1Q14 Net Revenues Up 111.6% YOY to RMB666.3
Million
1Q14 Net Income Up 187.2% YOY to RMB183.6
Million
1Q14 Non-GAAP Net Income Up 153.0% YOY to
RMB207.6 Million
Announces US$100 Million Share Repurchase
Program
YY Inc. (Nasdaq:YY) ("YY" or the "Company"), a revolutionary
real-time interactive social platform, today announced its
unaudited financial results for the first quarter ended March 31,
2014.
First Quarter 2014
Highlights
- Net revenues increased by 111.6% to RMB666.3 million (US$107.2
million) from RMB315.0 million in the corresponding period of 2013,
primarily driven by a 127.1% increase in revenues from internet
value-added services, or IVAS revenues.
- Net income attributable to YY Inc. increased by 187.2% to
RMB183.6 million (US$29.5 million) from RMB63.9 million in the
corresponding period of 2013.
- Non-GAAP net income attributable to YY Inc.1 increased by
153.0% to RMB207.6 million (US$33.4 million) from RMB82.1 million
in the corresponding period of 2013.
Mr. David Xueling Li, Chief Executive Officer of YY, stated, "We
are excited to have achieved robust performance and continued
strong momentum heading into 2014, even during our seasonally slow
first quarter. Once again, online music and entertainment
outperformed our expectations, with revenues growing by 228.0% and
paying users increasing by over 103.2% year-over-year. In addition,
we are very excited about the launch of our online education
platform, 100 Education, in February followed by the introduction
of the PC and mobile branded client last month. By providing a
real-time interactive setting for students and teachers, which
utilizes our powerful audio and video communication technologies
with massive real-time hosting capabilities, we will continue to
broaden our diverse online community and user base. The
increasingly rich user-generated content on our scalable platform
has enhanced user engagement and stickiness, and helped drive our
average monthly active users to reach 95.5 million in the first
quarter of 2014. With the strong foundation we have established, we
will continue to attract users, enhance our offering and monetize
traffic by further developing our online entertainment, live
broadcasting, education, and other verticals, and enabling services
which cater to users' dynamic and ever-changing demands."
Mr. Eric He, Chief Financial Officer of YY, commented, "In the
first quarter, we were once again able to achieve results that
exceeded our expectations on the top line, driven by increased user
engagement and spending. Moreover, we also saw net income
attributable to YY almost triple year-over-year due to the
expanding scale and leverage of YY's business operations. As we
continue to scale our business, our unique business model, coupled
with the economies of scale inherent in our technology platform,
will strengthen our operating leverage and enhance our ability to
diversify and expand our services."
First Quarter 2014 Financial Results
NET REVENUES
Net revenues increased by 111.6% to RMB666.3 million (US$107.2
million) in the first quarter of 2014 from RMB315.0 million in the
corresponding period of 2013, primarily driven by an increase in
IVAS revenues.
IVAS revenues, which consisted of revenues from online music and
entertainment, online games, as well as other sources including the
Company's membership program and live game broadcasting, increased
by 127.1% to RMB642.1 million (US$103.3 million) in the first
quarter of 2014 from RMB282.8 million in the corresponding period
of 2013. The overall increase primarily reflected increases in the
number of paying users and average revenue per user ("ARPU").
Revenues from online music and entertainment increased by 228.0%
to RMB383.1 million (US$61.6 million) in the first quarter of 2014
from RMB116.8 million in the corresponding period of 2013. This
increase primarily reflected a 103.2% year-over-year increase in
the number of paying users to 1,006,000 and an increase in ARPU of
61.4% to RMB381 in the first quarter of 2014.
Revenues from online games increased by 36.3% to RMB180.3
million (US$29.0 million) in the first quarter of 2014 from
RMB132.3 million in the corresponding period of 2013. This increase
primarily reflected a year-over-year increase in ARPU of 24.1% to
RMB391 and a 9.8% increase in the number of paying users to
461,000. The number of online games operated by the Company
increased to 139 as of March 31, 2014 from 92 as of March 31,
2013.
Other IVAS revenues, which primarily consisted of the membership
subscription fees and live game broadcasting, increased by 133.7%
to RMB78.7 million (US$12.7 million) in the first quarter of 2014
from RMB33.7 million in the corresponding period of 2013. Revenues
from the membership subscription fees increased by 54.3% to RMB43.4
million (US$7.0 million) in the first quarter of 2014 from RMB28.1
million in the corresponding period of 2013. This increase
primarily reflected a 55.9% increase in the number of members to
851,000 as of March 31, 2014 from 546,000 as of March 31, 2013.
Revenues from live game broadcasting increased by 630.2% to RMB23.6
million (US$3.8 million) in the first quarter of 2014 from RMB3.2
million in the corresponding period of 2013.
Online advertising revenues decreased by 24.7% to RMB24.2
million (US$3.9 million) in the first quarter of 2014 from RMB32.2
million in the corresponding period of 2013.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues increased by 117.6% to RMB317.0 million
(US$51.0 million) in the first quarter of 2014 from RMB145.7
million in the corresponding period of 2013. This increase was
primarily attributable to an increase in revenue-sharing fees and
content costs to RMB179.0 million (US$28.8 million) in the first
quarter of 2014 from RMB56.1 million in the corresponding period of
2013. This increase in revenue-sharing fees and content costs paid
to performers, channel owners and content providers was primarily
due to higher levels of user engagement and spending. In addition,
bandwidth costs increased to RMB63.1 million (US$10.1 million) in
the first quarter of 2014 from RMB43.6 million in the corresponding
period of 2013.
Gross profit increased by 106.4% to RMB349.3 million (US$56.2
million) in the first quarter of 2014 from RMB169.3 million in the
corresponding period of 2013. Gross margin was 52.4% in the first
quarter of 2014 compared with 53.7% in the corresponding period of
2013. The decrease in gross margin was mainly attributable to the
higher portion of revenues resulting from online music and
entertainment, and the corresponding higher revenue-sharing fees
and content costs.
OPERATING INCOME
Operating expenses for the first quarter of 2014 increased by
37.9% to RMB145.2 million (US$23.4 million) from RMB105.3 million
in the corresponding period of 2013. This increase was primarily
attributable to higher research and development expenses and
general and administrative expenses which were associated with the
general growth of the Company's overall business.
Operating income in the first quarter of 2014 increased by
217.9% to RMB205.0 million (US$33.0 million) from RMB64.5 million
in the corresponding period of 2013. Operating margin increased to
30.8% in the first quarter of 2014 from 20.5% in the corresponding
period of 2013. The increase in operating margin was primarily due
to increased operating leverage associated with the Company's
expansion.
Non-GAAP operating income2 increased by 177.2% to RMB229.0
million (US$36.8 million) in the first quarter of 2014 from RMB82.6
million in the corresponding period of 2013. Non-GAAP operating
margin3 increased to 34.4% in the first quarter of 2014 from 26.2%
in the corresponding period of 2013.
NET INCOME
Net income attributable to YY Inc. increased by 187.2% to
RMB183.6 million (US$29.5 million) in the first quarter of 2014
from RMB63.9 million in the corresponding period of 2013. Net
margin in the first quarter of 2014 increased to 27.5% from 20.3%
in the corresponding period of 2013. Non-GAAP net income
attributable to YY Inc.4 increased by 153.0% to RMB207.6 million
(US$33.4 million) from RMB82.1 million in the corresponding period
of 2013. Non-GAAP net margin5 increased to 31.2% in the first
quarter of 2014 from 26.1% in the corresponding period of 2013.
NET INCOME PER ADS
Diluted net income per ADS6 in the first quarter of 2014
increased by 175.7% to RMB3.06 (US$0.49), from RMB1.11 in the
corresponding period of 2013.
Non-GAAP diluted net income per ADS7 in the first quarter of
2014 increased by 143.7% to RMB3.46 (US$0.56) from RMB1.42 in the
corresponding period of 2013.
BALANCE SHEET AND CASH FLOWS
As of March 31, 2014, the Company had cash and cash equivalents
and short-term deposits that totaled RMB4.7 billion
(US$761.8million), compared to RMB2.2 billion as of December 31,
2013. The increase in cash and cash equivalents and short-term
deposits was mainly attributable to the cash received from the
issuance of US$400 million convertible senior notes in the first
quarter of 2014. For the first quarter of 2014, net cash from
operating activities was RMB195.5 million (US$31.4 million).
SHARES OUTSTANDING
As of March 31, 2014, the Company had a total of 1.1 billion
common shares outstanding, or the equivalent of 55.7 million ADSs
outstanding.
Business Outlook
For the second quarter of 2014, the Company expects its net
revenues to be between RMB745 million and RMB755 million,
representing a year-over-year growth of approximately 82% to 85%.
These forecasts reflect the Company's current and preliminary view
on the market and operational conditions, which are subject to
change.
Share Repurchase Program
On May 4, 2014, the Company's Board of Directors approved a
share repurchase program. Under the terms of the approved program,
the Company may repurchase up to US$100 million worth of its
outstanding ADSs from time to time for a period not to exceed
twelve (12) months. The repurchases may be made in the open market
at prevailing market prices or through privately negotiated
transactions, including block trades. The timing and extent of any
repurchases will depend on market conditions, the trading price of
the Company's ADSs and other factors. The plan will be implemented
in compliance with relevant United States securities rules and
regulations and the Company's securities trading policy, in a
manner that is consistent with the interests of shareholders. The
Company's Board of Directors will review the share repurchase
program periodically and may authorize adjustment of its terms and
size accordingly. The Company expects to fund the repurchases made
under this program from its existing cash balance.
Conference Call Information
The Company will hold a conference call on Wednesday, May 5,
2014 at 9:00 pm Eastern Time or May 6, 2014 at 9:00 am Beijing Time
to discuss the financial results. Participants may access the call
by dialing the following numbers:
United States: |
+1-845-675-438 |
International Toll Free: |
+1-855-500-8701 |
China Domestic: |
400-1200654 |
Hong Kong: |
+852-3051-2745 |
Conference ID: |
#33473760 |
The replay will be accessible through May 13, 2014 by dialing
the following numbers:
United States Toll Free: |
+1-855-452-5696 |
International: |
+61-2-8199-299 |
Conference ID: |
#33473760 |
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 Rate
This 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 RMB6.2164 to US$1.00, the noon buying rate in effect on
March 31, 2014 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 revolutionary real-time
interactive social platform that engages users in real-time 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 online activities, including online
games, karaoke, music concerts, education, live shows and
conference calls.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as 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. 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 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"), except that
the consolidated statement of changes in shareholders' equity
(deficits), 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
(loss) attributable to common shareholders, and basic and diluted
non-GAAP net income(loss) 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 (loss) attributable to YY Inc. is net income (loss)
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
(loss) attributable to common shareholders is net income (loss)
attributable to common shareholders excluding share-based
compensation expenses. Basic and diluted non-GAAP net income (loss)
per ADS is non-GAAP net income (loss) attributable to common
shareholders divided by weighted average number of basic and
diluted 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 measures for
planning, forecasting and measuring results against the forecast.
The Company believes that non-GAAP financial measures are 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 (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 a 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 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.
2Non-GAAP operating income is a non-GAAP financial measure,
which is defined as operating income excluding share-based
compensation expenses.
3Non-GAAP operating margin is a non-GAAP financial measure,
which is defined as non-GAAP operating income as a percentage of
net revenues.
4Non-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.
5Non-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.
6ADS is 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
divided by weighted average number of diluted ADS.
7Non-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 divided by weighted average
number of diluted ADS.
YY
INC. |
|
|
|
|
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS |
|
|
|
|
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013 |
March 31,
2014 |
March 31,
2014 |
|
|
RMB |
RMB |
US$ |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
729,598 |
3,691,727 |
593,869 |
Short-term deposits |
|
1,432,863 |
1,043,680 |
167,891 |
Accounts receivable, net |
|
100,101 |
92,074 |
14,811 |
Amount due from a related
party |
|
73 |
73 |
12 |
Prepayments and other current
assets |
|
67,533 |
72,734 |
11,700 |
Deferred tax assets |
|
66,921 |
66,919 |
10,765 |
|
|
|
|
|
Total current assets |
|
2,397,089 |
4,967,207 |
799,048 |
|
|
|
|
|
Non-current assets |
|
|
|
|
Deferred tax assets |
|
625 |
785 |
126 |
Investments |
|
62,029 |
78,894 |
12,691 |
Property and equipment,
net |
|
102,636 |
115,791 |
18,627 |
Intangible assets, net |
|
29,127 |
26,312 |
4,233 |
Goodwill |
|
1,577 |
1,585 |
255 |
Other non-current assets |
|
4,864 |
59,252 |
9,532 |
|
|
|
|
|
Total non-current
assets |
|
200,858 |
282,619 |
45,464 |
|
|
|
|
|
Total assets |
|
2,597,947 |
5,249,826 |
844,512 |
|
|
|
|
|
Liabilities and shareholders'
equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable |
|
56,391 |
66,536 |
10,703 |
Deferred revenue |
|
293,866 |
308,993 |
49,706 |
Advances from customers |
|
19,549 |
22,553 |
3,628 |
Income taxes payable |
|
78,107 |
67,370 |
10,837 |
Accrued liabilities and other
current liabilities |
|
250,760 |
204,757 |
32,938 |
Amounts due to related
parties |
|
2,640 |
4,222 |
679 |
|
|
|
|
|
Total current
liabilities |
|
701,313 |
674,431 |
108,491 |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Convertible debt |
|
-- |
2,461,538 |
395,975 |
Deferred revenue |
|
9,425 |
9,531 |
1,533 |
|
|
|
|
|
Total non-current
assets |
|
9,425 |
2,471,069 |
397,508 |
|
|
|
|
|
Total liabilities |
|
710,738 |
3,145,500 |
505,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YY
INC. |
|
|
|
|
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED) |
|
|
|
|
|
|
(All amounts in
thousands, except share, ADS and per ADS data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013 |
March 31,
2014 |
March 31,
2014 |
|
|
RMB |
RMB |
US$ |
Shareholders' equity |
|
|
|
|
Class A common shares (US$0.00001 par value;
10,000,000,000 shares authorized, 622,658,738 shares issued and
outstanding as of December 31, 2013 and 686,908,658 shares
issued and outstanding as of March 31, 2014) |
|
38 |
42 |
7 |
Class B common shares (US$0.00001 par value;
1,000,000,000 shares authorized, 485,831,386 shares issued and
outstanding as of December 31, 2013 and 427,352,706 shares
issued and outstanding as of March 31, 2014) |
|
34 |
30 |
5 |
Additional paid-in capital |
|
2,765,614 |
2,789,681 |
448,762 |
Statutory reserves |
|
40,657 |
40,657 |
6,540 |
Accumulated deficits |
|
(874,697) |
(691,130) |
(111,178) |
Accumulated other comprehensive losses |
|
(44,437) |
(34,954) |
(5,623) |
|
|
|
|
|
Total shareholders'
equity |
|
1,887,209 |
2,104,326 |
338,513 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
|
2,597,947 |
5,249,826 |
844,512 |
|
|
|
|
|
|
|
|
|
|
YY INC. |
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME |
(All amounts in thousands,
except share, ADS and per ADS data) |
|
|
|
|
|
|
Three Months
Ended |
|
March 31, 2013 |
December 31, 2013 |
March 31, 2014 |
March 31, 2014 |
|
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
Net revenues |
|
|
|
|
Internet value-added service |
|
|
|
|
—Online music and
entertainment |
116,801 |
336,590 |
383,114 |
61,630 |
—Online games |
132,310 |
162,827 |
180,320 |
29,007 |
—Others |
33,669 |
69,458 |
78,674 |
12,656 |
Online advertising |
32,181 |
43,433 |
24,219 |
3,896 |
|
|
|
|
|
Total net revenue |
314,961 |
612,308 |
666,327 |
107,189 |
|
|
|
|
|
Cost of revenues(1) |
(145,693) |
(296,811) |
(316,984) |
(50,992) |
|
|
|
|
|
Gross profit |
169,268 |
315,497 |
349,343 |
56,197 |
|
|
|
|
|
Operating expenses(1) |
|
|
|
|
Research and development expenses |
(54,119) |
(75,139) |
(81,710) |
(13,144) |
Sales and marketing expenses |
(5,516) |
(4,211) |
(6,564) |
(1,056) |
General and administrative expenses |
(45,651) |
(49,197) |
(56,951) |
(9,161) |
|
|
|
|
|
Total operating
expenses |
(105,286) |
(128,547) |
(145,225) |
(23,361) |
|
|
|
|
|
Other income |
506 |
7,971 |
883 |
142 |
|
|
|
|
|
Operating income |
64,488 |
194,921 |
205,001 |
32,978 |
|
|
|
|
|
Foreign currency exchange gains (losses),
net |
2,416 |
7,806 |
(8,683) |
(1,397) |
Interest expense |
-- |
-- |
(1,379) |
(222) |
Interest income |
10,530 |
19,540 |
23,124 |
3,720 |
|
|
|
|
|
Income before income tax
expenses |
77,434 |
222,267 |
218,063 |
35,079 |
|
|
|
|
|
Income tax expenses |
(13,986) |
(30,830) |
(33,701) |
(5,421) |
|
|
|
|
|
Income before share of income (loss)
in equity method investments, net of income taxes |
63,448 |
191,437 |
184,362 |
29,658 |
|
|
|
|
|
Share of income (loss) in equity method
investments, net of income taxes |
479 |
579 |
(795) |
(128) |
|
|
|
|
|
Net income attributable to YY
Inc. |
63,927 |
192,016 |
183,567 |
29,530 |
|
|
|
|
|
Net income |
63,927 |
192,016 |
183,567 |
29,530 |
|
|
|
|
|
Other comprehensive (loss) income |
|
|
|
|
Foreign currency translation adjustments, net
of nil tax |
(2,571) |
(8,197) |
9,483 |
1,525 |
|
|
|
|
|
Comprehensive income attributable to
YY Inc. |
61,356 |
183,819 |
193,050 |
31,055 |
|
|
|
|
|
Net income per ADS |
|
|
|
|
—Basic |
1.14 |
3.40 |
3.21 |
0.52 |
—Diluted |
1.11 |
3.21 |
3.06 |
0.49 |
Weighted average number of ADS used in
calculating net income per ADS |
|
|
|
|
—Basic |
55,843,861 |
56,449,190 |
57,157,398 |
57,157,398 |
—Diluted |
57,793,341 |
59,802,052 |
60,442,973 |
60,442,973 |
|
|
|
|
|
(1) Share-based
compensation was allocated in cost of revenues and operating
expenses as follows: |
|
|
|
|
|
|
Three Months
Ended |
|
March 31, 2013 |
December 31, 2013 |
March 31, 2014 |
March 31, 2014 |
|
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
Cost of revenues |
986 |
3,242 |
2,408 |
387 |
Research and development expenses |
5,318 |
11,873 |
8,879 |
1,428 |
Sales and marketing expenses |
108 |
445 |
337 |
54 |
General and administrative expenses |
11,720 |
9,335 |
12,414 |
1,997 |
|
|
|
|
|
YY INC. |
Reconciliations of GAAP
and Non-GAAP Results |
(All amounts in thousands,
except share, ADS and per ADS data) |
|
|
|
|
|
|
Three Months
Ended |
|
March 31, 2013 |
December 31, 2013 |
March 31, 2014 |
March 31, 2014 |
|
RMB |
RMB |
RMB |
US$ |
|
|
|
|
|
Operating income |
64,488 |
194,921 |
205,001 |
32,978 |
Share-based compensation expenses |
18,132 |
24,895 |
24,038 |
3,866 |
|
|
|
|
|
Non-GAAP operating
income |
82,620 |
219,816 |
229,039 |
36,844 |
|
|
|
|
|
Net income attributable to YY Inc. |
63,927 |
192,016 |
183,567 |
29,530 |
Share-based compensation expenses |
18,132 |
24,895 |
24,038 |
3,866 |
|
|
|
|
|
Non-GAAP net income attributable to
YY Inc. |
82,059 |
216,911 |
207,605 |
33,396 |
|
|
|
|
|
Non-GAAP net income per
ADS |
|
|
|
|
—Basic |
1.47 |
3.84 |
3.63 |
0.58 |
—Diluted |
1.42 |
3.63 |
3.46 |
0.56 |
|
|
|
|
|
Weighted average
number of ADS used in calculating Non-GAAP net income per
ADS |
|
|
—Basic |
55,843,861 |
56,449,190 |
57,157,398 |
57,157,398 |
—Diluted |
57,793,341 |
59,802,052 |
60,442,973 |
60,442,973 |
CONTACT: Investor Relations Contact
YY Inc.
Yuffie Fu
Tel: (+86) 20 29162000
Email:IR@YY.com
ICR, Inc.
Calvin Jiang
Tel: +1 (646) 915-1611
Email:IR@YY.com
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