Tudou Reports Third Quarter 2011 Financial Results Net Revenues Up 52.1% Year-over-Year

Registered Users Increase to Over 96 Million

Live Conference Call to be Held at 7:30 AM U.S. Eastern Time, November 15

SHANGHAI, Nov. 14, 2011 /PRNewswire-Asia/ -- Tudou Holdings Limited (NASDAQ: TUDO) ("Tudou" or the "Company"), a leading online video company in China, today announced its unaudited financial results for the third quarter of 2011. The Company will hold a conference call at 7:30 am U.S. Eastern Time on November 15, 2011. Dial-in details are provided below.

Third Quarter 2011 Financial Highlights

  • Net revenues were RMB 149.7 million (US$ 23.5 million) up 52.1% year-over-year and 28.3% quarter-over-quarter.
  • Online advertising service revenues were RMB 126.5 million (US$ 19.8 million) up 43.4% year-over-year and 23.8% quarter-over-quarter.
  • Mobile video service revenues were RMB 16.2 million (US$ 2.5 million) up 95.0% year-over-year and 45.8% quarter-over-quarter.

"We are pleased to see growing demand for Tudou's online video platform as evidenced by our healthy revenue growth," said Gary Wang, Founder, Chairman and Chief Executive Officer of the Company. "We are also proud of the recent completion of several strategic cooperation agreements as discussed in 'Recent Developments' as well as our Nasdaq listing, landmark events that we believe will bring significant benefits to our shareholders, advertisers and web users. We reached these milestones with the valued support of Tudou's customers, suppliers and employees."

Sam Lai, Director and Chief Financial Officer of the Company, commented: "We are pleased with the third quarter results that reflect tangible progress in our operational results and top line growth. Tudou's management is working to strengthen our platform and services, grow a loyal user base and focus on enhancing user experience. We expect to work towards these goals through a combination of organic growth, cooperation and marketing alliances"

Third Quarter 2011 Financial Results

REVENUES: Net revenues for the third quarter of 2011 increased by 52.1 % to RMB 149.7 million (US$ 23.5 million) from RMB98.4 million in the corresponding period in 2010(1). The increase was primarily attributable to the increase in net revenues from the Company's online advertising services.

Online advertising service revenues for the third quarter of 2011 increased by 43.4% to RMB126.5 million (US$ 19.8 million) from RMB88.2 million in the corresponding period in 2010. This was primarily attributable to an increase in the average spending per advertiser from existing advertisers.

The Company generated net revenues from mobile video services of RMB 16.2 million (US$ 2.5 million), representing a 95.0% increase from RMB8.3 million for the corresponding period in 2010.

(1) The Company records revenue on a net basis and the net revenues are presented net of RMB27.9 million (US$4.4million) of agency fees paid to third party advertising agencies as a reduction of revenues over the period when the related revenues was recognized and sales tax of RMB20.2 million (US$3.2million), compared to RMB16.3 million of agency fees paid to third party advertising agencies and sales tax of RMB13.7 million in the corresponding period in 2010.



COST OF REVENUES: Cost of revenues increased by 103.9% to RMB101.1 million (US$15.9 million) from RMB49.6 million in the corresponding period in 2010. The increase was primarily attributable to the increase in Internet bandwidth costs and content costs. Internet bandwidth costs totaled RMB44.2 million (US$6.9 million), or 29.5% of net revenues compared to RMB26.7 million, or 27.1% of net revenues in the corresponding period in 2010. The increase in Internet bandwidth costs was primarily due to the Company's Internet bandwidth expansion in response to increased traffic on its website. Content costs consist of amortization of the premium licensed content, salaries and benefits for staff, as well as the production cost for content produced in-house. Content costs totaled RMB42.5 million (US$6.7 million), or 28.4% of net revenues, compared to RMB12.5 million, or 12.7% of net revenues, in the corresponding period in 2010. The increase in content costs was primarily due to increased licensed content purchases as well as the rising cost of licensed content associated with increased industry demand.

GROSS PROFIT: For the third quarter of 2011, gross profit totaled RMB48.5 million (US$7.6 million), compared to RMB 48.8 million in the corresponding period in 2010. Gross margin was 32.4% compared to 49.6% in the corresponding period in 2010. The decline in gross margin was primarily due to the increase in Internet bandwidth costs and licensed content costs.

OPERATING EXPENSES: Total operating expenses for the third quarter of 2011 were RMB64.4 million (US$10.1 million) compared to RMB41.5 million in the corresponding period in 2010. The increase was primarily due to a RMB20.4 million increase in sales and marketing expense mainly as a result of the Company's hiring additional sales professionals. This was partially offset by a RMB31.0 million (US$4.9 million) decrease in share-based compensation expenses due to the decrease in fair value of the liability awards prior to the completion of the Company's initial public offering in August 2011.

FAIR VALUE CHANGES IN WARRANT LIABILITIES:  The Company recorded a gain of RMB75.6 million (US$11.9 million) in the third quarter of 2011 from fair value changes in warrants that the Company issued in connection with the issuance of a convertible loan in April 2010 and the warrants issued with the issuance of Series E preferred shares in July 2010, compared to a gain of RMB14.1 million in the corresponding period in 2010. The warrant holders exercised all such warrants in August 2011.

NET INCOME: Net income for the third quarter of 2011 increased to RMB52.5 million (US$8.2 million) from a net loss of RMB 0.5 million in corresponding period in 2010.

ADJUSTED NET INCOME (LOSS): Adjusted net loss for the third quarter of 2011, which excludes a decrease of RMB32.5 million in share-based compensation expense and RMB75.6 million of fair value changes in warrant liabilities, was RMB55.6 million (US$8.7 million) compared to adjusted net income of RMB0.2 million in the corresponding period in 2010. See "About Non-GAAP Financial Measures" below.

Business Outlook

For the fourth quarter of 2011, the Company expects year-on-year growth in net revenues of 55% to 60%. This forecast reflects the Company's current and preliminary view, which is subject to change.

Recent Developments

The Company successfully completed its initial public offering and listing of 6,000,000 ADSs on the NASDAQ Global Market in August 2011. The Company raised net proceeds of approximately US$143.5 million from the offering.

In August 2011, Tudou and Leshi Internet Information & Technology (Beijing) Co. Ltd. ("LeTV") entered into a revenue sharing arrangement. Under the arrangement, starting in October 2011, much of LeTV's extensive content portfolio of over 680 TV episodes and 650 movies has begun to be aired on the website of tudou.letv.com.

In October 2011, the Company entered into an agreement with The Walt Disney Company (NYSE: DIS) for the online distribution rights to the Pixar animation movie, Cars 2, in Mainland China. The Company began airing Cars 2 on Tudou.com on October 24, 2011, which is available for on-demand viewing for a fee in Mandarin, Cantonese or English language versions.

On October 18, 2011, the Company announced that it had entered into an agreement with LeTV in Shanghai to form a strategic joint venture. The Company believes this will significantly enhance the growth of its licensed content library in a cost-effective manner.

Conference Call

The Company will hold a conference call on November 15, 2011 at 7:30 am Eastern Time to discuss the third quarter 2011 financial and operating performance. Listeners may access the call by dialing the following numbers:

United States Toll Free:

+1-855-500-8701

International:

+1-646-254-3515

China Domestic:

400-1200654

Hong Kong:

+852-305-12745

Conference ID:

26228862



The replay will be accessible through November 21, 2011 by dialing the following numbers:

United States Toll Free:

+1-866-214-5335

International:

+1-718-354-1232

China Domestic:

400-6920026

Conference ID:

26228862



A webcast of the conference call will be available through the Company's investor relations website at http://ir.tudou.com/.

About Non-GAAP Financial Measures

We define adjusted net income (loss), a non-GAAP financial measure, as net income (loss) excluding share-based compensation expenses, beneficial conversion charge on convertible loan and fair value changes in warrant liabilities. We review adjusted net income (loss) together with net income (loss) to obtain a better understanding of our operating performance. We also believe it is useful supplemental information for investors and other interested persons to assess our operating performance without the effect of non-cash beneficial conversion charge on convertible loan and fair value changes in warrant liabilities, which will not likely be recurring factors in our business in the future, and share-based compensation expenses, which have been and will continue to be a significant recurring factor in our business.

We present this non-GAAP financial measure because this is used by our management to evaluate our operating performance. We believe that the non-GAAP financial measure provides useful information to investors and other interested persons because by having access to such information they will have the same data we use to assess our operating performance, and because such information allows them to understand and evaluate our consolidated results of operations in the same manner as our management and to make period over period comparison of our financial results. However, the use of adjusted net income (loss) has material limitations as an analytical tool. One of the limitations of using non-GAAP adjusted net income (loss) is that it does not include all items that impact our net income (loss) for the period. In addition, because adjusted net income (loss) may not be calculated in the same manner by all companies, it may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider adjusted net income (loss) in isolation from or as an alternative to net income (loss) prepared in accordance with U.S. GAAP. We encourage investors and other interested persons to review our financial information in its entirety and not rely on a single financial measure.

Exchange Rate

This press release contains translations of certain Renminbi amounts into US dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to US dollars for the quarter ended September 30, 2011, were made at a rate of RMB 6.3780 to US$1.00, the noon buying rate in effect on September 30, 2011 in the City of New York for cable transfers in Renminbi per U.S. dollar as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at such rate.

About Tudou.com:

Tudou.com is a leading online video company in China, where users can upload, view and share videos. The Company's comprehensive video content library includes user generated videos, premium licensed content and made-for-Internet, in-house produced original series. The Company is also a key supporter of aspiring artists through various initiatives including Warehouse No. 6, its independent talent incubator; "Orange Box," its in-house production program; and its annual Tudou Video Festival. Tudou's vision is to build an online community of video enthusiasts where people can find what they want to watch, share what they create and connect with like-minded people.

Investor Relations Contact:

ICR, Inc.
Jeremy Peruski
+1 (646) 405-4884
IR@tudou.com

Safe Harbor: Forward Looking Statements

This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "may", "will," "expects," "anticipates," "future," "intends," "plans," "believes," "aims", "estimates," "confident", "likely to" and similar statements. Among other things, the Company's business outlook and revenue guidance for the fourth quarter of 2011, as well as Tudou's strategic and operational plans contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's business strategies and initiatives as well as its business plans; the Company's future business development, results of operations and financial condition; changes in the Company's revenues and certain cost or expense items; the Company's expectations with respect to increased revenue growth and its ability to sustain profitability; the Company's services under development or planning; the Company's ability to attract users and advertisers and enhance its brand recognition; the success of the Company's cooperation agreement and other agreements with Disney and other entities; the ability of the online video and advertising  industry in China to grow at rates projected by market data, or at all. Any of the foregoing risks may have a material adverse effect on the Company's business and the market price of its ADSs. In addition, the rapidly changing nature of the online video and advertising industry in China subjects any projections or estimates relating to the growth prospects or future condition of the Company's market to significant uncertainties. If any one or more of the assumptions underlying the market data turns out to be incorrect, actual results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking statements. Further information regarding these and other risks is included in the Company's registration statement on Form F-1 filed with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company undertakes no duty to update such information, except as required under applicable law.

Tudou Holdings Limited

Consolidated Balance Sheet Information

(Amounts expressed in RMB unless otherwise stated)



Sept 30, 2010

June 30, 2011

Sept 30, 2011

Sept 30, 2011


(unaudited)

(unaudited)

(unaudited)

(unaudited)


RMB

RMB

RMB

US$






Assets










Current assets:





Cash and cash equivalent

307,078,977

135,769,594

1,074,322,010

168,441,833

Restricted cash

68,144,800

78,629,940

94,438,751

14,806,954

Short term investments

6,034,165

-

-

-

Accounts receivable, net

205,355,937

259,354,944

293,923,363

46,083,939

Prepayments and other current assets

12,017,198

34,481,051

92,669,121

14,529,495

Content purchased

1,389,728

18,720,530

18,533,612

2,905,866

Content produced

5,212,980

-

3,968,323

622,189

Total current assets

605,233,785

526,956,059

1,577,855,180

247,390,276

Property and equipment, net

39,508,125

66,825,250

80,784,856

12,666,174

Intangible assets

-

4,696,093

5,399,122

846,523

Other assets

-

4,282,679

4,247,089

665,897

Other long-term receivables

-

-

10,000,000

1,567,890

Content purchased

19,676,517

59,980,909

83,488,337

13,090,050

Total assets

664,418,427

662,740,990

1,761,774,584

276,226,810






Liabilities and shareholders' equity










Current liabilities:





Accounts payable

47,759,937

76,297,318

98,360,113

15,421,780

Tax payable

15,309,327

25,456,201

31,841,525

4,992,400

Accrued liabilities and other payables

110,601,338

170,319,316

193,561,100

30,348,245

Short-term loan

61,243,510

72,343,510

83,343,510

13,067,342

Share-based compensation liability

27,001,509

263,420,394

-

-

Total current liabilities

261,915,621

607,836,739

407,106,248

63,829,767






Warrant liabilities

12,491,628

343,404,204

-

-

Total liabilities

274,407,249

951,240,943

407,106,248

63,829,767






Series A redeemable convertible preferred shares

7,259,235

7,617,308

-

-

Series B redeemable convertible preferred shares

56,959,249

55,008,503

-

-

Series C redeemable convertible preferred shares

127,320,900

122,960,400

-

-

Series D redeemable convertible preferred shares

380,622,480

367,586,880

-

-

Series E redeemable convertible preferred shares

332,348,298

378,063,467

-

-






Shareholders’ equity





Ordinary shares

9,700

9,700

74,608

11,698

Additional paid-in capital

11,054,330

11,054,330

2,533,580,756

397,237,497

Accumulated deficit

(525,563,014)

(1,230,800,541)

(1,178,987,028)

(184,852,152)

Total shareholders’ equity

(514,498,984)

(1,219,736,511)

1,354,668,336

212,397,043






Total liabilities and shareholders’ equity

664,418,427

662,740,990

1,761,774,584

276,226,810













Tudou Holdings Limited

Consolidated Statement of Operations Information

(Amounts expressed in RMB unless otherwise stated)



For the Three Months Ended,


For the Nine Months Ended



Sept 30,  2010

June 30,  2011

Sept 30,  2011

Sept 30,  2011


Sept 30,  2010

Sept 30,  2011

Sept 30,  2011


(unaudited)

(unaudited)

(unaudited)

(unaudited)


(unaudited)

(unaudited)

(unaudited)


RMB

RMB

RMB

US$


RMB

RMB

US$










Revenues

112,150,281

131,307,230

169,849,583

26,630,540


215,184,205

392,575,581

61,551,518

Sales tax

(13,748,892)

(14,635,680)

(20,191,808)

(3,165,853)


(27,013,199)

(46,869,285)

(7,348,587)

Net revenues

98,401,389

116,671,550

149,657,775

23,464,687


188,171,006

345,706,296

54,202,931

Cost of revenues

(49,598,409)

(85,577,861)

(101,124,670)

(15,855,232)


(153,102,003)

(267,698,361)

(41,972,148)

Gross profit

48,802,980

31,093,689

48,533,105

7,609,455


35,069,003

78,007,935

12,230,783










Operating expenses:









Sales and marketing expenses

(29,024,086)

(55,679,672)

(49,410,940)

(7,747,090)


(79,932,832)

(181,474,542)

(28,453,205)

General and administrative expenses

(12,429,053)

(31,029,507)

(14,988,226)

(2,349,988)


(26,186,491)

(129,905,287)

(20,367,715)

Total operating expenses

(41,453,139)

(86,709,179)

(64,399,166)

(10,097,078)


(106,119,323)

(311,379,829)

(48,820,920)










Income/(loss) from operations

7,349,841

(55,615,490)

(15,866,061)

(2,487,623)


(71,050,320)

(233,371,894)

(36,590,137)










Finance income

56,717

76,330

51,789

8,120


349,182

204,776

32,107

Finance expense

(8,236,696)

(1,090,078)

(1,354,304)

(212,340)


(12,002,749)

(3,311,544)

(519,214)

Other expense


(119,253)

(1,100)

(172)


(19,062)

(120,353)

(18,870)

Foreign exchange loss

(2,806,388)

(3,135,290)

(5,923,547)

(928,747)


(6,910,287)

(11,973,220)

(1,877,269)

Beneficial conversion charge on convertible loan

(10,966,998)

-

-

-


(10,966,998)

-

-

Fair value change in warrant liabilities

14,087,376

(18,979,502)

75,632,028

11,858,267


16,867,923

(113,732,565)

(17,832,011)

Income/(loss) before income taxes

(516,148)

(78,863,283)

52,538,805

8,237,505


(83,732,311)

(362,304,800)

(56,805,394)










Income taxes


















Net Income/(loss)

(516,148)

(78,863,283)

52,538,805

8,237,505


(83,732,311)

(362,304,800)

(56,805,394)










Earnings per ordinary share









- Basic

(0.04)

(6.57)

0.85

0.13


(6.98)

(12.62)

(1.98)

- Diluted

(0.04)

(6.57)

0.83

0.13


(6.98)

(12.62)

(1.98)










Earnings per ADS









- Basic

(0.17)

(26.29)

3.41

0.53


(27.91)

(50.46)

(7.91)

- Diluted

(0.17)

(26.29)

3.32

0.52


(27.91)

(50.46)

(7.91)










Weighted average ordinary shares
outstanding









- Basic

12,000,000

12,000,000

61,610,329

61,610,329


12,000,000

28,718,499

28,718,499

- Diluted

12,000,000

12,000,000

63,240,028

63,240,028


12,000,000

28,718,499

28,718,499



















Share-based compensation was allocated in operating expenses as follows:









Cost of revenues

639,551

3,038,065

(4,689,054)

(735,192)


(784,451)

13,067,015

2,048,764

Sales and marketing expenses

1,264,985

9,803,139

(9,908,829)

(1,553,595)


(762,042)

34,942,968

5,478,672

General and administrative expenses

1,892,016

9,809,598

(17,923,310)

(2,810,177)


(1,028,977)

48,735,871

7,641,247




Tudou Holdings Limited

Adjusted Net Loss - Non-GAAP Reconciliation

(Amounts expressed in RMB unless otherwise stated)




For the Three Months Ended,


For the Nine Months Ended,



Sept 30, 2010

June 30, 2011

Sept 30, 2011

Sept 30, 2011


Sept 30, 2010

Sept 30, 2011

Sept 30, 2011



(unaudited)

(unaudited)

(unaudited)

(unaudited)


(unaudited)

(unaudited)

(unaudited)



RMB

RMB

RMB

US$


RMB

RMB

US$











Net income/(loss)

(516,148)

(78,863,283)

52,538,805

8,237,505


(83,732,311)

(362,304,800)

(56,805,394)











Add back:

share-based compensation expenses/(gains)

3,796,552

22,650,802

(32,521,193)

(5,098,964)


(2,575,470)

96,745,854

15,168,683


beneficial conversion charge on convertible loan

10,966,998

-

-

-


10,966,998

-

-


fair value changes in warrant liabilities

(14,087,376)

18,979,502

(75,632,028)

(11,858,267)


(16,867,923)

113,732,565

17,832,011











Adjusted net income/(loss)


160,026

(37,232,979)

(55,614,416)

(8,719,726)


(92,208,706)

(151,826,381)

(23,804,700)




Tudou Holdings Limited

Consolidated Statements of Cash Flows

(Amounts expressed in RMB unless otherwise stated)



For the Three Months Ended


Sept 30,  2010

June 30,  2011

Sept 30,  2011

Sept 30,  2011


(unaudited)

(unaudited)

(unaudited)

(unaudited)


RMB

RMB

RMB

US$











Cash flows from operating activities:





Net (loss)/profit

(516,148)

(78,863,283)

52,538,805

8,237,505

Adjustments to reconcile net (loss)/profit to net cash (used in) provided by operating activities:





Depreciation of equipment

5,913,321

6,734,331

8,022,134

1,257,782

Amortization of intangible assets

-

50,405

114,671

17,979

Amortization of other assets

-

35,590

35,590

5,580

Provision for doubtful accounts

1,347,590

4,085,033

10,396,926

1,630,123

Amortization of the premium content licensed

3,954,423

18,124,644

23,572,294

3,695,876

Amortization of the content produced

-

3,497,227

-

-

Share-based compensation

3,796,552

22,650,802

(32,521,193)

(5,098,964)

Interest expense from the accretion of the convertible loan

7,451,088

-

-

-

Beneficial conversion charge on convertible loan

10,966,998

-

-

-

Fair value changes in warrant liabilities

(14,087,376)

18,979,502

(75,632,028)

(11,858,267)

Foreign exchange loss

2,806,388

3,135,290

5,923,547

928,747






Changes in operating assets and liabilities:





Accounts receivables

(75,976,851)

(9,304,512)

(44,965,344)

(7,050,070)

Prepayments and other current assets

(928,135)

(2,242,691)

(282,135)

(44,236)

Other long-term receivables

-

-

(10,000,000)

(1,567,890)

Content produced

(3,030,500)

-

(3,968,323)

(622,189)

Accounts payable

10,426,987

(2,172,159)

19,731,048

3,093,611

Business tax payable

5,767,211

3,005,534

6,385,324

1,001,148

Other payables and accruals

24,075,456

9,368,177

34,298,734

5,377,663






Net cash used in operating activities

(18,032,996)

(2,916,110)

(6,349,950)

(995,602)






Cash flows from investing activities:





Purchase of equipment

(7,056,218)

(18,344,013)

(23,682,454)

(3,713,147)

Purchase of intangible assets

-

(463,656)

(817,700)

(128,206)

Advance payment for content purchased

-

-

(80,784,271)

(12,666,082)

Cash paid for premium content licensed

(22,892,758)

(45,761,160)

(42,860,344)

(6,720,029)

Cash received from maturity of short-term investment

20,193,280

-

-

-

Net increase in restricted cash

(11,508,694)

(13,065,940)

(15,808,811)

(2,478,647)

Net cash used in investing activities

(21,264,390)

(77,634,769)

(163,953,580)

(25,706,111)






Cash flows from financing activities:





Proceeds from issuance of the redeemable convertible preferred shares

236,434,080

-

-

-

Cash received from short-term loan

29,968,573

11,100,000

21,000,000

3,292,568

Cash paid for the repayment of short-term loan

(20,000,000)

-

(10,000,000)

(1,567,890)

Cash received from exercise of warrants

-

-

160,423,540

25,152,640

Cash received from public offering

-

-

961,381,493

150,734,006

Cash paid for initial public offering cost

-

(613,685)

(18,025,540)

(2,826,206)

Net cash provided by financing activities

246,402,653

10,486,315

1,114,779,493

174,785,118






Net increase/(decrease) in cash and cash equivalents

207,105,267

(70,064,564)

944,475,963

148,083,405






Cash and cash equivalents at beginning of period

102,780,098

208,969,448

135,769,594

21,287,174

Effect of foreign exchange rate change on cash

(2,806,388)

(3,135,290)

(5,923,547)

(928,746)

Cash and cash equivalents at end of period

307,078,977

135,769,594

1,074,322,010

168,441,833






Supplementary Disclosure of Cash Flow Information





Cash paid for income taxes

-

-

-

-

Cash paid for interest

641,546

1,034,405

1,350,486

211,741






Supplementary Disclosure of Non-cash Investing and Financial Activities





Unpaid deferred expenses/Payables related to the initial public offering

736,841

17,477,601

11,056,949

1,733,608

Payables related to purchase of equipment

3,532,565

19,702,648

1,700,714

266,653

Payables related to premium content licensed

2,641,516

9,895,500

4,032,461

632,245

Payables related to PRC advertising license qualification right

-

300,124

-

-

Conversion of the convertible loan to redeemable convertible preferred shares

102,394,500

-

-

-




SOURCE Tudou.com



RELATED LINKS
http://www.tudou.com
http://ir.tudou.com/
http;//tudou.letv.com

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