JOYY Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results
JOYY Inc. (NASDAQ: YY) reported its Q4 and full year 2024 financial results. Q4 net revenues declined to US$549.4 million from US$569.8 million in Q4 2023. The company recorded a Q4 net loss of US$304.1 million, largely due to a US$454.9 million non-cash goodwill impairment charge.
Full year 2024 revenues were US$2,237.8 million, slightly down from US$2,267.9 million in 2023. Non-GAAP net income for 2024 increased to US$298.5 million. The company's global average mobile MAUs decreased to 263.1 million.
Key developments include:
- Completion of YY Live sale to Baidu for US$2.1 billion
- Share repurchase of 9.21 million ADS for US$309.2 million in 2024
- New US$300 million share repurchase program announced
- Quarterly dividend program launched, distributing US$600 million over three years
- Ticker symbol changing from 'YY' to 'JOYY'
JOYY Inc. (NASDAQ: YY) ha riportato i risultati finanziari per il quarto trimestre e l'intero anno 2024. I ricavi netti del Q4 sono diminuiti a 549,4 milioni di dollari USA rispetto ai 569,8 milioni di dollari USA del Q4 2023. L'azienda ha registrato una perdita netta nel Q4 di 304,1 milioni di dollari USA, principalmente a causa di un addebito per impairment di goodwill non monetario di 454,9 milioni di dollari USA.
I ricavi totali per l'anno 2024 sono stati di 2.237,8 milioni di dollari USA, leggermente in calo rispetto ai 2.267,9 milioni di dollari USA del 2023. Il reddito netto non-GAAP per il 2024 è aumentato a 298,5 milioni di dollari USA. La media globale degli utenti attivi mensili mobili (MAU) dell'azienda è diminuita a 263,1 milioni.
Sviluppi chiave includono:
- Completamento della vendita di YY Live a Baidu per 2,1 miliardi di dollari USA
- Riacquisto di azioni di 9,21 milioni di ADS per 309,2 milioni di dollari USA nel 2024
- Nuovo programma di riacquisto di azioni da 300 milioni di dollari USA annunciato
- Programma di dividendi trimestrali lanciato, distribuendo 600 milioni di dollari USA in tre anni
- Cambio del simbolo ticker da 'YY' a 'JOYY'
JOYY Inc. (NASDAQ: YY) informó sus resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos netos del Q4 cayeron a 549,4 millones de dólares estadounidenses desde 569,8 millones de dólares estadounidenses en el Q4 2023. La compañía registró una pérdida neta en el Q4 de 304,1 millones de dólares estadounidenses, en gran parte debido a un cargo por deterioro de goodwill no monetario de 454,9 millones de dólares estadounidenses.
Los ingresos del año completo 2024 fueron de 2.237,8 millones de dólares estadounidenses, ligeramente por debajo de los 2.267,9 millones de dólares estadounidenses en 2023. El ingreso neto no-GAAP para 2024 aumentó a 298,5 millones de dólares estadounidenses. La media global de usuarios activos móviles mensuales (MAU) de la compañía disminuyó a 263,1 millones.
Desarrollos clave incluyen:
- Finalización de la venta de YY Live a Baidu por 2,1 mil millones de dólares estadounidenses
- Recompra de 9,21 millones de ADS por 309,2 millones de dólares estadounidenses en 2024
- Anuncio de un nuevo programa de recompra de acciones de 300 millones de dólares estadounidenses
- Lanzamiento de un programa de dividendos trimestrales, distribuyendo 600 millones de dólares estadounidenses en tres años
- Cambio del símbolo de cotización de 'YY' a 'JOYY'
JOYY Inc. (NASDAQ: YY)는 2024년 4분기 및 전체 연도 재무 결과를 발표했습니다. 4분기 순수익은 2023년 4분기의 5억 6980만 달러에서 5억 4940만 달러로 감소했습니다. 회사는 4분기에 3억 410만 달러의 순손실을 기록했으며, 이는 주로 4억 5490만 달러의 비현금 goodwill 손상 비용 때문입니다.
2024년 전체 연도 수익은 22억 3780만 달러로, 2023년의 22억 6790만 달러에서 약간 감소했습니다. 2024년 비-GAAP 순이익은 2억 9850만 달러로 증가했습니다. 회사의 글로벌 평균 모바일 월간 활성 사용자 수(MAU)는 2억 6310만 명으로 감소했습니다.
주요 개발 사항은 다음과 같습니다:
- YY Live를 Baidu에 21억 달러에 판매 완료
- 2024년 3억 920만 달러에 921만 ADS 재매입
- 3억 달러 규모의 새로운 주식 재매입 프로그램 발표
- 3년 동안 6억 달러를 배당하는 분기 배당 프로그램 시작
- 티커 기호를 'YY'에서 'JOYY'로 변경
JOYY Inc. (NASDAQ: YY) a publié ses résultats financiers pour le quatrième trimestre et l'année entière 2024. Les revenus nets du Q4 ont diminué à 549,4 millions de dollars américains contre 569,8 millions de dollars américains au Q4 2023. L'entreprise a enregistré une perte nette au Q4 de 304,1 millions de dollars américains, principalement en raison d'une charge de dépréciation de goodwill non monétaire de 454,9 millions de dollars américains.
Les revenus de l'année complète 2024 se sont élevés à 2.237,8 millions de dollars américains, légèrement en baisse par rapport à 2.267,9 millions de dollars américains en 2023. Le revenu net non-GAAP pour 2024 a augmenté à 298,5 millions de dollars américains. La moyenne mondiale des utilisateurs actifs mensuels mobiles (MAU) de l'entreprise a diminué à 263,1 millions.
Les développements clés incluent:
- Finalisation de la vente de YY Live à Baidu pour 2,1 milliards de dollars américains
- Rachat de 9,21 millions d'ADS pour 309,2 millions de dollars américains en 2024
- Annonce d'un nouveau programme de rachat d'actions de 300 millions de dollars américains
- Lancement d'un programme de dividendes trimestriels, distribuant 600 millions de dollars américains sur trois ans
- Changement du symbole boursier de 'YY' à 'JOYY'
JOYY Inc. (NASDAQ: YY) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Die Nettoumsätze im Q4 sanken auf 549,4 Millionen US-Dollar von 569,8 Millionen US-Dollar im Q4 2023. Das Unternehmen verzeichnete im Q4 einen Nettoverlust von 304,1 Millionen US-Dollar, was hauptsächlich auf einen nicht zahlungswirksamen Goodwill-Abschreibungsaufwand von 454,9 Millionen US-Dollar zurückzuführen ist.
Die Umsätze für das gesamte Jahr 2024 betrugen 2.237,8 Millionen US-Dollar, leicht rückläufig gegenüber 2.267,9 Millionen US-Dollar im Jahr 2023. Der Non-GAAP-Nettogewinn für 2024 stieg auf 298,5 Millionen US-Dollar. Die globale durchschnittliche mobile monatliche Nutzerzahl (MAU) des Unternehmens sank auf 263,1 Millionen.
Wichtige Entwicklungen umfassen:
- Abschluss des Verkaufs von YY Live an Baidu für 2,1 Milliarden US-Dollar
- Rückkauf von 9,21 Millionen ADS für 309,2 Millionen US-Dollar im Jahr 2024
- Neues Rückkaufprogramm für Aktien im Wert von 300 Millionen US-Dollar angekündigt
- Einführung eines vierteljährlichen Dividendenprogramms, das über drei Jahre 600 Millionen US-Dollar ausschüttet
- Änderung des Tickersymbols von 'YY' zu 'JOYY'
- Non-GAAP net income increased to US$298.5 million in 2024 from US$292.5 million in 2023
- Other revenues grew 51.9% YoY to US$127.0 million in Q4 2024
- Non-livestreaming revenues increased 55.9% YoY to US$449.8 million
- Completed YY Live sale to Baidu for US$2.1 billion
- Announced new quarterly dividend program distributing US$600 million over three years
- Q4 2024 net loss of US$304.1 million vs net income of US$45.8 million in Q4 2023
- Q4 revenues declined 3.6% YoY to US$549.4 million
- Global average mobile MAUs decreased to 263.1 million from 274.9 million YoY
- US$454.9 million non-cash goodwill impairment charge in Q4 2024
- Live streaming revenues decreased from US$486.2 million to US$422.4 million YoY
Insights
JOYY's Q4 2024 results present a mixed financial picture with underlying strength masked by a significant non-cash impairment charge. The headline $304.1 million net loss is entirely attributable to a $454.9 million goodwill impairment – adjusting for this charge reveals an actual net income of $71.1 million. On a non-GAAP basis, net income rose substantially to $96.1 million, up 49.7% from $64.2 million in Q4 2023.
Revenue diversification shows impressive progress with non-livestreaming revenues growing 55.9% year-over-year, reaching $449.8 million for full-year 2024. This strategic shift is important as core livestreaming revenue continues to decline, with Q4 livestreaming revenue falling to $422.4 million from $486.2 million year-over-year.
JOYY's shareholder return program is particularly robust, with $309.2 million in share repurchases during 2024 (representing 15.1% of outstanding shares), a new $300 million repurchase authorization, and the introduction of a $600 million quarterly dividend program over the next three years. The first dividend of $0.93 per ADS will be paid in April 2025.
The company maintains a strong cash position with $3.3 billion in net cash, albeit slightly down from $3.36 billion last year. The completion of the YY Live divestiture added approximately $240 million in additional cash, concluding the $2.1 billion transaction.
Looking ahead, Q1 2025 revenue guidance of $482-490 million suggests continued moderate contraction, highlighting ongoing challenges in user metrics with declines in both MAUs and paying users across all platforms.
JOYY's Q4 2024 financial results reveal a complex transformation story beneath headline numbers. The massive $454.9 million goodwill impairment charge signals management's acknowledgment that previous acquisitions were substantially overvalued in the current market environment – a significant but non-cash reset of balance sheet expectations.
The company's revenue diversification strategy is gaining meaningful traction, with non-livestreaming revenues surging 51.9% in Q4 to $127 million, primarily driven by advertising growth. This strategic pivot represents 23.1% of total revenue, up from just 14.7% a year ago, offering a important hedge against declining livestreaming engagement metrics.
JOYY's aggressive capital return program ($309.2 million in share repurchases in 2024, new $300 million authorization, and $600 million three-year dividend commitment) effectively returns nearly 30% of market cap to shareholders over three years. This signals both financial discipline and high-return internal investment opportunities following the YY Live divestiture.
The operational metrics paint a concerning picture with declines across all user engagement measures – MAUs, paying users, and ARPPU are all trending downward. Management frames this as deliberate ROI optimization, but it raises questions about long-term growth potential in highly competitive social media markets.
The upcoming ticker change from YY to JOYY marks the final chapter in the company's transition away from its Chinese livestreaming roots toward a global social platform strategy. With $3.3 billion net cash (representing 133% of market cap), JOYY has substantial resources to either reinvigorate growth or continue returning capital to shareholders.
SINGAPORE, March 20, 2025 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”), a global technology company, today announced its unaudited financial results for the fourth quarter and full year of 2024.
Fourth Quarter 2024 Financial Highlights1
- Net revenues were US
$549.4 million , compared to US$569.8 million in the corresponding period of 2023. - Net loss attributable to controlling interest of JOYY2 was US
$304.1 million , compared to net income of US$45.8 million in the corresponding period of 2023. This result includes the impact of a US$454.9 million non-cash goodwill impairment charge. Adjusted for this particular non-cash impact, net income excluding goodwill impairment attributable to controlling interest of JOYY3 was US$71.1 million . - Non-GAAP net income attributable to controlling interest and common shareholders of JOYY4 was US
$96.1 million , compared to US$64.2 million in the corresponding period of 2023.
Full Year 2024 Highlights
- Net revenues were US
$2,237.8 million , compared to US$2,267.9 million in 2023. - Net loss attributable to controlling interest of JOYY was US
$146.2 million , compared to net income of US$301.8 million in 2023. This result includes the impact of a US$454.9 million non-cash goodwill impairment charge. Adjusted for this particular non-cash impact, net income excluding goodwill impairment attributable to controlling interest of JOYY was US$229.0 million . - Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US
$298.5 million , compared to US$292.5 million in 2023.
Fourth Quarter 2024 Operational Highlights
- Global average mobile MAUs5 was 263.1 million, compared to 274.9 million in the corresponding period of 2023, primarily due to the Company’s optimization of overall sales and marketing strategies to be more focused on return-on-investment and disciplined spending on advertising across various product lines.
- Average mobile MAUs of Bigo Live was 33.4 million, compared to 38.4 million in the corresponding period of 2023.
- Average mobile MAUs of Likee was 30.6 million, compared to 39.1 million in the corresponding period of 2023.
- Average mobile MAUs of Hago was 3.6 million, compared to 4.6 million in the corresponding period of 2023.
- Total number of paying users of BIGO (including Bigo Live, Likee and imo)6 was 1.54 million, compared to 1.67 million in the corresponding period of 2023.
- Average revenue per paying user, or ARPPU, of BIGO (including Bigo Live, Likee and imo)7 was US
$237.1 , compared to US$244.8 in the corresponding period of 2023.
Ms. Ting Li, Chairperson and Chief Executive Officer of JOYY, commented, “In 2024, we made substantial progress in enhancing our operational efficiency and diversifying our revenue streams. Our group’s non-GAAP operating income for the full year of 2024 reached US
“As we embark on a new chapter following the divestiture of YY Live, we have firmly established ourselves as a global technology company with remarkable international reach. Moving forward, we remain deeply committed to driving diversified growth across our global operations and deepening our penetration in key markets to build on this success. Through AI-driven innovation, we are comprehensively enhancing our operational efficiency and cultivating meaningful experiences for our users. Based on our solid operational execution, we remain confident in continuously driving sustainable growth of our global business and creating long-term value for our shareholders.”
Fourth Quarter 2024 Financial Results
NET REVENUES
Net revenues were US
Live streaming revenues were US
Other revenues increased by
COST OF REVENUES AND GROSS PROFIT
Cost of revenues decreased by
Gross profit was US
OPERATING EXPENSES AND INCOME
Operating expenses were US
Operating loss was US
Non-GAAP operating income9 was US
Non-GAAP operating income margin10 was
NET INCOME
Net loss attributable to controlling interest of JOYY was US
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY was US
NET INCOME PER ADS
Diluted net loss per ADS12 was US
Non-GAAP diluted net income per ADS13 was US
BALANCE SHEET AND CASH FLOWS
As of December 31, 2024, the Company had net cash14 of US
SHARES OUTSTANDING
As of December 31, 2024, the Company had a total of 1,041.2 million common shares outstanding, representing the equivalent of 52.1 million ADSs assuming the conversion of all common shares into ADSs.
Full Year 2024 Financial Results
Net revenues for the full year of 2024 were US
Operating loss was US
Non-GAAP operating income was US
Net loss attributable to controlling interest of JOYY for the full year of 2024 was US
Non-GAAP net income attributable to controlling interest and common shareholders of JOYY for the full year of 2024 was US
Diluted net loss per ADS for the full year of 2024 was US
Business Outlook
For the first quarter of 2025, the Company expects net revenues to be between US
Share Repurchase Programs
During the quarter ended December 31, 2024, the Company repurchased 1.90 million of its ADSs for a total of US
Pursuant to the share repurchase program which was extended by the board of directors in August 2024, or the 2024 Program, the Company may repurchase up to US
Additional Quarterly Dividend Policy
On March 19, 2025, the board of directors also authorized a quarterly dividend program from 2025 to 2027, under which a total of approximately US
Pursuant to the quarterly dividend program, the Company's board of directors has declared a dividend of US
Update on the Sale of YY Live Business and Ticker Symbol Change
On February 25, 2025, the Company entered into agreements with Baidu, Inc. and closed the sale of its video-based entertainment live streaming business in mainland China (known as YY Live) to Baidu, Inc. for an aggregate purchase price of approximately US
The Company will change its ticker symbol on the Nasdaq Stock Market from "YY" to "JOYY." Trading under the new ticker symbol is expected to begin on March 31, 2025.
Conference Call Information
The Company will hold a conference call at 9:00 PM U.S. Eastern Time on Wednesday, March 19, 2025 (9:00 AM Singapore/Hong Kong Time on Thursday, March 20, 2025). Details for the conference call are as follows:
Event Title: JOYY Inc. Fourth Quarter and Full Year 2024 Earnings Conference Call
Conference ID: #10046092
All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.
PRE-REGISTER LINK: https://s1.c-conf.com/diamondpass/10046092-8k1rgs.html
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.joyy.com.
The replay will be accessible through March 27, 2025, by dialing the following numbers:
| United States: | 1-855-883-1031 |
| Singapore: | 800-101-3223 |
| Hong Kong: | 800-930-639 |
| Conference ID: | #10046092 |
About JOYY Inc.
JOYY is a leading global technology company with a mission to enrich lives through technology. JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, an instant messaging product, and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY’s ADSs have been listed on the NASDAQ since November 2012.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this press release, as well as JOYY’s strategic and operational plans, contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the global online communication social platform market; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; fluctuations in global economic and business conditions; and assumptions underlying or related to any of the foregoing. A more detailed and full discussion of those risks and other potential risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward- looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). JOYY uses non-GAAP operating income, non-GAAP operating income (loss) margin, non-GAAP net income (loss) attributable to controlling interest of JOYY, non-GAAP net income (loss) margin attributable to controlling interest of JOYY, non-GAAP net income (loss) attributable to common shareholders of JOYY, basic and diluted non-GAAP net income (loss) per ADS, operating income excluding goodwill impairment, and net income excluding goodwill impairment attributable to controlling interest of JOYY, all of which are non-GAAP financial measures adjusted from the most comparable U.S. GAAP results. Non-GAAP operating income (loss) is operating income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, and gain (loss) on deconsolidation and disposal of subsidiaries and business. Non-GAAP operating income (loss) margin is non-GAAP operating income as a percentage of net revenues. Non-GAAP net income (loss) is net income (loss) excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments (referring to share of income (loss) from equity method investments resulting from non-recurring or non-cash items of the equity method investments), gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, and income tax effects of the above non-GAAP reconciling items. Non-GAAP net income (loss) attributable to controlling interest of JOYY is net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net (loss) income attributable to non-controlling interest shareholders. Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues. Non-GAAP net income (loss) attributable to common shareholders of JOYY is net income (loss) attributable to common shareholders of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders, gain on repurchase of redeemable convertible preferred shares of a subsidiary and income tax effects of above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for the net income (loss) attributable to non-controlling interest shareholders. After the non-GAAP adjustment, non-GAAP net income (loss) attributable to controlling interests of JOYY is equal to the non-GAAP net income (loss) attributable to common shareholders of JOYY. Basic and diluted non-GAAP net income (loss) per ADS is non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of basic and diluted net income per ADS. Operating income (loss) excluding goodwill impairment is operating income (loss) excluding impairment of goodwill. Net income excluding goodwill impairment attributable to controlling interest of JOYY Inc is net income (loss) attributable to controlling interest of JOYY excluding impairment of goodwill, and adjustments for goodwill impairment for the net income (loss) attributable to non-controlling interest shareholders. The Company believes that separate analysis and exclusion of the non-cash impact of above reconciling items adds clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measure for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measure is useful supplemental information for investors and analysts to assess its operating performance without the non-cash effect of (i) share-based compensation expenses and amortization of intangible assets from business acquisitions, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds’ amortization to face value, which have been and will continue to be significant recurring expenses in its business, (ii) impairment of goodwill and investments, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments, accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders and gain on repurchase of redeemable convertible preferred shares of a subsidiary which may not be recurring in its business, and (iii) income tax expenses and non-GAAP adjustments for net income (loss) attributable to non-controlling interest shareholders, which are affected by the above non-GAAP reconciling items. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income (loss) for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release.
Investor Relations Contact
JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.com
ICR, Inc.
Robin Yang
Email: joyy@icrinc.com
1 On November 16, 2020, the Company entered into definitive agreements with affiliates of Baidu, Inc. (“Baidu”), subsequently amended on February 7, 2021. Pursuant to the agreements, Baidu would acquire JOYY’s video-based entertainment live streaming business in mainland China, which the Company refers to as YY Live, including the YY mobile app, the YY.com website and the YY PC app, among others, for an aggregate purchase price of approximately US
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 December 31, 2023, September 30, 2024 and December 31, 2024 and for the twelve months ended December 31, 2023 and December 31, 2024, as presented in this press release, primarily consisted of BIGO segment (primarily including Bigo Live, Likee and imo) and the All other segment.
2 Net income (loss) attributable to controlling interest of JOYY is net income (loss) less net (loss) income attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders.
3 Net income excluding goodwill impairment attributable to controlling interest of JOYY Inc is net income (loss) attributable to controlling interest of JOYY excluding impairment of goodwill, and adjustments for goodwill impairment for the net income (loss) attributable to non-controlling interest shareholders. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
4 Non-GAAP net income (loss) attributable to controlling interest of JOYY is a non-GAAP financial measure, which is defined as net income (loss) attributable to controlling interest of JOYY excluding share-based compensation expenses, impairment of goodwill and investments, amortization of intangible assets from business acquisitions, gain (loss) on deconsolidation and disposal of subsidiaries and business, gain (loss) on disposal and deemed disposal of investments, gain (loss) on fair value change of investments, reconciling items on the share of equity method investments which refer to those similar non-GAAP reconciling items of the Company, gain (loss) on extinguishment of debt and derivative, interest expenses related to the convertible bonds amortization to face value, income tax effects of the above non-GAAP reconciling items and adjustments for non-GAAP reconciling items for net (loss) income attributable to non-controlling interest shareholders. These adjustments amounted to US
5 Refers to average mobile monthly active users of the social entertainment platforms operated by the Company, including Bigo Live, Likee, imo and Hago. Average mobile MAU for any period is calculated by dividing (i) the sum of the Company’s mobile active users for each month of such period, by (ii) the number of months in such period.
6 The number of paying users during a given period is calculated as the cumulative number of registered user accounts that have purchased virtual items or other products and services on Bigo Live, Likee or imo at least once during the relevant period.
7 Average revenue per user is calculated by dividing our total revenues from live streaming on Bigo Live, Likee and imo during a given period by the number of paying users for the Company’s live streaming services on these platforms for that period.
8 Operating income (loss) excluding goodwill impairment is operating income (loss) excluding impairment of goodwill. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
9 Non-GAAP 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 (loss) on deconsolidation and disposal of subsidiaries and business. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
10 Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP operating income (loss) as a percentage of net revenues. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
11 Non-GAAP net income (loss) margin is non-GAAP net income (loss) attributable to controlling interest of JOYY as a percentage of net revenues.
12 ADS refers to 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.
13 Non-GAAP diluted net income (loss) per ADS is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) attributable to common shareholders of JOYY divided by weighted average number of ADS used in the calculation of diluted net income (loss) per ADS. Please refer to the section titled “Use of Non-GAAP Financial Measures” and the table captioned “JOYY Inc. Unaudited Reconciliation of GAAP and Non-GAAP Results” near the end of this press release for details.
14 Net cash is calculated as the sum of cash and cash equivalents, restricted cash and cash equivalents, short-term deposits, restricted short-term deposits, short-term investments ,long-term deposits and held-to-maturity investments, less convertible bonds and short-term and long-term loans.
| JOYY INC. | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | ||||||||
| December 31, | December 31, | |||||||
| 2023 | 2024 | |||||||
| US$ | US$ | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 1,063,956 | 444,761 | ||||||
| Restricted cash and cash equivalents | 319,250 | 371,332 | ||||||
| Short-term deposits | 1,970,346 | 1,076,321 | ||||||
| Restricted short-term deposits | 57,243 | 5,412 | ||||||
| Short-term investments | 274,846 | 288,589 | ||||||
| Accounts receivable, net | 130,700 | 121,861 | ||||||
| Amounts due from related parties | 810 | 467 | ||||||
| Prepayments and other current assets(1) | 255,489 | 247,538 | ||||||
| Total current assets | 4,072,640 | 2,556,281 | ||||||
| Non-current assets | ||||||||
| Long-term deposits and held-to-maturity investments | 130,000 | 1,124,308 | ||||||
| Deferred tax assets | - | 2,563 | ||||||
| Investments | 544,542 | 530,685 | ||||||
| Property and equipment, net | 390,681 | 484,928 | ||||||
| Land use rights, net | 316,070 | 303,115 | ||||||
| Intangible assets, net | 333,715 | 277,257 | ||||||
| Right-of-use assets, net | 30,173 | 20,457 | ||||||
| Goodwill | 2,649,281 | 2,194,324 | ||||||
| Other non-current assets | 16,763 | 26,054 | ||||||
| Total non-current assets | 4,411,225 | 4,963,691 | ||||||
| Total assets | 8,483,865 | 7,519,972 | ||||||
| Liabilities, mezzanine equity and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Short-term loans | 52,119 | 10,317 | ||||||
| Accounts payable | 66,755 | 100,726 | ||||||
| Deferred revenue | 73,673 | 66,813 | ||||||
| Advances from customers | 6,047 | 4,031 | ||||||
| Income taxes payable | 86,100 | 78,304 | ||||||
| Accrued liabilities and other current liabilities(1) | 2,381,189 | 2,393,923 | ||||||
| Amounts due to related parties | 2,533 | 1,378 | ||||||
| Lease liabilities due within one year | 12,388 | 10,775 | ||||||
| Convertible bonds | 405,603 | - | ||||||
| Total current liabilities | 3,086,407 | 2,666,267 | ||||||
| Non-current liabilities | ||||||||
| Lease liabilities | 18,422 | 9,948 | ||||||
| Deferred revenue | 12,932 | 12,635 | ||||||
| Deferred tax liabilities | 53,955 | 47,631 | ||||||
| Total non-current liabilities | 85,309 | 70,214 | ||||||
| Total liabilities | 3,171,716 | 2,736,481 | ||||||
| JOYY INC. | |||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||
| December 31, | December 31, | ||||||
| 2023 | 2024 | ||||||
| US$ | US$ | ||||||
| Mezzanine equity | 22,133 | 23,733 | |||||
| Shareholders’ equity | |||||||
| Class A common shares (US | 9 | 7 | |||||
| Class B common shares (US | 3 | 3 | |||||
| Treasury shares (US | (913,939 | ) | (1,223,186 | ) | |||
| Additional paid-in capital | 3,282,754 | 3,345,536 | |||||
| Statutory reserves | 37,709 | 40,500 | |||||
| Retained earnings | 2,947,160 | 2,796,745 | |||||
| Accumulated other comprehensive loss | (197,010 | ) | (247,615 | ) | |||
| Total JOYY Inc.’s shareholders’ equity | 5,156,686 | 4,711,990 | |||||
| Non-controlling interests | 133,330 | 47,768 | |||||
| Total shareholders’ equity | 5,290,016 | 4,759,758 | |||||
| Total liabilities, mezzanine equity and shareholders’ equity | 8,483,865 | 7,519,972 | |||||
| (1) JOYY has ceased consolidation of YY Live business since February 8, 2021 and classified and presented all the related assets and liabilities related to YY Live business on a net basis within prepayments and other current assets. The consideration received by the Company remains within cash and cash equivalents, restricted cash and cash equivalents, and short-term deposits as of December 31, 2023 and 2024. Correspondingly, the advanced payments received has been recorded as 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 | Twelve Months Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||||||
| Net revenues | |||||||||||||||||||
| Live streaming(1) | 486,196 | 439,482 | 422,418 | 1,979,371 | 1,788,021 | ||||||||||||||
| Others | 83,643 | 119,172 | 127,028 | 288,499 | 449,767 | ||||||||||||||
| Total net revenues | 569,839 | 558,654 | 549,446 | 2,267,870 | 2,237,788 | ||||||||||||||
| Cost of revenues(2) | (368,360 | ) | (350,536 | ) | (345,663 | ) | (1,454,842 | ) | (1,431,585 | ) | |||||||||
| Gross profit | 201,479 | 208,118 | 203,783 | 813,028 | 806,203 | ||||||||||||||
| Operating expenses(2) | |||||||||||||||||||
| Research and development expenses | (72,580 | ) | (72,360 | ) | (67,485 | ) | (295,503 | ) | (278,740 | ) | |||||||||
| Sales and marketing expenses | (92,258 | ) | (83,524 | ) | (67,040 | ) | (369,577 | ) | (333,334 | ) | |||||||||
| General and administrative expenses | (34,587 | ) | (36,073 | ) | (44,015 | ) | (122,661 | ) | (152,517 | ) | |||||||||
| Goodwill impairment | - | - | (454,935 | ) | - | (454,935 | ) | ||||||||||||
| Total operating expenses | (199,425 | ) | (191,957 | ) | (633,475 | ) | (787,741 | ) | (1,219,526 | ) | |||||||||
| (Loss) gain on deconsolidation and disposal of subsidiaries | - | - | - | (6,177 | ) | 1,643 | |||||||||||||
| Other income | 2,742 | 255 | 1,839 | 9,705 | 6,055 | ||||||||||||||
| Operating income (loss) | 4,796 | 16,416 | (427,853 | ) | 28,815 | (405,625 | ) | ||||||||||||
| Interest expenses | (2,115 | ) | (535 | ) | (312 | ) | (10,420 | ) | (4,847 | ) | |||||||||
| Interest income and investment income | 47,145 | 41,067 | 38,860 | 185,212 | 175,556 | ||||||||||||||
| Foreign currency exchange (losses) gains, net | (8,158 | ) | (10,742 | ) | 9,613 | (2,906 | ) | 764 | |||||||||||
| Gain on disposal and deemed disposal of investments | - | - | - | 74,851 | - | ||||||||||||||
| Gain (loss) on fair value change of investments | 6,263 | 9,281 | (3,011 | ) | 12,425 | 6,636 | |||||||||||||
| Income (loss) before income tax expenses | 47,931 | 55,487 | (382,703 | ) | 287,977 | (227,516 | ) | ||||||||||||
| Income tax expenses | (2,315 | ) | (6,279 | ) | (41 | ) | (18,856 | ) | (13,485 | ) | |||||||||
| Income (loss) before share of (loss) income in equity method investments, net of income taxes | 45,616 | 49,208 | (382,744 | ) | 269,121 | (241,001 | ) | ||||||||||||
| Share of (loss) income in equity method investments, net of income taxes | (5,527 | ) | 6,746 | (3,793 | ) | 3,297 | (1,637 | ) | |||||||||||
| Net income (loss) | 40,089 | 55,954 | (386,537 | ) | 272,418 | (242,638 | ) | ||||||||||||
| Net loss attributable to the non-controlling interest shareholders and the mezzanine equity classified non-controlling interest shareholders | 5,746 | 4,603 | 82,392 | 29,398 | 96,402 | ||||||||||||||
| Net income (loss) attributable to controlling interest of JOYY Inc. | 45,835 | 60,557 | (304,145 | ) | 301,816 | (146,236 | ) | ||||||||||||
| Accretion of subsidiaries’ redeemable convertible preferred shares to redemption value | (350 | ) | (347 | ) | (347 | ) | (5,048 | ) | (1,388 | ) | |||||||||
| Cumulative dividend on subsidiary’s Series A Preferred Shares | - | - | - | (2,000 | ) | - | |||||||||||||
| Gain on repurchase of redeemable convertible preferred shares of a subsidiary | - | - | - | 52,583 | - | ||||||||||||||
| Net income (loss) attributable to common shareholders of JOYY Inc. | 45,485 | 60,210 | (304,492 | ) | 347,351 | (147,624 | ) | ||||||||||||
| JOYY INC. | |||||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED) | |||||||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||||||
| Net income (loss) per ADS | |||||||||||||||||||
| ——Basic | 0.74 | 1.06 | (5.67 | ) | 5.31 | (2.55 | ) | ||||||||||||
| ——Diluted | 0.70 | 1.05 | (5.67 | ) | 4.87 | (2.55 | ) | ||||||||||||
| Weighted average number of ADS used in calculating net income per ADS | |||||||||||||||||||
| ——Basic | 61,876,261 | 56,573,411 | 53,737,863 | 65,434,782 | 57,892,728 | ||||||||||||||
| ——Diluted | 67,384,074 | 57,220,581 | 53,737,863 | 73,148,827 | 57,892,728 | ||||||||||||||
| (1) Revenues by geographical areas were as follows: | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||||||
| Developed countries and regions | 266,353 | 306,633 | 302,911 | 968,225 | 1,206,679 | ||||||||||||||
| Middle East | 103,020 | 77,152 | 77,708 | 441,277 | 317,848 | ||||||||||||||
| Mainland China | 68,886 | 57,952 | 53,221 | 347,825 | 233,578 | ||||||||||||||
| Southeast Asia and others | 131,580 | 116,917 | 115,606 | 510,543 | 479,683 | ||||||||||||||
| Note: Developed countries and region mainly included the United States of America, Singapore, Japan, South Korea and Great Britain. Middle East mainly included Saudi Arabia and other countries located in the region. Southeast Asia and others mainly included Indonesia, Vietnam and rest of the world. | |||||||||||||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||||||
| Cost of revenues | 821 | (16 | ) | 295 | 3,575 | 1,720 | |||||||||||||
| Research and development expenses | 4,020 | 2,960 | 2,774 | 19,415 | 12,408 | ||||||||||||||
| Sales and marketing expenses | 133 | 193 | 183 | 797 | 615 | ||||||||||||||
| General and administrative expenses | 2,271 | 1,778 | 2,554 | 8,192 | 8,457 | ||||||||||||||
| JOYY INC. | |||||||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS | |||||||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | |||||||||||||||
| US$ | US$ | US$ | US$ | US$ | |||||||||||||||
| Operating income (loss) | 4,796 | 16,416 | (427,853 | ) | 28,815 | (405,625 | ) | ||||||||||||
| Share-based compensation expenses | 7,245 | 4,915 | 5,806 | 31,979 | 23,200 | ||||||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 13,540 | 13,540 | 63,560 | 55,802 | ||||||||||||||
| Impairment of goodwill and investments | - | - | 454,935 | - | 464,321 | ||||||||||||||
| Loss (gain) on deconsolidation and disposal of subsidiaries | - | - | - | 6,177 | (1,643 | ) | |||||||||||||
| Non-GAAP operating income | 27,931 | 34,871 | 46,428 | 130,531 | 136,055 | ||||||||||||||
| Net income (loss) | 40,089 | 55,954 | (386,537 | ) | 272,418 | (242,638 | ) | ||||||||||||
| Share-based compensation expenses | 7,245 | 4,915 | 5,806 | 31,979 | 23,200 | ||||||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 13,540 | 13,540 | 63,560 | 55,802 | ||||||||||||||
| Impairment of goodwill and investments | - | - | 454,935 | - | 464,321 | ||||||||||||||
| Loss (gain) on deconsolidation and disposal of subsidiaries | - | - | - | 6,177 | (1,643 | ) | |||||||||||||
| Gain on disposal and deemed disposal of investments | - | - | - | (74,851 | ) | - | |||||||||||||
| (Gain) loss on fair value change of investments | (6,263 | ) | (9,281 | ) | 3,011 | (12,425 | ) | (6,636 | ) | ||||||||||
| Interest expenses related to the convertible bonds’ amortization to face value | 239 | - | - | 1,583 | 435 | ||||||||||||||
| Income tax effects on non-GAAP adjustments | (2,095 | ) | (1,574 | ) | (427 | ) | (11,604 | ) | (6,106 | ) | |||||||||
| Reconciling items on the share of equity method investments | 4,278 | (6,167 | ) | 3,802 | (9,091 | ) | (1,631 | ) | |||||||||||
| Non-GAAP net income | 59,383 | 57,387 | 94,130 | 267,746 | 285,104 | ||||||||||||||
| Net income (loss) attributable to common shareholders of JOYY Inc. | 45,485 | 60,210 | (304,492 | ) | 347,351 | (147,624 | ) | ||||||||||||
| Share-based compensation expenses | 7,245 | 4,915 | 5,806 | 31,979 | 23,200 | ||||||||||||||
| Amortization of intangible assets from business acquisitions | 15,890 | 13,540 | 13,540 | 63,560 | 55,802 | ||||||||||||||
| Impairment of goodwill and investments | - | - | 454,935 | - | 464,321 | ||||||||||||||
| Loss (gain) on deconsolidation and disposal of subsidiaries | - | - | - | 6,177 | (1,643 | ) | |||||||||||||
| Gain on disposal and deemed disposal of investments | - | - | - | (74,851 | ) | - | |||||||||||||
| (Gain) loss on fair value change of investments | (6,263 | ) | (9,281 | ) | 3,011 | (12,425 | ) | (6,636 | ) | ||||||||||
| Interest expenses related to the convertible bonds’ amortization to face value | 239 | - | - | 1,583 | 435 | ||||||||||||||
| Accretion, cumulative dividend and deemed dividend to subsidiaries’ preferred shareholders | 350 | 347 | 347 | 7,048 | 1,388 | ||||||||||||||
| Gain on repurchase of redeemable convertible preferred shares of a subsidiary | - | - | - | (52,583 | ) | - | |||||||||||||
| Income tax effects on non-GAAP adjustments | (2,095 | ) | (1,574 | ) | (427 | ) | (11,604 | ) | (6,106 | ) | |||||||||
| Reconciling items on the share of equity method investments | 4,278 | (6,167 | ) | 3,802 | (9,091 | ) | (1,631 | ) | |||||||||||
| Non-GAAP adjustments for net loss attributable to the non-controlling interest shareholders | (929 | ) | (819 | ) | (80,434 | ) | (4,622 | ) | (83,008 | ) | |||||||||
| Non-GAAP net income attributable to controlling interest and common shareholders of JOYY Inc. | 64,200 | 61,171 | 96,088 | 292,522 | 298,498 | ||||||||||||||
| Non-GAAP net income per ADS | |||||||||||||||||||
| ——Basic | 1.04 | 1.08 | 1.79 | 4.47 | 5.16 | ||||||||||||||
| ——Diluted | 0.97 | 1.07 | 1.77 | 4.10 | 4.96 | ||||||||||||||
| Weighted average number of ADS used in calculating Non-GAAP net income per ADS | |||||||||||||||||||
| ——Basic | 61,876,261 | 56,573,411 | 53,737,863 | 65,434,782 | 57,892,728 | ||||||||||||||
| ——Diluted | 67,384,074 | 57,220,581 | 54,263,057 | 73,148,827 | 60,654,393 | ||||||||||||||
| Operating income (loss) | 4,796 | 16,416 | (427,853 | ) | 28,815 | (405,625 | ) | ||||||||||||
| Impairment of goodwill | - | - | 454,935 | - | 454,935 | ||||||||||||||
| Operating income excluding goodwill impairment | 4,796 | 16,416 | 27,082 | 28,815 | 49,310 | ||||||||||||||
| Net income (loss) attributable to controlling interest of JOYY Inc. | 45,835 | 60,557 | (304,145 | ) | 301,816 | (146,236 | ) | ||||||||||||
| Impairment of goodwill | - | - | 454,935 | - | 454,935 | ||||||||||||||
| Adjustments attributable to the non-controlling interest shareholders | - | - | (79,715 | ) | - | (79,715 | ) | ||||||||||||
| Net income excluding goodwill impairment attributable to controlling interest of JOYY Inc. | 45,835 | 60,557 | 71,075 | 301,816 | 228,984 | ||||||||||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| December 31, 2024 | |||||||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||||||
| US$ | US$ | US$ | US$ | ||||||||||||
| Net revenues | |||||||||||||||
| Live streaming | 400,281 | 22,137 | - | 422,418 | |||||||||||
| Others | 79,693 | 47,738 | (403 | ) | 127,028 | ||||||||||
| Total net revenues | 479,974 | 69,875 | (403 | ) | 549,446 | ||||||||||
| Cost of revenues(2) | (304,926 | ) | (40,822 | ) | 85 | (345,663 | ) | ||||||||
| Gross profit | 175,048 | 29,053 | (318 | ) | 203,783 | ||||||||||
| Operating expenses(2) | |||||||||||||||
| Research and development expenses | (43,641 | ) | (24,072 | ) | 228 | (67,485 | ) | ||||||||
| Sales and marketing expenses | (44,990 | ) | (22,076 | ) | 26 | (67,040 | ) | ||||||||
| General and administrative expenses | (17,025 | ) | (27,054 | ) | 64 | (44,015 | ) | ||||||||
| Goodwill impairment | - | (454,935 | ) | - | (454,935 | ) | |||||||||
| Total operating expenses | (105,656 | ) | (528,137 | ) | 318 | (633,475 | ) | ||||||||
| Other income | 398 | 1,441 | - | 1,839 | |||||||||||
| Operating income (loss) | 69,790 | (497,643 | ) | - | (427,853 | ) | |||||||||
| Interest expenses | (1,153 | ) | (41 | ) | 882 | (312 | ) | ||||||||
| Interest income and investment income | 11,905 | 27,837 | (882 | ) | 38,860 | ||||||||||
| Foreign currency exchange gains (losses), net | 10,359 | (746 | ) | - | 9,613 | ||||||||||
| (Loss) gain on fair value change of investments | (4,156 | ) | 1,145 | - | (3,011 | ) | |||||||||
| Income (loss) before income tax (expenses) benefits | 86,745 | (469,448 | ) | - | (382,703 | ) | |||||||||
| Income tax (expenses) benefits | (2,926 | ) | 2,885 | - | (41 | ) | |||||||||
| Income (loss) before share of loss in equity method investments, net of income taxes | 83,819 | (466,563 | ) | - | (382,744 | ) | |||||||||
| Share of loss in equity method investments, net of income taxes | - | (3,793 | ) | - | (3,793 | ) | |||||||||
| Net income (loss) | 83,819 | (470,356 | ) | - | (386,537 | ) | |||||||||
| (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, 2024 | |||||||||||
| BIGO | All other | Total | |||||||||
| US$ | US$ | US$ | |||||||||
| Cost of revenues | 140 | 155 | 295 | ||||||||
| Research and development expenses | 1,639 | 1,135 | 2,774 | ||||||||
| Sales and marketing expenses | 39 | 144 | 183 | ||||||||
| General and administrative expenses | 463 | 2,091 | 2,554 | ||||||||
| JOYY INC. | |||||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, 2024 | |||||||||||
| BIGO | All other | Total | |||||||||
| US$ | US$ | US$ | |||||||||
| Operating income (loss) | 69,790 | (497,643 | ) | (427,853 | ) | ||||||
| Share-based compensation expenses | 2,281 | 3,525 | 5,806 | ||||||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,590 | 13,540 | ||||||||
| Goodwill impairment | - | 454,935 | 454,935 | ||||||||
| Non-GAAP operating income (loss) | 81,021 | (34,593 | ) | 46,428 | |||||||
| Net income (loss) | 83,819 | (470,356 | ) | (386,537 | ) | ||||||
| Share-based compensation expenses | 2,281 | 3,525 | 5,806 | ||||||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,590 | 13,540 | ||||||||
| Goodwill impairment | - | 454,935 | 454,935 | ||||||||
| Loss (gain) on fair value change of investments | 4,156 | (1,145 | ) | 3,011 | |||||||
| Income tax effects on non-GAAP adjustments | (778 | ) | 351 | (427 | ) | ||||||
| Reconciling items on the share of equity method investments | - | 3,802 | 3,802 | ||||||||
| Non-GAAP net income (loss) | 98,428 | (4,298 | ) | 94,130 | |||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| September 30, 2024 | |||||||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||||||
| US$ | US$ | US$ | US$ | ||||||||||||
| Net revenues | |||||||||||||||
| Live streaming | 417,762 | 21,720 | - | 439,482 | |||||||||||
| Others | 78,247 | 41,317 | (392 | ) | 119,172 | ||||||||||
| Total net revenues | 496,009 | 63,037 | (392 | ) | 558,654 | ||||||||||
| Cost of revenues(2) | (312,561 | ) | (38,050 | ) | 75 | (350,536 | ) | ||||||||
| Gross profit | 183,448 | 24,987 | (317 | ) | 208,118 | ||||||||||
| Operating expenses(2) | |||||||||||||||
| Research and development expenses | (44,884 | ) | (27,702 | ) | 226 | (72,360 | ) | ||||||||
| Sales and marketing expenses | (61,582 | ) | (21,968 | ) | 26 | (83,524 | ) | ||||||||
| General and administrative expenses | (14,249 | ) | (21,889 | ) | 65 | (36,073 | ) | ||||||||
| Total operating expenses | (120,715 | ) | (71,559 | ) | 317 | (191,957 | ) | ||||||||
| Other income | 6 | 249 | - | 255 | |||||||||||
| Operating income (loss) | 62,739 | (46,323 | ) | - | 16,416 | ||||||||||
| Interest expenses | (1,335 | ) | (117 | ) | 917 | (535 | ) | ||||||||
| Interest income and investment income | 13,107 | 28,877 | (917 | ) | 41,067 | ||||||||||
| Foreign currency exchange losses, net | (10,290 | ) | (452 | ) | - | (10,742 | ) | ||||||||
| Gain on fair value change of investments | 5,466 | 3,815 | - | 9,281 | |||||||||||
| Income (loss) before income tax (expenses) benefits | 69,687 | (14,200 | ) | - | 55,487 | ||||||||||
| Income tax (expenses) benefits | (6,408 | ) | 129 | - | (6,279 | ) | |||||||||
| Income (loss) before share of income in equity method investments, net of income taxes | 63,279 | (14,071 | ) | - | 49,208 | ||||||||||
| Share of income in equity method investments, net of income taxes | - | 6,746 | - | 6,746 | |||||||||||
| Net income (loss) | 63,279 | (7,325 | ) | - | 55,954 | ||||||||||
| (1) The elimination mainly consists of revenues and expenses generated from services among BIGO and All other segments, and interest income and interest expenses generated from the loan between BIGO and All other segments. | |||||||||||
| (2) Share-based compensation was allocated in cost of revenues and operating expenses as follows: | |||||||||||
| Three Months Ended | |||||||||||
| September 30, 2024 | |||||||||||
| BIGO | All other | Total | |||||||||
| US$ | US$ | US$ | |||||||||
| Cost of revenues | (261 | ) | 245 | (16 | ) | ||||||
| Research and development expenses | 1,571 | 1,389 | 2,960 | ||||||||
| Sales and marketing expenses | 39 | 154 | 193 | ||||||||
| General and administrative expenses | (186 | ) | 1,964 | 1,778 | |||||||
| JOYY INC. | |||||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, 2024 | |||||||||||
| BIGO | All other | Total | |||||||||
| US$ | US$ | US$ | |||||||||
| Operating income (loss) | 62,739 | (46,323 | ) | 16,416 | |||||||
| Share-based compensation expenses | 1,163 | 3,752 | 4,915 | ||||||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,590 | 13,540 | ||||||||
| Non-GAAP operating income (loss) | 72,852 | (37,981 | ) | 34,871 | |||||||
| Net income (loss) | 63,279 | (7,325 | ) | 55,954 | |||||||
| Share-based compensation expenses | 1,163 | 3,752 | 4,915 | ||||||||
| Amortization of intangible assets from business acquisitions | 8,950 | 4,590 | 13,540 | ||||||||
| Gain on fair value change of investments | (5,466 | ) | (3,815 | ) | (9,281 | ) | |||||
| Income tax effects on non-GAAP adjustments | (778 | ) | (796 | ) | (1,574 | ) | |||||
| Reconciling items on the share of equity method investments | - | (6,167 | ) | (6,167 | ) | ||||||
| Non-GAAP net income (loss) | 67,148 | (9,761 | ) | 57,387 | |||||||
| JOYY INC. | |||||||||||||||
| UNAUDITED SEGMENT REPORT | |||||||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| December 31, 2023 | |||||||||||||||
| BIGO | All other | Elimination(1) | Total | ||||||||||||
| US$ | US$ | US$ | US$ | ||||||||||||
| Net revenues | |||||||||||||||
| Live streaming | 459,152 | 27,044 | - | 486,196 | |||||||||||
| Others | 32,109 | 51,992 | (458 | ) | 83,643 | ||||||||||
| Total net revenues | 491,261 | 79,036 | (458 | ) | 569,839 | ||||||||||
| Cost of revenues(2) | (308,977 | ) | (59,481 | ) | 98 | (368,360 | ) | ||||||||
| Gross profit | 182,284 | 19,555 | (360 | ) | 201,479 | ||||||||||
| Operating expenses(2) | |||||||||||||||
| Research and development expenses | (41,011 | ) | (31,839 | ) | 270 | (72,580 | ) | ||||||||
| Sales and marketing expenses | (74,944 | ) | (17,343 | ) | 29 | (92,258 | ) | ||||||||
| General and administrative expenses | (15,321 | ) | (19,327 | ) | 61 | (34,587 | ) | ||||||||
| Total operating expenses | (131,276 | ) | (68,509 | ) | 360 | (199,425 | ) | ||||||||
| Other income | 2,003 | 739 | - | 2,742 | |||||||||||
| Operating income (loss) | 53,011 | (48,215 | ) | - | 4,796 | ||||||||||
| Interest expenses | (1,803 | ) | (1,652 | ) | 1,340 | (2,115 | ) | ||||||||
| Interest income and investment income | 13,262 | 35,223 | (1,340 | ) | 47,145 | ||||||||||
| Foreign currency exchange (losses) gains, net | (8,176 | ) | 18 | - | (8,158 | ) | |||||||||
| Gain on fair value change of investments | 1,060 | 5,203 | - | 6,263 | |||||||||||
| Income (loss) before income tax (expenses) benefits | 57,354 | (9,423 | ) | - | 47,931 | ||||||||||
| Income tax (expenses) benefits | (5,334 | ) | 3,019 | - | (2,315 | ) | |||||||||
| Income (loss) before share of loss in equity method investments, net of income taxes | 52,020 | (6,404 | ) | - | 45,616 | ||||||||||
| Share of loss in equity method investments, net of income taxes | - | (5,527 | ) | - | (5,527 | ) | |||||||||
| Net income (loss) | 52,020 | (11,931 | ) | - | 40,089 | ||||||||||
| (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, 2023 | |||||||||||
| BIGO | All other | Total | |||||||||
| US$ | US$ | US$ | |||||||||
| Cost of revenues | 492 | 329 | 821 | ||||||||
| Research and development expenses | 1,856 | 2,164 | 4,020 | ||||||||
| Sales and marketing expenses | 38 | 95 | 133 | ||||||||
| General and administrative expenses | 351 | 1,920 | 2,271 | ||||||||
| JOYY INC. | |||||||||||
| UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS OF UNAUDITED SEGMENT REPORT | |||||||||||
| (All amounts in thousands, except share, ADS and per ADS data) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, 2023 | |||||||||||
| BIGO | All other | Total | |||||||||
| US$ | US$ | US$ | |||||||||
| Operating income (loss) | 53,011 | (48,215 | ) | 4,796 | |||||||
| Share-based compensation expenses | 2,737 | 4,508 | 7,245 | ||||||||
| Amortization of intangible assets from business acquisitions | 11,225 | 4,665 | 15,890 | ||||||||
| Non-GAAP operating income (loss) | 66,973 | (39,042 | ) | 27,931 | |||||||
| Net income (loss) | 52,020 | (11,931 | ) | 40,089 | |||||||
| Share-based compensation expenses | 2,737 | 4,508 | 7,245 | ||||||||
| Amortization of intangible assets from business acquisitions | 11,225 | 4,665 | 15,890 | ||||||||
| Gain on fair value change of investments | (1,060 | ) | (5,203 | ) | (6,263 | ) | |||||
| Interest expenses related to the convertible bonds’ amortization to face value | - | 239 | 239 | ||||||||
| Income tax effects on non-GAAP adjustments | (1,415 | ) | (680 | ) | (2,095 | ) | |||||
| Reconciling items on the share of equity method investments | - | 4,278 | 4,278 | ||||||||
| Non-GAAP net income (loss) | 63,507 | (4,124 | ) | 59,383 | |||||||
FAQ
What caused JOYY (YY) to report a net loss in Q4 2024?
How much will JOYY's new quarterly dividend program distribute to shareholders?
What is the status of JOYY's YY Live sale to Baidu?
How many shares did JOYY repurchase in 2024?
