SINGAPORE, June 01, 2022 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, formerly known as YY Inc.), a global video-based social media company, today announced its unaudited financial results for the first quarter of 2022.
First Quarter 2022 Financial Highlights1
First Quarter 2022 Operational Highlights
Mr. David Xueling Li, Chairman and Chief Executive Officer of JOYY, commented, “Despite the macroeconomic uncertainties and challenges, our diversified global product matrix and continuous operating efficiency improvements have provided our global business extra resilience. We achieved steady improvement in both our GAAP and non-GAAP profitability, when compared with prior year periods, and booked US$59.2 million of positive net cash from operating activities. In addition, we continued to enhance returns to shareholders through share repurchases. As of March 31, 2022, we have repurchased a cumulative US$315.8 million of our shares under our share repurchase plans, reflecting our confidence in the company’s long-term growth and profitability. Looking forward, we remain confident in the mid to long-term growth potentials of the global social entertainment market. We will continue to execute our globalization strategy, prioritize the cultivation of our content and social ecosystems, and maintain a healthy and abundant cash flow while seizing emerging business opportunities along the way. We remain committed to delivering long-term value for our shareholders.”
First Quarter 2022 Financial Results
Net revenues were US$623.8 million in the first quarter of 2022, compared to US$643.1 million in the corresponding period of 2021.
Live streaming revenues were US$590.1 million in the first quarter of 2022, compared to US$614.1 million in the corresponding period of 2021. Live streaming revenues were higher in 2021 due to higher demand for online entertainment services during the pandemic period in 2021 and unfavorable exchange rate fluctuations in the first quarter of 2022 as several foreign currencies weakened against U.S. dollars in which the Company reports its results of operations.
Other revenues increased by 16.3% to US$33.7 million in the first quarter of 2022 from US$29.0 million in the corresponding period of 2021.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by 4.6% to US$422.6 million in the first quarter of 2022 from US$442.9 million in the corresponding period of 2021. Revenue-sharing fees and content costs were US$279.9 million in the first quarter of 2022, compared to US$282.0 million in the corresponding period of 2021. Bandwidth costs decreased to US$20.9 million in the first quarter of 2022 from US$29.5 million in the corresponding period of 2021, primarily due to the improvement in bandwidth usage efficiency by the Company, partially offset by the increased bandwidth usage as a result of continued MAUs expansion of Bigo Live.
Gross profit increased by 0.5% to US$201.2 million in the first quarter of 2022 from US$200.2 million in the corresponding period of 2021. Gross margin improved to 32.2% in the first quarter of 2022 from 31.1% in the corresponding period of 2021.
OPERATING EXPENSES AND INCOME
Operating expenses decreased by 28.1% to US$200.6 million in the first quarter of 2022 from US$279.0 million in the corresponding period of 2021. Among the operating expenses, sales and marketing expenses decreased to US$104.4 million in the first quarter of 2022 from US$137.4 million in the corresponding period of 2021, primarily due to the Company’s reduced spending on user acquisition via advertisement for Likee and Hago.
Operating income was US$6.3 million in the first quarter of 2022, compared to operating loss of US$73.0 million in the corresponding period of 2021. Operating income margin was 1.0% in the first quarter of 2022, compared to operating loss margin of 11.4% in the corresponding period of 2021, primarily as a result of BIGO turning profits since the second quarter of 2021.
Non-GAAP operating income7 was US$33.3 million in the first quarter of 2022, compared to non-GAAP operating loss of US$29.7 million in the corresponding period of 2021. Non-GAAP operating income margin8 was 5.3% in the first quarter of 2022, compared to non-GAAP operating loss margin of 4.6% in the corresponding period of 2021.
Net loss from continuing operations attributable to controlling interest of JOYY was US$27.5 million in the first quarter of 2022, compared to net loss of US$87.3 million in the corresponding period of 2021. Net loss margin was 4.4% in the first quarter of 2022, compared to net loss margin of 13.6% in the corresponding period of 2021.
Non-GAAP net income from continuing operations attributable to controlling interest and common shareholders of JOYY was US$20.9 million in the first quarter of 2022, compared to non-GAAP net loss of US$24.1 million in the corresponding period of 2021. Non-GAAP net income margin9 was 3.3% in the first quarter of 2022, compared to non-GAAP net loss margin of 3.7% in the corresponding period of 2021.
NET LOSS PER ADS
Diluted net loss from continuing operations per ADS10 was US$0.41 in the first quarter of 2022, compared to US$1.13 in the corresponding period of 2021.
Non-GAAP diluted net income from continuing operations per ADS11 was US$0.28 in the first quarter of 2022, compared to diluted net loss of US$0.30 in the corresponding period of 2021.
BALANCE SHEET AND CASH FLOWS
As of March 31, 2022, the Company had cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits and short-term investments of US$4,478.9 million. For the first quarter of 2022, net cash from operating activities was US$59.2 million.
SHARES OUTSTANDING
As of March 31, 2022, the Company had a total of 1,433.3 million common shares, or the equivalent of 71.7 million ADSs, outstanding.
Business Outlook
For the second quarter of 2022, the Company expects net revenues to be between US$579 million and US$600 million. This forecast considers the potential impact of the COVID-19 pandemic and reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to changes, particularly as to the potential impact of the COVID-19 on the global economy and users’ paying capabilities.
Quarterly Dividend
On August 11, 2020, the Company’s board of directors approved a quarterly dividend policy for the next three years commencing in the fourth quarter of 2020. On November 16, 2020, the Company’s board of directors announced an additional quarterly dividend policy. Based on these two dividend policies, the board of directors has accordingly declared a dividend of US$0.51 per ADS, or US$0.0255 per common share, for the first quarter of 2022, which is expected to be paid on July 6, 2022 to shareholders of record as of the close of business on June 23, 2022. The ex-dividend date will be June 22, 2022. Under the policy, the board of directors of the Company reserves the discretion relating to the determination to make dividend distributions and the amount of such distributions in any particular quarter, depending on the Company’s operations and earnings, cash flow, financial condition and other relevant factors.
Recent Developments
Share Repurchase Program
In September 2021, the Company announced that its board of directors has authorized a new share repurchase plan under which the Company may repurchase up to US$200 million of its shares between September 2021 and September 2022. In November 2021, the Company announced that its board of directors has authorized an additional share repurchase plan under which the Company may repurchase up to US$1 billion of its shares between November 2021 and November 2022. As of March 31, 2022, the Company had repurchased approximately US$315.8 million of its shares pursuant to those plans.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Tuesday, May 31, 2022 (9:00 AM Singapore/Hong Kong Time on Wednesday, June 1, 2022). Details for the conference call are as follows:
Event Title: | JOYY Inc. First Quarter 2022 Earnings Conference Call |
Conference ID: | #2947279 |
All participants must use the link provided below to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique registrant ID by email.
PRE-REGISTER LINK:http://apac.directeventreg.com/registration/event/2947279A 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 June 8, 2022, by dialing the following numbers: | |||
United States: | +1-646-254-3697 | ||
International: | +61-2-8199-0299 | ||
Conference ID: | #2947279 |
About JOYY Inc.JOYY is a leading global social media company that enables users to interact with each other in real time through online live media. On a mission to connect people and enrich their lives through video, JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, and instant messaging product and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY was listed on the NASDAQ in November 2012.
Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to fourth parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the online communication social platform market in China; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to JOYY’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
Use of Non-GAAP Financial MeasuresThe unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating (loss) margin, non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY, non-GAAP net (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY, and basic and diluted non-GAAP net income (loss) per ADS, which are non-GAAP financial measures. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain on disposal of subsidiaries and business. Non-GAAP operating (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations is net income (loss) from continuing operations excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, (loss) gain on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments(refers to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of above non-GAAP reconciling items. Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is net income (loss) from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, (loss) gain on disposal and deemed disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. Non-GAAP net (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY is net income (loss) from continuing operations attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, (loss) gain on disposal and deemed disposal of subsidiaries and business, gain on disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income from continuing operations attributable to non-controlling interest shareholders. After the non-GAAP reconciliation, non-GAAP net income (loss) from continuing operations attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) from continuing operations per ADS is non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain on disposal of subsidiaries and business, (loss) gain on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, and accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) from continuing operations attributable to non-controlling interest shareholders, which are affected by above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Reconciliation of GAAP and Non-GAAP Results” near the end of this release.
Investor Relations ContactJOYY Inc.Jane Xie/Maggie YanEmail: joyy-ir@joyy.com
ICR, Inc.Robin YangEmail: joyy@icrinc.com
_________________1 On November 16, 2020, the Company entered into definitive agreements with Baidu, Inc. (Nasdaq: BIDU) (“Baidu”). Pursuant to the agreements, Baidu would acquire JOYY’s domestic video-based entertainment live streaming business (“YY Live”), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. Subsequently, the sale was substantially completed on February 8, 2021, with certain customary matters remaining to be completed in the future, 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. 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 March 31, 2021, December 31, 2021 and March 31, 2022 as presented in this press release primarily consisted of BIGO, excluding Huya and YY Live.
2 Net income (loss) from continuing operations attributable to controlling interest of JOYY, is net income (loss) from continuing operations less net (loss) income from continuing operations attributable to the non-controlling interest shareholders and the mezzanine equity classified as non-controlling interest shareholders.
3 Non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net loss from continuing operations attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investment, amortization of intangible assets from business acquisitions, gain on disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects on non-GAAP adjustments and non-GAAP adjustments for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US$48.4 million and US$63.2 million in the first quarter of 2022 and 2021, respectively. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for more details.
4 Refers to mobile average monthly active users. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.
5 The paying users are calculated by number of paying users during a given period as the cumulative number of registered user accounts that have purchased virtual items or other products and services on platforms including Bigo Live, Likee and imo at least once during the relevant period.
6 Average revenue per user is calculated by dividing our total revenues from live streaming on platforms including Bigo Live, Likee and imo during a given period by the number of paying users for our live streaming services on these platforms for that period.
7 Non-GAAP operating income (loss) is a non-GAAP financial measure, which is defined as operating income (loss) excluding share-based compensation expenses, amortization of intangible assets from business acquisitions, impairment of goodwill and investments and gain on disposal of subsidiaries and business. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for details.
8 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for details.
9 Non-GAAP net income (loss) margin is non-GAAP net income (loss) from continuing operations attributable to controlling interest of JOYY as a percentage of net revenues.
10 ADS is American Depositary Share. Each ADS represents twenty Class A common shares of the Company. Diluted net income (loss) per ADS is net income (loss) attributable to common shareholders of JOYY divided by weighted average number of diluted ADS.
11 Non-GAAP diluted net income (loss) from continuing operations per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from continuing operations attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Reconciliation of GAAP and Non-GAAP Results” for details.
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS and per ADS data) | |||||
December 31, 2021 | March 31, 2022 | ||||
US$ | US$ | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 1,837,185 | 1,408,890 | |||
Restricted cash and cash equivalents | 297,022 | 296,789 | |||
Short-term deposits | 1,604,198 | 2,064,185 | |||
Restricted short-term deposits | 285 | 37,074 | |||
Short-term investments | 946,543 | 671,965 | |||
Accounts receivable, net | 114,372 | 119,197 | |||
Amounts due from related parties | 56,984 | 84,217 | |||
Prepayments and other current assets(1) | 213,733 | 212,814 | |||
Total current assets | 5,070,322 | 4,895,131 | |||
Non-current assets | |||||
Investments | 1,022,455 | 1,096,588 | |||
Property and equipment, net | 365,392 | 352,750 | |||
Land use rights, net | 370,052 | 369,370 | |||
Intangible assets, net | 312,082 | 299,559 | |||
Right-of-use assets, net | 16,565 | 12,890 | |||
Goodwill | 1,958,263 | 1,958,713 | |||
Other non-current assets | 4,881 | 5,956 | |||
Total non-current assets | 4,049,690 | 4,095,826 | |||
Total assets | 9,120,012 | 8,990,957 | |||
Liabilities, mezzanine equity and shareholders’ equity | |||||
Current liabilities | |||||
Accounts payable | 18,011 | 19,112 | |||
Deferred revenue | 60,910 | 61,159 | |||
Advances from customers | 3,426 | 2,498 | |||
Income taxes payable | 65,738 | 69,115 | |||
Accrued liabilities and other current liabilities(1) | 2,345,838 | 2,333,315 | |||
Amounts due to related parties | 6,931 | 7,249 | |||
Lease liabilities due within one year | 11,041 | 8,401 | |||
Total current liabilities | 2,511,895 | 2,500,849 | |||
Non-current liabilities | |||||
Convertible bonds | 924,077 | 893,177 | |||
Lease liabilities | 5,734 | 4,139 | |||
Deferred revenue | 6,422 | 7,160 | |||
Deferred tax liabilities | 36,214 | 30,352 | |||
Other non-current liabilities | 7,372 | 13,081 | |||
Total non-current liabilities | 979,819 | 947,909 | |||
Total liabilities | 3,491,714 | 3,448,758 | |||
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS and per ADS data) | |||||||
December 31, 2021 | March 31, 2022 | ||||||
US$ | US$ | ||||||
Mezzanine equity | 65,833 | 67,083 | |||||
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 1,146,336,305 shares outstanding as of December 31, 2021; 1,317,840,464 shares issued and 1,106,741,818 shares outstanding as of March 31, 2022, respectively) | 13 | 13 | |||||
Class B common shares (US$0.00001 par value; 1,000,000,000 | |||||||
and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2021 and March 31, 2022, respectively) | 3 | 3 | |||||
Treasury Shares (US$0.00001 par value; 171,504,159 and | |||||||
211,098,646 shares held as of December 31, 2021 and March 31, 2022, respectively) | (526,724 | ) | (603,949 | ) | |||
Additional paid-in capital | 3,246,523 | 3,259,099 | |||||
Statutory reserves | 26,804 | 26,804 | |||||
Retained earnings | 2,712,534 | 2,683,843 | |||||
Accumulated other comprehensive income | 69,175 | 79,325 | |||||
Total JOYY Inc.’s shareholders’ equity | 5,528,328 | 5,445,138 | |||||
Non-controlling interests | 34,137 | 29,978 | |||||
Total shareholders’ equity | 5,562,465 | 5,475,116 | |||||
Total liabilities, mezzanine equity and shareholders’ equity | 9,120,012 | 8,990,957 |
(1) | JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The considerations received by the Company so far were recorded as advance payments received within accrued liabilities and other current liabilities. |
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||||||
US$ | US$ | US$ | |||||||
Net revenues | |||||||||
Live streaming(1) | 614,133 | 620,868 | 590,099 | ||||||
Others | 28,950 | 42,841 | 33,681 | ||||||
Total net revenues | 643,083 | 663,709 | 623,780 | ||||||
Cost of revenues(2) | (442,930 | ) | (440,187 | ) | (422,624 | ) | |||
Gross profit | 200,153 | 223,522 | 201,156 | ||||||
Operating expenses(2) | |||||||||
Research and development expenses | (87,005 | ) | (29,306 | ) | (64,098 | ) | |||
Sales and marketing expenses | (137,404 | ) | (112,577 | ) | (104,367 | ) | |||
General and administrative expenses | (54,600 | ) | (26,343 | ) | (32,095 | ) | |||
Total operating expenses | (279,009 | ) | (168,226 | ) | (200,560 | ) | |||
Other income | 5,818 | 5,277 | 5,741 | ||||||
Operating (loss) income | (73,038 | ) | 60,573 | 6,337 | |||||
Interest expenses | (4,158 | ) | (3,265 | ) | (3,069 | ) | |||
Interest income and investment income | 22,010 | 21,272 | 18,219 | ||||||
Foreign currency exchange losses, net | (1,509 | ) | (2,183 | ) | (3,364 | ) | |||
Gain (loss) on disposal and deemed disposal of investments | 4,343 | (2,073 | ) | 1,918 | |||||
(Loss) gain on fair value change of investments | (15,151 | ) | 13,106 | (20,132 | ) | ||||
(Loss) gain on extinguishment of debt and derivative | (383 | ) | 4,024 | 2,115 | |||||
(Loss) income before income tax expenses | (67,886 | ) | 91,454 | 2,024 | |||||
Income tax (expenses) benefits | (15,749 | ) | (3,081 | ) | 805 | ||||
(Loss) income before share of loss in equity method investments, net of income taxes | (83,635 | ) | 88,373 | 2,829 | |||||
Share of loss in equity method investments, net of income taxes | (5,451 | ) | (20,288 | ) | (35,689 | ) | |||
Net (loss) income from continuing operations | (89,086 | ) | 68,085 | (32,860 | ) | ||||
Net income from discontinued operations | 35,567 | - | - | ||||||
Net (loss) income | (53,519 | ) | 68,085 | (32,860 | ) | ||||
Net loss attributable to the non-controlling interest | 1,787 | 5,161 | 5,383 | ||||||
shareholders and the mezzanine equity classified as non-controlling interest shareholders | |||||||||
Net (loss) income attributable to controlling interest of JOYY Inc. | (51,732 | ) | 73,246 | (27,477 | ) | ||||
Including: | |||||||||
Net (loss) income from continuing operations | |||||||||
attributable to controlling interest of JOYY Inc. | (87,299 | ) | 73,246 | (27,477 | ) | ||||
Net income from discontinued operations attributable to | |||||||||
controlling interest of JOYY Inc. | 35,567 | - | - | ||||||
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | (1,391 | ) | (1,250 | ) | (1,250 | ) | |||
Cumulative dividend on subsidiary’s Series A Preferred Shares | (1,000 | ) | (1,000 | ) | (1,000 | ) | |||
Net (loss) income attributable to common shareholders of JOYY Inc. | (54,123 | ) | 70,996 | (29,727 | ) | ||||
Including: | |||||||||
Net (loss) income from continuing operations | |||||||||
attributable to common shareholders of JOYY Inc. | (89,690 | ) | 70,996 | (29,727 | ) | ||||
Net income from discontinued operations attributable to | |||||||||
common shareholders of JOYY Inc. | 35,567 | - | - | ||||||
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
Three Months Ended | ||||||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | ||||||
US$ | US$ | US$ | ||||||
Net (loss) income per ADS | ||||||||
—Basic | (0.68 | ) | 0.92 | (0.41 | ) | |||
Continuing operations | (1.13 | ) | 0.92 | (0.41 | ) | |||
Discontinued operations | 0.45 | - | - | |||||
—Diluted | (0.68 | ) | 0.85 | (0.41 | ) | |||
Continuing operations | (1.13 | ) | 0.85 | (0.41 | ) | |||
Discontinued operations | 0.45 | - | - | |||||
Weighted average number of ADS used in calculating net (loss) income per ADS | ||||||||
—Basic | 79,202,606 | 76,863,050 | 72,881,330 | |||||
—Diluted | 79,202,606 | 87,843,898 | 72,881,330 |
(1) Live streaming revenues by geographical areas were as follows:
Three Months Ended | |||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||
US$ | US$ | US$ | |||
PRC | 111,560 | 120,683 | 134,130 | ||
Non-PRC | 502,573 | 500,185 | 455,969 | ||
(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended | |||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||
US$ | US$ | US$ | |||
Cost of revenues | 1,488 | 1,972 | 4,545 | ||
Research and development expenses | 5,002 | 5,811 | 6,410 | ||
Sales and marketing expenses | 449 | 283 | 251 | ||
General and administrative expenses | 16,119 | 2,460 | 3,330 |
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||||||
US$ | US$ | US$ | |||||||
Operating (loss) income | (73,038 | ) | 60,573 | 6,337 | |||||
Share-based compensation expenses | 23,058 | 10,526 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 20,303 | 12,401 | 12,409 | ||||||
Non-GAAP operating (loss) income | (29,677 | ) | 83,500 | 33,282 | |||||
Net (loss) income from continuing operations | (89,086 | ) | 68,085 | (32,860 | ) | ||||
Share-based compensation expenses | 23,058 | 10,526 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 20,303 | 12,401 | 12,409 | ||||||
(Gain) loss on disposal and deemed disposal of investments | (4,343 | ) | 2,073 | (1,918 | ) | ||||
Loss (gain) on fair value change of investments | 15,151 | (13,106 | ) | 20,132 | |||||
Reconciling items on the share of equity method investments | 7,364 | 13,313 | 11,143 | ||||||
Loss (gain) on extinguishment of debt and derivative | 383 | (4,024 | ) | (2,115 | ) | ||||
Interest expenses related to the convertible bonds’ amortization to face value | 694 | 616 | 629 | ||||||
Income tax effects on non-GAAP adjustments | 593 | 3,496 | (4,518 | ) | |||||
Non-GAAP net (loss) income from continuing operations | (25,883 | ) | 93,380 | 17,438 | |||||
Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc. | (89,690 | ) | 70,996 | (29,727 | ) | ||||
Share-based compensation expenses | 23,058 | 10,526 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 20,303 | 12,401 | 12,409 | ||||||
(Gain) loss on disposal and deemed disposal of investments | (4,343 | ) | 2,073 | (1,918 | ) | ||||
Loss (gain) on fair value change of investments | 15,151 | (13,106 | ) | 20,132 | |||||
Reconciling items on the share of equity method investments | 7,364 | 13,313 | 11,143 | ||||||
Loss (gain) on extinguishment of debt and derivative | 383 | (4,024 | ) | (2,115 | ) | ||||
Interest expenses related to the convertible bonds’ amortization to face value | 694 | 616 | 629 | ||||||
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | 2,391 | 2,250 | 2,250 | ||||||
Income tax effects on non-GAAP adjustments | 593 | 3,496 | (4,518 | ) | |||||
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | 33 | (267 | ) | (1,930 | ) | ||||
Non-GAAP net (loss) income from continuing operations attributable tocontrolling interest and common shareholders of JOYY Inc. | (24,063 | ) | 98,274 | 20,891 | |||||
Non-GAAP net (loss) income from continuing operations per ADS | |||||||||
—Basic | (0.30 | ) | 1.28 | 0.29 | |||||
—Diluted | (0.30 | ) | 1.15 | 0.28 | |||||
Weighted average number of ADS used in calculating Non-GAAP net (loss) income from continuing operations per ADS | |||||||||
—Basic | 79,202,606 | 76,863,050 | 72,881,330 | ||||||
—Diluted | 79,202,606 | 87,843,898 | 83,897,416 | ||||||
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||
Three Months Ended | |||||||||||||
March 31, 2022 | |||||||||||||
Bigo | All other | Elimination(1) | Total | ||||||||||
US$ | US$ | US$ | US$ | ||||||||||
Net revenues | |||||||||||||
Live streaming | 513,154 | 76,945 | - | 590,099 | |||||||||
Others | 21,429 | 12,283 | (31 | ) | 33,681 | ||||||||
Total net revenues | 534,583 | 89,228 | (31 | ) | 623,780 | ||||||||
Cost of revenues(2) | (350,563 | ) | (72,092 | ) | 31 | (422,624 | ) | ||||||
Gross profit | 184,020 | 17,136 | - | 201,156 | |||||||||
Operating expenses(2) | |||||||||||||
Research and development expenses | (46,606 | ) | (17,492 | ) | - | (64,098 | ) | ||||||
Sales and marketing expenses | (81,937 | ) | (22,430 | ) | - | (104,367 | ) | ||||||
General and administrative expenses | (14,634 | ) | (17,461 | ) | - | (32,095 | ) | ||||||
Total operating expenses | (143,177 | ) | (57,383 | ) | - | (200,560 | ) | ||||||
Other income | 4,351 | 1,390 | - | 5,741 | |||||||||
Operating income (loss) | 45,194 | (38,857 | ) | - | 6,337 | ||||||||
Interest expenses | (788 | ) | (3,069 | ) | 788 | (3,069 | ) | ||||||
Interest income and investment income | 1,003 | 18,004 | (788 | ) | 18,219 | ||||||||
Foreign currency exchange losses, net | (2,857 | ) | (507 | ) | - | (3,364 | ) | ||||||
Gain on extinguishment of debt and derivative | - | 2,115 | - | 2,115 | |||||||||
Gain on disposal and deemed disposal of investments | - | 1,918 | - | 1,918 | |||||||||
Loss on fair value change of investments | - | (20,132 | ) | - | (20,132 | ) | |||||||
Income (loss) before income tax expenses | 42,552 | (40,528 | ) | - | 2,024 | ||||||||
Income tax benefits (expenses) | 2,108 | (1,303 | ) | - | 805 | ||||||||
Income (loss) before share of loss in equity method investments, net of income taxes | 44,660 | (41,831 | ) | - | 2,829 | ||||||||
Share of loss in equity method investments, net of income taxes | - | (35,689 | ) | - | (35,689 | ) | |||||||
Net income (loss) from continuing operations | 44,660 | (77,520 | ) | - | (32,860 | ) | |||||||
(1) The elimination mainly consists of interest income and interest expenses generated from the loan between Bigo and all other segments.(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended | |||||
March 31, 2022 | |||||
Bigo | All other | Total | |||
US$ | US$ | US$ | |||
Cost of revenues | 1,386 | 3,159 | 4,545 | ||
Research and development expenses | 4,629 | 1,781 | 6,410 | ||
Sales and marketing expenses | 77 | 174 | 251 | ||
General and administrative expenses | 1,443 | 1,887 | 3,330 | ||
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2022 | |||||||||
Bigo | All other | Total | |||||||
US$ | US$ | US$ | |||||||
Operating income (loss) | 45,194 | (38,857 | ) | 6,337 | |||||
Share-based compensation expenses | 7,535 | 7,001 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,184 | 12,409 | ||||||
Non-GAAP operating income (loss) | 63,954 | (30,672 | ) | 33,282 | |||||
Net income (loss) from continuing operations | 44,660 | (77,520 | ) | (32,860 | ) | ||||
Share-based compensation expenses | 7,535 | 7,001 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,184 | 12,409 | ||||||
Loss on fair value change of investments | - | 20,132 | 20,132 | ||||||
Gain on disposal and deemed disposal of investments | - | (1,918 | ) | (1,918 | ) | ||||
Reconciling items on the share of equity method investments | - | 11,143 | 11,143 | ||||||
Gain on extinguishment of debt and derivative | - | (2,115 | ) | (2,115 | ) | ||||
Interest expenses related to the convertible bonds’ amortization to face value | - | 629 | 629 | ||||||
Income tax effects on non-GAAP adjustments | (3,517 | ) | (1,001 | ) | (4,518 | ) | |||
Non-GAAP net income (loss) from continuing operations | 59,903 | (42,465 | ) | 17,438 | |||||
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, 2021 | ||||||||||||
Bigo | All other | Elimination(1) | Total | |||||||||
US$ | US$ | US$ | US$ | |||||||||
Net revenues | ||||||||||||
Live streaming | 548,764 | 72,104 | - | 620,868 | ||||||||
Others | 27,365 | 15,543 | (67 | ) | 42,841 | |||||||
Total net revenues | 576,129 | 87,647 | (67 | ) | 663,709 | |||||||
Cost of revenues(2) | (369,437 | ) | (70,817 | ) | 67 | (440,187 | ) | |||||
Gross profit | 206,692 | 16,830 | - | 223,522 | ||||||||
Operating expenses(2) | ||||||||||||
Research and development expenses | (17,828 | ) | (11,478 | ) | - | (29,306 | ) | |||||
Sales and marketing expenses | (91,836 | ) | (20,741 | ) | - | (112,577 | ) | |||||
General and administrative expenses | (9,353 | ) | (16,990 | ) | - | (26,343 | ) | |||||
Total operating expenses | (119,017 | ) | (49,209 | ) | - | (168,226 | ) | |||||
Other income | 1,208 | 4,069 | - | 5,277 | ||||||||
Operating income (loss) | 88,883 | (28,310 | ) | - | 60,573 | |||||||
Interest expenses | (558 | ) | (3,264 | ) | 557 | (3,265 | ) | |||||
Interest income and investment income | 677 | 21,152 | (557 | ) | 21,272 | |||||||
Foreign currency exchange (losses) gains, net | (3,128 | ) | 945 | - | (2,183 | ) | ||||||
Gain on extinguishment of debt and derivative | - | 4,024 | - | 4,024 | ||||||||
Loss on disposal and deemed disposal of investments | - | (2,073 | ) | - | (2,073 | ) | ||||||
Gain on fair value change of investments | - | 13,106 | - | 13,106 | ||||||||
Income before income tax expenses | 85,874 | 5,580 | - | 91,454 | ||||||||
Income tax expenses | (2,543 | ) | (538 | ) | - | (3,081 | ) | |||||
Income before share of loss in equity method investments, net of income taxes | 83,331 | 5,042 | - | 88,373 | ||||||||
Share of loss in equity method investments, net of income taxes | - | (20,288 | ) | - | (20,288 | ) | ||||||
Net income (loss) from continuing operations | 83,331 | (15,246 | ) | - | 68,085 | |||||||
(1) The elimination mainly consists of revenues and expenses generated from services among Bigo and all other segments, and interest income and interest expenses generated from the loan between Bigo and all other segments.(2) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended | |||||
December 31, 2021 | |||||
Bigo | All other | Total | |||
US$ | US$ | US$ | |||
Cost of revenues | 1,318 | 654 | 1,972 | ||
Research and development expenses | 3,526 | 2,285 | 5,811 | ||
Sales and marketing expenses | 136 | 147 | 283 | ||
General and administrative expenses | 1,250 | 1,210 | 2,460 |
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
Three Months Ended | ||||||||
December 31, 2021 | ||||||||
Bigo | All other | Total | ||||||
US$ | US$ | US$ | ||||||
Operating income (loss) | 88,883 | (28,310 | ) | 60,573 | ||||
Share-based compensation expenses | 6,230 | 4,296 | 10,526 | |||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,176 | 12,401 | |||||
Non-GAAP operating income (loss) | 106,338 | (22,838 | ) | 83,500 | ||||
Net income (loss) from continuing operations | 83,331 | (15,246 | ) | 68,085 | ||||
Share-based compensation expenses | 6,230 | 4,296 | 10,526 | |||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,176 | 12,401 | |||||
Gain on fair value change of investments | - | (13,106 | ) | (13,106 | ) | |||
Loss on disposal and deemed disposal of investments | - | 2,073 | 2,073 | |||||
Reconciling items on the share of equity method investments | - | 13,313 | 13,313 | |||||
Gain on extinguishment of debt and derivative | - | (4,024 | ) | (4,024 | ) | |||
Interest expenses related to the convertible bonds’ amortization to face value | - | 616 | 616 | |||||
Income tax effects on non-GAAP adjustments | 2,674 | 822 | 3,496 | |||||
Non-GAAP net income (loss) from continuing operations | 103,460 | (10,080 | ) | 93,380 | ||||
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, 2021 | ||||||||||||
Bigo | All other(1) | Elimination(2) | Total | |||||||||
US$ | US$ | US$ | US$ | |||||||||
Net revenues | ||||||||||||
Live streaming | 561,386 | 52,747 | - | 614,133 | ||||||||
Others | 19,723 | 9,227 | - | 28,950 | ||||||||
Total net revenues | 581,109 | 61,974 | - | 643,083 | ||||||||
Cost of revenues(3) | (389,858 | ) | (53,072 | ) | - | (442,930 | ) | |||||
Gross profit | 191,251 | 8,902 | - | 200,153 | ||||||||
Operating expenses(3) | ||||||||||||
Research and development expenses | (62,427 | ) | (24,578 | ) | - | (87,005 | ) | |||||
Sales and marketing expenses | (125,022 | ) | (12,382 | ) | - | (137,404 | ) | |||||
General and administrative expenses | (32,641 | ) | (21,959 | ) | - | (54,600 | ) | |||||
Total operating expenses | (220,090 | ) | (58,919 | ) | - | (279,009 | ) | |||||
Other income | 435 | 5,383 | - | 5,818 | ||||||||
Operating loss | (28,404 | ) | (44,634 | ) | - | (73,038 | ) | |||||
Interest expenses | (1,885 | ) | (3,464 | ) | 1,191 | (4,158 | ) | |||||
Interest income and investment income | 50 | 23,151 | (1,191 | ) | 22,010 | |||||||
Foreign currency exchange losses, net | (1,267 | ) | (242 | ) | - | (1,509 | ) | |||||
Loss on extinguishment of debt and derivative | (8 | ) | (375 | ) | - | (383 | ) | |||||
Gain on disposal and deemed disposal of investments | - | 4,343 | - | 4,343 | ||||||||
Loss on fair value change of investments | - | (15,151 | ) | - | (15,151 | ) | ||||||
Loss before income tax expenses | (31,514 | ) | (36,372 | ) | - | (67,886 | ) | |||||
Income tax expenses | (4,511 | ) | (11,238 | ) | - | (15,749 | ) | |||||
Loss before share of loss in equity method investments, net of income taxes | (36,025 | ) | (47,610 | ) | - | (83,635 | ) | |||||
Share of loss in equity method investments, net of income taxes | - | (5,451 | ) | - | (5,451 | ) | ||||||
Net loss from continuing operations | (36,025 | ) | (53,061 | ) | - | (89,086 | ) | |||||
(1) As a result of the definitive agreements entered into with Baidu on the sale of YY Live, YY Live is represented as discontinued operations. YY segment is renamed as "all other" segment and has been recast to exclude the financial numbers of YY Live.(2) The elimination mainly consists of interest income and interest expenses generated from the loan between Bigo and all other segments.(3) Share-based compensation was allocated in cost of revenues and operating expenses as follows:
Three Months Ended | ||||||||
March 31, 2021 | ||||||||
Bigo | All other | Total | ||||||
US$ | US$ | US$ | ||||||
Cost of revenues | 1,411 | 77 | 1,488 | |||||
Research and development expenses | 6,585 | (1,583 | ) | 5,002 | ||||
Sales and marketing expenses | 317 | 132 | 449 | |||||
General and administrative expenses | 15,403 | 716 | 16,119 |
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2021 | |||||||||
Bigo | All other | Total | |||||||
US$ | US$ | US$ | |||||||
Operating loss | (28,404 | ) | (44,634 | ) | (73,038 | ) | |||
Share-based compensation expenses | 23,716 | (658 | ) | 23,058 | |||||
Amortization of intangible assets from business acquisitions | 20,200 | 103 | 20,303 | ||||||
Non-GAAP operating income (loss) | 15,512 | (45,189 | ) | (29,677 | ) | ||||
Net loss from continuing operations | (36,025 | ) | (53,061 | ) | (89,086 | ) | |||
Share-based compensation expenses | 23,716 | (658 | ) | 23,058 | |||||
Amortization of intangible assets from business acquisitions | 20,200 | 103 | 20,303 | ||||||
Loss on fair value change of investments | - | 15,151 | 15,151 | ||||||
Gain on disposal and deemed disposal of investments | - | (4,343 | ) | (4,343 | ) | ||||
Reconciling items on the share of equity method investments | - | 7,364 | 7,364 | ||||||
Loss on extinguishment of debt and derivative | 8 | 375 | 383 | ||||||
Interest expenses related to the convertible bonds’ amortization to face value | - | 694 | 694 | ||||||
Income tax effects on non-GAAP adjustments | 1,566 | (973 | ) | 593 | |||||
Non-GAAP net income (loss) from continuing operations | 9,465 | (35,348 | ) | (25,883 | ) | ||||
СИНГАПУР, 01 июня 2022 года (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” или “Компания”, ранее известная как YY Inc.), глобальная компания социальных сетей, основанная на видео, сегодня объявила о своих неаудированных финансовых результатах за первый квартал 2022 года.
Финансовые показатели Первого квартала 2022 года1
Основные операционные показатели Первого квартала 2022 года
Г-н Дэвид Сюэлин Ли, председатель и главный исполнительный директор JOYY, прокомментировал: “Несмотря на макроэкономическую неопределенность и проблемы, наша диверсифицированная глобальная продуктовая матрица и постоянное повышение операционной эффективности обеспечили нашему глобальному бизнесу дополнительную устойчивость. Мы добились устойчивого улучшения прибыльности как по ОПБУ, так и без учета ОПБУ по сравнению с предыдущими периодами года и получили 59,2 млн долларов США положительных чистых денежных средств от операционной деятельности. Кроме того, мы продолжали повышать доходность для акционеров за счет выкупа акций. По состоянию на 31 марта 2022 года мы выкупили наши акции на общую сумму 315,8 млн долларов США в соответствии с нашими планами обратного выкупа акций, что отражает нашу уверенность в долгосрочном росте и прибыльности компании. Заглядывая в будущее, мы по-прежнему уверены в среднесрочном и долгосрочном потенциале роста мирового рынка социальных развлечений. Мы будем продолжать реализовывать нашу стратегию глобализации, уделять приоритетное внимание развитию нашего контента и социальных экосистем, а также поддерживать здоровый и обильный денежный поток, попутно используя новые возможности для бизнеса. Мы по-прежнему стремимся обеспечить долгосрочную ценность для наших акционеров”.
Финансовые результаты за Первый квартал 2022 года
Чистая выручка в первом квартале 2022 года составила 623,8 млн долларов США по сравнению с 643,1 млн долларов США за соответствующий период 2021 года.
Доходы от прямых трансляций составили 590,1 млн долларов США в первом квартале 2022 года по сравнению с 614,1 млн долларов США в соответствующем периоде 2021 года. Доходы от прямых трансляций были выше в 2021 году из-за более высокого спроса на услуги онлайн-развлечений в период пандемии в 2021 году и неблагоприятных колебаний обменного курса в первом квартале 2022 года, поскольку несколько иностранных валют ослабли по отношению к долларам США, в которых Компания сообщает о результатах своей деятельности.
Прочие доходы увеличились на 16,3% до 33,7 млн долларов США в первом квартале 2022 года с 29,0 млн долларов США в соответствующем периоде 2021 года.
себестоимость выручки и валовой прибыли
Себестоимость выручки снизилась на 4,6% до 422,6 млн долларов США в первом квартале 2022 года с 442,9 млн долларов США в соответствующем периоде 2021 года. Сборы за распределение доходов и расходы на контент составили 279,9 млн долларов США в первом квартале 2022 года по сравнению с 282,0 млн долларов США в соответствующем периоде 2021 года. Затраты на полосу пропускания снизились до 20,9 млн долларов США в первом квартале 2022 года с 29,5 млн долларов США в соответствующем периоде 2021 года, главным образом из-за повышения эффективности использования полосы пропускания Компанией, частично компенсируемого увеличением использования полосы пропускания в результате продолжающегося расширения MAUs Bigo Live.
Валовая прибыль увеличилась на 0,5% до 201,2 млн долларов США в первом квартале 2022 года с 200,2 млн долларов США в соответствующем периоде 2021 года. Валовая прибыль увеличилась до 32,2% в первом квартале 2022 года с 31,1% в соответствующем периоде 2021 года.
операционные расходы и доходы
Операционные расходы снизились на 28,1% до 200,6 млн долларов США в первом квартале 2022 года с 279,0 млн долларов США в соответствующем периоде 2021 года. Среди операционных расходов расходы на продажи и маркетинг снизились до 104,4 млн долларов США в первом квартале 2022 года с 137,4 млн долларов США в соответствующем периоде 2021 года, главным образом из-за сокращения расходов Компании на привлечение пользователей с помощью рекламы для Likee и Hago.
Операционная прибыль в первом квартале 2022 года составила 6,3 млн долларов США по сравнению с операционным убытком в размере 73,0 млн долларов США за соответствующий период 2021 года. Рентабельность по операционной прибыли составила 1,0% в первом квартале 2022 года по сравнению с рентабельностью по операционным убыткам в размере 11,4% в соответствующем периоде 2021 года, главным образом в результате увеличения прибыли BIGO со второго квартала 2021 года.
Операционная прибыль без учета GAAP7 в первом квартале 2022 года составила 33,3 млн долларов США по сравнению с операционным убытком без учета GAAP в размере 29,7 млн долларов США в соответствующем периоде 2021 года. Рентабельность по операционным доходам без учета GAAP8 составила 5,3% в первом квартале 2022 года по сравнению с рентабельностью по операционным убыткам без учета GAAP в размере 4,6% в соответствующем периоде 2021 года.
Чистый убыток от продолжающейся деятельности, приходящийся на контрольный пакет акций JOYY, составил 27,5 млн долларов США в первом квартале 2022 года по сравнению с чистым убытком в размере 87,3 млн долларов США в соответствующем периоде 2021 года. Рентабельность по чистому убытку составила 4,4% в первом квартале 2022 года по сравнению с рентабельностью по чистому убытку в размере 13,6% в соответствующем периоде 2021 года.
Чистая прибыль без учета GAAP от продолжающейся деятельности, приходящаяся на контрольный пакет акций и простых акционеров JOYY, составила 20,9 млн долларов США в первом квартале 2022 года по сравнению с чистым убытком без учета GAAP в размере 24,1 млн долларов США в соответствующем периоде 2021 года. Маржа чистой прибыли без учета GAAP9 составила 3,3% в первом квартале 2022 года по сравнению с маржей чистого убытка без учета GAAP в размере 3,7% в соответствующем периоде 2021 года.
чистый убыток на рекламу
Разводненный чистый убыток от продолжающейся деятельности на ADS10 составил 0,41 доллара США в первом квартале 2022 года по сравнению с 1,13 доллара США в соответствующем периоде 2021 года.
Разводненная чистая прибыль от продолжающейся деятельности без учета GAAP на ADS11 составила 0,28 доллара США в первом квартале 2022 года по сравнению с разводненным чистым убытком в размере 0,30 доллара США в соответствующем периоде 2021 года.
баланс и движение денежных средств
По состоянию на 31 марта 2022 года у Компании были денежные средства и их эквиваленты, ограниченные денежные средства и их эквиваленты, краткосрочные депозиты, ограниченные краткосрочные депозиты и краткосрочные инвестиции на сумму 4 478,9 млн. долларов США. За первый квартал 2022 года чистые денежные средства от операционной деятельности составили 59,2 миллиона долларов США.
акции в обращении
По состоянию на 31 марта 2022 года Компания имела в обращении в общей сложности 1433,3 миллиона обыкновенных акций, или эквивалент 71,7 миллиона ADSS.
Перспективы бизнеса
Во втором квартале 2022 года Компания ожидает, что чистая выручка составит от 579 до 600 миллионов долларов США. Этот прогноз учитывает потенциальное влияние пандемии COVID-19 и отражает текущие и предварительные взгляды Компании на рынок и условия работы, которые могут измениться, в частности, в отношении потенциального воздействия COVID-19 на мировую экономику и платежеспособность пользователей.
Ежеквартальный дивиденд
11 августа 2020 года совет директоров Компании утвердил ежеквартальную дивидендную политику на следующие три года, начиная с четвертого квартала 2020 года. 16 ноября 2020 года совет директоров Компании объявил о дополнительной ежеквартальной дивидендной политике. Исходя из этих двух дивидендных политик, совет директоров соответственно объявил о выплате дивидендов в размере 0,51 доллара США на ADS, или 0,0255 доллара США на одну обыкновенную акцию, за первый квартал 2022 года, которые, как ожидается, будут выплачены 6 июля 2022 года акционерам record на момент закрытия бизнеса в 23 июня 2022 года. Дата выплаты дивидендов - 22 июня 2022 года. В соответствии с политикой совет директоров Компании оставляет за собой право по своему усмотрению принимать решение о выплате дивидендов и размере таких выплат в любом конкретном квартале в зависимости от деятельности и прибыли Компании, движения денежных средств, финансового состояния и других соответствующих факторов.
Последние события
Программа обратного выкупа Акций
В сентябре 2021 года Компания объявила, что ее совет директоров утвердил новый план обратного выкупа акций, в соответствии с которым Компания может выкупить свои акции на сумму до 200 миллионов долларов США в период с сентября 2021 по сентябрь 2022 года. В ноябре 2021 года Компания объявила, что ее совет директоров утвердил дополнительный план обратного выкупа акций, в соответствии с которым Компания может выкупить свои акции на сумму до 1 миллиарда долларов США в период с ноября 2021 по ноябрь 2022 года. По состоянию на 31 марта 2022 года Компания выкупила свои акции примерно на 315,8 миллиона долларов США в соответствии с этими планами.
Информация о конференц-звонке
Компания проведет телефонную конференцию в 9:00 вечера по восточному времени США во вторник, 31 мая 2022 года (9:00 утра по Сингапурскому / Гонконгскому времени в среду, 1 июня 2022 года). Подробная информация о конференц-звонке приведена ниже:
Event Title: | JOYY Inc. First Quarter 2022 Earnings Conference Call |
Conference ID: | #2947279 |
Все участники должны воспользоваться приведенной ниже ссылкой для завершения процесса онлайн-регистрации до начала телефонной конференции. После регистрации каждый участник получит по электронной почте набор номеров для набора участников, пароль для прямого события и уникальный идентификатор владельца регистрации.
ССЫЛКА ДЛЯ ПРЕДВАРИТЕЛЬНОЙ РЕГИСТРАЦИИ: http://apac.directeventreg.com/registration/event/2947279A прямая и архивная веб-трансляция телефонной конференции также будет доступна на веб-сайте Компании по связям с инвесторами по адресу https://ir .JOYY.com .
The replay will be accessible through June 8, 2022, by dialing the following numbers: | |||
United States: | +1-646-254-3697 | ||
International: | +61-2-8199-0299 | ||
Conference ID: | #2947279 |
О компании JOYY Inc.JOYY - ведущая глобальная компания в области социальных сетей, которая позволяет пользователям взаимодействовать друг с другом в режиме реального времени через онлайн-трансляции. Стремясь объединить людей и обогатить их жизнь с помощью видео, JOYY в настоящее время управляет несколькими социальными продуктами, включая Bigo Live для прямой трансляции, Likee для коротких видеороликов, Hago для многопользовательских социальных сетей, продукт для обмена мгновенными сообщениями и другие. Компания создала очень привлекательное и динамичное сообщество пользователей для пользователей по всему миру. JOYY был зарегистрирован на бирже NASDAQ в ноябре 2012 года.
Заявление о безопасной гавани Это объявление содержит прогнозные заявления. Эти заявления сделаны в соответствии с положениями “безопасной гавани” Закона США о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти прогнозные заявления могут быть идентифицированы с помощью такой терминологии, как “будет”, “ожидает”, “ожидает”, “будущее”, “намеревается”, “планирует”, “полагает”, “оценивает” и аналогичные заявления. Среди прочего, бизнес-перспективы и цитаты руководства в этом объявлении, а также стратегические и операционные планы JOYY содержат заявления о перспективах. JOYY может также делать письменные или устные заявления прогнозного характера в своих периодических отчетах Комиссии по ценным бумагам и биржам США (“SEC”), в своем годовом отчете акционерам, в пресс-релизах и других письменных материалах, а также в устных заявлениях, сделанных его должностными лицами, директорами или сотрудниками перед третьими лицами. Заявления, которые не являются историческими фактами, включая заявления о убеждениях и ожиданиях JOYY, являются прогнозными заявлениями. Прогнозные заявления сопряжены с присущими им рисками и неопределенностями. Ряд факторов может привести к тому, что фактические результаты будут существенно отличаться от тех, которые содержатся в любом прогнозном заявлении, включая, но не ограничиваясь следующим: цели и стратегии JOYY; будущее развитие бизнеса JOYY, результаты операций и финансовое состояние; ожидаемый рост рынка социальных платформ для онлайн-общения в Китае.; ожидания относительно скорости привлечения активных пользователей, особенно платящих пользователей; способность JOYY монетизировать пользовательскую базу; колебания общих экономических и деловых условий в Китае; влияние COVID-19 на бизнес-операции JOYY и экономику в Китае и других странах в целом; и предположения, лежащие в основе или связанные с любым из вышеперечисленных. Дополнительная информация об этих и других рисках содержится в заявках JOYY в SEC. Вся информация, представленная в настоящем пресс-релизе и в приложениях, действительна на дату настоящего пресс-релиза, и JOYY не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений, за исключением случаев, когда это требуется в соответствии с применимым законодательством.
Использование финансовых показателей, не относящихся к ОПБУ Неаудированная сокращенная консолидированная финансовая информация подготовлена в соответствии с принципами бухгалтерского учета, общепринятыми в Соединенных Штатах Америки (“ОПБУ США”). JOYY использует не по GAAP операционный доход, не по GAAP операционную маржу (убыток), не по GAAP чистый доход (убыток) от продолжающейся деятельности, относящийся к контрольной доле JOYY, не по GAAP чистый (убыток) маржа, относящаяся к контрольной доле JOYY, не по GAAP чистый доход (убыток) от продолжающейся деятельности операции, относящиеся к простым акционерам JOYY, а также базовая и разводненная чистая прибыль (убыток) на ADS, не относящиеся к GAAP, которые являются финансовыми показателями, не относящимися к GAAP. Операционный доход (убыток), не относящийся к ОПБУ, представляет собой операционный доход (убыток), за исключением расходов на компенсацию на основе акций, обесценения гудвила и инвестиций, амортизации нематериальных активов в результате приобретения бизнеса и прибыли от выбытия дочерних компаний и бизнеса. Операционная маржа (убыток), не относящаяся к ОПБУ, представляет собой операционный доход, не относящийся к ОПБУ, в процентах от чистой выручки. Чистый доход (убыток) от продолжающейся деятельности, не относящийся к ОПБУ, представляет собой чистый доход (убыток) от продолжающейся деятельности, за исключением расходов на компенсацию на основе акций, обесценения гудвила и инвестиций, амортизации нематериальных активов от приобретения бизнеса, прибыли от выбытия дочерних компаний и бизнеса, (убытка) прибыли от выбытия и предполагаемого выбытия инвестиций, прибыль (убыток) от изменения справедливой стоимости инвестиций, выверка статей о доле инвестиций по методу долевого участия (относится к доле дохода (убытка) от инвестиций по методу долевого участия в результате единовременных или неденежных статей инвестиций по методу долевого участия), прибыль (убыток) от погашения долга и производные финансовые инструменты, процентные расходы, связанные с амортизацией конвертируемых облигаций до номинальной стоимости, и влияние на налог на прибыль вышеуказанных статей, не относящихся к GAAP. Чистый доход (убыток) от продолжающейся деятельности, относящийся к контрольной доле JOYY, не относящийся к GAAP, представляет собой чистый доход (убыток) от продолжающейся деятельности, относящийся к контрольной доле JOYY, за исключением расходов на компенсацию на основе акций, обесценения гудвила и инвестиций, амортизации нематериальных активов от приобретения бизнеса, (убытка) прибыли от выбытия и предполагаемое выбытие дочерних компаний и бизнеса, прибыль от выбытия инвестиций, прибыль (убыток) от изменения справедливой стоимости инвестиций, сверка статей по доле инвестиций по методу долевого участия, прибыль (убыток) от погашения долга и производных финансовых инструментов, процентные расходы, связанные с амортизацией конвертируемых облигаций до номинальной стоимости, налог на прибыль влияние вышеуказанных статей выверки, не относящихся к GAAP, и корректировок для статей выверки, не относящихся к GAAP, на чистый (убыток) доход от продолжающейся деятельности, приходящийся на неконтролирующих акционеров. Чистая (убыточная) маржа, не соответствующая ОПБУ, представляет собой чистый доход (убыток), не соответствующий ОПБУ, от продолжающейся деятельности, относящийся к контрольной доле JOYY в процентах от чистой выручки. Чистый доход (убыток) от продолжающейся деятельности, относящийся к простым акционерам JOYY, не относящийся к GAAP, представляет собой чистый доход (убыток) от продолжающейся деятельности, относящийся к простым акционерам JOYY, за исключением расходов на компенсацию на основе акций, обесценения гудвила и инвестиций, амортизации нематериальных активов от приобретения бизнеса, (убытка) прибыли от выбытия и предполагаемого выбытия дочерних компаний и бизнеса, прибыль от выбытия инвестиций, прибыль (убыток) от изменения справедливой стоимости инвестиций, сверка статей по доле инвестиций по методу долевого участия, прибыль (убыток) от погашения долга и производных финансовых инструментов, процентные расходы, связанные с амортизацией конвертируемых облигаций до номинальной стоимости, увеличение, совокупные дивиденды и предполагаемые дивиденды привилегированным акционерам дочерних компаний, а также влияние на налог на прибыль вышеуказанных статей, не относящихся к GAAP, и корректировок для статей, не относящихся к GAAP, на чистый (убыток) доход от продолжающейся деятельности, приходящийся на неконтролирующих акционеров. После выверки не по ОПБУ чистая прибыль (убыток) от продолжающейся деятельности, относящаяся к контрольным долям JOYY, не по ОПБУ, равна чистой прибыли (убытку) от продолжающейся деятельности, относящейся к простым акционерам JOYY. Базовая и разводненная чистая прибыль (убыток) не по GAAP от продолжающейся деятельности в расчете на ADS представляет собой чистую прибыль (убыток) не по GAAP от продолжающейся деятельности, приходящуюся на простых акционеров JOYY, деленную на средневзвешенное количество ADS, используемое при расчете базовой и разводненной чистой прибыли на ADS. Компания считает, что отдельный анализ и исключение неденежного влияния вышеуказанных статей выверки вносит ясность в составные части ее деятельности. Компания рассматривает эти финансовые показатели, не относящиеся к GAAP, вместе с финансовыми показателями GAAP, чтобы лучше понять свои операционные показатели. Он использует финансовый показатель, не относящийся к GAAP, для планирования, прогнозирования и сопоставления результатов с прогнозом. Компания считает, что финансовый показатель, не относящийся к GAAP, является полезной дополнительной информацией для инвесторов и аналитиков для оценки ее операционной деятельности без учета неденежного эффекта (i) расходов на компенсацию на основе акций и амортизации нематериальных активов от приобретения бизнеса, прибыли (убытка) от погашения долга и производных финансовых инструментов, процентных расходов, связанных к амортизации конвертируемых облигаций до номинальной стоимости, которые были и будут оставаться значительными повторяющимися расходами в его бизнесе, (ii) обесценение гудвила и инвестиций, прибыль от выбытия дочерних компаний и бизнеса, (убыток) прибыль от выбытия и предполагаемого выбытия инвестиций, прибыль (убыток) от справедливой изменение стоимости инвестиций, выверка статей по доле инвестиций по методу долевого участия, а также начисление, накопительный дивиденд и предполагаемый дивиденд привилегированным акционерам дочерних компаний, которые могут не повторяться в их бизнесе, и (iii) расходы по налогу на прибыль и корректировки, не относящиеся к GAAP, на чистую прибыль (убыток) от продолжающейся деятельности, относящиеся акционерам с неконтролирующей долей участия, на которых влияют вышеуказанные статьи выверки, не относящиеся к ОПБУ. Однако использование финансовых показателей, не относящихся к ОПБУ, в качестве аналитического инструмента имеет существенные ограничения. Одним из ограничений использования финансовых показателей, не относящихся к GAAP, является то, что они не включают все статьи, которые влияют на чистую прибыль (убыток) Компании за период. Кроме того, поскольку финансовые показатели, не относящиеся к GAAP, не измеряются одинаковым образом всеми компаниями, они могут быть несопоставимы с другими аналогичными показателями, используемыми другими компаниями. В свете вышеуказанных ограничений вам не следует рассматривать финансовый показатель, не относящийся к ОПБУ, отдельно от финансового показателя, подготовленного в соответствии с ОПБУ США, или в качестве альтернативы ему.
Представление этих финансовых показателей, не относящихся к ОПБУ США, не предназначено для рассмотрения отдельно или в качестве замены финансовой информации, подготовленной и представленной в соответствии с ОПБУ США. Для получения дополнительной информации об этих финансовых показателях, не относящихся к GAAP, пожалуйста, смотрите таблицу с заголовком “JOYY Inc. Сверка результатов по GAAP и не по GAAP” ближе к концу этого выпуска.
Контакты по связям с инвесторами Joyy Inc.Джейн Се/Мэгги Янь Почта: JOYY-ir@JOYY.com
ICR, Inc.Робин Янгпочта: JOYY@icrinc.com
_________________1 16 ноября 2020 года Компания заключила окончательные соглашения с Baidu, Inc. (Nasdaq: BIDU) (“Байду”). В соответствии с соглашениями Baidu приобретет отечественный развлекательный бизнес JOYY по производству видео в прямом эфире (“YY Live”), который включает в себя мобильное приложение YY, YY.com веб-сайт и ПК YY, среди прочего, по совокупной закупочной цене примерно в 3,6 миллиарда долларов США наличными, с учетом определенных корректировок. Впоследствии продажа была в основном завершена 8 февраля 2021 года, при этом в будущем еще предстоит решить некоторые обычные вопросы, включая необходимые разрешения регулирующих органов от государственных органов. В результате исторические финансовые результаты YY Live отражены в консолидированной финансовой отчетности Компании как прекращенная деятельность, и Компания прекратила консолидацию бизнеса YY Live с 8 февраля 2021 года. Финансовая информация и финансовая информация, не относящаяся к GAAP, раскрытая в настоящем пресс-релизе, представлена на основе непрерывных операций, если специально не указано иное.
Во избежание путаницы, продолжающиеся операции за три месяца, закончившихся 31 марта 2021 года, 31 декабря 2021 года и 31 марта 2022 года, представленные в этом пресс-релизе, в основном состояли из BIGO, исключая Huya и YY Live.
2 Чистый доход (убыток) от продолжающейся деятельности, приходящийся на контрольную долю JOYY, представляет собой чистый доход (убыток) от продолжающейся деятельности за вычетом чистого (убытка) дохода от продолжающейся деятельности, приходящегося на неконтролирующих акционеров и мезонинный капитал, классифицированный как неконтролирующие акционеры.
3 Чистая прибыль (убыток) от продолжающейся деятельности, относящаяся к контрольной доле JOYY, не относящаяся к GAAP, является финансовым показателем, не относящимся к GAAP, который определяется как чистый убыток от продолжающейся деятельности, относящийся к контрольной доле JOYY, за исключением расходов на компенсацию на основе акций, обесценения гудвила и инвестиций, амортизации нематериальных активов от бизнеса приобретения, прибыль от выбытия дочерних компаний и бизнеса, прибыль (убыток) от выбытия и предполагаемого выбытия инвестиций, прибыль (убыток) от изменения справедливой стоимости инвестиций, выверка статей по инвестициям, учитываемым по методу долевого участия, которые относятся к аналогичным статьям выверки Компании, не относящимся к GAAP, прибыль (убыток) на погашение долга и производных финансовых инструментов, процентные расходы, связанные с амортизацией конвертируемых облигаций до номинальной стоимости, влияние налога на прибыль на корректировки, не относящиеся к GAAP, и корректировки, не относящиеся к GAAP, на чистый (убыток) доход, приходящийся на неконтролирующих акционеров. Эти корректировки составили 48,4 млн долларов США и 63,2 млн долларов США в первом квартале 2022 и 2021 годов соответственно. Пожалуйста, обратитесь к разделу, озаглавленному “Сверка результатов GAAP и результатов, не относящихся к GAAP”, для получения более подробной информации.
4 Относится к среднемесячным активным пользователям мобильной связи. Средний мобильный MAU за любой период рассчитывается путем деления (i) суммы активных мобильных пользователей Компании за каждый месяц такого периода на (ii) количество месяцев в таком периоде.
5 Платящие пользователи рассчитываются по количеству платящих пользователей за определенный период как совокупное количество зарегистрированных учетных записей пользователей, которые приобрели виртуальные предметы или другие продукты и услуги на платформах, включая Bigo Live, Likee и imo, по крайней мере, один раз в течение соответствующего периода.
6 Средний доход на одного пользователя рассчитывается путем деления наших общих доходов от прямых трансляций на платформах, включая Bigo Live, Likee и imo, за определенный период на количество платящих пользователей за наши услуги прямых трансляций на этих платформах за этот период.
7 Операционный доход (убыток), не соответствующий ОПБУ, - это финансовый показатель, не соответствующий ОПБУ, который определяется как операционный доход (убыток), за исключением расходов на компенсацию на основе акций, амортизации нематериальных активов от приобретения бизнеса, обесценения гудвила и инвестиций и прибыли от выбытия дочерних компаний и бизнеса. Пожалуйста, обратитесь к разделу, озаглавленному “Сверка результатов GAAP и результатов, не относящихся к GAAP”, для получения более подробной информации.
8 Маржа операционных доходов (убытков), не относящихся к GAAP, - это финансовый показатель, не относящийся к GAAP, который определяется как операционный доход (убыток), не относящийся к GAAP, в процентах от чистой выручки. Пожалуйста, обратитесь к разделу, озаглавленному “Сверка результатов GAAP и результатов, не относящихся к GAAP”, для получения более подробной информации.
9 Маржа чистой прибыли (убытка), не относящаяся к ОПБУ, представляет собой чистую прибыль (убыток), не относящуюся к ОПБУ, от продолжающейся деятельности, относящуюся к контрольной доле JOYY в процентах от чистой выручки.
10 ADS - американская депозитарная акция. Каждое ОБЪЯВЛЕНИЕ представляет собой двадцать обыкновенных акций Компании класса А. Разводненная чистая прибыль (убыток) на одну РЕКЛАМУ - это чистая прибыль (убыток), приходящаяся на простых акционеров JOYY, деленная на средневзвешенное количество разводненных объявлений.
11 Не по GAAP разводненный чистый доход (убыток) от продолжающейся деятельности на ADS - это финансовый показатель, не соответствующий GAAP, который определяется как не по GAAP чистый доход (убыток) от продолжающейся деятельности, относящийся к простым акционерам JOYY, деленный на средневзвешенное количество ADS, используемое при расчете разводненной чистой прибыли (потери) за РЕКЛАМУ. Пожалуйста, обратитесь к разделу, озаглавленному “Сверка результатов GAAP и результатов, не относящихся к GAAP”, для получения более подробной информации.
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share, ADS and per ADS data) | |||||
December 31, 2021 | March 31, 2022 | ||||
US$ | US$ | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 1,837,185 | 1,408,890 | |||
Restricted cash and cash equivalents | 297,022 | 296,789 | |||
Short-term deposits | 1,604,198 | 2,064,185 | |||
Restricted short-term deposits | 285 | 37,074 | |||
Short-term investments | 946,543 | 671,965 | |||
Accounts receivable, net | 114,372 | 119,197 | |||
Amounts due from related parties | 56,984 | 84,217 | |||
Prepayments and other current assets(1) | 213,733 | 212,814 | |||
Total current assets | 5,070,322 | 4,895,131 | |||
Non-current assets | |||||
Investments | 1,022,455 | 1,096,588 | |||
Property and equipment, net | 365,392 | 352,750 | |||
Land use rights, net | 370,052 | 369,370 | |||
Intangible assets, net | 312,082 | 299,559 | |||
Right-of-use assets, net | 16,565 | 12,890 | |||
Goodwill | 1,958,263 | 1,958,713 | |||
Other non-current assets | 4,881 | 5,956 | |||
Total non-current assets | 4,049,690 | 4,095,826 | |||
Total assets | 9,120,012 | 8,990,957 | |||
Liabilities, mezzanine equity and shareholders’ equity | |||||
Current liabilities | |||||
Accounts payable | 18,011 | 19,112 | |||
Deferred revenue | 60,910 | 61,159 | |||
Advances from customers | 3,426 | 2,498 | |||
Income taxes payable | 65,738 | 69,115 | |||
Accrued liabilities and other current liabilities(1) | 2,345,838 | 2,333,315 | |||
Amounts due to related parties | 6,931 | 7,249 | |||
Lease liabilities due within one year | 11,041 | 8,401 | |||
Total current liabilities | 2,511,895 | 2,500,849 | |||
Non-current liabilities | |||||
Convertible bonds | 924,077 | 893,177 | |||
Lease liabilities | 5,734 | 4,139 | |||
Deferred revenue | 6,422 | 7,160 | |||
Deferred tax liabilities | 36,214 | 30,352 | |||
Other non-current liabilities | 7,372 | 13,081 | |||
Total non-current liabilities | 979,819 | 947,909 | |||
Total liabilities | 3,491,714 | 3,448,758 | |||
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (All amounts in thousands, except share, ADS and per ADS data) | |||||||
December 31, 2021 | March 31, 2022 | ||||||
US$ | US$ | ||||||
Mezzanine equity | 65,833 | 67,083 | |||||
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 1,146,336,305 shares outstanding as of December 31, 2021; 1,317,840,464 shares issued and 1,106,741,818 shares outstanding as of March 31, 2022, respectively) | 13 | 13 | |||||
Class B common shares (US$0.00001 par value; 1,000,000,000 | |||||||
and 1,000,000,000 shares authorized, 326,509,555 and 326,509,555 shares issued and outstanding as of December 31, 2021 and March 31, 2022, respectively) | 3 | 3 | |||||
Treasury Shares (US$0.00001 par value; 171,504,159 and | |||||||
211,098,646 shares held as of December 31, 2021 and March 31, 2022, respectively) | (526,724 | ) | (603,949 | ) | |||
Additional paid-in capital | 3,246,523 | 3,259,099 | |||||
Statutory reserves | 26,804 | 26,804 | |||||
Retained earnings | 2,712,534 | 2,683,843 | |||||
Accumulated other comprehensive income | 69,175 | 79,325 | |||||
Total JOYY Inc.’s shareholders’ equity | 5,528,328 | 5,445,138 | |||||
Non-controlling interests | 34,137 | 29,978 | |||||
Total shareholders’ equity | 5,562,465 | 5,475,116 | |||||
Total liabilities, mezzanine equity and shareholders’ equity | 9,120,012 | 8,990,957 |
(1) | JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The considerations received by the Company so far were recorded as advance payments received within accrued liabilities and other current liabilities. |
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||||||
US$ | US$ | US$ | |||||||
Net revenues | |||||||||
Live streaming(1) | 614,133 | 620,868 | 590,099 | ||||||
Others | 28,950 | 42,841 | 33,681 | ||||||
Total net revenues | 643,083 | 663,709 | 623,780 | ||||||
Cost of revenues(2) | (442,930 | ) | (440,187 | ) | (422,624 | ) | |||
Gross profit | 200,153 | 223,522 | 201,156 | ||||||
Operating expenses(2) | |||||||||
Research and development expenses | (87,005 | ) | (29,306 | ) | (64,098 | ) | |||
Sales and marketing expenses | (137,404 | ) | (112,577 | ) | (104,367 | ) | |||
General and administrative expenses | (54,600 | ) | (26,343 | ) | (32,095 | ) | |||
Total operating expenses | (279,009 | ) | (168,226 | ) | (200,560 | ) | |||
Other income | 5,818 | 5,277 | 5,741 | ||||||
Operating (loss) income | (73,038 | ) | 60,573 | 6,337 | |||||
Interest expenses | (4,158 | ) | (3,265 | ) | (3,069 | ) | |||
Interest income and investment income | 22,010 | 21,272 | 18,219 | ||||||
Foreign currency exchange losses, net | (1,509 | ) | (2,183 | ) | (3,364 | ) | |||
Gain (loss) on disposal and deemed disposal of investments | 4,343 | (2,073 | ) | 1,918 | |||||
(Loss) gain on fair value change of investments | (15,151 | ) | 13,106 | (20,132 | ) | ||||
(Loss) gain on extinguishment of debt and derivative | (383 | ) | 4,024 | 2,115 | |||||
(Loss) income before income tax expenses | (67,886 | ) | 91,454 | 2,024 | |||||
Income tax (expenses) benefits | (15,749 | ) | (3,081 | ) | 805 | ||||
(Loss) income before share of loss in equity method investments, net of income taxes | (83,635 | ) | 88,373 | 2,829 | |||||
Share of loss in equity method investments, net of income taxes | (5,451 | ) | (20,288 | ) | (35,689 | ) | |||
Net (loss) income from continuing operations | (89,086 | ) | 68,085 | (32,860 | ) | ||||
Net income from discontinued operations | 35,567 | - | - | ||||||
Net (loss) income | (53,519 | ) | 68,085 | (32,860 | ) | ||||
Net loss attributable to the non-controlling interest | 1,787 | 5,161 | 5,383 | ||||||
shareholders and the mezzanine equity classified as non-controlling interest shareholders | |||||||||
Net (loss) income attributable to controlling interest of JOYY Inc. | (51,732 | ) | 73,246 | (27,477 | ) | ||||
Including: | |||||||||
Net (loss) income from continuing operations | |||||||||
attributable to controlling interest of JOYY Inc. | (87,299 | ) | 73,246 | (27,477 | ) | ||||
Net income from discontinued operations attributable to | |||||||||
controlling interest of JOYY Inc. | 35,567 | - | - | ||||||
Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | (1,391 | ) | (1,250 | ) | (1,250 | ) | |||
Cumulative dividend on subsidiary’s Series A Preferred Shares | (1,000 | ) | (1,000 | ) | (1,000 | ) | |||
Net (loss) income attributable to common shareholders of JOYY Inc. | (54,123 | ) | 70,996 | (29,727 | ) | ||||
Including: | |||||||||
Net (loss) income from continuing operations | |||||||||
attributable to common shareholders of JOYY Inc. | (89,690 | ) | 70,996 | (29,727 | ) | ||||
Net income from discontinued operations attributable to | |||||||||
common shareholders of JOYY Inc. | 35,567 | - | - | ||||||
JOYY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
Three Months Ended | ||||||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | ||||||
US$ | US$ | US$ | ||||||
Net (loss) income per ADS | ||||||||
—Basic | (0.68 | ) | 0.92 | (0.41 | ) | |||
Continuing operations | (1.13 | ) | 0.92 | (0.41 | ) | |||
Discontinued operations | 0.45 | - | - | |||||
—Diluted | (0.68 | ) | 0.85 | (0.41 | ) | |||
Continuing operations | (1.13 | ) | 0.85 | (0.41 | ) | |||
Discontinued operations | 0.45 | - | - | |||||
Weighted average number of ADS used in calculating net (loss) income per ADS | ||||||||
—Basic | 79,202,606 | 76,863,050 | 72,881,330 | |||||
—Diluted | 79,202,606 | 87,843,898 | 72,881,330 |
(1) Доходы от прямых трансляций в разбивке по географическим районам распределились следующим образом:
Three Months Ended | |||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||
US$ | US$ | US$ | |||
PRC | 111,560 | 120,683 | 134,130 | ||
Non-PRC | 502,573 | 500,185 | 455,969 | ||
(2) Компенсация на основе акций была распределена в составе доходов и операционных расходов следующим образом:
Three Months Ended | |||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||
US$ | US$ | US$ | |||
Cost of revenues | 1,488 | 1,972 | 4,545 | ||
Research and development expenses | 5,002 | 5,811 | 6,410 | ||
Sales and marketing expenses | 449 | 283 | 251 | ||
General and administrative expenses | 16,119 | 2,460 | 3,330 |
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||||||
US$ | US$ | US$ | |||||||
Operating (loss) income | (73,038 | ) | 60,573 | 6,337 | |||||
Share-based compensation expenses | 23,058 | 10,526 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 20,303 | 12,401 | 12,409 | ||||||
Non-GAAP operating (loss) income | (29,677 | ) | 83,500 | 33,282 | |||||
Net (loss) income from continuing operations | (89,086 | ) | 68,085 | (32,860 | ) | ||||
Share-based compensation expenses | 23,058 | 10,526 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 20,303 | 12,401 | 12,409 | ||||||
(Gain) loss on disposal and deemed disposal of investments | (4,343 | ) | 2,073 | (1,918 | ) | ||||
Loss (gain) on fair value change of investments | 15,151 | (13,106 | ) | 20,132 | |||||
Reconciling items on the share of equity method investments | 7,364 | 13,313 | 11,143 | ||||||
Loss (gain) on extinguishment of debt and derivative | 383 | (4,024 | ) | (2,115 | ) | ||||
Interest expenses related to the convertible bonds’ amortization to face value | 694 | 616 | 629 | ||||||
Income tax effects on non-GAAP adjustments | 593 | 3,496 | (4,518 | ) | |||||
Non-GAAP net (loss) income from continuing operations | (25,883 | ) | 93,380 | 17,438 | |||||
Net (loss) income from continuing operations attributable to common shareholders of JOYY Inc. | (89,690 | ) | 70,996 | (29,727 | ) | ||||
Share-based compensation expenses | 23,058 | 10,526 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 20,303 | 12,401 | 12,409 | ||||||
(Gain) loss on disposal and deemed disposal of investments | (4,343 | ) | 2,073 | (1,918 | ) | ||||
Loss (gain) on fair value change of investments | 15,151 | (13,106 | ) | 20,132 | |||||
Reconciling items on the share of equity method investments | 7,364 | 13,313 | 11,143 | ||||||
Loss (gain) on extinguishment of debt and derivative | 383 | (4,024 | ) | (2,115 | ) | ||||
Interest expenses related to the convertible bonds’ amortization to face value | 694 | 616 | 629 | ||||||
Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | 2,391 | 2,250 | 2,250 | ||||||
Income tax effects on non-GAAP adjustments | 593 | 3,496 | (4,518 | ) | |||||
Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | 33 | (267 | ) | (1,930 | ) | ||||
Non-GAAP net (loss) income from continuing operations attributable tocontrolling interest and common shareholders of JOYY Inc. | (24,063 | ) | 98,274 | 20,891 | |||||
Non-GAAP net (loss) income from continuing operations per ADS | |||||||||
—Basic | (0.30 | ) | 1.28 | 0.29 | |||||
—Diluted | (0.30 | ) | 1.15 | 0.28 | |||||
Weighted average number of ADS used in calculating Non-GAAP net (loss) income from continuing operations per ADS | |||||||||
—Basic | 79,202,606 | 76,863,050 | 72,881,330 | ||||||
—Diluted | 79,202,606 | 87,843,898 | 83,897,416 | ||||||
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||
Three Months Ended | |||||||||||||
March 31, 2022 | |||||||||||||
Bigo | All other | Elimination(1) | Total | ||||||||||
US$ | US$ | US$ | US$ | ||||||||||
Net revenues | |||||||||||||
Live streaming | 513,154 | 76,945 | - | 590,099 | |||||||||
Others | 21,429 | 12,283 | (31 | ) | 33,681 | ||||||||
Total net revenues | 534,583 | 89,228 | (31 | ) | 623,780 | ||||||||
Cost of revenues(2) | (350,563 | ) | (72,092 | ) | 31 | (422,624 | ) | ||||||
Gross profit | 184,020 | 17,136 | - | 201,156 | |||||||||
Operating expenses(2) | |||||||||||||
Research and development expenses | (46,606 | ) | (17,492 | ) | - | (64,098 | ) | ||||||
Sales and marketing expenses | (81,937 | ) | (22,430 | ) | - | (104,367 | ) | ||||||
General and administrative expenses | (14,634 | ) | (17,461 | ) | - | (32,095 | ) | ||||||
Total operating expenses | (143,177 | ) | (57,383 | ) | - | (200,560 | ) | ||||||
Other income | 4,351 | 1,390 | - | 5,741 | |||||||||
Operating income (loss) | 45,194 | (38,857 | ) | - | 6,337 | ||||||||
Interest expenses | (788 | ) | (3,069 | ) | 788 | (3,069 | ) | ||||||
Interest income and investment income | 1,003 | 18,004 | (788 | ) | 18,219 | ||||||||
Foreign currency exchange losses, net | (2,857 | ) | (507 | ) | - | (3,364 | ) | ||||||
Gain on extinguishment of debt and derivative | - | 2,115 | - | 2,115 | |||||||||
Gain on disposal and deemed disposal of investments | - | 1,918 | - | 1,918 | |||||||||
Loss on fair value change of investments | - | (20,132 | ) | - | (20,132 | ) | |||||||
Income (loss) before income tax expenses | 42,552 | (40,528 | ) | - | 2,024 | ||||||||
Income tax benefits (expenses) | 2,108 | (1,303 | ) | - | 805 | ||||||||
Income (loss) before share of loss in equity method investments, net of income taxes | 44,660 | (41,831 | ) | - | 2,829 | ||||||||
Share of loss in equity method investments, net of income taxes | - | (35,689 | ) | - | (35,689 | ) | |||||||
Net income (loss) from continuing operations | 44,660 | (77,520 | ) | - | (32,860 | ) | |||||||
(1) Исключение в основном состоит из процентных доходов и процентных расходов, полученных от займа между Bigo и всеми другими сегментами.(2) Компенсация на основе акций была распределена в составе доходов и операционных расходов следующим образом:
Three Months Ended | |||||
March 31, 2022 | |||||
Bigo | All other | Total | |||
US$ | US$ | US$ | |||
Cost of revenues | 1,386 | 3,159 | 4,545 | ||
Research and development expenses | 4,629 | 1,781 | 6,410 | ||
Sales and marketing expenses | 77 | 174 | 251 | ||
General and administrative expenses | 1,443 | 1,887 | 3,330 | ||
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2022 | |||||||||
Bigo | All other | Total | |||||||
US$ | US$ | US$ | |||||||
Operating income (loss) | 45,194 | (38,857 | ) | 6,337 | |||||
Share-based compensation expenses | 7,535 | 7,001 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,184 | 12,409 | ||||||
Non-GAAP operating income (loss) | 63,954 | (30,672 | ) | 33,282 | |||||
Net income (loss) from continuing operations | 44,660 | (77,520 | ) | (32,860 | ) | ||||
Share-based compensation expenses | 7,535 | 7,001 | 14,536 | ||||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,184 | 12,409 | ||||||
Loss on fair value change of investments | - | 20,132 | 20,132 | ||||||
Gain on disposal and deemed disposal of investments | - | (1,918 | ) | (1,918 | ) | ||||
Reconciling items on the share of equity method investments | - | 11,143 | 11,143 | ||||||
Gain on extinguishment of debt and derivative | - | (2,115 | ) | (2,115 | ) | ||||
Interest expenses related to the convertible bonds’ amortization to face value | - | 629 | 629 | ||||||
Income tax effects on non-GAAP adjustments | (3,517 | ) | (1,001 | ) | (4,518 | ) | |||
Non-GAAP net income (loss) from continuing operations | 59,903 | (42,465 | ) | 17,438 | |||||
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | ||||||||||||
Three Months Ended | ||||||||||||
December 31, 2021 | ||||||||||||
Bigo | All other | Elimination(1) | Total | |||||||||
US$ | US$ | US$ | US$ | |||||||||
Net revenues | ||||||||||||
Live streaming | 548,764 | 72,104 | - | 620,868 | ||||||||
Others | 27,365 | 15,543 | (67 | ) | 42,841 | |||||||
Total net revenues | 576,129 | 87,647 | (67 | ) | 663,709 | |||||||
Cost of revenues(2) | (369,437 | ) | (70,817 | ) | 67 | (440,187 | ) | |||||
Gross profit | 206,692 | 16,830 | - | 223,522 | ||||||||
Operating expenses(2) | ||||||||||||
Research and development expenses | (17,828 | ) | (11,478 | ) | - | (29,306 | ) | |||||
Sales and marketing expenses | (91,836 | ) | (20,741 | ) | - | (112,577 | ) | |||||
General and administrative expenses | (9,353 | ) | (16,990 | ) | - | (26,343 | ) | |||||
Total operating expenses | (119,017 | ) | (49,209 | ) | - | (168,226 | ) | |||||
Other income | 1,208 | 4,069 | - | 5,277 | ||||||||
Operating income (loss) | 88,883 | (28,310 | ) | - | 60,573 | |||||||
Interest expenses | (558 | ) | (3,264 | ) | 557 | (3,265 | ) | |||||
Interest income and investment income | 677 | 21,152 | (557 | ) | 21,272 | |||||||
Foreign currency exchange (losses) gains, net | (3,128 | ) | 945 | - | (2,183 | ) | ||||||
Gain on extinguishment of debt and derivative | - | 4,024 | - | 4,024 | ||||||||
Loss on disposal and deemed disposal of investments | - | (2,073 | ) | - | (2,073 | ) | ||||||
Gain on fair value change of investments | - | 13,106 | - | 13,106 | ||||||||
Income before income tax expenses | 85,874 | 5,580 | - | 91,454 | ||||||||
Income tax expenses | (2,543 | ) | (538 | ) | - | (3,081 | ) | |||||
Income before share of loss in equity method investments, net of income taxes | 83,331 | 5,042 | - | 88,373 | ||||||||
Share of loss in equity method investments, net of income taxes | - | (20,288 | ) | - | (20,288 | ) | ||||||
Net income (loss) from continuing operations | 83,331 | (15,246 | ) | - | 68,085 | |||||||
(1) Исключение в основном состоит из доходов и расходов, полученных от услуг между Bigo и всеми другими сегментами, а также процентных доходов и процентных расходов, полученных от займа между Bigo и всеми другими сегментами.(2) Компенсация на основе акций была распределена в составе доходов и операционных расходов следующим образом:
Three Months Ended | |||||
December 31, 2021 | |||||
Bigo | All other | Total | |||
US$ | US$ | US$ | |||
Cost of revenues | 1,318 | 654 | 1,972 | ||
Research and development expenses | 3,526 | 2,285 | 5,811 | ||
Sales and marketing expenses | 136 | 147 | 283 | ||
General and administrative expenses | 1,250 | 1,210 | 2,460 |
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
Three Months Ended | ||||||||
December 31, 2021 | ||||||||
Bigo | All other | Total | ||||||
US$ | US$ | US$ | ||||||
Operating income (loss) | 88,883 | (28,310 | ) | 60,573 | ||||
Share-based compensation expenses | 6,230 | 4,296 | 10,526 | |||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,176 | 12,401 | |||||
Non-GAAP operating income (loss) | 106,338 | (22,838 | ) | 83,500 | ||||
Net income (loss) from continuing operations | 83,331 | (15,246 | ) | 68,085 | ||||
Share-based compensation expenses | 6,230 | 4,296 | 10,526 | |||||
Amortization of intangible assets from business acquisitions | 11,225 | 1,176 | 12,401 | |||||
Gain on fair value change of investments | - | (13,106 | ) | (13,106 | ) | |||
Loss on disposal and deemed disposal of investments | - | 2,073 | 2,073 | |||||
Reconciling items on the share of equity method investments | - | 13,313 | 13,313 | |||||
Gain on extinguishment of debt and derivative | - | (4,024 | ) | (4,024 | ) | |||
Interest expenses related to the convertible bonds’ amortization to face value | - | 616 | 616 | |||||
Income tax effects on non-GAAP adjustments | 2,674 | 822 | 3,496 | |||||
Non-GAAP net income (loss) from continuing operations | 103,460 | (10,080 | ) | 93,380 | ||||
JOYY INC. UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | ||||||||||||
Three Months Ended | ||||||||||||
March 31, 2021 | ||||||||||||
Bigo | All other(1) | Elimination(2) | Total | |||||||||
US$ | US$ | US$ | US$ | |||||||||
Net revenues | ||||||||||||
Live streaming | 561,386 | 52,747 | - | 614,133 | ||||||||
Others | 19,723 | 9,227 | - | 28,950 | ||||||||
Total net revenues | 581,109 | 61,974 | - | 643,083 | ||||||||
Cost of revenues(3) | (389,858 | ) | (53,072 | ) | - | (442,930 | ) | |||||
Gross profit | 191,251 | 8,902 | - | 200,153 | ||||||||
Operating expenses(3) | ||||||||||||
Research and development expenses | (62,427 | ) | (24,578 | ) | - | (87,005 | ) | |||||
Sales and marketing expenses | (125,022 | ) | (12,382 | ) | - | (137,404 | ) | |||||
General and administrative expenses | (32,641 | ) | (21,959 | ) | - | (54,600 | ) | |||||
Total operating expenses | (220,090 | ) | (58,919 | ) | - | (279,009 | ) | |||||
Other income | 435 | 5,383 | - | 5,818 | ||||||||
Operating loss | (28,404 | ) | (44,634 | ) | - | (73,038 | ) | |||||
Interest expenses | (1,885 | ) | (3,464 | ) | 1,191 | (4,158 | ) | |||||
Interest income and investment income | 50 | 23,151 | (1,191 | ) | 22,010 | |||||||
Foreign currency exchange losses, net | (1,267 | ) | (242 | ) | - | (1,509 | ) | |||||
Loss on extinguishment of debt and derivative | (8 | ) | (375 | ) | - | (383 | ) | |||||
Gain on disposal and deemed disposal of investments | - | 4,343 | - | 4,343 | ||||||||
Loss on fair value change of investments | - | (15,151 | ) | - | (15,151 | ) | ||||||
Loss before income tax expenses | (31,514 | ) | (36,372 | ) | - | (67,886 | ) | |||||
Income tax expenses | (4,511 | ) | (11,238 | ) | - | (15,749 | ) | |||||
Loss before share of loss in equity method investments, net of income taxes | (36,025 | ) | (47,610 | ) | - | (83,635 | ) | |||||
Share of loss in equity method investments, net of income taxes | - | (5,451 | ) | - | (5,451 | ) | ||||||
Net loss from continuing operations | (36,025 | ) | (53,061 | ) | - | (89,086 | ) | |||||
(1) В результате окончательных соглашений, заключенных с Baidu о продаже YY Live, YY Live представлена как прекращенная деятельность. Сегмент YY переименован в сегмент "все остальное" и был изменен, чтобы исключить финансовые показатели YY Live.(2) Исключение в основном состоит из процентных доходов и процентных расходов, полученных от займа между Bigo и всеми другими сегментами.(3) Компенсация, основанная на акциях, была распределена в составе доходов и операционных расходов следующим образом:
Three Months Ended | ||||||||
March 31, 2021 | ||||||||
Bigo | All other | Total | ||||||
US$ | US$ | US$ | ||||||
Cost of revenues | 1,411 | 77 | 1,488 | |||||
Research and development expenses | 6,585 | (1,583 | ) | 5,002 | ||||
Sales and marketing expenses | 317 | 132 | 449 | |||||
General and administrative expenses | 15,403 | 716 | 16,119 |
JOYY INC. RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT (All amounts in thousands, except share, ADS and per ADS data) | |||||||||
Three Months Ended | |||||||||
March 31, 2021 | |||||||||
Bigo | All other | Total | |||||||
US$ | US$ | US$ | |||||||
Operating loss | (28,404 | ) | (44,634 | ) | (73,038 | ) | |||
Share-based compensation expenses | 23,716 | (658 | ) | 23,058 | |||||
Amortization of intangible assets from business acquisitions | 20,200 | 103 | 20,303 | ||||||
Non-GAAP operating income (loss) | 15,512 | (45,189 | ) | (29,677 | ) | ||||
Net loss from continuing operations | (36,025 | ) | (53,061 | ) | (89,086 | ) | |||
Share-based compensation expenses | 23,716 | (658 | ) | 23,058 | |||||
Amortization of intangible assets from business acquisitions | 20,200 | 103 | 20,303 | ||||||
Loss on fair value change of investments | - | 15,151 | 15,151 | ||||||
Gain on disposal and deemed disposal of investments | - | (4,343 | ) | (4,343 | ) | ||||
Reconciling items on the share of equity method investments | - | 7,364 | 7,364 | ||||||
Loss on extinguishment of debt and derivative | 8 | 375 | 383 | ||||||
Interest expenses related to the convertible bonds’ amortization to face value | - | 694 | 694 | ||||||
Income tax effects on non-GAAP adjustments | 1,566 | (973 | ) | 593 | |||||
Non-GAAP net income (loss) from continuing operations | 9,465 | (35,348 | ) | (25,883 | ) | ||||