Statutory
reserves
|
|
|
13,146
|
|
13,146
|
|
2,120
|
|
Accumulated
deficit
|
|
|
(2,681,658)
|
|
(3,541,118)
|
|
(571,148)
|
|
Accumulated other
comprehensive loss
|
|
|
(270,626)
|
|
(261,204)
|
|
(42,130)
|
Total
shareholders' equity
|
|
|
14,093,716
|
|
13,502,096
|
|
2,177,757
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
|
17,081,261
|
|
17,934,158
|
|
2,892,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOUKU TUDOU
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
(Amounts in
thousands, except for number of shares and ADS and per
share and per ADS data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
(Unaudited-As
revised)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited-As
revised)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues(including advertising net revenues from related
parties amounting to RMB48,010 and RMB47,339 for the three
months ended March 31, 2015 and June 30, 2015, respectively,
and RMB95,349 for the six months ended June 30, 2015)
|
|
|
1,023,340
|
|
1,139,458
|
|
1,609,687
|
|
259,627
|
|
|
1,798,025
|
|
2,749,145
|
|
443,410
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(Note 1)
|
|
|
(794,771)
|
|
(1,137,987)
|
|
(1,355,570)
|
|
(218,640)
|
|
|
(1,437,331)
|
|
(2,493,557)
|
|
(402,187)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
|
228,569
|
|
1,471
|
|
254,117
|
|
40,987
|
|
|
360,694
|
|
255,588
|
|
41,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
|
|
(98,551)
|
|
(139,573)
|
|
(181,856)
|
|
(29,332)
|
|
|
(178,689)
|
|
(321,429)
|
|
(51,843)
|
Sales and
marketing
|
|
|
(211,979)
|
|
(320,433)
|
|
(354,259)
|
|
(57,139)
|
|
|
(397,675)
|
|
(674,692)
|
|
(108,821)
|
General and
administrative
|
|
|
(73,670)
|
|
(84,058)
|
|
(109,830)
|
|
(17,715)
|
|
|
(119,799)
|
|
(193,888)
|
|
(31,272)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
|
(384,200)
|
|
(544,064)
|
|
(645,945)
|
|
(104,186)
|
|
|
(696,163)
|
|
(1,190,009)
|
|
(191,936)
|
Government grant
income
|
|
|
880
|
|
123
|
|
11,075
|
|
1,786
|
|
|
880
|
|
11,198
|
|
1,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
|
|
(154,751)
|
|
(542,470)
|
|
(380,753)
|
|
(61,413)
|
|
|
(334,589)
|
|
(923,223)
|
|
(148,907)
|
Interest
income
|
|
|
9,923
|
|
29,811
|
|
34,265
|
|
5,527
|
|
|
15,976
|
|
64,076
|
|
10,335
|
Interest
expenses
|
|
|
-
|
|
(10,743)
|
|
(17,126)
|
|
(2,762)
|
|
|
-
|
|
(27,869)
|
|
(4,495)
|
Share of net loss of
equity investee
|
|
|
-
|
|
(1,247)
|
|
(1,459)
|
|
(235)
|
|
|
-
|
|
(2,706)
|
|
(436)
|
Other income,
net
|
|
|
2,562
|
|
7,352
|
|
1,781
|
|
287
|
|
|
303
|
|
9,133
|
|
1,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
|
|
(142,266)
|
|
(517,297)
|
|
(363,292)
|
|
(58,596)
|
|
|
(318,310)
|
|
(880,589)
|
|
(142,030)
|
Income tax
expense
|
|
|
(12)
|
|
(144)
|
|
21,273
|
|
3,431
|
|
|
(12)
|
|
21,129
|
|
3,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
|
|
(142,278)
|
|
(517,441)
|
|
(342,019)
|
|
(55,165)
|
|
|
(318,322)
|
|
(859,460)
|
|
(138,622)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss), before tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
|
(13,645)
|
|
36,587
|
|
(27,165)
|
|
(4,381)
|
|
|
7,314
|
|
9,422
|
|
1,520
|
Other
comprehensive income (loss), net of tax
|
|
|
(13,645)
|
|
36,587
|
|
(27,165)
|
|
(4,381)
|
|
|
7,314
|
|
9,422
|
|
1,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to ordinary shareholders
|
|
|
(155,923)
|
|
(480,854)
|
|
(369,184)
|
|
(59,546)
|
|
|
(311,008)
|
|
(850,038)
|
|
(137,102)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share,
basic and diluted
|
|
|
(0.04)
|
|
(0.15)
|
|
(0.10)
|
|
(0.02)
|
|
|
(0.10)
|
|
(0.25)
|
|
(0.04)
|
Net loss per ADS
(each ADS represents 18 class A ordinary shares), basic and
diluted
|
|
|
(0.76)
|
|
(2.67)
|
|
(1.76)
|
|
(0.28)
|
|
|
(1.80)
|
|
(4.43)
|
|
(0.71)
|
Shares used in
computation, basic and diluted
|
|
|
3,355,310,411
|
|
3,485,681,620
|
|
3,500,437,718
|
|
3,500,437,718
|
|
|
3,189,566,616
|
|
3,493,100,432
|
|
3,493,100,432
|
ADSs used in
computation, basic and diluted
|
|
|
186,406,133
|
|
193,648,978
|
|
194,468,762
|
|
194,468,762
|
|
|
177,198,145
|
|
194,061,135
|
|
194,061,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying
notes are an integral part of the press release.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 1. Cost of
Revenues
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
(Amounts in
thousands)
|
|
(Unaudited-As
revised)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
(Unaudited-As
revised)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value added,
business taxes and surcharges
|
|
89,550
|
|
98,388
|
|
138,329
|
|
22,311
|
|
|
152,508
|
|
236,717
|
|
38,180
|
Bandwidth
costs
|
|
213,538
|
|
306,835
|
|
330,258
|
|
53,267
|
|
|
415,427
|
|
637,093
|
|
102,757
|
Depreciation of
servers and other equipment
|
|
24,452
|
|
34,349
|
|
38,479
|
|
6,206
|
|
|
44,617
|
|
72,828
|
|
11,746
|
Interactive
live entertainment revenue sharing fees
|
|
3,351
|
|
24,087
|
|
70,017
|
|
11,293
|
|
|
4,339
|
|
94,104
|
|
15,178
|
Cost of goods
sold
|
|
-
|
|
5,337
|
|
34,073
|
|
5,496
|
|
|
-
|
|
39,410
|
|
6,356
|
Content
costs
|
|
463,880
|
|
668,991
|
|
744,414
|
|
120,067
|
|
|
820,440
|
|
1,413,405
|
|
227,970
|
Total Cost
of Revenues
|
|
794,771
|
|
1,137,987
|
|
1,355,570
|
|
218,640
|
|
|
1,437,331
|
|
2,493,557
|
|
402,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YOUKU TUDOU
INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Six
Months Ended
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
(Unaudited-As
revised)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited-As
revised)
|
|
(Unaudited)
|
|
(Unaudited)
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
|
(142,278)
|
|
(517,441)
|
|
(342,019)
|
|
(55,165)
|
|
(318,322)
|
|
(859,460)
|
|
(138,622)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of fixed
assets
|
|
|
|
30,688
|
|
40,676
|
|
45,212
|
|
7,292
|
|
57,205
|
|
85,888
|
|
13,853
|
|
Bad debt
expense
|
|
|
|
5,247
|
|
14,800
|
|
1,862
|
|
300
|
|
(1,226)
|
|
16,662
|
|
2,687
|
|
Amortization of
licensed copyrights
|
|
|
|
270,328
|
|
450,865
|
|
478,480
|
|
77,174
|
|
477,191
|
|
929,345
|
|
149,894
|
|
Amortization and impairment of
intangible assets and
capitalized content production
costs
|
|
|
|
7,337
|
|
13,930
|
|
17,493
|
|
2,821
|
|
13,267
|
|
31,423
|
|
5,068
|
|
Barter sublicensing
revenues
|
|
|
|
(64,621)
|
|
(83,239)
|
|
(94,891)
|
|
(15,305)
|
|
(138,932)
|
|
(178,130)
|
|
(28,731)
|
|
Loss (Gain) on
disposal of property and equipment
|
|
|
|
128
|
|
(47)
|
|
135
|
|
22
|
|
218
|
|
88
|
|
14
|
|
Foreign exchange loss
(gain)
|
|
|
|
846
|
|
(20,070)
|
|
21,755
|
|
3,509
|
|
3,010
|
|
1,685
|
|
272
|
|
Share-based
compensation
|
|
|
|
82,131
|
|
79,772
|
|
144,364
|
|
23,285
|
|
152,351
|
|
224,136
|
|
36,151
|
|
Deferred government
grant income
|
|
|
|
-
|
|
-
|
|
(167)
|
|
(27)
|
|
-
|
|
(167)
|
|
(27)
|
|
Share of net loss of
equity investee
|
|
|
|
-
|
|
1,247
|
|
1,459
|
|
235
|
|
-
|
|
2,706
|
|
436
|
|
Changes in operating
assets and liabilities, net of acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
(1)
|
|
(5,507)
|
|
6,044
|
|
975
|
|
(3)
|
|
537
|
|
87
|
|
Accounts
receivable
|
|
|
|
(244,056)
|
|
(101,326)
|
|
(330,939)
|
|
(53,377)
|
|
(64,903)
|
|
(432,265)
|
|
(69,720)
|
|
Amounts
due from related parties
|
|
|
|
(62,620)
|
|
(53,417)
|
|
93,213
|
|
15,034
|
|
(62,620)
|
|
39,796
|
|
6,419
|
|
Prepayments and other assets
|
|
|
|
(21,120)
|
|
(103,103)
|
|
(49,712)
|
|
(8,017)
|
|
(31,735)
|
|
(152,815)
|
|
(24,648)
|
|
Capitalized content production costs
|
|
|
|
(6,371)
|
|
(21,974)
|
|
(51,805)
|
|
(8,356)
|
|
(9,343)
|
|
(73,779)
|
|
(11,900)
|
|
Accounts
payable
|
|
|
|
8,631
|
|
71,836
|
|
(10,033)
|
|
(1,618)
|
|
13,205
|
|
61,803
|
|
9,968
|
|
Advances
from customers and deferred revenue
|
|
|
|
(3,229)
|
|
36,933
|
|
(3,788)
|
|
(611)
|
|
(1,413)
|
|
33,145
|
|
5,346
|
|
Accrued
expenses and other liabilities
|
|
|
|
(16,266)
|
|
88,424
|
|
246,747
|
|
39,800
|
|
13,325
|
|
335,171
|
|
54,060
|
|
Amount due
to related parties
|
|
|
|
70
|
|
1
|
|
(4)
|
|
(1)
|
|
70
|
|
(3)
|
|
-
|
Net cash provided
(used in) by operating activities
|
|
|
|
(155,156)
|
|
(107,640)
|
|
173,406
|
|
27,970
|
|
101,345
|
|
65,766
|
|
10,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
|
|
|
(84,968)
|
|
(72,990)
|
|
(71,508)
|
|
(11,534)
|
|
(113,159)
|
|
(144,498)
|
|
(23,306)
|
|
Purchase of
available-for-sale financial assets
|
|
|
|
-
|
|
(21,267)
|
|
-
|
|
-
|
|
-
|
|
(21,267)
|
|
(3,430)
|
|
Proceeds received
from maturity of short-term investments
|
|
|
|
66,037
|
|
-
|
|
20,000
|
|
3,226
|
|
1,198,496
|
|
20,000
|
|
3,226
|
|
Short-term
investments placed with financial institutions
|
|
|
|
(4,698)
|
|
(280,308)
|
|
-
|
|
-
|
|
(1,395,937)
|
|
(280,308)
|
|
(45,211)
|
|
Proceeds from
disposal of property and equipment
|
|
|
|
10
|
|
47
|
|
15
|
|
2
|
|
190
|
|
62
|
|
10
|
|
Collection of loans
to third parties
|
|
|
|
-
|
|
-
|
|
3,000
|
|
484
|
|
-
|
|
3,000
|
|
484
|
|
Loans to third
parties
|
|
|
|
-
|
|
(3,000)
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(484)
|
|
Acquisition of shares
of investees
|
|
|
|
-
|
|
-
|
|
(77,250)
|
|
(12,460)
|
|
-
|
|
(77,250)
|
|
(12,460)
|
|
Acquisition of
licensed copyrights
|
|
|
|
(245,390)
|
|
(495,247)
|
|
(366,228)
|
|
(59,069)
|
|
(411,281)
|
|
(861,475)
|
|
(138,948)
|
|
Acquisition of
intangible assets
|
|
|
|
(930)
|
|
-
|
|
-
|
|
-
|
|
(930)
|
|
-
|
|
-
|
Net cash used in
investing activities
|
|
|
|
(269,939)
|
|
(872,765)
|
|
(491,971)
|
|
(79,351)
|
|
(722,621)
|
|
(1,364,736)
|
|
(220,119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee
stock options
|
|
|
|
7,355
|
|
4,529
|
|
29,754
|
|
4,799
|
|
19,164
|
|
34,283
|
|
5,530
|
|
Increase in
restricted cash
|
|
|
|
-
|
|
(670,000)
|
|
(154,000)
|
|
(24,839)
|
|
-
|
|
(824,000)
|
|
(132,903)
|
|
Proceeds from
short-term bank loans
|
|
|
|
-
|
|
670,253
|
|
148,247
|
|
23,911
|
|
-
|
|
818,500
|
|
132,016
|
|
Proceeds from Ali
investment, net of issuance costs
|
|
|
|
7,387,520
|
|
-
|
|
-
|
|
-
|
|
7,387,520
|
|
-
|
|
-
|
Net cash provided by
financing activities
|
|
|
|
7,394,875
|
|
4,782
|
|
24,001
|
|
3,871
|
|
7,406,684
|
|
28,783
|
|
4,643
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
|
(14,491)
|
|
41,693
|
|
(30,473)
|
|
(4,915)
|
|
4,304
|
|
11,220
|
|
1,810
|
Net (decrease)
increase in cash and cash equivalents
|
|
|
|
6,955,289
|
|
(933,930)
|
|
(325,037)
|
|
(52,425)
|
|
6,789,712
|
|
(1,258,967)
|
|
(203,059)
|
Cash and cash
equivalents at the beginning of the period
|
|
|
|
1,598,644
|
|
3,820,742
|
|
2,886,812
|
|
465,615
|
|
1,764,221
|
|
3,820,742
|
|
616,249
|
Cash and cash
equivalents at the end of the period
|
|
|
|
8,553,933
|
|
2,886,812
|
|
2,561,775
|
|
413,190
|
|
8,553,933
|
|
2,561,775
|
|
413,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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$"), unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
Net Revenues
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net
Revenues
|
|
|
1,023,340
|
|
1,139,458
|
|
1,609,687
|
|
259,627
|
|
|
1,798,025
|
|
2,749,145
|
|
443,410
|
Deduct: barter
sublicensing revenues
|
64,621
|
|
83,239
|
|
94,891
|
|
15,305
|
|
|
138,932
|
|
178,130
|
|
28,731
|
Non-GAAP Net
Revenues
|
|
958,719
|
|
1,056,219
|
|
1,514,796
|
|
244,322
|
|
|
1,659,093
|
|
2,571,015
|
|
414,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Non-GAAP
Content Costs
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Content
costs
|
|
|
463,880
|
|
668,991
|
|
744,414
|
|
120,067
|
|
|
820,440
|
|
1,413,405
|
|
227,970
|
Deduct:
amortization of licensed copyrights from nonmonetary content
exchanges
|
43,187
|
|
36,445
|
|
69,121
|
|
11,149
|
|
|
61,699
|
|
105,566
|
|
17,027
|
Deduct:
share-based compensation
|
12,694
|
|
12,407
|
|
25,473
|
|
4,109
|
|
|
24,917
|
|
37,880
|
|
6,110
|
Deduct:
amortization of intangible assets from business
combination
|
1,970
|
|
-
|
|
-
|
|
-
|
|
|
3,830
|
|
-
|
|
-
|
Non-GAAP content
costs
|
|
406,029
|
|
620,139
|
|
649,820
|
|
104,809
|
|
|
729,994
|
|
1,269,959
|
|
204,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Non-GAAP Gross
Profit
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Gross
profit
|
|
|
228,569
|
|
1,471
|
|
254,117
|
|
40,987
|
|
|
360,694
|
|
255,588
|
|
41,223
|
Deduct: barter
sublicensing revenues
|
64,621
|
|
83,239
|
|
94,891
|
|
15,305
|
|
|
138,932
|
|
178,130
|
|
28,731
|
Add back:
amortization of licensed copyrights from nonmonetary content
exchanges
|
43,187
|
|
36,445
|
|
69,121
|
|
11,149
|
|
|
61,699
|
|
105,566
|
|
17,027
|
Add back:
share-based compensation
|
12,694
|
|
12,407
|
|
25,473
|
|
4,109
|
|
|
24,917
|
|
37,880
|
|
6,110
|
Add back:
amortization of intangible assets from business
combination
|
1,970
|
|
-
|
|
-
|
|
-
|
|
|
3,830
|
|
-
|
|
-
|
Non-GAAP gross
profit (loss)
|
221,799
|
|
(32,916)
|
|
253,820
|
|
40,940
|
|
|
312,208
|
|
220,904
|
|
35,629
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Non-GAAP
Operating Expenses
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Operating
expenses
|
|
384,200
|
|
544,064
|
|
645,945
|
|
104,186
|
|
|
696,163
|
|
1,190,009
|
|
191,936
|
Deduct:
share-based compensation
|
69,437
|
|
67,365
|
|
118,891
|
|
19,176
|
|
|
127,434
|
|
186,256
|
|
30,041
|
Deduct:
amortization of intangible assets from business
combination
|
2,691
|
|
2,691
|
|
2,689
|
|
434
|
|
|
5,382
|
|
5,380
|
|
869
|
Non-GAAP
operating expenses
|
312,072
|
|
474,008
|
|
524,365
|
|
84,576
|
|
|
563,347
|
|
998,373
|
|
161,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Non-GAAP Sales
and Marketing Expenses
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Sales and marketing
expenses
|
211,979
|
|
320,433
|
|
354,259
|
|
57,139
|
|
|
397,675
|
|
674,692
|
|
108,821
|
Deduct:
share-based compensation
|
24,824
|
|
32,351
|
|
47,305
|
|
7,630
|
|
|
45,996
|
|
79,656
|
|
12,848
|
Deduct:
amortization of intangible assets from business
combination
|
1,344
|
|
1,344
|
|
1,344
|
|
217
|
|
|
2,688
|
|
2,688
|
|
434
|
Non-GAAP
sales and marketing expenses
|
185,811
|
|
286,738
|
|
305,610
|
|
49,292
|
|
|
348,991
|
|
592,348
|
|
95,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Non-GAAP
Product Development Expenses
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Product development
expenses
|
98,551
|
|
139,573
|
|
181,856
|
|
29,332
|
|
|
178,689
|
|
321,429
|
|
51,843
|
Deduct:
share-based compensation
|
19,006
|
|
18,708
|
|
39,159
|
|
6,316
|
|
|
36,212
|
|
57,867
|
|
9,333
|
Deduct:
amortization of intangible assets from business
combination
|
905
|
|
905
|
|
903
|
|
146
|
|
|
1,810
|
|
1,808
|
|
292
|
Non-GAAP
product development expenses
|
78,640
|
|
119,960
|
|
141,794
|
|
22,870
|
|
|
140,667
|
|
261,754
|
|
42,218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7. Non-GAAP
General and Administrative Expenses
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
General and
administrative expenses
|
73,670
|
|
84,058
|
|
109,830
|
|
17,715
|
|
|
119,799
|
|
193,888
|
|
31,272
|
Deduct:
share-based compensation
|
25,607
|
|
16,306
|
|
32,427
|
|
5,230
|
|
|
45,226
|
|
48,733
|
|
7,860
|
Deduct:
amortization of intangible assets from business
combination
|
442
|
|
442
|
|
442
|
|
71
|
|
|
884
|
|
884
|
|
143
|
Non-GAAP
general and administrative expenses
|
47,621
|
|
67,310
|
|
76,961
|
|
12,414
|
|
|
73,689
|
|
144,271
|
|
23,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Non-GAAP Loss
from Operations
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Loss from
operations
|
|
(154,751)
|
|
(542,470)
|
|
(380,753)
|
|
(61,413)
|
|
|
(334,589)
|
|
(923,223)
|
|
(148,907)
|
Deduct: barter
sublicensing revenues
|
64,621
|
|
83,239
|
|
94,891
|
|
15,305
|
|
|
138,932
|
|
178,130
|
|
28,731
|
Add back:
amortization of licensed copyrights from nonmonetary content
exchanges
|
43,187
|
|
36,445
|
|
69,121
|
|
11,149
|
|
|
61,699
|
|
105,566
|
|
17,027
|
Add back:
share-based compensation
|
82,131
|
|
79,772
|
|
144,364
|
|
23,285
|
|
|
152,351
|
|
224,136
|
|
36,151
|
Add back:
amortization of intangible assets from business
combination
|
4,661
|
|
2,691
|
|
2,689
|
|
434
|
|
|
9,212
|
|
5,380
|
|
869
|
Non-GAAP
loss from operations
|
(89,393)
|
|
(506,801)
|
|
(259,470)
|
|
(41,850)
|
|
|
(250,259)
|
|
(766,271)
|
|
(123,591)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Non-GAAP Net
Loss
|
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(142,278)
|
|
(517,441)
|
|
(342,019)
|
|
(55,165)
|
|
|
(318,322)
|
|
(859,460)
|
|
(138,622)
|
Deduct: barter
sublicensing revenues
|
64,621
|
|
83,239
|
|
94,891
|
|
15,305
|
|
|
138,932
|
|
178,130
|
|
28,731
|
Add back:
amortization of licensed copyrights from nonmonetary content
exchanges
|
43,187
|
|
36,445
|
|
69,121
|
|
11,149
|
|
|
61,699
|
|
105,566
|
|
17,027
|
Add back:
share-based compensation
|
82,131
|
|
79,772
|
|
144,364
|
|
23,285
|
|
|
152,351
|
|
224,136
|
|
36,151
|
Add back:
amortization of intangible assets from business
combination
|
4,661
|
|
2,691
|
|
2,689
|
|
434
|
|
|
9,212
|
|
5,380
|
|
869
|
Non-GAAP net
loss
|
|
(76,920)
|
|
(481,772)
|
|
(220,736)
|
|
(35,602)
|
|
|
(233,992)
|
|
(702,508)
|
|
(113,306)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10. Non-GAAP
adjusted EBITDA Loss
|
For the Three
Months Ended
|
|
|
For the Six Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
March 31,
2015
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
June 30,
2014
|
|
June 30,
2015
|
|
June 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
Net
loss
|
|
|
(142,278)
|
|
(517,441)
|
|
(342,019)
|
|
(55,165)
|
|
|
(318,322)
|
|
(859,460)
|
|
(138,622)
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization (excluding amortization of acquired content)
(2)
|
30,698
|
|
40,686
|
|
45,223
|
|
7,294
|
|
|
57,225
|
|
85,909
|
|
13,856
|
Interest
income
|
|
(9,923)
|
|
(29,811)
|
|
(34,265)
|
|
(5,527)
|
|
|
(15,976)
|
|
(64,076)
|
|
(10,335)
|
Interest
expenses
|
|
-
|
|
10,743
|
|
17,126
|
|
2,762
|
|
|
-
|
|
27,869
|
|
4,495
|
Income
taxes
|
|
|
12
|
|
144
|
|
(21,273)
|
|
(3,431)
|
|
|
12
|
|
(21,129)
|
|
(3,408)
|
EBITDA
loss
|
|
|
(121,491)
|
|
(495,679)
|
|
(335,208)
|
|
(54,067)
|
|
|
(277,061)
|
|
(830,887)
|
|
(134,014)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barter
sublicensing revenues
|
|
(64,621)
|
|
(83,239)
|
|
(94,891)
|
|
(15,305)
|
|
|
(138,932)
|
|
(178,130)
|
|
(28,731)
|
Amortization of
licensed copyrights from nonmonetary content
exchanges
|
43,187
|
|
36,445
|
|
69,121
|
|
11,149
|
|
|
61,699
|
|
105,566
|
|
17,027
|
Share-based
compensation
|
|
82,131
|
|
79,772
|
|
144,364
|
|
23,285
|
|
|
152,351
|
|
224,136
|
|
36,151
|
Amortization of
intangible assets from business combination
|
4,661
|
|
2,691
|
|
2,689
|
|
434
|
|
|
9,212
|
|
5,380
|
|
869
|
Others,
net
|
|
|
(2,562)
|
|
(7,352)
|
|
(1,781)
|
|
(287)
|
|
|
(303)
|
|
(9,133)
|
|
(1,473)
|
Non-GAAP adjusted
EBITDA loss
|
(58,695)
|
|
(467,362)
|
|
(215,706)
|
|
(34,791)
|
|
|
(193,034)
|
|
(683,068)
|
|
(110,171)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/youku-tudou-announces-second-quarter-2015-unaudited-financial-results-300130875.html
SOURCE Youku Tudou Inc.