JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company,” formerly known as
YY Inc.), a global technology company, today announced its
unaudited financial results for the third quarter of 2023.
Third Quarter 2023 Financial Highlights1
- Net revenues were US$567.1 million, compared
to US$586.7 million in the corresponding period of 2022.
- Net income attributable to controlling interest of
JOYY2 was US$72.9 million, compared to US$515.3 million in
the corresponding period of 2022.
- Non-GAAP net income attributable to controlling
interest and common shareholders of JOYY3 was US$81.2
million, compared to US$76.9 million in the corresponding period of
2022.
Third Quarter 2023 Operational Highlights
- Average mobile MAUs of Bigo Live increased by
14.0% to 40.3 million from 35.4 million in the corresponding period
of 2022.
- Average mobile MAUs of Likee was 41.0 million,
compared to 50.6 million in the corresponding period of 2022,
primarily due to reduced spending on user acquisition via
advertisement.
- Average mobile MAUs of Hago was 5.0 million,
compared to 7.6 million in the corresponding period of 2022,
primarily due to reduced spending on user acquisition via
advertisement.
- Global average mobile MAUs4 increased by 2.6%
to 276.8 million from 269.8 million in the corresponding period of
2022.
- Total number of paying users of BIGO
(including Bigo Live, Likee and imo)5 increased by 6.6% to 1.61
million from 1.51 million in the corresponding period of 2022.
- Average revenue per paying user of BIGO
(including Bigo Live, Likee and imo)6 was US$253.4, compared to
US$259.8 in the corresponding period of 2022.
Mr. David Xueling Li, Chairman and Chief Executive Officer of
JOYY, commented, “We delivered a robust performance during the
third quarter, highlighted by the ongoing recovery of BIGO’s
revenue, profit, and user activity. As we continued to flexibly
adapt to market dynamics and leveraged our local operational
advantages, BIGO’s revenue for the third quarter grew by 2.2% year
over year and by 4.9% compared to the previous quarter. Meanwhile,
our dedicated operational strategies to optimize users’ content and
social experiences drove BIGO’s enhanced user engagement and
monetization. During the quarter, our global average mobile MAUs
grew by 2.6% year over year and reached 276.8 million. Notably,
Bigo Live sustained its strong growth trajectory in MAUs,
increasing by 14.0% year over year to 40.3 million, while
maintaining healthy growth in paying users and sequential
improvement in average revenue per paying user.”
“During the third quarter, we maintained our commitment to
return value to shareholders, as we repurchased an additional 43.5
million of our shares. In the first three quarters of 2023, we have
returned an aggregate amount of US$355.4 million to our
shareholders through dividends and share buybacks. Moving forward,
we remain committed to driving business recovery through product
and operational innovation, fostering steady growth in operating
cash flow, while prioritizing initiatives that align with our
long-term strategies. With our proven business model and execution
capabilities, we remain confident that we are well positioned to
seize growth opportunities and generate long-term value for our
shareholders.”
Third Quarter 2023 Financial Results
NET REVENUES
Net revenues were US$567.1 million in the third quarter of 2023,
compared to US$586.7 million in the corresponding period of
2022.
Live streaming revenues were US$495.8 million in the third
quarter of 2023, compared to US$542.8 million in the
corresponding period of 2022, primarily due to our proactive
adjustments to certain non-core products and the decrease in the
average revenue per paying user of BIGO, partially offset by the
increase in the number of paying users of BIGO.
Other revenues increased by 62.1% to US$71.3 million in the
third quarter of 2023 from US$44.0 million in the corresponding
period of 2022.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by 2.3% to US$357.9 million in the
third quarter of 2023 from US$366.5 million in the corresponding
period of 2022. Revenue-sharing fees and content costs were
US$232.3 million in the third quarter of 2023, compared to US$245.8
million in the corresponding period of 2022.
Gross profit was US$209.2 million in the third quarter of 2023,
compared to US$220.2 million in the corresponding period of 2022.
Gross margin was 36.9% in the third quarter of 2023, compared to
37.5% in the corresponding period of 2022.
OPERATING EXPENSES AND INCOME
Operating expenses were US$191.3 million in the third quarter of
2023, compared to US$202.2 million in the corresponding period of
2022. Among the operating expenses, sales and marketing expenses
decreased to US$92.5 million in the third quarter of 2023 from
US$96.8 million in the corresponding period of 2022, primarily due
to the Company’s optimization of overall sales and marketing
strategies across various product lines to be more focused on
return-on-investment and effectiveness of user acquisition.
Research and development expenses increased to US$71.6 million in
the third quarter of 2023 from US$61.2 million in the corresponding
period of 2022, primarily due to increased personnel-related
expenses.
Operating income was US$12.0 million in the third quarter of
2023, compared to operating income of US$19.8 million in the
corresponding period of 2022. Operating income margin was 2.1% in
the third quarter of 2023, compared to operating income margin of
3.4% in the corresponding period of 2022.
Non-GAAP operating income7 was US$40.4 million in the third
quarter of 2023, compared to US$43.1 million in the corresponding
period of 2022. Non-GAAP operating income margin8 was 7.1% in the
third quarter of 2023, compared to 7.4% in the corresponding period
of 2022.
NET INCOME
Net income attributable to controlling interest of JOYY was
US$72.9 million in the third quarter of 2023, compared to net
income of US$515.3 million in the corresponding period of 2022. Our
net income was higher in the third quarter of 2022 primarily due to
a one-off remeasurement gain of an equity investment recorded upon
the consolidation of the investee as previously announced on August
22, 2022, as part of the “gain on fair value change of
investments.” Net income margin was 12.9% in the third quarter of
2023, compared to net income margin of 87.8% in the corresponding
period of 2022.
Non-GAAP net income attributable to controlling interest and
common shareholders of JOYY was US$81.2 million in the third
quarter of 2023, compared to US$76.9 million in the corresponding
period of 2022. Non-GAAP net income margin9 was 14.3% in the third
quarter of 2023, compared to non-GAAP net income margin of 13.1% in
the corresponding period of 2022.
NET INCOME PER ADS
Diluted net income per ADS10 was US$1.86 in the third quarter of
2023, compared to diluted net income per ADS of US$6.28 in the
corresponding period of 2022.
Non-GAAP diluted net income per ADS11 was US$1.22 in the third
quarter of 2023, compared to US$0.96 in the corresponding period of
2022.
BALANCE SHEET AND CASH FLOWS
As of September 30, 2023, 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$3,822.8 million. For the third quarter of 2023, net cash from
operating activities was US$72.9 million.
SHARES OUTSTANDING
As of September 30, 2023, the Company had a total of 1,215.9
million common shares outstanding, representing the equivalent of
60.8 million ADSs assuming the conversion of all common shares into
ADSs.
Business Outlook
For the fourth quarter of 2023, the Company expects net revenues
to be between US$551 million and US$579 million. This forecast
reflects the Company’s current and preliminary views on the market,
operational conditions and business strategies, which are subject
to changes, particularly as to the potential impact from increasing
macroeconomic uncertainties.
Recent Developments
Share Repurchase Program
During the third quarter of 2023, the Company had repurchased
US$43.5 million of its shares pursuant to the pre-existing US$800
million share repurchase program. In November 2023, the Company’s
board of directors authorized the renewal and continued usage of
the unutilized quota under the pre-existing share repurchase
program of US$530 million, which would originally expire in late
November 2023, for another 12-month period commencing from the date
hereof.
Director Appointment
The Company today announced the appointment of Ms. Ting Li, the
Chief Operating Officer of the Company, to serve as a director of
the Company, effective November 30, 2023.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern
Time on Wednesday, November 29, 2023 (10:00 AM Singapore/Hong
Kong Time on Thursday, November 30, 2023). Details for the
conference call are as follows:
Event Title: JOYY Inc. Third Quarter 2023 Earnings Conference
CallConference ID: #10035209
All participants may use the link provided below to complete the
online registration process in advance of the conference call. Upon
registration, each participant will receive a set of participant
dial-in numbers, the Direct Event passcode, and a unique PIN by
email.
PRE-REGISTER
LINK: https://s1.c-conf.com/diamondpass/10035209-d2mxkh.html
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
December 7, 2023, by dialing the following numbers:
|
United States: |
1-855-883-1031 |
|
Singapore: |
800-101-3223 |
|
Hong Kong: |
800-930-639 |
|
Conference ID: |
#10035209 |
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About JOYY Inc.
JOYY is a leading global technology company with a mission to
enrich lives through technology. JOYY currently operates several
social products, including Bigo Live for live streaming, Likee for
short-form videos, Hago for multiplayer social networking, an
instant messaging product, and others. The Company has created a
highly engaging and vibrant user community for users across the
globe. JOYY’s ADSs have been listed on the NASDAQ since November
2012.
Safe Harbor Statement
This press release 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 press
release, 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
third 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 global online communication social platform
market; the expectation regarding the rate at which to gain active
users, especially paying users; JOYY’s ability to monetize the user
base; fluctuations in global economic and business conditions; the
impact of the COVID-19 to JOYY’s business operations and the global
economy; and assumptions underlying or related to any of the
foregoing. A more detailed and full discussion of those risks and
other potential 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 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”). JOYY uses
non-GAAP operating income, non-GAAP operating (loss) margin,
non-GAAP net income (loss) attributable to controlling interest of
JOYY, non-GAAP net income (loss) margin attributable to controlling
interest of JOYY, non-GAAP net income (loss) attributable to common
shareholders of JOYY, and basic and diluted non-GAAP net income
(loss) per ADS, all of which are non-GAAP financial measures
adjusted from the most comparable U.S. GAAP results. 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 (loss) 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)
is net income (loss) excluding share-based compensation expenses,
impairment of goodwill and investments, amortization of intangible
assets from business acquisitions, gain (loss) 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 (referring 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 the above
non-GAAP reconciling items. Non-GAAP net income (loss) attributable
to controlling interest of JOYY is net income (loss) attributable
to controlling interest of JOYY excluding share-based compensation
expenses, impairment of goodwill and investments, amortization of
intangible assets from business acquisitions, gain (loss) 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, gain (loss) on extinguishment of debt and derivative,
interest expenses related to the convertible bonds’ amortization to
face value, income tax effects of the above non-GAAP reconciling
items and adjustments for non-GAAP reconciling items for the net
(loss) income attributable to non-controlling interest
shareholders. Non-GAAP net income (loss) margin is non-GAAP net
income (loss) attributable to controlling interest of JOYY as a
percentage of net revenues. Non-GAAP net income (loss) attributable
to common shareholders of JOYY is net income (loss) attributable to
common shareholders of JOYY excluding share-based compensation
expenses, impairment of goodwill and investments, amortization of
intangible assets from business acquisitions, gain (loss) 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, 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, gain on repurchase of
redeemable convertible preferred shares of a subsidiary and income
tax effects of above non-GAAP reconciling items and adjustments for
non-GAAP reconciling items for the net income (loss) attributable
to non-controlling interest shareholders. After the non-GAAP
adjustment, non-GAAP net income (loss) attributable to controlling
interests of JOYY is equal to the non-GAAP net income (loss)
attributable to common shareholders of JOYY. Basic and diluted
non-GAAP net income (loss) per ADS is non-GAAP net income (loss)
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 (loss) 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, accretion, cumulative dividend and deemed dividend to
subsidiaries’ preferred shareholders and gain on repurchase of
redeemable convertible preferred shares of a subsidiary which may
not be recurring in its business, and (iii) income tax expenses and
non-GAAP adjustments for net income (loss) attributable to
non-controlling interest shareholders, which are affected by the
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. Unaudited
Reconciliation of GAAP and Non-GAAP Results” near the end of this
press release.
Investor Relations Contact
JOYY Inc.Jane Xie/Maggie YanEmail: joyy-ir@joyy.com
ICR, Inc.Robin YangEmail: joyy@icrinc.com
1 On November 16, 2020, the Company entered into definitive
agreements with Baidu, Inc. (“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 matters remaining to be completed in
the future, including necessary regulatory approvals from
government authorities. 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. On
August 22, 2022, the Company announced that it has entered into a
share subscription agreement with Shopline Corporation Limited
(“Shopline”). As a result of and upon the closing of the
transaction, the financial results of Shopline have been fully
consolidated by the Company since September 6, 2022. 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 September 30, 2022, June 30, 2023 and
September 30, 2023 and for the nine months ended September 30, 2022
and September 30, 2023, as presented in this press release,
primarily consisted of BIGO, excluding YY Live.
2 Net income (loss) attributable to controlling
interest of JOYY is net income (loss) less net (loss) income
attributable to the non-controlling interest shareholders and the
mezzanine equity classified as non-controlling interest
shareholders.
3 Non-GAAP net income (loss) attributable to controlling
interest of JOYY is a non-GAAP financial measure, which is defined
as net income (loss) attributable to controlling interest of JOYY
excluding share-based compensation expenses, impairment of goodwill
and investment, amortization of intangible assets from business
acquisitions, gain (loss) 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 of the above non-GAAP reconciling items and adjustments for
non-GAAP reconciling items for net (loss) income attributable to
non-controlling interest shareholders. These adjustments amounted
to US$8.3 million and US$438.3 million in the third quarter of 2023
and 2022, respectively. Please refer to the section titled “Use of
Non-GAAP Financial Measures” and the table captioned “JOYY Inc.
Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end
of this press release for details.
4 Refers to mobile average monthly active users of the social
entertainment platforms operated by the Company, including Bigo
Live, Likee, imo and Hago. 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 number of paying users during a given period is calculated
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 the Company’s 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 “Use of Non-GAAP Financial
Measures” and the table captioned “JOYY Inc. Unaudited
Reconciliation of GAAP and Non-GAAP Results” near the end of this
press release 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 “Use of Non-GAAP Financial Measures” and the table captioned
“JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results”
near the end of this press release for details.
9 Non-GAAP net income (loss) margin is non-GAAP net income
(loss) 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) per ADS is a non-GAAP
financial measure, which is defined as non-GAAP net income (loss)
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 “Use of Non-GAAP
Financial Measures” and the table captioned “JOYY Inc. Unaudited
Reconciliation of GAAP and Non-GAAP Results” near the end of this
press release for details.
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JOYY INC. |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(All amounts in thousands, except share, ADS and per ADS data) |
|
|
|
|
|
|
|
|
|
| |
|
|
December 31, |
|
September 30, |
| |
|
|
2022 |
|
2023 |
| |
|
|
US$ |
|
US$ |
|
Assets |
|
|
|
|
|
|
| Current
assets |
|
|
|
|
|
|
| |
Cash and cash equivalents |
|
1,214,449 |
|
|
1,239,733 |
|
| |
Restricted cash and cash
equivalents |
|
303,370 |
|
|
317,105 |
|
| |
Short-term deposits |
|
2,360,545 |
|
|
1,911,162 |
|
| |
Restricted short-term
deposits |
|
47,741 |
|
|
82,243 |
|
| |
Short-term investments |
|
362,640 |
|
|
272,542 |
|
| |
Accounts receivable, net |
|
117,927 |
|
|
119,884 |
|
| |
Amounts due from related
parties |
|
1,794 |
|
|
1,290 |
|
| |
Prepayments and other current
assets(1) |
|
236,183 |
|
|
228,250 |
|
| |
|
|
|
|
|
|
|
| Total
current assets |
|
4,644,649 |
|
|
4,172,209 |
|
| |
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
| |
Investments |
|
660,404 |
|
|
544,203 |
|
| |
Property and equipment,
net |
|
343,201 |
|
|
377,050 |
|
| |
Land use rights, net |
|
330,005 |
|
|
313,875 |
|
| |
Intangible assets, net |
|
398,300 |
|
|
349,716 |
|
| |
Right-of-use assets, net |
|
33,196 |
|
|
29,415 |
|
| |
Goodwill |
|
2,649,307 |
|
|
2,649,260 |
|
| |
Other non-current assets |
|
12,591 |
|
|
13,455 |
|
| |
|
|
|
|
|
|
|
| Total
non-current assets |
|
4,427,004 |
|
|
4,276,974 |
|
| |
|
|
|
|
|
|
|
| Total
assets |
|
9,071,653 |
|
|
8,449,183 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Liabilities, mezzanine equity and shareholders’
equity |
|
|
|
|
|
|
| |
Short-term loan |
|
37,270 |
|
|
71,311 |
|
| |
Accounts payable |
|
56,000 |
|
|
57,101 |
|
| |
Deferred revenue |
|
86,014 |
|
|
75,766 |
|
| |
Advances from customers |
|
3,532 |
|
|
5,765 |
|
| |
Income taxes payable |
|
78,103 |
|
|
84,630 |
|
| |
Accrued liabilities and other
current liabilities(1) |
|
2,360,002 |
|
|
2,341,376 |
|
| |
Amounts due to related
parties |
|
3,225 |
|
|
2,388 |
|
| |
Lease liabilities due within
one year |
|
12,451 |
|
|
10,460 |
|
| |
Convertible bonds |
|
435,087 |
|
|
405,364 |
|
| |
|
|
|
|
|
|
|
| Total
current liabilities |
|
3,071,684 |
|
|
3,054,161 |
|
| |
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
| |
Convertible bonds |
|
401,173 |
|
|
- |
|
| |
Lease liabilities |
|
21,601 |
|
|
19,654 |
|
| |
Deferred revenue |
|
9,765 |
|
|
11,032 |
|
| |
Deferred tax liabilities |
|
64,262 |
|
|
56,165 |
|
| |
Other non-current
liabilities |
|
436 |
|
|
- |
|
| |
|
|
|
|
|
|
|
| Total
non-current liabilities |
|
497,237 |
|
|
86,851 |
|
| |
|
|
|
|
|
|
|
| Total
liabilities |
|
3,568,921 |
|
|
3,141,012 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED) |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
| |
|
|
December 31, |
|
September 30, |
| |
|
|
2022 |
|
2023 |
| |
|
|
US$ |
|
US$ |
| |
|
|
|
|
|
| Mezzanine
equity |
|
91,366 |
|
|
21,733 |
|
| |
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Class A common shares (US$0.00001 par value; 10,000,000,000 and
10,000,000,000 shares authorized, 1,317,840,464 shares issued and
1,066,177,028 shares outstanding as of December 31, 2022;
1,317,840,464 shares issued and 889,400,255 shares outstanding as
of September 30, 2023, respectively) |
|
13 |
|
|
9 |
|
| |
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, 2022 and September 30, 2023,
respectively) |
|
3 |
|
|
3 |
|
| |
Treasury Shares (US$0.00001
par value; 251,663,436 and 428,440,209 shares held as of December
31, 2022 and September 30, 2023, respectively) |
|
(655,141 |
) |
|
(913,939 |
) |
| |
Additional paid-in
capital |
|
3,277,978 |
|
|
3,255,707 |
|
| |
Statutory reserves |
|
32,536 |
|
|
32,132 |
|
| |
Retained earnings |
|
2,685,063 |
|
|
2,907,253 |
|
| |
Accumulated other
comprehensive loss |
|
(162,235 |
) |
|
(222,388 |
) |
| |
|
|
|
|
|
| Total JOYY
Inc.’s shareholders’ equity |
|
5,178,217 |
|
|
5,058,777 |
|
| |
|
|
|
|
|
| Non-controlling
interests |
|
233,149 |
|
|
227,661 |
|
| |
|
|
|
|
|
| Total
shareholders’ equity |
|
5,411,366 |
|
|
5,286,438 |
|
| |
|
|
|
|
|
| Total
liabilities, mezzanine equity and shareholders’
equity |
|
9,071,653 |
|
|
8,449,183 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| (1) JOYY has
ceased consolidation of YY Live business since February 8, 2021 and
classified and presented all the related assets and liabilities
related to YY Live business on a net basis within prepayments and
other current assets. The consideration received by the Company to
date has recorded as advance payments received within accrued
liabilities and other current liabilities. |
| |
|
JOYY INC. |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
Live streaming(1) |
|
542,757 |
|
|
476,981 |
|
|
495,801 |
|
|
1,698,095 |
|
|
1,493,175 |
|
| Others |
|
43,972 |
|
|
70,353 |
|
|
71,268 |
|
|
108,512 |
|
|
204,856 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total net
revenues |
|
586,729 |
|
|
547,334 |
|
|
567,069 |
|
|
1,806,607 |
|
|
1,698,031 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Cost of revenues(2) |
|
(366,514 |
) |
|
(349,566 |
) |
|
(357,914 |
) |
|
(1,166,809 |
) |
|
(1,086,482 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Gross
profit |
|
220,215 |
|
|
197,768 |
|
|
209,155 |
|
|
639,798 |
|
|
611,549 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Operating
expenses(2) |
|
|
|
|
|
|
|
|
|
|
| Research and development
expenses |
|
(61,207 |
) |
|
(75,540 |
) |
|
(71,608 |
) |
|
(188,181 |
) |
|
(222,923 |
) |
| Sales and marketing
expenses |
|
(96,841 |
) |
|
(87,205 |
) |
|
(92,515 |
) |
|
(299,623 |
) |
|
(277,319 |
) |
| General and administrative
expenses |
|
(44,165 |
) |
|
(28,966 |
) |
|
(27,139 |
) |
|
(99,940 |
) |
|
(88,074 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Total operating
expenses |
|
(202,213 |
) |
|
(191,711 |
) |
|
(191,262 |
) |
|
(587,744 |
) |
|
(588,316 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Loss on deconsolidation and
disposal of subsidiaries |
|
- |
|
|
- |
|
|
(6,177 |
) |
|
- |
|
|
(6,177 |
) |
| Other income |
|
1,825 |
|
|
3,382 |
|
|
333 |
|
|
12,852 |
|
|
6,963 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Operating
income |
|
19,827 |
|
|
9,439 |
|
|
12,049 |
|
|
64,906 |
|
|
24,019 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Interest expenses |
|
(3,163 |
) |
|
(3,057 |
) |
|
(2,139 |
) |
|
(9,588 |
) |
|
(8,305 |
) |
| Interest income and investment
income |
|
24,967 |
|
|
46,602 |
|
|
47,330 |
|
|
61,128 |
|
|
138,067 |
|
| Foreign currency exchange
gains (losses), net |
|
15,564 |
|
|
20,316 |
|
|
(5,143 |
) |
|
24,709 |
|
|
5,252 |
|
| Gain (loss) on disposal and
deemed disposal of investments |
|
223 |
|
|
77,737 |
|
|
(2,673 |
) |
|
1,748 |
|
|
74,851 |
|
| Gain (loss) on fair value
change of investments |
|
430,622 |
|
|
(2,235 |
) |
|
7,112 |
|
|
411,772 |
|
|
6,162 |
|
| Gain on extinguishment of debt
and derivative |
|
56,159 |
|
|
- |
|
|
- |
|
|
62,291 |
|
|
- |
|
| |
|
|
|
|
|
|
|
|
|
|
| Income before income
tax expenses |
|
544,199 |
|
|
148,802 |
|
|
56,536 |
|
|
616,966 |
|
|
240,046 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Income tax expenses |
|
(7,881 |
) |
|
(5,382 |
) |
|
(3,001 |
) |
|
(30,020 |
) |
|
(16,541 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Income before share of
(loss) income in equity method investments, net of income
taxes |
|
536,318 |
|
|
143,420 |
|
|
53,535 |
|
|
586,946 |
|
|
223,505 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Share of (loss) income in
equity method investments, net of income taxes |
|
(26,800 |
) |
|
3,885 |
|
|
11,545 |
|
|
(95,326 |
) |
|
8,824 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net
income |
|
509,518 |
|
|
147,305 |
|
|
65,080 |
|
|
491,620 |
|
|
232,329 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net loss attributable to the
non-controlling interest shareholders and the mezzanine equity
classified as non-controlling interest shareholders |
|
5,735 |
|
|
7,798 |
|
|
7,812 |
|
|
14,807 |
|
|
23,652 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income
attributable to controlling interest of JOYY Inc. |
|
515,253 |
|
|
155,103 |
|
|
72,892 |
|
|
506,427 |
|
|
255,981 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Accretion of subsidiaries’
redeemable convertible preferred shares to redemption value |
|
(1,396 |
) |
|
(1,566 |
) |
|
(1,566 |
) |
|
(3,896 |
) |
|
(4,698 |
) |
| Gain on repurchase of
redeemable convertible preferred shares of a subsidiary |
|
- |
|
|
- |
|
|
52,583 |
|
|
- |
|
|
52,583 |
|
| Cumulative dividend on
subsidiary’s Series A Preferred Shares |
|
(1,000 |
) |
|
(1,000 |
) |
|
- |
|
|
(3,000 |
) |
|
(2,000 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Net income
attributable to common shareholders of JOYY Inc. |
|
512,857 |
|
|
152,537 |
|
|
123,909 |
|
|
499,531 |
|
|
301,866 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(CONTINUED) |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
7.12 |
|
|
2.27 |
|
|
1.99 |
|
|
6.90 |
|
|
4.53 |
|
|
——Diluted |
|
6.28 |
|
|
2.02 |
|
|
1.86 |
|
|
6.15 |
|
|
4.11 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of ADS used in calculating net income per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
72,060,234 |
|
|
67,273,951 |
|
|
62,266,339 |
|
|
72,421,032 |
|
|
66,633,991 |
|
|
——Diluted |
|
82,157,570 |
|
|
76,872,137 |
|
|
67,669,387 |
|
|
82,731,200 |
|
|
75,061,963 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Live
streaming revenues by geographical areas were as follows: |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mainland China |
|
118,598 |
|
|
67,535 |
|
|
59,525 |
|
|
357,471 |
|
|
235,833 |
|
| Others |
|
424,159 |
|
|
409,446 |
|
|
436,276 |
|
|
1,340,624 |
|
|
1,257,342 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (2) 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, |
| |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
1,056 |
|
|
1,025 |
|
|
493 |
|
|
6,945 |
|
|
2,754 |
|
| Research and development
expenses |
|
6,649 |
|
|
5,526 |
|
|
4,108 |
|
|
18,152 |
|
|
15,395 |
|
| Sales and marketing
expenses |
|
(62 |
) |
|
320 |
|
|
110 |
|
|
471 |
|
|
664 |
|
| General and administrative
expenses |
|
2,182 |
|
|
2,227 |
|
|
1,586 |
|
|
7,538 |
|
|
5,921 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP
RESULTS |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
September 30, |
|
June 30, |
|
September 30, |
|
September 30, |
|
September 30, |
| |
|
2022 |
|
2023 |
|
2023 |
|
2022 |
|
2023 |
| |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
19,827 |
|
|
9,439 |
|
|
12,049 |
|
|
64,906 |
|
|
24,019 |
|
| Share-based compensation
expenses |
|
9,825 |
|
|
9,098 |
|
|
6,297 |
|
|
33,106 |
|
|
24,734 |
|
| Amortization of intangible
assets from business acquisitions |
|
13,474 |
|
|
15,890 |
|
|
15,890 |
|
|
38,248 |
|
|
47,670 |
|
| Loss on deconsolidation and
disposal of subsidiaries |
|
- |
|
|
- |
|
|
6,177 |
|
|
- |
|
|
6,177 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP operating
income |
|
43,126 |
|
|
34,427 |
|
|
40,413 |
|
|
136,260 |
|
|
102,600 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income |
|
509,518 |
|
|
147,305 |
|
|
65,080 |
|
|
491,620 |
|
|
232,329 |
|
| Share-based compensation
expenses |
|
9,825 |
|
|
9,098 |
|
|
6,297 |
|
|
33,106 |
|
|
24,734 |
|
| Amortization of intangible
assets from business acquisitions |
|
13,474 |
|
|
15,890 |
|
|
15,890 |
|
|
38,248 |
|
|
47,670 |
|
| Loss on deconsolidation and
disposal of subsidiaries |
|
- |
|
|
- |
|
|
6,177 |
|
|
- |
|
|
6,177 |
|
| (Gain) loss on disposal and
deemed disposal of investments |
|
(223 |
) |
|
(77,737 |
) |
|
2,673 |
|
|
(1,748 |
) |
|
(74,851 |
) |
| (Gain) loss on fair value
change of investments |
|
(430,622 |
) |
|
2,235 |
|
|
(7,112 |
) |
|
(411,772 |
) |
|
(6,162 |
) |
| Gain on extinguishment of debt
and derivative |
|
(56,159 |
) |
|
- |
|
|
- |
|
|
(62,291 |
) |
|
- |
|
| Interest expenses related to
the convertible bonds’ amortization to face value |
|
601 |
|
|
528 |
|
|
238 |
|
|
1,849 |
|
|
1,344 |
|
| Income tax effects on non-GAAP
adjustments |
|
(2,591 |
) |
|
(3,128 |
) |
|
(4,070 |
) |
|
(3,276 |
) |
|
(9,509 |
) |
| Reconciling items on the share
of equity method investments |
|
26,679 |
|
|
(3,572 |
) |
|
(10,521 |
) |
|
50,596 |
|
|
(13,369 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net
income |
|
70,502 |
|
|
90,619 |
|
|
74,652 |
|
|
136,332 |
|
|
208,363 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income attributable to
common shareholders of JOYY Inc. |
|
512,857 |
|
|
152,537 |
|
|
123,909 |
|
|
499,531 |
|
|
301,866 |
|
| Share-based compensation
expenses |
|
9,825 |
|
|
9,098 |
|
|
6,297 |
|
|
33,106 |
|
|
24,734 |
|
| Amortization of intangible
assets from business acquisitions |
|
13,474 |
|
|
15,890 |
|
|
15,890 |
|
|
38,248 |
|
|
47,670 |
|
| Loss on deconsolidation and
disposal of subsidiaries |
|
- |
|
|
- |
|
|
6,177 |
|
|
- |
|
|
6,177 |
|
| (Gain) loss on disposal and
deemed disposal of investments |
|
(223 |
) |
|
(77,737 |
) |
|
2,673 |
|
|
(1,748 |
) |
|
(74,851 |
) |
| (Gain) loss on fair value
change of investments |
|
(430,622 |
) |
|
2,235 |
|
|
(7,112 |
) |
|
(411,772 |
) |
|
(6,162 |
) |
| Gain on extinguishment of debt
and derivative |
|
(56,159 |
) |
|
- |
|
|
- |
|
|
(62,291 |
) |
|
- |
|
| Interest expenses related to
the convertible bonds’ amortization to face value |
|
601 |
|
|
528 |
|
|
238 |
|
|
1,849 |
|
|
1,344 |
|
| Accretion, cumulative dividend
and deemed dividend to subsidiaries’ preferred shareholders |
|
2,396 |
|
|
2,566 |
|
|
1,566 |
|
|
6,896 |
|
|
6,698 |
|
| Gain on repurchase of
redeemable convertible preferred shares of a subsidiary |
|
- |
|
|
- |
|
|
(52,583 |
) |
|
- |
|
|
(52,583 |
) |
| Income tax effects on non-GAAP
adjustments |
|
(2,591 |
) |
|
(3,128 |
) |
|
(4,070 |
) |
|
(3,276 |
) |
|
(9,509 |
) |
| Reconciling items on the share
of equity method investments |
|
26,679 |
|
|
(3,572 |
) |
|
(10,521 |
) |
|
50,596 |
|
|
(13,369 |
) |
| Non-GAAP adjustments for net
loss attributable to the non-controlling interest shareholders |
|
698 |
|
|
(1,115 |
) |
|
(1,311 |
) |
|
(1,861 |
) |
|
(3,693 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income
attributable to controlling interest and common shareholders of
JOYY Inc. |
|
76,935 |
|
|
97,302 |
|
|
81,153 |
|
|
149,278 |
|
|
228,322 |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP net income
per ADS |
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
1.07 |
|
|
1.45 |
|
|
1.30 |
|
|
2.06 |
|
|
3.43 |
|
|
——Diluted |
|
0.96 |
|
|
1.29 |
|
|
1.22 |
|
|
1.89 |
|
|
3.12 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Weighted average
number of ADS used in calculating Non-GAAP net income per
ADS |
|
|
|
|
|
|
|
|
|
|
|
——Basic |
|
72,060,234 |
|
|
67,273,951 |
|
|
62,266,339 |
|
|
72,421,032 |
|
|
66,633,991 |
|
|
——Diluted |
|
82,157,570 |
|
|
76,872,137 |
|
|
67,669,387 |
|
|
82,731,200 |
|
|
75,061,963 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED SEGMENT REPORT |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2023 |
| |
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Elimination(1) |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net
revenues |
|
|
|
|
|
|
|
|
Live streaming |
468,577 |
|
|
27,224 |
|
|
- |
|
|
495,801 |
|
| Others |
25,486 |
|
|
46,241 |
|
|
(459 |
) |
|
71,268 |
|
| |
|
|
|
|
|
|
|
| Total net
revenues |
494,063 |
|
|
73,465 |
|
|
(459 |
) |
|
567,069 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues(2) |
(299,231 |
) |
|
(58,785 |
) |
|
102 |
|
|
(357,914 |
) |
| |
|
|
|
|
|
|
|
| Gross
profit |
194,832 |
|
|
14,680 |
|
|
(357 |
) |
|
209,155 |
|
| |
|
|
|
|
|
|
|
| Operating
expenses(2) |
|
|
|
|
|
|
|
| Research and development
expenses |
(39,684 |
) |
|
(32,191 |
) |
|
267 |
|
|
(71,608 |
) |
| Sales and marketing
expenses |
(75,715 |
) |
|
(16,828 |
) |
|
28 |
|
|
(92,515 |
) |
| General and administrative
expenses |
(11,297 |
) |
|
(15,904 |
) |
|
62 |
|
|
(27,139 |
) |
| |
|
|
|
|
|
|
|
| Total operating
expenses |
(126,696 |
) |
|
(64,923 |
) |
|
357 |
|
|
(191,262 |
) |
| |
|
|
|
|
|
|
|
| Loss on deconsolidation and
disposal of subsidiaries |
- |
|
|
(6,177 |
) |
|
- |
|
|
(6,177 |
) |
| Other income (expenses) |
373 |
|
|
(40 |
) |
|
- |
|
|
333 |
|
| |
|
|
|
|
|
|
|
| Operating income
(loss) |
68,509 |
|
|
(56,460 |
) |
|
- |
|
|
12,049 |
|
| |
|
|
|
|
|
|
|
| Interest expenses |
(1,768 |
) |
|
(1,667 |
) |
|
1,296 |
|
|
(2,139 |
) |
| Interest income and investment
income |
11,158 |
|
|
37,468 |
|
|
(1,296 |
) |
|
47,330 |
|
| Foreign currency exchange
losses, net |
(4,349 |
) |
|
(794 |
) |
|
- |
|
|
(5,143 |
) |
| Loss on disposal and deemed
disposal of investments |
- |
|
|
(2,673 |
) |
|
- |
|
|
(2,673 |
) |
| Gain on fair value change of
investments |
312 |
|
|
6,800 |
|
|
- |
|
|
7,112 |
|
| |
|
|
|
|
|
|
|
| Income (loss) before
income tax (expenses) benefits |
73,862 |
|
|
(17,326 |
) |
|
- |
|
|
56,536 |
|
| |
|
|
|
|
|
|
|
| Income tax (expenses)
benefits |
(3,626 |
) |
|
625 |
|
|
- |
|
|
(3,001 |
) |
| |
|
|
|
|
|
|
|
| Income (loss) before
share of income in equity method investments, net of income
taxes |
70,236 |
|
|
(16,701 |
) |
|
- |
|
|
53,535 |
|
| |
|
|
|
|
|
|
|
| Share of income in equity
method investments, net of income taxes |
- |
|
|
11,545 |
|
|
- |
|
|
11,545 |
|
| |
|
|
|
|
|
|
|
| Net income
(loss) |
70,236 |
|
|
(5,156 |
) |
|
- |
|
|
65,080 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
| |
|
September 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
| |
|
BIGO |
|
All other |
|
Total |
| |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
406 |
|
|
87 |
|
|
493 |
|
| Research and development
expenses |
|
1,752 |
|
|
2,356 |
|
|
4,108 |
|
| Sales and marketing
expenses |
|
37 |
|
|
73 |
|
|
110 |
|
| General and administrative
expenses |
|
20 |
|
|
1,566 |
|
|
1,586 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED 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, 2023 |
| |
|
|
|
|
|
|
| |
|
BIGO |
|
All other |
|
Total |
| |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
Operating income (loss) |
|
68,509 |
|
|
(56,460 |
) |
|
12,049 |
|
| Share-based compensation
expenses |
|
2,215 |
|
|
4,082 |
|
|
6,297 |
|
| Amortization of intangible
assets from business acquisitions |
|
11,225 |
|
|
4,665 |
|
|
15,890 |
|
| Loss on deconsolidation and
disposal of subsidiaries |
|
- |
|
|
6,177 |
|
|
6,177 |
|
| |
|
|
|
|
|
|
| Non-GAAP operating
income (loss) |
|
81,949 |
|
|
(41,536 |
) |
|
40,413 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Net income (loss) |
|
70,236 |
|
|
(5,156 |
) |
|
65,080 |
|
| Share-based compensation
expenses |
|
2,215 |
|
|
4,082 |
|
|
6,297 |
|
| Amortization of intangible
assets from business acquisitions |
|
11,225 |
|
|
4,665 |
|
|
15,890 |
|
| Loss on deconsolidation and
disposal of subsidiaries |
|
- |
|
|
6,177 |
|
|
6,177 |
|
| Loss on disposal and deemed
disposal of investments |
|
- |
|
|
2,673 |
|
|
2,673 |
|
| Gain on fair value change of
investments |
|
(312 |
) |
|
(6,800 |
) |
|
(7,112 |
) |
| Interest expenses related to
the convertible bonds’ amortization to face value |
|
- |
|
|
238 |
|
|
238 |
|
| Income tax effects on non-GAAP
adjustments |
|
(1,415 |
) |
|
(2,655 |
) |
|
(4,070 |
) |
| Reconciling items on the share
of equity method investments |
|
- |
|
|
(10,521 |
) |
|
(10,521 |
) |
| |
|
|
|
|
|
|
| Non-GAAP net income
(loss) |
|
81,949 |
|
|
(7,297 |
) |
|
74,652 |
|
| |
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED SEGMENT REPORT |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
June 30, 2023 |
| |
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Elimination(1) |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net
revenues |
|
|
|
|
|
|
|
|
Live streaming |
445,169 |
|
|
31,812 |
|
|
- |
|
|
476,981 |
|
| Others |
25,885 |
|
|
44,860 |
|
|
(392 |
) |
|
70,353 |
|
| |
|
|
|
|
|
|
|
| Total net
revenues |
471,054 |
|
|
76,672 |
|
|
(392 |
) |
|
547,334 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues(2) |
(287,587 |
) |
|
(62,069 |
) |
|
90 |
|
|
(349,566 |
) |
| |
|
|
|
|
|
|
|
| Gross
profit |
183,467 |
|
|
14,603 |
|
|
(302 |
) |
|
197,768 |
|
| |
|
|
|
|
|
|
|
| Operating
expenses(2) |
|
|
|
|
|
|
|
| Research and development
expenses |
(41,727 |
) |
|
(34,042 |
) |
|
229 |
|
|
(75,540 |
) |
| Sales and marketing
expenses |
(70,652 |
) |
|
(16,574 |
) |
|
21 |
|
|
(87,205 |
) |
| General and administrative
expenses |
(12,587 |
) |
|
(16,431 |
) |
|
52 |
|
|
(28,966 |
) |
| |
|
|
|
|
|
|
|
| Total operating
expenses |
(124,966 |
) |
|
(67,047 |
) |
|
302 |
|
|
(191,711 |
) |
| |
|
|
|
|
|
|
|
| Other income |
1,914 |
|
|
1,468 |
|
|
- |
|
|
3,382 |
|
| |
|
|
|
|
|
|
|
| Operating income
(loss) |
60,415 |
|
|
(50,976 |
) |
|
- |
|
|
9,439 |
|
| |
|
|
|
|
|
|
|
| Interest expenses |
(1,727 |
) |
|
(2,643 |
) |
|
1,313 |
|
|
(3,057 |
) |
| Interest income and investment
income |
9,882 |
|
|
38,033 |
|
|
(1,313 |
) |
|
46,602 |
|
| Foreign currency exchange
gains (losses), net |
22,031 |
|
|
(1,715 |
) |
|
- |
|
|
20,316 |
|
| Gain on disposal and deemed
disposal of investments |
- |
|
|
77,737 |
|
|
- |
|
|
77,737 |
|
| (Loss) gain on fair value
change of investments |
(2,460 |
) |
|
225 |
|
|
- |
|
|
(2,235 |
) |
| |
|
|
|
|
|
|
|
| Income before income
tax expenses |
88,141 |
|
|
60,661 |
|
|
- |
|
|
148,802 |
|
| |
|
|
|
|
|
|
|
| Income tax expenses |
(4,478 |
) |
|
(904 |
) |
|
- |
|
|
(5,382 |
) |
| |
|
|
|
|
|
|
|
| Income before share of
income in equity method investments, net of income
taxes |
83,663 |
|
|
59,757 |
|
|
- |
|
|
143,420 |
|
| |
|
|
|
|
|
|
|
| Share of income in equity
method investments, net of income taxes |
- |
|
|
3,885 |
|
|
- |
|
|
3,885 |
|
| |
|
|
|
|
|
|
|
| Net
income |
83,663 |
|
|
63,642 |
|
|
- |
|
|
147,305 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (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 |
| |
|
June 30, 2023 |
| |
|
|
|
|
|
|
|
|
|
| |
|
BIGO |
|
All other |
|
Total |
| |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
| Cost of revenues |
|
410 |
|
|
615 |
|
|
1,025 |
|
| Research and development
expenses |
|
2,532 |
|
|
2,994 |
|
|
5,526 |
|
| Sales and marketing
expenses |
|
170 |
|
|
150 |
|
|
320 |
|
| General and administrative
expenses |
|
700 |
|
|
1,527 |
|
|
2,227 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF
UNAUDITED SEGMENT REPORT |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
| |
|
June 30, 2023 |
| |
|
|
|
|
|
|
| |
|
BIGO |
|
All other |
|
Total |
| |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
Operating income (loss) |
|
60,415 |
|
|
(50,976 |
) |
|
9,439 |
|
| Share-based compensation
expenses |
|
3,812 |
|
|
5,286 |
|
|
9,098 |
|
| Amortization of intangible
assets from business acquisitions |
|
11,225 |
|
|
4,665 |
|
|
15,890 |
|
| |
|
|
|
|
|
|
| Non-GAAP operating
income (loss) |
|
75,452 |
|
|
(41,025 |
) |
|
34,427 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Net income |
|
83,663 |
|
|
63,642 |
|
|
147,305 |
|
| Share-based compensation
expenses |
|
3,812 |
|
|
5,286 |
|
|
9,098 |
|
| Amortization of intangible
assets from business acquisitions |
|
11,225 |
|
|
4,665 |
|
|
15,890 |
|
| Gain on disposal and deemed
disposal of investments |
|
- |
|
|
(77,737 |
) |
|
(77,737 |
) |
| Loss (gain) on fair value
change of investments |
|
2,460 |
|
|
(225 |
) |
|
2,235 |
|
| Interest expenses related to
the convertible bonds’ amortization to face value |
|
- |
|
|
528 |
|
|
528 |
|
| Income tax effects on non-GAAP
adjustments |
|
(1,415 |
) |
|
(1,713 |
) |
|
(3,128 |
) |
| Reconciling items on the share
of equity method investments |
|
- |
|
|
(3,572 |
) |
|
(3,572 |
) |
| |
|
|
|
|
|
|
| Non-GAAP net income
(loss) |
|
99,745 |
|
|
(9,126 |
) |
|
90,619 |
|
| |
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED SEGMENT REPORT |
|
(All amounts in thousands, except share, ADS and per ADS data) |
| |
|
|
|
|
|
|
|
| |
Three Months Ended |
| |
September 30, 2022 |
| |
|
|
|
|
|
|
|
| |
BIGO |
|
All other |
|
Elimination(1) |
|
Total |
| |
US$ |
|
US$ |
|
US$ |
|
US$ |
| Net
revenues |
|
|
|
|
|
|
|
|
Live streaming |
459,020 |
|
|
83,737 |
|
|
- |
|
|
542,757 |
|
| Others |
24,312 |
|
|
19,709 |
|
|
(49 |
) |
|
43,972 |
|
| |
|
|
|
|
|
|
|
| Total net
revenues |
483,332 |
|
|
103,446 |
|
|
(49 |
) |
|
586,729 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues(2) |
(292,662 |
) |
|
(73,901 |
) |
|
49 |
|
|
(366,514 |
) |
| |
|
|
|
|
|
|
|
| Gross
profit |
190,670 |
|
|
29,545 |
|
|
- |
|
|
220,215 |
|
| |
|
|
|
|
|
|
|
| Operating
expenses(2) |
|
|
|
|
|
|
|
| Research and development
expenses |
(35,618 |
) |
|
(25,589 |
) |
|
- |
|
|
(61,207 |
) |
| Sales and marketing
expenses |
(75,460 |
) |
|
(21,381 |
) |
|
- |
|
|
(96,841 |
) |
| General and administrative
expenses |
(22,715 |
) |
|
(21,450 |
) |
|
- |
|
|
(44,165 |
) |
| |
|
|
|
|
|
|
|
| Total operating
expenses |
(133,793 |
) |
|
(68,420 |
) |
|
- |
|
|
(202,213 |
) |
| |
|
|
|
|
|
|
|
| Other income |
1,088 |
|
|
737 |
|
|
- |
|
|
1,825 |
|
| |
|
|
|
|
|
|
|
| Operating income
(loss) |
57,965 |
|
|
(38,138 |
) |
|
- |
|
|
19,827 |
|
| |
|
|
|
|
|
|
|
| Interest expenses |
(1,242 |
) |
|
(2,873 |
) |
|
952 |
|
|
(3,163 |
) |
| Interest income and investment
income |
2,439 |
|
|
23,480 |
|
|
(952 |
) |
|
24,967 |
|
| Foreign currency exchange
gains, net |
15,388 |
|
|
176 |
|
|
- |
|
|
15,564 |
|
| Gain on disposal and deemed
disposal of investments |
- |
|
|
223 |
|
|
- |
|
|
223 |
|
| Gain on fair value change of
investments |
367 |
|
|
430,255 |
|
|
- |
|
|
430,622 |
|
| Gain on extinguishment of debt
and derivative |
- |
|
|
56,159 |
|
|
- |
|
|
56,159 |
|
| |
|
|
|
|
|
|
|
| Income before income
tax expenses |
74,917 |
|
|
469,282 |
|
|
- |
|
|
544,199 |
|
| |
|
|
|
|
|
|
|
| Income tax expenses |
(4,435 |
) |
|
(3,446 |
) |
|
- |
|
|
(7,881 |
) |
| |
|
|
|
|
|
|
|
| Income before share of
loss in equity method investments, net of income
taxes |
70,482 |
|
|
465,836 |
|
|
- |
|
|
536,318 |
|
| |
|
|
|
|
|
|
|
| Share of loss in equity method
investments, net of income taxes |
- |
|
|
(26,800 |
) |
|
- |
|
|
(26,800 |
) |
| |
|
|
|
|
|
|
|
| Net
income |
70,482 |
|
|
439,036 |
|
|
- |
|
|
509,518 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| (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 |
| |
|
September 30, 2022 |
| |
|
|
|
|
|
|
|
| |
|
BIGO |
|
All other |
|
Total |
| |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
|
Cost of revenues |
|
357 |
|
|
699 |
|
|
1,056 |
|
| Research and development
expenses |
|
3,231 |
|
|
3,418 |
|
|
6,649 |
|
| Sales and marketing
expenses |
|
(158 |
) |
|
96 |
|
|
(62 |
) |
| General and administrative
expenses |
|
766 |
|
|
1,416 |
|
|
2,182 |
|
| |
|
|
|
|
|
|
|
|
|
|
JOYY INC. |
|
UNAUDITED 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, 2022 |
| |
|
|
|
|
|
|
| |
|
BIGO |
|
All other |
|
Total |
| |
|
US$ |
|
US$ |
|
US$ |
| |
|
|
|
|
|
|
|
Operating income (loss) |
|
57,965 |
|
|
(38,138 |
) |
|
19,827 |
|
| Share-based compensation
expenses |
|
4,196 |
|
|
5,629 |
|
|
9,825 |
|
| Amortization of intangible
assets from business acquisitions |
|
11,225 |
|
|
2,249 |
|
|
13,474 |
|
| |
|
|
|
|
|
|
| Non-GAAP operating
income (loss) |
|
73,386 |
|
|
(30,260 |
) |
|
43,126 |
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Net income |
|
70,482 |
|
|
439,036 |
|
|
509,518 |
|
| Share-based compensation
expenses |
|
4,196 |
|
|
5,629 |
|
|
9,825 |
|
| Amortization of intangible
assets from business acquisitions |
|
11,225 |
|
|
2,249 |
|
|
13,474 |
|
| Gain on disposal and deemed
disposal of investments |
|
- |
|
|
(223 |
) |
|
(223 |
) |
| Gain on fair value change of
investments |
|
(367 |
) |
|
(430,255 |
) |
|
(430,622 |
) |
| Gain on extinguishment of debt
and derivative |
|
- |
|
|
(56,159 |
) |
|
(56,159 |
) |
| Interest expenses related to
the convertible bonds’ amortization to face value |
|
- |
|
|
601 |
|
|
601 |
|
| Income tax effects on non-GAAP
adjustments |
|
(1,415 |
) |
|
(1,176 |
) |
|
(2,591 |
) |
| Reconciling items on the share
of equity method investments |
|
- |
|
|
26,679 |
|
|
26,679 |
|
| |
|
|
|
|
|
|
| Non-GAAP net income
(loss) |
|
84,121 |
|
|
(13,619 |
) |
|
70,502 |
|
| |
|
|
|
|
|
|
JOYY (NASDAQ:YY)
Historical Stock Chart
From Mar 2024 to Apr 2024
JOYY (NASDAQ:YY)
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From Apr 2023 to Apr 2024
