GUANGZHOU, China, November 12, 2018 /PRNewswire/ -- HUYA Inc.
("Huya" or the "Company") (NYSE: HUYA), a leading game live
streaming platform in China, today
announced its unaudited financial results for the third quarter
ended September 30, 2018.
Third Quarter 2018 Financial and Operating Highlights
- Total net revenues[1] for the third quarter
of 2018 increased by 118.8% to RMB1,276.6
million (US$185.9 million),
from RMB583.5 million in the same
period of 2017.
- Net income attributable to Huya was RMB56.8 million (US$8.3
million) for the third quarter of 2018, compared with a net
loss of RMB29.3 million in the same
period of 2017.
- Non-GAAP net income attributable to Huya[2]
was RMB121.0 million (US$17.6 million) for the third quarter of 2018,
compared with a non-GAAP net loss attributable to Huya of
RMB25.4 million in the same period of
2017.
- Average mobile MAUs[3] in the third quarter
of 2018 reached 49.4 million, representing an increase of 28.2%
from 38.6 million in the third quarter of 2017.
- Average MAUs[4] in the third quarter of 2018
reached 99.0 million, representing an increase of 14.6% from 86.3
million in the third quarter of 2017.
- Total number of paying users[5] in the third
quarter of 2018 reached 4.2 million, representing an increase of
37.8% from 3.0 million in the third quarter of 2017.
Mr. Rongjie Dong, Chief Executive
Officer of Huya, commented, "We are pleased to report another
strong quarter of financial and operational results including
year-over-year revenue growth of 118.8% and solid profitability.
Our performance was supported by a 14.6% growth in MAUs including a
significant 28.2% increase in mobile MAUs as our focus on enhancing
our mobile strategy continues to show results. In addition, the
number of paying users in the quarter reached 4.2 million with a
37.8% increase compared to the same period last year, reflecting
the compelling value users see in our content.
"Our continued strategic focus on e-sports is showing
encouraging results as we broadcasted a larger number of major
tournaments and self-organized e-sports events. Also, we achieved
record high viewership driven by the popular world-class e-sports
content offered on our platform. To increase our influence in the
e-sports industry, we have not only invested into our content
ecosystem but also started operating e-sports team and hosting more
tournaments. With growing interest in e-sports across China and the globe, we see significant market
potential for us to continue investment in this space, in order to
optimize our content coverage and rapidly grow our user base," Mr.
Dong concluded.
Mr. Henry Sha, Chief Financial
Officer of Huya, commented, "Healthy organic growth in our user
base yielded strong revenue growth and solid operational results in
the quarter. Our focus on enabling broadcasters to serve their
audience community will continue to drive user engagement, and the
promising growth in paying users will further support the
opportunity we see ahead. We will continue our investment in
e-sports, new products and technologies to drive user growth and
provide more value-added services to strengthen our partnership
with content creators."
[1]
|
On January 1, 2018,
we adopted ASC 606, "Revenue from Contracts with Customers" using
the modified retrospective method applied to those contracts which
were not completed as of January 1, 2018. Based on our assessment,
the adoption of ASC 606 did not have any material impact on our
consolidated financial statements.
|
[2]
|
"Non-GAAP net (loss)
income attributable to Huya" is defined as net (loss) income
attributable to Huya before share-based compensation expenses. For
more information, refer to "Use of Non-GAAP Financial Measures" and
"Reconciliations of GAAP and Non-GAAP Results" at the end of this
press release.
|
[3]
|
Refers to average
monthly active users on the Huya Live mobile app. Average mobile
MAU for any period is calculated by dividing (i) the sum of our
active users on our Huya Live mobile app for each month of such
period, by (ii) the number of months in such period.
|
[4]
|
Refers to average
monthly active users on Huya's platform. Average MAU for any period
is calculated by dividing (i) the sum of active users for each
month of such period, by (ii) the number of months in such
period.
|
[5]
|
Refers to a
registered user that has purchased virtual items on Huya's platform
at least once during the period presented.
|
Third Quarter 2018 Financial Results
Total net revenues for the third quarter of 2018
increased by 118.8% to RMB1,276.6
million (US$185.9 million),
from RMB583.5 million in the same
period of 2017.
Live streaming revenues increased by 120.2% to
RMB1,216.5 million (US$177.1 million) in the third quarter of 2018,
from RMB552.4 million in the same
period of 2017, primarily due to the increase in spending per
paying user and the increase in the number of paying users on
Huya's platform. The increase in the number of paying users was
primarily driven by the Company's mobile strategy, diversification
of content offerings and continued efforts in converting active
users into paying users.
Advertising and other revenues increased by 92.9% to
RMB60.1 million (US$8.8 million) in the third quarter of 2018,
from RMB31.2 million in the same
period of 2017. This increase reflected the Company's continued
efforts to expand the advertising services and monetize the traffic
and streaming content with its business partners.
Cost of revenues increased by 112.2% to RMB1,082.9 million (US$157.7 million) in the third quarter of 2018
from RMB510.3 million in the same
period of 2017, primarily attributable to the increase in revenue
sharing fees and content costs, bandwidth costs as well as salaries
and welfare.
Revenue sharing fees and content costs increased by
125.0% to RMB844.0 million
(US$122.9 million) in the third
quarter of 2018 from RMB375.1 million
in the same period of 2017, primarily due to the increase in
virtual item revenue sharing, which was in line with Company's live
streaming revenue growth, and continued spending in e-sports
content and content creators in both domestic and overseas
markets.
Bandwidth costs increased by 66.8% to RMB174.0 million (US$25.3
million) in the third quarter of 2018 from RMB104.3 million in same period of 2017,
primarily due to an increase in bandwidth usage as a result of
increased user base on Huya's platform and enhanced live streaming
video quality improvement, partially offset by improved efficiency
in bandwidth utilization as a result of deploying new technologies
in content distribution.
Gross profit increased by 164.5% to RMB193.7 million (US$28.2
million) in the third quarter of 2018 from RMB73.2 million in the same period of 2017.
Gross margin increased to 15.2% in the third quarter of 2018
from 12.6% in the same period of 2017, primarily due to Huya's
enhanced monetization efforts, continued leverage on economies of
scale and technology innovation.
Research and development expenses increased by 52.6% to
RMB74.6 million (US$10.9 million) for the third quarter of 2018
from RMB48.9 million for the third
quarter of 2017, mainly attributable to the increase in the
salaries and welfare of research and development personnel and
share-based compensation expenses related to the share awards newly
granted in the third quarter of 2018.
Sales and marketing expenses increased by 191.6% to
RMB61.7 million (US$9.0 million) for the third quarter of 2018
from RMB21.2 million for the third
quarter of 2017, mainly attributable to the increase of marketing
and promotion expenses due to enhanced efforts in promoting Huya's
brand awareness and e-sports content, as well as cooperating with
various marketing channels during the summer holidays.
General and administrative expenses increased by 90.7% to
RMB71.2 million (US$10.4 million) for the third quarter of 2018
from RMB37.3 million for the third
quarter of 2017, mainly due to the increase in share-based
compensation expenses related to the share awards newly granted in
the first quarter of 2018 and salaries and welfare of management
personnel.
Operating loss was RMB2.7
million (US$0.4 million) for
the third quarter of 2018, compared with an operating loss of
RMB34.1 million in the same period of
2017.
Non-GAAP operating income, which excludes share-based
compensation expenses, was RMB61.5
million (US$9.0 million) for
the third quarter of 2018, compared with a non-GAAP operating loss
of RMB30.1 million in the same period
of 2017.
Net income attributable to HUYA Inc. was
RMB56.8 million (US$8.3 million) for the third quarter of 2018,
compared with a net loss attributable to HUYA Inc. of RMB29.3 million in the same period of 2017.
Non-GAAP net income attributable to HUYA Inc. in the
third quarter of 2018, which excludes share-based compensation
expenses, was RMB121.0 million
(US$17.6 million), compared with a
non-GAAP net loss attributable to HUYA Inc. of RMB25.4 million in the same period of 2017.
Diluted net income per American Depositary Share ("ADS")
was RMB0.26 (US$0.04) for the third quarter of 2018, compared
with diluted net loss per ADS of RMB0.39 for the same period of 2017. Each ADS
represents one Class A ordinary share.
Non-GAAP diluted net income per ADS was RMB0.55 (US$0.08)
for the third quarter of 2018, compared with non-GAAP diluted net
loss per ADS of RMB0.35 for the same
period of 2017.
Balance Sheets and Cash Flows
As of September 30, 2018, the
Company had cash, cash equivalents, short-term deposits and
short-term investments of RMB5,873.6
million (US$855.2 million).
Net cash provided by operating activities was RMB237.7 million (US$34.6
million) for the third quarter of 2018, compared with net
cash provided by operating activities of RMB87.2 million in the same period of 2017.
Recent Development
In September 2018, Huya announced
that it will operate a newly-established e-sports team and join the
Overwatch LeagueTM, the first major global professional
e-sports league with city-based teams across Asia, Europe,
and North America. This
Chengdu-based new team will join
the Overwatch League for the start of its 2019 season.
Business Outlook
For the fourth quarter of 2018, Huya currently expects total net
revenues to be in the range of RMB1,400
million to RMB1,440 million,
representing a year-over-year growth of between 88.9% and 94.3%.
This forecast reflects our current and preliminary views on the
market and operational conditions, which are subject to change.
Conference Call
The Company's management will host an earnings conference call
at 8:00 PM U.S. Eastern Time on
November 12, 2018 (9:00 AM Beijing/Hong
Kong time on November 13,
2018).
Dial-in details for the earnings conference call are as
follows:
United States (toll
free):
|
+1-888-317-6003
|
International:
|
+1-412-317-6061
|
Hong Kong (toll
free):
|
800-963-976
|
Hong Kong:
|
+852-5808-1995
|
China (toll
free)
|
400-120-6115
|
Elite Entry
Number:
|
3053644
|
Participants should dial-in at least 10 minutes before the
scheduled start time and ask to be connected to the call for "HUYA
Inc" with the Elite Entry number as set forth above.
Additionally, a live and archived webcast of the conference call
will be available on the Company's investor relations website at
http://ir.huya.com.
A replay of the conference call will be accessible approximately
one hour after the conclusion of the live call until November 19, 2018, by dialing the following
telephone numbers:
United States (toll
free):
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Replay Access
Code:
|
10125990
|
About HUYA Inc.
HUYA Inc. is a leading game live streaming platform in
China with a large and active game
live streaming community. The Company cooperates with e-sports
event organizers, as well as major game developers and publishers,
and has developed e-sports live streaming as one of the most
popular content genres on its platform. The Company has created an
engaged, interactive and immersive community for game enthusiasts
of China's young generation.
Building on its success in game live streaming, Huya has also
extended its content to other entertainment content genres. Huya's
open platform also functions as a marketplace for broadcasters and
talent agencies to congregate and closely collaborate with the
Company.
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 (deficit),
consolidated statements of cash flows, and the detailed notes have
not been presented. Huya uses non-GAAP operating (loss) income,
non-GAAP net (loss) income attributable to HUYA Inc., non-GAAP net
(loss) income attributable to ordinary shareholders, and non-GAAP
basic and diluted net (loss) income per ADS, which are non-GAAP
financial measures. Non-GAAP operating (loss) income is operating
(loss) income excluding share-based compensation expenses. Non-GAAP
net (loss) income attributable to HUYA Inc. is net (loss) income
attributable to HUYA Inc. excluding share-based compensation
expenses, fair value loss on derivative liabilities and gain on
fair value change of investments and equity investee's investments.
Non-GAAP net (loss) income attributable to ordinary shareholders is
net loss attributable to ordinary shareholders excluding
share-based compensation expenses, fair value loss on derivative
liabilities, gain on fair value change of investments and equity
investee's investments and deemed dividend to Series A redeemable
convertible preferred shareholders. Non-GAAP basic and diluted net
(loss) income per ADS is non-GAAP net (loss) income attributable to
ordinary shareholders divided by weighted average number of
ordinary shares used in the calculation of non-GAAP basic and
diluted net (loss) income per ADS. The Company believes that
separate analysis and exclusion of the non-cash impact of (i)
share-based compensation expenses, (ii) fair value loss on
derivative liabilities, (iii) gain on fair value change of
investments and equity investee's investments and (iv) deemed
dividend to Series A redeemable convertible preferred shareholders
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, which have been and will
continue to be significant recurring expenses in its business, (ii)
fair value loss on derivative liabilities and gain on fair value
change of investments and equity investee's investments, which may
not recur in the future, and (iii) deemed dividend to Series A
redeemable convertible preferred shareholders, which may recur when
Huya and its affiliates enter into equity transactions. 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 (loss) 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 "HUYA Inc. Reconciliations
of GAAP and Non-GAAP Results" near the end of this release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts
into U.S. dollars at a specified rate solely for the convenience of
the reader. Unless otherwise noted, all translations from RMB to
U.S. dollars are made at a rate of RMB
6.8680 to US$1.00, the rate in
effect as of September 28, 2018 as
certified for customs purposes by the Federal Reserve Bank of
New York.
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 Huya's strategic and operational plans,
contain forward-looking statements. Huya 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 Huya'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: Huya's goals and strategies; Huya's future business
development, results of operations and financial condition; the
expected growth of the game live streaming market the expectation
regarding the rate at which to gain active users, especially
paying users; Huya's ability to monetize the user base;
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 Huya'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 Huya does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-8212-0509
E-mail: ir@huya.com
The Piacente Group, Inc.
Ross Warner
Tel: +86-10-5730-6202
E-mail: huya@tpg-ir.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com
HUYA
INC.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in
thousands, except share and per share data)
|
|
|
As of December
31,
|
|
As of September
30,
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
442,532
|
|
793,230
|
|
115,497
|
Short-term
deposits
|
593,241
|
|
4,958,730
|
|
722,005
|
Short-term
investments
|
-
|
|
121,607
|
|
17,706
|
Accounts receivable,
net
|
29,847
|
|
52,189
|
|
7,599
|
Amounts due from
related parties
|
113,311
|
|
79,706
|
|
11,605
|
Prepayments and other
current assets
|
71,376
|
|
233,910
|
|
34,058
|
|
|
|
|
|
|
Total current
assets
|
1,250,307
|
|
6,239,372
|
|
908,470
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Deferred tax
assets
|
-
|
|
2,431
|
|
354
|
Investments
|
10,299
|
|
212,938
|
|
31,004
|
Property and
equipment, net
|
32,315
|
|
83,736
|
|
12,192
|
Intangible assets,
net
|
5,620
|
|
49,947
|
|
7,272
|
Prepayments and other
non-current assets
|
2,000
|
|
72,515
|
|
10,558
|
|
|
|
|
|
|
Total non-current
assets
|
50,234
|
|
421,567
|
|
61,380
|
|
|
|
|
|
|
Total
assets
|
1,300,541
|
|
6,660,939
|
|
969,850
|
|
|
|
|
|
|
Liabilities,
mezzanine equity and shareholders' equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
5,796
|
|
18,793
|
|
2,736
|
Deferred
revenue
|
243,419
|
|
345,426
|
|
50,295
|
Advances from
customers
|
3,962
|
|
10,555
|
|
1,537
|
Accrued liabilities
and other current liabilities
|
424,078
|
|
684,241
|
|
99,627
|
Amounts due to
related parties
|
8,395
|
|
41,532
|
|
6,047
|
|
|
|
|
|
|
Total current
liabilities
|
685,650
|
|
1,100,547
|
|
160,242
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Deferred
revenue
|
45,024
|
|
68,880
|
|
10,029
|
|
|
|
|
|
|
Total non-current
liabilities
|
45,024
|
|
68,880
|
|
10,029
|
|
|
|
|
|
|
Total
liabilities
|
730,674
|
|
1,169,427
|
|
170,271
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUYA
INC.
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(All amounts in
thousands, except share and per share data)
|
|
|
As of December
31,
|
|
As of September
30,
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
|
Series A-1 redeemable
convertible preferred shares ("Preferred Shares") (US$0.0001 par
value; 17,647,058 shares authorized, issued and outstanding as of
December 31, 2017, and none outstanding as of September 30,
2018)
|
407,734
|
|
-
|
|
-
|
Series A-2 Preferred
Shares (US$0.0001 par value; 4,411,765 shares authorized, issued
and outstanding as of December 31, 2017, and none outstanding as of
September 30, 2018)
|
101,934
|
|
-
|
|
-
|
|
|
|
|
|
|
Total mezzanine
equity
|
509,668
|
|
-
|
|
-
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Class A ordinary
shares (US$0.0001 par value; 249,957,163 and 750,000,000 shares
authorized, 992,456 and 44,639,737 shares issued and outstanding as
of December 31, 2017 and September 30, 2018,
respectively)
|
1
|
|
29
|
|
4
|
Class B ordinary
shares (US$0.0001 par value; 99,007,544 and 200,000,000 shares
authorized, 99,007,544 and 159,157,321 shares issued and
outstanding as of December 31, 2017 and September 30, 2018,
respectively)
|
66
|
|
104
|
|
15
|
Additional paid-in
capital
|
140,792
|
|
7,603,860
|
|
1,107,143
|
Accumulated
deficit
|
(80,968)
|
|
(2,489,127)
|
|
(362,424)
|
Accumulated other
comprehensive income
|
308
|
|
376,646
|
|
54,841
|
|
|
|
|
|
|
Total shareholders'
equity
|
60,199
|
|
5,491,512
|
|
799,579
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders' equity
|
1,300,541
|
|
6,660,939
|
|
969,850
|
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS) INCOME
(All amounts in thousands, except share and per share
data)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live
streaming
|
552,359
|
|
991,812
|
|
1,216,467
|
|
177,121
|
|
1,376,828
|
|
3,001,063
|
|
436,963
|
Advertising and
others
|
31,175
|
|
46,520
|
|
60,130
|
|
8,755
|
|
66,969
|
|
157,448
|
|
22,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
583,534
|
|
1,038,332
|
|
1,276,597
|
|
185,876
|
|
1,443,797
|
|
3,158,511
|
|
459,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
(510,297)
|
|
(871,965)
|
|
(1,082,857)
|
|
(157,667)
|
|
(1,296,950)
|
|
(2,667,355)
|
|
(388,374)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
73,237
|
|
166,367
|
|
193,740
|
|
28,209
|
|
146,847
|
|
491,156
|
|
71,514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
(48,908)
|
|
(59,964)
|
|
(74,625)
|
|
(10,866)
|
|
(126,436)
|
|
(186,047)
|
|
(27,089)
|
Sales and marketing
expenses
|
(21,162)
|
|
(41,682)
|
|
(61,702)
|
|
(8,984)
|
|
(57,708)
|
|
(129,324)
|
|
(18,830)
|
General and
administrative expenses
|
(37,336)
|
|
(88,473)
|
|
(71,201)
|
|
(10,367)
|
|
(65,393)
|
|
(195,457)
|
|
(28,459)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
(107,406)
|
|
(190,119)
|
|
(207,528)
|
|
(30,217)
|
|
(249,537)
|
|
(510,828)
|
|
(74,378)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income
|
98
|
|
6,459
|
|
11,072
|
|
1,612
|
|
9,629
|
|
27,814
|
|
4,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(34,071)
|
|
(17,293)
|
|
(2,716)
|
|
(396)
|
|
(93,061)
|
|
8,142
|
|
1,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
short-term investment income
|
4,767
|
|
42,444
|
|
50,818
|
|
7,399
|
|
7,115
|
|
103,846
|
|
15,119
|
Fair value loss on
derivative liabilities
|
-
|
|
(2,273,355)
|
|
-
|
|
-
|
|
-
|
|
(2,285,223)
|
|
(332,735)
|
Foreign currency
exchange gains, net
|
-
|
|
-
|
|
98
|
|
14
|
|
-
|
|
98
|
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income tax benefits
|
(29,304)
|
|
(2,248,204)
|
|
48,200
|
|
7,017
|
|
(85,946)
|
|
(2,173,137)
|
|
(316,416)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefits
|
-
|
|
6,070
|
|
8,562
|
|
1,247
|
|
-
|
|
19,096
|
|
2,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before share of income in equity method investments, net of
income taxes
|
(29,304)
|
|
(2,242,134)
|
|
56,762
|
|
8,264
|
|
(85,946)
|
|
(2,154,041)
|
|
(313,636)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of income in
equity method investments, net of income taxes
|
-
|
|
116,687
|
|
10
|
|
1
|
|
-
|
|
116,773
|
|
17,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to HUYA Inc.
|
(29,304)
|
|
(2,125,447)
|
|
56,772
|
|
8,265
|
|
(85,946)
|
|
(2,037,268)
|
|
(296,635)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accretion to
Preferred Shares redemption value
|
(9,954)
|
|
(41,047)
|
|
-
|
|
-
|
|
(9,954)
|
|
(71,628)
|
|
(10,428)
|
Deemed dividend to
Series A Preferred Shareholders
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(496,995)
|
|
(72,364)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to ordinary shareholders
|
(39,258)
|
|
(2,166,494)
|
|
56,772
|
|
8,265
|
|
(95,900)
|
|
(2,605,891)
|
|
(379,427)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUYA INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS) INCOME (CONTINUED)
(All amounts in thousands, except share and per share
data)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.39)
|
|
(13.70)
|
|
0.28
|
|
0.04
|
|
(0.96)
|
|
(16.88)
|
|
(2.46)
|
Diluted
|
(0.39)
|
|
(13.70)
|
|
0.26
|
|
0.04
|
|
(0.96)
|
|
(16.88)
|
|
(2.46)
|
Net (loss) income
per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.39)
|
|
(13.70)
|
|
0.28
|
|
0.04
|
|
(0.96)
|
|
(16.88)
|
|
(2.46)
|
Diluted
|
(0.39)
|
|
(13.70)
|
|
0.26
|
|
0.04
|
|
(0.96)
|
|
(16.88)
|
|
(2.46)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in calculating net income (loss) per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- Basic
|
100,000,000
|
|
158,171,978
|
|
203,797,058
|
|
203,797,058
|
|
100,000,000
|
|
154,369,888
|
|
154,369,888
|
-- Diluted
|
100,000,000
|
|
158,171,978
|
|
221,763,259
|
|
221,763,259
|
|
100,000,000
|
|
154,369,888
|
|
154,369,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Each ADS represents
one Class A ordinary share.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based
compensation was allocated in cost of revenues and operating
expenses as follows:
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
756
|
|
2,653
|
|
3,902
|
|
568
|
|
2,648
|
|
6,810
|
|
992
|
Research and
development expenses
|
1,924
|
|
5,841
|
|
11,613
|
|
1,691
|
|
7,242
|
|
19,244
|
|
2,802
|
Sales and marketing
expenses
|
32
|
|
732
|
|
75
|
|
11
|
|
257
|
|
1,225
|
|
178
|
General and
administrative expenses
|
1,227
|
|
64,878
|
|
48,639
|
|
7,082
|
|
6,493
|
|
135,421
|
|
19,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUYA INC.
Reconciliations of GAAP And Non-GAAP Results
(All amounts in thousands, except share and per share
data)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2017
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2018
|
|
2018
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
(34,071)
|
|
(17,293)
|
|
(2,716)
|
|
(396)
|
|
(93,061)
|
|
8,142
|
|
1,186
|
Share-based
compensation expenses
|
3,939
|
|
74,104
|
|
64,229
|
|
9,352
|
|
16,640
|
|
162,700
|
|
23,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
(loss) income
|
(30,132)
|
|
56,811
|
|
61,513
|
|
8,956
|
|
(76,421)
|
|
170,842
|
|
24,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to HUYA Inc.
|
(29,304)
|
|
(2,125,447)
|
|
56,772
|
|
8,265
|
|
(85,946)
|
|
(2,037,268)
|
|
(296,635)
|
Gain on fair value
change of investments and equity investee's investments
|
-
|
|
(116,654)
|
|
-
|
|
-
|
|
-
|
|
(116,654)
|
|
(16,985)
|
Fair value loss on
derivative liabilities
|
-
|
|
2,273,355
|
|
-
|
|
-
|
|
-
|
|
2,285,223
|
|
332,735
|
Share-based
compensation expenses
|
3,939
|
|
74,104
|
|
64,229
|
|
9,352
|
|
16,640
|
|
162,700
|
|
23,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss) income attributable to HUYA Inc.
|
(25,365)
|
|
105,358
|
|
121,001
|
|
17,617
|
|
(69,306)
|
|
294,001
|
|
42,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to ordinary shareholders
|
(39,258)
|
|
(2,166,494)
|
|
56,772
|
|
8,265
|
|
(95,900)
|
|
(2,605,891)
|
|
(379,427)
|
Gain on fair value
change of investments and equity investee's investments
|
-
|
|
(116,654)
|
|
-
|
|
-
|
|
-
|
|
(116,654)
|
|
(16,985)
|
Fair value loss on
derivative liabilities
|
-
|
|
2,273,355
|
|
-
|
|
-
|
|
-
|
|
2,285,223
|
|
332,735
|
Share-based
compensation expenses
|
3,939
|
|
74,104
|
|
64,229
|
|
9,352
|
|
16,640
|
|
162,700
|
|
23,690
|
Deemed dividend to
Series A Preferred Shareholders
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
496,995
|
|
72,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income(loss) attributable to ordinary shareholders
|
(35,319)
|
|
64,311
|
|
121,001
|
|
17,617
|
|
(79,260)
|
|
222,373
|
|
32,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss) income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.35)
|
|
0.41
|
|
0.59
|
|
0.09
|
|
(0.79)
|
|
1.44
|
|
0.21
|
Diluted
|
(0.35)
|
|
0.37
|
|
0.55
|
|
0.08
|
|
(0.79)
|
|
1.32
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
(loss) income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.35)
|
|
0.41
|
|
0.59
|
|
0.09
|
|
(0.79)
|
|
1.44
|
|
0.21
|
Diluted
|
(0.35)
|
|
0.37
|
|
0.55
|
|
0.08
|
|
(0.79)
|
|
1.32
|
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in calculating Non-GAAP net income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- Basic
|
100,000,000
|
|
158,171,978
|
|
203,797,058
|
|
203,797,058
|
|
100,000,000
|
|
154,369,888
|
|
154,369,888
|
-- Diluted
|
100,000,000
|
|
174,314,016
|
|
221,763,259
|
|
221,763,259
|
|
100,000,000
|
|
168,062,881
|
|
168,062,881
|
View original
content:http://www.prnewswire.com/news-releases/huya-reports-third-quarter-2018-unaudited-financial-results-300748598.html
SOURCE HUYA Inc.