JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global
technology company, today announced its unaudited financial results
for the third quarter of 2024.
Third Quarter 2024 Financial
Highlights1
- Net revenues were US$558.7 million, compared
to US$567.1 million in the corresponding period of 2023.
- Net income attributable to controlling interest of
JOYY2 was US$60.6 million, compared to US$72.9 million in
the corresponding period of 2023.
- Non-GAAP net income attributable to controlling
interest and common shareholders of JOYY3 was US$61.2
million, compared to US$81.2 million in the corresponding period of
2023.
Third Quarter 2024 Operational
Highlights
- Average mobile MAUs of Bigo Live was 36.5
million, compared to 40.3 million in the corresponding period of
2023.
- Average mobile MAUs of Likee was 33.9 million,
compared to 41.0 million in the corresponding period of 2023,
primarily due to disciplined spending on user acquisition via
advertisement.
- Average mobile MAUs of Hago was 4.3 million,
compared to 5.0 million in the corresponding period of 2023,
primarily due to disciplined spending on user acquisition via
advertisement.
- Global average mobile MAUs4 was 272.4 million,
compared to 276.8 million in the corresponding period of 2023.
- Total number of paying users of BIGO (including Bigo
Live, Likee and imo)5 was 1.62 million, compared to 1.61
million in the corresponding period of 2023.
- Average revenue per paying user, or ARPPU, of BIGO
(including Bigo Live, Likee and imo)6 was US$231.4,
compared to US$253.4 in the corresponding period of 2023.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY,
commented, “During the third quarter, we continued to execute
effectively on our strategic priorities, cultivating our global
social and content ecosystem and enhancing our global operational
capabilities and efficiencies, which yielded solid results. Our
group’s GAAP and non-GAAP operating income was US$16.4 million and
US$34.9 million respectively, up by 623.5% and 16.4% on a quarterly
basis. During the third quarter, we continued to cultivate long-run
initiatives that will further diversify our revenue. Our group’s
non-livestreaming revenues grew by 13.1% to US$119.2 million
quarter-over-quarter, contributing 21.3% of the group’s total
revenue in the third quarter. In addition, we reaffirmed our
commitment to shareholder returns by repurchasing an additional
US$117.8 million worth of our shares during the quarter.”
“Looking ahead, we remain focused on enhancing user experiences
through product innovation, advancing operational excellence across
our global footprint, and further diversifying our revenue streams.
Supported by our strong cash flow and healthy financial position,
we are well-positioned to deliver sustainable, profitable growth
and create lasting value for our shareholders.”
Third Quarter 2024 Financial
Results
NET REVENUES
Net revenues were US$558.7 million in the third quarter of 2024,
compared to US$567.1 million in the corresponding period of
2023.
Live streaming revenues were US$439.5 million in the third
quarter of 2024, compared to US$495.8 million in the corresponding
period of 2023. The decrease was mainly the result of decreased
ARPPU of BIGO, and certain adjustments to our audio livestreaming
products.
Other revenues increased by 67.2% to US$119.2 million in the
third quarter of 2024 from US$71.3 million in the corresponding
period of 2023, primarily due to the substantial growth of our
advertisement revenues.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by 2.1% to US$350.5 million in the
third quarter of 2024 from US$357.9 million in the corresponding
period of 2023. BIGO’s cost of revenues increased by 4.5% to
US$312.6 million, primarily due to increased revenue-sharing fees
and content costs, driven by increased traffic acquisition costs
paid to third-party partners in relation to our expanding
advertising business. All other’s cost of revenues decreased by
35.3% to US$38.1 million, consistent with the decline in segment
revenue.
Gross profit was US$208.1 million in the third quarter of 2024,
compared to US$209.2 million in the corresponding period of 2023.
Gross margin was 37.3% in the third quarter of 2024, compared to
36.9% in the corresponding period of 2023.
OPERATING EXPENSES AND INCOME
Operating expenses were US$192.0 million in the third quarter of
2024, compared to US$191.3 million in the corresponding period of
2023. Among the operating expenses, sales and marketing expenses
decreased to US$83.5 million for the third quarter of 2024 from
US$92.5 million in the corresponding period of 2023, primarily due
to the Company’s optimization of overall sales and marketing
strategies across various product lines to be more focused on
return-on-investment and effectiveness of user acquisition. General
and administrative expenses increased to US$36.1 million for the
third quarter of 2024 from US$27.1 million in the corresponding
period of 2023, primarily due to increases in salary and welfare
for general and administrative personnel.
Operating income was US$16.4 million in the third quarter of
2024, compared to US$12.0 million in the corresponding period of
2023. Operating income margin was 2.9% in the third quarter of
2024, compared to 2.1% in the corresponding period of 2023.
Non-GAAP operating income7 was US$34.9 million in the third
quarter of 2024, compared to US$40.4 million in the corresponding
period of 2023. Non-GAAP operating income margin8 was 6.2% in the
third quarter of 2024, compared to 7.1% in the corresponding period
of 2023.
NET INCOME
Net income attributable to controlling interest of JOYY was
US$60.6 million in the third quarter of 2024, compared to US$72.9
million in the corresponding period of 2023. Net income margin was
10.8% in the third quarter of 2024, compared to 12.9% in the
corresponding period of 2023.
Non-GAAP net income attributable to controlling
interest and common shareholders of JOYY was US$61.2 million in the
third quarter of 2024, compared to US$81.2 million in the
corresponding period of 2023. Non-GAAP net income margin9 was 10.9%
in the third quarter of 2024, compared to non-GAAP net income
margin of 14.3% in the corresponding period of 2023.
NET INCOME PER ADS
Diluted net income per ADS10 was US$1.05 in the third quarter of
2024, compared to US$1.86 in the corresponding period of 2023.
Non-GAAP diluted net income per ADS11 was US$1.07 in the third
quarter of 2024, compared to US$1.22 in the corresponding period of
2023.
BALANCE SHEET AND CASH FLOWS
As of September 30, 2024, the Company had net cash12 of
US$3,302.1 million, compared with US$3,357.9 million as of December
31, 2023. For the third quarter of 2024, net cash from operating
activities was US$61.1 million.
SHARES OUTSTANDING
As of September 30, 2024, the Company had a total of 1,076.6
million common shares outstanding, representing the equivalent of
53.8 million ADSs assuming the conversion of all common shares into
ADSs.
Business Outlook
For the fourth quarter of 2024, the Company expects net revenues
to be between US$546 million and US$563 million. This forecast
reflects the Company’s current and preliminary views on the market,
operational conditions and business strategies, which are subject
to changes, particularly as to the potential impact from increasing
macroeconomic uncertainties.
Share Repurchase Program
During the quarter ended September 30, 2024, the
Company repurchased 3.43 million of its ADSs for a total of
US$117.8 million on the open market. During the first three
quarters of 2024, the Company has repurchased 7.31 million of its
ADSs for a total of US$243.7 million.
Pursuant to the share repurchase program which
was extended by the board of directors in August 2024, the Company
may repurchase up to US$400 million of its shares until the end of
November 2025. As of September 30, 2024, the Company has utilized
US$117.8 million under the program.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern
Time on Tuesday, November 26, 2024 (10:00 AM Singapore/Hong Kong
Time on Wednesday, November 27, 2024). Details for the conference
call are as follows:
Event Title: JOYY Inc. Third Quarter 2024 Earnings Conference
Call
Conference ID: #10043422
All participants may use the link provided below to complete the
online registration process in advance of the conference call. Upon
registration, each participant will receive a set of participant
dial-in numbers, the Direct Event passcode, and a unique PIN by
email.
PRE-REGISTER LINK:
https://s1.c-conf.com/diamondpass/10043422-tuhgyr.html
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
https://ir.joyy.com.
The replay will be accessible through December 4, 2024, by
dialing the following numbers:
|
United States: |
1-855-883-1031 |
|
Singapore: |
800-101-3223 |
|
Hong Kong: |
800-930-639 |
|
Conference ID: |
#10043422 |
|
|
|
About JOYY Inc.
JOYY is a leading global technology company with a mission to
enrich lives through technology. JOYY currently operates several
social products, including Bigo Live for live streaming, Likee for
short-form videos, Hago for multiplayer social networking, an
instant messaging product, and others. The Company has created a
highly engaging and vibrant user community for users across the
globe. JOYY’s ADSs have been listed on the NASDAQ since November
2012.
Safe Harbor Statement
This press release 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 press
release, as well as JOYY’s strategic and operational plans, contain
forward-looking statements. JOYY may also make written or oral
forward-looking statements in its periodic reports to 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 JOYY’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: JOYY’s goals and strategies; JOYY’s future business
development, results of operations and financial condition; the
expected growth of the global online communication social platform
market; the expectation regarding the rate at which to gain active
users, especially paying users; JOYY’s ability to monetize the user
base; the developments in the sale of YY Live; fluctuations in
global economic and business conditions; and assumptions underlying
or related to any of the foregoing. A more detailed and full
discussion of those risks and other potential risks is included in
JOYY’s filings with the SEC. All information provided in this press
release and in the attachments is as of the date of this press
release, and JOYY does not undertake any obligation to update any
forward- looking statement, except as required under applicable
law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is
prepared in conformity with accounting principles generally
accepted in the United States of America (“U.S. GAAP”). JOYY uses
non-GAAP operating income, non-GAAP operating (loss) margin,
non-GAAP net income (loss) attributable to controlling interest of
JOYY, non-GAAP net income (loss) margin attributable to controlling
interest of JOYY, non-GAAP net income (loss) attributable to common
shareholders of JOYY, and basic and diluted non-GAAP net income
(loss) per ADS, all of which are non-GAAP financial measures
adjusted from the most comparable U.S. GAAP results. Non-GAAP
operating income (loss) is operating income (loss) excluding
share-based compensation expenses, impairment of goodwill and
investments, amortization of intangible assets from business
acquisitions, and gain (loss) on disposal of subsidiaries and
business. Non-GAAP operating (loss) margin is non-GAAP operating
income as a percentage of net revenues. Non-GAAP net income (loss)
is net income (loss) excluding share-based compensation expenses,
impairment of goodwill and investments, amortization of intangible
assets from business acquisitions, gain (loss) on disposal of
subsidiaries and business, gain (loss) on disposal and deemed
disposal of investments, gain (loss) on fair value change of
investments, reconciling items on the share of equity method
investments (referring to share of income (loss) from equity method
investments resulting from non-recurring or non-cash items of the
equity method investments), gain (loss) on extinguishment of debt
and derivative, interest expenses related to the convertible bonds’
amortization to face value, and income tax effects of the above
non-GAAP reconciling items. Non-GAAP net income (loss) attributable
to controlling interest of JOYY is net income (loss) attributable
to controlling interest of JOYY excluding share-based compensation
expenses, impairment of goodwill and investments, amortization of
intangible assets from business acquisitions, gain (loss) on
disposal of subsidiaries and business, gain (loss) on disposal and
deemed disposal of investments, gain (loss) on fair value change of
investments, reconciling items on the share of equity method
investments, gain (loss) on extinguishment of debt and derivative,
interest expenses related to the convertible bonds’ amortization to
face value, income tax effects of the above non-GAAP reconciling
items and adjustments for non-GAAP reconciling items for the net
(loss) income attributable to non-controlling interest
shareholders. Non-GAAP net income (loss) margin is non-GAAP net
income (loss) attributable to controlling interest of JOYY as a
percentage of net revenues. Non-GAAP net income (loss) attributable
to common shareholders of JOYY is net income (loss) attributable to
common shareholders of JOYY excluding share-based compensation
expenses, impairment of goodwill and investments, amortization of
intangible assets from business acquisitions, gain (loss) on
disposal of subsidiaries and business, gain (loss) on disposal and
deemed disposal of investments, gain (loss) on fair value change of
investments, reconciling items on the share of equity method
investments, gain (loss) on extinguishment of debt and derivative,
interest expenses related to the convertible bonds’ amortization to
face value, accretion, cumulative dividend and deemed dividend to
subsidiaries’ preferred shareholders, gain on repurchase of
redeemable convertible preferred shares of a subsidiary and income
tax effects of above non-GAAP reconciling items and adjustments for
non-GAAP reconciling items for the net income (loss) attributable
to non-controlling interest shareholders. After the non-GAAP
adjustment, non-GAAP net income (loss) attributable to controlling
interests of JOYY is equal to the non-GAAP net income (loss)
attributable to common shareholders of JOYY. Basic and diluted
non-GAAP net income (loss) per ADS is non-GAAP net income (loss)
attributable to common shareholders of JOYY divided by weighted
average number of ADS used in the calculation of basic and diluted
net income per ADS. The Company believes that separate analysis and
exclusion of the non-cash impact of above reconciling items adds
clarity to the constituent parts of its performance. The Company
reviews these non-GAAP financial measures together with GAAP
financial measures to obtain a better understanding of its
operating performance. It uses the non-GAAP financial measure for
planning, forecasting and measuring results against the forecast.
The Company believes that non-GAAP financial measure is useful
supplemental information for investors and analysts to assess its
operating performance without the non-cash effect of (i)
share-based compensation expenses and amortization of intangible
assets from business acquisitions, gain (loss) on extinguishment of
debt and derivative, interest expenses related to the convertible
bonds’ amortization to face value, which have been and will
continue to be significant recurring expenses in its business, (ii)
impairment of goodwill and investments, gain (loss) on disposal of
subsidiaries and business, gain (loss) on disposal and deemed
disposal of investments, gain (loss) on fair value change of
investments, reconciling items on the share of equity method
investments, accretion, cumulative dividend and deemed dividend to
subsidiaries’ preferred shareholders and gain on repurchase of
redeemable convertible preferred shares of a subsidiary which may
not be recurring in its business, and (iii) income tax expenses and
non-GAAP adjustments for net income (loss) attributable to
non-controlling interest shareholders, which are affected by the
above non-GAAP reconciling items. However, the use of non-GAAP
financial measures has material limitations as an analytical tool.
One of the limitations of using non-GAAP financial measures is that
they do not include all items that impact the Company’s net income
(loss) for the period. In addition, because non-GAAP financial
measures are not measured in the same manner by all companies, they
may not be comparable to other similar titled measures used by
other companies. In light of the foregoing limitations, you should
not consider non-GAAP financial measure in isolation from or as an
alternative to the financial measure prepared in accordance with
U.S. GAAP.
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 U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned “JOYY Inc. Unaudited
Reconciliation of GAAP and Non-GAAP Results” near the end of this
press release.
Investor Relations Contact
JOYY Inc.Jane Xie/Maggie YanEmail: joyy-ir@joyy.com
ICR, Inc.Robin YangEmail: joyy@icrinc.com
1 On November 16, 2020, the Company entered into definitive
agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently
amended on February 7, 2021. Pursuant to the agreements, Baidu
would acquire JOYY’s video-based entertainment live streaming
business in mainland China, which the Company refers to as YY Live,
including the YY mobile app, the YY.com website and the YY PC app,
among others, for an aggregate purchase price of approximately
US$3.6 billion in cash, subject to certain adjustments.
Subsequently, the sale was substantially completed as of February
8, 2021, with certain matters remaining to be completed, including
necessary regulatory approvals from government authorities. As a
result, YY Live’s historical results were presented in the
Company’s consolidated financial statements as discontinued
operations and the Company ceased consolidation of YY Live’s
business since February 8, 2021. On January 1, 2024, the Company
received a written notice from an affiliate of Baidu, purporting to
terminate the share purchase agreement. Baidu asserted in the
written notice that it has and exercised the right to terminate the
referenced share purchase agreement and effectively cancel the
transaction. The Company is in discussion with Baidu on the next
steps following the termination of the share purchase agreement.
The Company is also seeking legal advice and will consider all
options at its disposal in response to Baidu’s written notice and
expressly reserve all rights. From January 1, 2024 to the date of
this press release, the Company has not obtained control of YY Live
and has not consolidated YY Live. To the date of this press
release, the latest development of the transaction has not affected
the Company’s operating activities or financial results.
The financial information and non-GAAP financial information
disclosed in this press release is presented on a continuing
operations basis, unless otherwise specifically stated. For the
avoidance of confusion, the continuing operations for the three
months ended September 30, 2023, June 30, 2024 and September 30,
2024 and for the nine months ended September 30, 2023 and September
30, 2024, as presented in this press release, primarily consisted
of BIGO segment (primarily including Bigo Live, Likee and imo) and
the All other segment, excluding YY Live.
2 Net income (loss) attributable to controlling interest of JOYY
is net income (loss) less net (loss) income attributable to the
non-controlling interest shareholders and the mezzanine equity
classified as non-controlling interest shareholders.
3 Non-GAAP net income (loss) attributable to controlling
interest of JOYY is a non-GAAP financial measure, which is defined
as net income (loss) attributable to controlling interest of JOYY
excluding share-based compensation expenses, impairment of goodwill
and investments, amortization of intangible assets from business
acquisitions, gain (loss) on disposal of subsidiaries and business,
gain (loss) on disposal and deemed disposal of investments, gain
(loss) on fair value change of investments, reconciling items on
the share of equity method investments which refer to those similar
non-GAAP reconciling items of the Company, gain (loss) on
extinguishment of debt and derivative, interest expenses related to
the convertible bonds amortization to face value, income tax
effects of the above non-GAAP reconciling items and adjustments for
non-GAAP reconciling items for net (loss) income attributable to
non-controlling interest shareholders. These adjustments amounted
to US$0.6 million and US$8.3 million in the third quarter of 2024
and 2023, respectively. Please refer to the section titled “Use of
Non-GAAP Financial Measures” and the table captioned “JOYY Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end
of this press release for details.
4 Refers to average mobile monthly active users of the social
entertainment platforms operated by the Company, including Bigo
Live, Likee, imo and Hago. Average mobile MAU for any period is
calculated by dividing (i) the sum of the Company’s mobile active
users for each month of such period, by (ii) the number of months
in such period.
5 The number of paying users during a given period is calculated
as the cumulative number of registered user accounts that have
purchased virtual items or other products and services on Bigo
Live, Likee or imo at least once during the relevant period.
6 Average revenue per user is calculated by dividing our total
revenues from live streaming on Bigo Live, Likee and imo during a
given period by the number of paying users for the Company’s live
streaming services on these platforms for that period.
7 Non-GAAP operating income (loss) is a non-GAAP
financial measure, which is defined as operating income (loss)
excluding share-based compensation expenses, amortization of
intangible assets from business acquisitions, impairment of
goodwill and investments and gain (loss) on disposal of
subsidiaries and business. Please refer to the section titled “Use
of Non-GAAP Financial Measures” and the table captioned “JOYY Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end
of this press release for details.
8 Non-GAAP operating income (loss) margin is a non-GAAP
financial measure, which is defined as non-GAAP operating income
(loss) as a percentage of net revenues. Please refer to the section
titled “Use of Non-GAAP Financial Measures” and the table captioned
“JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results”
near the end of this press release for details.
9 Non-GAAP net income (loss) margin is non-GAAP net income
(loss) attributable to controlling interest of JOYY as a percentage
of net revenues.
10 ADS refers to American Depositary Share. Each ADS represents
twenty Class A common shares of the Company. Diluted net income
(loss) per ADS is net income (loss) attributable to common
shareholders of JOYY divided by weighted average number of diluted
ADS.
11 Non-GAAP diluted net income (loss) per ADS is a non-GAAP
financial measure, which is defined as non-GAAP net income (loss)
attributable to common shareholders of JOYY divided by weighted
average number of ADS used in the calculation of diluted net income
(loss) per ADS. Please refer to the section titled “Use of Non-GAAP
Financial Measures” and the table captioned “JOYY Inc. Unaudited
Reconciliation of GAAP and Non-GAAP Results” near the end of this
press release for details.
12 Net cash is calculated as the sum of cash and cash
equivalents, restricted cash and cash equivalents, short-term
deposits, restricted short-term deposits, short-term investments
and long-term deposits, less convertible bonds, short-term loans,
and long-term loans.
| |
| JOYY
INC. |
| UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
|
|
December 31, |
|
September 30, |
| |
|
|
2023 |
|
2024 |
| |
|
|
US$ |
|
US$ |
| Assets |
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
1,063,956 |
|
|
481,763 |
|
| |
Restricted cash and cash equivalents |
|
319,250 |
|
|
396,377 |
|
| |
Short-term deposits |
|
1,970,346 |
|
|
1,791,808 |
|
| |
Restricted short-term deposits |
|
57,243 |
|
|
35,143 |
|
| |
Short-term investments |
|
274,846 |
|
|
191,578 |
|
| |
Accounts receivable, net |
|
130,700 |
|
|
129,337 |
|
| |
Amounts due from related parties |
|
810 |
|
|
740 |
|
| |
Prepayments and other current assets(1) |
|
255,489 |
|
|
260,412 |
|
| |
|
|
|
|
|
|
|
| Total current assets |
|
4,072,640 |
|
|
3,287,158 |
|
| |
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
| |
Long-term deposits |
|
130,000 |
|
|
460,000 |
|
| |
Investments |
|
544,542 |
|
|
567,504 |
|
| |
Property and equipment, net |
|
390,681 |
|
|
462,916 |
|
| |
Land use rights, net |
|
316,070 |
|
|
313,075 |
|
| |
Intangible assets, net |
|
333,715 |
|
|
291,004 |
|
| |
Right-of-use assets, net |
|
30,173 |
|
|
23,295 |
|
| |
Goodwill |
|
2,649,281 |
|
|
2,649,297 |
|
| |
Other non-current assets |
|
16,763 |
|
|
25,894 |
|
| |
|
|
|
|
|
|
|
| Total non-current assets |
|
4,411,225 |
|
|
4,792,985 |
|
| |
|
|
|
|
|
|
|
| Total assets |
|
8,483,865 |
|
|
8,080,143 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| Liabilities, mezzanine equity and
shareholders’ equity |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
| |
Short-term loans |
|
52,119 |
|
|
54,523 |
|
| |
Accounts payable |
|
66,755 |
|
|
91,483 |
|
| |
Deferred revenue |
|
73,673 |
|
|
72,321 |
|
| |
Advances from customers |
|
6,047 |
|
|
4,628 |
|
| |
Income taxes payable |
|
86,100 |
|
|
79,338 |
|
| |
Accrued liabilities and other current liabilities(1) |
|
2,381,189 |
|
|
2,380,130 |
|
| |
Amounts due to related parties |
|
2,533 |
|
|
1,896 |
|
| |
Lease liabilities due within one year |
|
12,388 |
|
|
11,721 |
|
| |
Convertible bonds |
|
405,603 |
|
|
- |
|
| |
|
|
|
|
|
|
|
| Total current liabilities |
|
3,086,407 |
|
|
2,696,040 |
|
| |
|
|
|
|
|
|
|
| Non-current liabilities |
|
|
|
|
|
|
| |
Lease liabilities |
|
18,422 |
|
|
11,881 |
|
| |
Deferred revenue |
|
12,932 |
|
|
13,284 |
|
| |
Deferred tax liabilities |
|
53,955 |
|
|
48,897 |
|
| |
|
|
|
|
|
|
|
| Total non-current liabilities |
|
85,309 |
|
|
74,062 |
|
| |
|
|
|
|
|
|
|
| Total liabilities |
|
3,171,716 |
|
|
2,770,102 |
|
| |
|
|
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
| |
|
|
December 31, |
|
September 30, |
| |
|
|
2023 |
|
2024 |
| |
|
|
US$ |
|
US$ |
| |
|
|
|
|
|
| Mezzanine equity |
|
22,133 |
|
|
23,333 |
|
| |
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
| |
Class A common shares (US$0.00001 par value; 10,000,000,000 and
10,000,000,000 shares authorized, 1,317,840,464 shares issued and
890,843,639 shares outstanding as of December 31, 2023;
1,317,840,464 shares issued and 750,061,822 shares outstanding as
of September 30, 2024, respectively) |
|
9 |
|
|
8 |
|
| |
Class B common shares (US$0.00001 par value; 1,000,000,000 and
1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares
issued and outstanding as of December 31, 2023 and September 30,
2024, respectively) |
|
3 |
|
|
3 |
|
| |
Treasury shares (US$0.00001 par value; 426,996,825 and 567,778,642
shares held as of December 31, 2023 and September 30, 2024,
respectively) |
|
(913,939 |
) |
|
(1,157,649 |
) |
| |
Additional paid-in capital |
|
3,282,754 |
|
|
3,340,387 |
|
| |
Statutory reserves |
|
37,709 |
|
|
37,686 |
|
| |
Retained earnings |
|
2,947,160 |
|
|
3,104,051 |
|
| |
Accumulated other comprehensive loss |
|
(197,010 |
) |
|
(167,269 |
) |
| |
|
|
|
|
|
| Total JOYY Inc.’s shareholders’
equity |
|
5,156,686 |
|
|
5,157,217 |
|
| |
|
|
|
|
|
| Non-controlling interests |
|
133,330 |
|
|
129,491 |
|
| |
|
|
|
|
|
| Total shareholders’ equity |
|
5,290,016 |
|
|
5,286,708 |
|
| |
|
|
|
|
|
| Total liabilities, mezzanine equity and
shareholders’ equity |
|
8,483,865 |
|
|
8,080,143 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| (1) JOYY has ceased consolidation of YY Live
business since February 8, 2021 and classified and presented all
the related assets and liabilities related to YY Live business on a
net basis within prepayments and other current assets. The
consideration received by the Company to date remains within cash
and cash equivalents, restricted cash and cash equivalents, and
short-term deposits. Correspondingly, the advanced payments
received has been recorded as accrued liabilities and other current
liabilities. |
| |
| |
| JOYY
INC. |
| UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net revenues |
|
|
|
|
|
|
|
|
|
|
| Live
streaming(1) |
|
495,801 |
|
|
459,730 |
|
|
439,482 |
|
|
1,493,175 |
|
|
1,365,603 |
|
| Others |
|
71,268 |
|
|
105,398 |
|
|
119,172 |
|
|
204,856 |
|
|
322,739 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total net revenues |
|
567,069 |
|
|
565,128 |
|
|
558,654 |
|
|
1,698,031 |
|
|
1,688,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Cost of revenues(2) |
|
(357,914 |
) |
|
(366,189 |
) |
|
(350,536 |
) |
|
(1,086,482 |
) |
|
(1,085,922 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
209,155 |
|
|
198,939 |
|
|
208,118 |
|
|
611,549 |
|
|
602,420 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Operating expenses(2) |
|
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
(71,608 |
) |
|
(69,856 |
) |
|
(72,360 |
) |
|
(222,923 |
) |
|
(211,255 |
) |
| Sales and marketing expenses |
|
(92,515 |
) |
|
(88,132 |
) |
|
(83,524 |
) |
|
(277,319 |
) |
|
(266,294 |
) |
| General and administrative expenses |
|
(27,139 |
) |
|
(40,686 |
) |
|
(36,073 |
) |
|
(88,074 |
) |
|
(108,502 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
(191,262 |
) |
|
(198,674 |
) |
|
(191,957 |
) |
|
(588,316 |
) |
|
(586,051 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| (Loss) gain on deconsolidation and disposal of
subsidiaries |
|
(6,177 |
) |
|
1,643 |
|
|
- |
|
|
(6,177 |
) |
|
1,643 |
|
| Other income |
|
333 |
|
|
361 |
|
|
255 |
|
|
6,963 |
|
|
4,216 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Operating income |
|
12,049 |
|
|
2,269 |
|
|
16,416 |
|
|
24,019 |
|
|
22,228 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Interest expenses |
|
(2,139 |
) |
|
(1,864 |
) |
|
(535 |
) |
|
(8,305 |
) |
|
(4,535 |
) |
| Interest income and investment income |
|
47,330 |
|
|
46,702 |
|
|
41,067 |
|
|
138,067 |
|
|
136,696 |
|
| Foreign currency exchange (losses) gains, net |
|
(5,143 |
) |
|
1,125 |
|
|
(10,742 |
) |
|
5,252 |
|
|
(8,849 |
) |
| (Loss) gain on disposal and deemed disposal of investments |
|
(2,673 |
) |
|
- |
|
|
- |
|
|
74,851 |
|
|
- |
|
| Gain (loss) on fair value change of investments |
|
7,112 |
|
|
(619 |
) |
|
9,281 |
|
|
6,162 |
|
|
9,647 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Income before income tax expenses |
|
56,536 |
|
|
47,613 |
|
|
55,487 |
|
|
240,046 |
|
|
155,187 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Income tax expenses |
|
(3,001 |
) |
|
(2,628 |
) |
|
(6,279 |
) |
|
(16,541 |
) |
|
(13,444 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Income before share of income in equity method
investments, net of income taxes |
|
53,535 |
|
|
44,985 |
|
|
49,208 |
|
|
223,505 |
|
|
141,743 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Share of income in equity method investments, net of income
taxes |
|
11,545 |
|
|
2,805 |
|
|
6,746 |
|
|
8,824 |
|
|
2,156 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
65,080 |
|
|
47,790 |
|
|
55,954 |
|
|
232,329 |
|
|
143,899 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to the non-controlling interest
shareholders and the mezzanine equity classified as non-controlling
interest shareholders |
|
7,812 |
|
|
4,276 |
|
|
4,603 |
|
|
23,652 |
|
|
14,010 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to controlling interest of JOYY
Inc. |
|
72,892 |
|
|
52,066 |
|
|
60,557 |
|
|
255,981 |
|
|
157,909 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Accretion of subsidiaries’ redeemable convertible preferred
shares to redemption value |
|
(1,566 |
) |
|
(347 |
) |
|
(347 |
) |
|
(4,698 |
) |
|
(1,041 |
) |
| Cumulative dividend on subsidiary’s Series A Preferred
Shares |
|
- |
|
|
- |
|
|
- |
|
|
(2,000 |
) |
|
- |
|
| Gain on repurchase of redeemable convertible preferred shares
of a subsidiary |
|
52,583 |
|
|
- |
|
|
- |
|
|
52,583 |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to common shareholders of JOYY
Inc. |
|
123,909 |
|
|
51,719 |
|
|
60,210 |
|
|
301,866 |
|
|
156,868 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED) |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
1.99 |
|
|
0.87 |
|
|
1.06 |
|
|
4.53 |
|
|
2.65 |
|
|
——Diluted |
|
1.86 |
|
|
0.83 |
|
|
1.05 |
|
|
4.11 |
|
|
2.55 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of ADS used in calculating net
income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
62,266,339 |
|
|
59,537,049 |
|
|
56,573,411 |
|
|
66,633,991 |
|
|
59,287,792 |
|
|
——Diluted |
|
67,669,387 |
|
|
64,101,951 |
|
|
57,220,581 |
|
|
75,061,963 |
|
|
62,803,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Revenues by geographical areas were as
follows: |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Developed countries and regions |
|
252,089 |
|
|
306,099 |
|
|
306,633 |
|
|
701,872 |
|
|
903,768 |
|
| Middle East |
|
108,299 |
|
|
75,530 |
|
|
77,152 |
|
|
338,257 |
|
|
240,140 |
|
| Mainland China |
|
74,525 |
|
|
62,604 |
|
|
57,952 |
|
|
278,939 |
|
|
180,357 |
|
| Southeast Asia and others |
|
132,156 |
|
|
120,895 |
|
|
116,917 |
|
|
378,963 |
|
|
364,077 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Note: Developed countries and region mainly
included the United States of America, Great Britain, Japan, South
Korea and Australia. Middle East mainly included Saudi Arabia and
other countries located in the region. Southeast Asia and others
mainly included Indonesia, Vietnam and rest of the world. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2) Share-based compensation was allocated in cost
of revenues and operating expenses as follows: |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
493 |
|
|
778 |
|
|
(16 |
) |
|
2,754 |
|
|
1,425 |
|
| Research and development expenses |
|
4,108 |
|
|
3,282 |
|
|
2,960 |
|
|
15,395 |
|
|
9,634 |
|
| Sales and marketing expenses |
|
110 |
|
|
108 |
|
|
193 |
|
|
664 |
|
|
432 |
|
| General and administrative expenses |
|
1,586 |
|
|
2,183 |
|
|
1,778 |
|
|
5,921 |
|
|
5,903 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2023 |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
| Operating
income |
|
12,049 |
|
|
2,269 |
|
|
16,416 |
|
|
24,019 |
|
|
22,228 |
|
| Share-based compensation expenses |
|
6,297 |
|
|
6,351 |
|
|
4,915 |
|
|
24,734 |
|
|
17,394 |
|
| Amortization of intangible assets from business
acquisitions |
|
15,890 |
|
|
13,590 |
|
|
13,540 |
|
|
47,670 |
|
|
42,262 |
|
| Impairment of investments |
|
- |
|
|
9,386 |
|
|
- |
|
|
- |
|
|
9,386 |
|
| Loss (gain) on deconsolidation and disposal of
subsidiaries |
|
6,177 |
|
|
(1,643 |
) |
|
- |
|
|
6,177 |
|
|
(1,643 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP operating income |
|
40,413 |
|
|
29,953 |
|
|
34,871 |
|
|
102,600 |
|
|
89,627 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
65,080 |
|
|
47,790 |
|
|
55,954 |
|
|
232,329 |
|
|
143,899 |
|
| Share-based compensation expenses |
|
6,297 |
|
|
6,351 |
|
|
4,915 |
|
|
24,734 |
|
|
17,394 |
|
| Amortization of intangible assets from business
acquisitions |
|
15,890 |
|
|
13,590 |
|
|
13,540 |
|
|
47,670 |
|
|
42,262 |
|
| Impairment of investments |
|
- |
|
|
9,386 |
|
|
- |
|
|
- |
|
|
9,386 |
|
| Loss (gain) on deconsolidation and disposal of
subsidiaries |
|
6,177 |
|
|
(1,643 |
) |
|
- |
|
|
6,177 |
|
|
(1,643 |
) |
| Loss (gain) on disposal and deemed disposal of investments |
|
2,673 |
|
|
- |
|
|
- |
|
|
(74,851 |
) |
|
- |
|
| (Gain) loss on fair value change of investments |
|
(7,112 |
) |
|
619 |
|
|
(9,281 |
) |
|
(6,162 |
) |
|
(9,647 |
) |
| Interest expenses related to the convertible bonds’
amortization to face value |
|
238 |
|
|
198 |
|
|
- |
|
|
1,344 |
|
|
435 |
|
| Income tax effects on non-GAAP adjustments |
|
(4,070 |
) |
|
(1,883 |
) |
|
(1,574 |
) |
|
(9,509 |
) |
|
(5,679 |
) |
| Reconciling items on the share of equity method
investments |
|
(10,521 |
) |
|
(3,700 |
) |
|
(6,167 |
) |
|
(13,369 |
) |
|
(5,433 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income |
|
74,652 |
|
|
70,708 |
|
|
57,387 |
|
|
208,363 |
|
|
190,974 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to common shareholders of JOYY
Inc. |
|
123,909 |
|
|
51,719 |
|
|
60,210 |
|
|
301,866 |
|
|
156,868 |
|
| Share-based compensation expenses |
|
6,297 |
|
|
6,351 |
|
|
4,915 |
|
|
24,734 |
|
|
17,394 |
|
| Amortization of intangible assets from business
acquisitions |
|
15,890 |
|
|
13,590 |
|
|
13,540 |
|
|
47,670 |
|
|
42,262 |
|
| Impairment of investments |
|
- |
|
|
9,386 |
|
|
- |
|
|
- |
|
|
9,386 |
|
| Loss (gain) on deconsolidation and disposal of
subsidiaries |
|
6,177 |
|
|
(1,643 |
) |
|
- |
|
|
6,177 |
|
|
(1,643 |
) |
| Loss (gain) on disposal and deemed disposal of investments |
|
2,673 |
|
|
- |
|
|
- |
|
|
(74,851 |
) |
|
- |
|
| (Gain) loss on fair value change of investments |
|
(7,112 |
) |
|
619 |
|
|
(9,281 |
) |
|
(6,162 |
) |
|
(9,647 |
) |
| Interest expenses related to the convertible bonds’
amortization to face value |
|
238 |
|
|
198 |
|
|
- |
|
|
1,344 |
|
|
435 |
|
| Accretion, cumulative dividend and deemed dividend to
subsidiaries’ preferred shareholders |
|
1,566 |
|
|
347 |
|
|
347 |
|
|
6,698 |
|
|
1,041 |
|
| Gain on repurchase of redeemable convertible preferred shares
of a subsidiary |
|
(52,583 |
) |
|
- |
|
|
- |
|
|
(52,583 |
) |
|
- |
|
| Income tax effects on non-GAAP adjustments |
|
(4,070 |
) |
|
(1,883 |
) |
|
(1,574 |
) |
|
(9,509 |
) |
|
(5,679 |
) |
| Reconciling items on the share of equity method
investments |
|
(10,521 |
) |
|
(3,700 |
) |
|
(6,167 |
) |
|
(13,369 |
) |
|
(5,433 |
) |
| Non-GAAP adjustments for net loss attributable to the
non-controlling interest shareholders |
|
(1,311 |
) |
|
(949 |
) |
|
(819 |
) |
|
(3,693 |
) |
|
(2,574 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income attributable to controlling
interest and common shareholders of JOYY Inc. |
|
81,153 |
|
|
74,035 |
|
|
61,171 |
|
|
228,322 |
|
|
202,410 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
1.30 |
|
|
1.24 |
|
|
1.08 |
|
|
3.43 |
|
|
3.41 |
|
|
——Diluted |
|
1.22 |
|
|
1.17 |
|
|
1.07 |
|
|
3.12 |
|
|
3.26 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted average number of ADS used in calculating
Non-GAAP net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
62,266,339 |
|
|
59,537,049 |
|
|
56,573,411 |
|
|
66,633,991 |
|
|
59,287,792 |
|
|
——Diluted |
|
67,669,387 |
|
|
64,101,951 |
|
|
57,220,581 |
|
|
75,061,963 |
|
|
62,803,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
SEGMENT REPORT |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2024 |
| |
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Elimination(1) |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net revenues |
|
|
|
|
|
|
|
| Live
streaming |
417,762 |
|
|
21,720 |
|
|
- |
|
|
439,482 |
|
| Others |
78,247 |
|
|
41,317 |
|
|
(392 |
) |
|
119,172 |
|
| |
|
|
|
|
|
|
|
| Total net revenues |
496,009 |
|
|
63,037 |
|
|
(392 |
) |
|
558,654 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues(2) |
(312,561 |
) |
|
(38,050 |
) |
|
75 |
|
|
(350,536 |
) |
| |
|
|
|
|
|
|
|
| Gross profit |
183,448 |
|
|
24,987 |
|
|
(317 |
) |
|
208,118 |
|
| |
|
|
|
|
|
|
|
| Operating expenses(2) |
|
|
|
|
|
|
|
| Research and development expenses |
(44,884 |
) |
|
(27,702 |
) |
|
226 |
|
|
(72,360 |
) |
| Sales and marketing expenses |
(61,582 |
) |
|
(21,968 |
) |
|
26 |
|
|
(83,524 |
) |
| General and administrative expenses |
(14,249 |
) |
|
(21,889 |
) |
|
65 |
|
|
(36,073 |
) |
| |
|
|
|
|
|
|
|
| Total operating expenses |
(120,715 |
) |
|
(71,559 |
) |
|
317 |
|
|
(191,957 |
) |
| |
|
|
|
|
|
|
|
| Other income |
6 |
|
|
249 |
|
|
- |
|
|
255 |
|
| |
|
|
|
|
|
|
|
| Operating income (loss) |
62,739 |
|
|
(46,323 |
) |
|
- |
|
|
16,416 |
|
| |
|
|
|
|
|
|
|
| Interest expenses |
(1,335 |
) |
|
(117 |
) |
|
917 |
|
|
(535 |
) |
| Interest income and investment income |
13,107 |
|
|
28,877 |
|
|
(917 |
) |
|
41,067 |
|
| Foreign currency exchange losses, net |
(10,290 |
) |
|
(452 |
) |
|
- |
|
|
(10,742 |
) |
| Gain on fair value change of investments |
5,466 |
|
|
3,815 |
|
|
- |
|
|
9,281 |
|
| |
|
|
|
|
|
|
|
| Income (loss) before income tax (expenses)
benefits |
69,687 |
|
|
(14,200 |
) |
|
- |
|
|
55,487 |
|
| |
|
|
|
|
|
|
|
| Income tax (expenses) benefits |
(6,408 |
) |
|
129 |
|
|
- |
|
|
(6,279 |
) |
| |
|
|
|
|
|
|
|
| Income (loss) before share of income in equity method
investments, net of income taxes |
63,279 |
|
|
(14,071 |
) |
|
- |
|
|
49,208 |
|
| |
|
|
|
|
|
|
|
| Share of income in equity method investments, net of income
taxes |
- |
|
|
6,746 |
|
|
- |
|
|
6,746 |
|
| |
|
|
|
|
|
|
|
| Net income (loss) |
63,279 |
|
|
(7,325 |
) |
|
- |
|
|
55,954 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| (1) The elimination mainly consists of revenues and
expenses generated from services among BIGO and All other segments,
and interest income and interest expenses generated from the loan
between BIGO and All other segments. |
| |
|
|
|
|
|
|
| (2) Share-based compensation was allocated in cost
of revenues and operating expenses as follows: |
| |
|
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2024 |
| |
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
| Cost of
revenues |
(261 |
) |
|
245 |
|
|
(16 |
) |
| Research and development expenses |
1,571 |
|
|
1,389 |
|
|
2,960 |
|
| Sales and marketing expenses |
39 |
|
|
154 |
|
|
193 |
|
| General and administrative expenses |
(186 |
) |
|
1,964 |
|
|
1,778 |
|
| |
|
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT
REPORT |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2024 |
| |
|
|
|
|
|
| |
BIGO |
|
All other |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
| Operating
income (loss) |
62,739 |
|
|
(46,323 |
) |
|
16,416 |
|
| Share-based compensation expenses |
1,163 |
|
|
3,752 |
|
|
4,915 |
|
| Amortization of intangible assets from business
acquisitions |
8,950 |
|
|
4,590 |
|
|
13,540 |
|
| |
|
|
|
|
|
| Non-GAAP operating income (loss) |
72,852 |
|
|
(37,981 |
) |
|
34,871 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net income (loss) |
63,279 |
|
|
(7,325 |
) |
|
55,954 |
|
| Share-based compensation expenses |
1,163 |
|
|
3,752 |
|
|
4,915 |
|
| Amortization of intangible assets from business
acquisitions |
8,950 |
|
|
4,590 |
|
|
13,540 |
|
| Gain on fair value change of investments |
(5,466 |
) |
|
(3,815 |
) |
|
(9,281 |
) |
| Income tax effects on non-GAAP adjustments |
(778 |
) |
|
(796 |
) |
|
(1,574 |
) |
| Reconciling items on the share of equity method
investments |
- |
|
|
(6,167 |
) |
|
(6,167 |
) |
| |
|
|
|
|
|
| Non-GAAP net income (loss) |
67,148 |
|
|
(9,761 |
) |
|
57,387 |
|
| |
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
SEGMENT REPORT |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, 2024 |
| |
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Elimination(1) |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net revenues |
|
|
|
|
|
|
|
| Live
streaming |
439,394 |
|
|
20,336 |
|
|
- |
|
|
459,730 |
|
| Others |
67,760 |
|
|
38,024 |
|
|
(386 |
) |
|
105,398 |
|
| |
|
|
|
|
|
|
|
| Total net revenues |
507,154 |
|
|
58,360 |
|
|
(386 |
) |
|
565,128 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues(2) |
(327,735 |
) |
|
(38,530 |
) |
|
76 |
|
|
(366,189 |
) |
| |
|
|
|
|
|
|
|
| Gross profit |
179,419 |
|
|
19,830 |
|
|
(310 |
) |
|
198,939 |
|
| |
|
|
|
|
|
|
|
| Operating expenses(2) |
|
|
|
|
|
|
|
| Research and development expenses |
(42,715 |
) |
|
(27,370 |
) |
|
229 |
|
|
(69,856 |
) |
| Sales and marketing expenses |
(66,720 |
) |
|
(21,435 |
) |
|
23 |
|
|
(88,132 |
) |
| General and administrative expenses |
(12,180 |
) |
|
(28,564 |
) |
|
58 |
|
|
(40,686 |
) |
| |
|
|
|
|
|
|
|
| Total operating expenses |
(121,615 |
) |
|
(77,369 |
) |
|
310 |
|
|
(198,674 |
) |
| |
|
|
|
|
|
|
|
| Gain on disposal of subsidiary |
- |
|
|
1,643 |
|
|
- |
|
|
1,643 |
|
| Other income |
177 |
|
|
184 |
|
|
- |
|
|
361 |
|
| |
|
|
|
|
|
|
|
| Operating income (loss) |
57,981 |
|
|
(55,712 |
) |
|
- |
|
|
2,269 |
|
| |
|
|
|
|
|
|
|
| Interest expenses |
(1,475 |
) |
|
(1,400 |
) |
|
1,011 |
|
|
(1,864 |
) |
| Interest income and investment income |
15,256 |
|
|
32,457 |
|
|
(1,011 |
) |
|
46,702 |
|
| Foreign currency exchange gains, net |
1,005 |
|
|
120 |
|
|
- |
|
|
1,125 |
|
| (Loss) gain on fair value change of investments |
(2,610 |
) |
|
1,991 |
|
|
- |
|
|
(619 |
) |
| |
|
|
|
|
|
|
|
| Income (loss) before income tax (expenses)
benefits |
70,157 |
|
|
(22,544 |
) |
|
- |
|
|
47,613 |
|
| |
|
|
|
|
|
|
|
| Income tax (expenses) benefits |
(5,575 |
) |
|
2,947 |
|
|
- |
|
|
(2,628 |
) |
| |
|
|
|
|
|
|
|
| Income (loss) before share of income in equity method
investments, net of income taxes |
64,582 |
|
|
(19,597 |
) |
|
- |
|
|
44,985 |
|
| |
|
|
|
|
|
|
|
| Share of income in equity method investments, net of income
taxes |
- |
|
|
2,805 |
|
|
- |
|
|
2,805 |
|
| |
|
|
|
|
|
|
|
| Net income (loss) |
64,582 |
|
|
(16,792 |
) |
|
- |
|
|
47,790 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| (1) The elimination mainly consists of revenues and
expenses generated from services among BIGO and All other segments,
and interest income and interest expenses generated from the loan
between BIGO and All other segments. |
| |
|
|
|
|
|
|
|
|
| (2) Share-based compensation was allocated in cost
of revenues and operating expenses as follows: |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, 2024 |
| |
|
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
| Cost of revenues |
446 |
|
|
332 |
|
|
778 |
|
| Research and development expenses |
1,543 |
|
|
1,739 |
|
|
3,282 |
|
| Sales and marketing expenses |
45 |
|
|
63 |
|
|
108 |
|
| General and administrative expenses |
408 |
|
|
1,775 |
|
|
2,183 |
|
| |
|
|
|
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT
REPORT |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, 2024 |
| |
|
|
|
|
|
| |
BIGO |
|
All other |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
| Operating
income (loss) |
57,981 |
|
|
(55,712 |
) |
|
2,269 |
|
| Share-based compensation expenses |
2,442 |
|
|
3,909 |
|
|
6,351 |
|
| Amortization of intangible assets from business
acquisitions |
8,950 |
|
|
4,640 |
|
|
13,590 |
|
| Impairment of investments |
- |
|
|
9,386 |
|
|
9,386 |
|
| Gain on disposal of subsidiary |
- |
|
|
(1,643 |
) |
|
(1,643 |
) |
| |
|
|
|
|
|
| Non-GAAP operating income (loss) |
69,373 |
|
|
(39,420 |
) |
|
29,953 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net income (loss) |
64,582 |
|
|
(16,792 |
) |
|
47,790 |
|
| Share-based compensation expenses |
2,442 |
|
|
3,909 |
|
|
6,351 |
|
| Amortization of intangible assets from business
acquisitions |
8,950 |
|
|
4,640 |
|
|
13,590 |
|
| Impairment of investments |
- |
|
|
9,386 |
|
|
9,386 |
|
| Gain on disposal of subsidiary |
- |
|
|
(1,643 |
) |
|
(1,643 |
) |
| Loss (gain) on fair value change of investments |
2,610 |
|
|
(1,991 |
) |
|
619 |
|
| Interest expenses related to the convertible bonds’
amortization to face value |
- |
|
|
198 |
|
|
198 |
|
| Income tax effects on non-GAAP adjustments |
(778 |
) |
|
(1,105 |
) |
|
(1,883 |
) |
| Reconciling items on the share of equity method
investments |
- |
|
|
(3,700 |
) |
|
(3,700 |
) |
| |
|
|
|
|
|
| Non-GAAP net income (loss) |
77,806 |
|
|
(7,098 |
) |
|
70,708 |
|
| |
|
|
|
|
|
| |
| JOYY
INC. |
| UNAUDITED
SEGMENT REPORT |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2023 |
| |
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Elimination(1) |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net revenues |
|
|
|
|
|
|
|
| Live
streaming |
468,577 |
|
|
27,224 |
|
|
- |
|
|
495,801 |
|
| Others |
25,486 |
|
|
46,241 |
|
|
(459 |
) |
|
71,268 |
|
| |
|
|
|
|
|
|
|
| Total net revenues |
494,063 |
|
|
73,465 |
|
|
(459 |
) |
|
567,069 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues(2) |
(299,231 |
) |
|
(58,785 |
) |
|
102 |
|
|
(357,914 |
) |
| |
|
|
|
|
|
|
|
| Gross profit |
194,832 |
|
|
14,680 |
|
|
(357 |
) |
|
209,155 |
|
| |
|
|
|
|
|
|
|
| Operating expenses(2) |
|
|
|
|
|
|
|
| Research and development expenses |
(39,684 |
) |
|
(32,191 |
) |
|
267 |
|
|
(71,608 |
) |
| Sales and marketing expenses |
(75,715 |
) |
|
(16,828 |
) |
|
28 |
|
|
(92,515 |
) |
| General and administrative expenses |
(11,297 |
) |
|
(15,904 |
) |
|
62 |
|
|
(27,139 |
) |
| |
|
|
|
|
|
|
|
| Total operating expenses |
(126,696 |
) |
|
(64,923 |
) |
|
357 |
|
|
(191,262 |
) |
| |
|
|
|
|
|
|
|
| Loss on deconsolidation and disposal of subsidiaries |
- |
|
|
(6,177 |
) |
|
- |
|
|
(6,177 |
) |
| Other income (expenses) |
373 |
|
|
(40 |
) |
|
- |
|
|
333 |
|
| |
|
|
|
|
|
|
|
| Operating income (loss) |
68,509 |
|
|
(56,460 |
) |
|
- |
|
|
12,049 |
|
| |
|
|
|
|
|
|
|
| Interest expenses |
(1,768 |
) |
|
(1,667 |
) |
|
1,296 |
|
|
(2,139 |
) |
| Interest income and investment income |
11,158 |
|
|
37,468 |
|
|
(1,296 |
) |
|
47,330 |
|
| Foreign currency exchange losses, net |
(4,349 |
) |
|
(794 |
) |
|
- |
|
|
(5,143 |
) |
| Loss on disposal and deemed disposal of investments |
- |
|
|
(2,673 |
) |
|
- |
|
|
(2,673 |
) |
| Gain on fair value change of investments |
312 |
|
|
6,800 |
|
|
- |
|
|
7,112 |
|
| |
|
|
|
|
|
|
|
| Income (loss) before income tax (expenses)
benefits |
73,862 |
|
|
(17,326 |
) |
|
- |
|
|
56,536 |
|
| |
|
|
|
|
|
|
|
| Income tax (expenses) benefits |
(3,626 |
) |
|
625 |
|
|
- |
|
|
(3,001 |
) |
| |
|
|
|
|
|
|
|
| Income (loss) before share of income in equity method
investments, net of income taxes |
70,236 |
|
|
(16,701 |
) |
|
- |
|
|
53,535 |
|
| |
|
|
|
|
|
|
|
| Share of income in equity method investments, net of income
taxes |
- |
|
|
11,545 |
|
|
- |
|
|
11,545 |
|
| |
|
|
|
|
|
|
|
| Net income (loss) |
70,236 |
|
|
(5,156 |
) |
|
- |
|
|
65,080 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| (1) The elimination mainly consists of revenues and
expenses generated from services among BIGO and All other segments,
and interest income and interest expenses generated from the loan
between BIGO and All other segments. |
| |
|
|
|
|
|
|
|
|
| (2) Share-based compensation was allocated in cost
of revenues and operating expenses as follows: |
| |
|
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2023 |
| |
|
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
| Cost of revenues |
406 |
|
|
87 |
|
|
493 |
|
| Research and development expenses |
1,752 |
|
|
2,356 |
|
|
4,108 |
|
| Sales and marketing expenses |
37 |
|
|
73 |
|
|
110 |
|
| General and administrative expenses |
20 |
|
|
1,566 |
|
|
1,586 |
|
| |
|
|
|
|
|
|
|
|
| JOYY
INC. |
| UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT
REPORT |
| (All amounts in
thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2023 |
| |
|
|
|
|
|
| |
BIGO |
|
All other |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
| Operating
income (loss) |
68,509 |
|
|
(56,460 |
) |
|
12,049 |
|
| Share-based compensation expenses |
2,215 |
|
|
4,082 |
|
|
6,297 |
|
| Amortization of intangible assets from business
acquisitions |
11,225 |
|
|
4,665 |
|
|
15,890 |
|
| Loss on deconsolidation and disposal of subsidiaries |
- |
|
|
6,177 |
|
|
6,177 |
|
| |
|
|
|
|
|
| Non-GAAP operating income (loss) |
81,949 |
|
|
(41,536 |
) |
|
40,413 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Net income (loss) |
70,236 |
|
|
(5,156 |
) |
|
65,080 |
|
| Share-based compensation expenses |
2,215 |
|
|
4,082 |
|
|
6,297 |
|
| Amortization of intangible assets from business
acquisitions |
11,225 |
|
|
4,665 |
|
|
15,890 |
|
| Loss on deconsolidation and disposal of subsidiaries |
- |
|
|
6,177 |
|
|
6,177 |
|
| Loss on disposal and deemed disposal of investments |
- |
|
|
2,673 |
|
|
2,673 |
|
| Gain on fair value change of investments |
(312 |
) |
|
(6,800 |
) |
|
(7,112 |
) |
| Interest expenses related to the convertible bonds’
amortization to face value |
- |
|
|
238 |
|
|
238 |
|
| Income tax effects on non-GAAP adjustments |
(1,415 |
) |
|
(2,655 |
) |
|
(4,070 |
) |
| Reconciling items on the share of equity method
investments |
- |
|
|
(10,521 |
) |
|
(10,521 |
) |
| |
|
|
|
|
|
| Non-GAAP net income (loss) |
81,949 |
|
|
(7,297 |
) |
|
74,652 |
|
| |
|
|
|
|
|
JOYY (NASDAQ:YY)
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From Oct 2024 to Nov 2024
JOYY (NASDAQ:YY)
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From Nov 2023 to Nov 2024
