BEIJING, Nov. 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 third quarter 2015.
Third Quarter 2015
Highlights1
- Net revenues were RMB1.85 billion
(US$291.8 million), a 62% increase
from the corresponding period in 20142.
Non-GAAP3 net revenues were RMB1.70 billion (US$267.6
million) in the third quarter of 2015, a 54% increase from
the corresponding period in 2014.
- Gross profit was RMB311.5 million
(US$49.0 million), a 36% increase
from the corresponding period in 2014. Non-GAAP gross profit was
RMB299.1 million (US$47.1 million) in the third quarter of 2015, a
19% increase from the corresponding period in 2014.
- Net loss was RMB435.6 million
(US$68.5 million), as compared to
RMB197.6 million (US$31.1 million) from the corresponding period in
2014. Non-GAAP net loss was RMB316.5
million (US$49.8 million) in
the third quarter of 2015, as compared to RMB111.2 million (US$17.5
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 third quarter of 2015
amounted to RMB2.23 (US$0.35) and RMB2.23 (US$0.35),
respectively. Non-GAAP basic and diluted loss per ADS for the third
quarter of 2015 amounted to RMB1.62
(US$0.25) and RMB1.62 (US$0.25),
respectively.
- Cash, cash equivalents, restricted cash and short-term
investments totaled RMB7.48 billion
(US$1.18 billion) as of September 30, 2015.
- Acquisition of property and equipment for the third quarter of
2015 was RMB93.9 million
(US$14.8 million).
- Acquisition of licensed copyright for the third quarter of 2015
was RMB516.0 million (US$81.2 million).
Third Quarter 2015 Results
Net revenues were RMB1.85
billion (US$291.8 million) in
the third quarter of 2015, a 62% increase from the corresponding
period in 2014. Non-GAAP net revenues
were RMB1.70 billion (US$267.6 million) in the third quarter of 2015, a
54% increase from the corresponding period in 2014, meeting the
non-GAAP net revenues guidance previously announced by the
Company.
Advertising net revenues were RMB1.35 billion (US$212.2
million) in the third quarter of 2015, a 37% 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 RMB256.2
million (US$40.3 million) in
the third quarter of 2015, a 514% increase from the corresponding
period in 2014. The growth was primarily attributable to the
increasing user adoption of our consumer services as evidenced by
expansion of subscriber base of our subscription-based service, and
growing number of paying users and average spend per user of our
interactive live entertainment service.
|
1 The
reporting currency of the Company is Renminbi ("RMB"), but for the
convenience of the reader, the amounts presented throughout the
release are in US dollars ("US$"). Unless otherwise noted, all
conversions from RMB to US$ are made at a rate of RMB6.3556 to
US$1.00, the effective noon buying rate as of September 30, 2015 in
the City of New York for cable transfers of RMB as certified for
customs purposes by the Federal Reserve Bank of New York. No
representation is made that the RMB amounts could have been, or
could be, converted into US$ 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
third 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.
|
Bandwidth costs as a component of cost of revenues were
RMB331.4 million (US$52.1 million) in the third quarter of 2015,
representing 18% of net revenues, as compared to 20% of net
revenues for the corresponding period in 2014.
Content costs as a component of cost of revenues were
RMB896.1 million (US$141.0 million) in the third quarter of 2015,
representing 48% of net revenues as compared to 48% of net revenues
for the corresponding period in 2014. Non-GAAP content costs
were RMB754.6 million (US$118.7 million) in the third quarter of 2015,
representing 44% of non-GAAP net revenues, as compared to 44% 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 RMB311.5
million (US$49.0 million)in
the third quarter of 2015, a 36% increase from the corresponding
period in 2014. Non-GAAP gross profit was RMB299.1 million (US$47.1
million) in the third quarter of 2015, a 19% increase from
the corresponding period in 2014.
Operating expenses were RMB766.5
million (US$120.6 million) in
the third quarter of 2015, as compared to RMB450.3 million (US$70.9
million) for the corresponding period in 2014. Non-GAAP
operating expenses were RMB635.0
million (US$99.9 million) in
the third quarter of 2015, as compared to RMB386.3 million (US$60.8
million) for the corresponding period in 2014. Detailed
discussion of each component of operating expenses is as
follows:
Sales and marketing expenses were RMB438.5 million (US$69.0
million) in the third quarter of 2015, as compared to
RMB286.2 million (US$45.0 million) for the corresponding period in
2014. Non-GAAP sales and marketing expenses were
RMB388.1 million (US$61.1 million) in the third quarter of 2015, as
compared to RMB262.6 million
(US$41.3 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 RMB205.4 million (US$32.3
million) in the third quarter of 2015, as compared to
RMB111.9 million (US$17.6 million) for the corresponding period in
2014. Non-GAAP product development expenses were
RMB163.3 million (US$25.7 million) in the third quarter of 2015, as
compared to RMB93.3 million
(US$14.7 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 RMB122.6 million (US$19.3
million) in the third quarter of 2015, as compared to
RMB52.2 million (US$8.2 million) from the corresponding period in
2014. Non-GAAP general and administrative expenses were
RMB83.6 million (US$13.2 million) in the third quarter of 2015, as
compared to RMB30.3 million
(US$4.8 million) from the
corresponding period in 2014.
Net loss was RMB435.6
million (US$68.5 million)in
the third quarter of 2015, as compared to RMB197.6 million (US$31.1
million) for the corresponding period in 2014. Non-GAAP
net loss was RMB316.5 million
(US$49.8 million) in the third
quarter of 2015, as compared to RMB111.2
million (US$17.5 million) from
the corresponding period in 2014.
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
|
YOUKU TUDOU
INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(Amounts in
thousands, except for number of shares)
|
As of
|
|
December 31,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
ASSETS
|
(Audited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
3,820,742
|
|
2,523,301
|
|
397,020
|
|
Restricted
cash
|
617,586
|
|
829,691
|
|
130,545
|
|
Short-term
investments
|
4,021,199
|
|
4,130,942
|
|
649,969
|
|
Accounts
receivable
|
1,719,760
|
|
2,315,902
|
|
364,387
|
|
Licensed
copyrights, net
|
220,152
|
|
292,582
|
|
46,035
|
|
Amounts due
from related parties
|
125,204
|
|
45,441
|
|
7,150
|
|
Deferred tax
assets, net
|
2,283
|
|
2,283
|
|
359
|
|
Prepayments and
other assets
|
117,716
|
|
362,933
|
|
57,104
|
|
Total current
assets
|
10,644,642
|
|
10,503,075
|
|
1,652,569
|
|
|
|
|
|
|
|
|
Non-current
assets:
|
|
|
|
|
|
|
Property and
equipment, net
|
293,027
|
|
365,442
|
|
57,499
|
|
Long-term
investments
|
67,293
|
|
203,939
|
|
32,088
|
|
Available-for-sale financial
assets
|
-
|
|
21,233
|
|
3,341
|
|
Licensed
copyrights, net
|
505,173
|
|
671,033
|
|
105,581
|
|
Intangible
assets, net
|
875,502
|
|
866,600
|
|
136,352
|
|
Capitalized
content production costs
|
1,678
|
|
10,456
|
|
1,645
|
|
Film
assets
|
-
|
|
91,843
|
|
14,451
|
|
Prepayments and
other assets
|
431,377
|
|
453,054
|
|
71,284
|
|
Goodwill
|
4,262,569
|
|
4,262,569
|
|
670,679
|
|
Total
non-current assets
|
6,436,619
|
|
6,946,169
|
|
1,092,920
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
17,081,261
|
|
17,449,244
|
|
2,745,489
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
563,009
|
|
638,734
|
|
100,499
|
|
Advances from
customers and deferred revenue
|
36,232
|
|
154,645
|
|
24,332
|
|
Amounts due to
related parties
|
4
|
|
2,345
|
|
369
|
|
Accrued
expenses and other liabilities
|
1,668,122
|
|
2,126,698
|
|
334,618
|
|
Short-term bank
loans
|
500,000
|
|
819,637
|
|
128,963
|
|
Total current
liabilities
|
2,767,367
|
|
3,742,059
|
|
588,781
|
|
|
|
|
|
|
|
|
Non-current
liabilities：
|
|
|
|
|
|
|
Deferred tax
liabilities
|
213,608
|
|
213,608
|
|
33,609
|
|
Other
liabilities
|
6,570
|
|
43,403
|
|
6,829
|
|
Total non-current
liabilities
|
220,178
|
|
257,011
|
|
40,438
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,987,545
|
|
3,999,070
|
|
629,219
|
|
|
|
|
|
|
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
Class A Ordinary
Shares (US$0.00001 par value,
9,340,238,793 authorized, 3,123,742,699
and 3,165,590,881 issued as of December 31, 2014 and
September 30, 2015, respectively, 2,834,270,299
and 2,876,118,481 outstanding as of December 31,
2014 and September 30, 2015, respectively)
|
201
|
|
204
|
|
32
|
|
Class B Ordinary
Shares (US$0.00001 par value,
659,761,207 authorized, 645,691,903 and
645,691,903 issued and outstanding as of
December 31, 2014 and September 30, 2015,
respectively)
|
48
|
|
48
|
|
8
|
|
Additional paid-in
capital
|
18,878,497
|
|
19,293,943
|
|
3,035,739
|
|
Treasury stock (at
cost, 289,472,400 and
289,472,400 as of December 31, 2014 and
September 30, 2015, respectively)
|
(1,845,892)
|
|
(1,845,892)
|
|
(290,436)
|
|
Statutory
reserves
|
13,146
|
|
13,146
|
|
2,068
|
|
Accumulated
deficit
|
(2,681,658)
|
|
(3,976,699)
|
|
(625,700)
|
|
Accumulated other
comprehensive loss
|
(270,626)
|
|
(35,532)
|
|
(5,591)
|
|
Total
shareholders' equity
|
14,093,716
|
|
13,449,218
|
|
2,116,120
|
|
Non-controlling
interest
|
-
|
|
956
|
|
150
|
|
Total
equity
|
14,093,716
|
|
13,450,174
|
|
2,116,270
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
17,081,261
|
|
17,449,244
|
|
2,745,489
|
|
YOUKU TUDOU
INC.
|
|
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
(Amounts in
thousands, except for number of shares and
ADS and per share and per ADS data)
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
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 RMB47,339 and
RMB56,147 for the three months ended June 30,
2015 and September 30, 2015, respectively, and
RMB151,496 for the nine months ended September
30, 2015)
|
1,143,000
|
|
1,609,687
|
|
1,854,841
|
|
291,844
|
|
2,941,025
|
|
4,603,986
|
|
724,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(Note 1)
|
(914,630)
|
|
(1,355,570)
|
|
(1,543,339)
|
|
(242,831)
|
|
(2,351,961)
|
|
(4,036,896)
|
|
(635,172)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
228,370
|
|
254,117
|
|
311,502
|
|
49,013
|
|
589,064
|
|
567,090
|
|
89,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
development
|
(111,862)
|
|
(181,856)
|
|
(205,446)
|
|
(32,325)
|
|
(290,551)
|
|
(526,875)
|
|
(82,899)
|
|
Sales and
marketing
|
(286,186)
|
|
(354,259)
|
|
(438,475)
|
|
(68,990)
|
|
(683,861)
|
|
(1,113,167)
|
|
(175,147)
|
|
General and
administrative
|
(52,206)
|
|
(109,830)
|
|
(122,626)
|
|
(19,294)
|
|
(172,005)
|
|
(316,514)
|
|
(49,801)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
(450,254)
|
|
(645,945)
|
|
(766,547)
|
|
(120,609)
|
|
(1,146,417)
|
|
(1,956,556)
|
|
(307,847)
|
|
Government grant
income
|
1,110
|
|
11,075
|
|
379
|
|
60
|
|
1,990
|
|
11,577
|
|
1,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(220,774)
|
|
(380,753)
|
|
(454,666)
|
|
(71,536)
|
|
(555,363)
|
|
(1,377,889)
|
|
(216,799)
|
|
Interest
income
|
22,694
|
|
34,265
|
|
28,678
|
|
4,512
|
|
38,670
|
|
92,754
|
|
14,594
|
|
Interest
expenses
|
-
|
|
(17,126)
|
|
(14,580)
|
|
(2,294)
|
|
-
|
|
(42,449)
|
|
(6,679)
|
|
Share of net loss of
equity investee
|
-
|
|
(1,459)
|
|
(1,978)
|
|
(311)
|
|
-
|
|
(4,684)
|
|
(737)
|
|
Other income,
net
|
431
|
|
1,781
|
|
27,281
|
|
4,292
|
|
734
|
|
36,414
|
|
5,730
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income
taxes
|
(197,649)
|
|
(363,292)
|
|
(415,265)
|
|
(65,337)
|
|
(515,959)
|
|
(1,295,854)
|
|
(203,891)
|
|
Income tax
expense
|
-
|
|
21,273
|
|
(20,316)
|
|
(3,197)
|
|
(12)
|
|
813
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(197,649)
|
|
(342,019)
|
|
(435,581)
|
|
(68,534)
|
|
(515,971)
|
|
(1,295,041)
|
|
(203,763)
|
|
Net loss attributable
to non-controlling interest
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Net loss
attributable to ordinary shareholders
|
(197,649)
|
|
(342,019)
|
|
(435,581)
|
|
(68,534)
|
|
(515,971)
|
|
(1,295,041)
|
|
(203,763)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss), before tax
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
214
|
|
(27,165)
|
|
225,672
|
|
35,508
|
|
7,528
|
|
235,094
|
|
36,990
|
|
Other
comprehensive income (loss), net of tax
|
214
|
|
(27,165)
|
|
225,672
|
|
35,508
|
|
7,528
|
|
235,094
|
|
36,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss
attributable to ordinary shareholders
|
(197,435)
|
|
(369,184)
|
|
(209,909)
|
|
(33,026)
|
|
(508,443)
|
|
(1,059,947)
|
|
(166,773)
|
|
|
|
|
|
|
|
0
|
|
|
|
|
|
0
|
|
Net loss per share,
basic and diluted
|
(0.05)
|
|
(0.10)
|
|
(0.12)
|
|
(0.02)
|
|
(0.15)
|
|
(0.37)
|
|
(0.06)
|
|
Net loss per ADS
(each ADS represents 18 class A
ordinary shares), basic and diluted
|
(0.96)
|
|
(1.76)
|
|
(2.23)
|
|
(0.35)
|
|
(2.76)
|
|
(6.66)
|
|
(1.05)
|
|
Shares used in
computation, basic and diluted
|
3,724,534,275
|
|
3,500,437,718
|
|
3,518,532,468
|
|
3,518,532,468
|
|
3,369,848,757
|
|
3,501,670,935
|
|
3,501,670,935
|
|
ADSs used in
computation, basic and diluted
|
206,918,571
|
|
194,468,762
|
|
195,474,026
|
|
195,474,026
|
|
187,213,819
|
|
194,537,274
|
|
194,537,274
|
|
Note 1. Cost of
Revenues
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 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
|
97,760
|
|
138,329
|
|
143,998
|
|
22,657
|
|
250,268
|
|
380,715
|
|
59,903
|
|
Bandwidth
costs
|
229,714
|
|
330,258
|
|
331,358
|
|
52,136
|
|
645,141
|
|
968,451
|
|
152,378
|
|
Depreciation of
servers and other equipment
|
25,888
|
|
38,479
|
|
41,948
|
|
6,600
|
|
70,505
|
|
114,776
|
|
18,059
|
|
Interactive
live entertainment revenue sharing fees
|
10,170
|
|
70,017
|
|
105,838
|
|
16,653
|
|
14,509
|
|
199,942
|
|
31,459
|
|
Cost of goods
sold
|
-
|
|
34,073
|
|
24,122
|
|
3,795
|
|
-
|
|
63,532
|
|
9,997
|
|
Content
costs
|
551,098
|
|
744,414
|
|
896,075
|
|
140,990
|
|
1,371,538
|
|
2,309,480
|
|
363,376
|
|
Total Cost
of Revenues
|
914,630
|
|
1,355,570
|
|
1,543,339
|
|
242,831
|
|
2,351,961
|
|
4,036,896
|
|
635,172
|
|
YOUKU TUDOU
INC.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
For the Three Months
Ended
|
|
For the Nine Months
Ended
|
|
(Amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 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
|
(197,649)
|
|
(342,019)
|
|
(435,581)
|
|
(68,534)
|
|
(515,971)
|
|
(1,295,041)
|
|
(203,763)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation of fixed
assets
|
32,081
|
|
45,212
|
|
51,207
|
|
8,057
|
|
89,286
|
|
137,095
|
|
21,571
|
|
Bad debt
expense
|
(12,546)
|
|
1,862
|
|
22,133
|
|
3,482
|
|
(13,772)
|
|
38,795
|
|
6,104
|
|
Amortization of
licensed copyrights
|
334,857
|
|
478,480
|
|
575,590
|
|
90,564
|
|
812,048
|
|
1,504,935
|
|
236,789
|
|
Amortization and
impairment of intangible assets
and capitalized content production costs
|
16,571
|
|
17,493
|
|
14,148
|
|
2,226
|
|
29,838
|
|
45,571
|
|
7,170
|
|
Barter sublicensing
revenues
|
(36,359)
|
|
(94,891)
|
|
(153,921)
|
|
(24,218)
|
|
(175,291)
|
|
(332,051)
|
|
(52,245)
|
|
Loss (Gain) on
disposal of property and
equipment
|
10
|
|
135
|
|
830
|
|
131
|
|
228
|
|
918
|
|
144
|
|
Foreign exchange loss
(gain)
|
(58)
|
|
21,755
|
|
(25,715)
|
|
(4,045)
|
|
2,952
|
|
(24,030)
|
|
(3,780)
|
|
Share-based
compensation
|
72,372
|
|
144,364
|
|
154,350
|
|
24,286
|
|
224,723
|
|
378,486
|
|
59,551
|
|
Deferred government
grant income
|
-
|
|
(167)
|
|
(83)
|
|
(13)
|
|
-
|
|
(250)
|
|
(39)
|
|
Share of net loss of
equity investee
|
-
|
|
1,459
|
|
1,979
|
|
311
|
|
-
|
|
4,685
|
|
737
|
|
Changes in operating
assets and liabilities, net of
acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted cash
|
(555,636)
|
|
6,044
|
|
(542)
|
|
(85)
|
|
(555,639)
|
|
(5)
|
|
(1)
|
|
Accounts
receivable
|
(171,241)
|
|
(330,939)
|
|
(202,671)
|
|
(31,889)
|
|
(236,144)
|
|
(634,936)
|
|
(99,902)
|
|
Amounts
due from related parties
|
(9,420)
|
|
93,213
|
|
39,966
|
|
6,288
|
|
(72,040)
|
|
79,762
|
|
12,550
|
|
Prepayments and other assets
|
21,958
|
|
(49,712)
|
|
7,149
|
|
1,125
|
|
(9,777)
|
|
(145,666)
|
|
(22,919)
|
|
Capitalized content production costs
|
(17,511)
|
|
(51,805)
|
|
(58,140)
|
|
(9,148)
|
|
(26,854)
|
|
(131,919)
|
|
(20,756)
|
|
Accounts
payable
|
17,079
|
|
(10,033)
|
|
(679)
|
|
(107)
|
|
30,284
|
|
61,124
|
|
9,617
|
|
Advances
from customers and deferred
revenue
|
1,783
|
|
(3,788)
|
|
5,122
|
|
806
|
|
370
|
|
38,267
|
|
6,021
|
|
Accrued
expenses and other liabilities
|
249,911
|
|
246,747
|
|
94,849
|
|
14,923
|
|
263,236
|
|
430,020
|
|
67,660
|
|
Amount due
to related parties
|
48
|
|
(4)
|
|
2,344
|
|
369
|
|
118
|
|
2,341
|
|
368
|
|
Net cash provided
(used in) by operating activities
|
(253,750)
|
|
173,406
|
|
92,335
|
|
14,529
|
|
(152,405)
|
|
158,101
|
|
24,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
property and equipment
|
(41,295)
|
|
(71,508)
|
|
(93,883)
|
|
(14,772)
|
|
(154,454)
|
|
(238,381)
|
|
(37,507)
|
|
Purchase of
available-for-sale financial assets
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(21,267)
|
|
(3,346)
|
|
Proceeds received
from maturity of short-term
investments
|
1,363,276
|
|
20,000
|
|
3,143,969
|
|
494,677
|
|
2,561,772
|
|
3,163,969
|
|
497,824
|
|
Short-term
investments placed with financial
institutions
|
(2,859,798)
|
|
-
|
|
(2,906,449)
|
|
(457,305)
|
|
(4,255,735)
|
|
(3,186,757)
|
|
(501,409)
|
|
Proceeds from
disposal of property and equipment
|
88
|
|
15
|
|
6
|
|
1
|
|
278
|
|
68
|
|
11
|
|
Collection of loans
to third parties
|
-
|
|
3,000
|
|
-
|
|
-
|
|
-
|
|
3,000
|
|
472
|
|
Loans to third
parties
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(472)
|
|
Acquisition of shares
of investees
|
(50,000)
|
|
(77,250)
|
|
(19,697)
|
|
(3,099)
|
|
(50,000)
|
|
(96,947)
|
|
(15,254)
|
|
Acquisition of
licensed copyrights
|
(343,886)
|
|
(366,228)
|
|
(515,959)
|
|
(81,182)
|
|
(755,167)
|
|
(1,377,434)
|
|
(216,728)
|
|
Acquisition of
intangible assets
|
(256)
|
|
-
|
|
(188)
|
|
(30)
|
|
(1,186)
|
|
(188)
|
|
(30)
|
|
Net cash used in
investing activities
|
(1,931,871)
|
|
(491,971)
|
|
(392,201)
|
|
(61,710)
|
|
(2,654,492)
|
|
(1,756,937)
|
|
(276,439)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of employee
stock options
|
6,086
|
|
29,754
|
|
2,681
|
|
422
|
|
25,250
|
|
36,964
|
|
5,816
|
|
Increase in
restricted cash
|
-
|
|
(154,000)
|
|
611,900
|
|
96,277
|
|
-
|
|
(212,100)
|
|
(33,372)
|
|
Proceeds from
short-term bank loans
|
(1,293,644)
|
|
148,247
|
|
-
|
|
-
|
|
(1,293,644)
|
|
818,500
|
|
128,784
|
|
Principal repayments
on short-term loan
|
-
|
|
-
|
|
(500,000)
|
|
(78,671)
|
|
-
|
|
(500,000)
|
|
(78,671)
|
|
Proceeds from
non-controlling interests
|
-
|
|
-
|
|
956
|
|
150
|
|
-
|
|
956
|
|
150
|
|
Proceeds from Ali
investment, net of issuance costs
|
(7,504)
|
|
-
|
|
-
|
|
-
|
|
7,380,016
|
|
-
|
|
-
|
|
Net cash provided by
financing activities
|
(1,295,062)
|
|
24,001
|
|
115,537
|
|
18,178
|
|
6,111,622
|
|
144,320
|
|
22,707
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
272
|
|
(30,473)
|
|
145,855
|
|
22,949
|
|
4,576
|
|
157,075
|
|
24,714
|
|
Net (decrease)
increase in cash and cash equivalents
|
(3,480,411)
|
|
(325,037)
|
|
(38,474)
|
|
(6,054)
|
|
3,309,301
|
|
(1,297,441)
|
|
(204,141)
|
|
Cash and cash
equivalents at the beginning of the period
|
8,553,933
|
|
2,886,812
|
|
2,561,775
|
|
403,074
|
|
1,764,221
|
|
3,820,742
|
|
601,161
|
|
Cash and cash
equivalents at the end of the period
|
5,073,522
|
|
2,561,775
|
|
2,523,301
|
|
397,020
|
|
5,073,522
|
|
2,523,301
|
|
397,020
|
|
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$"), unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Non-GAAP
Net Revenues
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
Revenues
|
|
|
1,143,000
|
|
1,609,687
|
|
1,854,841
|
|
291,844
|
|
2,941,025
|
|
4,603,986
|
|
724,398
|
|
Deduct: barter
sublicensing revenues
|
|
|
36,359
|
|
94,891
|
|
153,921
|
|
24,218
|
|
175,291
|
|
332,051
|
|
52,245
|
|
Non-GAAP Net
Revenues
|
|
|
1,106,641
|
|
1,514,796
|
|
1,700,920
|
|
267,626
|
|
2,765,734
|
|
4,271,935
|
|
672,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Non-GAAP
Content Costs
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Content
costs
|
|
|
551,098
|
|
744,414
|
|
896,075
|
|
140,990
|
|
1,371,538
|
|
2,309,480
|
|
363,376
|
|
Deduct:
amortization of licensed copyrights from nonmonetary content
exchanges
|
45,815
|
|
69,121
|
|
116,175
|
|
18,279
|
|
107,514
|
|
221,741
|
|
34,889
|
|
Deduct:
share-based compensation
|
|
|
11,077
|
|
25,473
|
|
25,314
|
|
3,983
|
|
35,994
|
|
63,194
|
|
9,943
|
|
Deduct:
amortization of intangible assets from business
combination
|
1,898
|
|
-
|
|
-
|
|
-
|
|
5,728
|
|
-
|
|
-
|
|
Non-GAAP content
costs
|
|
|
492,308
|
|
649,820
|
|
754,586
|
|
118,728
|
|
1,222,302
|
|
2,024,545
|
|
318,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Non-GAAP Gross
Profit
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Gross
profit
|
|
|
228,370
|
|
254,117
|
|
311,502
|
|
49,013
|
|
589,064
|
|
567,090
|
|
89,226
|
|
Deduct: barter
sublicensing revenues
|
|
|
36,359
|
|
94,891
|
|
153,921
|
|
24,218
|
|
175,291
|
|
332,051
|
|
52,245
|
|
Add back:
amortization of licensed copyrights from nonmonetary content
exchanges
|
45,815
|
|
69,121
|
|
116,175
|
|
18,279
|
|
107,514
|
|
221,741
|
|
34,889
|
|
Add back:
share-based compensation
|
|
|
11,077
|
|
25,473
|
|
25,314
|
|
3,983
|
|
35,994
|
|
63,194
|
|
9,943
|
|
Add back:
amortization of intangible assets from business
combination
|
1,898
|
|
-
|
|
-
|
|
-
|
|
5,728
|
|
-
|
|
-
|
|
Non-GAAP gross
profit (loss)
|
|
|
250,801
|
|
253,820
|
|
299,070
|
|
47,057
|
|
563,009
|
|
519,974
|
|
81,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Non-GAAP
Operating Expenses
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Operating
expenses
|
|
|
450,254
|
|
645,945
|
|
766,547
|
|
120,609
|
|
1,146,417
|
|
1,956,556
|
|
307,847
|
|
Deduct:
share-based compensation
|
|
|
61,295
|
|
118,891
|
|
129,036
|
|
20,303
|
|
188,729
|
|
315,292
|
|
49,608
|
|
Deduct:
amortization of intangible assets from business
combination
|
2,691
|
|
2,689
|
|
2,505
|
|
394
|
|
8,073
|
|
7,885
|
|
1,241
|
|
Non-GAAP
operating expenses
|
|
|
386,268
|
|
524,365
|
|
635,006
|
|
99,912
|
|
949,615
|
|
1,633,379
|
|
256,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Non-GAAP Sales
and Marketing Expenses
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Sales and marketing
expenses
|
|
|
286,186
|
|
354,259
|
|
438,475
|
|
68,990
|
|
683,861
|
|
1,113,167
|
|
175,147
|
|
Deduct:
share-based compensation
|
|
|
22,256
|
|
47,305
|
|
49,054
|
|
7,718
|
|
68,252
|
|
128,710
|
|
20,251
|
|
Deduct:
amortization of intangible assets from business
combination
|
1,344
|
|
1,344
|
|
1,344
|
|
211
|
|
4,032
|
|
4,032
|
|
634
|
|
Non-GAAP
sales and marketing expenses
|
|
|
262,586
|
|
305,610
|
|
388,077
|
|
61,061
|
|
611,577
|
|
980,425
|
|
154,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. Non-GAAP
Product Development Expenses
|
|
|
For the Three
Months Ended
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
Product development
expenses
|
|
|
111,862
|
|
181,856
|
|
205,446
|
|
32,325
|
|
290,551
|
|
526,875
|
|
82,899
|
|
Deduct:
share-based compensation
|
|
|
17,624
|
|
39,159
|
|
41,207
|
|
6,484
|
|
53,836
|
|
99,074
|
|
15,588
|
|
Deduct:
amortization of intangible assets from business
combination
|
905
|
|
903
|
|
903
|
|
142
|
|
2,715
|
|
2,711
|
|
427
|
|
Non-GAAP
product development expenses
|
|
|
93,333
|
|
141,794
|
|
163,336
|
|
25,699
|
|
234,000
|
|
425,090
|
|
66,884
|
|
7. Non-GAAP
General and Administrative Expenses
|
|
|
For the Three
Months Ended
|
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
General and
administrative expenses
|
|
|
52,206
|
|
109,830
|
|
122,626
|
|
19,294
|
|
|
172,005
|
|
316,514
|
|
49,801
|
|
Deduct:
share-based compensation
|
|
|
21,415
|
|
32,427
|
|
38,775
|
|
6,101
|
|
|
66,641
|
|
87,508
|
|
13,769
|
|
Deduct:
amortization of intangible assets from business
combination
|
442
|
|
442
|
|
258
|
|
41
|
|
|
1,326
|
|
1,142
|
|
180
|
|
Non-GAAP
general and administrative expenses
|
|
|
30,349
|
|
76,961
|
|
83,593
|
|
13,152
|
|
|
104,038
|
|
227,864
|
|
35,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8. Non-GAAP Loss
from Operations
|
|
|
For the Three
Months Ended
|
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Loss from
operations
|
|
|
(220,774)
|
|
(380,753)
|
|
(454,666)
|
|
(71,536)
|
|
|
(555,363)
|
|
(1,377,889)
|
|
(216,799)
|
|
Deduct: barter
sublicensing revenues
|
|
|
36,359
|
|
94,891
|
|
153,921
|
|
24,218
|
|
|
175,291
|
|
332,051
|
|
52,245
|
|
Add back:
amortization of licensed copyrights from nonmonetary content
exchanges
|
45,815
|
|
69,121
|
|
116,175
|
|
18,279
|
|
|
107,514
|
|
221,741
|
|
34,889
|
|
Add back:
share-based compensation
|
|
|
72,372
|
|
144,364
|
|
154,350
|
|
24,286
|
|
|
224,723
|
|
378,486
|
|
59,551
|
|
Add back:
amortization of intangible assets from business
combination
|
4,589
|
|
2,689
|
|
2,505
|
|
394
|
|
|
13,801
|
|
7,885
|
|
1,241
|
|
Non-GAAP
loss from operations
|
|
|
(134,357)
|
|
(259,470)
|
|
(335,557)
|
|
(52,795)
|
|
|
(384,616)
|
|
(1,101,828)
|
|
(173,363)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. Non-GAAP Net
Loss
|
|
|
For the Three
Months Ended
|
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
loss
|
|
|
(197,649)
|
|
(342,019)
|
|
(435,581)
|
|
(68,534)
|
|
|
(515,971)
|
|
(1,295,041)
|
|
(203,763)
|
|
Deduct: barter
sublicensing revenues
|
|
|
36,359
|
|
94,891
|
|
153,921
|
|
24,218
|
|
|
175,291
|
|
332,051
|
|
52,245
|
|
Add back:
amortization of licensed copyrights from nonmonetary content
exchanges
|
45,815
|
|
69,121
|
|
116,175
|
|
18,279
|
|
|
107,514
|
|
221,741
|
|
34,889
|
|
Add back:
share-based compensation
|
|
|
72,372
|
|
144,364
|
|
154,350
|
|
24,286
|
|
|
224,723
|
|
378,486
|
|
59,551
|
|
Add back:
amortization of intangible assets from business
combination
|
4,589
|
|
2,689
|
|
2,505
|
|
394
|
|
|
13,801
|
|
7,885
|
|
1,241
|
|
Non-GAAP net
loss
|
|
|
(111,232)
|
|
(220,736)
|
|
(316,472)
|
|
(49,793)
|
|
|
(345,224)
|
|
(1,018,980)
|
|
(160,327)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10. Non-GAAP
adjusted EBITDA Loss
|
|
|
For the Three
Months Ended
|
|
|
For the Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
June 30,
2015
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
September 30,
2014
|
|
September 30,
2015
|
|
September 30,
2015
|
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
Net
loss
|
|
|
(197,649)
|
|
(342,019)
|
|
(435,581)
|
|
(68,534)
|
|
|
(515,971)
|
|
(1,295,041)
|
|
(203,763)
|
|
Add
back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization (excluding amortization of acquired content)
(2)
|
32,091
|
|
45,223
|
|
51,217
|
|
8,059
|
|
|
89,316
|
|
137,126
|
|
21,576
|
|
Interest
income
|
|
|
(22,694)
|
|
(34,265)
|
|
(28,678)
|
|
(4,512)
|
|
|
(38,670)
|
|
(92,754)
|
|
(14,594)
|
|
Interest
expenses
|
|
|
-
|
|
17,126
|
|
14,580
|
|
2,294
|
|
|
-
|
|
42,449
|
|
6,679
|
|
Income
taxes
|
|
|
-
|
|
(21,273)
|
|
20,316
|
|
3,197
|
|
|
12
|
|
(813)
|
|
(128)
|
|
EBITDA
loss
|
|
|
(188,252)
|
|
(335,208)
|
|
(378,146)
|
|
(59,496)
|
|
|
(465,313)
|
|
(1,209,033)
|
|
(190,230)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Barter
sublicensing revenues
|
|
|
(36,359)
|
|
(94,891)
|
|
(153,921)
|
|
(24,218)
|
|
|
(175,291)
|
|
(332,051)
|
|
(52,245)
|
|
Amortization of
licensed copyrights from nonmonetary content
exchanges
|
45,815
|
|
69,121
|
|
116,175
|
|
18,279
|
|
|
107,514
|
|
221,741
|
|
34,889
|
|
Share-based
compensation
|
|
|
72,372
|
|
144,364
|
|
154,350
|
|
24,286
|
|
|
224,723
|
|
378,486
|
|
59,551
|
|
Amortization of
intangible assets from business combination
|
|
4,589
|
|
2,689
|
|
2,505
|
|
394
|
|
|
13,801
|
|
7,885
|
|
1,241
|
|
Others,
net
|
|
|
(431)
|
|
(1,781)
|
|
(27,281)
|
|
(4,292)
|
|
|
(734)
|
|
(36,414)
|
|
(5,730)
|
|
Non-GAAP adjusted
EBITDA loss
|
|
|
(102,266)
|
|
(215,706)
|
|
(286,318)
|
|
(45,047)
|
|
|
(295,300)
|
|
(969,386)
|
|
(152,524)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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-third-quarter-2015-unaudited-financial-results-300181898.html
SOURCE Youku Tudou Inc.