YY Inc. (NASDAQ:YY) ("YY" or the "Company"), a live streaming
platform, today announced its unaudited financial results for the
second quarter of 2016.
Second Quarter 2016
Highlights
- Net revenues increased by 45.9% to RMB1,980.8 million (US$298.0
million) from RMB1,357.2 million in the corresponding period of
2015.
- Net income attributable to YY increased by 18.1% to RMB343.3
million (US$51.7 million) from RMB290.7 million in the
corresponding period of 2015.
- Non-GAAP net income attributable to YY increased by 27.3% to
RMB384.8 million (US$57.9 million) from RMB302.3 million in the
corresponding period of 2015.
Mr. David Xueling Li, Chairman of YY, stated,
“We are glad to report another strong quarter of both top- and
bottom-line growth across the board. This growth momentum was
primarily driven by solid year-over-year user adoption of over
54.5% to 4.2 million paying users, as well as robust IVAS revenue
growth of 48.7% year over year. More importantly, we continued to
see steady growth in monthly active users (“MAUs”) on the YY
platform increasing by over 16% year over year to 141.9 million
users. Additionally, in June 2016, we revamped our online
music and entertainment branding to YY Live. This rebranding
effort is a key part of YY leveraging our core broadcasting
technology to more broadly support the increasing popularity of
mobile live-broadcasting on our online music and entertainment
platform. With the new brand, we aim to further leverage the
established YY brand and build an even deeper content ecosystem
which will also include the development of PUGC
(Professionally-curated User Generated Content). Meanwhile, we are
excited to announce the promotion of Mr. Zhou Chen as YY’s new CEO
as well as the promotion of Mr. Rongjie Dong to CEO of our Huya
broadcasting division. We firmly believe their deep experience,
creative genius and solid leadership capabilities will help to lead
YY through our next phase of development. Overall, we remain
confident in our ability to stay ahead of our competitors and
further fortify YY’s competitive moat as a leading interactive,
live streaming platform in China.
Mr. Eric He, Chief Financial Officer of YY,
commented, “For the second quarter of 2016, our revenue momentum
continued as total revenues increased by 45.9% year over year to
RMB1.98 billion. The growth in both top and bottom line reflects
the strength of our increasingly large and diverse IVAS revenue
streams. Our online game broadcasting business, Huya, saw continued
strong growth, with a 67.7% year-over-year increase in revenue and
a 111.6% year-over-year increase in the number of paying users to
1.1 million. Our online music and entertainment business, recently
upgraded to YY Live, had a 50.3% year-over-year increase in revenue
and 51.4% year-over-year increase in the number of paying users.
Meanwhile, our leading music and entertainment business for mobile
devices continued its robust growth with a 96.7% year-over-year
increase in revenue and 88.3% year-over-year increase in the number
of paying users to 1.8 million. Going forward, under the leadership
of our new management team, we will continue to drive top- and
bottom-line growth by expanding our innovative content and service
offerings in order to meet the ever-evolving demands of our massive
user community."
Second Quarter 2016 Financial
Results
NET REVENUES Net revenues
increased by 45.9% to RMB1,980.8 million (US$298.0 million) in the
second quarter of 2016 from RMB1,357.2 million in the corresponding
period of 2015, primarily driven by the increase in IVAS revenues.
IVAS revenues, which mainly consisted of revenues from online music
and entertainment, online dating, online games, Huya broadcasting
and YY's membership program, increased by 48.7% to RMB1,933.0
million (US$290.9 million) in the second quarter of 2016 from
RMB1,300.0 million in the corresponding period of 2015. The
increase in IVAS revenues was primarily driven by a 54.5%
year-over-year increase in the number of paying users to 4.2
million.
Revenues from online music and entertainment
increased by 50.3% to RMB1,098.3 million (US$165.3 million) in the
second quarter of 2016 from RMB730.7 million in the corresponding
period of 2015. This increase was driven by a year-over-year
increase of 51.4% in the number of paying users to 2.8 million.
Moreover, the number of mobile paying users grew 88.3% year over
year to 1.8 million in the second quarter of 2016.
Revenues from online dating increased by 72.3%
to RMB271.1 million (US$40.8 million) in the second quarter of 2016
from RMB157.3 million in the corresponding period of 2015. This
increase primarily resulted from a 35.6% year-over-year increase in
the number of paying users to 316,000 and 27.1% year-over-year
increase in ARPU to RMB858 in the second quarter of 2016.
Revenues from online games were RMB188.3 million
(US$28.3 million) in the second quarter of 2016, as compared to
RMB199.4 million in the corresponding period of 2015. This decline
was primarily caused by a 29.2% year-over-year decrease in the
number of paying users to 303,000, which reflects the continued
softness in China’s web game market, but was partially offset by a
33.3% year-over-year increase in the average revenue per user
(“ARPU”) of online games.
Other IVAS revenues, mainly including Huya
broadcasting, PK Show, membership subscription fees and ME App,
increased by 76.6% to RMB375.3 million (US$56.5 million) in the
second quarter of 2016 from RMB212.6 million in the corresponding
period of 2015. Revenues from Huya broadcasting increased by 67.7%
to RMB143.1 million (US$21.5 million) in the second quarter of 2016
from RMB85.3 million in the corresponding period of 2015, primarily
driven by the 111.6% year-over-year increase in the number of
paying users to 1.1 million.
Other revenues, mainly including revenues from
the Company's online education platform, Huanqiu Education Online,
and online advertising revenues from Duowan.com, were RMB47.8
million (US$7.2 million) in the second quarter of 2016, compared
with RMB57.2 million in the corresponding period of 2015.
COST OF REVENUES AND GROSS
PROFIT Cost of revenues increased by 45.0% to RMB1,208.3
million (US$181.8 million) in the second quarter of 2016 from
RMB833.3 million in the corresponding period of 2015, primarily
attributable to an increase in revenue-sharing fees and content
costs to RMB893.3 million (US$134.4 million) in the second quarter
of 2016 from RMB551.5 million in the corresponding period of 2015.
The increase in revenue-sharing fees and content costs paid to
performers, channel owners and content providers was in line with
the increase in revenues and was primarily due to the higher level
of user engagement and spending driven by promotional activities,
as well as the Company’s investments in expanding the amount of new
and innovative content it provides to users. In addition, bandwidth
costs increased to RMB150.7 million (US$22.7 million) in the second
quarter of 2016 from RMB132.2 million in the corresponding period
of 2015, primarily reflecting the continued user base expansion and
video quality improvements, but partially offset by the Company’s
improved efficiency and pricing terms.
Gross profit increased by 47.4% to RMB772.4
million (US$116.2 million) in the second quarter of 2016 from
RMB523.9 million in the corresponding period of 2015. Gross margin
increased to 39.0% in the second quarter of 2016 from 38.6% in the
corresponding period of 2015.
OPERATING INCOMEOperating
expenses for the second quarter of 2016 increased by 41.7% to
RMB351.1 million (US$52.8 million) from RMB247.8 million in the
corresponding period of 2015. This increase was primarily
attributable to the Company’s overall business expansion and its
investments in providing more rich and diversified content to
users.
Operating income in the second quarter of 2016
increased by 44.2% to RMB443.9 million (US$66.8 million), as
compared to RMB307.7 million in the corresponding period of 2015.
Operating margin in the second quarter of 2016 was 22.4%, as
compared to 22.7% in the corresponding period of 2015.
Non-GAAP operating income1 increased by
52.0% to RMB485.4 million (US$73.0 million) in the second quarter
of 2016 from RMB319.3 million in the corresponding period of 2015.
Non-GAAP operating margin2 increased to 24.5% in the second
quarter of 2016 from 23.5% in the corresponding period of 2015.
NET INCOMENet income
attributable to YY Inc. increased by 18.1% to RMB343.3 million
(US$51.7 million) in the second quarter of 2016 from RMB290.7
million in the corresponding period of 2015. Net margin in
the second quarter of 2016 was 17.3%, as compared to 21.4% in the
corresponding period of 2015. Excluding a one-time non-operating
expense of RMB23.5 million for the disposal of a subsidiary company
of YY, net income attributable to YY Inc. was RMB366.8 million
(US$55.2 million), representing an increase of 26.2% year over
year.
Non-GAAP net income attributable to YY
Inc.3 increased by 27.3% to RMB384.8 million (US$57.9 million)
from RMB302.3 million in the corresponding period of 2015. Non-GAAP
net margin4 was 19.4% in the second quarter of 2016, as
compared to 22.3% in the corresponding period of 2015.
NET INCOME PER ADSDiluted net
income per ADS5 increased by 17.1% to RMB5.97 (US$0.90) in the
second quarter of 2016 from RMB5.10 in the corresponding period of
2015.
Non-GAAP diluted net income per
ADS6 increased by 25.7% to RMB6.65 (US$1.00) in the second
quarter of 2016 from RMB5.29 in the corresponding period of
2015.
BALANCE SHEET AND CASH FLOWS As
of June 30, 2016, the Company had cash and cash equivalents of
RMB679.1 million (US$102.2 million) and short-term deposits of
RMB3,134.7 million (US$471.7 million). For the second quarter of
2016, net cash from operating activities was RMB573.8 million
(US$86.3 million).
SHARES OUTSTANDING As of June
30, 2016, the Company had a total of 1,101.9 million common shares
outstanding, or the equivalent of 55.1 million ADSs
outstanding.
Recent DevelopmentOn June 22,
2016, YY announced it has upgraded its online music and
entertainment brand to YY Live. With the new brand, the Company
will expand into pan-entertainment market and increase its focus on
the increasingly popular live broadcasting segment. On the content
side, YY will focus on PUGC offerings as it is expected to become
one of the most important content generation models to the Company.
YY will also enhance its PUGC offerings through cooperation with
entertainment industry partners. The Company also announced the
launch of “YY Live Broadcasting Box,” a fully HD codec live
broadcasting machine.
Business Outlook
For the third quarter of 2016, the Company
expects its net revenues to be between RMB2.00 billion and RMB2.10
billion, representing a year-over-year growth of approximately 34%
to 41%. These forecasts reflect the Company's current and
preliminary view on the market and operational conditions, which
are subject to change.
Conference Call InformationThe
Company will hold a conference call on August 18, 2016 at 8:00 am
Eastern Time or 8:00 pm Beijing Time to discuss the financial
results. Participants may access the call by dialing the following
numbers:
United States: |
|
+1-845-675-0438 |
International Toll
Free: |
|
+1-855-500-8701 |
China Domestic: |
|
400-1200-654 |
Hong Kong: |
|
+852-3018-6776 |
Conference
ID: |
|
# 49135813 |
The replay will be accessible through August 26, 2016 by dialing
the following numbers:
United States Toll
Free: |
|
+1-855-452-5696 |
International: |
|
+61-2-9003-4211 |
Conference
ID: |
|
# 49135813 |
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://investors.yy.com/.
Exchange RateThis press release
contains translations of certain Renminbi amounts into U.S. dollars
at specified rates solely for the convenience of readers. Unless
otherwise noted, all translations from Renminbi to U.S. dollars, in
this press release, were made at a rate of RMB6.6459 to US$1.00,
the noon buying rate in effect on June 30, 2016 in the City of New
York for cable transfers in Renminbi per U.S. dollar as certified
for customs purposes by the Federal Reserve Bank of New York.
About YY Inc.YY Inc. (“YY” or
the “Company”) is a live streaming platform that enables users to
interact in live online group activities through voice, text and
video. Launched in July 2008, YY Client, the Company’s core
product, empowers users to create and organize groups of varying
sizes to discover and participate in a wide range of activities,
including online music and entertainment, online games, online
dating, live game broadcasting and education. YY Inc. was listed on
NASDAQ in November 2012 and generated revenues of US$910 million in
the fiscal year 2015.
Safe Harbor StatementThis
announcement contains forward-looking statements. These statements
are made under the “safe harbor” provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as “will,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates” and similar statements. Among other things, the
business outlook and quotations from management in this
announcement, as well as YY's strategic and operational plans,
contain forward-looking statements. YY 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 YY’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: YY’s goals
and strategies; YY's future business development, results of
operations and financial condition; the expected growth of the
online communication social platform market in China; the
expectation regarding the rate at which to gain registered user
accounts, active users, especially paying users; YY’s ability to
monetize the user base; YY’s ability to continue attracting
advertisers and offering popular online games; fluctuations in
general economic and business conditions in China and assumptions
underlying or related to any of the foregoing, as well as
uncertainties relating to the proposed “going-private” transaction.
Further information regarding these and other risks is included in
YY’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 YY does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Use of Non-GAAP Financial
MeasuresThe unaudited condensed consolidated financial
information is prepared in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”),
except that the consolidated statement of changes in shareholders’
equity, consolidated statements of cash flows, and the detailed
notes have not been presented. YY uses non-GAAP operating income,
non-GAAP operating margin, non-GAAP net income attributable to YY
Inc., non-GAAP net margin, non-GAAP net income
attributable to common shareholders, and basic and diluted non-GAAP
net income per ADS, which are non-GAAP financial measures. Non-GAAP
operating income is operating income excluding share-based
compensation expenses. Non-GAAP operating margin is non-GAAP
operating income as a percentage of net revenues. Non-GAAP net
income attributable to YY Inc. is net income attributable to YY
Inc. excluding share-based compensation expenses. Non-GAAP net
margin is non-GAAP net income attributable to YY Inc. as a
percentage of net revenues. Non-GAAP net income attributable to
common shareholders is net income attributable to common
shareholders excluding share-based compensation expenses. Basic and
diluted non-GAAP net income per ADS is non-GAAP net income
attributable to common shareholders 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 share-based compensation 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 effect of non-cash share-based
compensation expenses, which have been and will continue to be
significant recurring expenses in its business. 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 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 “YY
Inc. Reconciliations of GAAP and Non-GAAP Results” at the end of
this release.
1Non-GAAP operating income is a non-GAAP financial measure,
which is defined as operating income excluding share-based
compensation expenses.
2Non-GAAP operating margin is a non-GAAP financial measure,
which is defined as non-GAAP operating income as a percentage of
net revenues.
3Non-GAAP net income attributable to YY Inc. is a non-GAAP
financial measure, which is defined as net income attributable to
YY Inc. excluding share-based compensation expenses.
4Non-GAAP net margin is a non-GAAP financial measure, which is
defined as non-GAAP net income attributable to YY Inc. as a
percentage of net revenues.
5ADS is American Depositary Share. Each ADS represents twenty
Class A common shares of the Company. Diluted net income per ADS is
net income attributable to common shareholders divided by weighted
average number of diluted ADS.
6Non-GAAP diluted net income per ADS is a non-GAAP financial
measure, which is defined as non-GAAP net income attributable to
common shareholders divided by weighted average number of ADS used
in the calculation of diluted net income per ADS.
|
YY
INC. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
December
31,2015 |
|
June
30,2016 |
|
June
30,2016 |
|
|
RMB |
|
RMB |
|
US$ |
Assets |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
928,934 |
|
679,139 |
|
102,189 |
Short-term deposits |
|
1,894,946 |
|
3,134,711 |
|
471,676 |
Restricted short-term deposits |
|
389,221 |
|
- |
|
- |
Accounts receivable, net |
|
132,353 |
|
160,160 |
|
24,099 |
Inventory |
|
14,385 |
|
3,357 |
|
505 |
Amount due from related
parties |
|
5,297 |
|
23,236 |
|
3,496 |
Prepayments and other current
assets |
|
147,823 |
|
178,781 |
|
26,901 |
Deferred tax assets |
|
116,921 |
|
92,645 |
|
13,940 |
|
|
|
|
|
|
|
Total current
assets |
|
3,629,880 |
|
4,272,029 |
|
642,806 |
|
|
|
|
|
|
|
Non-current
assets |
|
|
|
|
|
|
Deferred tax assets |
|
3,363 |
|
5,547 |
|
835 |
Investments |
|
567,557 |
|
806,018 |
|
121,280 |
Property and equipment, net |
|
843,449 |
|
834,632 |
|
125,586 |
Land use rights, net |
|
- |
|
1,896,348 |
|
285,341 |
Intangible assets, net |
|
146,437 |
|
111,313 |
|
16,749 |
Goodwill |
|
151,638 |
|
132,304 |
|
19,908 |
Other non-current assets |
|
1,960,430 |
|
87,495 |
|
13,165 |
|
|
|
|
|
|
|
Total non-current
assets |
|
3,672,874 |
|
3,873,657 |
|
582,864 |
|
|
|
|
|
|
|
Total assets |
|
7,302,754 |
|
8,145,686 |
|
1,225,670 |
|
|
|
|
|
|
|
Liabilities
,mezzanine equity and shareholders’ equity |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
129,819 |
|
122,286 |
|
18,400 |
Deferred revenue |
|
385,300 |
|
394,680 |
|
59,387 |
Advances from customers |
|
55,086 |
|
77,074 |
|
11,597 |
Income taxes payable |
|
107,403 |
|
94,688 |
|
14,248 |
Accrued liabilities and other
current liabilities |
|
681,889 |
|
635,195 |
|
95,577 |
Amounts due to related parties |
|
24,917 |
|
27,313 |
|
4,110 |
|
|
|
|
|
|
|
Total current
liabilities |
|
1,384,414 |
|
1,351,236 |
|
203,319 |
|
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
|
|
Convertible bonds* |
|
2,572,119 |
|
2,636,867 |
|
396,766 |
Deferred revenue |
|
20,752 |
|
26,045 |
|
3,919 |
Deferred tax liabilities |
|
16,817 |
|
15,162 |
|
2,281 |
|
|
|
|
|
|
|
Total non-current
liabilities |
|
2,609,688 |
|
2,678,074 |
|
402,966 |
|
|
|
|
|
|
|
Total
liabilities |
|
3,994,102 |
|
4,029,310 |
|
606,285 |
YY
INC. |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
December 31,2015 |
|
June
30,2016 |
|
June
30,2016 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Mezzanine
equity |
|
|
61,833 |
|
|
43,390 |
|
6,529 |
|
|
|
|
|
|
|
Shareholders’
equity |
|
|
|
|
|
|
Class A common shares
(US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares
authorized, 728,227,848 and 732,331,788 shares issued and
outstanding as of December 31, 2015 and June 30, 2016,
respectively) |
|
|
43 |
|
|
43 |
|
6 |
Class B common shares
(US$0.00001 par value; 1,000,000,000 and 1,000,000,000 shares
authorized, 369,557,976 and 369,557,976 shares issued and
outstanding as of December 31, 2015 and June 30, 2016,
respectively) |
|
|
27 |
|
|
27 |
|
4 |
Additional paid-in
capital |
|
|
2,011,799 |
|
|
2,107,329 |
|
317,087 |
Statutory reserves |
|
|
56,507 |
|
|
56,507 |
|
8,503 |
Retained earnings |
|
|
1,207,168 |
|
|
1,758,793 |
|
264,643 |
Accumulated other
comprehensive (losses) income |
|
|
(36,385 |
) |
|
139,658 |
|
21,014 |
Non-controlling
interests |
|
|
7,660 |
|
|
10,629 |
|
1,599 |
|
|
|
|
|
|
|
Total
shareholders’ equity |
|
|
3,246,819 |
|
|
4,072,986 |
|
612,856 |
|
|
|
|
|
|
|
Total
liabilities, mezzanine equity
and shareholders’ equity |
|
|
7,302,754 |
|
|
8,145,686 |
|
1,225,670 |
|
|
|
|
|
|
|
* Effectively January 2016, ASU 2015-3 issued by FASB requires
entities to present the issuance costs of bonds in the balance
sheet as a direct deduction from the related bonds rather than
assets. Accordingly, the Company retrospectively reclassified
RMB25.3 million of issuance cost of bonds from other non-current
assets into convertible bonds as of December 31, 2015.
YY
INC. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June
30,2015 |
March
31,2016 |
June
30,2016 |
June
30,2016 |
|
June 30,2015 |
June 30,2016 |
June 30,2016 |
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
Internet value-added
service |
|
|
|
|
|
|
|
|
|
—Online music and
entertainment |
|
|
730,693 |
|
|
919,084 |
|
|
1,098,311 |
|
|
165,261 |
|
|
|
1,320,748 |
|
|
2,017,395 |
|
|
303,555 |
|
—Online dating |
|
|
157,348 |
|
|
211,226 |
|
|
271,116 |
|
|
40,794 |
|
|
|
289,184 |
|
|
482,342 |
|
|
72,577 |
|
—Online games |
|
|
199,404 |
|
|
171,110 |
|
|
188,261 |
|
|
28,327 |
|
|
|
431,152 |
|
|
359,371 |
|
|
54,074 |
|
—Other IVAS |
|
|
212,585 |
|
|
310,428 |
|
|
375,321 |
|
|
56,474 |
|
|
|
369,782 |
|
|
685,749 |
|
|
103,184 |
|
Other
revenues |
|
|
57,151 |
|
|
37,470 |
|
|
47,768 |
|
|
7,188 |
|
|
|
96,577 |
|
|
85,238 |
|
|
12,826 |
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue |
|
|
1,357,181 |
|
|
1,649,318 |
|
|
1,980,777 |
|
|
298,044 |
|
|
|
2,507,443 |
|
|
3,630,095 |
|
|
546,216 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues(1) |
|
|
(833,281 |
) |
|
(1,060,531 |
) |
|
(1,208,340 |
) |
|
(181,817 |
) |
|
|
(1,506,016 |
) |
|
(2,268,871 |
) |
|
(341,394 |
) |
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
523,900 |
|
|
588,787 |
|
|
772,437 |
|
|
116,227 |
|
|
|
1,001,427 |
|
|
1,361,224 |
|
|
204,822 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1) |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
(120,125 |
) |
|
(179,648 |
) |
|
(172,228 |
) |
|
(25,915 |
) |
|
|
(243,113 |
) |
|
(351,876 |
) |
|
(52,946 |
) |
Sales and marketing
expenses |
|
|
(63,079 |
) |
|
(77,961 |
) |
|
(88,699 |
) |
|
(13,346 |
) |
|
|
(114,622 |
) |
|
(166,660 |
) |
|
(25,077 |
) |
General and administrative
expenses |
|
|
(63,843 |
) |
|
(83,407 |
) |
|
(90,155 |
) |
|
(13,566 |
) |
|
|
(123,374 |
) |
|
(173,562 |
) |
|
(26,116 |
) |
Goodwill impairment |
|
|
(110,699 |
) |
|
- |
|
|
- |
|
|
- |
|
|
|
(110,699 |
) |
|
- |
|
|
- |
|
Fair value change of
contingent consideration |
|
|
109,995 |
|
|
- |
|
|
- |
|
|
- |
|
|
|
109,995 |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
(247,751 |
) |
|
(341,016 |
) |
|
(351,082 |
) |
|
(52,827 |
) |
|
|
(481,813 |
) |
|
(692,098 |
) |
|
(104,139 |
) |
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
31,570 |
|
|
8,905 |
|
|
22,507 |
|
|
3,387 |
|
|
|
32,330 |
|
|
31,412 |
|
|
4,727 |
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
307,719 |
|
|
256,676 |
|
|
443,862 |
|
|
66,787 |
|
|
|
551,944 |
|
|
700,538 |
|
|
105,410 |
|
|
|
|
|
|
|
|
|
|
|
Foreign currency exchange
gains (losses), net |
|
|
3,917 |
|
|
237 |
|
|
552 |
|
|
83 |
|
|
|
(1,167 |
) |
|
789 |
|
|
119 |
|
Interest expense |
|
|
(21,941 |
) |
|
(20,394 |
) |
|
(19,576 |
) |
|
(2,946 |
) |
|
|
(40,126 |
) |
|
(39,970 |
) |
|
(6,014 |
) |
Interest income |
|
|
33,884 |
|
|
13,649 |
|
|
9,902 |
|
|
1,490 |
|
|
|
81,152 |
|
|
23,551 |
|
|
3,544 |
|
Other non-operating
expense |
|
|
- |
|
|
- |
|
|
(23,474 |
) |
|
(3,532 |
) |
|
|
(2,165 |
) |
|
(23,474 |
) |
|
(3,532 |
) |
|
|
|
|
|
|
|
|
|
|
Income before
income tax expenses |
|
|
323,579 |
|
|
250,168 |
|
|
411,266 |
|
|
61,882 |
|
|
|
589,638 |
|
|
661,434 |
|
|
99,527 |
|
|
|
|
|
|
|
|
|
|
|
Income tax expenses |
|
|
(36,430 |
) |
|
(49,622 |
) |
|
(75,179 |
) |
|
(11,312 |
) |
|
|
(80,904 |
) |
|
(124,801 |
) |
|
(18,779 |
) |
|
|
|
|
|
|
|
|
|
|
Income before
share of income (loss) in equity method investments, net of income
taxes |
|
|
287,149 |
|
|
200,546 |
|
|
336,087 |
|
|
50,570 |
|
|
|
508,734 |
|
|
536,633 |
|
|
80,748 |
|
|
|
|
|
|
|
|
|
|
|
Share of income (loss) in
equity method investments, net of income taxes |
|
|
2,319 |
|
|
5,774 |
|
|
(28 |
) |
|
(4 |
) |
|
|
7,320 |
|
|
5,746 |
|
|
865 |
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
|
289,468 |
|
|
206,320 |
|
|
336,059 |
|
|
50,566 |
|
|
|
516,054 |
|
|
542,379 |
|
|
81,613 |
|
|
|
|
|
|
|
|
|
|
|
Less: Net loss
attributable to the non-controlling interest shareholders and the
mezzanine classified non-controlling interest shareholders |
|
|
(1,223 |
) |
|
(2,019 |
) |
|
(7,227 |
) |
|
(1,087 |
) |
|
|
(1,599 |
) |
|
(9,246 |
) |
|
(1,391 |
) |
|
|
|
|
|
|
|
|
|
|
Net income
attributable to YY Inc. |
|
|
290,691 |
|
|
208,339 |
|
|
343,286 |
|
|
51,653 |
|
|
|
517,653 |
|
|
551,625 |
|
|
83,004 |
|
YY
INC. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (CONTINUED) |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June
30,2015 |
|
March
31,2016 |
June
30,2016 |
June
30,2016 |
|
June 30,2015 |
June 30,2016 |
June 30,2016 |
|
|
RMB |
|
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to YY Inc. |
|
290,691 |
|
208,339 |
|
343,286 |
|
|
51,653 |
|
|
517,653 |
|
551,625 |
|
|
83,004 |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income: |
|
|
|
|
|
|
|
|
|
|
Unrealized gain of
available-for-sales securities |
|
- |
|
- |
|
177,152 |
|
|
26,656 |
|
|
- |
|
177,152 |
|
|
26,656 |
|
Foreign currency
translation adjustments, net of nil tax |
|
30 |
|
350 |
|
(1,459 |
) |
|
(220 |
) |
|
4,101 |
|
(1,109 |
) |
|
(167 |
) |
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income attributable to YY Inc. |
|
290,721 |
|
208,689 |
|
518,979 |
|
|
78,089 |
|
|
521,754 |
|
727,668 |
|
|
109,493 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income
per ADS |
|
|
|
|
|
|
|
|
|
|
—Basic |
|
5.23 |
|
3.72 |
|
6.10 |
|
|
0.92 |
|
|
9.15 |
|
9.82 |
|
|
1.48 |
|
—Diluted |
|
5.10 |
|
3.65 |
|
5.97 |
|
|
0.90 |
|
|
8.91 |
|
9.65 |
|
|
1.45 |
|
Weighted average number of
ADS used in calculating net income per ADS |
|
|
|
|
|
|
|
|
|
|
—Basic |
|
55,629,042 |
|
56,063,449 |
|
56,244,094 |
|
|
56,244,094 |
|
|
56,603,338 |
|
56,153,766 |
|
|
56,153,766 |
|
—Diluted |
|
60,544,579 |
|
57,137,915 |
|
60,761,097 |
|
|
60,761,097 |
|
|
58,106,597 |
|
57,141,627 |
|
|
57,141,627 |
|
(1) Share-based compensation was allocated in cost of
revenues and operating expenses as follows:
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June
30,2015 |
March
31,2016 |
June
30,2016 |
June
30,2016 |
|
June 30,2015 |
June 30,2016 |
June 30,2016 |
|
|
RMB |
RMB |
RMB |
US$ |
|
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
1,937 |
8,612 |
141 |
21 |
|
6,369 |
8,753 |
1,317 |
Research and development
expenses |
|
2,650 |
27,300 |
26,473 |
3,983 |
|
14,590 |
53,773 |
8,091 |
Sales and marketing
expenses |
|
260 |
839 |
941 |
142 |
|
1,003 |
1,780 |
268 |
General and administrative
expenses |
|
6,742 |
17,179 |
13,934 |
2,097 |
|
21,471 |
31,113 |
4,682 |
YY
INC. |
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
30,2015 |
|
March
31,2016 |
|
June
30,2016 |
|
June
30,2016 |
|
June 30,2015 |
|
June 30,2016 |
|
June 30,2016 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
307,719 |
|
256,676 |
|
443,862 |
|
66,787 |
|
551,944 |
|
700,538 |
|
105,410 |
Share-based compensation
expenses |
|
11,589 |
|
53,930 |
|
41,489 |
|
6,243 |
|
43,433 |
|
95,419 |
|
14,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income |
|
319,308 |
|
310,606 |
|
485,351 |
|
73,030 |
|
595,377 |
|
795,957 |
|
119,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
YY Inc. |
|
290,691 |
|
208,339 |
|
343,286 |
|
51,653 |
|
517,653 |
|
551,625 |
|
83,004 |
Share-based compensation
expenses |
|
11,589 |
|
53,930 |
|
41,489 |
|
6,243 |
|
43,433 |
|
95,419 |
|
14,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to YY Inc. |
|
302,280 |
|
262,269 |
|
384,775 |
|
57,896 |
|
561,086 |
|
647,044 |
|
97,362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
5.43 |
|
4.68 |
|
6.84 |
|
1.03 |
|
9.91 |
|
11.52 |
|
1.73 |
—Diluted |
|
5.29 |
|
4.59 |
|
6.65 |
|
1.00 |
|
9.66 |
|
11.32 |
|
1.70 |
Weighted average number of
ADS used in calculating Non-GAAP net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic |
|
55,629,042 |
|
56,063,449 |
|
56,244,094 |
|
56,244,094 |
|
56,603,338 |
|
56,153,766 |
|
56,153,766 |
—Diluted |
|
60,544,579 |
|
57,137,915 |
|
60,761,097 |
|
60,761,097 |
|
58,106,597 |
|
57,141,627 |
|
57,141,627 |
YY
INC. |
UNAUDITED
SEGMENT REPORT |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
Three Months Ended |
|
|
June 30,
2016 |
|
|
|
|
|
YY IVAS |
|
Others |
YY IVASand others |
Huyabroadcasting |
100Education |
Total |
Total |
|
|
RMB |
|
RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
Internet value-added
service |
|
|
|
|
|
|
|
|
|
—Online music and
entertainment |
|
1,098,311 |
|
- |
|
1,098,311 |
|
|
- |
|
|
- |
|
|
1,098,311 |
|
|
165,261 |
|
—Online dating |
|
271,116 |
|
- |
|
271,116 |
|
|
- |
|
|
- |
|
|
271,116 |
|
|
40,794 |
|
—Online games |
|
188,261 |
|
- |
|
188,261 |
|
|
- |
|
|
- |
|
|
188,261 |
|
|
28,327 |
|
—Other IVAS |
|
232,244 |
|
- |
|
232,244 |
|
|
143,077 |
|
|
- |
|
|
375,321 |
|
|
56,474 |
|
Other revenues |
|
- |
|
17,131 |
|
17,131 |
|
|
- |
|
|
30,637 |
|
|
47,768 |
|
|
7,188 |
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue |
|
1,789,932 |
|
17,131 |
|
1,807,063 |
|
|
143,077 |
|
|
30,637 |
|
|
1,980,777 |
|
|
298,044 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues(1) |
|
|
|
|
|
(965,291 |
) |
|
(216,606 |
) |
|
(26,443 |
) |
|
(1,208,340 |
) |
|
(181,817 |
) |
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) |
|
|
|
|
|
841,772 |
|
|
(73,529 |
) |
|
4,194 |
|
|
772,437 |
|
|
116,227 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1) |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
|
|
|
(130,170 |
) |
|
(33,811 |
) |
|
(8,247 |
) |
|
(172,228 |
) |
|
(25,915 |
) |
Sales and marketing
expenses |
|
|
|
|
|
(63,038 |
) |
|
(12,247 |
) |
|
(13,414 |
) |
|
(88,699 |
) |
|
(13,346 |
) |
General and administrative
expenses |
|
|
|
|
|
(76,169 |
) |
|
(11,115 |
) |
|
(2,871 |
) |
|
(90,155 |
) |
|
(13,566 |
) |
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
|
|
|
(269,377 |
) |
|
(57,173 |
) |
|
(24,532 |
) |
|
(351,082 |
) |
|
(52,827 |
) |
Other income |
|
|
|
|
|
22,507 |
|
|
- |
|
|
- |
|
|
22,507 |
|
|
3,387 |
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
|
594,902 |
|
|
(130,702 |
) |
|
(20,338 |
) |
|
443,862 |
|
|
66,787 |
|
(1) Share-based compensation was allocated in cost of
revenues and operating expenses as follows:
|
|
Three Months Ended |
|
|
June 30,
2016 |
|
|
|
|
|
|
|
|
|
|
|
YY IVASand others |
Huyabroadcasting |
100Education |
|
Total |
|
Total |
|
|
RMB |
RMB |
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
(1,432 |
) |
1,441 |
|
132 |
|
|
141 |
|
21 |
Research and development
expenses |
|
|
17,976 |
|
6,501 |
|
1,996 |
|
|
26,473 |
|
3,983 |
Sales and marketing
expenses |
|
|
729 |
|
212 |
|
- |
|
|
941 |
|
142 |
General and administrative
expenses |
|
|
10,227 |
|
3,807 |
|
(100 |
) |
|
13,934 |
|
2,097 |
YY
INC. |
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,
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YY IVASand others |
Huya
broadcasting |
100Education |
|
Total |
|
Total |
|
|
|
RMB |
RMB |
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
594,902 |
|
(130,702 |
) |
|
(20,338 |
) |
|
443,862 |
|
66,787 |
Share-based
compensation expenses |
|
27,500 |
|
11,961 |
|
|
2,028 |
|
|
41,489 |
|
6,243 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating income (loss) |
|
622,402 |
|
(118,741 |
) |
|
(18,310 |
) |
|
485,351 |
|
73,030 |
YY
INC. |
UNAUDITED SEGMENT REPORT |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
Three Months Ended |
|
|
March 31, 2016 |
|
|
|
|
|
YY IVAS |
|
Others |
YY IVASand others |
Huyabroadcasting |
100Education |
Total |
Total |
|
|
RMB |
|
RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
Internet value-added
service |
|
|
|
|
|
|
|
|
|
—Online music and
entertainment |
|
919,084 |
|
- |
|
919,084 |
|
|
- |
|
|
- |
|
|
919,084 |
|
|
142,538 |
|
—Online dating |
|
211,226 |
|
- |
|
211,226 |
|
|
- |
|
|
- |
|
|
211,226 |
|
|
32,758 |
|
—Online games |
|
171,110 |
|
- |
|
171,110 |
|
|
- |
|
|
- |
|
|
171,110 |
|
|
26,537 |
|
—Other IVAS |
|
192,754 |
|
- |
|
192,754 |
|
|
117,674 |
|
|
- |
|
|
310,428 |
|
|
48,143 |
|
Other revenues |
|
- |
|
16,282 |
|
16,282 |
|
|
- |
|
|
21,188 |
|
|
37,470 |
|
|
5,811 |
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue |
|
1,494,174 |
|
16,282 |
|
1,510,456 |
|
|
117,674 |
|
|
21,188 |
|
|
1,649,318 |
|
|
255,787 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues(1) |
|
|
|
|
|
(844,273 |
) |
|
(193,066 |
) |
|
(23,192 |
) |
|
(1,060,531 |
) |
|
(164,474 |
) |
|
|
|
|
|
|
|
|
|
|
Gross
profit (loss) |
|
|
|
|
|
666,183 |
|
|
(75,392 |
) |
|
(2,004 |
) |
|
588,787 |
|
|
91,313 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1) |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
|
|
|
(143,351 |
) |
|
(24,257 |
) |
|
(12,040 |
) |
|
(179,648 |
) |
|
(27,861 |
) |
Sales and marketing
expenses |
|
|
|
|
|
(52,558 |
) |
|
(10,788 |
) |
|
(14,615 |
) |
|
(77,961 |
) |
|
(12,091 |
) |
General and administrative
expenses |
|
|
|
|
|
(68,658 |
) |
|
(11,333 |
) |
|
(3,416 |
) |
|
(83,407 |
) |
|
(12,935 |
) |
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
|
|
|
(264,567 |
) |
|
(46,378 |
) |
|
(30,071 |
) |
|
(341,016 |
) |
|
(52,887 |
) |
Other income |
|
|
|
|
|
8,905 |
|
|
- |
|
|
- |
|
|
8,905 |
|
|
1,381 |
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
|
|
|
|
410,521 |
|
|
(121,770 |
) |
|
(32,075 |
) |
|
256,676 |
|
|
39,807 |
|
(2) Share-based compensation was allocated in cost of
revenues and operating expenses as follows:
|
Three Months Ended |
|
March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YY IVASand others |
|
Huyabroadcasting |
|
100Education |
|
Total |
|
Total |
|
|
RMB |
|
RMB |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
7,802 |
|
723 |
|
87 |
|
8,612 |
|
1,336 |
Research and development
expenses |
|
22,008 |
|
2,876 |
|
2,416 |
|
27,300 |
|
4,234 |
Sales and marketing
expenses |
|
803 |
|
36 |
|
- |
|
839 |
|
130 |
General and administrative
expenses |
|
13,015 |
|
4,157 |
|
7 |
|
17,179 |
|
2,664 |
YY
INC. |
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, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YY IVASand others |
Huyabroadcasting |
100Education |
Total |
Total |
|
|
|
|
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
410,521 |
|
(121,770 |
) |
|
(32,075 |
) |
256,676 |
|
39,807 |
|
Share-based
compensation expenses |
|
43,628 |
|
7,792 |
|
|
2,510 |
|
53,930 |
|
8,364 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income
(loss) |
|
454,149 |
|
(113,978 |
) |
|
(29,565 |
) |
310,606 |
|
48,171 |
|
YY
INC. |
UNAUDITED
SEGMENT REPORT |
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
Three Months Ended |
|
|
June 30,
2015 |
|
|
|
|
|
YY IVAS |
|
Others |
YY IVASand others |
Huyabroadcasting |
100Education |
Total |
Total |
|
|
RMB |
|
RMB |
RMB |
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
|
|
|
Internet value-added
service |
|
|
|
|
|
|
|
|
|
—Online music and
entertainment |
|
730,693 |
|
- |
|
730,693 |
|
|
- |
|
|
- |
|
|
730,693 |
|
|
117,854 |
|
—Online dating |
|
157,348 |
|
- |
|
157,348 |
|
|
- |
|
|
- |
|
|
157,348 |
|
|
25,379 |
|
—Online games |
|
199,404 |
|
- |
|
199,404 |
|
|
- |
|
|
- |
|
|
199,404 |
|
|
32,162 |
|
—Other IVAS |
|
127,260 |
|
- |
|
127,260 |
|
|
85,325 |
|
|
- |
|
|
212,585 |
|
|
34,288 |
|
Other revenues |
|
- |
|
31,977 |
|
31,977 |
|
|
|
|
|
25,174 |
|
|
57,151 |
|
|
9,218 |
|
|
|
|
|
|
|
|
|
|
|
Total net
revenue |
|
1,214,705 |
|
31,977 |
|
1,246,682 |
|
|
85,325 |
|
|
25,174 |
|
|
1,357,181 |
|
|
218,901 |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues(1) |
|
|
|
|
|
(646,399 |
) |
|
(157,638 |
) |
|
(29,244 |
) |
|
(833,281 |
) |
|
(134,400 |
) |
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) |
|
|
|
|
|
600,283 |
|
|
(72,313 |
) |
|
(4,070 |
) |
|
523,900 |
|
|
84,501 |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1) |
|
|
|
|
|
|
|
|
|
Research and development
expenses |
|
|
|
|
|
(97,301 |
) |
|
(14,644 |
) |
|
(8,180 |
) |
|
(120,125 |
) |
|
(19,375 |
) |
Sales and marketing
expenses |
|
|
|
|
|
(51,623 |
) |
|
(2,460 |
) |
|
(8,996 |
) |
|
(63,079 |
) |
|
(10,174 |
) |
General and administrative
expenses |
|
|
|
|
|
(47,546 |
) |
|
(4,372 |
) |
|
(11,925 |
) |
|
(63,843 |
) |
|
(10,297 |
) |
Goodwill impairment |
|
|
|
|
|
- |
|
|
- |
|
|
(110,699 |
) |
|
(110,699 |
) |
|
(17,855 |
) |
Fair value change of
contingent consideration |
|
|
|
|
|
(1,552 |
) |
|
- |
|
|
111,547 |
|
|
109,995 |
|
|
17,741 |
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses |
|
|
|
|
|
(198,022 |
) |
|
(21,476 |
) |
|
(28,253 |
) |
|
(247,751 |
) |
|
(39,960 |
) |
Other income |
|
|
|
|
|
31,570 |
|
|
- |
|
|
- |
|
|
31,570 |
|
|
5,092 |
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
|
433,831 |
|
|
(93,789 |
) |
|
(32,323 |
) |
|
307,719 |
|
|
49,633 |
|
(3) Share-based compensation was allocated in cost of
revenues and operating expenses as follows:
|
|
Three Months Ended |
|
|
June 30,
2015 |
|
|
|
|
|
|
|
|
|
|
|
YY IVASand others |
Huyabroadcasting |
100Education |
|
Total |
|
Total |
|
|
RMB |
RMB |
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
1,935 |
|
(22 |
) |
|
24 |
|
|
1,937 |
|
312 |
Research and development
expenses |
|
2,051 |
|
10 |
|
|
589 |
|
|
2,650 |
|
427 |
Sales and marketing
expenses |
|
263 |
|
(3 |
) |
|
- |
|
|
260 |
|
42 |
General and administrative
expenses |
|
6,565 |
|
195 |
|
|
(18 |
) |
|
6,742 |
|
1,087 |
YY
INC. |
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,
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YY IVASand others |
Huya
broadcasting |
100Education |
|
Total |
|
Total |
|
|
|
RMB |
RMB |
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
433,831 |
|
(93,789 |
) |
|
(32,323 |
) |
|
307,719 |
|
49,633 |
Share-based
compensation expenses |
|
10,814 |
|
180 |
|
|
595 |
|
|
11,589 |
|
1,868 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating income (loss) |
|
444,645 |
|
(93,609 |
) |
|
(31,728 |
) |
|
319,308 |
|
51,501 |
Investor Relations Contact
YY Inc.
Yuffie Fu
Tel: +86 (20) 2916-2000
Email:IR@YY.com
ICR, Inc.
Jessie Fan
Tel: +1 (646) 915-1611
Email:IR@YY.com
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