GUANGZHOU, China, March 21,
2023 /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 fourth quarter and fiscal year
ended December 31, 2022.
Fourth Quarter 2022 Highlights
- Total net revenues for the fourth quarter of 2022 were
RMB2,102.2 million (US$304.8 million), compared with RMB2,808.7 million for the same period of
2021.
- Net loss attributable to HUYA Inc. was
RMB524.4 million (US$76.0 million) for the fourth quarter of 2022,
compared with RMB312.7 million for
the same period of 2021.
- Non-GAAP net loss attributable to HUYA
Inc.[1] was RMB440.0
million (US$63.8 million) for
the fourth quarter of 2022, compared with RMB241.7 million for the same period of
2021.
- Average mobile MAUs[2] of Huya Live
for the fourth quarter of 2022 was 85.5 million, compared with 85.4
million for the same period of 2021.
- Total number of paying users[3] of Huya
Live for the fourth quarter of 2022 was 5.5 million, compared
with 5.6 million for the same period of 2021.
Fiscal Year 2022 Highlights
- Total net revenues in fiscal year 2022 were RMB9,220.5 million (US$1,336.8 million), compared with RMB11,351.4 million in 2021.
- Net loss attributable to HUYA Inc. in fiscal year 2022
was RMB486.7 million (US$70.6 million), compared with a net income
attributable to HUYA Inc. of RMB583.5
million in 2021.
- Non-GAAP net loss attributable to HUYA Inc. in fiscal
year 2022 was RMB281.4 million
(US$40.8 million), compared with a
non-GAAP net income attributable to HUYA Inc. of RMB454.4 million in 2021.
- Average mobile MAUs of Huya Live in fiscal year
2022 was 84.3 million, compared with 80.9 million in 2021.
- Average quarterly paying users of Huya Live in
fiscal year 2022 was 5.6 million, compared with 5.8 million in
2021.
"We ended a challenging 2022 with our full-year average mobile
MAUs of Huya Live up by 4.2% to 84.3 million and annual total
revenues of approximately RMB9.2
billion. In the fourth quarter, we continued to bring
high-quality e-sports tournaments and entertainment programs to our
users. We also enhanced the interactive experience between
broadcasters and viewers through in-depth collaborations with game
studios, helping us stabilize our user scale and achieve healthy
user engagement levels," said Mr. Rongjie
Dong, Chief Executive Officer of Huya. "While we may face
continued pressure from the volatile market environment in the near
term, we are shoring up our long term prospects. We will continue
to reinforce Huya's core competencies and actively explore a
diversified business ecosystem for new growth opportunities, while
maintaining our leadership position in the game live streaming
market."
Ms. Ashley Xin Wu, Vice President
of Finance of Huya, commented, "Against the backdrop of macro
headwinds and the COVID-19 pandemic resurgence at the end of the
year, our total revenues were RMB2.1
billion for the fourth quarter of 2022. Lower revenues and
higher content costs associated with a large e-sports event in the
quarter contributed to a gross loss for the period. At the same
time, we continued to promote operational efficiencies, reducing
our total operating expenses in the fourth quarter by 34.7%
year-over-year. Looking ahead, we will further optimize our cost
and expense structure and focus our resources on areas with better
returns to strengthen our operational and financial
performance."
[1]
"Non-GAAP net loss attributable to HUYA Inc." is defined as net
loss attributable to HUYA Inc. excluding (i) share-based
compensation expenses, (ii) gain on fair value change of
investments, net of income taxes, (iii) gain arising from disposal
of an equity investment, net of income taxes, (iv) impairment loss
of investments and (v) loss on equity method investment, net of
income taxes. For more information, please refer to the section
titled "Use of Non-GAAP Financial Measures" and the table captioned
"HUYA Inc. Unaudited Reconciliations of GAAP and Non-GAAP Results"
at the end of this press release.
|
[2] Refers to average monthly active
users on mobile apps. Average mobile MAUs for any period is
calculated by dividing (i) the sum of active users on the mobile
apps for each month during such relevant period, by (ii) the number
of months during such relevant period.
|
[3] Refers to the sum of user
accounts that purchased various products and services on our
platform at least once during such relevant period.
|
Fourth Quarter 2022 Financial Results
Total net revenues for the fourth quarter of 2022 were
RMB2,102.2 million (US$304.8 million), compared with RMB2,808.7 million for the same period of
2021.
Live streaming revenues were RMB1,975.2 million (US$286.4 million) for the fourth quarter of 2022,
compared with RMB2,612.9 million for
the same period of 2021, primarily due to lower average spending
per paying user and a decreased number of paying users on Huya
Live, as the recent macro and regulatory environment adversely
affected the sentiment of the Company's paying users.
Advertising and other revenues were RMB127.0 million (US$18.4
million) for the fourth quarter of 2022, compared with
RMB195.8 million for the same period
of 2021, primarily due to soft demand for advertising services
resulting from the challenging macro environment, and lower content
sub-licensing revenues.
Cost of revenues decreased by 15.0% to RMB2,386.4 million (US$346.0 million) for the fourth quarter of 2022
from RMB2,807.7 million for the same
period of 2021, primarily due to decreased revenue sharing fees and
content costs, as well as bandwidth costs.
Revenue sharing fees and content costs decreased by 11.9%
to RMB2,170.6 million (US$314.7 million) for the fourth quarter of 2022
from RMB2,463.1 million for the same
period of 2021, primarily due to the decrease in revenue sharing
fees associated with the decline in live streaming revenues. This
was partially offset by the increase in spending on e-sports
content, which was mainly related to the higher content cost booked
for a large e-sports event that occurred in the fourth quarter of
2022.
Bandwidth costs decreased by 45.5% to RMB99.5 million (US$14.4
million) for the fourth quarter of 2022 from RMB182.7 million for the same period of 2021,
primarily due to improved bandwidth cost management and continued
technology enhancement efforts, as well as less overseas bandwidth
usage as a result of the strategic adjustment in the Company's
overseas business to focus on key markets.
Gross loss was RMB284.2
million (US$41.2 million) for
the fourth quarter of 2022, compared with a gross profit of
RMB1.1 million for the same period of
2021, primarily due to lower revenues and increased content costs
related to e-sports content. Gross margin was negative 13.5%
for the fourth quarter of 2022, compared with approximately zero
for the same period of 2021.
Research and development expenses decreased by 30.0% to
RMB143.9 million (US$20.9 million) for the fourth quarter of 2022
from RMB205.7 million for the same
period of 2021, primarily due to decreased personnel-related
expenses and share-based compensation expenses.
Sales and marketing expenses decreased by 48.2% to
RMB113.2 million (US$16.4 million) for the fourth quarter of 2022
from RMB218.5 million for the same
period of 2021, primarily due to decreased marketing and promotion
fees, as well as personnel-related expenses.
General and administrative expenses decreased by 12.6% to
RMB79.1 million (US$11.5 million) for the fourth quarter of 2022
from RMB90.5 million for the same
period of 2021, primarily due to decreased share-based
compensation expenses.
Other income was RMB43.8
million (US$6.4 million) for
the fourth quarter of 2022, compared with RMB56.3 million for the same period of 2021,
primarily due to lower tax refunds and government subsidies.
Operating loss was RMB576.7
million (US$83.6 million) for
the fourth quarter of 2022, compared with RMB457.3 million for the same period of 2021.
Interest and short-term investments income were
RMB101.7 million (US$14.7 million) for the fourth quarter of 2022,
compared with RMB61.6 million for the
same period of 2021, primarily due to increased interest rates.
Net loss attributable to HUYA Inc. was RMB524.4 million (US$76.0
million) for the fourth quarter of 2022, compared with
RMB312.7 million for the same period
of 2021.
Non-GAAP net loss attributable to HUYA Inc., which
excludes share-based compensation expenses, impairment loss of
investments and loss on equity method investment, net of income
taxes, was RMB440.0 million
(US$63.8 million) for the fourth
quarter of 2022, compared with RMB241.7
million for the same period of 2021, which excludes
share-based compensation expenses.
Basic and diluted net loss per American depositary share
("ADS") were each RMB2.16
(US$0.31) for the fourth quarter of
2022. Basic and diluted net loss per ADS were each RMB1.31 for the fourth quarter of 2021. Each ADS
represents one Class A ordinary share of the Company.
Non-GAAP basic and diluted net loss per ADS were each
RMB1.81 (US$0.26) for the fourth quarter of 2022.
Non-GAAP basic and diluted net loss per ADS were each RMB1.01 for the fourth quarter of 2021.
As of December 31, 2022, the
Company had cash and cash equivalents, short-term deposits,
short-term investments and long-term deposits of RMB10,749.2 million (US$1,558.5 million), compared with RMB11,008.2 million as of September 30, 2022.
Fiscal Year 2022 Financial Results
Total net revenues were RMB9,220.5
million (US$1,336.8 million)
in fiscal year 2022, compared with RMB11,351.4 million in the prior year.
Live streaming revenues were RMB8,195.9 million (US$1,188.3 million) in fiscal year 2022, compared
with RMB10,186.2 million in the prior
year, primarily due to lower average spending per paying user and a
decreased number of paying users on Huya Live, as the macro and
regulatory environment during the year adversely affected the
sentiment of the Company's paying users.
Advertising and other revenues were RMB1,024.6 million (US$148.5 million) in fiscal year 2022, compared
with RMB1,165.2 million in the prior
year, due to soft demand for advertising services resulting from
the challenging macro environment.
Cost of revenues decreased by 11.7% to RMB8,609.6 million (US$1,248.3 million) in fiscal year 2022 from
RMB9,751.2 million in the prior year,
primarily due to decreased revenue sharing fees and content costs,
as well as bandwidth costs.
Revenue sharing fees and content costs decreased by 10.0%
to RMB7,535.7 million (US$1,092.6 million) in fiscal year 2022 from
RMB8,374.6 million in the prior year,
primarily due to the decrease in revenue sharing fees associated
with declined live streaming revenues, and lower costs related to
content creators, partially offset by the increase in spending on
e-sports content.
Bandwidth costs decreased by 24.7% to RMB537.2 million (US$77.9
million) in fiscal year 2022 from RMB713.7 million in the prior year, primarily due
to improved bandwidth cost management and continued technology
enhancement efforts, as well as less overseas bandwidth usage as a
result of the strategic adjustment in the Company's overseas
business to focus on key markets.
Gross profit was RMB610.9
million (US$88.6 million) in
fiscal year 2022, compared with RMB1,600.3
million in the prior year, primarily due to lower revenues
and increased content costs related to e-sports content. Gross
margin was 6.6% in fiscal year 2022, compared with 14.1% in
fiscal year 2021.
Research and development expenses decreased by 16.9% to
RMB680.4 million (US$98.6 million) in fiscal year 2022 from
RMB818.9 million in the prior year,
primarily due to decreased share-based compensation expenses and
personnel-related expenses.
Sales and marketing expenses decreased by 36.4% to
RMB482.9 million (US$70.0 million) in fiscal year 2022 from
RMB759.5 million in the prior year,
primarily due to decreased marketing and promotion fees, as well as
personnel-related expenses.
General and administrative expenses were RMB320.4 million (US$46.5
million) in fiscal year 2022, compared with RMB326.8 million in the prior year, primarily
attributable to decreased share-based compensation expenses.
Other income was RMB166.3
million (US$24.1 million) in
fiscal year 2022, compared with RMB274.7
million in the prior year, primarily attributable to lower
tax refunds and government subsidies in fiscal year 2022 and
realized damages received in the first quarter of 2021 from a
favorable outcome in a broadcaster-related lawsuit.
Operating loss was RMB706.5
million (US$102.4 million) in
fiscal year 2022, compared with RMB30.2
million in the prior year.
Interest and short-term investments income were
RMB298.2 million (US$43.2 million) in fiscal year 2022, compared
with RMB247.0 million in the prior
year, primarily due to increased interest rates.
Share of loss in equity method investments, net of income
taxes was RMB0.5 million
(US$0.1 million) in fiscal year 2022,
compared with share of income in equity method investments, net of
income taxes of RMB379.2 million in
the prior year, primarily due to the investment gain related to a
disposal of equity investment in the third quarter of 2021, as
disclosed in a Form 6-K filed on July 6,
2021.
Net loss attributable to HUYA Inc. was
RMB486.7 million (US$70.6 million) in fiscal year 2022, compared
with a net income attributable to HUYA Inc. of RMB583.5 million in the prior year.
Non-GAAP net loss attributable to HUYA Inc., which
excludes share-based compensation expenses, gain on fair value
change of investments, net of income taxes, impairment loss of
investments, and loss on equity method investment, net of income
taxes was RMB281.4 million
(US$40.8 million) in fiscal year
2022, compared with a non-GAAP net income attributable to HUYA Inc.
of RMB454.4 million in the prior
year, which excludes share-based compensation expenses, gain on
fair value change of investments, net of income taxes, and gain
arising from disposal of an equity investment, net of income
taxes.
Basic and diluted net loss per ADS were each RMB2.02 (US$0.29)
in fiscal year 2022. Basic and diluted net income per ADS were
RMB2.45 and RMB2.41, respectively, in fiscal year 2021.
Non-GAAP basic and diluted net loss per ADS were each
RMB1.17 (US$0.17) in fiscal year 2022. Non-GAAP basic and
diluted net income per ADS were RMB1.91 and RMB1.88, respectively, in fiscal year 2021.
Conference Call
The Company's management will host an earnings conference call
at 8:00 a.m. U.S. Eastern Time on
March 21, 2023 (8:00 p.m. Beijing/Hong
Kong time on March 21,
2023).
For participants who wish to join the call, please complete
online registration using the link provided below 20 minutes prior
to the scheduled call start time. Upon registration, participants
will receive the conference call access information, including
dial-in numbers, a personal PIN and an e-mail with detailed
instructions to join the conference call.
Participant Online Registration:
https://register.vevent.com/register/BI2946f2083b1740f6aced48c04ff6e362
Once complete the registration, please dial-in at least 10
minutes before the scheduled start time of the earnings call and
enter the personal PIN as instructed to connect to the call.
A live webcast of the earnings call will be accessible at
https://ir.huya.com and a replay of the webcast will be available
following the session.
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 (loss), non-GAAP
operating (loss) income, non-GAAP net (loss) income attributable to
HUYA Inc., non-GAAP net (loss) income attributable to ordinary
shareholders, non-GAAP basic and diluted net (loss) income per
ordinary shares, and non-GAAP basic and diluted net (loss) income
per ADS, which are non-GAAP financial measures. Non-GAAP gross
profit (loss) is gross profit (loss) excluding share-based
compensation expenses allocated in cost of revenues. 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, gain on fair
value change of investments, net of income taxes, gain arising from
disposal of an equity investment, net of income taxes, to the
extent applicable, and impairment loss of investments. Non-GAAP net
(loss) income attributable to ordinary shareholders is net (loss)
income attributable to ordinary shareholders excluding share-based
compensation expenses, gain on fair value change of investments,
net of income taxes, gain arising from the disposal of an equity
investment, net of income taxes, impairment loss of investments,
and loss on equity method investment, net of income taxes, to the
extent applicable. 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 ADS 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 impact of (i) share-based compensation expenses, (ii) gain on
fair value change of investments, net of income taxes, (iii) gain
arising from disposal of an equity investment, net of income taxes,
(iv) impairment loss of investments, and (v) loss on equity method
investment, net of income taxes, add clarity to the constituent
parts of its performance. The Company reviews these non-GAAP
financial measures together with GAAP financial measures to obtain
a better understanding of its operating performance. It uses the
non-GAAP financial measures for planning, forecasting and measuring
results against the forecast. The Company believes that non-GAAP
financial measures represent useful supplemental information for
investors and analysts to assess its operating performance without
the effect of (i) share-based compensation expenses, which have
been and will continue to be significant recurring expenses in its
business, and (ii) gain on fair value change of investments, net of
income taxes, (iii) gain arising from disposal of an equity
investment, net of income taxes, (iv) impairment loss of
investments, and (v) loss on equity method investment, net of
income taxes, 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 a non-GAAP financial measure in isolation from or as an
alternative to the financial measures 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. Unaudited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
announcement.
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 RMB6.8972 to US$1.00, the noon buying rate in effect on
December 30, 2022, in the H.10
statistical release of the Federal Reserve Board. The Company makes
no representation that the Renminbi or U.S. dollars amounts
referred to in this announcement could have been or could be
converted into U.S. dollars or Renminbi, as the case may be, at any
particular rate or at all.
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; Huya's efforts in
complying with applicable data privacy and security regulations;
fluctuations in general economic and business conditions in
China; the impact of the COVID-19
to Huya's business operations and the economy in China and elsewhere generally; any regulatory
developments in laws, regulations, rules, policies or guidelines
applicable to Huya; 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: +86-20-2290-7829
E-mail: ir@huya.com
The Piacente Group, Inc.
Jenny Cai
Tel: +86-10-6508-0677
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 December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
1,790,784
|
|
655,241
|
|
95,001
|
Restricted
cash
|
|
55,670
|
|
4,050
|
|
587
|
Short-term
deposits
|
|
8,351,945
|
|
9,018,298
|
|
1,307,530
|
Short-term
investments
|
|
816,331
|
|
3,117
|
|
452
|
Accounts receivable,
net
|
|
88,034
|
|
75,898
|
|
11,004
|
Amounts due from
related parties, net
|
|
148,560
|
|
59,702
|
|
8,656
|
Prepayments and other
current assets, net
|
|
664,945
|
|
637,225
|
|
92,389
|
|
|
|
|
|
|
|
Total current
assets
|
|
11,916,269
|
|
10,453,531
|
|
1,515,619
|
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
|
Long-term
deposits
|
|
-
|
|
1,072,548
|
|
155,505
|
Deferred tax
assets
|
|
20,245
|
|
-
|
|
-
|
Investments
|
|
608,617
|
|
906,215
|
|
131,389
|
Property and
equipment, net
|
|
79,611
|
|
200,893
|
|
29,127
|
Intangible assets,
net
|
|
83,942
|
|
57,810
|
|
8,382
|
Right-of-use assets,
net
|
|
395,371
|
|
345,136
|
|
50,040
|
Prepayments and other
non-current assets
|
|
150,887
|
|
110,874
|
|
16,075
|
|
|
|
|
|
|
|
Total non-current
assets
|
|
1,338,673
|
|
2,693,476
|
|
390,518
|
|
|
|
|
|
|
|
Total
assets
|
|
13,254,942
|
|
13,147,007
|
|
1,906,137
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
Accounts
payable
|
|
12,579
|
|
22,517
|
|
3,265
|
Advances from
customers and deferred revenue
|
|
459,509
|
|
445,620
|
|
64,609
|
Income taxes
payable
|
|
5,944
|
|
28,924
|
|
4,194
|
Accrued liabilities
and other current liabilities
|
|
1,845,452
|
|
1,592,455
|
|
230,884
|
Amounts due to related
parties
|
|
216,128
|
|
81,814
|
|
11,862
|
Lease liabilities due
within one year
|
|
36,473
|
|
29,801
|
|
4,321
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
2,576,085
|
|
2,201,131
|
|
319,135
|
|
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
Lease
liabilities
|
|
45,084
|
|
8,617
|
|
1,249
|
Deferred tax
liabilities
|
|
4,597
|
|
20,533
|
|
2,977
|
Deferred
revenue
|
|
118,975
|
|
73,354
|
|
10,635
|
|
|
|
|
|
|
|
Total non-current
liabilities
|
|
168,656
|
|
102,504
|
|
14,861
|
|
|
|
|
|
|
|
Total
liabilities
|
|
2,744,741
|
|
2,303,635
|
|
333,996
|
|
|
|
|
|
|
|
HUYA INC.
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
As of December
31,
|
|
As of December
31,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Class A ordinary
shares (US$0.0001 par value;
750,000,000 shares authorized as of December
31, 2021 and 2022 respectively; 86,993,764 and
89,401,484 shares issued and outstanding as of
December 31, 2021 and 2022, respectively)
|
|
58
|
|
60
|
|
9
|
Class B ordinary
shares (US$0.0001 par value;
200,000,000 shares authorized as of December
31, 2021 and 2022, respectively; 151,076,517
and 150,386,517 shares issued and outstanding
as of December 31, 2021 and 2022
respectively)
|
|
99
|
|
98
|
|
14
|
Additional paid-in
capital
|
|
11,764,059
|
|
11,922,820
|
|
1,728,646
|
Statutory
reserves
|
|
122,429
|
|
122,429
|
|
17,751
|
Accumulated
deficit
|
|
(1,300,144)
|
|
(1,786,800)
|
|
(259,062)
|
Accumulated other
comprehensive (loss) income
|
|
(76,300)
|
|
584,765
|
|
84,783
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
10,510,201
|
|
10,843,372
|
|
1,572,141
|
|
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
|
13,254,942
|
|
13,147,007
|
|
1,906,137
|
HUYA INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
2021
|
|
September
30,
2022
|
|
December
31,
2022
|
|
December
31,
2022
|
|
December
31,
2021
|
|
December
31,
2022
|
|
December
31,
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Live
streaming
|
|
2,612,897
|
|
2,017,128
|
|
1,975,155
|
|
286,371
|
|
10,186,204
|
|
8,195,907
|
|
1,188,295
|
Advertising and
others
|
|
195,844
|
|
361,416
|
|
127,038
|
|
18,419
|
|
1,165,242
|
|
1,024,555
|
|
148,547
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
2,808,741
|
|
2,378,544
|
|
2,102,193
|
|
304,790
|
|
11,351,446
|
|
9,220,462
|
|
1,336,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues(1)
|
|
(2,807,672)
|
|
(2,036,191)
|
|
(2,386,375)
|
|
(345,992)
|
|
(9,751,160)
|
|
(8,609,594)
|
|
(1,248,274)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit (loss)
|
|
1,069
|
|
342,353
|
|
(284,182)
|
|
(41,202)
|
|
1,600,286
|
|
610,868
|
|
88,568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(205,709)
|
|
(171,779)
|
|
(143,942)
|
|
(20,870)
|
|
(818,882)
|
|
(680,383)
|
|
(98,646)
|
Sales and marketing
expenses
|
|
(218,473)
|
|
(124,293)
|
|
(113,249)
|
|
(16,420)
|
|
(759,507)
|
|
(482,871)
|
|
(70,010)
|
General and
administrative expenses
|
|
(90,478)
|
|
(78,653)
|
|
(79,120)
|
|
(11,471)
|
|
(326,772)
|
|
(320,386)
|
|
(46,452)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
(514,660)
|
|
(374,725)
|
|
(336,311)
|
|
(48,761)
|
|
(1,905,161)
|
|
(1,483,640)
|
|
(215,108)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income,
net
|
|
56,289
|
|
43,949
|
|
43,797
|
|
6,350
|
|
274,704
|
|
166,307
|
|
24,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
|
(457,302)
|
|
11,577
|
|
(576,696)
|
|
(83,613)
|
|
(30,171)
|
|
(706,465)
|
|
(102,428)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and short-term
investments income
|
|
61,589
|
|
71,703
|
|
101,663
|
|
14,740
|
|
247,009
|
|
298,201
|
|
43,235
|
Gain on fair value
change of investments
|
|
-
|
|
-
|
|
-
|
|
-
|
|
44,161
|
|
7,602
|
|
1,102
|
Impairment loss of
investments
|
|
-
|
|
-
|
|
(55,201)
|
|
(8,003)
|
|
-
|
|
(55,201)
|
|
(8,003)
|
Foreign currency
exchange gains (losses)
net
|
|
89
|
|
(3,309)
|
|
3,831
|
|
555
|
|
(1,480)
|
|
(2,402)
|
|
(348)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income
before income tax benefits
(expenses)
|
|
(395,624)
|
|
79,971
|
|
(526,403)
|
|
(76,321)
|
|
259,519
|
|
(458,265)
|
|
(66,442)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefits
(expenses)
|
|
83,051
|
|
(19,593)
|
|
2,418
|
|
351
|
|
(55,227)
|
|
(27,871)
|
|
(4,041)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before
share of (loss) income
in equity method investments, net of
income taxes
|
|
(312,573)
|
|
60,378
|
|
(523,985)
|
|
(75,970)
|
|
204,292
|
|
(486,136)
|
|
(70,483)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of (loss)
income in equity method
investments, net of income taxes
|
|
(96)
|
|
45
|
|
(414)
|
|
(60)
|
|
379,207
|
|
(520)
|
|
(76)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to HUYA Inc.
|
|
(312,669)
|
|
60,423
|
|
(524,399)
|
|
(76,030)
|
|
583,499
|
|
(486,656)
|
|
(70,559)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss)
income attributable to ordinary
shareholders
|
|
(312,669)
|
|
60,423
|
|
(524,399)
|
|
(76,030)
|
|
583,499
|
|
(486,656)
|
|
(70,559)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HUYA INC.
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
2021
|
|
September
30,
2022
|
|
December
31,
2022
|
|
December
31,
2022
|
|
December
31,
2021
|
|
December
31,
2022
|
|
December
31,
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
per ADS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(1.31)
|
|
0.25
|
|
(2.16)
|
|
(0.31)
|
|
2.45
|
|
(2.02)
|
|
(0.29)
|
—Diluted
|
|
(1.31)
|
|
0.25
|
|
(2.16)
|
|
(0.31)
|
|
2.41
|
|
(2.02)
|
|
(0.29)
|
Net (loss)
income per ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(1.31)
|
|
0.25
|
|
(2.16)
|
|
(0.31)
|
|
2.45
|
|
(2.02)
|
|
(0.29)
|
—Diluted
|
|
(1.31)
|
|
0.25
|
|
(2.16)
|
|
(0.31)
|
|
2.41
|
|
(2.02)
|
|
(0.29)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating net (loss) income per
ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
239,233,239
|
|
242,117,367
|
|
242,506,902
|
|
242,506,902
|
|
238,198,117
|
|
241,437,842
|
|
241,437,842
|
—Diluted
|
|
239,233,239
|
|
242,287,157
|
|
242,506,902
|
|
242,506,902
|
|
241,790,445
|
|
241,437,842
|
|
241,437,842
|
|
* 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
|
|
Twelve Months
Ended
|
|
|
December
31,
2021
|
|
September
30,
2022
|
|
December
31,
2022
|
|
December
31,
2022
|
|
December
31,
2021
|
|
December
31,
2022
|
|
December
31,
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
15,156
|
|
9,054
|
|
6,122
|
|
888
|
|
56,629
|
|
31,955
|
|
4,633
|
Research and
development expenses
|
|
31,629
|
|
22,289
|
|
14,427
|
|
2,092
|
|
135,316
|
|
67,242
|
|
9,749
|
Sales and marketing
expenses
|
|
2,245
|
|
1,507
|
|
1,077
|
|
156
|
|
8,318
|
|
4,477
|
|
649
|
General and
administrative expenses
|
|
21,968
|
|
12,813
|
|
7,200
|
|
1,044
|
|
89,442
|
|
52,804
|
|
7,656
|
HUYA INC.
|
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS
|
(All amounts in
thousands, except share, ADS, per share data and per ADS
data)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
2021
|
|
September
30,
2022
|
|
December
31,
2022
|
|
December
31,
2022
|
|
December
31,
2021
|
|
December
31,
2022
|
|
December
31,
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
US$
|
|
RMB
|
|
RMB
|
|
US$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit (loss)
|
|
1,069
|
|
342,353
|
|
(284,182)
|
|
(41,202)
|
|
1,600,286
|
|
610,868
|
|
88,568
|
Share-based
compensation expenses allocated
in cost of revenues
|
|
15,156
|
|
9,054
|
|
6,122
|
|
888
|
|
56,629
|
|
31,955
|
|
4,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross
profit (loss)
|
|
16,225
|
|
351,407
|
|
(278,060)
|
|
(40,314)
|
|
1,656,915
|
|
642,823
|
|
93,201
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
income
|
|
(457,302)
|
|
11,577
|
|
(576,696)
|
|
(83,613)
|
|
(30,171)
|
|
(706,465)
|
|
(102,428)
|
Share-based
compensation expenses
|
|
70,998
|
|
45,663
|
|
28,826
|
|
4,180
|
|
289,705
|
|
156,478
|
|
22,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating
(loss) income
|
|
(386,304)
|
|
57,240
|
|
(547,870)
|
|
(79,433)
|
|
259,534
|
|
(549,987)
|
|
(79,741)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to HUYA Inc.
|
|
(312,669)
|
|
60,423
|
|
(524,399)
|
|
(76,030)
|
|
583,499
|
|
(486,656)
|
|
(70,559)
|
Gain on fair value
change of investments, net
of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(40,130)
|
|
(6,842)
|
|
(992)
|
Gain arising from
disposal of an equity
investment, net of income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(378,679)
|
|
-
|
|
-
|
Impairment loss of
investments
|
|
-
|
|
-
|
|
55,201
|
|
8,003
|
|
-
|
|
55,201
|
|
8,003
|
Loss on equity
method investment, net of
income taxes
|
|
-
|
|
-
|
|
414
|
|
60
|
|
-
|
|
414
|
|
60
|
Share-based
compensation expenses
|
|
70,998
|
|
45,663
|
|
28,826
|
|
4,180
|
|
289,705
|
|
156,478
|
|
22,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss)
income attributable to
HUYA Inc.
|
|
(241,671)
|
|
106,086
|
|
(439,958)
|
|
(63,787)
|
|
454,395
|
|
(281,405)
|
|
(40,801)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
attributable to ordinary
shareholders
|
|
(312,669)
|
|
60,423
|
|
(524,399)
|
|
(76,030)
|
|
583,499
|
|
(486,656)
|
|
(70,559)
|
Gain on fair value
change of investments, net
of
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(40,130)
|
|
(6,842)
|
|
(992)
|
Gain arising from
disposal of an equity
investment, net of income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(378,679)
|
|
-
|
|
-
|
Impairment loss of
investments
|
|
-
|
|
-
|
|
55,201
|
|
8,003
|
|
-
|
|
55,201
|
|
8,003
|
Loss on equity
method investment, net of
income taxes
|
|
-
|
|
-
|
|
414
|
|
60
|
|
-
|
|
414
|
|
60
|
Share-based
compensation expenses
|
|
70,998
|
|
45,663
|
|
28,826
|
|
4,180
|
|
289,705
|
|
156,478
|
|
22,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss)
income attributable to
ordinary shareholders
|
|
(241,671)
|
|
106,086
|
|
(439,958)
|
|
(63,787)
|
|
454,395
|
|
(281,405)
|
|
(40,801)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss)
income per ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(1.01)
|
|
0.44
|
|
(1.81)
|
|
(0.26)
|
|
1.91
|
|
(1.17)
|
|
(0.17)
|
—Diluted
|
|
(1.01)
|
|
0.44
|
|
(1.81)
|
|
(0.26)
|
|
1.88
|
|
(1.17)
|
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net (loss)
income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
(1.01)
|
|
0.44
|
|
(1.81)
|
|
(0.26)
|
|
1.91
|
|
(1.17)
|
|
(0.17)
|
—Diluted
|
|
(1.01)
|
|
0.44
|
|
(1.81)
|
|
(0.26)
|
|
1.88
|
|
(1.17)
|
|
(0.17)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of ADS used in
calculating Non-GAAP net (loss)
income per ADS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
239,233,239
|
|
242,117,367
|
|
242,506,902
|
|
242,506,902
|
|
238,198,117
|
|
241,437,842
|
|
241,437,842
|
—Diluted
|
|
239,233,239
|
|
242,287,157
|
|
242,506,902
|
|
242,506,902
|
|
241,790,445
|
|
241,437,842
|
|
241,437,842
|
View original
content:https://www.prnewswire.com/news-releases/huya-inc-reports-fourth-quarter-and-fiscal-year-2022-unaudited-financial-results-301777074.html
SOURCE HUYA Inc.