UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2024
Commission File Number: 001-35729
JOYY
Inc.
30 Pasir Panjang Road #15-31A Mapletree Business
City,
Singapore 117440
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
JOYY INC. |
| |
|
| |
By: |
/s/ Ting Li |
| |
|
Name: |
Ting Li |
| |
|
Title: |
Chairman and Chief Executive Officer |
Date: August 28, 2024
Exhibit 99.1
JOYY
Reports Second Quarter 2024 Unaudited Financial Results
Singapore,
August 28, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology
company, today announced its unaudited financial results for the second quarter of 2024.
Second
Quarter 2024 Financial Highlights1
· Net
revenues were US$565.1 million, compared to US$547.3 million in the corresponding period of 2023.
· Net
income attributable to controlling interest of JOYY2 was US$52.1 million, compared to US$155.1 million in the corresponding
period of 2023.
· Non-GAAP
net income attributable to controlling interest and common shareholders of JOYY3 was US$74.0 million, compared to
US$97.3 million in the corresponding period of 2023.
Second
Quarter 2024 Operational Highlights
· Average
mobile MAUs of Bigo Live was 37.7 million, compared to 38.5 million in the corresponding period of 2023.
· Average
mobile MAUs of Likee was 35.6 million, compared to 43.2 million in the corresponding period of 2023, primarily due to disciplined
spending on user acquisition via advertisement.
· Average
mobile MAUs of Hago was 4.4 million, compared to 5.5 million in the corresponding period of 2023, primarily due to disciplined
spending on user acquisition via advertisement.
· Global
average mobile MAUs4 was 275.2 million, compared to 275.6 million in the corresponding period of 2023.
· Total
number of paying users of BIGO (including Bigo Live, Likee and imo)5 was 1.66 million, compared to 1.53 million
in the corresponding period of 2023.
· Average
revenue per paying user of BIGO (including Bigo Live, Likee and imo)6 was US$233.5, compared to US$248.0 in the
corresponding period of 2023.
Ms. Ting
Li, Chairperson and Chief Executive Officer of JOYY, commented, “In the second quarter, we continued to build on our growth
momentum, delivering solid results. BIGO revenue reached US$507.2 million, a 7.7% year-over-year increase, marking the fourth consecutive
quarter of recovery. By persistently expanding and diversifying our revenue streams, BIGO's advertising business maintained rapid growth,
emerging as a key driver behind our topline recovery. Our focus on operational refinement across all areas and cost optimization has led
to improved efficiency, driving a quarter-over-quarter increase in both GAAP and non-GAAP net profits. Furthermore, we continued to implement
our share repurchase program, buying back an additional US$71.4 million worth of our shares during the quarter, demonstrating our commitment
to delivering value to our shareholders.”
“Globalization through localization remains a strategic priority,
and we believe there is still ample room for expansion. Looking ahead, we will continue to innovate product features, enhance user experience,
and drive operating efficiency to generate sustainable and profitable growth for our global business.”
Second
Quarter 2024 Financial Results
NET REVENUES
Net revenues
were US$565.1 million in the second quarter of 2024, compared to US$547.3 million in the corresponding period of 2023.
Live streaming revenues were US$459.7 million in the second quarter
of 2024, compared to US$477.0 million in the corresponding period of 2023.
Other revenues
increased by 49.8% to US$105.4 million in the second quarter of 2024 from US$70.4 million in the corresponding period of 2023,
primarily due to the substantial growth of our advertisement revenues as we strategically expanded and diversified the revenue streams
of BIGO.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by 4.8% to US$366.2 million in the second
quarter of 2024 from US$349.6 million in the corresponding period of 2023. Revenue-sharing fees and content costs increased to US$263.9
million in the second quarter of 2024 from US$222.6 million in the corresponding period of 2023, mainly driven by increased traffic acquisition
costs paid to third-party partners in relation to our advertising business.
Gross profit
was US$198.9 million in the second quarter of 2024, compared to US$197.8 million in the corresponding period of 2023. Gross margin
was 35.2% in the second quarter of 2024, compared to 36.1% in the corresponding period of 2023.
OPERATING EXPENSES AND INCOME
Operating
expenses were US$198.7 million in the second quarter of 2024, compared to US$191.7 million in the corresponding period of 2023.
Among the operating expenses, research and development expenses decreased to US$69.9 million in the second quarter of 2024 from US$75.5
million in the corresponding period of 2023, primarily due to decreases in salaries and welfare of US$2.6 million and share-based compensation
expenses of US$2.2 million. General and administrative expenses increased to US$40.7 million for the second quarter of 2024 from US$29.0
million in the corresponding period of 2023, primarily due to an impairment loss arising from equity investments.
Operating
income was US$2.3 million in the second quarter of 2024, compared to US$9.4 million in the corresponding period of 2023. Operating
income margin was 0.4% in the second quarter of 2024, compared to 1.7% in the corresponding period of 2023.
Non-GAAP
operating income7 was US$30.0 million in the second quarter of 2024, compared to US$34.4
million in the corresponding period of 2023. Non-GAAP operating income margin8 was 5.3%
in the second quarter of 2024, compared to 6.3% in the corresponding period of 2023.
NET INCOME
Net income
attributable to controlling interest of JOYY was US$52.1 million in the second quarter of 2024, compared to US$155.1 million in
the corresponding period of 2023. Net income margin was 9.2% in the second quarter of 2024, compared to 28.3% in the corresponding period
of 2023. Our net income margin was higher in the previous year primarily due to realized gains from the disposal of certain equity investments
of US$77.7 million and foreign currency exchange gains of US$20.3 million.
Non-GAAP
net income attributable to controlling interest and common shareholders of JOYY was US$74.0 million in the second quarter of 2024,
compared to US$97.3 million in the corresponding period of 2023. Non-GAAP net income margin9 was 13.1% in the second quarter
of 2024, compared to non-GAAP net income margin of 17.8% in the corresponding period of 2023.
NET INCOME PER ADS
Diluted net
income per ADS10 was US$0.83 in the second quarter of 2024, compared to US$2.02 in the corresponding period of 2023.
Non-GAAP diluted
net income per ADS11 was US$1.17 in the second quarter of 2024, compared to US$1.29 in the corresponding period of 2023.
BALANCE SHEET AND CASH FLOWS
As of June 30,
2024, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits
and short-term investments of US$3,256.8 million. For the second quarter of 2024, net cash from operating activities was US$71.1 million.
SHARES OUTSTANDING
As of June 30,
2024, the Company had a total of 1,142.2 million common shares outstanding, representing the equivalent of 57.1 million ADSs assuming
the conversion of all common shares into ADSs.
Business Outlook
For the third
quarter of 2024, the Company expects net revenues to be between US$555 million and US$569 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 June 30, 2024, the Company repurchased US$71.4 million of its ADSs on the open market under its current US$530
million share repurchase program, which is originally scheduled to expire by the end of November 2024. The board of directors of
the Company has authorized to extend the existing share repurchase program of the Company for another 12-month period upon its original
expiry date under which the Company may repurchase up to US$400 million of its shares until the end of November 2025.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time
on Tuesday, August 27, 2024 (9:00 AM Singapore/Hong Kong Time on Wednesday, August 28, 2024). Details for the conference call
are as follows:
Event Title:
JOYY Inc. Second Quarter 2024 Earnings Conference Call
Conference ID: #10041392
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/10041392-jgh7y6.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 September 4, 2024, by dialing
the following numbers:
| United States: |
1-855-883-1031 |
| Singapore: |
800-101-3223 |
| Hong Kong: |
800-930-639 |
| Conference ID: |
#10041392 |
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 Yan
Email: joyy-ir@joyy.com
ICR, Inc.
Robin Yang
Email: 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 June 30, 2023, March 31,
2024 and June 30, 2024 and for the six months ended June 30, 2023 and June 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$22.0 million and US$57.8 million in the second 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.
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share, ADS and per ADS data)
| | |
December 31, | | |
June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Assets | |
| | | |
| | |
| Current assets | |
| | | |
| | |
| Cash and cash equivalents | |
| 1,063,956 | | |
| 607,091 | |
| Restricted cash and cash equivalents | |
| 319,250 | | |
| 385,813 | |
| Short-term deposits | |
| 1,970,346 | | |
| 2,021,784 | |
| Restricted short-term deposits | |
| 57,243 | | |
| 54,173 | |
| Short-term investments | |
| 274,846 | | |
| 187,906 | |
| Accounts receivable, net | |
| 130,700 | | |
| 115,962 | |
| Amounts due from related parties | |
| 810 | | |
| 373 | |
| Prepayments and other current assets(1) | |
| 255,489 | | |
| 251,546 | |
| | |
| | | |
| | |
| Total current assets | |
| 4,072,640 | | |
| 3,624,648 | |
| | |
| | | |
| | |
| Non-current assets | |
| | | |
| | |
| Long-term deposits | |
| 130,000 | | |
| 185,000 | |
| Investments | |
| 544,542 | | |
| 552,360 | |
| Property and equipment, net | |
| 390,681 | | |
| 427,097 | |
| Land use rights, net | |
| 316,070 | | |
| 309,924 | |
| Intangible assets, net | |
| 333,715 | | |
| 304,430 | |
| Right-of-use assets, net | |
| 30,173 | | |
| 25,328 | |
| Goodwill | |
| 2,649,281 | | |
| 2,649,271 | |
| Other non-current assets | |
| 16,763 | | |
| 21,784 | |
| | |
| | | |
| | |
| Total non-current assets | |
| 4,411,225 | | |
| 4,475,194 | |
| | |
| | | |
| | |
| Total assets | |
| 8,483,865 | | |
| 8,099,842 | |
| | |
| | | |
| | |
| Liabilities, mezzanine equity and shareholders’ equity | |
| | | |
| | |
| Short-term loan | |
| 52,119 | | |
| 77,609 | |
| Accounts payable | |
| 66,755 | | |
| 72,959 | |
| Deferred revenue | |
| 73,673 | | |
| 77,945 | |
| Advances from customers | |
| 6,047 | | |
| 4,970 | |
| Income taxes payable | |
| 86,100 | | |
| 81,669 | |
| Accrued liabilities and other current liabilities(1) | |
| 2,381,189 | | |
| 2,364,420 | |
| Amounts due to related parties | |
| 2,533 | | |
| 2,724 | |
| Lease liabilities due within one year | |
| 12,388 | | |
| 11,520 | |
| Convertible bonds | |
| 405,603 | | |
| - | |
| | |
| | | |
| | |
| Total current liabilities | |
| 3,086,407 | | |
| 2,693,816 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| | | |
| | |
| Convertible bonds | |
| - | | |
| 593 | |
| Lease liabilities | |
| 18,422 | | |
| 14,510 | |
| Deferred revenue | |
| 12,932 | | |
| 13,397 | |
| Deferred tax liabilities | |
| 53,955 | | |
| 49,095 | |
| | |
| | | |
| | |
| Total non-current liabilities | |
| 85,309 | | |
| 77,595 | |
| | |
| | | |
| | |
| Total liabilities | |
| 3,171,716 | | |
| 2,771,411 | |
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
| | |
December 31, | | |
June 30, | |
| | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | |
| Mezzanine equity | |
| 22,133 | | |
| 22,933 | |
| | |
| | | |
| | |
| 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 815,693,731 shares outstanding as of June 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 June 30, 2024, respectively) | |
| 3 | | |
| 3 | |
| Treasury shares (US$0.00001 par value; 426,996,825 and 502,146,733 shares held as of December 31, 2023 and June 30, 2024, respectively) | |
| (913,939 | ) | |
| (1,039,866 | ) |
| Additional paid-in capital | |
| 3,282,754 | | |
| 3,336,280 | |
| Statutory reserves | |
| 37,709 | | |
| 37,686 | |
| Retained earnings | |
| 2,947,160 | | |
| 3,043,841 | |
| Accumulated other comprehensive loss | |
| (197,010 | ) | |
| (205,757 | ) |
| | |
| | | |
| | |
| Total JOYY Inc.’s shareholders’ equity | |
| 5,156,686 | | |
| 5,172,195 | |
| | |
| | | |
| | |
| Non-controlling interests | |
| 133,330 | | |
| 133,303 | |
| | |
| | | |
| | |
| Total shareholders’ equity | |
| 5,290,016 | | |
| 5,305,498 | |
| | |
| | | |
| | |
| Total liabilities, mezzanine equity and shareholders’ equity | |
| 8,483,865 | | |
| 8,099,842 | |
| (1) |
JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and
presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current
assets. The consideration received by the Company to date remains within cash and cash equivalents, restricted cash and cash
equivalents, and short-term deposits. Correspondingly, the advanced payments received has been recorded as accrued liabilities and
other current liabilities. |
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except share, ADS and per ADS data)
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues | |
| | | |
| | | |
| | | |
| | | |
| | |
| Live streaming(1) | |
| 476,981 | | |
| 466,391 | | |
| 459,730 | | |
| 997,374 | | |
| 926,121 | |
| Others | |
| 70,353 | | |
| 98,169 | | |
| 105,398 | | |
| 133,588 | | |
| 203,567 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total net revenues | |
| 547,334 | | |
| 564,560 | | |
| 565,128 | | |
| 1,130,962 | | |
| 1,129,688 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues(2) | |
| (349,566 | ) | |
| (369,197 | ) | |
| (366,189 | ) | |
| (728,568 | ) | |
| (735,386 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 197,768 | | |
| 195,363 | | |
| 198,939 | | |
| 402,394 | | |
| 394,302 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating expenses(2) | |
| | | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (75,540 | ) | |
| (69,039 | ) | |
| (69,856 | ) | |
| (151,315 | ) | |
| (138,895 | ) |
| Sales and marketing expenses | |
| (87,205 | ) | |
| (94,638 | ) | |
| (88,132 | ) | |
| (184,804 | ) | |
| (182,770 | ) |
| General and administrative expenses | |
| (28,966 | ) | |
| (31,743 | ) | |
| (40,686 | ) | |
| (60,935 | ) | |
| (72,429 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total operating expenses | |
| (191,711 | ) | |
| (195,420 | ) | |
| (198,674 | ) | |
| (397,054 | ) | |
| (394,094 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gain on disposal of subsidiary | |
| - | | |
| - | | |
| 1,643 | | |
| - | | |
| 1,643 | |
| Other income | |
| 3,382 | | |
| 3,600 | | |
| 361 | | |
| 6,630 | | |
| 3,961 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating income | |
| 9,439 | | |
| 3,543 | | |
| 2,269 | | |
| 11,970 | | |
| 5,812 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Interest expenses | |
| (3,057 | ) | |
| (2,136 | ) | |
| (1,864 | ) | |
| (6,166 | ) | |
| (4,000 | ) |
| Interest income and investment income | |
| 46,602 | | |
| 48,927 | | |
| 46,702 | | |
| 90,737 | | |
| 95,629 | |
| Foreign currency exchange gains, net | |
| 20,316 | | |
| 768 | | |
| 1,125 | | |
| 10,395 | | |
| 1,893 | |
| Gain on disposal and deemed disposal of investments | |
| 77,737 | | |
| - | | |
| - | | |
| 77,524 | | |
| - | |
| (Loss) gain on fair value change of investments | |
| (2,235 | ) | |
| 985 | | |
| (619 | ) | |
| (950 | ) | |
| 366 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income before income tax expenses | |
| 148,802 | | |
| 52,087 | | |
| 47,613 | | |
| 183,510 | | |
| 99,700 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income tax expenses | |
| (5,382 | ) | |
| (4,537 | ) | |
| (2,628 | ) | |
| (13,540 | ) | |
| (7,165 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income before share of income (loss) in equity method investments, net of income taxes | |
| 143,420 | | |
| 47,550 | | |
| 44,985 | | |
| 169,970 | | |
| 92,535 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share of income (loss) in equity method investments, net of income taxes | |
| 3,885 | | |
| (7,395 | ) | |
| 2,805 | | |
| (2,721 | ) | |
| (4,590 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 147,305 | | |
| 40,155 | | |
| 47,790 | | |
| 167,249 | | |
| 87,945 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders | |
| 7,798 | | |
| 5,131 | | |
| 4,276 | | |
| 15,840 | | |
| 9,407 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to controlling interest of JOYY Inc. | |
| 155,103 | | |
| 45,286 | | |
| 52,066 | | |
| 183,089 | | |
| 97,352 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | |
| (1,566 | ) | |
| (347 | ) | |
| (347 | ) | |
| (3,132 | ) | |
| (694 | ) |
| Cumulative dividend on subsidiary’s Series A Preferred Shares | |
| (1,000 | ) | |
| - | | |
| - | | |
| (2,000 | ) | |
| - | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to common shareholders of JOYY Inc. | |
| 152,537 | | |
| 44,939 | | |
| 51,719 | | |
| 177,957 | | |
| 96,658 | |
JOYY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
(All amounts in thousands, except share, ADS and per ADS data)
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net income per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 2.27 | | |
| 0.73 | | |
| 0.87 | | |
| 2.58 | | |
| 1.59 | |
| ——Diluted | |
| 2.02 | | |
| 0.69 | | |
| 0.83 | | |
| 2.33 | | |
| 1.52 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ADS used in calculating net income per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 67,273,951 | | |
| 61,783,347 | | |
| 59,537,049 | | |
| 68,854,013 | | |
| 60,660,104 | |
| ——Diluted | |
| 76,872,137 | | |
| 67,152,622 | | |
| 64,101,951 | | |
| 78,845,472 | | |
| 65,625,455 | |
(1) Revenues by geographical areas were as follows:
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Developed countries and regions | |
| 231,932 | | |
| 291,036 | | |
| 306,099 | | |
| 449,783 | | |
| 597,135 | |
| Middle East | |
| 111,172 | | |
| 87,458 | | |
| 75,530 | | |
| 229,958 | | |
| 162,988 | |
| Mainland China | |
| 81,595 | | |
| 59,801 | | |
| 62,604 | | |
| 204,414 | | |
| 122,405 | |
| Southeast Asia and others | |
| 122,635 | | |
| 126,265 | | |
| 120,895 | | |
| 246,807 | | |
| 247,160 | |
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 | | |
Six Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Cost of revenues | |
| 1,025 | | |
| 663 | | |
| 778 | | |
| 2,261 | | |
| 1,441 | |
| Research and development expenses | |
| 5,526 | | |
| 3,392 | | |
| 3,282 | | |
| 11,287 | | |
| 6,674 | |
| Sales and marketing expenses | |
| 320 | | |
| 131 | | |
| 108 | | |
| 554 | | |
| 239 | |
| General and administrative expenses | |
| 2,227 | | |
| 1,942 | | |
| 2,183 | | |
| 4,335 | | |
| 4,125 | |
JOYY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except share, ADS and per ADS data)
| | |
Three
Months Ended | | |
Six
Months Ended | |
| | |
June 30, | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | | |
2023 | | |
2024 | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Operating
income | |
| 9,439 | | |
| 3,543 | | |
| 2,269 | | |
| 11,970 | | |
| 5,812 | |
| Share-based
compensation expenses | |
| 9,098 | | |
| 6,128 | | |
| 6,351 | | |
| 18,437 | | |
| 12,479 | |
| Amortization
of intangible assets from business acquisitions | |
| 15,890 | | |
| 15,132 | | |
| 13,590 | | |
| 31,780 | | |
| 28,722 | |
| Impairment of investments | |
| - | | |
| - | | |
| 9,386 | | |
| - | | |
| 9,386 | |
| Gain on
disposal of subsidiary | |
| - | | |
| - | | |
| (1,643 | ) | |
| - | | |
| (1,643 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP
operating income | |
| 34,427 | | |
| 24,803 | | |
| 29,953 | | |
| 62,187 | | |
| 54,756 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 147,305 | | |
| 40,155 | | |
| 47,790 | | |
| 167,249 | | |
| 87,945 | |
| Share-based
compensation expenses | |
| 9,098 | | |
| 6,128 | | |
| 6,351 | | |
| 18,437 | | |
| 12,479 | |
| Amortization
of intangible assets from business acquisitions | |
| 15,890 | | |
| 15,132 | | |
| 13,590 | | |
| 31,780 | | |
| 28,722 | |
| Impairment of investments | |
| - | | |
| - | | |
| 9,386 | | |
| - | | |
| 9,386 | |
| Gain on
disposal of subsidiary | |
| - | | |
| - | | |
| (1,643 | ) | |
| - | | |
| (1,643 | ) |
| Gain on
disposal and deemed disposal of investments | |
| (77,737 | ) | |
| - | | |
| - | | |
| (77,524 | ) | |
| - | |
| Loss (gain)
on fair value change of investments | |
| 2,235 | | |
| (985 | ) | |
| 619 | | |
| 950 | | |
| (366 | ) |
| Interest
expenses related to the convertible bonds’ amortization to face value | |
| 528 | | |
| 237 | | |
| 198 | | |
| 1,106 | | |
| 435 | |
| Income
tax effects on non-GAAP adjustments | |
| (3,128 | ) | |
| (2,222 | ) | |
| (1,883 | ) | |
| (5,439 | ) | |
| (4,105 | ) |
| Reconciling
items on the share of equity method investments | |
| (3,572 | ) | |
| 4,434 | | |
| (3,700 | ) | |
| (2,848 | ) | |
| 734 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP
net income | |
| 90,619 | | |
| 62,879 | | |
| 70,708 | | |
| 133,711 | | |
| 133,587 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income
attributable to common shareholders of JOYY Inc. | |
| 152,537 | | |
| 44,939 | | |
| 51,719 | | |
| 177,957 | | |
| 96,658 | |
| Share-based
compensation expenses | |
| 9,098 | | |
| 6,128 | | |
| 6,351 | | |
| 18,437 | | |
| 12,479 | |
| Amortization
of intangible assets from business acquisitions | |
| 15,890 | | |
| 15,132 | | |
| 13,590 | | |
| 31,780 | | |
| 28,722 | |
| Impairment of investments | |
| - | | |
| - | | |
| 9,386 | | |
| - | | |
| 9,386 | |
| Gain on
disposal of subsidiary | |
| - | | |
| - | | |
| (1,643 | ) | |
| - | | |
| (1,643 | ) |
| Gain on
disposal and deemed disposal of investments | |
| (77,737 | ) | |
| - | | |
| - | | |
| (77,524 | ) | |
| - | |
| Loss (gain)
on fair value change of investments | |
| 2,235 | | |
| (985 | ) | |
| 619 | | |
| 950 | | |
| (366 | ) |
| Interest
expenses related to the convertible bonds’ amortization to face value | |
| 528 | | |
| 237 | | |
| 198 | | |
| 1,106 | | |
| 435 | |
| Accretion,
cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | |
| 2,566 | | |
| 347 | | |
| 347 | | |
| 5,132 | | |
| 694 | |
| Income
tax effects on non-GAAP adjustments | |
| (3,128 | ) | |
| (2,222 | ) | |
| (1,883 | ) | |
| (5,439 | ) | |
| (4,105 | ) |
| Reconciling
items on the share of equity method investments | |
| (3,572 | ) | |
| 4,434 | | |
| (3,700 | ) | |
| (2,848 | ) | |
| 734 | |
| Non-GAAP
adjustments for net loss attributable to the non-controlling interest shareholders | |
| (1,115 | ) | |
| (806 | ) | |
| (949 | ) | |
| (2,382 | ) | |
| (1,755 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP
net income attributable to controlling interest and common shareholders of JOYY Inc. | |
| 97,302 | | |
| 67,204 | | |
| 74,035 | | |
| 147,169 | | |
| 141,239 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP
net income per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 1.45 | | |
| 1.09 | | |
| 1.24 | | |
| 2.14 | | |
| 2.33 | |
| ——Diluted | |
| 1.29 | | |
| 1.02 | | |
| 1.17 | | |
| 1.92 | | |
| 2.19 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted
average number of ADS used in calculating Non-GAAP net income per ADS | |
| | | |
| | | |
| | | |
| | | |
| | |
| ——Basic | |
| 67,273,951 | | |
| 61,783,347 | | |
| 59,537,049 | | |
| 68,854,013 | | |
| 60,660,104 | |
| ——Diluted | |
| 76,872,137 | | |
| 67,152,622 | | |
| 64,101,951 | | |
| 78,845,472 | | |
| 65,625,455 | |
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 | |
| | |
March 31, 2024 | |
| | |
BIGO | | |
All other | | |
Elimination(1) | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues | |
| | | |
| | | |
| | | |
| | |
| Live streaming | |
| 442,154 | | |
| 24,237 | | |
| - | | |
| 466,391 | |
| Others | |
| 63,049 | | |
| 35,518 | | |
| (398 | ) | |
| 98,169 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total net revenues | |
| 505,203 | | |
| 59,755 | | |
| (398 | ) | |
| 564,560 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues(2) | |
| (328,583 | ) | |
| (40,692 | ) | |
| 78 | | |
| (369,197 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 176,620 | | |
| 19,063 | | |
| (320 | ) | |
| 195,363 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses(2) | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (41,022 | ) | |
| (28,258 | ) | |
| 241 | | |
| (69,039 | ) |
| Sales and marketing expenses | |
| (74,430 | ) | |
| (20,232 | ) | |
| 24 | | |
| (94,638 | ) |
| General and administrative expenses | |
| (14,075 | ) | |
| (17,723 | ) | |
| 55 | | |
| (31,743 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Total operating expenses | |
| (129,527 | ) | |
| (66,213 | ) | |
| 320 | | |
| (195,420 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| 3,296 | | |
| 304 | | |
| - | | |
| 3,600 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating income (loss) | |
| 50,389 | | |
| (46,846 | ) | |
| - | | |
| 3,543 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expenses | |
| (1,765 | ) | |
| (1,681 | ) | |
| 1,310 | | |
| (2,136 | ) |
| Interest income and investment income | |
| 15,441 | | |
| 34,796 | | |
| (1,310 | ) | |
| 48,927 | |
| Foreign currency exchange gains, net | |
| 379 | | |
| 389 | | |
| - | | |
| 768 | |
| Gain (loss) on fair value change of investments | |
| 1,267 | | |
| (282 | ) | |
| - | | |
| 985 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) before income tax (expenses) benefits | |
| 65,711 | | |
| (13,624 | ) | |
| - | | |
| 52,087 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax (expenses) benefits | |
| (4,662 | ) | |
| 125 | | |
| - | | |
| (4,537 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income (loss) before share of loss in equity method investments, net of income taxes | |
| 61,049 | | |
| (13,499 | ) | |
| - | | |
| 47,550 | |
| | |
| | | |
| | | |
| | | |
| | |
| Share of loss in equity method investments, net of income taxes | |
| - | | |
| (7,395 | ) | |
| - | | |
| (7,395 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) | |
| 61,049 | | |
| (20,894 | ) | |
| - | | |
| 40,155 | |
(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 | |
| | |
March 31, 2024 | |
| | |
BIGO | | |
All other | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | |
| Cost of revenues | |
| 391 | | |
| 272 | | |
| 663 | |
| Research and development expenses | |
| 1,641 | | |
| 1,751 | | |
| 3,392 | |
| Sales and marketing expenses | |
| 47 | | |
| 84 | | |
| 131 | |
| General and administrative expenses | |
| 96 | | |
| 1,846 | | |
| 1,942 | |
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 | |
| | |
March 31, 2024 | |
| | |
BIGO | | |
All other | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | |
| Operating income (loss) | |
| 50,389 | | |
| (46,846 | ) | |
| 3,543 | |
| Share-based compensation expenses | |
| 2,175 | | |
| 3,953 | | |
| 6,128 | |
| Amortization of intangible assets from business acquisitions | |
| 10,467 | | |
| 4,665 | | |
| 15,132 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP operating income (loss) | |
| 63,031 | | |
| (38,228 | ) | |
| 24,803 | |
| | |
| | | |
| | | |
| | |
| Net income (loss) | |
| 61,049 | | |
| (20,894 | ) | |
| 40,155 | |
| Share-based compensation expenses | |
| 2,175 | | |
| 3,953 | | |
| 6,128 | |
| Amortization of intangible assets from business acquisitions | |
| 10,467 | | |
| 4,665 | | |
| 15,132 | |
| (Gain) loss on fair value change of investments | |
| (1,267 | ) | |
| 282 | | |
| (985 | ) |
| Interest expenses related to the convertible bonds’ amortization to face value | |
| - | | |
| 237 | | |
| 237 | |
| Income tax effects on non-GAAP adjustments | |
| (1,203 | ) | |
| (1,019 | ) | |
| (2,222 | ) |
| Reconciling items on the share of equity method investments | |
| - | | |
| 4,434 | | |
| 4,434 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP net income (loss) | |
| 71,221 | | |
| (8,342 | ) | |
| 62,879 | |
JOYY INC.
UNAUDITED SEGMENT REPORT
(All amounts in thousands, except share, ADS
and per ADS data)
| | |
Three Months Ended | |
| | |
June 30, 2023 | |
| | |
BIGO | | |
All other | | |
Elimination(1) | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | | |
US$ | |
| Net revenues | |
| | | |
| | | |
| | | |
| | |
| Live streaming | |
| 445,169 | | |
| 31,812 | | |
| - | | |
| 476,981 | |
| Others | |
| 25,885 | | |
| 44,860 | | |
| (392 | ) | |
| 70,353 | |
| | |
| | | |
| | | |
| | | |
| | |
| Total net revenues | |
| 471,054 | | |
| 76,672 | | |
| (392 | ) | |
| 547,334 | |
| | |
| | | |
| | | |
| | | |
| | |
| Cost of revenues(2) | |
| (287,587 | ) | |
| (62,069 | ) | |
| 90 | | |
| (349,566 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Gross profit | |
| 183,467 | | |
| 14,603 | | |
| (302 | ) | |
| 197,768 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses(2) | |
| | | |
| | | |
| | | |
| | |
| Research and development expenses | |
| (41,727 | ) | |
| (34,042 | ) | |
| 229 | | |
| (75,540 | ) |
| Sales and marketing expenses | |
| (70,652 | ) | |
| (16,574 | ) | |
| 21 | | |
| (87,205 | ) |
| General and administrative expenses | |
| (12,587 | ) | |
| (16,431 | ) | |
| 52 | | |
| (28,966 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Total operating expenses | |
| (124,966 | ) | |
| (67,047 | ) | |
| 302 | | |
| (191,711 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Other income | |
| 1,914 | | |
| 1,468 | | |
| - | | |
| 3,382 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating income (loss) | |
| 60,415 | | |
| (50,976 | ) | |
| - | | |
| 9,439 | |
| | |
| | | |
| | | |
| | | |
| | |
| Interest expenses | |
| (1,727 | ) | |
| (2,643 | ) | |
| 1,313 | | |
| (3,057 | ) |
| Interest income and investment income | |
| 9,882 | | |
| 38,033 | | |
| (1,313 | ) | |
| 46,602 | |
| Foreign currency exchange gains (losses), net | |
| 22,031 | | |
| (1,715 | ) | |
| - | | |
| 20,316 | |
| Gain on disposal and deemed disposal of investments | |
| - | | |
| 77,737 | | |
| - | | |
| 77,737 | |
| (Loss) gain on fair value change of investments | |
| (2,460 | ) | |
| 225 | | |
| - | | |
| (2,235 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income before income tax expenses | |
| 88,141 | | |
| 60,661 | | |
| - | | |
| 148,802 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income tax expenses | |
| (4,478 | ) | |
| (904 | ) | |
| - | | |
| (5,382 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income before share of income in equity method investments, net of income taxes | |
| 83,663 | | |
| 59,757 | | |
| - | | |
| 143,420 | |
| | |
| | | |
| | | |
| | | |
| | |
| Share of income in equity method investments, net of income taxes | |
| - | | |
| 3,885 | | |
| - | | |
| 3,885 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 83,663 | | |
| 63,642 | | |
| - | | |
| 147,305 | |
(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, 2023 | |
| | |
BIGO | | |
All other | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | |
| Cost of revenues | |
| 410 | | |
| 615 | | |
| 1,025 | |
| Research and development expenses | |
| 2,532 | | |
| 2,994 | | |
| 5,526 | |
| Sales and marketing expenses | |
| 170 | | |
| 150 | | |
| 320 | |
| General and administrative expenses | |
| 700 | | |
| 1,527 | | |
| 2,227 | |
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, 2023 | |
| | |
BIGO | | |
All other | | |
Total | |
| | |
US$ | | |
US$ | | |
US$ | |
| Operating income (loss) | |
| 60,415 | | |
| (50,976 | ) | |
| 9,439 | |
| Share-based compensation expenses | |
| 3,812 | | |
| 5,286 | | |
| 9,098 | |
| Amortization of intangible assets from business acquisitions | |
| 11,225 | | |
| 4,665 | | |
| 15,890 | |
| | |
| | | |
| | | |
| | |
| Non-GAAP operating income (loss) | |
| 75,452 | | |
| (41,025 | ) | |
| 34,427 | |
| | |
| | | |
| | | |
| | |
| Net income | |
| 83,663 | | |
| 63,642 | | |
| 147,305 | |
| Share-based compensation expenses | |
| 3,812 | | |
| 5,286 | | |
| 9,098 | |
| Amortization of intangible assets from business acquisitions | |
| 11,225 | | |
| 4,665 | | |
| 15,890 | |
| Gain on disposal and deemed disposal of investments | |
| - | | |
| (77,737 | ) | |
| (77,737 | ) |
| Loss (gain) on fair value change of investments | |
| 2,460 | | |
| (225 | ) | |
| 2,235 | |
| Interest expenses related to the convertible bonds’ amortization to face value | |
| - | | |
| 528 | | |
| 528 | |
| Income tax effects on non-GAAP adjustments | |
| (1,415 | ) | |
| (1,713 | ) | |
| (3,128 | ) |
| Reconciling items on the share of equity method investments | |
| - | | |
| (3,572 | ) | |
| (3,572 | ) |
| | |
| | | |
| | | |
| | |
| Non-GAAP net income (loss) | |
| 99,745 | | |
| (9,126 | ) | |
| 90,619 | |
JOYY (NASDAQ:YY)
Historical Stock Chart
From Oct 2024 to Nov 2024
JOYY (NASDAQ:YY)
Historical Stock Chart
From Nov 2023 to Nov 2024
