JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, formerly known as
YY Inc.), a global video-based social media company, today
announced its unaudited financial results for the fourth quarter
and full year of 2021.
Fourth quarter 2021 Financial Highlights1
- Net revenues increased by 16.8% to US$663.7
million from US$568.2 million in the corresponding period of
2020.
- Net Income from continuing operations attributable to
controlling interest of JOYY2 was US$73.2 million,
compared to net loss of US$118.9 million in the corresponding
period of 2020, primarily as a result of BIGO turning profits since
the second quarter of 2021.
- Non-GAAP net income from continuing operations
attributable to controlling interest and common shareholders of
JOYY3 was US$98.3 million, compared to non-GAAP net loss
of US$22.4 million in the corresponding period of 2020, primarily
as a result of BIGO turning profits on a non-GAAP basis since the
first quarter of 2021.
Full Year 2021 Highlights
- Net revenues increased by 36.5%
to US$2,619.1 million from US$1,918.1 million in
2020.
- Net Ioss from continuing operations attributable to
controlling interest of JOYY was US$115.9 million,
compared to net loss of US$18.7 million in 2020.
- Non-GAAP net income from continuing operations
attributable to controlling interest and common shareholders of
JOYY was US$108.9 million, compared to non-GAAP net loss
of US$164.0 million in 2020, primarily as a result of BIGO turning
profits on a non-GAAP basis since the first quarter of 2021.
Fourth Quarter 2021 Operational Highlights
- Average mobile MAUs of Bigo Live increased by
11.9% to 32.2 million from 28.7 million in the corresponding period
of 2020.
- Average mobile MAUs of Likee decreased by
44.2% to 67.0 million from 120.1 million in the corresponding
period of 2020, primarily due to reduced spending on user
acquisition via advertisement.
- Average mobile MAUs of Hago decreased by 42.8%
to 9.5 million from 16.5 million in the corresponding period of
2020, primarily due to reduced spending on user acquisition via
advertisement.
- Global average mobile MAUs4 decreased by 20.4%
to 280.0 million from 351.7 million in the corresponding period of
2020, primarily due to the decrease in average mobile MAUs of Likee
and Hago.
- Total number of paying users of BIGO
(including Bigo Live, Likee and imo)5 increased by 2.5% to 1.51
million from 1.47 million in the corresponding period of 2020.
- Average revenue per paying user of BIGO
(including Bigo Live, Likee and imo)6 increased to US$320.2 from
US$285.9 in the corresponding period of 2020.
Mr. David Xueling Li, Chairman and Chief Executive Officer of
JOYY, commented, “In 2021, our business has demonstrated strong
resilience despite the macroeconomic uncertainties and challenges
posed by the pandemic. As we continued to execute our globalization
strategy and strengthen our diverse social entertainment ecosystem,
we successfully enhanced our monetization capabilities across
multiple product lines, achieving full-year revenue growth of
36.5%. The combination of increased monetization of multiple
products, proactive adjustments in marketing strategies, and
enhanced operating efficiency across the board, has led us to
full-year non-GAAP profitability not just for BIGO but for the
whole group. On the capital return front, during the year of 2021,
we have bought back US$393.0 million of our shares, and have paid
out a total of US$160.1 million in dividends. These efforts are to
demonstrate our confidence in the Company’s long-term growth
prospects, and to reward our shareholders for their long-term
support of the Company.
As we turn to 2022, we will continue to localize our diverse
global social entertainment ecosystems, expand our market reach,
and fortify our leadership position in core geographic regions. As
an innovator and a pioneer, we remain committed to our vision of
bridging communications among people from around the globe to
deliver joy and youthful experience to our users.”
Fourth Quarter 2021 Financial Results
NET REVENUESNet revenues increased by 16.8% to
US$663.7 million in the fourth quarter of 2021 from US$568.2
million in the corresponding period of 2020, primarily driven by
the growth of live streaming revenues from BIGO.
Live streaming revenues increased by 15.0% to US$620.9 million
in the fourth quarter of 2021 from US$539.7 million in the
corresponding period of 2020, primarily attributable to the
increased number of paying users and average revenue per paying
user of BIGO.
Other revenues increased by 50.3% to US$42.8 million in the
fourth quarter of 2021 from US$28.5 million in the corresponding
period of 2020.
COST OF REVENUES AND GROSS PROFITCost of
revenues increased by 9.6% to US$440.2 million in the fourth
quarter of 2021 from US$401.7 million in the corresponding period
of 2020. Revenue-sharing fees and content costs increased to
US$297.3 million in the fourth quarter of 2021 from US$254.2
million in the corresponding period of 2020 as a result of the
increase in live streaming revenues of the Company. Bandwidth costs
decreased to US$20.6 million in the fourth quarter of 2021 from
US$27.0 million in the corresponding period of 2020, primarily due
to the improvement in bandwidth usage efficiency by the Company,
partially offset by the increased bandwidth usage as a result of
continued MAUs expansion of Bigo Live.
Gross profit increased by 34.2% to US$223.5 million in the
fourth quarter of 2021 from US$166.5 million in the corresponding
period of 2020. Gross margin improved to 33.7% in the fourth
quarter of 2021 from 29.3% in the corresponding period of 2020.
OPERATING INCOMEOperating expenses decreased by
33.1% to US$168.2 million in the fourth quarter of 2021 from
US$251.6 million in the corresponding period of 2020. Among the
operating expenses, sales and marketing expenses decreased to
US$112.6 million in the fourth quarter of 2021 from US$146.4
million in the corresponding period of 2020, primarily due to the
Company’s reduced spending on user acquisition via advertisement
for Likee and Hago.
Operating income was US$60.6 million in the fourth quarter of
2021, compared to operating loss of US$83.8 million in the
corresponding period of 2020. Operating income margin was 9.1% in
the fourth quarter of 2021, compared to operating loss margin of
14.7% in the corresponding period of 2020, primarily as a result of
BIGO turning profits since the second quarter of 2021.
Non-GAAP operating income7 was US$83.5 million in the fourth
quarter of 2021, compared to non-GAAP operating loss of US$33.2
million in the corresponding period of 2020. Non-GAAP operating
income margin8 was 12.6% in the fourth quarter of 2021, compared to
non-GAAP operating loss margin of 5.8% in the corresponding period
of 2020.
NET INCOMENet income from continuing operations
attributable to controlling interest of JOYY was US$73.2 million in
the fourth quarter of 2021, compared to net loss of US$118.9
million in the corresponding period of 2020. Net income margin was
11.0% in the fourth quarter of 2021, compared to net loss margin of
20.9% in the corresponding period of 2020.
Non-GAAP net income from continuing operations
attributable to controlling interest and common shareholders of
JOYY was US$98.3 million in the fourth quarter of 2021, compared to
non-GAAP net loss of US$22.4 million in the corresponding period of
2020. Non-GAAP net income margin9 was 14.8% in the fourth quarter
of 2021, compared to non-GAAP net loss margin of 3.9% in the
corresponding period of 2020.
NET INCOME PER ADSDiluted net income from
continuing operations per ADS10 was US$0.85 in the fourth quarter
of 2021, compared to diluted net loss of US$1.51 in the
corresponding period of 2020.
Non-GAAP diluted net income from continuing operations per ADS11
was US$1.15 in the fourth quarter of 2021, compared to diluted net
loss of US$0.28 in the corresponding period of 2020.
BALANCE SHEET AND CASH FlowsAs of December 31,
2021, 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$4,685.2 million. For the
fourth quarter of 2021, net cash from operating activities was
US$150.2 million.
SHARES OUTSTANDINGAs of December 31, 2021, the
Company had a total of 1,472.8 million common shares, or the
equivalent of 73.6 million ADSs, outstanding.
Full Year 2021 Financial Results
Net revenues for the full year of 2021 increased by 36.5% to
US$2,619.1 million from US$1,918.1 million in 2020, primarily
driven by a 36.4% year-over-year increase in live streaming
revenues.
Operating loss was US$106.7 million for the full year of 2021,
compared to operating loss of US$406.8 million in 2020. Operating
loss margin was 4.1% in 2021, compared to operating loss margin of
21.2% in 2020. Operating loss and operating loss margin were
improved in 2021, primarily as a result of BIGO turning profits
since the second quarter of 2021.
Non-GAAP operating income was US$72.1 million for the full year
of 2021, compared to non-GAAP operating loss of US$207.6 million in
2020. Non-GAAP operating income margin was 2.8% in 2021, compared
to non-GAAP operating loss margin of 10.8% in 2020.
Net loss from continuing operations attributable to controlling
interest of JOYY for the full year of 2021 was US$115.9 million,
compared to US$18.7 million in 2020. Net loss margin for the full
year of 2021 was 4.4%, compared with 1.0% in 2020. Net loss and net
loss margin were lower in 2020, primarily due to the gain from
partial disposal of investments in Huya in 2020.
Non-GAAP net income from continuing operations attributable to
controlling interest and common shareholders of JOYY for the full
year of 2021 was US$108.9 million, compared to non-GAAP net loss of
US$164.0 million in 2020. Non-GAAP net income margin for the full
year of 2021 was 4.2%, compared to non-GAAP net loss margin of 8.6%
in 2020.
Diluted net loss from continuing operations per ADS for the full
year of 2021 was US$1.60, compared to US$0.35 in 2020. Non-GAAP
diluted net income from continuing operations per ADS was US$1.32
in 2021, compared to non-GAAP diluted net loss of US$2.05 in the
corresponding period of 2020.
Business OutlookFor the first quarter of 2022,
the Company expects net revenues to be between US$601 million and
US$616 million. This guidance excludes the revenue contribution
from YY Live in the same period of last year. This forecast
considers the potential impact of the COVID-19 pandemic and
reflects the Company’s current and preliminary views on the market
and operational conditions, which are subject to changes,
particularly as to the potential impact of the COVID-19 on the
global economy and users’ paying capabilities.
Quarterly DividendOn August 11, 2020, the
Company’s board of directors approved a quarterly dividend policy
for the next three years commencing in the fourth quarter of 2020.
Aggregating such quarterly cash dividend under another adopted
quarterly dividend policy with the quarterly cash dividend
announced on November 16, 2020, the board of directors has
accordingly declared a dividend of US$0.51 per ADS, or US$0.0255
per common share, for the fourth quarter of 2021, which is expected
to be paid on April 29, 2022 to shareholders of record as of the
close of business on April 14, 2022. The ex-dividend date will be
April 13, 2022. Under the policy, the board of directors of the
Company reserves the discretion relating to the determination to
make dividend distributions and the amount of such distributions in
any particular quarter, depending on the Company’s operations and
earnings, cash flow, financial condition and other relevant
factors.
Recent Developments
Share Repurchase ProgramIn September 2021, the
Company announced that its board of directors has authorized a new
share repurchase plan under which the Company may repurchase up to
US$200 million of its shares between September 2021 and September
2022. In November 2021, the Company announced that its board of
directors has authorized an additional share repurchase plan under
which the Company may repurchase up to US$1 billion of its shares
between November 2021 and November 2022. As of December 31, 2021,
the Company had repurchased approximately US$235.7 million of its
shares.
Conference Call Information
The Company will hold a conference call at 9:00 PM
U.S. Eastern Time on Tuesday, March 15, 2022 (9:00
AM Singapore/Hong Kong Time on Wednesday, March 16,
2022). Details for the conference call are as follows:
Event Title: JOYY Inc. Fourth Quarter and Full Year 2021
Earnings Conference Call
Conference ID: #1391887
All participants must use the link provided below to complete
the online registration process in advance of the conference call.
Upon registering, each participant will receive a set of
participant dial-in numbers, the Direct Event passcode, and a
unique registrant ID by email.
PRE-REGISTER
LINK:http://apac.directeventreg.com/registration/event/1391887
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 March 23, 2022, by dialing
the following numbers:
United States: |
+1-646-254-3697 |
International: |
+61-2-8199-0299 |
Conference ID: |
#1391887 |
|
|
About JOYY Inc.JOYY is a leading global social
media company that enables users to interact with each other in
real time through online live media. On a mission to connect people
and enrich their lives through video, JOYY currently operates
several social products, including Bigo Live for live streaming,
Likee for short-form videos, Hago for multiplayer social
interaction and entertainment, and instant messaging product and
others. The Company has created a highly engaging and vibrant user
community for users across the globe. JOYY was listed on the NASDAQ
in November 2012.
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 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 fourth 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 online communication social
platform market in China; the expectation regarding the rate at
which to gain active users, especially paying users; JOYY’s ability
to monetize the user base; fluctuations in general economic and
business conditions in China; the impact of the COVID-19 to JOYY’s
business operations and the economy in China and elsewhere
generally; and assumptions underlying or related to any of the
foregoing. Further information regarding these and other 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 MeasuresThe 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) from continuing operations attributable to
controlling interest of JOYY, non-GAAP net (loss) margin
attributable to controlling interest of JOYY, non-GAAP net income
(loss) from continuing operations attributable to common
shareholders of JOYY, and basic and diluted non-GAAP net income
(loss) per ADS, which are non-GAAP financial measures. 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 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) from
continuing operations is net income (loss) from continuing
operations excluding share-based compensation expenses, impairment
of goodwill and investments, amortization of intangible assets from
business acquisitions, gain on disposal of subsidiaries and
business, (loss) gain on disposal and deemed disposal of
investments, gain (loss) on fair value change of investments,
reconciling items on the share of equity method investments(refers
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 above non-GAAP reconciling
items. Non-GAAP net income (loss) from continuing operations
attributable to controlling interest of JOYY is net income (loss)
from continuing operations attributable to controlling interest of
JOYY excluding share-based compensation expenses, impairment of
goodwill and investments, amortization of intangible assets from
business acquisitions, (loss) gain on disposal and deemed disposal
of subsidiaries and business, gain on 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 above non-GAAP reconciling items and adjustments for
non-GAAP reconciling items for the net (loss) income from
continuing operations attributable to non-controlling interest
shareholders. Non-GAAP net (loss) margin is non-GAAP net income
(loss) from continuing operations attributable to controlling
interest of JOYY as a percentage of net revenues. Non-GAAP net
income (loss) from continuing operations attributable to common
shareholders of JOYY is net income (loss) from continuing
operations attributable to common shareholders of JOYY excluding
share-based compensation expenses, impairment of goodwill and
investments, amortization of intangible assets from business
acquisitions, (loss) gain on disposal and deemed disposal of
subsidiaries and business, gain on 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 and income tax effects of above non-GAAP reconciling
items and adjustments for non-GAAP reconciling items for the net
(loss) income from continuing operations attributable to
non-controlling interest shareholders. After the non-GAAP
reconciliation, non-GAAP net income (loss) from continuing
operations attributable to controlling interests of JOYY is equal
to the non-GAAP net income (loss) from continuing operations
attributable to common shareholders of JOYY. Basic and diluted
non-GAAP net income (loss) from continuing operations per ADS is
non-GAAP net income (loss) from continuing operations 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 on
disposal of subsidiaries and business, (loss) gain on disposal and
deemed disposal of investments, gain (loss) on fair value change of
investments, reconciling items on the share of equity method
investments, and accretion, cumulative dividend and deemed dividend
to subsidiaries’ preferred shareholders, which may not be recurring
in its business, and (iii) income tax expenses and non-GAAP
adjustments for net income (loss) from continuing operations
attributable to non-controlling interest shareholders, which are
affected by 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. Reconciliation of GAAP and Non-GAAP Results” near the end of
this release.
Investor Relations ContactJOYY Inc.Jane
Xie/Maggie YanEmail: joyy-ir@joyy.com
ICR, Inc.Robin YangEmail: joyy@icrinc.com
_______________
1 Starting from the second quarter of 2020, the Company
deconsolidated HUYA Inc. (NYSE: HUYA) (“Huya”) and Huya’s
historical financial results were reflected in the Company’s
consolidated financial statements as discontinued operations
accordingly. The financial information and non-GAAP financial
information of the Company disclosed in this press release is
presented on a continuing operations basis, unless otherwise
specifically stated. After the deconsolidation of Huya, the Company
accounted for its investment in Huya as an equity method investment
and applied the equity method of accounting one quarter in arrears.
Share of income or loss from the investment in Huya was included in
net income or loss from continuing operations.
On November 16, 2020, the Company entered into definitive
agreements with Baidu, Inc. (Nasdaq: BIDU) (“Baidu”). Pursuant to
the agreements, Baidu would acquire JOYY’s domestic video-based
entertainment live streaming business (“YY Live”), which includes
YY mobile app, YY.com website and PC YY, 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 on February 8, 2021, with certain customary
matters remaining to be completed in the future. As a result, the
historical financial results of YY Live are reflected in the
Company’s consolidated financial statements as discontinued
operations and the Company ceased consolidation of YY Live business
since February 8, 2021. 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 December 31, 2020, September 30, 2021 and
December 31, 2021, the twelve months ended December 31, 2020 and
December 31, 2021 as presented in this press release primarily
consisted of BIGO, excluding Huya and YY Live.
2 Net income (loss) from continuing operations attributable to
controlling interest of JOYY, is net income (loss) from continuing
operations less net (loss) income from continuing operations
attributable to the non-controlling interest shareholders and the
mezzanine equity classified as non-controlling interest
shareholders.
3 Non-GAAP net income (loss) from continuing operations
attributable to controlling interest of JOYY is a non-GAAP
financial measure, which is defined as net loss from continuing
operations attributable to controlling interest of JOYY excluding
share-based compensation expenses, impairment of goodwill and
investment, amortization of intangible assets from business
acquisitions, gain 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 on non-GAAP
adjustments and non-GAAP adjustments for net (loss) income
attributable to non-controlling interest shareholders. These
adjustments amounted to US$25.0 million and US$96.5 million in the
fourth quarter of 2021 and 2020, respectively. Please refer to the
section titled “Reconciliation of GAAP and Non-GAAP Results” for
more details.
4 Refers to mobile average monthly active users. 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 paying users are calculated by number of paying users
during a given period as the cumulative number of registered user
accounts that have purchased virtual items or other products and
services on platforms including Bigo Live, Likee and imo at least
once during the relevant period.
6 Average revenue per user is calculated by dividing our total
revenues from live streaming on platforms including Bigo Live,
Likee and imo during a given period by the number of paying users
for our 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 on disposal of subsidiaries and business.
Please refer to the section titled “Reconciliation of GAAP and
Non-GAAP Results” 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 “Reconciliation of GAAP and Non-GAAP Results” for
details.
9 Non-GAAP net income (loss) margin is non-GAAP net income
(loss) from continuing operations attributable to controlling
interest of JOYY as a percentage of net revenues.
10 ADS 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 of
JOYY divided by weighted average number of diluted ADS.
11 Non-GAAP diluted net income (loss) from continuing operations
per ADS is a non-GAAP financial measure, which is defined as
non-GAAP net income (loss) from continuing operations 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 “Reconciliation of GAAP and
Non-GAAP Results” for details._______________
JOYY INC. UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in
thousands, except share, ADS and per ADS data)
|
December31,2020 |
|
December31,2021 |
|
US$ |
|
US$ |
Assets |
|
|
|
Current
assets |
|
|
|
Cash and cash equivalents |
1,742,749 |
|
1,837,185 |
Restricted cash and cash equivalents |
13,733 |
|
297,022 |
Short-term deposits |
1,325,068 |
|
1,604,198 |
Restricted short-term deposits |
31,489 |
|
285 |
Short-term investments |
489,101 |
|
946,543 |
Accounts receivable, net |
142,999 |
|
114,372 |
Amounts due from related parties |
611 |
|
56,984 |
Financing receivables, net |
172 |
|
- |
Prepayments and other current assets(1) |
102,872 |
|
213,733 |
Assets held for sale(1) |
52,528 |
|
- |
|
|
|
|
Total current
assets |
3,901,322 |
|
5,070,322 |
|
|
|
|
Non-current
assets |
|
|
|
Investments |
1,239,354 |
|
1,022,455 |
Property and equipment, net |
401,661 |
|
365,392 |
Land use rights, net |
258,770 |
|
370,052 |
Intangible assets, net |
344,214 |
|
312,082 |
Right-of-use assets, net |
21,579 |
|
16,565 |
Goodwill |
1,872,083 |
|
1,958,263 |
Financing receivables, net |
19,716 |
|
- |
Other non-current assets |
10,758 |
|
4,881 |
Assets held for sale(1) |
25,500 |
|
- |
|
|
|
|
Total non-current
assets |
4,193,635 |
|
4,049,690 |
|
|
|
|
Total assets |
8,094,957 |
|
9,120,012 |
|
|
|
|
Liabilities, mezzanine
equity and shareholders’ equity |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
20,956 |
|
18,011 |
Deferred revenue |
67,230 |
|
60,910 |
Advances from customers |
775 |
|
3,426 |
Income taxes payable |
60,895 |
|
65,738 |
Accrued liabilities and other current liabilities(1) |
484,450 |
|
2,345,838 |
Amounts due to related parties |
3,822 |
|
6,931 |
Lease liabilities due within one year |
14,332 |
|
11,041 |
Short-term loans |
112,549 |
|
- |
Liabilities held for sale(1) |
179,109 |
|
- |
|
|
|
|
Total current
liabilities |
944,118 |
|
2,511,895 |
|
|
|
|
Non-current
liabilities |
|
|
|
Convertible bonds(2) |
779,225 |
|
924,077 |
Lease liabilities |
8,121 |
|
5,734 |
Deferred revenue |
3,132 |
|
6,422 |
Deferred tax liabilities |
42,422 |
|
36,214 |
Other non-current liabilities |
- |
|
7,372 |
Liabilities held for sale(1) |
4,415 |
|
- |
|
|
|
|
Total non-current
liabilities |
837,315 |
|
979,819 |
|
|
|
|
Total
liabilities |
1,781,433 |
|
3,491,714 |
|
|
|
|
JOYY INC.UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)(All
amounts in thousands, except share, ADS and per ADS data)
|
December
312020 |
|
|
December31,2021 |
|
|
US$ |
|
|
US$ |
|
|
|
|
|
|
|
Mezzanine equity |
72,617 |
|
|
65,833 |
|
|
|
|
|
Shareholders’
equity |
|
|
|
Class A common shares
(US$0.00001 par value; 10,000,000,000 and 10,000,000,000 shares
authorized, 1,314,208,824 shares issued and 1,272,346,218 shares
outstanding as of December 31, 2020; 1,317,840,464 shares issued
and 1,146,336,305 shares outstanding as of December 31, 2021,
respectively) |
13 |
|
|
13 |
|
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, 2020 and December 31, 2021,
respectively) |
3 |
|
|
3 |
|
Treasury Shares (US$0.00001
par value; 41,862,606 and 171,504,159 shares held as of December
31, 2020 and December 31, 2021, respectively) |
(139,528 |
) |
|
(526,724 |
) |
Additional paid-in
capital |
3,456,844 |
|
|
3,246,523 |
|
Statutory reserves |
17,825 |
|
|
26,804 |
|
Retained earnings(2) |
2,881,782 |
|
|
2,712,534 |
|
Accumulated other
comprehensive income |
18,471 |
|
|
69,175 |
|
|
|
|
|
Total JOYY Inc.’s
shareholders’ equity |
6,235,410 |
|
|
5,528,328 |
|
|
|
|
|
Non-controlling interests |
5,497 |
|
|
34,137 |
|
|
|
|
|
Total shareholders’
equity |
6,240,907 |
|
|
5,562,465 |
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders’ equity |
8,094,957 |
|
|
9,120,012 |
|
(1) |
As
a result of the definitive agreements entered into with Baidu on
the sale of YY Live, assets and liabilities to be disposed of in
connection with this transaction were classified as held for sale
as of December 31, 2020. The transaction was substantially
completed on February 8, 2021, with certain customary matters
remaining to be completed in the future. As a result, JOYY has
ceased consolidation of YY Live business since February 8, 2021 and
classified all the related assets and liabilities subject to
disposal and presented them on a net basis within prepayments and
other current assets. The considerations received by the Company so
far were recorded as advance payments received within accrued
liabilities and other current liabilities. |
|
|
(2) |
On January 1, 2021, the Company
adopted ASU 2020-06, “Accounting for Convertible Instruments and
Contracts in an Entity’s Own Equity” using modified-retrospective
transition approach. Following the adoption of this guidance, a
cumulative effect adjustment of US$86.7 million was credited to
retained earnings as of January 1, 2021. |
JOYY INC.UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(All
amounts in thousands, except share, ADS and per ADS data)
|
Three Months Ended |
|
Twelve Months Ended |
|
December31,2020 |
|
September
30,2021 |
|
December31,2021 |
|
|
December31,2020 |
|
December31,2021 |
|
|
US$ |
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
Net
revenues |
|
|
|
|
|
|
Live streaming(1) |
539,736 |
|
612,163 |
|
620,868 |
|
|
1,815,826 |
|
2,476,790 |
|
Others |
28,498 |
|
38,382 |
|
42,841 |
|
|
102,318 |
|
142,261 |
|
|
|
|
|
|
|
|
Total net
revenues |
568,234 |
|
650,545 |
|
663,709 |
|
|
1,918,144 |
|
2,619,051 |
|
|
|
|
|
|
|
|
Cost of revenues(2) |
(401,698 |
) |
(439,761 |
) |
(440,187 |
) |
|
(1,378,146 |
) |
(1,781,150 |
) |
|
|
|
|
|
|
|
Gross
profit |
166,536 |
|
210,784 |
|
223,522 |
|
|
539,998 |
|
837,901 |
|
|
|
|
|
|
|
|
Operating
expenses(2) |
|
|
|
|
|
|
Research and development
expenses |
(69,823 |
) |
(62,726 |
) |
(29,306 |
) |
|
(302,818 |
) |
(279,781 |
) |
Sales and marketing
expenses |
(146,380 |
) |
(106,275 |
) |
(112,577 |
) |
|
(505,389 |
) |
(468,407 |
) |
General and administrative
expenses |
(35,425 |
) |
(39,674 |
) |
(26,343 |
) |
|
(146,666 |
) |
(221,731 |
) |
|
|
|
|
|
|
|
Total operating
expenses |
(251,628 |
) |
(208,675 |
) |
(168,226 |
) |
|
(954,873 |
) |
(969,919 |
) |
|
|
|
|
|
|
|
Gain on disposal of
subsidiaries |
- |
|
- |
|
- |
|
|
- |
|
4,959 |
|
Other income |
1,293 |
|
4,755 |
|
5,277 |
|
|
8,095 |
|
20,376 |
|
|
|
|
|
|
|
|
Operating (loss)
income |
(83,799 |
) |
6,864 |
|
60,573 |
|
|
(406,780 |
) |
(106,683 |
) |
|
|
|
|
|
|
|
Interest expenses |
(19,629 |
) |
(3,450 |
) |
(3,265 |
) |
|
(75,555 |
) |
(14,475 |
) |
Interest income and investment
income |
28,070 |
|
24,462 |
|
21,272 |
|
|
89,078 |
|
91,233 |
|
Foreign currency exchange
losses, net |
(8,253 |
) |
(3,776 |
) |
(2,183 |
) |
|
(17,472 |
) |
(13,377 |
) |
(Loss) gain on disposal and
deemed disposal of investments |
(35,859 |
) |
(26,708 |
) |
(2,073 |
) |
|
272,281 |
|
(23,762 |
) |
Gain (loss) on fair value
change of investments |
18,791 |
|
(12,549 |
) |
13,106 |
|
|
160,849 |
|
(15,435 |
) |
(Loss) gain on extinguishment
of debt and derivative |
(3,787 |
) |
1 |
|
4,024 |
|
|
(6,277 |
) |
5,291 |
|
Other non-operating
expenses |
- |
|
- |
|
- |
|
|
(2,467 |
) |
(381 |
) |
|
|
|
|
|
|
|
(Loss) income before
income tax expenses |
(104,466 |
) |
(15,156 |
) |
91,454 |
|
|
13,657 |
|
(77,589 |
) |
|
|
|
|
|
|
|
Income tax expenses |
(8,596 |
) |
(4,215 |
) |
(3,081 |
) |
|
(27,825 |
) |
(25,745 |
) |
|
|
|
|
|
|
|
(Loss) income before
share of (loss) income in equity method investments, net of income
taxes |
(113,062 |
) |
(19,371 |
) |
88,373 |
|
|
(14,168 |
) |
(103,334 |
) |
|
|
|
|
|
|
|
Share of (loss) income in
equity method investments, net of income taxes |
(6,411 |
) |
23,496 |
|
(20,288 |
) |
|
(7,634 |
) |
(26,217 |
) |
|
|
|
|
|
|
|
Net (loss) income from
continuing operations |
(119,473 |
) |
4,125 |
|
68,085 |
|
|
(21,802 |
) |
(129,551 |
) |
|
|
|
|
|
|
|
Net income from
discontinued operations |
117,043 |
|
- |
|
- |
|
|
1,401,670 |
|
35,567 |
|
|
|
|
|
|
|
|
Net (loss)
income |
(2,430 |
) |
4,125 |
|
68,085 |
|
|
1,379,868 |
|
(93,984 |
) |
|
|
|
|
|
|
|
Net loss (income) attributable
to the non-controlling interest shareholders and the mezzanine
equity classified as non-controlling interest shareholders |
553 |
|
3,416 |
|
5,161 |
|
|
(6,971 |
) |
13,691 |
|
|
|
|
|
|
|
|
Net (loss) income
attributable to controlling interest of JOYY Inc. |
(1,877 |
) |
7,541 |
|
73,246 |
|
|
1,372,897 |
|
(80,293 |
) |
|
|
|
|
|
|
|
Including: |
|
|
|
|
|
|
Net (loss) income from
continuing operations attributable to controlling interest of JOYY
Inc. |
(118,920 |
) |
7,541 |
|
73,246 |
|
|
(18,741 |
) |
(115,860 |
) |
Net income from
discontinued operations attributable to controlling interest of
JOYY Inc. |
117,043 |
|
- |
|
- |
|
|
1,391,638 |
|
35,567 |
|
|
|
|
|
|
|
|
Accretion of subsidiaries’
redeemable convertible preferred shares to redemption value |
(1,391 |
) |
(1,250 |
) |
(1,250 |
) |
|
(5,564 |
) |
(5,236 |
) |
Cumulative dividend on
subsidiary’s Series A Preferred Shares |
(1,000 |
) |
(1,000 |
) |
(1,000 |
) |
|
(4,000 |
) |
(4,000 |
) |
|
|
|
|
|
|
|
Net (loss) income
attributable to common shareholders of JOYY Inc. |
(4,268 |
) |
5,291 |
|
70,996 |
|
|
1,363,333 |
|
(89,529 |
) |
|
|
|
|
|
|
|
Including: |
|
|
|
|
|
|
Net (loss) income from
continuing operations attributable to common shareholders of JOYY
Inc. |
(121,311 |
) |
5,291 |
|
70,996 |
|
|
(28,305 |
) |
(125,096 |
) |
Net income from
discontinued operations attributable to common shareholders of JOYY
Inc. |
117,043 |
|
- |
|
- |
|
|
1,391,638 |
|
35,567 |
|
|
|
|
|
|
|
|
JOYY INC.UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED)(All amounts in thousands, except share, ADS
and per ADS data)
|
Three Months Ended |
|
Twelve Months Ended |
|
December
31,2020 |
|
September
30,2021 |
December
31,2021 |
|
December
31,2020 |
|
December
31,2021 |
|
|
US$ |
|
US$ |
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
Net (loss) income per ADS |
|
|
|
|
|
|
—Basic |
(0.05 |
) |
0.07 |
0.92 |
|
17.04 |
|
(1.14 |
) |
Continuing operations |
(1.51 |
) |
0.07 |
0.92 |
|
(0.35 |
) |
(1.60 |
) |
Discontinued operations |
1.46 |
|
- |
- |
|
17.39 |
|
0.46 |
|
—Diluted |
(0.05 |
) |
0.07 |
0.85 |
|
17.04 |
|
(1.14 |
) |
Continuing operations |
(1.51 |
) |
0.07 |
0.85 |
|
(0.35 |
) |
(1.60 |
) |
Discontinued operations |
1.46 |
|
- |
- |
|
17.39 |
|
0.46 |
|
|
|
|
|
|
|
|
Weighted average number of ADS used in calculating net (loss)
income per ADS |
|
|
|
|
|
|
—Basic |
80,191,367 |
|
78,362,550 |
76,863,050 |
|
80,009,988 |
|
78,100,800 |
|
—Diluted |
80,191,367 |
|
79,241,210 |
87,843,898 |
|
80,009,988 |
|
78,100,800 |
|
(1) Live streaming revenues by geographical areas were as
follows:
|
Three Months Ended |
|
Twelve Months Ended |
|
December
31,2020 |
September
30,2021 |
December
31,2021 |
|
December
31,2020 |
December
31,2021 |
|
US$ |
US$ |
US$ |
|
US$ |
US$ |
|
|
|
|
|
|
|
PRC |
101,104 |
123,486 |
120,683 |
|
342,232 |
467,208 |
Non-PRC |
438,632 |
488,677 |
500,185 |
|
1,473,594 |
2,009,582 |
(2) Share-based compensation was allocated in cost of
revenues and operating expenses as follows:
|
Three Months Ended |
|
Twelve Months Ended |
|
December
31,2020 |
September
30,2021 |
December
31,2021 |
|
December
31,2020 |
December
31,2021 |
|
|
US$ |
US$ |
US$ |
|
US$ |
US$ |
|
|
|
|
|
|
|
|
Cost of revenues |
1,698 |
1,554 |
1,972 |
|
5,797 |
8,089 |
|
Research and development
expenses |
9,119 |
5,319 |
5,811 |
|
42,646 |
24,053 |
|
Sales and marketing expenses |
424 |
143 |
283 |
|
1,311 |
1,285 |
|
General and administrative
expenses |
14,676 |
1,877 |
2,460 |
|
42,406 |
(45 |
) |
|
|
|
|
|
|
|
|
JOYY INC.RECONCILIATION
OF GAAP AND NON-GAAP RESULTS(All amounts in thousands,
except share, ADS and per ADS data)
|
Three Months Ended |
|
Twelve Months Ended |
|
December
31,2020 |
|
September
30,2021 |
|
December 31,2021 |
|
|
December
31,2020 |
|
December
31,2021 |
|
|
US$ |
|
US$ |
|
US$ |
|
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) income |
(83,799 |
) |
6,864 |
|
60,573 |
|
|
(406,780 |
) |
(106,683 |
) |
Share-based compensation expenses |
25,917 |
|
8,893 |
|
10,526 |
|
|
92,160 |
|
33,382 |
|
Amortization of intangible assets from business acquisitions |
24,722 |
|
12,388 |
|
12,401 |
|
|
100,802 |
|
56,775 |
|
Impairment of investments |
- |
|
3,133 |
|
- |
|
|
6,186 |
|
93,632 |
|
Gain on disposal of subsidiaries |
- |
|
- |
|
- |
|
|
- |
|
(4,959 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating (loss) income |
(33,160 |
) |
31,278 |
|
83,500 |
|
|
(207,632 |
) |
72,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations |
(119,473 |
) |
4,125 |
|
68,085 |
|
|
(21,802 |
) |
(129,551 |
) |
Share-based compensation
expenses |
25,917 |
|
8,893 |
|
10,526 |
|
|
92,160 |
|
33,382 |
|
Amortization of intangible
assets from business acquisitions |
24,722 |
|
12,388 |
|
12,401 |
|
|
100,802 |
|
56,775 |
|
Impairment of investments |
- |
|
3,133 |
|
- |
|
|
6,186 |
|
93,632 |
|
Gain on disposal of
subsidiaries |
- |
|
- |
|
- |
|
|
- |
|
(4,959 |
) |
Loss (gain) on disposal and
deemed disposal of investments |
35,859 |
|
26,708 |
|
2,073 |
|
|
(272,281 |
) |
23,762 |
|
(Gain) loss on fair value
change of investments |
(18,791 |
) |
12,549 |
|
(13,106 |
) |
|
(160,849 |
) |
15,435 |
|
Reconciling items on the share
of equity method investments |
12,190 |
|
(35,682 |
) |
13,313 |
|
|
17,515 |
|
7,341 |
|
Loss (gain) on extinguishment
of debt and derivative |
3,787 |
|
(1 |
) |
(4,024 |
) |
|
6,277 |
|
(5,291 |
) |
Interest expenses related to
the convertible bonds’ amortization to face value |
15,992 |
|
714 |
|
616 |
|
|
61,273 |
|
2,737 |
|
Income tax effects on non-GAAP
adjustments |
(3,161 |
) |
(765 |
) |
3,496 |
|
|
3,594 |
|
2,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss)
income from continuing operations |
(22,958 |
) |
32,062 |
|
93,380 |
|
|
(167,125 |
) |
96,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income from
continuing operations attributable to common shareholders of JOYY
Inc. |
(121,311 |
) |
5,291 |
|
70,996 |
|
|
(28,305 |
) |
(125,096 |
) |
Share-based compensation
expenses |
25,917 |
|
8,893 |
|
10,526 |
|
|
92,160 |
|
33,382 |
|
Amortization of intangible
assets from business acquisitions |
24,722 |
|
12,388 |
|
12,401 |
|
|
100,802 |
|
56,775 |
|
Impairment of investments |
- |
|
3,133 |
|
- |
|
|
6,186 |
|
93,632 |
|
Gain on disposal of
subsidiaries |
- |
|
- |
|
- |
|
|
- |
|
(4,959 |
) |
Loss (gain) on disposal and
deemed disposal of investments |
35,859 |
|
26,708 |
|
2,073 |
|
|
(272,281 |
) |
23,762 |
|
(Gain) loss on fair value
change of investments |
(18,791 |
) |
12,549 |
|
(13,106 |
) |
|
(160,849 |
) |
15,435 |
|
Reconciling items on the share
of equity method investments |
12,190 |
|
(35,682 |
) |
13,313 |
|
|
17,515 |
|
7,341 |
|
Loss (gain) on extinguishment
of debt and derivative |
3,787 |
|
(1 |
) |
(4,024 |
) |
|
6,277 |
|
(5,291 |
) |
Interest expenses related to
the convertible bonds’ amortization to face value |
15,992 |
|
714 |
|
616 |
|
|
61,273 |
|
2,737 |
|
Accretion and cumulative
dividend to subsidiaries’ preferred shareholders |
2,391 |
|
2,250 |
|
2,250 |
|
|
9,564 |
|
9,236 |
|
Income tax effects on non-GAAP
adjustments |
(3,161 |
) |
(765 |
) |
3,496 |
|
|
3,594 |
|
2,756 |
|
Non-GAAP adjustments for net
income (loss) attributable to the non-controlling interest
shareholders |
13 |
|
(342 |
) |
(267 |
) |
|
17 |
|
(832 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss)
income from continuing operations attributable to
controlling interest and common shareholders of
JOYY Inc. |
(22,392 |
) |
35,136 |
|
98,274 |
|
|
(164,047 |
) |
108,878 |
|
Non-GAAP net (loss) income from continuing operations per
ADS |
|
|
|
|
|
|
|
|
|
|
|
—Basic |
(0.28 |
) |
0.45 |
|
1.28 |
|
|
(2.05 |
) |
1.39 |
|
—Diluted |
(0.28 |
) |
0.42 |
|
1.15 |
|
|
(2.05 |
) |
1.32 |
|
Weighted average number of ADS
used in calculating Non-GAAP net (loss) income from continuing
operations per ADS |
|
|
|
|
|
|
|
|
|
|
|
—Basic |
80,191,367 |
|
78,362,550 |
|
76,863,050 |
|
|
80,009,988 |
|
78,100,800 |
|
—Diluted |
80,191,367 |
|
89,920,289 |
|
87,843,898 |
|
|
80,009,988 |
|
90,356,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
JOYY INC.UNAUDITED
SEGMENT REPORT(All amounts in thousands, except share, ADS
and per ADS data)
|
Three Months Ended |
|
December 31, 2021 |
|
|
|
|
|
|
Bigo |
|
All other |
|
Elimination(1) |
|
Total |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
Net revenues |
|
|
|
|
Live streaming |
548,764 |
|
72,104 |
|
- |
|
620,868 |
|
Others |
27,365 |
|
15,543 |
|
(67 |
) |
42,841 |
|
|
|
|
|
|
Total net revenues |
576,129 |
|
87,647 |
|
(67 |
) |
663,709 |
|
|
|
|
|
|
Cost of revenues(2) |
(369,437 |
) |
(70,817 |
) |
67 |
|
(440,187 |
) |
|
|
|
|
|
Gross profit |
206,692 |
|
16,830 |
|
- |
|
223,522 |
|
|
|
|
|
|
Operating expenses(2) |
|
|
|
|
Research and development expenses |
(17,828 |
) |
(11,478 |
) |
- |
|
(29,306 |
) |
Sales and marketing expenses |
(91,836 |
) |
(20,741 |
) |
- |
|
(112,577 |
) |
General and administrative expenses |
(9,353 |
) |
(16,990 |
) |
- |
|
(26,343 |
) |
|
|
|
|
|
Total operating expenses |
(119,017 |
) |
(49,209 |
) |
- |
|
(168,226 |
) |
|
|
|
|
|
Other income |
1,208 |
|
4,069 |
|
- |
|
5,277 |
|
|
|
|
|
|
Operating income (loss) |
88,883 |
|
(28,310 |
) |
- |
|
60,573 |
|
|
|
|
|
|
Interest expenses |
(558 |
) |
(3,264 |
) |
557 |
|
(3,265 |
) |
Interest income and investment income |
677 |
|
21,152 |
|
(557 |
) |
21,272 |
|
Foreign currency exchange losses, net |
(3,128 |
) |
945 |
|
- |
|
(2,183 |
) |
Gain on extinguishment of debt and derivative |
- |
|
4,024 |
|
- |
|
4,024 |
|
Loss on disposal and deemed disposal of investments |
- |
|
(2,073 |
) |
- |
|
(2,073 |
) |
Gain on fair value change of investments |
- |
|
13,106 |
|
- |
|
13,106 |
|
|
|
|
|
|
Income before income tax expenses |
85,874 |
|
5,580 |
|
- |
|
91,454 |
|
|
|
|
|
|
Income tax expenses |
(2,543 |
) |
(538 |
) |
- |
|
(3,081 |
) |
|
|
|
|
|
Income before share of income in equity method investments,
net of income taxes |
83,331 |
|
5,042 |
|
- |
|
88,373 |
|
|
|
|
|
|
Share of loss in equity method investments, net of income
taxes |
- |
|
(20,288 |
) |
- |
|
(20,288 |
) |
|
|
|
|
|
Net income (loss) from continuing operations |
83,331 |
|
(15,246 |
) |
- |
|
68,085 |
|
|
|
|
|
|
(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 |
|
December 31, 2021 |
|
|
|
Bigo |
All other |
Total |
|
US$ |
US$ |
US$ |
|
|
|
|
Cost of revenues |
1,318 |
654 |
1,972 |
Research and development expenses |
3,526 |
2,285 |
5,811 |
Sales and marketing expenses |
136 |
147 |
283 |
General and administrative expenses |
1,250 |
1,210 |
2,460 |
|
|
|
|
JOYY 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 |
|
December 31, 2021 |
|
|
|
Bigo |
|
All other |
|
Total |
|
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
Operating income (loss) |
88,883 |
|
(28,310 |
) |
60,573 |
|
Share-based compensation expenses |
6,230 |
|
4,296 |
|
10,526 |
|
Amortization of intangible assets from business acquisitions |
11,225 |
|
1,176 |
|
12,401 |
|
|
|
|
|
|
Non-GAAP operating income (loss) |
106,338 |
|
(22,838 |
) |
83,500 |
|
|
|
|
|
|
Net income (loss) from continuing operations |
83,331 |
|
(15,246 |
) |
68,085 |
|
Share-based compensation expenses |
6,230 |
|
4,296 |
|
10,526 |
|
Amortization of intangible assets from business acquisitions |
11,225 |
|
1,176 |
|
12,401 |
|
Gain on fair value change of investments |
- |
|
(13,106 |
) |
(13,106 |
) |
Loss on disposal and deemed disposal of investments |
- |
|
2,073 |
|
2,073 |
|
Reconciling items on the share of equity method investments |
- |
|
13,313 |
|
13,313 |
|
Gain on extinguishment of debt and derivative |
- |
|
(4,024 |
) |
(4,024 |
) |
Interest expenses related to the convertible bonds’ amortization to
face value |
- |
|
616 |
|
616 |
|
Income tax effects on non-GAAP adjustments |
2,674 |
|
822 |
|
3,496 |
|
|
|
|
|
|
Non-GAAP net income (loss) from continuing
operations |
103,460 |
|
(10,080 |
) |
93,380 |
|
|
|
|
|
|
JOYY INC.UNAUDITED
SEGMENT REPORT(All amounts in thousands, except share, ADS
and per ADS data)
|
Three Months Ended |
|
September 30, 2021 |
|
|
|
|
|
|
Bigo |
|
All other |
|
Elimination(1) |
|
Total |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
Net revenues |
|
|
|
|
Live streaming |
544,718 |
|
67,445 |
|
- |
|
612,163 |
|
Others |
24,031 |
|
14,351 |
|
- |
|
38,382 |
|
|
|
|
|
|
Total net revenues |
568,749 |
|
81,796 |
|
- |
|
650,545 |
|
|
|
|
|
|
Cost of revenues(2) |
(373,534 |
) |
(66,227 |
) |
- |
|
(439,761 |
) |
|
|
|
|
|
Gross profit |
195,215 |
|
15,569 |
|
- |
|
210,784 |
|
|
|
|
|
|
Operating expenses(2) |
|
|
|
|
Research and development expenses |
(51,281 |
) |
(11,445 |
) |
- |
|
(62,726 |
) |
Sales and marketing expenses |
(88,945 |
) |
(17,330 |
) |
- |
|
(106,275 |
) |
General and administrative expenses |
(20,959 |
) |
(18,715 |
) |
- |
|
(39,674 |
) |
|
|
|
|
|
Total operating expenses |
(161,185 |
) |
(47,490 |
) |
- |
|
(208,675 |
) |
|
|
|
|
|
Other income |
4,024 |
|
731 |
|
- |
|
4,755 |
|
|
|
|
|
|
Operating income (loss) |
38,054 |
|
(31,190 |
) |
- |
|
6,864 |
|
|
|
|
|
|
Interest expenses |
(393 |
) |
(3,392 |
) |
335 |
|
(3,450 |
) |
Interest income and investment income |
344 |
|
24,453 |
|
(335 |
) |
24,462 |
|
Foreign currency exchange losses, net |
(2,689 |
) |
(1,087 |
) |
- |
|
(3,776 |
) |
Gain on extinguishment of debt and derivative |
1 |
|
- |
|
- |
|
1 |
|
Loss on disposal and deemed disposal of investments |
- |
|
(26,708 |
) |
- |
|
(26,708 |
) |
Loss on fair value change of investments |
- |
|
(12,549 |
) |
- |
|
(12,549 |
) |
|
|
|
|
|
Income (loss) before income tax expenses |
35,317 |
|
(50,473 |
) |
- |
|
(15,156 |
) |
|
|
|
|
|
Income tax expenses |
(2,451 |
) |
(1,764 |
) |
- |
|
(4,215 |
) |
|
|
|
|
|
Income (loss) before share of income in equity method
investments, net of income taxes |
32,866 |
|
(52,237 |
) |
- |
|
(19,371 |
) |
|
|
|
|
|
Share of income in equity method investments, net of income
taxes |
- |
|
23,496 |
|
- |
|
23,496 |
|
|
|
|
|
|
Net income (loss) from continuing operations |
32,866 |
|
(28,741 |
) |
- |
|
4,125 |
|
|
|
|
|
|
(1) The elimination mainly consists of interest income and
interest expenses generated from the loan between Bigo and all
other segments.(2) Share-based compensation was allocated in
cost of revenues and operating expenses as follows:
|
Three Months Ended |
|
September 30, 2021 |
|
|
|
Bigo |
|
All other |
Total |
|
US$ |
|
US$ |
US$ |
|
|
|
|
Cost of revenues |
915 |
|
639 |
1,554 |
Research and development expenses |
2,579 |
|
2,740 |
5,319 |
Sales and marketing expenses |
(7 |
) |
150 |
143 |
General and administrative expenses |
669 |
|
1,208 |
1,877 |
|
|
|
|
|
JOYY 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 |
|
September 30, 2021 |
|
|
|
Bigo |
|
All other |
|
Total |
|
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
Operating income (loss) |
38,054 |
|
(31,190 |
) |
6,864 |
|
Share-based compensation expenses |
4,156 |
|
4,737 |
|
8,893 |
|
Amortization of intangible assets from business acquisitions |
11,225 |
|
1,163 |
|
12,388 |
|
Impairment of investments |
- |
|
3,133 |
|
3,133 |
|
|
|
|
|
Non-GAAP operating income (loss) |
53,435 |
|
(22,157 |
) |
31,278 |
|
|
|
|
|
Net income (loss) from continuing operations |
32,866 |
|
(28,741 |
) |
4,125 |
|
Share-based compensation expenses |
4,156 |
|
4,737 |
|
8,893 |
|
Amortization of intangible assets from business acquisitions |
11,225 |
|
1,163 |
|
12,388 |
|
Impairment of investments |
- |
|
3,133 |
|
3,133 |
|
Loss on fair value change of investments |
- |
|
12,549 |
|
12,549 |
|
Loss on disposal and deemed disposal of investments |
- |
|
26,708 |
|
26,708 |
|
Reconciling items on the share of equity method investments |
- |
|
(35,682 |
) |
(35,682 |
) |
Gain on extinguishment of debt and derivative |
(1 |
) |
- |
|
(1 |
) |
Interest expenses related to the convertible bonds’ amortization to
face value |
- |
|
714 |
|
714 |
|
Income tax effects on non-GAAP adjustments |
1,388 |
|
(2,153 |
) |
(765 |
) |
|
|
|
|
Non-GAAP net income (loss) from continuing
operations |
49,634 |
|
(17,572 |
) |
32,062 |
|
|
|
|
|
JOYY INC.UNAUDITED
SEGMENT REPORT(All amounts in thousands, except share, ADS
and per ADS data)
|
Three Months Ended |
|
December 31, 2020 |
|
|
|
Bigo |
|
All other(1) |
|
Elimination(2) |
|
Total |
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
|
Live streaming |
488,172 |
|
51,564 |
|
- |
|
539,736 |
|
Others |
20,916 |
|
7,582 |
|
- |
|
28,498 |
|
|
|
|
|
|
Total net revenues |
509,088 |
|
59,146 |
|
- |
|
568,234 |
|
|
|
|
|
|
Cost of revenues(3) |
(351,142 |
) |
(50,556 |
) |
- |
|
(401,698 |
) |
|
|
|
|
|
Gross profit |
157,946 |
|
8,590 |
|
- |
|
166,536 |
|
|
|
|
|
|
Operating expenses(3) |
|
|
|
|
Research and development expenses |
(47,069 |
) |
(22,754 |
) |
- |
|
(69,823 |
) |
Sales and marketing expenses |
(130,380 |
) |
(16,000 |
) |
- |
|
(146,380 |
) |
General and administrative expenses |
(20,913 |
) |
(14,512 |
) |
- |
|
(35,425 |
) |
|
|
|
|
|
Total operating expenses |
(198,362 |
) |
(53,266 |
) |
- |
|
(251,628 |
) |
|
|
|
|
|
Other income |
534 |
|
759 |
|
- |
|
1,293 |
|
|
|
|
|
|
Operating loss |
(39,882 |
) |
(43,917 |
) |
- |
|
(83,799 |
) |
|
|
|
|
|
Interest expenses |
(1,779 |
) |
(18,789 |
) |
939 |
|
(19,629 |
) |
Interest income and investment income |
41 |
|
28,968 |
|
(939 |
) |
28,070 |
|
Foreign currency exchange losses, net |
(8,049 |
) |
(204 |
) |
- |
|
(8,253 |
) |
Loss on extinguishment of debt and derivative |
(281 |
) |
(3,506 |
) |
- |
|
(3,787 |
) |
Loss on disposal and deemed disposal of investments |
- |
|
(35,859 |
) |
- |
|
(35,859 |
) |
Gain on fair value change of investments |
- |
|
18,791 |
|
- |
|
18,791 |
|
|
|
|
|
|
Loss before income tax expenses |
(49,950 |
) |
(54,516 |
) |
- |
|
(104,466 |
) |
|
|
|
|
|
Income tax benefits (expense) |
4,840 |
|
(13,436 |
) |
- |
|
(8,596 |
) |
|
|
|
|
|
Loss before share of income in equity method investments,
net of income taxes |
(45,110 |
) |
(67,952 |
) |
- |
|
(113,062 |
) |
|
|
|
|
|
Share of loss in equity method investments, net of income
taxes |
- |
|
(6,411 |
) |
- |
|
(6,411 |
) |
|
|
|
|
|
Net loss from continuing operations |
(45,110 |
) |
(74,363 |
) |
- |
|
(119,473 |
) |
|
|
|
|
|
(1) As a result of the definitive agreements entered into
with Baidu on the sale of YY Live, YY Live is represented as
discontinued operations. YY segment is renamed as "all other"
segment and has been recast to exclude the financial numbers of YY
Live.
(2) The elimination mainly consists of interest income and
interest expenses generated from the loan between Bigo and all
other segments.
(3) Share-based compensation was allocated in cost of
revenues and operating expenses as follows:
|
Three Months Ended |
|
December 31, 2020 |
|
|
|
Bigo |
All other |
Total |
|
US$ |
US$ |
US$ |
|
|
|
|
Cost of revenues |
1,040 |
658 |
1,698 |
Research and development expenses |
7,603 |
1,516 |
9,119 |
Sales and marketing expenses |
234 |
190 |
424 |
General and administrative expenses |
13,699 |
977 |
14,676 |
|
|
|
|
JOYY 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 |
|
December 31, 2020 |
|
|
|
Bigo |
|
All other |
|
Total |
|
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
Operating loss |
(39,882 |
) |
(43,917 |
) |
(83,799 |
) |
Share-based compensation expenses |
22,576 |
|
3,341 |
|
25,917 |
|
Amortization of intangible assets from business acquisitions |
24,688 |
|
34 |
|
24,722 |
|
|
|
|
|
Non-GAAP operating income (loss) |
7,382 |
|
(40,542 |
) |
(33,160 |
) |
|
|
|
|
Net loss from continuing operations |
(45,110 |
) |
(74,363 |
) |
(119,473 |
) |
Share-based compensation expenses |
22,576 |
|
3,341 |
|
25,917 |
|
Amortization of intangible assets from business acquisitions |
24,688 |
|
34 |
|
24,722 |
|
Loss on disposal and deemed disposal of investments |
- |
|
35,859 |
|
35,859 |
|
Gain on fair value change of investments |
- |
|
(18,791 |
) |
(18,791 |
) |
Reconciling items on the share of equity method investments |
- |
|
12,190 |
|
12,190 |
|
Loss on extinguishment of debt and derivative |
281 |
|
3,506 |
|
3,787 |
|
Interest expenses related to the convertible bonds’ amortization to
face value |
- |
|
15,992 |
|
15,992 |
|
Income tax effects on non-GAAP adjustments |
(4,292 |
) |
1,131 |
|
(3,161 |
) |
|
|
|
|
Non-GAAP net loss from continuing operations |
(1,857 |
) |
(21,101 |
) |
(22,958 |
) |
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