GUANGZHOU, China, May 16, 2019 /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 first quarter ended
March 31, 2019.
First Quarter 2019 Highlights
- Total net revenues for the first quarter of 2019
increased by 93.4% to RMB1,631.5
million (US$243.1 million),
from RMB843.6 million in the same
period of 2018.
- Net income attributable to Huya was RMB63.5 million (US$9.5
million) for the first quarter of 2019, representing an
increase of 102.1% from RMB31.4
million in the same period of 2018.
- Non-GAAP net income attributable to Huya[1] was RMB131.3 million (US$19.6
million) for the first quarter of 2019, representing an
increase of 94.1% from RMB67.6
million in the same period of 2018.
- Average mobile MAUs[2] in the first quarter of 2019
reached 53.9 million, representing an increase of 29.8% from 41.5
million in the first quarter of 2018.
- Average MAUs[3] in the first quarter of 2019
reached 123.8 million, representing an increase of 33.3% from 92.9
million in the first quarter of 2018.
- Total number of paying users[4] in the first quarter of 2019
reached 5.4 million, representing an increase of 57.4% from 3.4
million in the first quarter of 2018.
Mr. Rongjie Dong, Chief Executive
Officer of Huya, commented, "We are pleased to deliver another
record-setting quarter as our business continued the strong
momentum from last year. Our overall traffic increased to record
high levels. Notably, we are benefitting from our mobile strategy
with promising results as Huya mobile MAUs in the first quarter of
2019 maintained a fast-growing pace, up 29.8% year-over-year and
6.3% quarter-over-quarter. We achieved year-over-year revenue
growth of 93.4% to over RMB1.63
billion in this quarter, further demonstrating our strong
growth trajectory. With a sustainable business roadmap in-hand, we
will execute aggressively on our monetization capabilities across
multiple fronts to fortify our leadership in China's game live streaming industry. By
deploying new technologies and entering into new overseas markets,
we believe we are well positioned to extend our business
territories and achieve sustainable growth in the long term."
Mr. Henry Sha, Chief Financial
Officer of Huya, commented, "The solid execution of our strategies
is evidenced by our financial and operational performance this
quarter. In particular, the year-over-year revenue growth exceeded
the high end of our guidance range for the fourth consecutive
quarter since our IPO. Benefiting from optimized efficiency in
bandwidth utilization and operations, non-GAAP gross margin further
improved to 17.0% in the first quarter of 2019 from 15.6% in the
first quarter of 2018, and from 16.1% in the fourth quarter of
2018. While maintaining investment to expand our competitive
advantages, we are promoting our monetization strength to enhance
profitability, achieving a 94.1% year-over-year increase in our
non-GAAP net income to RMB131.3
million for this quarter. Our commercialization capability
and strong cash position set a solid financial foundation, which we
believe will support a larger Huya platform to expand our market
share and accomplish our long-term goals together with our content
ecosystem partners."
[1]
|
"Non-GAAP net income
attributable to Huya" is defined as net income attributable to Huya
before share-based compensation expenses, fair value loss on
derivative liabilities, and loss on fair value change of
investments and equity investee's investments. 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.
|
|
|
[2]
|
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.
|
|
|
[3]
|
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.
|
|
|
[4]
|
Refers to a
registered user that has purchased virtual items on Huya's platform
at least once during the period presented.
|
First Quarter 2019 Financial Results
Total net revenues for the first quarter of 2019
increased by 93.4% to RMB1,631.5
million (US$243.1 million),
from RMB843.6 million in the same
period of 2018.
Live streaming revenues increased by 95.8% to
RMB1,552.5 million (US$231.3 million) in the first quarter of 2019,
from RMB792.8 million in the same
period of 2018, primarily due to the increases in both the number
of paying users on Huya's platform and average spending per paying
user. 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 55.5% to
RMB79.0 million (US$11.8 million) in the first quarter of 2019,
from RMB50.8 million in the same
period of 2018. This increase was primarily driven by increased
demand from gaming advertisers and further recognition of Huya's
brand name in China's online
advertising market.
Cost of revenues increased by 90.6% to RMB1,358.1 million (US$202.4 million) in the first quarter of 2019
from RMB712.5 million in the same
period of 2018, primarily attributable to the increase in revenue
sharing fees and content costs, as well as bandwidth costs.
Revenue sharing fees and content costs increased by
116.7% to RMB1,113.1 million
(US$165.9 million) in the first
quarter of 2019 from RMB513.6 million
in the same period of 2018, primarily due to the increase in
virtual item revenue sharing, which was in line with the 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 8.3% to RMB169.0 million (US$25.2
million) in the first quarter of 2019 from RMB156.1 million in same period of 2018,
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 through continued deployment of new
technologies in content distribution.
Gross profit increased by 108.6% to RMB273.4 million (US$40.7
million) in the first quarter of 2019 from RMB131.0 million in the same period of 2018.
Gross margin increased to 16.8% in the first quarter of 2019
from 15.5% in the same period of 2018, primarily due to Huya's
enhanced monetization efforts, technology innovation on bandwidth
utilization and continued leverage on economies of scale.
Research and development expenses increased by 75.0% to
RMB90.0 million (US$13.4 million) for the first quarter of 2019
from RMB51.5 million for the first
quarter of 2018, mainly attributable to the increase in headcount
of research and development personnel and share-based compensation
expenses related to the share awards granted in 2018.
Sales and marketing expenses increased by 201.3% to
RMB78.2 million (US$11.6 million) for the first quarter of 2019
from RMB25.9 million for the first
quarter of 2018, mainly attributable to the increase of marketing
and promotion expenses due to cooperation with various marketing
channels in both domestic and overseas markets, as well as enhanced
efforts in promoting Huya's brand awareness and e-sports content,
and the increase in headcount of sales and marketing personnel.
General and administrative expenses increased by 139.8%
to RMB85.8 million (US$12.8 million) for the first quarter of 2019
from RMB35.8 million for the first
quarter of 2018, mainly due to the increase in share-based
compensation expenses related to the share awards granted in 2018,
as well as the increase in headcount of management personnel.
Operating income was RMB28.2
million (US$4.2 million) for
the first quarter of 2019, increasing by 0.2% from RMB28.2 million in the same period of 2018.
Non-GAAP operating income, which excludes share-based
compensation expenses, increased by 82.9% to RMB96.0 million (US$14.3
million) for the first quarter of 2019 from RMB52.5 million in the same period of 2018.
Income tax expenses were RMB19.0
million (US$2.8 million) for
the first quarter of 2019, compared with income tax benefits of
RMB4.5 million in the same period of
2018.
Net income attributable to HUYA Inc. increased by
102.1% to RMB63.5 million
(US$9.5 million) for the first
quarter of 2019 from RMB31.4 million
in the same period of 2018.
Non-GAAP net income attributable to HUYA Inc. in the
first quarter of 2019, which excludes share-based compensation
expenses, increased by 94.1% to RMB131.3
million (US$19.6 million),
from RMB67.6 million in the same
period of 2018.
Diluted net income per American Depositary Share ("ADS")
was RMB0.29 (US$0.04) for the first quarter of 2019, compared
with diluted net loss per ADS of RMB4.96 for the same period of 2018.
Non-GAAP diluted net income per ADS was RMB0.59 (US$0.09)
for the first quarter of 2019, compared with RMB0.35 for the same period of 2018.
Balance Sheets and Cash Flows
As of March 31, 2019, the Company
had cash and cash equivalents, short-term deposits and short-term
investments of RMB6,329.1 million
(US$943.1 million). Net cash provided
by operating activities was RMB501.7
million (US$74.7 million) for
the first quarter of 2019, compared with net cash provided by
operating activities of RMB182.4
million in the same period of 2018.
Recent Development
In April 2019, the Company
successfully completed a registered follow-on public offering of
13,600,000 ADSs by the Company and of 4,800,000 ADSs by a selling
shareholder. The Company raised approximately US$313.8 million in net proceeds after deducting
underwriting commissions and the offering expenses payable.
Immediately after the completion of this follow-on public
offering, the Company had a total of 218,031,058 ordinary shares
(including 63,673,737 Class A ordinary shares and 154,357,321 Class
B ordinary shares) issued and outstanding. Each ADS represents one
Class A ordinary share.
Business Outlook
For the second quarter of 2019, Huya currently expects total net
revenues to be in the range of RMB1,730
million to RMB1,790 million,
representing a year-over-year growth of between 66.6% and 72.4%.
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 9:00 p.m. U.S. Eastern Time on
May 16, 2019 (9:00 a.m. Beijing/Hong
Kong time on May 17,
2019).
Dial-in details for the earnings conference call are as
follows:
United
States:
|
+1-845-675-0437
|
International:
|
+65-6713-5090
|
Hong
Kong:
|
+852-3018-6771
|
China:
|
400-620-8038
|
Conference
ID:
|
7536389
|
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 Conference ID 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
two hours after the conclusion of the live call until May 23, 2019, by dialing the following telephone
numbers:
United
States:
|
+1
646-254-3697
|
International:
|
+61-2-8199-0299
|
Hong
Kong:
|
+852-3051-2780
|
China:
|
400-632-2162
|
Replay Access
Code:
|
7536389
|
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, consolidated
statements of cash flows, and the detailed notes have not been
presented. Huya uses non-GAAP gross profit, non-GAAP operating
income, non-GAAP net income attributable to HUYA Inc., non-GAAP net
income attributable to ordinary shareholders, and non-GAAP basic
and diluted net income per ADS, which are non-GAAP financial
measures. Non-GAAP gross profit is gross profit excluding
share-based compensation expenses allocated in cost of revenues.
Non-GAAP operating income is operating income excluding share-based
compensation expenses. Non-GAAP net income attributable to HUYA
Inc. is net income attributable to HUYA Inc. excluding share-based
compensation expenses, fair value loss on derivative liabilities
and loss on fair value change of investments and equity investee's
investments. Non-GAAP net income attributable to ordinary
shareholders is net income attributable to ordinary shareholders
excluding share-based compensation expenses, fair value loss on
derivative liabilities, loss 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 income per ADS is non-GAAP net income attributable to
ordinary shareholders divided by weighted average number of
ordinary shares used in the calculation of non-GAAP basic and
diluted net 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) loss 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
deemed dividend to Series A redeemable convertible preferred
shareholders, which may not recur in the future, and (iii) loss on
fair value change of investments and equity investee's investments,
which may recur when there is observable price change in the
future. 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
6.7112 to US$1.00, the rate in
effect as of March 29, 2019 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, ADS, per share data and per ADS
data)
|
|
|
As of
December 31,
|
|
As of
March 31,
|
|
2018
|
|
2019
|
|
2019
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
709,019
|
|
1,983,258
|
|
295,515
|
Short-term
deposits
|
4,983,825
|
|
3,707,121
|
|
552,378
|
Short-term
investments
|
300,162
|
|
638,691
|
|
95,168
|
Accounts receivable,
net
|
43,849
|
|
70,446
|
|
10,497
|
Amounts due from
related parties
|
238,839
|
|
148,894
|
|
22,186
|
Prepayments and other
current assets
|
319,493
|
|
232,155
|
|
34,592
|
|
|
|
|
|
|
Total current
assets
|
6,595,187
|
|
6,780,565
|
|
1,010,336
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Deferred tax
assets
|
30,945
|
|
34,710
|
|
5,172
|
Investments
|
219,827
|
|
328,570
|
|
48,958
|
Property and
equipment, net
|
87,419
|
|
101,528
|
|
15,128
|
Intangible assets,
net
|
51,979
|
|
48,433
|
|
7,217
|
Right-of-use assets,
net1
|
-
|
|
87,510
|
|
13,039
|
Prepayments and other
non-current assets
|
120,830
|
|
100,444
|
|
14,967
|
|
|
|
|
|
|
Total non-current
assets
|
511,000
|
|
701,195
|
|
104,481
|
|
|
|
|
|
|
Total
assets
|
7,106,187
|
|
7,481,760
|
|
1,114,817
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable
|
9,221
|
|
19,619
|
|
2,923
|
Deferred
revenue
|
469,378
|
|
599,672
|
|
89,354
|
Advances from
customers
|
14,403
|
|
8,735
|
|
1,302
|
Income taxes
payable
|
-
|
|
22,733
|
|
3,387
|
Accrued liabilities
and other current liabilities
|
852,771
|
|
862,404
|
|
128,504
|
Amounts due to
related parties
|
34,673
|
|
73,179
|
|
10,904
|
Lease liabilities due
within one year[1]
|
-
|
|
20,947
|
|
3,121
|
|
|
|
|
|
|
Total current
liabilities
|
1,380,446
|
|
1,607,289
|
|
239,495
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
Lease
liabilities[1]
|
-
|
|
66,856
|
|
9,962
|
Deferred
revenue
|
80,734
|
|
115,013
|
|
17,137
|
|
|
|
|
|
|
Total non-current
liabilities
|
80,734
|
|
181,869
|
|
27,099
|
|
|
|
|
|
|
Total
liabilities
|
1,461,180
|
|
1,789,158
|
|
266,594
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Class A ordinary
shares (US$0.0001 par value; 750,000,000 shares authorized as of
December 31, 2018 and March 31, 2019, respectively; 44,639,737 and
45,273,737 shares issued and outstanding as of December 31, 2018
and March 31, 2019, respectively)
|
29
|
|
30
|
|
4
|
Class B ordinary
shares (US$0.0001 par value; 200,000,000 shares authorized as of
December 31, 2018 and March 31, 2019, respectively; 159,157,321
shares issued and outstanding as of December 31, 2018 and March 31,
2019, respectively)
|
104
|
|
104
|
|
15
|
Additional paid-in
capital
|
7,667,855
|
|
7,746,363
|
|
1,154,244
|
Statutory
reserves
|
34,634
|
|
34,634
|
|
5,161
|
Accumulated
deficit
|
(2,424,182)
|
|
(2,360,722)
|
|
(351,759)
|
Accumulated other
comprehensive income
|
366,567
|
|
272,193
|
|
40,558
|
|
|
|
|
|
|
Total
shareholders' equity
|
5,645,007
|
|
5,692,602
|
|
848,223
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
7,106,187
|
|
7,481,760
|
|
1,114,817
|
|
[1] The Company has adopted ASU
No. 2016-02 ''Leases" beginning January 1, 2019 using the optional
transition method. The only major impact of the standard is that
assets and liabilities amounting to RMB92.1 million and RMB91.7
million, respectively, are recognized beginning January 1, 2019 for
leased office space with terms of more than 12
months.
|
HUYA
INC.
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All
amounts in thousands, except share, ADS, per share data and per ADS
data)
|
|
|
Three Months
Ended
|
|
March
31, 2018
|
|
December
31, 2018
|
|
March
31, 2019
|
|
March
31, 2019
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
Live
streaming
|
792,784
|
|
1,441,782
|
|
1,552,482
|
|
231,327
|
Advertising and
others
|
50,798
|
|
63,147
|
|
78,996
|
|
11,771
|
|
|
|
|
|
|
|
|
Total net
revenues
|
843,582
|
|
1,504,929
|
|
1,631,478
|
|
243,098
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
(712,533)
|
|
(1,266,292)
|
|
(1,358,105)
|
|
(202,364)
|
|
|
|
|
|
|
|
|
Gross
profit
|
131,049
|
|
238,637
|
|
273,373
|
|
40,734
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
Research and
development expenses
|
(51,458)
|
|
(79,105)
|
|
(90,044)
|
|
(13,417)
|
Sales and marketing
expenses
|
(25,940)
|
|
(59,883)
|
|
(78,164)
|
|
(11,647)
|
General and
administrative expenses
|
(35,783)
|
|
(92,253)
|
|
(85,811)
|
|
(12,786)
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
(113,181)
|
|
(231,241)
|
|
(254,019)
|
|
(37,850)
|
|
|
|
|
|
|
|
|
Other
income
|
10,283
|
|
11,124
|
|
8,864
|
|
1,321
|
|
|
|
|
|
|
|
|
Operating
income
|
28,151
|
|
18,520
|
|
28,218
|
|
4,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and
short-term investments income
|
10,584
|
|
52,703
|
|
54,585
|
|
8,133
|
Fair value loss on
derivative liabilities
|
(11,868)
|
|
-
|
|
-
|
|
-
|
Foreign currency
exchange losses, net
|
-
|
|
(47)
|
|
(374)
|
|
(56)
|
|
|
|
|
|
|
|
|
Income
before income tax benefits (expenses)
|
26,867
|
|
71,176
|
|
82,429
|
|
12,282
|
|
|
|
|
|
|
|
|
Income tax benefits
(expenses)
|
4,464
|
|
31,847
|
|
(18,968)
|
|
(2,826)
|
|
|
|
|
|
|
|
|
Income before
share of income (loss) in equity method investments, net of income
taxes
|
31,331
|
|
103,023
|
|
63,461
|
|
9,456
|
|
|
|
|
|
|
|
|
Share of income
(loss) in equity method investments, net of income taxes
|
76
|
|
(3,444)
|
|
(1)
|
|
-
|
|
|
|
|
|
|
|
|
Net income
attributable to HUYA Inc.
|
31,407
|
|
99,579
|
|
63,460
|
|
9,456
|
|
|
|
|
|
|
|
|
Accretion to
Preferred Shares redemption value
|
(30,581)
|
|
-
|
|
-
|
|
-
|
Deemed dividend to
Series A Preferred Shareholders
|
(496,995)
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to ordinary shareholders
|
(496,169)
|
|
99,579
|
|
63,460
|
|
9,456
|
HUYA
INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All amounts
in thousands, except share, ADS, per share data and per ADS
data)
|
|
|
Three Months
Ended
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
2018
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
Net (loss) income
per ADS*
|
|
|
|
|
Basic
|
(4.96)
|
0.49
|
0.31
|
0.05
|
Diluted
|
(4.96)
|
0.45
|
0.29
|
0.04
|
Net (loss) income
per ordinary share
|
|
|
|
|
Basic
|
(4.96)
|
0.49
|
0.31
|
0.05
|
Diluted
|
(4.96)
|
0.45
|
0.29
|
0.04
|
|
|
|
|
|
Weighted average
number of ADS used in calculating net (loss) income per
ADS
|
|
|
|
|
—Basic
|
100,000,000
|
203,797,819
|
203,923,069
|
203,923,069
|
—Diluted
|
100,000,000
|
220,209,738
|
221,440,050
|
221,440,050
|
|
|
|
|
|
* 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
|
|
March
31,
|
December
31,
|
March
31,
|
March
31,
|
|
2018
|
2018
|
2019
|
2019
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
Cost of
revenues
|
255
|
3,662
|
4,020
|
599
|
Research and
development expenses
|
1,790
|
11,399
|
11,824
|
1,762
|
Sales and marketing
expenses
|
418
|
607
|
904
|
135
|
General and
administrative expenses
|
21,904
|
48,327
|
51,078
|
7,611
|
HUYA
INC. Reconciliations of GAAP And Non-GAAP
Results All amounts in thousands, except share, ADS, per
share data and per ADS data)
|
|
|
Three Months
Ended
|
|
March
31, 2018
|
|
December
31, 2018
|
|
March
31, 2019
|
|
March
31, 2019
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
Gross
profit
|
131,049
|
|
238,637
|
|
273,373
|
|
40,734
|
Share-based
compensation expenses allocated in cost of revenues
|
255
|
|
3,662
|
|
4,020
|
|
599
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit
|
131,304
|
|
242,299
|
|
277,393
|
|
41,333
|
|
|
|
|
|
|
|
|
Operating
income
|
28,151
|
|
18,520
|
|
28,218
|
|
4,205
|
Share-based
compensation expenses
|
24,367
|
|
63,995
|
|
67,826
|
|
10,107
|
|
|
|
|
|
|
|
|
Non-GAAP operating
income
|
52,518
|
|
82,515
|
|
96,044
|
|
14,312
|
|
|
|
|
|
|
|
|
Net income
attributable to HUYA Inc.
|
31,407
|
|
99,579
|
|
63,460
|
|
9,456
|
Loss on fair value
change of investments and equity investee's investments
|
-
|
|
3,333
|
|
-
|
|
-
|
Fair value loss on
derivative liabilities
|
11,868
|
|
-
|
|
-
|
|
-
|
Share-based
compensation expenses
|
24,367
|
|
63,995
|
|
67,826
|
|
10,107
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to HUYA Inc.
|
67,642
|
|
166,907
|
|
131,286
|
|
19,563
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to ordinary shareholders
|
(496,169)
|
|
99,579
|
|
63,460
|
|
9,456
|
Loss on fair value
change of investments and equity investee's investments
|
-
|
|
3,333
|
|
-
|
|
-
|
Fair value loss on
derivative liabilities
|
11,868
|
|
-
|
|
-
|
|
-
|
Share-based
compensation expenses
|
24,367
|
|
63,995
|
|
67,826
|
|
10,107
|
Deemed dividend to
Series A Preferred Shareholders
|
496,995
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to ordinary shareholders
|
37,061
|
|
166,907
|
|
131,286
|
|
19,563
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ordinary share
|
|
|
|
|
|
|
|
Basic
|
0.37
|
|
0.82
|
|
0.64
|
|
0.10
|
Diluted
|
0.35
|
|
0.76
|
|
0.59
|
|
0.09
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS
|
|
|
|
|
|
|
|
Basic
|
0.37
|
|
0.82
|
|
0.64
|
|
0.10
|
Diluted
|
0.35
|
|
0.76
|
|
0.59
|
|
0.09
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in calculating Non-GAAP net income per
ADS
|
|
|
|
|
|
|
|
—Basic
|
100,000,000
|
|
203,797,819
|
|
203,923,069
|
|
203,923,069
|
—Diluted
|
105,381,605
|
|
220,209,738
|
|
221,440,050
|
|
221,440,050
|
View original
content:http://www.prnewswire.com/news-releases/huya-inc-reports-first-quarter-2019-unaudited-financial-results-300852089.html
SOURCE HUYA Inc.